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Investments (Tables) | 6 Months Ended
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Jun. 30, 2025
Investments [Abstract] |
Summary of investments | The following tables summarize our investments as of June 30, 2025 and December 31, 2024 (in thousands):
| June 30, 2025
| Cost |  | Unrealized Gains |  | Unrealized Losses |  | Carrying Amount
Publicly traded companies | $183,859 |  | $18,365 |  | $(120,299) |  | $81,925
Entities that report NAV | 497,975 |  | 97,201 |  | (43,013) |  | 552,163
Entities that do not report NAV: |  |  |  |  |  |  |
Entities with observable price changes | 78,105 |  | 64,585 |  | (9,156) |  | 133,534
Entities without observable price changes | 432,299 |  | — |  | — |  | 432,299
Investments accounted for under the equity method | N/A |  | N/A |  | N/A |  | 276,775
Total investments | $1,192,238 |  | $180,151 |  | $(172,468) |  | $1,476,696
| December 31, 2024
| Cost |  | Unrealized Gains |  | Unrealized Losses |  | Carrying Amount
Publicly traded companies | $188,653 |  | $24,262 |  | $(107,248) |  | $105,667
Entities that report NAV | 518,074 |  | 126,077 |  | (34,285) |  | 609,866
Entities that do not report NAV: |  |  |  |  |  |  |
Entities with observable price changes | 99,932 |  | 77,761 |  | (2,956) |  | 174,737
Entities without observable price changes | 400,487 |  | — |  | — |  | 400,487
Investments accounted for under the equity method | N/A |  | N/A |  | N/A |  | 186,228
Total investments | $1,207,146 |  | $228,100 |  | $(144,489) |  | $1,476,985
Schedule of net investment income | Our investment income (loss) for the three and six months ended June 30, 2025 and 2024 consisted of the following (in thousands):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Realized (losses) gains |  | $(8,684) | (1) | $20,578 |  | $9,469 | (1) | $34,704
Unrealized losses |  | (21,938) |  | (64,238) |  | (90,083) |  | (35,080)
Investment loss |  | $(30,622) |  | $(43,660) |  | $(80,614) |  | $(376)
(1)Consists of realized gains of $30.5 million and $59.9 million, partially offset by impairmen t charges of $39.2 million and $50.4 million during the three and six months ended June 30, 2025, respectively.

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- Definition Tabular disclosure of investment income, including, but not limited to, interest and dividend income and amortization of discount (premium) derived from debt and equity securities. Excludes realized and unrealized gain (loss) on investments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(8)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(7)(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(7)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(9)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(2)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1 + Details
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