Investments at Fair Value

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Investments at Fair Value

Investments at Fair Value

Investments at fair value consist of investments for which the fair value option has been elected. The primary reasons for electing the fair value option are to:

•Reflect economic events in earnings on a timely basis;

•Mitigate volatility in earnings from using different measurement attributes; and

•Address simplification and cost-benefit considerations

Such election is irrevocable and is applied on an investment-by-investment basis at initial recognition or at other eligible election dates. Changes in the fair value of such instruments are recognized in Investment income (loss) in the Condensed Consolidated Statement of Operations.

The Cost and Fair Value of Investments at fair value as of March 31, 2023 (Successor) and December 31, 2022 (Predecessor) are presented below:

	As of March 31, 2023 (Successor)				As of December 31, 2022 (Predecessor)
(Dollars in Thousands)	Cost		Fair Value		Cost		Fair Value
Investments at Fair Value:
Mutual funds	$	73	$	48	$	73	$	44
Exchange-traded funds	120		111		115		101
TIG Arbitrage Associates Master Fund	214		215		—		—
TIG Arbitrage Enhanced Master Fund	179		177		—		—
TIG Arbitrage Enhanced	1,895		681		—		—
Arkkan Opportunities Feeder Fund	111		114		—		—
Arkkan Capital Management Limited	16,692		24,695		—		—
Zebedee Asset Management	56,917		70,311		—		—
Romspen Investment Corporation	72,523		70,317		—		—
Total	$	148,724	$	166,669	$	188	$	145

The Company’s Investments at fair value include unrealized gains (losses) and realized gains (losses) in the Condensed Consolidated Statement of Financial Position.

The breakdown of unrealized gains (losses) and realized gains (losses) for the relevant periods are as follows:

	For the Period
(Dollars in Thousands)	January 3 – March 31, 2023 (Successor)		January 1 – March 31, 2022 (Predecessor)
Unrealized gains (losses):
Net gains (losses) recognized	$	(1,971)	$	(19)
Net gains recognized on equity securities sold	—		—
Unrealized gains (losses) recognized on equity securities still held	$	(1,971)	$	(19)