Investments in preferred equity, at fair value consists of shares of Variable Rate Series A Perpetual Stretch Preferred Stock of Strategy Inc. ("STRC Stock") and are carried at fair value. The Company utilizes such investments in preferred equity for yield generation, while maintaining flexibility to use such investments to fund current operations when necessary. The Company did not hold any investments in preferred equity, at fair value as of December 31, 2025. A summary of the changes of the Company's investments in preferred equity, at fair value are summarized below (in thousands):


	Three Months Ended March 31, 2026
Balance, beginning of period	$	—
Acquisitions	50,499
Return of capital dividends	(479)
Sales	—
Aggregate cost basis	50,020
Change in fair value	490
Balance, end of period	$	50,510