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INVESTMENTS AND FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
INVESTMENTS AND FAIR VALUE MEASUREMENTS INVESTMENTS AND FAIR VALUE MEASUREMENTS
The Company’s financial assets and liabilities subject to fair value measurements were as follows:
Fair Value Measurements as of December 31, 2024
DescriptionTotalQuoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)

Significant Unobservable Inputs
(Level 3)		Total Gains (Losses)
Assets:
Money market funds (1)
$85,535 $85,535 $— $— 
U. S. treasury bills (2)
52,744 52,744 — — 
Certificates of deposit (3)
507 — 507 — 
PropTech convertible trading debt securities1,254 — — 1,254 
Long-term investments
Long-term investment securities at fair value (4)
3,127 — — — 
Total long-term investments3,127 — — — 
    Total assets$143,167 $138,279 $507 $1,254 
Liabilities:
Fair value of derivatives embedded within convertible debt$30,253 $— $— $30,253 $(14,978)
Total liabilities$30,253 $— $— $30,253 $(14,978)
Nonrecurring fair value measurements
Long-term investments (5)
$— $— $(489)
$— $— $(489)
_____________________________
(1)Amounts included in Cash and cash equivalents on the consolidated balance sheets, except for $4,081 that is included in current restricted cash and cash equivalents and $2,483 that is included in non-current restricted assets.
(2)$42,940 included in Cash and cash equivalents and $9,804 included in investment securities at fair value.
(3)$345 included in other current assets and $162 included in other assets on the consolidated balance sheets.
(4)In accordance with Subtopic 820-10, investments that are measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy.
(5)Long-term investments with a carrying amount of $489 were written down to their fair value of $0, resulting in an impairment charge of $489 as a part of investment and other income for the year ended December 31, 2024.
Fair Value Measurements as of December 31, 2023
DescriptionTotalQuoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)

Significant Unobservable Inputs
(Level 3)
Assets:
Money market funds (1)
$59,595 $59,595 $— $— 
U. S. treasury bills (2)
51,200 51,200 — — 
Certificates of deposit (3)
507 — 507 — 
Long-term investments
PropTech convertible trading debt securities1,162 — — 1,162 
Long-term investment securities at fair value (4)
2,821 — — — 
Total long-term investments3,983 — — 1,162 
 Total assets$115,285 $110,795 $507 $1,162 
_____________________________
(1)Amounts included in Cash and cash equivalents on the consolidated balance sheets, except for $7,171 that is included in current restricted assets and $2,538 that is included in non-current restricted assets.
(2)Amounts included in Cash and cash equivalents on the consolidated balance sheets.
(3)Amounts included in other assets on the consolidated balance sheets.
(4)In accordance with Subtopic 820-10, investments that are measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy.
The fair value of the Level 2 certificates of deposit is based on the discounted value of contractual cash flows. The discount rate is the rate offered by the financial institution.
The fair values of the Level 3 PropTech convertible trading debt securities were derived using a discounted cash flow model utilizing a probability-weighted expected return method based on the probabilities of different potential outcomes for the convertible trading debt securities.
The long-term investments are based on NAV per share provided by the partnerships based on the indicated market value of the underlying assets or investment portfolio. In accordance with Subtopic 820-10, these investments are not classified under the fair value hierarchy disclosed above because they are measured at fair value using the NAV practical expedient.
The fair value of derivatives embedded within the convertible debt and the fair value of the convertible debt itself was derived using a binomial lattice valuation model. These derivatives have been classified as Level 3. Changes in the fair value of the derivatives embedded with the convertible debt are presented in the consolidated statements of operations. The value of the embedded derivatives is contingent on changes in interest rates, the Company’s stock price, stock price volatility, and the Company’s dividend yield. The Company’s stock price, volatility, and dividend yield are based on market observable inputs. The interest rate component of the value of the note is computed by calibrating the yield as of the issuance date, such that the value of the convertible note is equal to the principal net of the original issue discount. This yield is adjusted by the change in spreads from the discount curve equivalent to the Company’s implied credit rating.
The changes in the fair value of these Level 3 liabilities as of December 31, 2024 were as follows:
2024
Balance as of January 1$1,162 
   Issuance of convertible debt(15,275)
   Change in fair value of derivatives embedded within convertible debt(14,978)
Change in fair value of PropTech convertible trading debt securities92 
Balance as of December 31$(28,999)
The unobservable inputs related to the valuations of the Level 3 assets and liabilities were as follows at December 31, 2024:
Quantitative Information about Level 3 Fair Value Measurements
Fair Value at
December 31,
2024		Valuation TechniqueUnobservable InputRange (Actual)
PropTech convertible trading debt securities$1,254 Discounted cash flowInterest rate5 %
MaturityFeb 2025
Volatility46.82 %
Discount rate25.65 %
Fair value of derivatives embedded within convertible debt$30,253 Binomial Lattice ModelAssumed annual stock dividend— %
Assumed annual cash dividend— %
Stock price$1.67 
Volatility50 %
Risk-free rate4.36 %
Implied credit spread8.06 %
The unobservable inputs related to the valuations of the Level 3 assets and liabilities were as follows at December 31, 2023:
Quantitative Information about Level 3 Fair Value Measurements
Fair Value at
December 31,
2023		Valuation TechniqueUnobservable InputRange (Actual)
PropTech convertible trading debt securities$1,162 Discounted cash flowInterest rate5 %
MaturityFeb 2025
Volatility40.25 %
Discount rate30.37 %
In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company is required to record assets and liabilities at fair value on a nonrecurring basis. Generally, assets and liabilities are recorded at fair value on a nonrecurring basis because of impairment charges. The Company had no nonrecurring nonfinancial assets subject to fair value measurements as of December 31, 2024 and 2023, respectively.