FAIR VALUE MEASUREMENT (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Measurements, Recurring and Nonrecurring

The following tables summarize our assets and liabilities measured at fair value on a recurring basis using the following levels of inputs (in thousands):


	Fair Value Measurements at March 31, 2025
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents—Money market funds	$	22,033	$	22,033	$	—	$	—
Equity securities, at fair value	25,400		11,436		—		13,964
Available-for-sale debt securities (1)	10,989		—		—		10,989
Debt securities, at fair value (1)	7,211		—		—		7,211

Total assets	$	65,633	$	33,469	$	—	$	32,164


	Fair Value Measurements at December 31, 2024
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents—Money market funds	$	21,799	$	21,799	$	—	$	—
Equity securities, at fair value	21,640		—		—		21,640
Available-for-sale debt securities (1)	10,985		—		—		10,985
Debt securities, at fair value (1)	14,814		—		—		14,814

Total assets	$	69,238	$	21,799	$	—	$	47,439

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(1) Included in Other long-term assets, net in the consolidated balance sheets.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table provides activity for our Level 3 investments (in thousands):


	Amount
Level 3 investments at December 31, 2023	$	51,530
Increase due to purchases of Level 3 investments	17,000
Decrease in fair value of Level 3 investments	(21,836)
Accrued interest on Level 3 investments	745
Level 3 investments at December 31, 2024	47,439

Increase due to acquisition of Level 3 investments	1,117
Transfers out of Level 3 investments	(7,510)
Decrease in fair value of Level 3 investments	(8,794)
Accrued interest, net on Level 3 investments	(88)
Level 3 investments at March 31, 2025	$	32,164

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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