Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

The change in our investments for the three and six months ended June 30, 2025 and June 30, 2024 are as follows:


	Three Months Ended June 30, 2025
	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets or Liabilities		Significant Unobservable Inputs
	(Level 1)		(Level 3)		Total
	(in thousands)
Investment balance at beginning of period	$	1,016	$	8,670	$	9,686



Unrealized gain (loss) on equity securities	552		(191)		361
Unrealized loss on embedded option	—		(660)		(660)
Unrealized loss on convertible note, excluding embedded option	—		(416)		(416)
Investment balance at end of period	$	1,568	$	7,403	$	8,971


	Three Months Ended June 30, 2024
	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets or Liabilities		Significant Unobservable Inputs
	(Level 1)		(Level 3)		Total
	(in thousands)
Investment balance at beginning of period	$	13,148	$	7,238	$	20,386



Unrealized gain on equity securities	131		—		131
Unrealized loss on embedded option	—		(85)		(85)
Unrealized loss on convertible note, excluding embedded option	—		(5)		(5)
Investment balance at end of period	$	13,279	$	7,148	$	20,427


	Six Months Ended June 30, 2025
	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets or Liabilities		Significant Other Observable Inputs		Significant Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
	(in thousands)
Investment balance at beginning of period	$	19,561	$	1,388	$	7,210	$	28,159

Sale of investments	(18,393)		—		—		(18,393)
Reclassification between Level 2 and Level 3 fair value	—		(1,388)		1,388		—
Unrealized gain (loss) on equity securities	400		—		(177)		223
Unrealized loss on embedded option	—		—		(883)		(883)
Unrealized loss on convertible note, excluding embedded option	—		—		(135)		(135)
Investment balance at end of period	$	1,568	$	—	$	7,403	$	8,971


	Six Months Ended June 30, 2024
	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets or Liabilities		Significant Unobservable Inputs
	(Level 1)		(Level 3)		Total
	(in thousands)
Investment balance at beginning of period	$	10,154	$	7,200	$	17,354



Unrealized gain on equity securities	3,125		—		3,125
Unrealized loss on embedded option	—		(284)		(284)
Unrealized gain on convertible note, excluding embedded option	—		232		232
Investment balance at end of period	$	13,279	$	7,148	$	20,427

Schedule of Recurring Fair Value Measurements

Recurring fair value measurements by valuation hierarchy as of June 30, 2025 and December 31, 2024 are as follows:


			Fair Value Measurements Using
	Total as of		Quoted Prices in Active Markets for Identical Assets or Liabilities		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	June 30, 2025		(Level 1)		(Level 2)		(Level 3)
	(in thousands)

Investment in Standard Lithium	$	1,568	$	1,568	$	—	$	—
Other investments	7,403		—		—		7,403

Total investments	$	8,971


			Fair Value Measurements Using
	Total as of		Quoted Prices in Active Markets for Identical Assets or Liabilities		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	December 31, 2024		(Level 1)		(Level 2)		(Level 3)
	(in thousands)
Investment in Kodiak	$	18,393	$	18,393	$	—	$	—
Investment in Standard Lithium	1,168		1,168		—		—
Other investments	8,598		—		1,388		7,210

Total investments	$	28,159

- 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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