v3.25.2
Fair value measurements (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value, Liabilities Measured on Recurring Basis
As of June 30, 2025, the fair value of the major classes of the Company's assets and liabilities measured at fair value on a recurring basis were as follows:

Level 1Level 2Level 3Investments Measured at Net Asset ValueTotal
(in thousands)
Assets:
Investments in equity1
$— $— $— $64,243 $64,243 
Total assets$— $— $— $64,243 $64,243 

As of December 31, 2024, the fair value of the major classes of the Company's assets and liabilities measured at fair value on a recurring basis were as follows:

Level 1Level 2Level 3Investments Measured at Net Asset ValueTotal
(in thousands)
Assets:
Investments in equity1
$— $— $— $54,448 $54,448 
Total assets$— $— $— $54,448 $54,448 

1To determine the classification of its investments in equity, the Company considered the nature of its investment, the extent of influence over operating and financial decisions and the availability of readily determinable fair values. The Company determined that certain interests in funds meet the definition of equity securities without readily determinable fair values, which qualify for the Net Asset Value (NAV) practical expedient in ASC 820 'Fair value measurement'. Any increases or decreases in fair value are recognized in net income in the period. Investments in equity excludes investments in equity securities recorded at cost of $3.5 million (December 31, 2024: $3.5 million) which do not qualify for the NAV practical expedient.
Fair Value, Assets Measured on Recurring Basis
As of June 30, 2025, the fair value of the major classes of the Company's assets and liabilities measured at fair value on a recurring basis were as follows:

Level 1Level 2Level 3Investments Measured at Net Asset ValueTotal
(in thousands)
Assets:
Investments in equity1
$— $— $— $64,243 $64,243 
Total assets$— $— $— $64,243 $64,243 

As of December 31, 2024, the fair value of the major classes of the Company's assets and liabilities measured at fair value on a recurring basis were as follows:

Level 1Level 2Level 3Investments Measured at Net Asset ValueTotal
(in thousands)
Assets:
Investments in equity1
$— $— $— $54,448 $54,448 
Total assets$— $— $— $54,448 $54,448 

1To determine the classification of its investments in equity, the Company considered the nature of its investment, the extent of influence over operating and financial decisions and the availability of readily determinable fair values. The Company determined that certain interests in funds meet the definition of equity securities without readily determinable fair values, which qualify for the Net Asset Value (NAV) practical expedient in ASC 820 'Fair value measurement'. Any increases or decreases in fair value are recognized in net income in the period. Investments in equity excludes investments in equity securities recorded at cost of $3.5 million (December 31, 2024: $3.5 million) which do not qualify for the NAV practical expedient.