Equity Method Investment

9 Months Ended

Sep. 30, 2025

Equity Method Investments and Joint Ventures [Abstract]

On August 23, 2024, in conjunction with the acquisition of AQF, the Company became 50% owners of the equity interest in AQF Asia PTE Ltd., located in Singapore (“AQF Asia”). While the Company owns 50% of the equity interest of AQF Asia and does have significant influence over the entity, the Company has concluded that it does not have control of AQF Asia due to certain veto rights held by the other joint venture partner with regards to management decision making. As a result, the Company accounts for its ownership interest in AQF Asia following the equity method of accounting, in accordance with ASC 323, Investments —Equity Method and Joint Ventures. Under this method, the carrying cost is initially recorded at fair value and then increased or decreased by recording its percentage of profit or loss in the consolidated statement of comprehensive income and a corresponding change to the carrying value of the asset. The initial fair value of this equity method investment was approximately $7.0 million. The fair value of the equity method investment was approximately $6.8 million at December 31, 2024. The following table provides a roll-forward of the equity method investment for the nine months ended September 30, 2025:


	Nine months ended
	September 30, 2025
Equity Method Investment - December 31, 2024	$	6,808
50% share of AQF Asia net income	223
Amortization of basis differences	(90)
Equity Method Investment - September 30, 2025	$	6,941