v3.26.1
FAIR VALUE ACCOUNTING (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements, Recurring and Nonrecurring
The following tables set forth the fair value of the Company’s assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
Level 1Level 2Level 3Total
March 31, 2026
Assets
Marketable debt securities$— $778,149 $10,481 $788,630 
Marketable equity securities24,041 49 — 24,090 
Total assets$24,041 $778,198 $10,481 $812,720 
Liabilities
Contingent consideration$— $— $1,767 $1,767 
December 31, 2025
Assets
Marketable debt securities$— $776,332 $10,241 $786,573 
Marketable equity securities20,693 81 — 20,774 
$20,693 $776,413 $10,241 $807,347 
Liabilities
Contingent consideration$— $— $1,723 $1,723 
Changes in Level 3 Fair Value Measurements
The following table is a reconciliation of the beginning and ending balance recorded for the contingent consideration classified as Level 3 in the fair value hierarchy:
Beginning balance, December 31, 2025$1,723 
Revision of estimate44 
Ending balance, March 31, 2026$1,767 
The following table is a reconciliation of the beginning and ending balance recorded for the Advance to the Donald Project that is classified as Level 3 in the fair value hierarchy:
Balance as of December 31, 2025$10,241 
Changes in estimated fair value240 
Balance as of March 31, 2026$10,481 
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
The following table presents the fair value and carrying value recorded for the Notes (in thousands):
March 31, 2026December 31, 2025
FairCarryingFairCarrying
Value(1)
Value(2)
Value(1)
Value(2)
Notes$816,900 $676,688 $721,000 $675,688 
(1) Fair values are based on Level 2 market data inputs.
(2) Carrying values are presented net of unamortized debt issuance costs.