Investments (Tables)

9 Months Ended

Sep. 30, 2026

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


	September 30, 2026
	Cost	Unrealized Gains	Unrealized Losses	Carrying Amount
Publicly traded companies	$105,921	$56,294	$(24,638)	$137,577
Entities that report NAV	507,978	215,565	(43,100)	680,443
Entities that do not report NAV:
Entities with observable price changes	77,062	50,568	(10,785)	116,845
Entities without observable price changes	406,415	—	—	406,415
Investments accounted for under the equity method	N/A	N/A	N/A	394,393
Total investments	$1,097,376	$322,427	$(78,523)	$1,735,673


	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 (losses) for the three and nine months ended September 30, 2026 and 2025 consisted of the following

(in thousands):


	Three Months Ended September 30,			Nine Months Ended September 30,
	2026		2025	2026		2025
Realized gains	$2,427	(1)	$9,646	$9,471	(1)	$19,115
Unrealized gains (losses)	21,563		18,515	143,164		(71,568)
Investment income (losses)	$23,990	(2)	$28,161	$152,635	(2)	$(52,453)

(1)Consists of realized gains of $16.0 million and $44.5 million, partially offset by impairment charges of $13.6 million and $35.0 million during the three and nine months

ended September 30, 2026, respectively.

(2)Investment income of $24.0 million and $152.6 million included $340 thousand of equity in losses and $28.2 million of equity in earnings of our equity method

investments during the three and nine months ended September 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):


	Nine Months Ended September 30,
	2026	2025
Investments in privately held entities that do not report NAV still held as of the end of each period:
Upward adjustments	$15,821	$14,939
Downward adjustments and impairments	(50,930)	(94,034)
	$(35,109)	$(79,095)
Unrealized gains on non-real estate investments still held as of the end of each period (excluding equity method investments)	$127,209	$16,592