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4. Investments
Marketable Securities
Details of marketable securities held as of June 30, 2026 and December 31, 2025 are as follows:
| | | June 30, 2026 |
| | | | | | | | | | | Cumulative |
| | | | | | | | | | | Unrealized |
| | | Fair Value | | Basis | | Gain |
| Equity securities | | $ | 41 | | | $ | 34 | | | $ | 7 | |
| Total | | $ | 41 | | | $ | 34 | | | $ | 7 | |
| | | December 31, 2025 |
| | | | | | | | | | | Cumulative |
| | | | | | | | | | | Unrealized |
| | | Fair Value | | Basis | | Gain |
| Equity securities | | $ | 36 | | | $ | 34 | | | $ | 2 | |
| Total | | $ | 36 | | | $ | 34 | | | $ | 2 | |
Other Securities Measured at Fair Value
The following table presents the fair value of securities based on our election of the fair value option:
| | | June 30, 2026 | | December 31, 2025 |
| | | Fair Value | | % of Total | | Fair Value | | % of Total |
| Convertible promissory note | | $ | 1,968 | | | | 100 | % | | $ | — | | | | 0 | % |
| Total | | $ | 1,968 | | | | 100 | % | | $ | — | | | | 0 | % |
Net Investment Income
Net investment income represents income primarily from the following sources:
| | • | Income earned from investments in money market funds (recorded in Cash and cash equivalents) |
| | • | Income earned on the convertible promissory note |
| | • | Dividends received from Marketable securities |
| | • | Income from unconsolidated or equity method investments |
The following table presents the components of Net investment income:
| | | Three Months Ended June 30, | | Six Months Ended June 30, |
| | | 2026 | | 2025 | | 2026 | | 2025 |
| Interest on cash and cash equivalents | | $ | 405 | | | $ | 428 | | | $ | 794 | | | $ | 845 | |
| Interest on convertible promissory note | | | 7 | | | | — | | | | 7 | | | | — | |
| Net investment income | | $ | 412 | | | $ | 428 | | | $ | 801 | | | $ | 845 | |
Net Gains (Losses)
Net gains and losses are determined by specific identification. The net realized gains and losses are generated primarily from the following sources:
| | • | Realized gains and losses from investments in Marketable securities and the Skyline Note |
| | • | Changes in the fair value of investments in Marketable securities and the Skyline Note |
The following table presents the components of Net gains (losses):
| | | Three Months Ended June 30, | | Six Months Ended June 30, |
| | | 2026 | | 2025 | | 2026 | | 2025 |
| Marketable securities | | $ | (9 | ) | | $ | 5 | | | $ | 5 | | | $ | 8 | |
| Net (losses) gains | | $ | (9 | ) | | $ | 5 | | | $ | 5 | | | $ | 8 | |
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