v3.25.2
Investments (Tables)
 6 Months Ended
Jun. 30, 2025
Investments [Abstract]  
Summary of investments The following tables summarize our investments as of June 30, 2025 and December 31, 2024 (in thousands):
June 30, 2025
Cost
Unrealized
Gains
Unrealized
Losses
Carrying
Amount
Publicly traded companies
$183,859
$18,365
$(120,299)
$81,925
Entities that report NAV
497,975
97,201
(43,013)
552,163
Entities that do not report NAV:
Entities with observable price changes
78,105
64,585
(9,156)
133,534
Entities without observable price changes
432,299
—
—
432,299
Investments accounted for under the equity method
N/A
N/A
N/A
276,775
Total investments
$1,192,238
$180,151
$(172,468)
$1,476,696
December 31, 2024
Cost
Unrealized
Gains
Unrealized
Losses
Carrying
Amount
Publicly traded companies
$188,653
$24,262
$(107,248)
$105,667
Entities that report NAV
518,074
126,077
(34,285)
609,866
Entities that do not report NAV:
Entities with observable price changes
99,932
77,761
(2,956)
174,737
Entities without observable price changes
400,487
—
—
400,487
Investments accounted for under the equity method
N/A
N/A
N/A
186,228
Total investments
$1,207,146
$228,100
$(144,489)
$1,476,985
Schedule of net investment income Our investment income (loss) for the three and six months ended June 30, 2025 and 2024 consisted of the following (in
thousands):
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
2025
2024
Realized (losses) gains
$(8,684)
(1)
$20,578
$9,469
(1)
$34,704
Unrealized losses
(21,938)
(64,238)
(90,083)
(35,080)
Investment loss
$(30,622)
$(43,660)
$(80,614)
$(376)
(1)Consists of realized gains of $30.5 million and $59.9 million, partially offset by impairment charges of $39.2 million and $50.4 million during the three and six months
ended June 30, 2025, respectively.