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	13,301
Upward adjustments	8,126
Downward adjustments	(1,621)
Realized gains (losses) and impairments	(258)
Balance as of June 30, 2026(1)	$	98,056

(1) Excludes $5.7 million of strategic investments not accounted for under the measurement alternative as of June 30, 2026.


Balance as of December 31, 2024	$	68,229
Net investments and returns in privately held companies	9,674
Upward adjustments	1,511
Downward adjustments	(3,156)
Realized gains (losses) and impairments	(217)
Balance as of June 30, 2025(1)	$	76,041

(1) Excludes $7.8 million of strategic investments not accounted for under the measurement alternative as of June 30, 2025.