The following table summarizes the significant unobservable inputs in the fair value measurement of Level 3 financial assets and liabilities by category of investment and valuation technique as of December 31, 2025 and 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair value at December 31,
2025 | | Valuation
Technique | | Unobservable
Input | | Range | | Weighted Average(1) | | Assets: | | | | | | | | | | | | | | | | | | | | | Equity securities | $ | 25,572 | | | Market approach | | Multiple of Sales | | 0.7x - 6.0x | | 2.3x | | | | | | Market price of related security | | $2.14 - $12.01 | | $10.97 | | 43,101 | | | Monte Carlo simulation | | Annualized volatility | | 120.0% - 148.0% | | 121.0% | | 2,550 | | | Option pricing model | | Annualized volatility | | 46.0% - 115.0% | | 57.0% | | Partnership interests and other investments | 40,082 | | | Market approach | | Discount rate | | —% - 3.5% | | 0.5% | | | | | | Market price of related security | | $421.00 | | $421.00 | | Loans receivable at fair value | 24,468 | | | Discounted cash flow | | Discount rate | | 6.8% - 56.5% | | 21.0% | | 1,835 | | | Market approach | | Market price of related security | | $8.56 | | $8.56 | | Total Level 3 assets measured at fair value | $ | 137,608 | | | | | | | | | | | | | | | | | | | | | Liabilities: | | | | | | | | | | | Liability-classified warrants | $ | 6,400 | | | Monte Carlo simulation and Black-Scholes option pricing model | | Annualized volatility | | 85.0% | | 85.0% | | | | | | Discount for lack of marketability | | 14.7% | | 14.7% | | Total Level 3 liabilities measured at fair value | $ | 6,400 | | | | | | | | | |
(1) Unobservable inputs were weighted by the relative fair value of the financial instruments. The following table summarizes the significant unobservable inputs in the fair value measurement of Level 3 financial assets and liabilities by category of investment and valuation technique as of December 31, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair value at December 31,
2024 | | Valuation Technique | | Unobservable Input | | Range | | Weighted Average(1) | | Assets: | | | | | | | | | | | Equity securities | $ | 34,654 | | | Market approach | | Multiple of EBITDA(2) | | 6.3x | | 6.3x | | | | | | Multiple of Sales | | 2.1x - 8.0x | | 3.1x | | | | | | Market price of related security | | $9.97 - $11.10 | | $10.76 | | 5,862 | | | Option pricing model | | Annualized volatility | | 47.0% - 171.0% | | 87.0% | | Loans receivable at fair value | 86,150 | | | Discounted cash flow | | Discount rate | | 7.3% - 69.1% | | 19.7% | | 3,953 | | | Market approach | | Market price of related security | | $9.60 - $16.48 | | $12.90 | | Total Level 3 assets measured at fair value | $ | 130,619 | | | | | | | | | | | | | | | | | | | | | Liabilities: | | | | | | | | | | | Contingent consideration | $ | 4,538 | | | Discounted cash flow | | Discount rate | | 5.0% - 7.5% | | 5.0% | | Total Level 3 liabilities measured at fair value | $ | 4,538 | | | | | | | | | |
(1) Unobservable inputs were weighted by the relative fair value of the financial instruments. (2) Multiple of earnings before interest, taxes, depreciation, and amortization (“EBITDA”). The following table presents the carrying amounts of equity securities valued under the measurement alternative that were still held as of the balance sheet date for which a nonrecurring fair value measurement was recorded during the period: | | | | | | | | | | | | | | | | | | | Fair Value | | Level 2 | | Level 3 | | As of December 31, 2025 | | | | | | | Non-marketable equity securities measured using the measurement alternative | $ | 13,867 | | | $ | 13,739 | | | $ | 128 | | | | | | | | | As of December 31, 2024 | | | | | | | Non-marketable equity securities measured using the measurement alternative | $ | 7,294 | | | $ | 7,294 | | | $ | — | |
|