Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2026

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 Liabilities		Significant 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 Liabilities		Significant 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 Liabilities		Significant 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 Liabilities		Significant Other Observable Inputs		Significant 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

Schedule of Recurring Fair Value Measurements

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 of		Quoted Prices in Active Markets for Identical Assets or Liabilities		Significant Unobservable Inputs
Description	September 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 Liabilities		Significant Unobservable Inputs
Description	December 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

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 of		Quoted Prices in Active Markets for Identical Assets or Liabilities
Description	September 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

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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