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Convertible promissory note

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The Company has an investment in a convertible promissory note with a nominal amount of $12.5 million, bearing interest at 8.0% per annum. The convertible promissory note was issued in July 2024 and matures in October, 2029. The convertible promissory note had a balance of $14.4 million as of September 30, 2025 (December 31, 2024: $13.7 million) and is presented within Other investments on the Company’s Consolidated Balance Sheets. In the three and nine months ended September 30, 2025, the Company recognized $0.2 million and $0.7 million of interest income, respectively, compared to nil during the same periods in 2024. As of September 30, 2025, the Company has not recorded an allowance for credit losses related to the convertible promissory note.

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Investments valued under measurement alternative

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The Company has investments in non-publicly traded equity securities without readily determinable fair values. These investments are accounted for at cost, less impairment and adjusted to fair value if there are observable price changes in orderly transactions for identical or similar investments using the measurement alternative in accordance with ASC 321, Investments – Equity Securities. The carrying value of these investments as of September 30, 2025 and December 31, 2024 was $15.6 million and $13.8 million, respectively, as presented within Other Investments on the Company’s Consolidated Balance Sheets. The Company did not recognize any gains, losses, or impairments relating to investments carried under the measurement alternative in the three and nine month periods ended September 30, 2025 and September 30, 2024.

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