| Schedule of Roll-Forward of Strategic Investments |
The following table presents the carrying value of our strategic investments (in thousands) as of: | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2025 | | Strategic investments | | Warrants | | Call options | | Total | | Equity securities: | | | | | | | | | Non-marketable equity securities | $ | 388,390 | | | $ | 4,368 | | | $ | 11,600 | | | $ | 404,358 | | | Debt securities: | | | | | | | | | Non-marketable debt securities | 9,335 | | | — | | | — | | | 9,335 | | | Total strategic investments | $ | 397,725 | | | $ | 4,368 | | | $ | 11,600 | | | $ | 413,693 | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Strategic investments | | Warrants | | Call options | | Total | | Equity securities: | | | | | | | | | Non-marketable equity securities | $ | 319,598 | | | $ | 4,368 | | | $ | — | | | $ | 323,966 | | | Debt securities: | | | | | | | | | Non-marketable debt securities | 8,584 | | | — | | — | | — | | | 8,584 | | | Total strategic investments | $ | 328,182 | | | $ | 4,368 | | | $ | — | | | $ | 332,550 | |
The following tables summarizes the gains and losses associated with our strategic investments during the period (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2025 | | Strategic Investments | | Warrants | | Call options | | Total | | Realized gains (losses) recognized on strategic investments during the period, net | $ | 273,478 | | | $ | — | | | $ | — | | | $ | 273,478 | | | Reversal of cumulative unrealized gains, net, for securities sold during the period | (136,982) | | | — | | | — | | | (136,982) | | Unrealized gains on strategic investments still held at the reporting date(1) | 30,825 | | | — | | | — | | | 30,825 | | | Unrealized losses, including impairments, on strategic investments still held at the reporting date | — | | | — | | | — | | | — | | | Gains (losses) on strategic investments, net | $ | 167,321 | | | $ | — | | | $ | — | | | $ | 167,321 | |
(1) Includes unrealized gain of $0.8 million for the entire hybrid debt security strategic investment instrument | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2024 | | Strategic Investments | | Warrants | | Call options | | Total | | Realized gains (losses) recognized on strategic investments during the period, net | $ | 45,162 | | | $ | — | | | $ | (2,870) | | | $ | 42,292 | | | Unrealized gains on strategic investments still held at the reporting date | 74,784 | | | 855 | | | — | | | 75,639 | | | Unrealized losses, including impairments, on strategic investments still held at the reporting date | — | | | — | | | — | | | — | | | Gains (losses) on strategic investments, net | $ | 119,946 | | | $ | 855 | | | $ | (2,870) | | | $ | 117,931 | |
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