v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
The table below presents the valuation techniques and the nature of significant inputs generally used in determining the fair value of Level 3 Instruments.
Level 3 InstrumentsValuation Techniques and Significant Inputs
Debt and Equity Securities
Recent third-party investments or pending transactions are
considered to be the best evidence for any change in fair value.
When these are not available, the following valuation methodologies
are used, as appropriate and available (i) Transactions in similar instruments;
(ii) discounted cash flow techniques; (iii) third party appraisals; (iv) binomial
option pricing models; and (v) industry multiples and public comparables.
Evidence of value in investees includes recent or pending
reorganizations (for example, merger proposals, tender offers and debt
restructurings) and significant changes in financial metrics, including
(i) current financial performance as compared to projected performance;
(ii) capitalization rates and multiples; and (iii) market yields implied by
transactions of similar or related assets.
The tables below present the ranges of significant unobservable inputs used to value the Company’s Level 3 assets as of March 31, 2026, and December 31, 2025. These ranges do not represent a range of values for any single instrument. For example, the lowest discount rate for a particular redeemable convertible preferred stock investment may be appropriate for valuing that specific debt security but may not be appropriate for valuing any other debt securities in this asset class. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Company’s Level 3 assets.
Level 3 InstrumentsAmountValuation TechniquesSignificant
Unobservable Inputs		Range of
Significant
Unobservable Inputs
As of March 31, 2026
Debt Securities
Redeemable convertible preferred stock$41,180 Option pricing modelDiscount rate
8.64%-27.20%
Volatility
42.65%-51.46%
Total$41,180 
Equity Securities
Redeemable convertible preferred stock$15,000 Measurement alternative
Contribution to investment fund609 Measurement alternative
Private equity securities697 Measurement alternative
Convertible preferred stock5,862 Option pricing modelDiscount rate
3.14%-5.81%
Volatility
42.65%-42.65%
Simple Agreement For Future Equity (SAFE)1,000 Measurement alternative
Total$23,168 
As of December 31, 2025
Debt Securities
Redeemable convertible preferred stock$46,024 Option pricing modelDiscount rate
8.25%-21.68%
Volatility
39.98%-51.46%
Total$46,024 
Equity Securities
Redeemable convertible preferred stock$15,000 Measurement alternative
Contribution to investment fund642 Measurement alternative
Private equity securities735 Measurement alternative
Convertible preferred stock6,268 Option pricing modelDiscount rate
2.35%-2.94%
Volatility
51.46%-51.46%
Simple Agreement For Future Equity (SAFE)1,000 Measurement alternative
Total$23,645 
As noted above, either the binomial optional pricing model or market approach were used in the determination of fair value of Level 3 assets as of March 31, 2026, and December 31, 2025. The significant unobservable inputs used in the binomial option pricing model are the discount rate or market yield used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments. An increase in the discount rate or market yield would result in a decrease in the fair value. Included in the consideration and selection of discount rates or market yields is risk of default, rating of the investment, call provisions and comparable company investments.
The significant unobservable inputs used in the market approach are based on market comparable transactions and market multiples of publicly traded comparable companies. Increases or decreases in market comparable transactions or market multiples would result in an increase or decrease in the fair value.
The below tables present a summary of changes in fair value of Level 1 and Level 3 assets, included within Debt and equity securities in the Condensed Consolidated Balance Sheets, by investment type (in thousands of USD):
Three Months Ended March 31, 2026
Level 1 Level 3 Total
Equity
Securities 		Equity
Securities 		Debt
Securities 		Debt &
Equity
Securities
Beginning balance, January 1$- $23,645 $46,024 $69,669 
Net unrealized gain (loss)- (83)(2,544)(2,627)
Currency translation differences- (394)(2,300)(2,694)
Ending balance, March 31$- $23,168 $41,180 $64,348 
Three Months Ended March 31, 2025
Level 1 Level 3 Total
Equity
Securities 		Equity
Securities 		Debt
Securities 		Debt &
Equity
Securities
Beginning balance, January 1$3 $22,034 $48,142 $70,179 
Purchases- - 3,790 3,790 
Net unrealized gain (loss)- 225 (1,169)(944)
Currency translation differences- 12 87 99 
Ending balance, March 31$3 $22,271 $50,850 $73,124 
The Level 1 equity securities relate to investments in public equity securities that have readily determinable fair values.
The Level 3 debt securities relate to the Company's investments in privately held companies through the purchase of redeemable convertible preferred stock that meet the definition of a debt security.
The Level 3 equity securities relate to the Company's investments in privately held companies through the purchase of convertible preferred stock, private equity securities, Simple Agreement For Future Equity (SAFE), contribution to investment fund and redeemable convertible preferred stock. For these equity securities, the Company does not have the ability to exercise significant influence on the investee, and therefore accounts for them as equity securities under ASC Topic 321, Investments in Equity Securities. These equity securities include non-marketable equity investments without readily determinable fair values. The company has elected to account for these investments using the measurement alternative, under which the carrying value is measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. For the three months ended March 31, 2026, there were no upward or downward adjustments resulting from observable price changes, and no impairment losses were identified or recognized for these investments.
The following table presents a summary of the changes in the carrying value of our equity securities measured using the measurement alternative for the three months ended March 31, 2026:
(in thousands of USD)
Beginning balance, December 31, 2025$17,377 
Currency translation differences(71)
Ending balance, March 31, 2026$17,306 
For the three months ended March 31, 2026, and 2025, the Company did not recognize any realized gain or loss on its Level 3 equity or debt securities.