v3.26.1
Fair Value Measurements
3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements
6.
FAIR VALUE MEASUREMENTS

The following tables summarize the valuation of the Company’s investments by the fair value hierarchy:

 

 

March 31, 2026

 

 

 

Level I

 

 

Level II

 

 

Level III

 

 

Total

 

Treasury Securities

 

$

 

 

$

79,354

 

 

$

 

 

$

79,354

 

Money Market Funds

 

 

 

 

 

133,973

 

 

 

 

 

 

133,973

 

Total

 

$

 

 

$

213,327

 

 

$

 

 

$

213,327

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2025

 

 

 

Level I

 

 

Level II

 

 

Level III

 

 

Total

 

Treasury Securities

 

$

 

 

$

46,940

 

 

$

 

 

$

46,940

 

Money Market Funds

 

 

 

 

 

311,282

 

 

 

 

 

 

311,282

 

Total

 

$

 

 

$

358,222

 

 

$

 

 

$

358,222

 

Investments in Treasury securities were included in Investments at March 31, 2026 and December 31, 2025 in the Condensed Consolidated Statements of Financial Condition. Investments in money market funds were included in Cash and Cash Equivalents at March 31, 2026 and December 31, 2025 in the Condensed Consolidated Statements of Financial Condition.