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Strategic Investments (Tables)

3 Months Ended

Mar. 31, 2024

Strategic Investments

Schedule of Roll-Forward of Strategic Investments

The following tables provide a roll-forward of the balance of strategic investments (in thousands):


		Three Months Ended March 31, 2024														Three Months Ended March 31, 2023
		Strategic investments			Warrants				Call options		Total					Strategic investments						Warrants							Call options						Total
Balance, beginning of period		$	212,996		$	1,501		$	17,233		$	231,730				$			277,676			$		1,654			$		17,233				$		296,563
Investments			9,128			—			—			9,128							—					—					—						—
Fair value adjustments:
Realized gains			45,162			—			—			45,162							—					—					—						—
Realized losses			—			—			(2,870)			(2,870)							—					—					—						—
Unrealized gains			74,784			855			—			75,639							—					—					—						—
Exercises			(61,962)			—			(1,330)			(63,292)							—					—					—						—
Balance, end of period		$	280,108		$	2,356		$	13,033		$	295,497				$			277,676			$		1,654			$		17,233				$		296,563

In January 2024, the Company acquired the remaining outstanding stock of a strategic investment. The Company’s existing interest had a fair value at acquisition date of $63.3 million which resulted in a non-taxable gain of $42.3 million. For additional information on the business combination, refer to Note 16.

Additionally, as a result of an observable price change for a separate strategic investee, we recognized an unrealized gain of $75.6 million for the strategic investment and related warrants in other income, net on our condensed consolidated statement of operations during the three months ended March 31, 2024.


		Inception to date
		Strategic investments			Warrants				Call options		Total
Investments		$	133,626			4,222			17,233		$	155,081
Fair value adjustments:
Realized gains			57,474			—			—			57,474
Realized losses			—			—			(2,870)			(2,870)
Unrealized gains			149,601			29,928			—			179,529
Unrealized losses and impairments			(82,304)			(1,705)			—			(84,009)
Exercises			36,257			(30,089)			(1,330)			4,838
Sales			(14,546)			—			—			(14,546)
Balance, end of period		$	280,108		$	2,356		$	13,033		$	295,497