Note 9 - Investments

6 Months Ended

Jun. 30, 2026

Note 9—Investments

Equity investments consist of the following:

	*Location in Balance Sheet*	*Measurement*	*June 30, 2026*		*December 31, 2025*
			(in thousands)
Various publicly-held companies	Marketable equity securities	Quoted market price	$	9,319	$	409

Alternative investments	Other current assets	Net asset value	$	8,728	$	7,119
Alternative investments	Other current assets	Cost		1,462		1,651
Total included in other current assets			$	10,190	$	8,770

Equity method investments	Other noncurrent assets	Equity method	$	129	$	402
Alternative investments	Other noncurrent assets	Net asset value		4,043		8,250
Alternative investments	Other noncurrent assets	Cost		1,474		1,474
Total equity investments included in other noncurrent assets			$	5,646	$	10,126

The changes in the carrying values of the Company's equity investments without readily determinable fair values for which the Company elected the measurement alternative were as follows:

	*Six Months Ended June 30,*
	*2026*			*2025*
	(in thousands)
Balance, beginning of period	$	18,494		$	11,684
Purchase		1,000			3,500
Gain recognized during the period		502			806
Distribution		(4,289	)		(902	)
Balance, end of period	$	15,707		$	15,088

In July 2024, the Company acquired an investment property with an aggregate cost of $3.6 million. The investment property was acquired through a subsidiary in which the Company holds a 51.0% interest with the remaining 49.0% held by Howard Jonas, a related party (see Note 17). The Company paid $1.8 million to the seller and signed a note payable to the seller for $1.8 million, payable in full on February 1, 2026. The note payable carried a 5.0% interest rate payable in full on February 1, 2026. In the third quarter 2024, Howard Jonas reimbursed the Company $0.9 million, representing the purchase price for his 49.0% share in the investment property and is included in the noncontrolling interest in the consolidated balance sheets. The Company recognized a receivable of $0.9 million related to Howard Jonas' 49.0% share in the notes payable and is included in the noncontrolling interests section of the consolidated balance sheets. At December 31, 2025, $1.8 million was outstanding under the note payable with an effective interest rate of 5.0%.

In January 2026, the Company extinguished the notes payable by paying the $1.8 million principal amount plus the $0.1 million accumulated accrued interest.

Howard Jonas' share in the investment property was diluted to 16.1% and 23.8%, at June 30, 2026 and December 31, 2025, respectively, resulting from additional investments by the Company in the investment property.

In June 2026, the Company sold the investment property for $7.3 million and received $6.6 million proceeds after direct costs. The Company recognized a $0.7 million gain from the sale of investment property.