Equity Investments

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

The following table summarizes our equity investments as of June 30, 2024, and December 31, 2023:


	June 30, 2024		December 31, 2023
Equity method investments	$	14,519	$	8,896
Other investments	36,924		45,864
Total	$	51,443	$	54,760

Equity Method Investments

As of June 30, 2024 and December 31, 2023, we owned 5,406 and 4,325 shares of common stock of Tractor Beverages, Inc. (“Tractor”). As of June 30, 2024, our investment represents ownership of approximately 12.5% of Tractor, and we have invested total cash consideration of $12,500. As we are a significant customer of Tractor and maintain board representation, we are accounting for our investment under the equity method. There were no impairment charges for the six months ended June 30, 2024 or 2023, associated with this equity method investment. The investment in common stock is included within other assets on the condensed consolidated balance sheets with a carrying value of $14,519 and $8,896 as of June 30, 2024 and December 31, 2023, respectively. Refer to Note 13 , "Related Party Transaction s" for related party disclosures.

Other Investments

We held warrants (the “Tractor Warrants”) to purchase 1,081 and 2,162 shares of common stock of Tractor as of June 30, 2024 and December 31, 2023. Tractor is a privately held company, and as such, the Tractor Warrants represent non-marketable equity securities. The investment is included within long-term investments on the condensed consolidated balance sheets with a carrying value of $4,395 and $8,675 as of June 30, 2024 and December 31, 2023, respectively.

As of June 30, 2024, we owned 766 shares of the Series C Preferred Stock of Nuro, Inc. (“Nuro”). Our investment represents a minority interest and we have determined that we do not have significant influence over Nuro. Nuro is a privately held company, and as such, the preferred shares comprising our investment are illiquid and fair value is not readily determinable. As of June 30, 2024, we have recognized a cumulative gain of $5,968 related to our investment in Nuro due to observable transactions in prior periods. The investment is included within long-term investments on the condensed consolidated balance sheets with a carrying value of $15,968 as of June 30, 2024 and December 31, 2023, respectively.

As of June 30, 2024, we held additional investments in other entities through the Cultivate Next Fund. These additional investments are included within long-term investments on the condensed consolidated balance sheets with a carrying value of $16,561 and $21,221 as of June 30, 2024 and December 31, 2023, respectively. A decrease in additional investments balance is primarily due to an unrealized loss of $6,016 recognized on June 30, 2024, partially offset by fair value adjustments.