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OTHER INVESTMENTS | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
OTHER INVESTMENTS | OTHER INVESTMENTS At September 30, 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 |  | $ | 28,962 |  |  | $ | 38,261 |  |  | $ | (5,705) |  |  | $ | — |  |  | $ | 61,518 |
Debt and convertible debt securities |  | 1,585 |  |  | — |  |  | — |  |  | 79 |  |  | 1,664 |
Total other investments |  | $ | 30,547 |  |  | $ | 38,261 |  |  | $ | (5,705) |  |  | $ | 79 |  |  | $ | 63,182 |
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 |
Private investments and unlisted equities Measurement alternative During the nine months ended September 30, 2025, and 2024, the Company made further investments in equity securities in privately held entities that do not have readily determinable fair values. In accordance with ASC 321-10-35-2, the Company has elected to apply the measurement alternative to these new investments. Under this approach, the investments are measured at cost, less impairment, and adjusted for observable price changes in orderly transactions for an identical or similar investments of the same issuer. Adjustments for observable price changes and impairments The Company recognized the following adjustments to the carrying values of the private investments and unlisted equity securities, resulting from observable price changes in orderly transactions and impairments:
|  | Three months ended September 30 |  | Nine months ended September 30
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Upward adjustments (1) |  | $ | 3,870 |  |  | $ | — |  |  | $ | 5,618 |  |  | $ | 501 |
Downward adjustments(2) |  | $ | — |  |  | $ | — |  |  | $ | (148) |  |  | $ | — |
Impairments |  | $ | (16,400) |  |  | $ | — |  |  | $ | (17,859) |  |  | — |
(1) Based on observable price changes, the cumulative upward carrying value changes from inception to September 30, 2025, totaled $38.3 million. (2) Based on observable price changes, the cumulative downward carrying value changes from inception to September 30, 2025, totaled $2.5 million. During the three and nine months ended September 30, 2025, the upward adjustments were driven by favorable observable price changes from completed financing rounds by some of the investees. During the three and nine months ended September 30, 2025, the Company recognized impairment charges of $16.4 million and $17.9 million, respectively, related to certain private investments and unlisted securities for which qualitative factors indicated that the fair value was less than carrying amount. The Company used valuation models to estimate the fair value, which incorporated significant unobservable inputs including projected cash flows provided by the investee’s management, discount rates, growth rates, volatility assumptions, and current market multiples. Debt and convertible debt securities During the three and nine months ended September 30, 2024, the Company recognized impairment charges of nil and $1.1 million, respectively, related to certain convertible debt securities. Net investment income 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 (loss)” in the condensed consolidated statements of operations (see Note 13):
|  | Three months ended September 30 |  | Nine months ended September 30
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Gross realized gains |  | $ | 653 |  |  | $ | — |  |  | $ | 658 |  |  | $ | — |
Gross realized losses |  | — |  |  | — |  |  | — |  |  | (1,332) |
Net realized gains (losses) |  | $ | 653 |  |  | $ | — |  |  | $ | 658 |  |  | $ | (1,332) |
Change in unrealized gains |  | (12,530) |  |  | — |  |  | (12,389) |  |  | 1,008 |
Net realized and unrealized gains (losses) on other investments |  | $ | (11,877) |  |  | $ | — |  |  | $ | (11,731) |  |  | $ | (324) |

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/825/tableOfContent + Details
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