The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs to the extent possible to measure a financial instrument’s fair value. Observable inputs reflect the assumptions market participants would use in pricing an asset or liability,

and are affected by the type of product, whether the product is traded on an active exchange or in the secondary market, as well as current market conditions. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Fair value is estimated by applying the hierarchy discussed in Note (2) Summary of Significant Accounting Policies which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized within Level 3 of the fair value hierarchy.

The Company’s fair value measurements are based primarily on a market approach, which utilizes prices and other relevant information generated by market transactions involving identical or comparable financial instruments. Sources of inputs to the market approach include third-party pricing services, independent broker quotations and pricing matrices. Management analyzes the third-party valuation methodologies and its related inputs to perform assessments to determine the appropriate level within the fair value hierarchy and to assess reliability of values. Further, management has a process in place to review all changes in fair value that occurred during each measurement period. Any discrepancies or unusual observations are followed through to resolution through the source of the pricing as well as utilizing comparisons, if applicable, to alternate pricing sources.

The Company utilizes observable and unobservable inputs within its valuation methodologies. Observable inputs may include: benchmark yields, reported trades, broker-dealer quotes, issuer spreads, benchmark securities, bids, offers and reference data. In addition, specific issuer information and other market data is used. Broker quotes are obtained from sources recognized to be market participants. Unobservable inputs may include: expected cash flow streams, default rates, supply and demand considerations and market volatility.

U.S. Treasury Securities: Fair values were obtained from an independent pricing service and a third-party investment manager. The prices provided by the independent pricing service and third-party investment manager are based on quoted market prices, when available, non-binding broker quotes, or matrix pricing and fall under Level 2 or Level 3 in the fair value hierarchy.

Certificates of Deposit: The estimated fair value of certificates of deposit approximate carrying value and fall under Level 1 of the fair value hierarchy.

The fair values of publicly traded common and preferred equity securities and exchange traded funds (“ETFs”) are obtained from market value quotations provided by an independent pricing service and fall under Level 1 in the fair value hierarchy.

The following table presents the Company’s marketable securities, measured at fair value as of the following periods:


	As of June 30, 2026
	Quoted		Other
	prices		significant		Significant
	in active		observable		unobservable
	markets		inputs		inputs
	Level 1		Level 2		Level 3		Fair value
Assets:
Available for sale securities, at fair value:
U.S. Treasury securities	$	—	$	157,652	$	—	$	157,652
Certificates of deposit		581		—		—		581
Total available for sale securities, at fair value		581		157,652		—		158,233

Total marketable securities	$	581	$	157,652	$	—	$	158,233


	As of December 31, 2025
	Quoted		Other
	prices		significant		Significant
	in active		observable		unobservable
	markets		inputs		inputs
	Level 1		Level 2		Level 3		Fair value
Assets:
Available for sale securities, at fair value:
U.S. Treasury securities	$	—	$	16,491	$	—	$	16,491
Certificates of deposit		581		—		—		581
Total available for sale securities, at fair value		581		16,491		—		17,072

Equity securities, at fair value		4,629		—		—		4,629
Total marketable securities	$	5,210	$	16,491	$	—	$	21,701

The following tables present the Company’s investments in AFS securities:


	As of June 30, 2026
	Amortized		Allowance for		Net carrying		Gross		Gross
	Cost		credit losses (1)		amount		unrealized gains		unrealized losses		Fair value
U.S. Treasury securities	$	157,193	$	—	$	157,193	$	459	$	—	$	157,652
Certificates of deposit		581		—		581		—		—		581
Total	$	157,774	$	—	$	157,774	$	459	$	—	$	158,233


	As of December 31, 2025
	Amortized		Allowance for		Net carrying		Gross		Gross
	Cost		credit losses (1)		amount		unrealized gains		unrealized losses		Fair value
U.S. Treasury securities	$	16,158	$	—	$	16,158	$	333	$	—	$	16,491
Certificates of deposit		581		—		581		—		—		581
Total	$	16,739	$	—	$	16,739	$	333	$	—	$	17,072

The amortized cost and fair values of AFS securities, by contractual maturity date, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


	As of
	June 30, 2026				December 31, 2025
	Amortized cost		Fair value		Amortized cost		Fair value
Due in one year or less	$	157,774	$	158,233	$	16,739	$	17,072

The following table presents the components of net realized and unrealized gains (losses) recorded on the condensed consolidated statements of operations. Net unrealized gains (losses) on AFS securities are included within other comprehensive income (loss) (OCI), net of tax, and, as such, are not included in this table. Net realized and unrealized gains (losses) on non-investment related financial assets and liabilities are included below:


	Three Months Ended June 30,					Six Months Ended June 30,
	2026		2025			2026			2025
Net realized gains (losses)
Net realized gains (losses) on equity securities	$	—	$	—		$	(3,095	)	$	—
Net realized gains other		—		50			—			50
Total net realized gains (losses)	$	—	$	50		$	(3,095	)	$	50

Net unrealized gains (losses)
Net unrealized gains (losses) on equity securities held at period end	$	—	$	(1,504	)	$	—		$	(1,216	)
Reclass of unrealized (gains) losses from prior periods for equity securities sold		—		—			2,834			—
Other		—		—			—			452
Total net unrealized gains (losses)		—		(1,504	)		2,834			(764	)
Total net realized and unrealized gains (losses)	$	—	$	(1,454	)	$	(261	)	$	(714	)