11. Investments

Available-for-Sale Securities at Fair Value

The Company’s investments in financial assets consist primarily of available-for-sale ("AFS") debt securities, which are recorded at fair value and included in “Investments in financial assets” on the Condensed Consolidated Balance Sheets. These investments primarily consist of fixed income securities issued by U.S. government agencies, municipalities, and corporations.

The following table provides a breakdown of the Company's investments in financial assets, measured at fair value, as of September 30, 2026, and December 31, 2025 (in thousands):

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The fair value of AFS debt securities is affected by changes in market interest rates, credit spreads and other market conditions. Interest income earned on AFS debt securities is recognized in earnings. Unrealized gains and losses resulting from changes in fair value are recorded in other comprehensive income (loss) and are excluded from earnings unless realized or determined to be credit-related.

Equity Investments

On September 30, 2025, the Company acquired a 2.3% minority equity interest in Flyhomes, Inc., a real estate technology company for total consideration of $2.25 million, through the purchase of preferred shares.

Because the investment does not have a readily determinable fair value, the Company accounts for the investment under

the measurement alternative in ASC 321, Investments – Equity Securities, accounting for investment at cost, less any impairment and adjusted for observable price changes in orderly transactions for the identical or a similar investment.