19. Investments

Investments held at cost represent interests in privately held entities that invest in underlying portfolio companies. These privately held entities generally do not engage in significant operating activities and instead serve as investment vehicles through which the Company obtains indirect ownership interests in privately held businesses.

On May 4, 2026, the Company converted an outstanding accounts receivable balance of $1.1 million into a minority equity interest in a privately held entity. The investment does not have a readily determinable fair value and does not provide the Company with the ability to exercise significant influence over the investee. Accordingly, the investment is accounted for pursuant to ASC 321, Investments - Equity Securities, using the measurement alternative and is recorded at cost, less impairment, adjusted for observable price changes resulting from orderly transactions for an identical or similar investment of the same issuer. The Company periodically evaluates the investment for impairment and considers observable transactions and other relevant indicators in determining whether any adjustments to the carrying value are required.