v3.25.3
Equity Holdings and Fair Value Disclosures (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]  
Schedule of Equity Holdings

   Fair Value Method   Cost        Method   FG Merchant Partners, LLC   FGAC Investors LLC   FG Merger Investors LLC   Aldel Investors II LLC   Strong Global Entertainment   GreenFirst Forest Products Holdings LLC   Total 
   As of December 31, 2024 
           Equity Method 
   Fair Value Method   Cost        Method   FG Merchant Partners, LLC   FGAC Investors LLC   FG Merger Investors LLC   Aldel Investors II LLC   Strong Global Entertainment   GreenFirst Forest Products Holdings LLC   Total 
Holdings in publicly traded companies:                                             
GreenFirst Forest Products common shares  $5,339   $-   $-   $-   $-   $-   $-   $467   $5,806 
Saltire common and preferred shares and warrants   -    -    969    4,334    -    -    27,227    -    32,530 
iCoreConnect common shares and warrants   112    -    67    -    52    -    -    -    231 
Oppfi warrants   312    -    -    -    -    -    -    -    312 
Aldel II founder shares and warrants   -    -    997    -    -    1,270    -    -    2,267 
Holdings in privately held companies:                                             
FG Communities common and preferred shares   -    2,250    2,041    -    -    -    -    -    4,291 
Firefly preferred shares   -    12,898    -    -    -    -    -    -    12,898 
Craveworthy common shares and note   -    200    1,457    -    -    -    -    -    1,657 
Other   -    81    -    -    -    -    -    -    81 
Total  $5,763   $15,429   $5,531   $4,334   $52   $1,270   $27,227   $467   $60,073 
Schedule of Fair Value

The carrying value of fair value method holdings is determined based on the security’s trading price multiplied by the number of shares held. As a result of the transfer of the fair value method holdings to the CVR Trust in August 2025 (see Note 5 for additional details), the Company did not have any fair value method holdings as of September 30, 2025. The following table summarizes the Company’s fair value method holdings as of December 31, 2024 (in thousands):

 

As of December 31, 2024  Cost Basis  

Gross

Unrealized

Gains

  

Gross

Unrealized

Losses

  

Carrying

Amount

 
GreenFirst common stock  $8,679   $-   $(3,340)  $5,339 
iCoreConnect common shares   8    104    -    112 
OppFi common stock and warrants   29    283    -    312 
Total fair value method holdings  $8,716   $387   $(3,340)  $5,763 
Schedule of Net Holdings Loss

Net holdings gain for the three and nine months ended September 30, 2025 and 2024 are as follows (in thousands):

 

   September 30, 2025   September 30, 2024   September 30, 2025   September 30, 2024 
   Three Months Ended   Nine Months Ended 
   September 30, 2025   September 30, 2024   September 30, 2025   September 30, 2024 
Realized (loss) gain on common stock holdings  $578   $55   $1,056   $550 
Unrealized gain (loss) in value on common stock holdings   (1,250)   4,108    (2,537)   (2,267)
Gain (loss) on equity method holdings   (7,372)   (7,090)   (6,903)   (8,896)
Dividend income   754    –   754    

–

 
Other   1    291    162    566 
Net loss on equity holdings and other holdings  $(7,289)  $(2,636)  $(7,468)  $(10,047)
Schedule of Financial Instruments Measured on Recurring Basis at Fair Value

The Company did not hold any financial instruments measured, on a recurring basis, at fair value as of September 30, 2025. As of December 31, 2024, the Company held financial instruments measured, on a recurring basis, at fair value in accordance with the guidance promulgated by the FASB as follows (in thousands):

 

As of December 31, 2024  Level 1   Level 2   Level 3   Total 
Oppfi warrants  $312   $–   $–   $312 
iCoreConnect common shares and warrants   112    –    –    112 
GreenFirst common stock   5,339    –    –    5,339 
Financial instrument fair value  $5,763   $–   $–   $5,763 
Fair Value, Inputs, Level 3 [Member]  
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]  
Schedule of Nonrecurring Level 3 Fair Value Measurements

The following table provides a rollforward of nonrecurring Level 3 fair value measurements for the nine months ended September 30, 2025 (in thousands):

 

Assets:     
Convertible notes     
Balance, December 31, 2024  $248 
Increase in fair value of convertible note   - 
Repayments   (48)
Transfer to CVR Trust   (200)
Balance, September 30, 2025  $-