Other Investments—The Company owns convertible preferred and common stock in three and four unrelated entities as of March 31, 2026 and December 31, 2025, respectively. The value of the combined investment was $20,653,585 and $18,253,585 as of March 31, 2026 and December 31, 2025, respectively.

For the three months ended March 31, 2026, the Company impaired an investment by $3,050,000 in one equity investment. The Company received notification that the entity has begun the process to wind down the business due to a failed business sale. This impairment is recorded within Other income (expense), net in the consolidated statements of operations and comprehensive income.

For the three months ended March 31, 2026, the Company recorded a $5,400,000 unrealized gain on one equity investment. The entity had a new capital raise during the period, increasing the underlying value of the investment. This capital raise was considered an orderly transaction in the same equity class as the initial investment, representing the intrinsic value in this investee’s business. The unrealized gain is recorded within Other income (expense), net in the consolidated statements of operations and comprehensive income.

For the three months ended March 31, 2025, the Company acquired $3,000,000 convertible preferred stock and $5,000,000 of common stock in two separate unrelated entity, respectively. The investment of $5,000,000 in common stock was purchased by the Company issuing series A convertible preferred stock. Refer to Note 15, Convertible Preferred Stock and Stockholders’ Equity for further information.

The Company applies the measurement alternative for its investments in the common stock and convertible preferred stock because these investments are of an equity nature, and the Company does not have the ability to exercise significant influence over operating and financial policies of entities even in the event of conversion of preferred stock. Under the measurement alternative, the Company records the investment based on original cost, less impairments, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the investee. The Company’s share of income or loss of such companies is not included in the Company’s consolidated statements of operations and comprehensive income. The Company tests its investments for impairment whenever circumstances indicate that the carrying value of the investment may not be recoverable.