Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Measurements

Summary of Information About The Company's Financial Instruments That Were Measured At Fair Value On A Recurring Basis

The following tables set forth the fair value of the Company’s financial instruments that were measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023.

	September 30, 2024
	(unaudited)
(in thousands)	Level 1		Level 2		Level 3		Total
Iliad	$	—	$	—	$	4,812	$	4,812
Uptown		—		—		8,854		8,854
Streeterville 2		—		—		7,994		7,994
Streeterville Note		—		—		11,131		11,131
Total fair value	$	—	$	—	$	32,791	$	32,791

	December 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Iliad	$	—	$	—	$	6,862	$	6,862
Uptown		—		—		7,473		7,473
Streeterville 2		—		—		6,815		6,815
Streeterville Note		—		—		9,793		9,793
Total fair value	$	—	$	—	$	30,943	$	30,943

Summary of Change In The Estimated Fair Value Of Level 3 Liabilities

The change in the estimated fair value of Level 3 liabilities is summarized below:

	Nine Months Ended
	September 30, 2024
	(unaudited)
(in thousands)	Iliad			Uptown		Streeterville 2			Streeterville Note
Beginning fair value of Level 3 liability	$	6,862		$	7,473	$	6,815		$	9,793
Additions		—			—		—			—
Exchanges		(4,906	)		—		(166	)		—
Settlements		—			—		—			—
Change in fair value		2,856			1,381		1,345			1,338
Ending fair value of Level 3 liability	$	4,812		$	8,854	$	7,994		$	11,131

	Year Ended
	December 31, 2023
(in thousands)	Iliad			Uptown			Streeterville 2		Streeterville Note
Beginning fair value of Level 3 liability	$	—		$	—		$	—	$	7,839
Additions		6,580			7,478			6,154		—
Exchanges		(789	)		(1,444	)		—		—
Change in fair value		1,071			1,439			661		1,954
Ending fair value of Level 3 liability	$	6,862		$	7,473		$	6,815	$	9,793

Summary of Information About The Significant Unobservable Inputs Used In Level 3 Fair Value Measurements

The following table summarizes the quantitative information about the significant unobservable inputs used in Level 3 fair value measurement for the Streeterville Note:

	Range of Inputs
	(probability-weighted average)		Relationship of unobservable inputs
Unobservable Inputs	2024	2023	to fair value
Risk Adjusted Discount Rate	8.0%-26.09% (26.09%)	9.02%-24.59% (24.59%)	If the discount rate is adjusted to a total of additional 100 basis points (bps), the fair value would have decreased by $427,000. If the discount rate is adjusted to a total deduction of 100 bps, the fair value would have increased by $427,000.
Sales Proceeds: Amount of comparable TDPRV	$67.5 million to $350 million ($100 million)	$67.5 million to $350 million ($100 million)	If expected cash flows by Management were considered the highest amount of market indications for vouchers, FV would have decreased by $1.53 million. If expected cash flows by Management were considered the lowest amount of market indications for vouchers, FV would have increased by $11.87 million.
Range of Probability for Timing of Cash Flows: Variations of the terms and conditions of the timing of cash flows, including settlement of the note principal, interest, penalties, and acceleration clause	0.00%-14.25%	0.10%-73.27%	If expected cash flows by management were considered the scenario with the least indicated value, FV would have decreased by $6.39 million. If expected cash flows by Management considered the scenario with the most significant amount of indicated value, FV would have increased by $0.01 million.

Summary of Information About The Significant Unobservable Inputs Used In Level 3 Fair Value Measurements For Instruments Not Classified As Hybrid Instruments

The following table summarizes the quantitative information about the significant unobservable inputs used in Level 3 fair value measurement for the remaining instruments that are not classified as hybrid instruments:

	Range of Inputs
	(probability-weighted average)		Relationship of unobservable inputs
Unobservable Inputs	2024	2023	to fair value
Risk Adjusted Discount Rate	8.0%-26.09% (26.09%)	9.02%-26.59% (26.59%)	If the discount rate is adjusted to a total of an additional 100 basis points (bps), the fair value would have decreased by $419,000. If the discount rate is adjusted to a total deduction of 100 bps, the fair value would have increased by $429,000.

Summary of The Fair Value And Unpaid Principal Balance For Items The Company Accounts For Under FVO

The following tables summarize the fair value and outstanding balance for items the Company accounts for under FVO:

(in thousands)	Fair value		Unpaid Principal Balance		Accrued Interest		Fair Value Over (Under) Outstanding Balance
At September 30, 2024
Iliad	$	4,812	$	2,243	$	6,787	$	(4,218	)
Uptown		8,854		7,994		5,011		(4,151	)
Streeterville 2		7,994		10,094		2,910		(5,010	)
Streeterville Note		11,131		6,000		760		4,371

(in thousands)	Fair value		Unpaid Principal Balance		Accrued Interest		Fair Value Over (Under) Outstanding Balance
At December 31, 2023
Iliad	$	6,862	$	7,292	$	3,621	$	(4,051	)
Uptown		7,473		7,994		4,058		(4,579	)
Streeterville 2		6,815		10,273		950		(4,408	)
Streeterville Note		9,793		6,000		546		3,247