Note 9 – Non-Marketable Investments

At September 30, 2026 and December 31, 2025, the carrying value of the Company’s non-marketable investments was $2.6 million and $3.2 million, respectively. The investments include an interest in a standalone real-time feedback company (see Note 2 - Divestiture) with a carrying value of $2.6 million at each period, and interests in technology-related private equity funds, which were fully liquidated as of September 30, 2026 and had a carrying value of $0.6 million at December 31, 2025. At September 30, 2026, the amount is included in other assets in the Consolidated Balance Sheet. At December 31, 2025, $0.6 million is included in prepaid expenses and other current assets and $2.6 million is included in other assets in the Consolidated Balance Sheet.

The Company’s investment at September 30, 2026 is being accounted for using the cost method and, accordingly, is valued at cost less impairments, if any. The Company’s prior investments in technology-related private equity funds were being accounted for using the equity method. Accordingly, the Company recorded its share of the investee’s operating results each period, which are included in loss on investments, net in the Consolidated Statement of Operations. Gains and losses from non-marketable investments were immaterial during the three and nine months ended September 30, 2026 and 2025.

The Company uses the cumulative earnings approach to classify distributions received from equity method investments. During the nine months ended September 30, 2026, $0.5 million was distributed from the funds to the Company. During the nine months ended September 30, 2025, $1.4 million was distributed from the funds to the Company. These amounts are included within other investing activity in the Consolidated Statements of Cash Flows as they are considered a return on investment.