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INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2026

INVESTMENTS

Schedule of investments

		As of June 30, 2026				As of December 31, 2025
Debt security investments measured at fair value
Short-term Non-banking Loans			2,196				3,414
Commercial Business Loans			—				10,244
Equity investments in publicly traded companies			825				956
Equity investments in privately held companies			6,030				—
Total Investments		$	9,051			$	14,614

Schedule of fair value measurements of our investments by major class according to the fair value hierarchy

		As of June 30, 2026
		Level 1				Level 2				Level 3				Total

Short-term non-banking loans		$	—			$	—			$	2,196			$	2,196
Commercial business loans			—				—				—				—
Equity investments in publicly traded companies			825				—				—				825
Total		$	825			$	—			$	2,196			$	3,021

		As of December 31, 2025
		Level 1				Level 2				Level 3				Total

Short-term non-banking loans		$	—			$	—			$	3,414			$	3,414
Commercial business loans			—				—				10,244				10,244
Equity investments publicly traded companies			956				—				—				956
Total		$	956			$	—			$	13,658			$	14,614

Schedule of reconciliation of the beginning and ending fair value balances for our Level 3 investment assets

		Balance

Balance as of January 1, 2026		$	13,658
Net change in unrealized depreciation			(10,562	)
Purchases and other adjustments to cost			—
Sales and redemptions			(900	)
Balance as of June 30, 2026		$	2,196

In thousands		Balance

Balance as of January 1, 2025		$	13,006
Net change in unrealized depreciation			(2,748	)
Purchases and other adjustments to cost			7,900
Sales and redemptions			(4,500	)
Balance as of December 31, 2025		$	13,658

Schedule of level 3 investments held and the unobservable inputs used to determine their valuation

Security Type		6/30/26 FMV				Valuation Technique		Unobservable Inputs		Range
Short-term non-banking loans		$	2,196			discounted cash flow		determining private company interest rate based on changes in market rates of instruments with comparable creditworthiness, including assessment related to individual note creditworthiness		24-73%
Commercial business loans			—			discounted cash flow		forecasted cash flows available to creditors in a foreclosure sale		18-24%
Total		$	2,196

Security Type		12/31/25 FMV				Valuation Technique		Unobservable Inputs		Range
Short-term non-banking loans		$	3,414			discounted cash flow		determining private company interest rate based on changes in market rates of instruments with comparable creditworthiness, including assessment related to individual note creditworthiness		18-24%
Commercial business loans			10,244			discounted cash flow		determining private company interest rate based on changes in market rates of instruments with comparable creditworthiness		18-24%
Total		$	13,658

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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