Investments (Tables)

3 Months Ended

Mar. 31, 2026

Investments [Abstract]

Investments in Marketable Equity Securities

Investments in marketable equity securities consist of the following:

	As of
	March 31, 2026		December 31, 2025
(in thousands)
Total cost	$	256,059	$	256,897
Gross unrealized gains	736,466		845,889
Gross unrealized losses	(25,806)		(20,848)
Total Fair Value	$	966,719	$	1,081,938

Net (Loss) Gain on Marketable Equity Securities

The net (loss) gain on marketable equity securities comprised the following:

	Three Months Ended   March 31
(in thousands)	2026		2025
(Loss) gain on marketable equity securities, net	$	(68,923)	$	43,801
Less: Net gains in earnings from marketable equity securities sold	(2,367)		—
Net unrealized (losses) gains in earnings from marketable equity securities still held at the end of the period	$	(71,290)	$	43,801