6. Equity Securities

As of June 30, 2026, and December 31, 2025, equity securities had a carrying value of $80.9 million and $51.9 million, including certain equity securities with a fair value of $26.5 million and $32.8 million, respectively, which are valued using quoted prices in active markets. The remaining balance of equity securities consists of investments in private investment funds. The Company recognized an unrealized net gain of $11.7 million during the three months ended June 30, 2026 compared to a net unrealized loss of $1.4 million for the three months ended  June 30, 2025.The Company recognized an unrealized net gain of $29.0 million for the six months ending June 30, 2026, compared to an unrealized net loss of $5.6 million for the six months ending June 30, 2025. The $34.5 million increase in unrealized gain was due to an increase in the value of investment in a private investment fund during the six months ending  June 30, 2026, when compared to the six months ending June 30, 2025.