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INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Investment Balances
CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
June 30, 2026:
U.S. Government securities$5,067 $111 $— $5,178 
Money market funds4,707 — (1)4,706 
Equity funds1,182 132 (4)1,310 
Equities558 131 (95)594 
Exchange-traded bond funds148 — — 148 
Exchange-traded funds100 — (12)88 
Private investment funds6,762 1,000 (179)7,583 
Total investments carried at fair value$18,524 $1,374 $(291)$19,607 
December 31, 2025:
U.S. Government securities$11,712 $259 $(33)$11,938 
Money market funds4,455 174 — 4,629 
Equity funds617 363 (127)853 
Equities380 102 (164)318 
Exchange-traded bond funds148 1 — 149 
Private investment funds2,611 965 (30)3,546 
Total investments carried at fair value$19,923 $1,864 $(354)$21,433 

Investments Under Measurement Alternative
Our investments below represent equity interests in private companies without readily determinable fair values. The Company has elected to apply the measurement alternative of cost minus impairment, if any, adjusted for any observable price changes in orderly transactions for these investments. The acquisition cost of WEBs Investments Inc. ("WEBs") is allocated using the relative fair value method between preferred stock and a call option.
During the six months ended June 30, 2026 , Vista Bancshares, Inc. was acquired by a third party, National Bank Holdings Corporation ("NBHC"). Following this acquisition we recognized a gain of approximately $2.0 million upon liquidation of NBHC stock.
No impairments of these investments were recorded during the three and six months ended June 30, 2026 or June 30, 2025. Balances are shown below (in thousands):
Investment:June 30, 2026December 31, 2025
InvestCloud, Inc.$4,455 $4,455 
Vista Bancshares, Inc.— 2,792 
WEBs - preferred stock5,199 3,799 
WEBs - call option201 201 
TXSE Group, Inc.3,450 3,450 
Ridgeline, Inc.1,000 1,000 
Total investments under measurement alternative$14,305 $15,697 
Equity Method Investments
These investments represent ownership interests in non-controlled partnerships and are measured based on our share of the net earnings or losses of the investee. Investment balances are included in “Equity method investments” on our Condensed Consolidated Balance Sheets and income and expenses are included in our Condensed Consolidated Statements
of Operations under "Other income (expense)." Balances are shown below (in thousands):