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Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2022
Fair Value Measurements [Abstract]  
Fair Value, Warrants Measured on Recurring Basis

The fair value of warrants that were accounted for on a recurring basis for the three and nine months ended September 30, 2022 and 2021, and classified as level 3 are as follows (in thousands):

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Three Months Ended

​

Nine Months Ended

​

​

September 30, 

​

September 30, 

​

    

2022

    

2021

​

2022

    

2021

Fair value of warrants at beginning of period

​

$

—

​

$

3

​

$

3

​

$

31

Unrealized loss on fair value adjustment for warrants

​

 

—

​

 

—

​

 

(3)

​

 

(28)

Fair value of warrants at end of period

​

$

—

​

$

3

​

$

—

​

$

3

​

Fair Value, Investment Securities Measured on Recurring Basis

The fair value of investment securities that were accounted for on a recurring basis for the three and nine months ended September 30, 2022 and 2021, and classified as Level 1 are as follows (in thousands):

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Three Months Ended

​

Nine Months Ended

​

​

September 30, 

​

September 30, 

​

    

2022

    

2021

​

2022

    

2021

Fair value of securities at beginning of period

 

$

3

​

$

12

​

$

8

​

$

238

Securities sold

​

​

—

​

​

—

​

​

—

​

​

(226)

Unrealized loss on fair value of securities

​

 

—

​

 

(3)

​

 

(5)

​

 

(3)

Fair value of investment securities at end of period

 

$

3

​

$

9

​

$

3

​

$

9

Fair Value Measurement of Impaired Assets at Fair Value on Non-Recurring Basis

During the three and nine months ended September 30, 2021, the Company recorded fair value adjustments totaling $619 thousand to reduce the cost basis of certain transportation, rail and research equipment. There was no impairment loss on equipment during the three and nine months ended September 30, 2022.

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Level 1

​

Level 2

​

Level 3

​

​

September 30, 

​

Estimated

​

Estimated

​

Estimated

​

    

2022

    

Fair Value

    

Fair Value

    

Fair Value

Assets measured at fair value on a non-recurring basis (in thousands):

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​

  

​

​

  

​

​

  

​

​

  

Impaired lease and off-lease equipment

​

$

8

​

$

—

​

$

—

​

$

8

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Level 1

​

Level 2

​

Level 3

​

​

December 31,

​

Estimated

​

Estimated

​

Estimated

​

    

2021

    

Fair Value

    

Fair Value

    

Fair Value

Assets measured at fair value on a non-recurring basis (in thousands):

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​

  

​

​

  

​

​

  

​

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Impaired lease and off-lease equipment

​

$

148

​

$

—

​

$

—

​

$

148

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Summary of Valuation Techniques and Significant Unobservable Inputs Used

The following tables summarize the valuation techniques and significant unobservable inputs used for the Company’s recurring and non-recurring fair value calculation/adjustments categorized as Level 3 in the fair value hierarchy at September 30, 2022 and December 31, 2021:

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​

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September 30, 2022

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Valuation

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Valuation

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Unobservable

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Range of Input Values

Name

    

Frequency

    

Technique

    

Inputs

    

(Weighted Average)

Warrants

 

Recurring

 

Black-Scholes formulation

 

Stock price

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$24.15 - $24.15 ($24.15)

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Exercise price

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$38.64 - $38.64 ($38.64)

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Time to maturity (in years)

​

0.25 - 0.25 (0.25)

​

 

  

 

  

 

Risk-free interest rate

​

3.53% - 3.53% (3.53%)

​

 

  

 

  

 

Annualized volatility

​

165.92% - 165.92% (165.92%)

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​

​

​

​

​

​

​

​

Lease and off-lease equipment

 

Non-recurring

 

Market Approach

 

Third Party Agents' Pricing

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$0 - $8,000

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​

​

​

​

​

Quotes - per equipment

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(total of $8,000)

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Equipment Condition

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Poor to Average

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​

​

​

​

​

​

​

​

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December 31, 2021

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Valuation

​

Valuation

​

Unobservable

​

Range of Input Values

Name

    

Frequency

    

Technique

    

Inputs

    

(Weighted Average)

Warrants

 

Recurring

 

Black-Scholes formulation

 

Stock price

​

$21.93 - $21.93 ($21.93)

​

 

  

 

  

 

Exercise price

​

$38.64 - $38.64 ($38.64)

​

 

  

 

  

 

Time to maturity (in years)

​

1.00 - 1.00 (1.00)

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Risk-free interest rate

​

0.42% - 0.42% (0.42%)

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Annualized volatility

​

167.22% - 167.22% (167.22%)

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​

​

​

​

​

​

​

​

Lease and off-lease equipment

 

Non-recurring

 

Market Approach

 

Third Party Agents' Pricing

​

$0 - $148,000

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​

​

​

​

​

Quotes - per equipment

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(total of $148,000)

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Equipment Condition

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Poor to Average

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Estimated Fair Values of Financial Instruments

The following tables present estimated fair values of the Company’s financial instruments in accordance with the guidance provided by the Financial Instruments Topic of the FASB Accounting Standards Codification at September 30, 2022 and December 31, 2021 (in thousands):

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Fair Value Measurements at September 30, 2022

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Carrying Value

    

Level 1

    

Level 2

    

Level 3

    

Total

Financial assets:

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

Cash and cash equivalents

​

$

902

​

$

902

​

$

—

​

$

—

​

$

902

Investment in securities

​

 

3

​

 

3

​

 

—

​

 

—

​

 

3

Financial liabilities:

​

 

​

​

 

​

​

 

​

​

 

​

​

 

  

Non-recourse debt

​

 

1,432

​

 

—

​

 

—

​

 

1,411

​

 

1,411

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​

​

​

​

​

​

​

​

​

​

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​

​

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Fair Value Measurements at December 31, 2021

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Carrying Value

    

Level 1

    

Level 2

    

Level 3

    

Total

Financial assets:

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

Cash and cash equivalents

​

$

1,748

​

$

1,748

​

$

—

​

$

—

​

$

1,748

Investment in securities

​

 

8

​

 

8

​

 

—

​

 

—

​

 

8

Warrants, fair value

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3

​

 

—

​

 

—

​

 

3

​

 

3

​

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial liabilities:

​

 

​

​

 

​

​

 

​

​

 

​

​

 

  

Non-recourse debt

​

 

2,163

​

 

—

​

 

—

​

 

2,197

​

 

2,197