v3.25.0.1
Investments (Tables)
 12 Months Ended
Dec. 31, 2024
Investments [Abstract]  
Schedule of investments recorded at fair value on a recurring basis

Investments recorded at fair value on a recurring basis as of December 31, 2024 and 2023 were as follows (in thousands):

 

 

Fair Value Measurements Using

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Note

 

$

—

 

 

$

—

 

 

$

3,604

 

 

$

3,604

 

Warrant

 

 

—

 

 

 

—

 

 

 

3,325

 

 

 

3,325

 

 

 

$

—

 

 

$

—

 

 

$

6,929

 

 

$

6,929

 

 

 

 

Fair Value Measurements Using

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Note

 

$

—

 

 

$

—

 

 

$

2,868

 

 

$

2,868

 

Warrant

 

 

—

 

 

 

—

 

 

 

4,125

 

 

 

4,125

 

 

 

$

—

 

 

$

—

 

 

$

6,993

 

 

$

6,993

 

 
Schedule of Significant Unobservable Inputs for Level 3 Fair Value Measurement

The following table presents quantitative information about the significant unobservable inputs applied to these Level 3 fair value measurements at December 31, 2024 and 2023:

 

 

 

 

December 31,

 

 

December 31,

 

Asset

 

Significant Unobservable Inputs

 

2024

 

 

2023

 

Note

 

Expected term (years)

 

 

5.5

 

 

 

6.5

 

 

 

Implied yield

 

21.0%

 

 

21.7%

 

Warrant

 

Expected term (years)

 

 

5.5

 

 

 

6.5

 

 

 

Expected volatility

 

59.0%

 

 

56.0%

 

 

 

Risk-free rate

 

4.4%

 

 

3.9%

 

 

 

Expected dividend yield

 

0.0%

 

 

0.0%

 
Schedule of reconiliation of the financial instruments measured at fair value using Level 3 significant unobservable inputs

The following table summarizes the changes in the carrying amount of the Note and the Warrant (both of which are measured at fair value using Level 3 significant unobservable inputs) during the years ended December 31, 2024 and 2023 (in thousands):

 

 

Note

 

 

Warrant

 

Balance at July 3, 2023 (inception)

 

$

2,411

 

 

$

3,589

 

Accretion of discount

 

 

23

 

 

 

—

 

Interest paid-in-kind

 

 

238

 

 

 

—

 

Unrealized gains:

 

 

 

 

 

 

Recognized in net income

 

 

—

 

 

 

536

 

Recognized in other comprehensive income

 

 

196

 

 

 

—

 

Total unrealized gains

 

 

196

 

 

 

536

 

Balance at December 31, 2023

 

 

2,868

 

 

 

4,125

 

Accretion of discount

 

 

116

 

 

 

—

 

Interest paid-in-kind

 

 

501

 

 

 

—

 

Unrealized gains (losses):

 

 

 

 

 

 

Recognized in net income

 

 

—

 

 

 

(800

)

Recognized in other comprehensive loss

 

 

119

 

 

 

—

 

Total unrealized gains (losses)

 

 

119

 

 

 

(800

)

Balance at December 31, 2024

 

$

3,604

 

 

$

3,325