v3.26.3
Fair Value Measurement
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurement
5. Fair Value Measurement
The following tables summarize the valuation of the Company’s assets and liabilities that fall within the fair value hierarchy (in thousands):

September 30, 2026
Level ILevel IILevel IIITotal
Assets, at fair value
Equity investments$613,558 $— $— $613,558 
Total assets, at fair value$613,558 $— $— $613,558 
Liabilities, at fair value
Aggregate Annual Cash Holdback Amount$— $— $48,451 $48,451 
Earnout Payment— — 259 259 
Total liabilities, at fair value$— $— $48,710 $48,710 
December 31, 2025
Level ILevel IILevel IIITotal
Liabilities, at fair value
Aggregate Annual Cash Holdback Amount$— $— $70,875 $70,875 
Earnout Payment— — 13,727 13,727 
Total liabilities, at fair value$— $— $84,602 $84,602 
The following tables summarize the changes in the fair value of financial instruments for which the Company has used Level III inputs to determine fair value (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Assets, at fair value
Balance, beginning of period$— $178,023 $— $121,995 
Purchases— 2,017 252,988 62,778 
Proceeds— (171,921)— (182,546)
Change in unrealized value— (8,119)(2,988)(2,227)
Deconsolidation— — (250,000)— 
Balance, end of period$— $— $— $— 
Liabilities, at fair value
Balance, beginning of period$53,810 $132,619 $84,602 $140,760 
Change in unrealized value
(5,100)(21,567)(10,738)(11,062)
Payments— — (25,154)(18,646)
Balance, end of period$48,710 $111,052 $48,710 $111,052 
Total realized and unrealized gains and losses recorded for Level III assets carried at fair value are reported in net gains (losses) from investment activities in the Condensed Consolidated Statements of Operations. Total realized and unrealized gains and losses recorded for Level III liabilities carried at fair value are reported in interest, dividends and other in the Condensed Consolidated Statements of Operations.
The following tables provide qualitative information about instruments categorized in Level III of the fair value hierarchy as of September 30, 2026 and December 31, 2025. In addition to the techniques and inputs noted in the table below, in accordance with the valuation policy, other valuation techniques and methodologies are used when determining fair value measurements. 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 September 30, 2026Valuation Technique(s)
Unobservable Input(s)(a)
Range (Weighted Average)(b)
Liabilities, at fair value
Aggregate Annual Cash Holdback Amount$48,451 Present valueDiscount rate8.0%
Earnout Payment259 Multiple probability simulationEstimated revenue volatility24.8%
$48,710 
_________________
(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, 2025Valuation Technique(s)
Unobservable Input(s)(a)
Range (Weighted Average)(b)
Liabilities, at fair value
Aggregate Annual Cash Holdback Amount$70,875 Present valueDiscount rate8.0%
Earnout Payment13,727 Multiple probability simulationEstimated revenue volatility20.1%
$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.