v3.25.4
Fair Value of Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 and 2024.

December 31, 2025
(Dollars in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Investment securities (1)

 

$

—

 

 

$

60,183

 

 

$

—

 

 

$

60,183

 

Equity securities (2)

 

 

1,787

 

 

 

—

 

 

 

—

 

 

 

1,787

 

Total

 

$

1,787

 

 

$

60,183

 

 

$

—

 

 

$

61,970

 
(1)
Total unrealized gains of $1.8 million, net of tax, was included in other comprehensive income for the year ended December 31, 2025.
(2)
Included within other assets on the balance sheet.

December 31, 2024
(Dollars in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Investment securities (1)

 

$

—

 

 

$

54,805

 

 

$

—

 

 

$

54,805

 

Equity securities (2)

 

 

1,732

 

 

 

—

 

 

 

—

 

 

 

1,732

 

Total

 

$

1,732

 

 

$

54,805

 

 

$

—

 

 

$

56,537

 
(1)
Total unrealized gains of less than $0.1 million, net of tax, was included in other comprehensive loss for the year ended December 31, 2024.
(2)
Included within other assets on the balance sheet.
Summary of Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

The following tables present the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a non-recurring basis as of December 31, 2025 and 2024.

December 31, 2025
(Dollars in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Equity investments (1)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Total

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 
(1)
As of December 31, 2025, the Company held 8 equity investments, measured on a non-recurring basis, that had a fair value of $0.

 

December 31, 2024
(Dollars in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Equity investments

 

$

—

 

 

$

—

 

 

$

1,374

 

 

$

1,374

 

Total

 

$

—

 

 

$

—

 

 

$

1,374

 

 

$

1,374

 
Summary of Valuation Techniques and Significant Unobservable Inputs Used in Non-Recurring Level 3 Fair Value Measurements of Assets and Liabilities

The valuation techniques and significant unobservable inputs used in non-recurring level 3 fair value measurements of assets and liabilities as of December 31, 2025 and 2024.

(Dollars in thousands)

 

Fair Value
at December 31, 2025

 

 

Valuation Techniques

 

Unobservable Inputs

 

Range
(Weighted Average)

Equity investments

 

$

—

 

 

Investee financial analysis

 

Financial condition and operating performance of the borrower (1)

 

N/A
(1)
Includes projections based on revenue, EBITDA, leverage and liquidation amounts. These assumptions are based on a variety of factors, including economic conditions, industry and market developments, market valuations of comparable companies, and company-specific developments, including exit strategies and realization opportunities.

(Dollars in thousands)

 

Fair Value
at December 31, 2024

 

 

Valuation Techniques

 

Unobservable Inputs

 

Range
(Weighted Average)

Equity investments

 

$

1,374

 

 

Investee financial analysis

 

Financial condition and operating performance of the borrower (1)

 

N/A
(1)
Includes projections based on revenue, EBITDA, leverage and liquidation amounts. These assumptions are based on a variety of factors, including economic conditions, industry and market developments, market valuations of comparable companies, and company-specific developments, including exit strategies and realization opportunities.