Fair Value of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024.

March 31, 2025 (Dollars in thousands)	Level 1		Level 2		Level 3		Total
Assets
Investment securities (1)	$	—	$	60,424	$	—	$	60,424
Equity securities		1,758		—		—		1,758
Total	$	1,758	$	60,424	$	—	$	62,182

(1)Total unrealized losses of $0.1 million, net of tax, related to these assets was included in comprehensive loss for the three months ended March 31, 2025.

December 31, 2024 (Dollars in thousands)	Level 1		Level 2		Level 3		Total
Assets
Investment securities (1)	$	—	$	54,805	$	—	$	54,805
Equity securities		1,732		—		—		1,732
Total	$	1,732	$	54,805	$	—	$	56,537

(1)Total unrealized losses of less than $0.1 million, net of tax, related to these assets was included in other comprehensive loss for the year ended December 31, 2024.

Summary of Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

The following tables present the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a non-recurring basis as of March 31, 2025 and December 31, 2024.

March 31, 2025 (Dollars in thousands)	Level 1		Level 2		Level 3		Total
Assets
Equity investments	$	—	$	—	$	650	$	650
Total	$	—	$	—	$	650	$	650

December 31, 2024 (Dollars in thousands)	Level 1		Level 2		Level 3		Total
Assets
Equity investments	$	—	$	—	$	1,374	$	1,374
Total	$	—	$	—	$	1,374	$	1,374

Summary of Valuation Techniques and Significant Unobservable Inputs Used in Non-Recurring Level 3 Fair Value Measurements of Assets and Liabilities

The valuation techniques and significant unobservable inputs used in non-recurring level 3 fair value measurements of assets and liabilities as of March 31, 2025 and December 31, 2024.

(Dollars in thousands)	Fair Value at March 31, 2025		Valuation Techniques	Unobservable Inputs	Range (Weighted Average)
Equity investments	$	650	Investee financial analysis	Financial condition and operating performance of the borrower (1)	N/A

(1)Includes projections based on revenue, EBITDA, leverage and liquidation amounts. These assumptions are based on 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.

(Dollars in thousands)	Fair Value at December 31, 2024		Valuation Techniques	Unobservable Inputs	Range (Weighted Average)
Equity investments	$	1,374	Investee financial analysis	Financial condition and operating performance of the borrower (1)	N/A

(1)Includes projections based on revenue, EBITDA, leverage and liquidation amounts. These assumptions are based on 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.