Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Ranges of Significant Unobservable Inputs Used to Value Level 3 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 Instruments

Amount

Valuation Techniques

Significant
Unobservable Inputs

Range of
Significant
Unobservable Inputs

As of March 31, 2026

Debt Securities

Redeemable convertible preferred stock

41,180

Option pricing model

Discount 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 fund

609

Measurement alternative

Private equity securities

697

Measurement alternative

Convertible preferred stock

5,862

Option pricing model

Discount 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 model	Discount 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 fund	642		Measurement alternative
Private equity securities	735		Measurement alternative
Convertible preferred stock	6,268		Option pricing model	Discount rate	2.35%-2.94%
				Volatility	51.46%-51.46%
Simple Agreement For Future Equity (SAFE)	1,000		Measurement alternative
Total	$	23,645

Schedule of Changes in Fair Value of Level 1 and Level 3 Assets Included Debt and Equity Securities

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 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

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details