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	34,776
Upward adjustments	8,303
Downward adjustments	(3,141)
Realized gains (losses) and impairments	(194)
Balance as of September 30, 2026(1)	$	118,252

(1) Excludes $6.1 million of strategic investments not accounted for under the measurement alternative as of September 30, 2026.


Balance as of December 31, 2024	$	68,229
Net investments and returns in privately held companies	10,348
Upward adjustments	1,789
Downward adjustments	(4,740)
Realized gains (losses) and impairments	(692)
Balance as of September 30, 2025(1)	$	74,934

(1) Excludes $6.9 million of strategic investments not accounted for under the measurement alternative as of September 30, 2025.