v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
ASC 820 — Fair Value Measurement and Disclosures, provides a framework for measuring fair value and establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels:
Level 1 — Quoted prices in active markets that are accessible at the measurement date for assets or liabilities;
Level 2 — Observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and
Level 3 — Unobservable inputs that are used when little or no market data is available.
As of June 30, 2026, the carrying amount of cash and cash equivalents, accounts receivable, other current assets, accounts payable, accrued expenses, and other current liabilities are approximated fair value because of the short-term nature of these instruments.
The following table summarizes assets and liabilities measured at fair value on a recurring basis:
Fair Value Measurements
AmountLevel 1Level 2Level 3
June 30, 2026
Investments in real estate ventures$14,493 $— $— $14,493 
Deferred compensation plan assets1,403 1,403 — — 
Equity investments
Variable voting shares - Jericho4,609 4,609 — — 
Stock warrants - Jericho1,446 — 1,446 — 
Stock options - Jericho141 — 141 — 
Deferred compensation plan liabilities1,421 1,421 — — 
December 31, 2025
Investments in real estate ventures$4,288 $— $— $4,288 
Deferred compensation plan assets897 897 — — 
Deferred compensation plan liabilities960 960 — — 
The Company’s private placement Jericho stock warrants and Jericho stock options are classified within Level 2 of the fair value hierarchy because they are not actively traded. Fair value for both equity securities is determined utilizing a Black-Scholes option pricing model to estimate the fair value as of the end of each reporting period. While some inputs are unobservable, the significant inputs, including volatility, risk-free rate, and expected term, are derived from or corroborated by observable market data. Changes in fair value of the Jericho stock warrants and stock options are recognized in gain (loss) on equity investments on the Company's consolidated statements of operations along with the changes in fair value of the Jericho variable voting shares. (See Note 4 for additional information).
The following table summarizes information about the significant unobservable inputs used in recurring fair value measurements categorized within Level 3:
AmountValuation
Technique(s)		Unobservable
Input(s)
Range (Wtd. Avg.)(1)
June 30, 2026
Investments in real estate ventures$14,493 Income approachCapitalization rate
5.20% - 7.45% (2.67%)
Discount rate
7.15% - 8.50% (3.49%)
December 31, 2025
Investments in real estate ventures$4,288 Income approachCapitalization rate
5.25% - 7.45% (5.63%)
Discount rate
7.05% - 8.50% (7.23%)
(1)
Range represents lowest and highest iteration of the input used across all valuation models. Weighted-averages were calculated using the relative fair value of the instruments.
The Company may also value its non-financial assets and liabilities, including items such as long-lived assets, at fair value on a non-recurring basis if it is determined that impairment has occurred. Such fair value measurements typically use significant unobservable inputs (Level 3), unless a quoted market price (Level 1) or quoted prices for similar instruments, quoted prices for identical or similar instruments in inactive markets, or amounts derived from valuation models (Level 2) are available.