Investments (Tables)

6 Months Ended

Jun. 30, 2026

The following tables summarize our investments as of June 30, 2026 and December 31, 2025 (in thousands):


	June 30, 2026
	Cost	Unrealized Gains	Unrealized Losses	Carrying Amount
Publicly traded companies	$86,268	$50,949	$(14,405)	$122,812
Entities that report NAV	496,043	180,952	(40,937)	636,058
Entities that do not report NAV:
Entities with observable price changes	91,621	58,568	(11,210)	138,979
Entities without observable price changes	390,401	—	—	390,401
Investments accounted for under the equity method	N/A	N/A	N/A	397,445
Total investments	$1,064,333	$290,469	$(66,552)	$1,685,695


	December 31, 2025
	Cost	Unrealized Gains	Unrealized Losses	Carrying Amount
Publicly traded companies	$54,752	$44,319	$(4,143)	$94,928
Entities that report NAV	460,160	89,514	(37,298)	512,376
Entities that do not report NAV:
Entities with observable price changes	82,252	50,601	(9,615)	123,238
Entities without observable price changes	413,324	—	—	413,324
Investments accounted for under the equity method	N/A	N/A	N/A	357,383
Total investments	$1,010,488	$184,434	$(51,056)	$1,501,249

Schedule of net investment income

Our investment income (loss) for the three and six months ended June 30, 2026 and 2025 consisted of the following (in

thousands):


	Three Months Ended June 30,			Six Months Ended June 30,
	2026		2025	2026		2025
Realized gains (losses)	$1,294	(1)	$(8,684)	$7,044	(1)	$9,469
Unrealized gains (losses)	131,933		(21,938)	121,601		(90,083)
Investment income (losses)	$133,227	(2)	$(30,622)	$128,645	(2)	$(80,614)

(1)Consists of realized gains of $10.3 million and $28.5 million, partially offset by impairment charges of $9.0 million and $21.4 million during the three and six months

ended June 30, 2026, respectively.

(2)Investment income of $133.2 million and $128.6 million included $30.2 million and $28.5 million of equity in earnings of our equity method investments during the three

and six months ended June 30, 2026, respectively.

Schedule of Unrealized Gains (Losses) on Investments

Additional details on our non-real estate investments still held as of the end of each period are presented below (in thousands):


	Six Months Ended June 30,
	2026	2025
Investments in privately held entities that do not report NAV still held as of the end of each period:
Upward adjustments	$12,308	$8,800
Downward adjustments and impairments	(26,518)	(66,397)
	$(14,210)	$(57,597)
Unrealized gains (losses) on non-real estate investments still held as of the end of each period (excluding equity method investments)	$107,222	$(30,745)