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Investments | 12 Months Ended
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Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments Equity Securities In 2024, the Company made a strategic investment in equity securities of a privately held entity in the amount of $12.0 million. As of December 31, 2024 and 2023, the total carrying value of the Company’s investments in equity securities without readily determinable fair values was $21.9 million and $9.7 million, respectively. There were no unrealized gains or losses recorded due to changes in the fair value of equity investments during the years ended December 31, 2024 and 2022, and the unrealized gain recorded was insignificant for the year ended December 31, 2023. Refer to “Assets Measured at Fair Value on a Non-Recurring Basis” in Note 16 for disclosures regarding equity securities without readily determinable fair values. Debt Securities In 2023, the Company made a strategic investment in debt securities of a privately held entity in the amount of $5.0 million, which is included in other assets on the consolidated balance sheets. The debt securities mature in December 2026, unless converted earlier. The amortized cost basis of the debt securities was $5.0 million at both December 31, 2024 and December 31, 2023. The amount of interest earned on the investment for the years ended December 31, 2024 and 2023 was insignificant. Refer to Note 16 for the fair values. Other In 2023, the Company made a strategic investment in a privately held entity in the amount of $2.0 million. The investment is a debt security with embedded derivatives and is accounted for by applying the fair value option, as this approach best reflects the underlying economics of the transaction. The fair value of the investment is calculated using a combination of the market approach and income approach methodologies and is reported within other assets on the consolidated balance sheet. Refer to Note 16 for the fair values and unrealized losses recorded.

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