NOTE 6. INVESTMENTS

USCF Investments, from time to time, provides initial seed capital in connection with the creation of ETPs or ETFs that are managed by USCF or USCF Advisers. USCF Investments classifies these investments as current assets as the intention is for these investments to generally be sold within one year of the balance sheet date; however occasionally these investments have been held for over one year. Investments in which no controlling financial interest or significant influence exists are recorded at fair value with the change included in earnings on the Consolidated Statements of Operations. As of June 30, 2026 and 2025, the Company has investments totaling $1.3 million and $3.6 million, respectively, of funds managed by USCF Advisers which are related parties and are included in other equities in the below table. The Company elected the fair value option related to this investment as the shares were purchased and will be sold on the market and this accounting treatment is deemed to be most informative. In addition to the holdings in these funds, the Company also invests in marketable securities. The Company recognized unrealized gains of $0.6 million and unrealized losses of $0.8 million for the years ended June 30, 2026 and 2025, respectively.

All of the Company’s short-term investments are classified as Level 1 assets as of June 30, 2026 and 2025. Investments measured at estimated fair value consist of the following as of June 30, 2026 and 2025 (in thousands):

 SCHEDULE OF AVAILABLE-FOR-SALE SECURITIES RECONCILIATION  

During the years ended June 30, 2026 and 2025, there were no transfers between the fair value levels.