Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Measurements

Summary of information about the company's financial instruments that were measured at fair value on a recurring basis

	March 31, 2024
	(unaudited)
(in thousands)	Level 1		Level 2		Level 3		Total
Iliad	$	—	$	—	$	6,721	$	6,721
Uptown		—		—		7,880		7,880
Streeterville 2		—		—		7,118		7,118
Streeterville Note		—		—		10,242		10,242
Total fair value	$	—	$	—	$	31,961	$	31,961

	December 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Iliad	$	—	$	—	$	6,862	$	6,862
Uptown		—		—		7,473		7,473
Streeterville 2		—		—		6,815		6,815
Streeterville Note		—		—		9,793		9,793
Total fair value	$	—	$	—	$	30,943	$	30,943

Summary of change in the estimated fair value of level 3 liabilities

	Three Months Ended
	March 31, 2024
(in thousands)	Iliad		Uptown		Streeterville 2		Streeterville Note
Beginning fair value of Level 3 liability	$	6,862	$	7,473	$	6,814	$	9,792
Additions		—		—		—		—
Exchanges		(836)		—		(165)		—
Settlements		—		—		—		—
Change in fair value		695		407		469		450
Ending fair value of Level 3 liability	$	6,721	$	7,880	$	7,118	$	10,242

	Three Months Ended
	March 31, 2023
(in thousands)	Iliad		Uptown		Streeterville 2		Streeterville Note
Beginning fair value of Level 3 liability	$	—	$	—	$	—	$	7,839
Additions		—		—		—		—
Settlements		—		—		—		—
Change in fair value		—		—		—		359
Ending fair value of Level 3 liability	$	—	$	—	$	—	$	8,198

Summary of information about the significant unobservable inputs used in level 3 fair value measurements

	Range of Inputs
	(probability-weighted average)		Relationship of unobservable inputs
Unobservable Inputs	2024	2023	to fair value
Risk Adjusted Discount Rate	8.57%-25.14% (25.14%)	9.02%-24.59% (24.59%)	If discount rate is adjusted to total of additional 100 basis points (bps), fair value would have decreased by $407,000. If discount rate is adjusted to total deduction of 100 bps, fair value would have increased by $407,000.
Sales Proceeds: Amount of comparable TDPRV	$67.5 million to $350 million ($100 million)	$67.5 million to $350 million ($100 million)	If expected cash flows by Management considered the lowest amount of market indications for vouchers, FV would have decreased by $1.4 million. If expected cash flows by Management considered the highest amount of market indications for vouchers, FV would have increased by $10.8 million.
Range of Probability for Timing of Cash Flows: Variations of the terms and conditions of the timing of cash flows, including settlement of the note principal, interest, penalties, and acceleration clause.	0.59%-73.27%	0.10%-73.27%	If expected cash flows by Management considered the Scenario with the least amount of indicated value, FV would have decreased by $216,000. If expected cash flows by Management considered the scenario with the greatest amount of indicated value, FV would have increased by $1.5 million.

Summary of information about the significant unobservable inputs used in level 3 fair value measurements for instruments not classified as hybrid instruments

	Range of Inputs
	(probability-weighted average)		Relationship of unobservable inputs
Unobservable Inputs	2024	2023	to fair value
Risk Adjusted Discount Rate	8.57%-27.14% (27.14%)	9.02%-26.59% (26.59%)	If discount rate is adjusted to total of additional 100 basis points (bps), fair value would have decreased by $541,000. If discount rate is adjusted to total deduction of 100 bps, fair value would have increased by $555,000.

Summary of the fair value and unpaid principal balance for items the Company accounts for under FVO

(in thousands)	Fair value		Unpaid Principal Balance		Accrued Interest		Fair Value Over (Under) Outstanding Balance
At March 31, 2024
Iliad	$	6,721	$	6,392	$	3,885	$	(3,556)
Uptown		7,880		7,994		4,366		(4,480)
Streeterville 2		7,118		10,094		1,265		(4,241)
Streeterville Note		10,242		6,000		651		3,591

(in thousands)	Fair value		Unpaid Principal Balance		Accrued Interest		Fair Value Over (Under) Outstanding Balance
At December 31, 2023
Iliad	$	6,862	$	7,292	$	3,621	$	(4,051)
Uptown		7,473		7,994		4,058		(4,579)
Streeterville 2		6,815		10,273		950		(4,408)
Streeterville Note		9,793		6,000		546		3,247