Investments in preferred equity, at fair value consists of shares of Variable Rate Series A Perpetual Stretch Preferred Stock of Strategy Inc. ("STRC Stock") and are carried at fair value. The Company utilizes such investments in preferred equity for yield generation, while maintaining flexibility to use such investments to fund current operations when necessary. As of June 30, 2026, the Company held 505,000 shares of STRC Stock with a notional amount of $50.5 million. The Company did not hold any investments in preferred equity, at fair value as of December 31, 2025. A summary of the changes of the Company's investments in preferred equity, at fair value are summarized below (in thousands):


	Three Months Ended June 30, 2026		Six Months Ended June 30, 2026
Balance, beginning of period	$	50,510	$	—
Acquisitions	—		50,499
Return of capital dividends	(1,694)		(2,173)
Sales	—		—
Aggregate cost basis	$	48,816	$	48,326
Change in fair value	(5,962)		(5,472)
Balance, end of period	$	42,854	$	42,854