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FAIR VALUE MEASUREMENT
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENT
3. FAIR VALUE MEASUREMENT

The following tables summarize the Company's assets and liabilities measured at fair value on a recurring basis using the following levels of inputs (in thousands): 
 
Fair Value Measurements at September 30, 2025
 TotalLevel 1Level 2Level 3
Assets:    
Cash equivalents—Money market funds$22,492 $22,492 $— $— 
Equity securities, at fair value31,638 14,563 — 17,075 
Available-for-sale debt securities (1)13,989 — — 13,989 
Debt securities, at fair value (1)11,736 — — 11,736 
Total assets$79,855 $37,055 $— $42,800 
Liabilities:    
Loan commitments, at fair value (2)$2,766 $— $— $2,766 
Total liabilities$2,766 $— $— $2,766 
 
 
Fair Value Measurements at December 31, 2024
 TotalLevel 1Level 2Level 3
Assets:    
Cash equivalents—Money market funds$21,799 $21,799 $— $— 
Equity securities, at fair value21,640 — — 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.
(2)    Included in Other long-term liabilities in the consolidated balance sheets.

The following table provides activity for the Company's Level 3 investments (in thousands):
Amount
Level 3 investments at December 31, 2023
$51,530 
Increase due to purchases of Level 3 investments17,000 
Decrease in fair value of Level 3 investments(21,836)
Accrued interest on Level 3 investments745 
Level 3 investments at December 31, 2024
47,439 
Increase due to purchases of Level 3 investments9,804 
Transfers out of Level 3 investments
(7,510)
Decrease in fair value of Level 3 investments(6,842)
Accrued interest, net on Level 3 investments
(91)
Level 3 investments at September 30, 2025
$42,800 

The following table provides activity for the Company's Level 3 liabilities (in thousands):
Amount
Level 3 liabilities at December 31, 2024
$— 
Fair value of Level 3 liabilities assumed2,766 
Level 3 liabilities at September 30, 2025
$2,766