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Convertible promissory note

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The Company has an investment in a convertible promissory note with a nominal amount of $12.5 million, bearing interest at 8.0% per annum. The convertible promissory note was issued in July 2024 and matures in October, 2029. The convertible promissory note had a balance of $14.1 million as of June 30, 2025 (December 31, 2024: $13.7 million), and is presented within “Other investments” on the Company’s unaudited consolidated balance sheets. In the three and six months ended June 30, 2025, the Company recognized $0.3 million and  $0.5 million of interest income, respectively, compared to nil during the same periods in 2024. As of June 30, 2025, the Company has not recorded an allowance for credit losses related to the convertible promissory note.

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Investments valued under measurement alternative

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The Company has investments in non-publicly traded equity securities without readily determinable fair values. These investments are accounted for at cost, less impairment and adjusted to fair value if there are observable price changes in orderly transactions for identical or similar investments using the measurement alternative in accordance with ASC 321, Investments – Equity Securities. The carrying value of these investments as of June 30, 2025 and December 31, 2024 was $15.6 million and $13.8 million, respectively, which are presented within “Other investments” on the Company’s unaudited consolidated balance sheets. The Company did not recognize any gains, losses, or impairments relating to investments carried under the measurement alternative in the three and six month periods ended June 30, 2025 and June 30, 2024.

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