The changes in the carrying value of equity investments carried under the measurement alternative along with investments in limited partnerships and certain forward contracts to purchase a specified quantity of equity shares in private companies are presented below (in thousands):


Table 8.1. Changes in the Carrying Value of Equity Investments under Measurement Alternative
Balance as of December 31, 2025	$	78,508
Net investments and returns in privately held companies	12,471
Upward adjustments	6,490
Downward adjustments	(951)
Realized gains (losses) and impairments	(161)
Balance as of March 31, 2026(1)	$	96,357

(1)Excludes $3.7 million of strategic investments not accounted for under the measurement alternative as of March 31, 2026.


Balance as of December 31, 2024	$	68,229
Net investments and returns in privately held companies	2,050
Upward adjustments	879
Downward adjustments	(1,229)
Realized gains (losses) and impairments	34
Balance as of March 31, 2025(1)	$	69,963

(1) Excludes $7.6 million of strategic investments not accounted for under the measurement alternative as of March 31, 2025.