Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Valuation of Financial Assets and Liabilities

The following tables summarize the valuation of the Company’s financial assets and liabilities that fall within the fair value hierarchy (in thousands):


	December 31, 2025
	Level I		Level II		Level III		Total






Liabilities
Aggregate Annual Cash Holdback Amount	$	—	$	—	$	70,875	$	70,875
Earnout Payment	—		—		13,727		13,727
Total liabilities	$	—	$	—	$	84,602	$	84,602


	December 31, 2024
	Level I		Level II		Level III		Total
Assets
Investments held for sale and other(a)	$	—	$	—	$	121,995	$	121,995
Equity investments	128		—		—		128
Total assets	$	128	$	—	$	121,995	$	122,123

Liabilities
Aggregate Annual Cash Holdback Amount	$	—	$	—	$	107,991	$	107,991
Earnout Payment	—		—		32,769		32,769
Total liabilities	$	—	$	—	$	140,760	$	140,760

_________________

(a)Investments held for sale and other are held primarily for the purpose of selling in the near term as described in Note 2 to the Consolidated Financial Statements.

Schedule of Changes in Fair Value of Financial Instruments

The following tables summarize the changes in the fair value of financial instruments for which the Company has used Level III inputs to determine fair value (in thousands):


	Year Ended December 31,
		2025		2024
Investments held for sale and other
Balance, beginning of period		$	121,995	$	—
Purchases		266,273		119,423
Proceeds		(386,041)		—
Change in unrealized value		(2,227)		2,572
Balance, end of period		$	—	$	121,995

Financial liabilities
Balance, beginning of period		$	140,760	$	156,299

Unrealized gains, net		(37,512)		(15,539)
Payments		(18,646)		—

Balance, end of period		$	84,602	$	140,760

Schedule of Changes in Fair Value of Financial Instruments

The following tables summarize the changes in the fair value of financial instruments for which the Company has used Level III inputs to determine fair value (in thousands):


	Year Ended December 31,
		2025		2024
Investments held for sale and other
Balance, beginning of period		$	121,995	$	—
Purchases		266,273		119,423
Proceeds		(386,041)		—
Change in unrealized value		(2,227)		2,572
Balance, end of period		$	—	$	121,995

Financial liabilities
Balance, beginning of period		$	140,760	$	156,299

Unrealized gains, net		(37,512)		(15,539)
Payments		(18,646)		—

Balance, end of period		$	84,602	$	140,760

Schedule of Significant Level 3 Inputs

The below table is not intended to be all-inclusive, but rather provides information on the significant Level III inputs as they relate to the Company’s fair value measurements (fair value measurements in thousands):

Fair Value as of December 31, 2025

Valuation Technique(s)

Unobservable Input(s)(a)

Range (Weighted Average)(b)

Liabilities

Aggregate Annual Cash Holdback Amount

70,875

Present value

Discount rate

8.0%

Earnout Payment

13,727

Multiple probability simulation

Estimated revenue volatility

20.1%

84,602

_________________

(a)In determining certain of these inputs, management evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company-specific developments including exit strategies and realization opportunities. Management has determined that market participants would take these inputs into account when valuing the instruments.

(b)Inputs weighted based on fair value of instruments in range.


	Fair Value as of December 31, 2024		Valuation Technique(s)	Unobservable Input(s)(a)	Range (Weighted Average)(b)
Assets
Investments held for sale and other	$	121,995	Discounted cash flow	Yield	18.6% - 24.7% (20.8%)
			Market comparable	Adjusted EBITDA multiple	9.25x - 10.00x (9.30x)
	$	121,995

Liabilities
Aggregate Annual Cash Holdback Amount	$	107,991	Present value	Discount rate	8.0%
Earnout Payment	32,769		Multiple probability simulation	Estimated revenue volatility	20.8%
	$	140,760

______________

(b)Inputs weighted based on fair value of instruments in range.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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