Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Assets and Liabilities by Level Within the Valuation Hierarchy Measured at Fair Value on a Recurring Basis

The following table presents information about the Company’s assets and liabilities by level within the valuation hierarchy measured at fair value on a recurring basis (in thousands). Refer to Note 5 for further detail on the industry and geographic concentration:


	Level 1		Level 2		Level 3		Amount at Fair Value
June 30, 2026
Assets:
Loans held for investment, at fair value
Private loans:
MRP+ Loans	$	-	$	-	$	186,045	$	186,045
Non-MRP+ Loans		-		-		73,839		73,839
Total loans held for investment, at fair value		-		-		259,884		259,884
Derivative asset		-		367		-		367
Total assets	$	-	$	367	$	259,884	$	260,251

Liabilities:
Other liabilities:
Medallion incentive liability	$	-	$	-	$	1,706	$	1,706
Warrant liabilities		-		23		-		23
Total liabilities	$	-	$	23	$	1,706	$	1,729


	Level 1		Level 2		Level 3		Amount at Fair Value
December 31, 2025
Assets:
Loans held for investment, at fair value
Private loans:
MRP+ Loans	$	-	$	-	$	192,449	$	192,449
Non-MRP+ Loans		-		-		89,222		89,222
Total loans held for investment, at fair value		-		-		281,671		281,671
Total assets	$	-	$	-	$	281,671	$	281,671

Liabilities:
Other liabilities:
Medallion incentive liability	$	-	$	-	$	1,181	$	1,181
Warrant liabilities		-		51		-		51
Total liabilities	$	-	$	51	$	1,181	$	1,232

Schedule of Reconciliation of Loans Held for Investment , at Fair Value

The following table provides a reconciliation of the beginning and ending balances for loans held for investment, at fair value that use Level 3 inputs (in thousands):


	MRP+ Loans			Non-MRP+ Loans
Balance as of January 1, 2025	$	201,106		$	79,892
Gains on loans held for investment, net		7,859			756
Origination of Non-MRP+ loans from medallion disposals		-			495
Origination of Non-MRP+ loans from MRP+ settlements		(4,550	)		4,550
Purchase of loans in TML Asset Acquisition		5,065			8,929
Collateral foreclosures		(11,900	)		(385	)
Loan repayments		(5,131	)		(5,015	)
Balance as of December 31, 2025	$	192,449		$	89,222
Losses on loans held for investment, net		(1,406	)		156
Origination of Non-MRP+ loans from medallion disposals		-			175
Origination of Non-MRP+ loans from MRP+ settlements		(2,640	)		2,640
Collateral foreclosures		-			(17,225	)
Loan repayments		(2,358	)		(1,129	)
Balance as of June 30, 2026	$	186,045		$	73,839

Schedule of Valuation Techniques and Significant Unobservable Inputs Used for Assets and Liabilities

The following table summarizes the valuation techniques and significant unobservable inputs used for the Company‘s assets and liabilities that are categorized within Level 3 of the fair value hierarchy (in thousands):


June 30, 2026
Loans held for investment, at fair value	Fair Value		Approach	Unobservable Inputs	Low Range		High Range		Weighted Average5
MRP+ Loans	$	186,045	Income Approach1	Discount Rate2	8.00%		8.00%		8.00%
Non-MRP+ Loans - NYC		64,744	Market Approach3	Discounted Medallion Price4	$	166,250	$	166,250	$	166,250
Non-MRP+ Loans - Other		9,095	Market Approach	Market Medallion Price	$	6,500	$	110,000	$	18,665
	$	259,884

(1)

Used to value MRP+ loan cash flows.

(2)

The discount rate is utilized to present value cash flows from loans restructured by the City of New York under the MRP+ program (at a price of $170,000). To determine the discount rate, the Company considers the internal rate of return on the investment, changes in the U.S. Treasury rates to maturity of the loans and a risk premium for the likelihood of whether a loan will be successfully restructured under the MRP+ program.

(3)

The most significant inputs include recent Company medallion sale prices (ranging from $166,206 to $210,000), the amount backstopped under the MRP+ ($170,000), and certain market prices reported by the TLC (ranging from $50,500 to $180,000). In addition, loans are valued at the lesser of unpaid principal balance and the medallion or other collateral value (such as commercial and residential real estate which generally does not exceed 5% of the total loans held for investment, at fair value), less a discount applied to the collateral value. In instances where loans are overcollateralized with an unpaid principal balance less than or equal to $165,000 as of June 30, 2026, these loans are determined to have a fair value equal to par. Significant increases or decreases in such factors, or structural and/or regulatory changes to the New York City taxi industry would result in a significantly lower or higher fair value measurement.

(4)

New York City medallion price valuation inputs were determined using a value of $175,000 for each medallion, calculated as the midpoint between an estimated range, of which the low value was $165,000 and the high value was $185,000. A 5% discount is applied to the market medallion price for New York City medallions to estimate costs associated with taking ownership of a medallion as the medallions are not directly held by the Company. The medallion incentive liability was determined based on the significant inputs of the New York City market medallion price described above resulting in a fair value of $175,000 for each medallion on a pro rata basis pursuant to the Consulting Agreement (see Note 11).

(5)

Weighted average medallion prices are calculated based on the total fair value of underlying medallion collateral.

The following table summarizes the valuation techniques and significant unobservable inputs used for the Company’s assets and liabilities that are categorized within Level 3 of the fair value hierarchy (in thousands):


December 31, 2025
Loans held for investment, at fair value	Fair Value		Approach	Unobservable Inputs	Low Range		High Range		Weighted Average5
MRP+ Loans	$	192,449	Income Approach1	Discount Rate2	7.50%		7.50%		7.50%
Non-MRP+ Loans - NYC		78,579	Market Approach3	Discounted Medallion Price4	$	166,250	$	166,250	$	166,250
Non-MRP+ Loans - Other		10,643	Market Approach	Market Medallion Price	$	7,000	$	110,000	$	17,450
	$	281,671

(1)

Used to value MRP+ loan cash flows.

(2)

(3)

The most significant inputs include recent Company medallion sale prices (ranging from $166,206 to $210,000), the amount backstopped under the MRP+ ($170,000), and certain market prices reported by the TLC (ranging from $81,667 to $175,000). In addition, loans are valued at the lesser of unpaid principal balance and the medallion or other collateral value (such as commercial and residential real estate which generally does not exceed 5% of the total loans held for investment, at fair value), less a discount applied to the collateral value. In instances where loans are overcollateralized with an unpaid principal balance less than or equal to $165,000 as of December 31, 2025, these loans are determined to have a fair value equal to par. Significant increases or decreases in such factors, or structural and/or regulatory changes to the New York City taxi industry would result in a significantly lower or higher fair value measurement.

(4)

New York City medallion price valuation inputs were determined using a value of $175,000 for each medallion, calculated as the midpoint between an estimated range, of which the low value was $165,000 and the high value was $185,000. A 5% discount is applied to the Market Medallion Price for New York City medallions to estimate costs associated with taking ownership of a medallion as the medallions are not directly held by the Company. The medallion incentive liability was determined based on the significant inputs of the New York City market medallion price described above resulting in a fair value of $175,000 for each medallion on a pro rata basis pursuant to the Consulting Agreement (see Note 11).

(5)

Weighted average medallion prices are calculated based on the total fair value of underlying medallion collateral.