v3.26.1
FAIR VALUE MEASUREMENTS
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The Company’s financial assets and liabilities subject to fair value measurements were as follows:
Fair Value Measurements as of March 31, 2026
DescriptionTotalQuoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Total Gains (Losses)
Assets:
Money market funds (1)
$81,847 $81,847 $— $— 
Certificates of deposit (2)
162 — 162 — 
PropTech convertible trading debt securities1,229 — — 1,229 
Long-term investments
Long-term investment securities at fair value (3)
3,184 — — — 
Total long-term investments3,184 — — — 
    Total assets$86,422 $81,847 $162 $1,229 
`
_____________________________
(1)Amounts included in Cash and cash equivalents on the condensed consolidated balance sheets, except for $4,522 that is included in current restricted cash and cash equivalents and $2,483 that is included in non-current restricted assets within Other assets.
(2)$162 included in Other assets on the condensed consolidated balance sheets.
(3)In accordance with ASC Subtopic 820-10, investments that are measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy.

Fair Value Measurements as of December 31, 2025
DescriptionTotalQuoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Total Gains (Losses)
Assets:
Money market funds (1)
$108,372 $108,372 $— $— 
Certificates of deposit (2)
162 — 162 — 
Long-term investments
PropTech convertible trading debt securities
1,229 — — 1,229 
Long-term investment securities at fair value (3)
3,170 — — — 
Total long-term investments4,399 — — 1,229 
Total assets$112,933 $108,372 $162 $1,229 
Liabilities:
Fair value of the derivative embedded within convertible debt
— — — — (28,482)
Total liabilities
$— $— $— $— $(28,482)
_____________________________
(1)Amounts included in Cash and cash equivalents on the consolidated balance sheets, except for $4,716 that is included in current restricted assets and $2,483 that is included in non-current restricted assets within Other assets.
(2)$162 included in Other assets on the consolidated balance sheets.
(3)In accordance with ASC Subtopic 820-10, investments that are measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy.
The fair value of the Level 2 certificates of deposit is based on the discounted value of contractual cash flows. The discount rate is the rate offered by the financial institution.
The fair values of the Level 3 PropTech convertible trading debt securities were derived using a discounted cash flow model utilizing a probability-weighted expected return method based on the probabilities of different potential outcomes for the convertible trading debt securities.
The long-term investments are based on NAV per share provided by the partnerships based on the indicated market value of the underlying assets or investment portfolio. In accordance with Subtopic 820-10, these investments are not classified under the fair value hierarchy disclosed above because they are measured at fair value using the NAV practical expedient.
The fair value of the derivative embedded within the convertible debt and the fair value of the convertible debt itself was derived using a binomial lattice valuation model. The derivative had been classified as Level 3. A change in the fair value of the derivative embedded within the convertible debt was presented in the consolidated statements of operations. The value of the embedded derivative was contingent on changes in interest rates, the Company’s stock price, stock price volatility, and the Company’s dividend yield. The Company’s stock price, volatility, and dividend yield were based on market observable inputs. The interest rate component of the value of the note was computed by calibrating the yield as of the issuance date, such that the value of the convertible note was equal to the principal net of the original issue discount. This yield was adjusted by the change in spreads from the discount curve equivalent to the Company’s implied credit rating.
There were no changes in the fair value of the Level 3 assets for the three months ended March 31, 2026.

The unobservable inputs related to the valuation of the Level 3 assets were as follows as of March 31, 2026:
Quantitative Information about Level 3 Fair Value Measurements
Fair Value at
March 31,
2026
Valuation Technique
Unobservable
Input		Range
(Actual)
PropTech convertible trading debt securities$1,229 Discounted cash flowInterest rate
5%
Maturity
 Feb 2027
Volatility54.10%
Discount rate
31.97%
The unobservable inputs related to the valuation of the Level 3 assets were as follows as of December 31, 2025:
Quantitative Information about Level 3 Fair Value Measurements
Fair Value at
December 31,
2025		Valuation TechniqueUnobservable
Input		Range
(Actual)
PropTech convertible trading debt securities$1,229 Discounted cash flowInterest rate
5%
Maturity
Feb 2027
Volatility
54.10%
Discount rate
31.97%
There were no Level 3 liabilities as of March 31, 2026 and December 31, 2025 at fair value to be measured due to repayment of the Convertible Notes. In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company is required to record assets and liabilities at fair value on a nonrecurring basis. Generally, assets and liabilities are recorded at fair value on a nonrecurring basis because of impairment charges. The Company had no nonrecurring nonfinancial assets or liabilities subject to fair value measurements as of March 31, 2026 and December 31, 2025.