Interest rate risk The primary market risk to which we believe we may be exposed is interest rate risk, which may result from many factors, including government monetary and tax policies, domestic and international economic and political considerations, and other factors that are beyond our control. In order to modify and manage the interest rate characteristics of our outstanding debt and to limit the effects of interest rate risks on our operations, we may utilize a variety of financial instruments, including interest rate hedge agreements, caps, floors, and other interest rate exchange contracts. The use of these types of instruments to hedge a portion of our exposure to changes in interest rates may carry additional risks, such as counterparty credit risk and the legal enforceability of hedge agreements. As of June 30, 2026, we did not have any outstanding interest rate hedge agreements. Our future earnings and fair values relating to our outstanding debt are primarily dependent upon prevalent market interest rates. The following tables illustrate the effect of a 1% change in interest rates, assuming a zero percent interest rate floor, on our fixed- and variable-rate debt as of June 30, 2026 (in thousands): As of June 30, 2026 December 31, 2025 Annualized effect on future earnings due to variable-rate debt: Rate increase of 1% $(7,496) $(1,259) Rate decrease of 1% $7,496 $1,259 Effect on fair value of total consolidated debt: Rate increase of 1% $(654,859) $(746,058) Rate decrease of 1% $738,814 $852,698 These amounts are determined by considering the effect of the hypothetical interest rates on our borrowings as of June 30, 2026 and December 31, 2025. These analyses do not consider the effects of the reduced level of overall economic activity that could exist in such an environment. Furthermore, in the event of a change of such magnitude, we would consider taking actions to further mitigate our exposure to the change. Because of the uncertainty of the specific actions that would be taken and their possible effects, the sensitivity analyses assume no changes in our capital structure. Equity price risk We have exposure to equity price market risk because we hold equity investments in publicly traded companies and privately held entities. All of our investments in actively traded public companies are reflected in our consolidated balance sheets at fair value. Our investments in privately held entities that report NAV per share are measured at fair value using NAV as a practical expedient to fair value. Our equity investments in privately held entities that do not report NAV per share are measured at cost less impairments, adjusted for observable price changes during the period. Changes in fair value of public investments, changes in NAV per share reported by privately held entities, and observable price changes of privately held entities that do not report NAV per share are classified as investment income (loss) in our consolidated statements of operations. There is no assurance that future declines in value will not have a material adverse effect on our future results of operations. The following table illustrates the effect that a 10% change in the value of our equity investments would have on earnings as of June 30, 2026 and December 31, 2025 (in thousands): As of June 30, 2026 December 31, 2025 Equity price risk: Fair value increase of 10% $128,825 $114,387 Fair value decrease of 10% $(128,825) $(114,387) 124 Foreign currency exchange rate risk We have exposure to foreign currency exchange rate risk related to our operations in Canada. The functional currency of our Canadian subsidiaries is the Canadian dollar. Gains or losses resulting from the translation of these subsidiaries’ balance sheets and statements of operations are classified in accumulated other comprehensive income (loss) as a separate component of total equity and are excluded from net income (loss). Gains or losses will be reflected in our consolidated statements of operations when there is a sale or partial sale of our investment in these operations or upon a complete or substantially complete liquidation of the investment. The following tables illustrate the effect that a 10% change in Canadian dollar exchange rates relative to the USD would have on our potential future earnings and on the fair value of our net investment in Canadian subsidiaries, based on our current operating assets outside the U.S. as of June 30, 2026 and December 31, 2025 (in thousands): As of June 30, 2026 December 31, 2025 Effect on potential future earnings due to foreign currency exchange rate: Rate increase of 10% $348 $182 Rate decrease of 10% $(348) $(182) Effect on the fair value of net investment in foreign subsidiaries due to foreign currency exchange rate: Rate increase of 10% $34,763 $35,306 Rate decrease of 10% $(34,763) $(35,306) Change in the fair value of cross-currency swap agreements designated as a net investment hedge(1): Rate increase of 10% (USD weakening) $(18,800) $(24,600) Rate decrease of 10% (USD strengthening) $18,800 $24,600 (1)Refer to Note 11 – “Hedge agreements” to our unaudited consolidated financial statements for additional information. The sensitivity analyses assume a parallel shift of all foreign currency exchange rates with respect to the U.S. dollar; however, foreign currency exchange rates do not typically move in such a manner, and actual results may differ materially. Our exposure to market risk elements for the six months ended June 30, 2026 was consistent with the risk elements presented above, including the effects of changes in interest rates, equity prices, and foreign currency exchange rates.