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OTHER INVESTMENTS
 9 Months Ended
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:
CostUnrealized
gains		Unrealized
losses		Accrued interestFair value / carrying value
Private investments and unlisted equities $28,962 $38,261 $(5,705)$— $61,518 
Debt and convertible debt securities1,585 — — 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:

CostUnrealized
gains		Unrealized
losses		Accrued interestFair value / carrying value
Private investments and unlisted equities$28,111 $51,076 $(7,320)$— $71,867 
Debt and convertible debt securities2,713 — (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 30Nine months ended September 30
2025202420252024
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 30Nine months ended September 30
2025202420252024
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)