Investments (Tables)

3 Months Ended

Mar. 31, 2025

Investments [Abstract]

Summary of investments

The following tables summarize our investments as of March 31, 2025 and December 31, 2024 (in thousands):

	March 31, 2025
	Cost	Unrealized Gains	Unrealized Losses	Carrying Amount
Publicly traded companies	$182,797	$24,425	$(122,472)	$84,750
Entities that report NAV	511,907	105,405	(42,327)	574,985
Entities that do not report NAV:
Entities with observable price changes	106,465	75,087	(8,255)	173,297
Entities without observable price changes	422,052	—	—	422,052
Investments accounted for under the equity method	N/A	N/A	N/A	224,604
Total investments	$1,223,221	$204,917	$(173,054)	$1,479,688

	December 31, 2024
	Cost	Unrealized Gains	Unrealized Losses	Carrying Amount
Publicly traded companies	$188,653	$24,262	$(107,248)	$105,667
Entities that report NAV	518,074	126,077	(34,285)	609,866
Entities that do not report NAV:
Entities with observable price changes	99,932	77,761	(2,956)	174,737
Entities without observable price changes	400,487	—	—	400,487
Investments accounted for under the equity method	N/A	N/A	N/A	186,228
Total investments	$1,207,146	$228,100	$(144,489)	$1,476,985

Schedule of net investment income

Our investment income (loss) for the three months ended March 31, 2025 and 2024 consisted of the following (in thousands):

	Three Months Ended March 31,
	2025		2024
Realized gains	$18,153	(1)	$14,126
Unrealized (losses) gains	(68,145)		29,158
Investment (loss) income	$(49,992)		$43,284

(1)Consists of realized gains of $29.3 million, partially offset by impairment charges of $11.2 million during the three months ended March 31, 2025.