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Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Assets at Fair Value on a Recurring Basis
The table below summarizes the Company’s assets within the valuation hierarchy carried at fair value on a recurring basis as of December 31, 2023 (in thousands):
Fair Value
Cost BasisLevel 1Level 2Level 3Total
Assets
Bond$17 $— $30 $— $30 
CLO24,187 — — 1,215 1,215 
Common stock311,576 42,832 — 176,256 219,088 
Convertible notes46,385 — — 42,251 42,251 
LLC interest66,825 — — 39,399 39,399 
LP interest326,555 — 76,688 195,898 272,586 
Preferred Shares66,268 — — 66,268 66,268 
Rights and warrants3,937 — 3,993 — 3,993 
Senior loan46,174 — 55 46,353 46,408 
$891,924 $42,832 $80,766 $567,640 $691,238 
The table below summarizes the Company’s assets within the valuation hierarchy carried at fair value on a recurring basis as of December 31, 2022 (in thousands):
Fair Value
Cost BasisLevel 1Level 2Level 3Total
Assets
Bond$17 $— $20 $— $20 
CLO34,958 — 563 6,412 6,975 
Common stock325,275 53,872 — 234,667 288,539 
Convertible notes54,802 — — 50,828 50,828 
Life settlement64,267 — — 67,711 67,711 
LLC interest66,492 — — 60,836 60,836 
LP interest321,026 — 77,370 223,141 300,511 
Rights and warrants3,947 — 3,794 — 3,794 
Senior loan43,399 — 66 43,341 43,407 
$914,183 $53,872 $81,813 $686,936 $822,621 
Summary of Changes in Level 3 Assets
The table below sets forth a summary of changes in the Company’s Level 3 assets (assets measured at fair value using significant unobservable inputs) for the year ended December 31, 2023 (in thousands):
December 31, 2022Contributions/
Purchases		Paid in-
kind
dividends		Transfer Into Level 3Redemptions/
conversions		Return of capitalRealized
gain/(loss)		Unrealized gain/(loss)December 31, 2023
CLO$6,412 $— $— $563 $— $(9,170)$(1,601)$5,011 $1,215 
Common stock234,667 — — — (305)— — (58,106)176,256 
Convertible notes50,828 — 125 — (8,542)— — (160)42,251 
Life settlement67,711 3,355 — — (67,506)— (1,101)(2,459)— 
LLC interest60,836 334 — — — — — (21,771)39,399 
LP interest223,141 5,528 — — — — — (32,771)195,898 
Preferred Shares— 68,500 1,768 — (4,000)— — — 66,268 
Senior loan43,341 5,500 4,059 — (7,007)— 223 237 46,353 
Total$686,936 $83,217 $5,952 $563 $(87,360)$(9,170)$(2,479)$(110,019)$567,640 
The table below sets forth a summary of changes in the Company’s Level 3 assets (assets measured at fair value using significant unobservable inputs) for the six months ended December 31, 2022 (in thousands):
July 1, 2022Contributions/
Purchases		Paid in-
kind
dividends		Redemptions/
Conversions		Return of capitalRealized
gain/(loss)		Unrealized gain/(loss)December 31, 2022
Common Equity$257,346 $3,363 $— $— $(443)$— $(25,599)$234,667 
Convertible Notes51,858 2,784 160 — — — (3,974)50,828 
Life settlement56,440 11,276 — (7,055)— 3,489 3,561 67,711 
LP Interests227,309 5,780 — (10,872)— 113 811 223,141 
CLO52,500 — — — (18,105)— (27,983)6,412 
LLC Interests3,982 62,510 — — — — (5,656)60,836 
Senior Loans40,997 443 2,048 (27)— (126)6 43,341 
Total$690,432 $86,156 $2,208 $(17,954)$(18,548)$3,476 $(58,834)$686,936 
Schedule of Significant Unobservable Inputs of Level 3 Assets The following is a summary of the significant unobservable inputs used in the fair valuation of assets categorized within Level 3 of the fair value hierarchy as of December 31, 2023.
CategoryValuation TechniqueSignificant Unobservable InputsInput Value(s)
(Arithmetic Mean)		Fair Value
CLODiscounted Net Asset ValueDiscountN/A$1,215 
Common StockMarket ApproachUnadjusted Price/MHz-PoP$0.10—$0.90$(0.48)176,256 
Discounted Cash FlowDiscount Rate7.5%—13.90%(9.18)%
Market Rent (per sqft)$11.50—$41.00$(26.25)
RevPAR$75.00—$145.00$(102.00)
Capitalization Rates5.25%—9.5%(7.58)%
NAV ApproachDiscount Rate10.00%
Multiples AnalysisMultiple of EBITDA
3.00x
—
4.00x
(3.50)x
Multiple of NAV
1.00x
—
1.25x
(1.13)x
Recent TransactionImplied Enterprise Value from Transaction Price ($mm)$841.00
N/A$25.31—$28.00$(26.66)
Discount to NAV(25.00)%—(10.00)%(17.50)%
Offer Price per Share$1.10
Convertible NotesDiscounted Cash FlowDiscount Rate6.08%—10.25%(8.17)%42,251 
Option Pricing ModelVolatilty55.00%—65.00%(60.00)%
LLC InterestDiscounted Cash FlowDiscount Rate7.50%—30.50%14%39,399 
Market Rent (per sqft)$11.5—$41$(26.25)
Capitalization Rate5.25%
LP InterestDirect Capitalization ApproachCapitalization Rate4.00%—6.80%5.51%195,898 
Discount to NAV(12.5)%—(2.5)%(-7.5%)
Market ApproachCapitalization Rate5.00%—5.50%(5.22)%
Recent TransactionPrice per Share$21.59
Preferred SharesRecent TransactionPrice per Share$1,00066,268 
Senior LoanDiscounted Cash FlowDiscount Rate12.30%—20.00%(16.15)%46,353 
Total$567,640 
The following is a summary of the significant unobservable inputs used in the fair valuation of assets categorized within Level 3 of the fair value hierarchy as of December 31, 2022.
CategoryValuation TechniqueSignificant Unobservable InputsInput Value(s)
(Arithmetic Mean)		Fair Value
CLODiscounted Net Asset ValueDiscount70%$6,412 
Common StockMarket ApproachUnadjusted Price/MHz-PoP$0.09%-$0.95%(0.515%)$234,667 
NAV / sh multiple$1.10x-$1.45x$(1.28)x
Discounted Cash FlowDiscount Rate8.63%-14.5%(9.98)%
Market Rent (per sqft)$16-$58$(23.38)
RevPAR$75-$189$110.4
Capitalization Rates5.38%-9.25%(8.4)%
Recent TransactionImplied Enterprise Value from Transaction Price ($mm)$841
N/A$25.31-$28$(26.66)
Convertible NotesDiscounted Cash FlowDiscount Rate8%50,828 
Life SettlementDiscounted Cash FlowDiscount Rate14%67,711 
Life Expectancy (Months)12-19674 Months
LLC InterestDiscounted Cash FlowDiscount Rate8.75%-30%(19.38)%60,836 
Market Rent (per sqft)$16-$58$(23.38)
Capitalization Rate5.38%
LP InterestDiscounted Cash FlowDiscount Rate6.4%-9.1%(7.75)%223,141 
Capitalization Rate3.5%-6.8%(5.15)%
Recent TransactionCost Price per Share$25
Senior LoanDiscounted Cash FlowDiscount Rate11.5%-20%(15.75)%$43,341 
Total$686,936