Our non-marketable equity securities, included in other assets in the condensed consolidated balance sheets, consist of investments in privately held companies without readily determinable fair values. The following table shows our non-marketable equity securities that were measured using the measurement alternative and equity method (in thousands):


	March 31, 2026		June 30, 2025
Non-marketable equity securities:
Opening gross investment balance (as of July 1, 2025 and July 1, 2024)	$	122,217	$	66,217
Investments made during the period	42,000		56,000

Cumulative impairment adjustments	(23,600)		(11,600)
Total carrying value - before the adjustments under equity method	140,617		110,617
Securities under equity method - cumulative adjustment	(1,027)		—
Total carrying value (as of March 31, 2026 and June 30, 2025)	$	139,590	$	110,617

Our non-marketable equity securities include $92.5 million invested in an unrelated party (the “Sub-licensee”) to which we have subleased the entire space in Vernon, California. The Sub-licensee does not meet the criteria of a related party. Additionally, the Sub-licensee has been a customer of ours, and we concluded that equity investment agreements and sub-licensing agreements are separate from revenue contracts as all transactions have been recorded at the respective fair values. Please refer to Note 10, “Leases” for further discussion.

During the nine months ended March 31, 2026, we recognized an impairment loss of $12.0 million. No impairment loss was recorded during the three months ended March 31, 2026.