Note 10 — Investments

Investments in equity securities consist of the following:

The changes in the carrying values of the Company's equity investments without readily determinable fair values for which the Company elected the measurement alternative were as follows:

In July 2024, the Company acquired an investment property with an aggregate cost of $3.6 million. The investment property was acquired through a subsidiary in which the Company holds a 51.0% interest with the remaining 49.0% held by Howard Jonas, a related party (see Note 19). The Company paid $1.8 million to the seller and signed a note payable to the seller for $1.8 million, payable in full on February 1, 2026. The note payable carries a 5.0% interest rate payable in full on February 1, 2026. In the third quarter 2024, Howard Jonas, reimbursed the Company $0.9 million, representing the purchase price for his 49.0% share in the investment property and is included in the noncontrolling interest in the consolidated balance sheets. The Company recognized a receivable of $0.9 million related to Howard Jonas' 49.0% share in the notes payable and is included in the noncontrolling interests section of the consolidated balance sheets. At December 31, 2025, $1.8 million was outstanding under the note payable with an effective interest rate of 5.0%.

In January 2026, the Company extinguished the notes payable by paying the principal amount plus the accumulated accrued interest.

Howard Jonas' share in the investment property was diluted to 23.8% and 44.1% at December 31, 2025 and 2024, respectively, resulting from additional investments by the Company in the investment property.

The investment property is recorded at cost and adjusted for any impairment. The investment property was included in other assets of the consolidated balance sheets at December 31, 2024. In 2025, the investment property was completed and the carrying value was transferred from other assets to other current assets in the consolidated balance sheet.