Fair Value Measurement (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Schedule of Valuation of Financial Assets and Liabilities |
The following tables summarize the valuation of the Company’s assets and liabilities that fall within the fair value hierarchy (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Level I | | Level II | | Level III | | Total | | Assets, at fair value | | | | | | | | | | | | | | | | | | | | | | | | | Equity investments | $ | 489,219 | | | $ | — | | | $ | — | | | $ | 489,219 | | | Total assets, at fair value | $ | 489,219 | | | $ | — | | | $ | — | | | $ | 489,219 | | | | | | | | | | | Liabilities, at fair value | | | | | | | | | Aggregate Annual Cash Holdback Amount | $ | — | | | $ | — | | | $ | 47,602 | | | $ | 47,602 | | | Earnout Payment | — | | | — | | | 6,208 | | | 6,208 | | | Total liabilities, at fair value | $ | — | | | $ | — | | | $ | 53,810 | | | $ | 53,810 | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Level I | | Level II | | Level III | | Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Liabilities, at fair value | | | | | | | | | Aggregate Annual Cash Holdback Amount | $ | — | | | $ | — | | | $ | 70,875 | | | $ | 70,875 | | | Earnout Payment | — | | | — | | | 13,727 | | | 13,727 | | | Total liabilities, at fair value | $ | — | | | $ | — | | | $ | 84,602 | | | $ | 84,602 | |
|
| Schedule of Changes in Fair Value of Assets Financial Instruments |
The following tables summarize the changes in the fair value of financial instruments for which the Company has used Level III inputs to determine fair value (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Assets, at fair value | | | | | | | | | Balance, beginning of period | $ | 250,000 | | | $ | 179,263 | | | $ | — | | | $ | 121,995 | | | Purchases | — | | | 5,625 | | | 252,988 | | | 60,762 | | | Proceeds | — | | | (10,625) | | | — | | | (10,625) | | | Change in unrealized value | — | | | 3,760 | | | (2,988) | | | 5,891 | | | Deconsolidation | (250,000) | | | — | | | (250,000) | | | — | | | Balance, end of period | $ | — | | | $ | 178,023 | | | $ | — | | | $ | 178,023 | | | | | | | | | | | Liabilities, at fair value | | | | | | | | | Balance, beginning of period | $ | 88,092 | | | $ | 145,740 | | | $ | 84,602 | | | $ | 140,760 | | Change in unrealized value | (9,128) | | | 5,525 | | | (5,638) | | | 10,505 | | | Payments | (25,154) | | | (18,646) | | | (25,154) | | | (18,646) | | | Balance, end of period | $ | 53,810 | | | $ | 132,619 | | | $ | 53,810 | | | $ | 132,619 | |
|
| Schedule of Changes in Fair Value of Liabilities Financial Instruments |
The following tables summarize the changes in the fair value of financial instruments for which the Company has used Level III inputs to determine fair value (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Assets, at fair value | | | | | | | | | Balance, beginning of period | $ | 250,000 | | | $ | 179,263 | | | $ | — | | | $ | 121,995 | | | Purchases | — | | | 5,625 | | | 252,988 | | | 60,762 | | | Proceeds | — | | | (10,625) | | | — | | | (10,625) | | | Change in unrealized value | — | | | 3,760 | | | (2,988) | | | 5,891 | | | Deconsolidation | (250,000) | | | — | | | (250,000) | | | — | | | Balance, end of period | $ | — | | | $ | 178,023 | | | $ | — | | | $ | 178,023 | | | | | | | | | | | Liabilities, at fair value | | | | | | | | | Balance, beginning of period | $ | 88,092 | | | $ | 145,740 | | | $ | 84,602 | | | $ | 140,760 | | Change in unrealized value | (9,128) | | | 5,525 | | | (5,638) | | | 10,505 | | | Payments | (25,154) | | | (18,646) | | | (25,154) | | | (18,646) | | | Balance, end of period | $ | 53,810 | | | $ | 132,619 | | | $ | 53,810 | | | $ | 132,619 | |
|
| Schedule of Significant Level 3 Inputs |
The below table is not intended to be all-inclusive, but rather provides information on the significant Level III inputs as they relate to the Company’s fair value measurements (fair value measurements in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value as of June 30, 2026 | | Valuation Technique(s) | | Unobservable Input(s)(a) | | Range (Weighted Average)(b) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Liabilities, at fair value | | | | | | | | | Aggregate Annual Cash Holdback Amount | $ | 47,602 | | | Present value | | Discount rate | | 8.0% | | Earnout Payment | 6,208 | | | Multiple probability simulation | | Estimated revenue volatility | | 26.2% | | $ | 53,810 | | | | | | | |
_________________ (a)In determining certain of these inputs, management evaluates 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. Management has determined that market participants would take these inputs into account when valuing the instruments. (b)Inputs weighted based on fair value of instruments in range.
| | | | | | | | | | | | | | | | | | | | | | | | | Fair Value as of December 31, 2025 | | Valuation Technique(s) | | Unobservable Input(s)(a) | | Range (Weighted Average)(b) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Liabilities, at fair value | | | | | | | | | Aggregate Annual Cash Holdback Amount | $ | 70,875 | | | Present value | | Discount rate | | 8.0% | | Earnout Payment | 13,727 | | | Multiple probability simulation | | Estimated revenue volatility | | 20.1% | | $ | 84,602 | | | | | | | |
______________ (a)In determining certain of these inputs, management evaluates 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. Management has determined that market participants would take these inputs into account when valuing the instruments. (b)Inputs weighted based on fair value of instruments in range.
|