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Strategic Investments | 9 Months Ended
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Sep. 30, 2023
Strategic Investments |
Strategic Investments | Note 6 - Strategic Investments Strategic investments include investments in a number of non-public technology-driven companies. We account for strategic investments under the ASC 321 measurement alternative for equity securities without readily determinable fair values, as there are no quoted market prices for the investments. The investments are measured at cost less impairment, adjusted for observable price changes and are assessed for impairment whenever events or changes in circumstances indicate that the fair value may be less than its carrying value. ​ In conjunction with certain of our strategic investments, we have the ability to commit additional capital over time through warrants and call options; for some investments, the exercisability and exercise prices are conditional on the achievement of certain performance metrics. ​ ​ The following tables provide a roll-forward of the balance of strategic investments (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, 2023 | ​ | Three Months Ended September 30, 2022
​ |  | Strategic investments |  | Warrants |  | ​ | Call options |  | Total |  | Strategic investments |  | Warrants |  | ​ | Call options | ​ | ​ | Total
Balance, beginning of period | ​ | $ | 215,945 | ​ | $ | 459 | ​ | $ | 17,233 | ​ | $ | 233,637 | ​ | $ | 264,156 | ​ | $ | 1,195 | ​ | ​ | 16,340 | ​ | $ | 281,691
Investments | ​ | ​ | 4,099 | ​ | ​ | 1,176 | ​ | ​ | — | ​ | ​ | 5,275 | ​ | ​ | 8,004 | ​ | ​ | 459 | ​ | ​ | 893 | ​ | ​ | 9,356
Fair value adjustments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unrealized losses and impairments | ​ | ​ | — | ​ | ​ | (113) | ​ | ​ | — | ​ | ​ | (113) | ​ | ​ | (718) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (718)
Exercises | ​ | ​ | 1,500 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,500 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Balance, end of period | ​ | $ | 221,544 | ​ | $ | 1,522 | ​ | $ | 17,233 | ​ | $ | 240,299 | ​ | $ | 271,442 | ​ | $ | 1,654 | ​ | $ | 17,233 | ​ | $ | 290,329
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended September 30, 2023 | ​ | Nine Months Ended September 30, 2022
​ |  | Strategic investments |  | Warrants |  | ​ | Call options |  | Total |  | Strategic investments |  | Warrants |  | ​ | Call options | ​ | ​ | Total
Balance, beginning of period | ​ | $ | 277,676 | ​ | $ | 1,654 | ​ | $ | 17,233 | ​ | $ | 296,563 | ​ | $ | 80,775 | ​ | $ | 2,745 | ​ | ​ | — | ​ | $ | 83,520
Investments | ​ | ​ | 15,016 | ​ | ​ | 1,176 | ​ | ​ | — | ​ | ​ | 16,192 | ​ | ​ | 53,164 | ​ | ​ | 459 | ​ | ​ | 17,233 | ​ | ​ | 70,856
Fair value adjustments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unrealized gains | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 41,893 | ​ | ​ | 28,539 | ​ | ​ | — | ​ | ​ | 70,432
Unrealized losses and impairments | ​ | ​ | (72,648) | ​ | ​ | (1,308) | ​ | ​ | — | ​ | ​ | (73,956) | ​ | ​ | (1,109) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1,109)
Exercises | ​ | ​ | 1,500 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,500 | ​ | ​ | 96,719 | ​ | ​ | (30,089) | ​ | ​ | — | ​ | ​ | 66,630
Balance, end of period | ​ | $ | 221,544 | ​ | $ | 1,522 | ​ | $ | 17,233 | ​ | $ | 240,299 | ​ | $ | 271,442 | ​ | $ | 1,654 | ​ | $ | 17,233 | ​ | $ | 290,329
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Inception to date
​ |  | Strategic investments |  | Warrants |  | ​ | Call options |  | Total
Investments | ​ | $ | 124,498 | ​ | $ | 4,222 | ​ | $ | 17,233 | ​ | $ | 145,953
Fair value adjustments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Realized gains | ​ | ​ | 12,312 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 12,312
Unrealized gains | ​ | ​ | 74,817 | ​ | ​ | 29,073 | ​ | ​ | — | ​ | ​ | 103,890
Unrealized losses and impairments | ​ | ​ | (73,756) | ​ | ​ | (1,684) | ​ | ​ | — | ​ | ​ | (75,440)
Exercises | ​ | ​ | 98,219 | ​ | ​ | (30,089) | ​ | ​ | — | ​ | ​ | 68,130
Sales | ​ | ​ | (14,546) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (14,546)
Balance, end of period | ​ | $ | 221,544 | ​ | $ | 1,522 | ​ | $ | 17,233 | ​ | $ | 240,299
​ In accordance with ASC 321-10-35-3, we determined an impairment indicator existed for one of our strategic investments as of June 30, 2023. Thus, we performed a quantitative analysis and concluded the fair value was less than the carrying value. An unrealized impairment loss of $73.8 million related to our strategic investment and related warrants was recorded in interest and other income (loss), net on our condensed consolidated statement of operations during the nine months ended September 30, 2023.

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