| 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 June 30, 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 June 30, 2026 | | | | | | | | | | Debt Securities | | | | | | | | | | Redeemable convertible preferred stock | | $ | 42,763 | | | Option pricing model | | Discount rate | | 8.89%-27.30% | | | | | | | Volatility | | 48.30%-54.86% | | Total | | $ | 42,763 | | | | | | | | | Equity Securities | | | | | | | | | | Redeemable convertible preferred stock | | $ | 15,000 | | | Measurement alternative | | | | | | Contribution to investment fund | | 728 | | | Measurement alternative | | | | | | Private equity securities | | 684 | | | Measurement alternative | | | | | | Convertible preferred stock | | 5,811 | | | Option pricing model | | Discount rate | | 3.39%-5.69% | | | | | | | Volatility | | 54.86%-54.86% | | Simple Agreement For Future Equity (SAFE) | | 1,000 | | | Measurement alternative | | | | | | Total | | $ | 23,223 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | | | | | | | |
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| 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): | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 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 | | | Purchases | - | | | - | | | - | | | - | | | Business disposition | - | | | - | | | - | | | - | | | Net unrealized gain (loss) | - | | | (83) | | | (2,544) | | | (2,627) | | | Sales and settlement | - | | | - | | | - | | | - | | | Reclassification | - | | | - | | | - | | | - | | | Currency translation differences | - | | | (394) | | | (2,300) | | | (2,694) | | | Ending balance, March 31 | $ | - | | | $ | 23,168 | | | $ | 41,180 | | | $ | 64,348 | | | Purchases | - | | | 133 | | | 500 | | | 633 | | | Net unrealized gain | - | | | 57 | | | 1,898 | | | 1,955 | | | Sales and settlement | - | | | - | | | - | | | - | | | Currency translation differences | - | | | (135) | | | (815) | | | (950) | | | Ending balance, June 30 | $ | - | | | $ | 23,223 | | | $ | 42,763 | | | $ | 65,986 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 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 | | | | Business disposition | - | | | - | | | - | | | - | | | | Net unrealized gain (loss) | - | | | 225 | | | (1,169) | | | (944) | | | | Sales and settlement | - | | | - | | | - | | | - | | | | Reclassification | - | | | - | | | - | | | - | | | | Currency translation differences | - | | | 12 | | | 87 | | | 99 | | | | Ending balance, March 31 | $ | 3 | | | $ | 22,271 | | | $ | 50,850 | | | $ | 73,124 | | | | Purchases | - | | | - | | | - | | | - | | | | Business disposition | - | | | - | | | - | | | - | | | | Net unrealized gain (loss) | - | | | (6) | | | (1,440) | | | (1,446) | | | | Reclassification | - | | | - | | | - | | | - | | | | Currency translation differences | - | | | 509 | | | 4,078 | | | 4,587 | | | | Ending balance, June 30 | $ | - | | | $ | 22,774 | | | $ | 53,488 | | | $ | 76,265 | | |
The following table presents a summary of the changes in the carrying value of our equity securities measured using the measurement alternative for the six months ended June 30, 2026: | | | | | | | | | (in thousands of USD) | | Beginning balance, December 31, 2025 | $ | 17,377 | | | | | | | | | | | | | | | | | Currency translation differences | (71) | | | | | Ending balance, March 31, 2026 | $ | 17,306 | | | | | Purchases | 133 | | | | | | | | | | | | | Currency translation differences | (27) | | | | | Ending balance, June 30, 2026 | $ | 17,412 | | | |
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