Investments and Fair Value measurements (Tables)

3 Months Ended

Mar. 31, 2026

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Schedule of investments recorded at fair value on a recurring basis

The following tables present the recurring fair value measurements of our financial assets by hierarchy level at March 31, 2026 and December 31, 2025 (in thousands):


		Fair Value Measurements Using
		Level 1				Level 2				Level 3				Total
March 31, 2026
Note		$	—			$	—			$	4,455			$	4,455
Warrant			—				—				928				928
		$	—			$	—			$	5,383			$	5,383


		Fair Value Measurements Using
		Level 1				Level 2				Level 3				Total
December 31, 2025
Note		$	—			$	—			$	4,241			$	4,241
Warrant			—				—				1,124				1,124
		$	—			$	—			$	5,365			$	5,365

Schedule of Significant Unobservable Inputs for Level 3 Fair Value Measurement

The following table presents quantitative information about the significant unobservable inputs applied to the recurring Level 3 fair value measurements of our financial assets at March 31, 2026 and December 31, 2025:


				March 31,		December 31,
Asset		Significant Unobservable Inputs		2026		2025
Note		Expected term (years)		4.3		4.5
		Implied yield		21.7%		21.7%
Warrant		Expected term (years)		4.3		4.5
		Expected volatility		62.0%		62.0%
		Risk-free rate		3.9%		3.7%
		Expected dividend yield		0.0%		0.0%

Schedule of reconiliation of the financial instruments measured at fair value using Level 3 significant unobservable inputs

The following table summarizes the changes in the carrying amounts of the Note and the Warrant (both of which are measured at fair value using Level 3 significant unobservable inputs) during the three months ended March 31, 2026 (in thousands):


		Note				Warrant
Balances at January 1, 2026		$	4,241			$	1,124
Accretion of discount			74				—
Interest paid-in-kind			138				—
Unrealized gains (losses):
Recorded in Net loss			—				(196	)
Recorded in Other comprehensive income			2				—
Total unrealized gains (losses)			2				(196	)
Balances at March 31, 2026		$	4,455			$	928

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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