
	June 30, 2026		December 31, 2025
Equity securities accounted for under the equity method under ASC 323	$	38,853	$	39,738
Equity securities accounted for under the fair value option	17,075		26,903

Total equity securities	$	55,928	$	66,641

The Company's equity securities accounted for under the equity method under ASC 323 and fair value option include equity securities in which the Company can exercise significant influence, but not control, over these entities through holding more than a 20% voting interest in the entity.

On April 2, 2026, the Company completed the previously announced acquisition of TBHC and now effectively own 100% of TBHC's outstanding shares of common stock. See Note 3—Business Combinations for further information.

The carrying amount of the Company's equity method securities was $55.9 million at June 30, 2026, which is included in Equity securities on the consolidated balance sheets, of which $17.1 million was valued under the fair value option (tZERO and Zulily Newco). For the equity method investments, there was no difference in the carrying amount of the assets and liabilities and the maximum exposure to loss, and there was no difference between the carrying amount of the investment in Medici Ventures, L.P., and the amount of underlying equity the Company has in the entity's net assets.

The following table summarizes the net loss recognized on equity method securities recorded in Other income (expense), net in the consolidated statements of operations (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Net loss recognized on our proportionate share of the net assets of our equity method securities	$	—	$	(4,789)	$	(884)	$	(8,994)
Decrease in fair value of equity method securities held under fair value option	—		(1,787)		(1,521)		(14,655)

Upon obtaining control of TBHC, the Company discontinued its application of equity method accounting resulting in a decrease in the fair value of equity method securities held under the fair value option of $8.3 million. Refer to Note 3—Business Combinations for further information on consolidation of TBHC.

On April 29, 2026, tZERO Group, Inc. ("tZERO"), an investee of the Company in which the Company is the largest shareholder, announced that the required majority of holders of its TZROP security tokens had approved the proposal to convert each outstanding TZROP token into three shares of tZERO's Series B preferred stock and eight shares of tZERO's common stock. As a result of the conversion, the Company's combined direct and indirect ownership in tZERO, decreased from approximately 49.4% to 38.7%. The decrease in the Company's combined indirect and direct ownership did not have a material impact on the carrying value of the Company's investment in tZERO.

In connection with the proposed conversion, the Company entered into a non-binding Letter of Intent with tZERO pursuant to which the Company has indicated its intent to lead up to $10.0 million in additional financing through a convertible note financing. The proposed financing is expected to be funded in tranches subject to the achievement of specified operational and financial milestones. As of June 30, 2026, the proposed financing has not been funded or approved.