At March 31, 2025, the breakdown of the Company’s other investments was as follows:


	Cost		Unrealized gains		Unrealized losses		Accrued interest		Fair value / carrying value
Private investments and unlisted equities	$	28,111	$	51,559	$	(7,697)	$	—	$	71,973
Debt and convertible debt securities	2,713		—		(1,510)		90		1,293

Total other investments	$	30,824	$	51,559	$	(9,207)	$	90	$	73,266

At December 31, 2024, the breakdown of the Company’s other investments was as follows:


	Cost		Unrealized gains		Unrealized losses		Accrued interest		Fair value / carrying value
Private investments and unlisted equities	$	28,111	$	51,076	$	(7,320)	$	—	$	71,867
Debt and convertible debt securities	2,713		—		(1,510)		90		1,293

Total other investments	$	30,824	$	51,076	$	(8,830)	$	90	$	73,160

The following table presents the carrying values of the private investments and unlisted equity securities carried under the measurement alternative at March 31, 2025 and 2024, and the related adjustments recorded during the periods then ended.


	Three months ended March 31
	2025		2024
Carrying value (1)	$	71,973	$	71,577
Upward carrying value changes (2)	$	483	$	419
Downward carrying value changes and impairment (3)	$	(377)	$	(114)

(1) The period-end carrying values reflect cumulative purchases and sales in addition to upward and downward carrying value changes.

(2) The cumulative upward carrying value changes from inception to March 31, 2025, totaled $54.0 million.

(3) The cumulative downward carrying value changes and impairments from inception to March 31, 2025, totaled $10.1 million.

The following table summarizes the change in unrealized gains (losses) and the realized gains (losses) for the Company’s other investments, which are included in “Net investment income” in the condensed consolidated statements of operations (see Note 13):


	Three months ended March 31
	2025		2024
Gross realized gains	$	5	$	—
Gross realized losses	—		(1,332)
Net realized gains (losses)	$	5	$	(1,332)
Change in unrealized gains	106		919
Net realized and unrealized gains (losses) on other investments	$	111	$	(413)