FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2025

FAIR VALUE MEASUREMENTS [Abstract]

Fair Value of Investments

The significant unobservable input used to determine the fair value of an investment under the market adjusted Option Pricing Model Backsolve is as follows:

	As of December 31, 2024
Unobservable input(1)
Equity value adjustment	(73%)

⁽¹⁾ Significant increase (decrease) in the input would result in a significantly higher (lower) fair value measurement, depending on the materiality of the investment.

Fair Values of Assets and Liabilities

Assets and liabilities measured or reported at fair value on a recurring basis are summarized below:

	As of December 31, 2024
	Quoted prices in active markets for identical assets (Level 1) $			Significant other observable inputs (Level 2) $			Unobservable inputs (Level 3) $			Total $
Held-to-maturity investments		2,990,628			8,315			302			2,999,245
Available-for-sale investments		5,307,889			–			13,773			5,321,662
Equity securities		9,416			640			–			10,056
Other assets		–			–			8,891			8,891
Derivative assets(1)		–			4,901			–			4,901
Derivative liabilities(2)		–			(9,314	)		–			(9,314	)
Share appreciation rights		(13,010	)		–			–			(13,010	)
2025 Convertible Notes		–			–			(1,435,716	)		(1,435,716	)
2026 Convertible Notes		–			–			(1,366,818	)		(1,366,818	)
		8,294,923			4,542			(2,779,568	)		5,519,897

	As of December 31, 2025
	Quoted prices in active markets for identical assets (Level 1) $			Significant other observable inputs (Level 2) $			Unobservable inputs (Level 3) $			Total $
Held-to-maturity investments		2,456,369			11,472			231			2,468,072
Available-for-sale investments		5,057,183			186,375			18			5,243,576
Equity securities		37,118			712			–			37,830
Other assets		–			–			8,574			8,574
Derivative assets(1)		–			1,202			–			1,202
Derivative liabilities(2)		–			(22,595	)		–			(22,595	)
Share appreciation rights		(14,440	)		–			–			(14,440	)
2026 Convertible Notes		–			–			(1,022,185	)		(1,022,185	)
		7,536,230			177,166			(1,013,362	)		6,700,034

⁽¹⁾ Included in prepaid expenses and other assets in the consolidated balance sheets and not designated as hedges.

⁽²⁾ Included in accrued expenses and other payables in the consolidated balance sheets and not designated as hedges.

Reconciliations of Assets and Liabilities Categorized within Level 3

Reconciliations of assets and liabilities measured at fair value on a recurring basis and are categorized within Level 3 of the fair value hierarchy are as follows:

	$
Available-for-sale investments
Balance as of January 1, 2024		20,442
Settlement		(167	)
Impairment		(4,000	)
Net unrealized loss included in other comprehensive income		(2,502	)
Balance as of December 31, 2024		13,773
Impairment		(14,632	)
Net unrealized gain included in other comprehensive income		877
Balance as of December 31, 2025		18

Other assets
Balance as of January 1, 2024	9,465
Additions	105
Disposals	(291	)
Fair value gain included in earnings	39
Translation loss included in other comprehensive income	(427	)
Balance as of December 31, 2024	8,891
Disposals	(22	)
Fair value loss included in earnings	(4	)
Translation loss included in other comprehensive income	(291	)
Balance as of December 31, 2025	8,574