v3.26.1
Investments (Tables)
 6 Months Ended
Jun. 30, 2026
Investments [Abstract]  
Investments in Marketable Equity Securities Investments in marketable equity securities consist of the following:
  As of
June 30,
2026		December 31,
2025
(in thousands)
Total cost
$271,013 $256,897 
Gross unrealized gains
828,045 845,889 
Gross unrealized losses(15,966)(20,848)
Total Fair Value
$1,083,092 $1,081,938 
Net Gain (Loss) on Marketable Equity Securities
The net gain (loss) on marketable equity securities comprised the following:

Three Months Ended 
 June 30

Six Months Ended 
 June 30
(in thousands)
2026202520262025
Gain (loss) on marketable equity securities, net$101,879 $(11,543)$32,956 $32,258 
Less: Net gains in earnings from marketable equity securities sold and donated(44)— (2,411)— 
Net unrealized gains (losses) in earnings from marketable equity securities still held at the end of the period$101,835 

$(11,543)

$30,545 $32,258