v3.26.3
Fair Value Measurement
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurement Fair Value Measurement
Recurring Fair Value Measurements
The following tables present, by level within the fair value hierarchy, the Company's financial assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2026 or December 31, 2025 according to the valuation technique utilized to determine their fair values.

Fair Value Measurements at September 30, 2026
(in thousands)Carrying ValueLevel 1Level 2Level 3
Assets:
Special Beneficial Interest$9,500 $— $— $9,500 
Total recorded at fair value$9,500 $— $— $9,500 

Fair Value Measurements at December 31, 2025
(in thousands)Carrying ValueLevel 1Level 2Level 3
Assets:
Receivable due from unconsolidated affiliate$97,000 $— $— $97,000 
Total recorded at fair value$97,000 $— $— $97,000 
The Company had no assets or liabilities Level 3 fair value measurements during the nine months ended September 30, 2025. A reconciliation of the change in the carrying value of the Company's Level 3 fair value measurement during the nine months ended September 30, 2026 is as follows:
Nine months ended September 30, 2026
Balance at January 1st$97,000 
Change in fair value of receivable due from unconsolidated affiliate(58,000)
Distribution received(29,803)
9,197 
Change in fair value of receivable due from unconsolidated affiliate303 
Balance at September 30th$9,500 
Valuation Techniques
During the quarter, the Company began applying a new valuation technique to measure the fair value of the Special Beneficial Interest recognized in connection with the Lugano liquidation. The Company did not change the valuation techniques used to measure any of its other financial assets and liabilities during the period. For details of the Company’s fair value measurement policies under the fair value hierarchy, refer to the 2025 Form 10-K.
In connection with the recognition of the Special Beneficial Interest during the period, the fair value of the Special Beneficial Interest was estimated using an expected cash flow approach based on the Company’s contractual participation percentages and management’s estimates of the timing and amount of expected net proceeds from specified tax refunds. The significant unobservable inputs include the estimated amount and timing of the tax-refund recoveries, applicable deductions and discounting. Because these inputs are not observable in the market, the Special Beneficial Interest is classified within Level 3 of the fair value hierarchy. No value was ascribed to potential litigation rights because of the expected cost and duration of pursuing them and the priority of trust expenses. No value was ascribed to theft-policy insurance recoveries because coverage is uncertain and any recovery would likely require a coverage dispute with the insurers, with cost and duration similar to the litigation rights. No value was ascribed to the Company’s share of any released Effective Date reserves or to its right to residual proceeds after general unsecured claims are paid in full because of uncertainty regarding amount and timing. Accordingly, the September 30, 2026 fair-value measurement reflects the Company’s 34.79% share of estimated 2021–2023 tax refunds, net of applicable deductions and discounting.
Nonrecurring Fair Value Measurements
The following table provides the assets and liabilities carried at fair value measured on a non-recurring basis as of September 30, 2026 and December 31, 2025. Refer to "Note E - Goodwill and Intangible Assets", for a description of the valuation techniques used to determine fair value of the assets measured on a non-recurring basis in the tables below.
Expense
Fair Value Measurements at September 30, 2026Nine months ended
(in thousands)Carrying
Value		Level 1Level 2Level 3September 30, 2026
Goodwill - PrimaLoft$212,036 — — $212,036 $20,500 
Expense
Fair Value Measurements at December 31, 2025Year ended
(in thousands)
Carrying
Value (1)
Level 1Level 2Level 3December 31, 2025
Property, plant and equipment - Lugano$— — — $— $29,631 
Right-of-use asset - Lugano$— — — $— $1,884 
(1) Lugano recorded impairment expense in the second quarter of 2025 related to long-lived assets. As a result of the deconsolidation of Lugano on November 16, 2025, the carrying value of the related assets as of December 31, 2025 was $0.