| FAIR VALUE MEASUREMENT |
3. FAIR VALUE MEASUREMENT
The following tables summarize the Company's assets and liabilities measured at fair value on a recurring basis using the following levels of inputs (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at June 30, 2025 | | | Total | | Level 1 | | Level 2 | | Level 3 | | Assets: | | | | | | | | | Cash equivalents—Money market funds | $ | 22,256 | | | $ | 22,256 | | | $ | — | | | $ | — | | | Equity securities, at fair value | 24,067 | | | 9,649 | | | — | | | 14,418 | | | Available-for-sale debt securities (1) | 10,989 | | | — | | | — | | | 10,989 | | | Debt securities, at fair value (1) | 11,769 | | | — | | | — | | | 11,769 | | | | | | | | | | | Total assets | $ | 69,081 | | | $ | 31,905 | | | $ | — | | | $ | 37,176 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at December 31, 2024 | | | Total | | Level 1 | | Level 2 | | Level 3 | | Assets: | | | | | | | | | Cash equivalents—Money market funds | $ | 21,799 | | | $ | 21,799 | | | $ | — | | | $ | — | | | Equity securities, at fair value | 21,640 | | | — | | | — | | | 21,640 | | | Available-for-sale debt securities (1) | 10,985 | | | — | | | — | | | 10,985 | | | Debt securities, at fair value (1) | 14,814 | | | — | | | — | | | 14,814 | | | | | | | | | | | Total assets | $ | 69,238 | | | $ | 21,799 | | | $ | — | | | $ | 47,439 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
___________________________________________(1) Included in Other long-term assets, net in the consolidated balance sheets.
The following table provides activity for the Company's Level 3 investments (in thousands): | | | | | | | Amount | Level 3 investments at December 31, 2023 | $ | 51,530 | | | Increase due to purchases of Level 3 investments | 17,000 | | | Decrease in fair value of Level 3 investments | (21,836) | | | Accrued interest on Level 3 investments | 745 | | Level 3 investments at December 31, 2024 | 47,439 | | | Increase due to purchases of Level 3 investments | 6,804 | | Transfers out of Level 3 investments | (7,510) | | | Decrease in fair value of Level 3 investments | (9,499) | | Accrued interest, net on Level 3 investments | (58) | | Level 3 investments at June 30, 2025 | $ | 37,176 | |
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