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Investments

3 Months Ended

Mar. 31, 2026

NOTE 4 – INVESTMENTS

Marketable Securities

The following table presents the amortized cost, gross unrealized gains and losses, and fair value of the Company’s marketable securities (in thousands):

	March 31, 2026
Security Type:	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available-for-sale debt securities:
Other fixed income securities	$	33,146	$	13	$	(1,442	)	$	31,717
Equity securities measured at fair value:
REITs		53		1		-			54
Total	$	33,199	$	14	$	(1,442	)	$	31,771

(1)

Available for sale debt securities consist primarily of U.S. Treasury securities with contractual maturities of one year or less and other fixed income securities.

(2)

No allowance for credit losses was recorded for the periods presented.

Equity Investments

Satschel Investment

The Company holds an investment representing approximately 15% ownership in Satschel, Inc. (“Satschel”). The investment is accounted for as an equity security under ASC 321, Investments – Equity Securities (“ASC 321”) using the measurement alternative. As of March 31, 2026, the carrying amount of the investment was $13.7 million. Management evaluated the investment for impairment indicators and observable price changes during the three months ended March 31, 2026, and did not recognize any impairment losses or observable price adjustments.

Karus Investment

The Company holds an investment representing approximately 20% ownership in Karus, Inc. (“Karus”). The Company accounts for its Common Stock investment under the equity method pursuant to ASC 323, Investments – Equity Method and Joint Ventures and its preferred stock investment as an equity security under ASC 321 using the measurement alternative. As of March 31, 2026, the carrying amount of the equity-method investment was not material, and the carrying amount of the equity security measured under ASC 321 was $9.8 million. The Company did not recognize a material share of income or loss from the equity-method investment during the three months ended March 31, 2026, and management did not identify any impairment indicators or observable price changes requiring adjustment for either investment.

Zippy Investment

The Company holds an investment representing approximately 15% ownership in Zippy, Inc. (“Zippy”), which is accounted for as an equity security under ASC 321 using the measurement alternative. As of March 31, 2026, the carrying amount of the investment was $22.3 million. Management evaluated the investment for impairment indicators and observable price changes during the three months ended March 31, 2026, and did not recognize any impairment losses or observable price adjustments.

As of March 31, 2026, and December 31, 2025, the Company estimated the fair value of the final make whole amount (the “Final Make Whole Amount”) under the Zippy Purchase Agreement (the “Zippy Purchase Agreement”) to be $10.2 million and $6.3 million, respectively, which was recognized as a contingent liability and included in “Accrued expenses” on the Company’s Condensed Consolidated Balance Sheets. The Company recognized a loss on make whole provision of $3.9 million during the three months ended March 31, 2026.