v3.26.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements FAIR VALUE MEASUREMENTS
Financial Instruments

Equity and Other Investments

We retained an interest in our former subsidiary, CSI Compressco LP (“CSI Compressco”), which was acquired by Kodiak Gas Services, Inc. (“Kodiak”) on April 1, 2024, and we received shares of Kodiak in exchange for our common units in CSI Compressco in connection with such acquisition. In January 2025, we sold our Kodiak shares for proceeds of $19.0 million, net of transaction and broker fees.

Our investment in Standard Lithium is recorded in investments on our condensed consolidated balance sheets based on the quoted market stock price (Level 1 fair value measurements). The stock component of consideration received from Standard Lithium is initially recorded as unearned income based on the quoted market price at the time the stock is received, then recognized in income over the contract term. Changes in the value of stock are recorded in other (income) expense, net in our consolidated statements of operations.
We also hold investments in convertible notes, common units, and preferred units issued by two privately-held companies. The convertible note includes an option to convert the note into equity interests. Our investment in certain preferred units as of September 30, 2026 and December 31, 2025 were recorded based on internal valuations with assistance from a third-party valuation specialist, including reference to observable market-based inputs for preferred units issued to several investors during October 2025 through March 2026 (Level 3 fair value measurement). Our investment in convertible notes, embedded option and common units are recorded in our consolidated financial statements based on internal valuations with assistance from a third-party valuation specialist (Level 3 fair value measurement). The valuations are impacted by key assumptions, including the assumed probability and timing of potential debt or equity offerings. The change in the fair value of the embedded option, as well as the preferred units and common units, are included in other (income) expense, net in our consolidated statements of operations. The change in the fair value of the convertible note, excluding the embedded option, is included in other comprehensive income (loss) in our consolidated statements of comprehensive income.

The change in our investments for the three and nine months ended September 30, 2026 and September 30, 2025 is as follows:
Three Months Ended September 30, 2026
Fair Value Measurements Using
Quoted Prices in Active Markets for Identical Assets or LiabilitiesSignificant Unobservable Inputs
(Level 1)(Level 3)Total
(in thousands)
Investment balance at beginning of period
$2,200 $8,890 $11,090 
Unrealized loss on equity securities
(736)(14)(750)
Unrealized gain on embedded option
— 30 30 
Unrealized gain on convertible note, excluding embedded option
— 214 214 
Investment balance at end of period
$1,464 $9,120 $10,584 
Three Months Ended September 30, 2025
Fair Value Measurements Using
Quoted Prices in Active Markets for Identical Assets or LiabilitiesSignificant Unobservable Inputs
(Level 1)(Level 3)Total
(in thousands)
Investment balance at beginning of period$1,568 $7,403 $8,971 
Unrealized gain (loss) on equity securities
1,128 (11)1,117 
Unrealized loss on embedded option— (21)(21)
Unrealized gain on convertible note, excluding embedded option— 342 342 
Investment balance at end of period$2,696 $7,713 $10,409 
Nine Months Ended September 30, 2026
Fair Value Measurements Using
Quoted Prices in Active Markets for Identical Assets or LiabilitiesSignificant Unobservable Inputs
(Level 1)(Level 3)Total
(in thousands)
Investment balance at beginning of period$3,576 $8,251 $11,827 
Unrealized (loss) gain on equity securities(2,112)108 (2,004)
Unrealized gain on embedded option— 1,781 1,781 
Unrealized loss on convertible note, excluding embedded option— (1,020)(1,020)
Investment balance at end of period$1,464 $9,120 $10,584 
Nine Months Ended September 30, 2025
Fair Value Measurements Using
Quoted Prices in Active Markets for Identical Assets or LiabilitiesSignificant Other Observable InputsSignificant Unobservable Inputs
(Level 1)(Level 2)(Level 3)Total
(in thousands)
Investment balance at beginning of period$19,561 $1,388 $7,210 $28,159 
Sale of investments(18,393)— — (18,393)
Reclassification between Level 2 and Level 3 fair value— (1,388)1,388 — 
Unrealized gain (loss) on equity securities
1,528 — (188)1,340 
Unrealized loss on embedded option
— — (904)(904)
Unrealized gain on convertible note, excluding embedded option
— — 207 207 
Investment balance at end of period$2,696 $— $7,713 $10,409 
Recurring fair value measurements by valuation hierarchy as of September 30, 2026 and December 31, 2025 are as follows:
Fair Value Measurements Using
Total as ofQuoted Prices in Active Markets for Identical Assets or LiabilitiesSignificant Unobservable Inputs
DescriptionSeptember 30, 2026(Level 1)(Level 3)
(in thousands)
Investment in Standard Lithium$1,464 $1,464 $— 
Other investments
9,120 — 9,120 
Total investments
$10,584 
Fair Value Measurements Using
Total as of Quoted Prices in Active Markets for Identical Assets or LiabilitiesSignificant Unobservable Inputs
DescriptionDecember 31, 2025(Level 1)(Level 3)
(in thousands)
Investment in Standard Lithium$3,576 $3,576 $— 
Other investments
8,251 — 8,251 
Total investments
$11,827 

Cash Equivalents and Short-Term Investments

At September 30, 2026, our money market fund and U.S. Treasury bills were measured at fair value on a recurring basis using quoted prices in active markets (Level 1 fair value measurement).

Fair Value Measurements Using
Total as ofQuoted Prices in Active Markets for Identical Assets or Liabilities
DescriptionSeptember 30, 2026(Level 1)
(in thousands)
Money market fund (cash equivalent)$15,116 $15,116 
U.S. Treasury bills (cash equivalents and short-term investments)74,824 74,824 
Total$89,940 

We had no cash equivalents or short-term investments at December 31, 2025.

Other

The fair values of cash, restricted cash, accounts receivable, accounts payable, accrued liabilities, short-term borrowings and long-term debt approximate their carrying amounts. See Note 5 - “Long-Term Debt and Other Borrowings” for further discussion.