XML 30 R14.htm IDEA: XBRL DOCUMENT v3.25.1
LONG-TERM INVESTMENTS
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
LONG-TERM INVESTMENTS LONG-TERM INVESTMENTS
Long-term investments consisted of the following:
December 31, 2024December 31, 2023
PropTech convertible trading debt securities$1,254 $1,162 
Long-term investment securities at fair value (1)
3,127 2,821 
PropTech investments at cost6,400 8,888 
PropTech investments under equity method619 570 
Total investments11,400 13,441 
Less PropTech current convertible trading debt securities (2)
1,254 — 
Less PropTech investments accounted for under the equity method (3)
619 570 
Total long-term investments$9,527 $12,871 
_____________________________
(1)     These assets are measured at net asset value (“NAV”) as a practical expedient under ASC 820.
(2)    These amounts are included in “Other current assets” on the consolidated balance sheets.
(3)    These amounts are included in “Equity-method investments” on the consolidated balance sheets.
Net gains recognized on long-term investment securities were as follows:
Year Ended December 31,
202420232022
Net realized gains recognized on PropTech convertible trading debt securities$92 $28 $2,184 
Net unrealized gains (losses) recognized on long-term investment securities at fair value68 (110)655 
Net gains recognized on long-term investment securities without a readily determinable fair value that does not qualify for the NAV practical expedient5,129 715 — 
Net realized and unrealized gains recognized on long-term investment securities$5,289 $633 $2,839 
During 2024, the Company monetized its investment in LiveEasy and fifty percent of its investment in BILT and recorded a gain of $4,601 and $1,000, respectively.
(a) PropTech Convertible Trading Debt Securities:
These securities are classified as trading debt securities and are accounted for at fair value. The maturity of the remaining convertible note is February 2025.
(b) Long-Term Investment Securities at Fair Value:
The following is a summary of unrealized (losses) gains recognized in net income on long-term investment securities at fair value during the years ended December 31, 2024, 2023 and 2022, respectively:
Year Ended December 31,
202420232022
Net unrealized (losses) gains recognized on long-term investment securities$68 $(110)$655 
The Company has unfunded commitments of $588 related to long-term investment securities at fair value as of December 31, 2024.
(c) Equity Securities Without Readily Determinable Fair Values That Do Not Qualify for the NAV Practical Expedient
Equity securities without readily determinable fair values that do not qualify for the NAV practical expedient consisted of investments in various limited liability companies as of December 31, 2024. The total carrying values of equity securities without readily determinable fair values that do not qualify for the NAV practical expedient these investments were $6,400 and $8,888 as of December 31, 2024 and 2023, respectively. The Company recorded an impairment of $489 for the year ended December 31, 2024. The impairment was included in “Investment and other income” on the consolidated statements of operations. No impairment or other adjustments related to observable price changes in orderly transactions for identical or similar investments were identified for the year ended December 31, 2023.