v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities, Measured at Fair Value
The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis and level of inputs used for such measurements as of June 30, 2026 and December 31, 2025:
Fair Value as of June 30, 2026
Level 1Level 2Level 3Total
Assets
Money market funds
$96,566 $— $— $96,566 
Other investments— — 25,773 25,773 
Total assets$96,566 $— $25,773 $122,339 
Liabilities
Interest rate derivatives
— 3,459 — 3,459 
Total liabilities
$— $3,459 $— $3,459 
Fair Value as of December 31, 2025
Level 1Level 2Level 3Total
Assets
Money market funds$202,553 $— $— $202,553 
Other investments— — 19,462 19,462 
Total assets$202,553 $— $19,462 $222,015 
Liabilities
Interest rate derivatives— 10,694 — 10,694 
Total liabilities
$— $10,694 $— $10,694 
Schedule of Fair Value Measurement Inputs and Valuation Techniques These positions were classified as Level 3 as of June 30, 2026 and December 31, 2025 because of the use of significant unobservable inputs in the Cash Flow Analysis as follows:
June 30, 2026December 31, 2025
Impact to Valuation from an Increase in Input(2)
Significant Unobservable Inputs(1)
RangeWeighted Average RangeWeighted Average
Discount rate(3)
25.0% – 27.3%
26.2 %
25.3% – 30.8%
26.9 %Decrease
Expected remaining term (years)
6 – 11
N/A
4 – 11
N/ADecrease
Expected total value to paid in capital – private assets(4)
1.42x – 2.24x
1.75x
1.44x – 2.18x
1.78xIncrease
____________
(1)In determining these inputs, management considers the following factors including, but not limited to: liquidity, estimated yield, capital deployment, diversified multi-strategy appreciation, expected net multiple of investment capital across private assets investments, annual operating expenses, as well as investment guidelines such as concentration limits, position size, and investment periods.
(2)Unless otherwise noted, this column represents the directional change in fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect.
(3)The discount rate was based on the relevant benchmark rate, spread, and yield migrations on related securitized assets.
(4)Inputs were weighted based on actual and estimated commitments to the respective private asset investments included in the range.
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following table presents changes in Level 3 assets measured at fair value for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Balance at beginning of period$19,780 $12,341 $19,462 $11,993 
Purchases3,953 — 4,770 — 
Distributions— — (428)— 
Change in fair value2,040 168 1,969 516 
Balance at end of period$25,773 $12,509 $25,773 $12,509 
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following table presents changes in Level 3 liabilities measured at fair value for the three and six months ended June 30, 2025:
Three Months Ended June 30,Six Months Ended June 30,
20252025
Balance at beginning of period$1,879 $1,361 
Change in fair value(1,188)(670)
Balance at end of period$691 $691