Equity Investments

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]


	December 31,
	2024		2023
Equity method investments	$	28,097	$	8,896
Other investments	69,002		45,864
Total	$	97,099	$	54,760

Equity Method Investments

As of December 31, 2024, and December 31, 2023, we owned 6,487 and 4,325 shares of common stock of Tractor Beverages, Inc. (“Tractor”). As of December 31, 2024, our investment represents ownership of approximately 13.8% of Tractor, and we have invested total cash consideration of $14,872. 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 years ended December 31, 2024, 2023 or 2022, associated with this equity method investment. The investment in common stock is included within other assets on the consolidated balance sheets with a carrying value of $18,097 and $8,896 as of December 31, 2024 and December 31, 2023, respectively. Refer to Note 13. “Related Party Transactions” for related party disclosures.

Other Investments

As of December 31, 2024, we held 5,819 shares of the Series B Preferred Stock of Hyphen. Hyphen 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 December 31, 2024, we have recognized a cumulative gain of $6,782 related to our investment in Hyphen. The investment is included within long-term investments on the consolidated balance sheet with a carrying value of $31,782 as of December 31, 2024.

As of December 31, 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 December 31, 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 consolidated balance sheets with a carrying value of $15,968 as of December 31, 2024 and December 31, 2023, respectively.

As of December 31, 2024, we held additional investments in other entities through the Cultivate Next Fund. These additional investments are included within long-term investments on the consolidated balance sheets with a carrying value of $21,252 and $21,221 as of December 31, 2024 and December 31, 2023, respectively.