OTHER INVESTMENTS

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

OTHER INVESTMENTS

OTHER INVESTMENTS  

At September 30, 2024, the breakdown of the Company’s other investments was as follows:

	Cost		Unrealized gains		Unrealized losses		Accrued interest		Fair value / carrying value
Private investments and unlisted equities	$	27,570	$	49,902	$	(5,206)	$	—	$	72,266
Debt and convertible debt securities	2,713		—		(1,510)		90		1,293
Total other investments	$	30,283	$	49,902	$	(6,716)	$	90	$	73,559

At December 31, 2023, the breakdown of the Company’s other investments was as follows:

	Cost		Unrealized gains		Unrealized losses		Accrued interest		Fair value / carrying value
Private investments and unlisted equities	$	28,470	$	49,424	$	(6,737)	$	—	$	71,157
Debt and convertible debt securities	2,499		—		(499)		136		2,136
Total other investments	$	30,969	$	49,424	$	(7,236)	$	136	$	73,293

The following table presents the carrying values of the private investments and unlisted equity securities carried under the measurement alternative at September 30, 2024 and 2023, and the related adjustments recorded during the periods then ended.

	Nine months ended September 30
	2024		2023
Carrying value (1)	$	72,266	$	64,849
Upward carrying value changes (2)	$	501	$	506
Downward carrying value changes and impairment (3)	$	—	$	(2,780)

(1) The period-end carrying values reflect cumulative purchases and sales in addition to upward and downward carrying value changes.

(2) The cumulative upward carrying value changes from inception to September 30, 2024, totaled $50.9 million.

(3) The cumulative downward carrying value changes and impairments from inception to September 30, 2024, totaled $2.8 million.

Net investment income

The following table summarizes the change in unrealized gains (losses) and the realized gains (losses) for the Company’s other investments, which are included in “Net investment income” in the condensed consolidated statements of operations (see Note 13):

	Three months ended September 30				Nine months ended September 30
	2024		2023		2024		2023
Gross realized gains	$	—	$	—	$	—	$	—
Gross realized losses	—		—		(1,332)		(800)
Net realized gains (losses)	$	—	$	—	$	(1,332)	$	(800)
Change in unrealized gains	—		(2,555)		1,008		(1,499)
Net realized and unrealized gains (losses) on other investments	$	—	$	(2,555)	$	(324)	$	(2,299)

During the nine months ended September 30, 2024, the Company collected $0.2 million of liquidation proceeds relating to a private investment which was previously fully impaired, resulting in a gross realized loss of $1.3 million offset by a corresponding reduction in unrealized losses of $1.5 million. The Company also impaired $1.1 million of convertible debt securities, offset partially by favorable adjustment to the carrying value of a private investment as a result of a completed financing round by the investee.

During the three and nine months ended September 30, 2023, the Company realized a loss of $nil and $0.8 million, respectively, and a corresponding reversal of unrealized loss relating to an investment which was previously fully impaired at December 31, 2022, resulting in no impact to the Company’s net income (loss). Additionally, for the same periods, the Company recognized $2.6 million of unrealized losses on certain investments as a result of completed financing rounds by such investees.