The following table presents the fair value of the Company’s financial instruments (in thousands):


	June 30, 2026								June 30, 2025
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	5,368	$	—	$	—	$	5,368	$	407	$	—	$	—	$	407
Liabilities:
Post-closing payments related to acquisitions	$	—	$	68,672	$	—	$	68,672	$	—	$	10,179	$	—	$	10,179
Contingent consideration related to acquisitions		—		—		11,508		11,508		—		—		13,558		13,558
Total	$	—	$	68,672	$	11,508	$	80,180	$	—	$	10,179	$	13,558	$	23,737

Reported as:
Cash and cash equivalents							$	5,368							$	407
Post-closing payments:
Current							$	25,528							$	13,572
Noncurrent								54,652								10,165
Total							$	80,180							$	23,737

There were no transfers between Level 1, Level 2 and Level 3 during the periods presented.

All highly liquid investments with maturities of three months or less at the date of purchase are classified as cash equivalents on the Company’s consolidated balance sheets. The valuation technique used to measure the fair value of money market funds included using quoted prices in active markets for identical assets and are classified as Level 1 within the fair value hierarchy.

The post-closing payments are future payments related to the acquisition of HomeBuddy in fiscal year 2026, and AquaVida in fiscal year 2024. The final installment payments for Modernize and BestCompany, totaling $5.5 million and $2.0 million, were made during the fiscal year 2026. As the fair value of the Company’s post-closing payments was determined based on installments stipulated in the terms of the acquisition agreements and discount rates observable in the market, the post-closing payments are classified as Level 2 within the fair value hierarchy. See Note 6, Acquisitions, for further details related to the HomeBuddy acquisition.

The contingent consideration consists of the estimated fair value of future payments related to the Company’s acquisition of AquaVida. The AquaVida contingent consideration is based upon a percentage of margin achieved and is uncapped over a four-year period. The Company paid $6.7 million during the fourth quarter of fiscal year 2026 for the second earnout payment based on actual margin results. The fair value of the contingent consideration is determined using the real options technique which incorporates various estimates, including projected net revenue, projected media margin, volatility and discount rates. As certain of these inputs are not observable in the market, the contingent consideration is classified as a Level 3 instrument. Significant changes in the projected net revenue, projected media margin, or discount rates would have a material impact on the fair value of the contingent consideration. Changes in the fair value of the contingent consideration are recorded in earnings on the Company’s consolidated statements of operations and comprehensive income (loss).

The Company reassesses the estimated fair value of the contingent consideration at the end of each reporting period based on the information available at the time. The Company recorded a net increase of $4.7 million to the fair value of the contingent consideration of AquaVida in fiscal year 2026, which is included in general and administrative expenses on the Company’s consolidated statements of operations and comprehensive income (loss). The fair value of the contingent consideration of AquaVida decreased from $13.6 million to $11.5 million as of June 30, 2026.