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OTHER INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of 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

Schedule of Carrying Values of Private Investments and Unlisted Equity Securities Carried under Measurement Alternative

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.

Schedule of Gain (Loss) on 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)

X

- Definition

Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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