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Investments (Tables) | 9 Months Ended
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Sep. 30, 2025
Investments [Abstract] |
Summary of investments | The following tables summarize our investments as of September 30, 2025 and December 31, 2024 (in thousands):
| September 30, 2025
| Cost |  | Unrealized Gains |  | Unrealized Losses |  | Carrying Amount
Publicly traded companies | $197,229 |  | $28,964 |  | $(101,901) |  | $124,292
Entities that report NAV | 482,734 |  | 98,002 |  | (40,603) |  | 540,133
Entities that do not report NAV: |  |  |  |  |  |  |
Entities with observable price changes | 80,454 |  | 53,409 |  | (9,614) |  | 124,249
Entities without observable price changes | 422,519 |  | — |  | — |  | 422,519
Investments accounted for under the equity method | N/A |  | N/A |  | N/A |  | 326,445
Total investments | $1,182,936 |  | $180,375 |  | $(152,118) |  | $1,537,638
| 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 nine months ended September 30, 2025 and 2024 consisted of the following (in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Realized gains |  | $9,646 | (1) | $12,632 |  | $19,115 | (1) | $47,336
Unrealized gains (losses) |  | 18,515 |  | 2,610 |  | (71,568) |  | (32,470)
Investment income (loss) |  | $28,161 |  | $15,242 |  | $(52,453) |  | $14,866
(1)Consists of realized gains of $34.8 million and $94.7 million, partially offset by impairmen t charges of $25.1 million and $75.5 million during the three and nine months ended September 30, 2025, respectively.

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