
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
September 30, 2026:
U.S. Government securities	$	5,053	$	111	$	—	$	5,164
Money market funds	4,794		—		(1)		4,793
Equity funds	1,091		53		(5)		1,139

Equities	326		114		(63)		377
Exchange-traded bond funds	141		—		—		141
Exchange-traded funds	100		—		(12)		88
Private capital investment funds	10,011		2,134		(182)		11,963

Total investments carried at fair value	$	21,516	$	2,412	$	(263)	$	23,665

December 31, 2025:
U.S. Government securities	$	11,712	$	259	$	(33)	$	11,938
Money market funds	4,455		174		—		4,629
Equity funds	617		363		(127)		853
Equities	380		102		(164)		318
Exchange-traded bond funds	148		1		—		149

Private capital investment funds	2,611		965		(30)		3,546

Total investments carried at fair value	$	19,923	$	1,864	$	(354)	$	21,433

Our investments below represent equity interests in private companies without readily determinable fair values. The Company has elected to apply the measurement alternative of cost minus impairment, if any, adjusted for any observable price changes in orderly transactions for these investments. The acquisition cost of WEBs Investments Inc. ("WEBs") is allocated using the relative fair value method between preferred stock and a call option.

During the nine months ended September 30, 2026, Vista Bancshares, Inc. was acquired by a third party, National Bank Holdings Corporation ("NBHC"). Following this acquisition we received approximately 93,000 shares of NBHC stock, and recognized a gain of approximately $2.0 million upon liquidation of those shares. During the three and nine months ended September 30, 2026, we recorded unrealized gains of approximately $2.6 million for our investment in TXSE and $0.3 million for our investment in Ridgeline, respectively, following observable price changes in the third quarter.

No impairments of these investments were recorded during the three and nine months ended September 30, 2026 or September 30, 2025. Balances are shown below (in thousands):


Investment:	September 30, 2026		December 31, 2025
InvestCloud, Inc.	$	4,455	$	4,455
Vista Bancshares, Inc.	—		2,792
WEBs - preferred stock	5,199		3,799
WEBs - call option	201		201
TXSE Group, Inc.	6,000		3,450
Ridgeline, Inc.	1,334		1,000
Total investments under measurement alternative	$	17,189	$	15,697

These investments represent ownership interests in non-controlled partnerships and are measured based on our share of the net earnings or losses of the investee. Investment balances are included in “Equity method investments” on our Condensed Consolidated Balance Sheets and income and expenses are included in our Condensed Consolidated Statements