| LONG-TERM INVESTMENTS |
5. LONG-TERM INVESTMENTS Long-term investments consisted of the following (in thousands): | | | | | | | | | | | | | As of December 31, | | As of September 30, | | | Note | | 2024 | | 2025 | Equity method investments: | | | | | | | | | Fundrise, L.P. | | (i) | | $ | 13,129 | | $ | 13,539 | Other | | (ii) | | | — | | | — | Total equity method investments | | | | $ | 13,129 | | $ | 13,539 | | | | | | | | | | Equity investment with readily determinable fair values: | | | | | | | | | Kaixin Holdings | | | | $ | 57 | | $ | 27 | | | | | | | | | | Equity investment without readily determinable fair values: | | | | | | | | | Suzhou Youge Interconnection Venture Capital Center | | (iii) | | $ | — | | $ | — | Home Solutions US corporation | | | | | 100 | | | 100 | Total equity investments without readily determinable fair values | | | | $ | 100 | | $ | 100 | | | | | | | | | | Total long-term investments | | | | $ | 13,286 | | $ | 13,666 |
| (i) | In October 2014, the Company entered into an agreement to purchase limited partnership interest of Fundrise, L.P. for a total consideration of $10,000. The Company held 98.04% equity interest as limited partner as of December 31, 2024 and September 30, 2025 and recognized its share of income of $165 and $165 for the three months ended September 30, 2024 and 2025, and share of income of $455 and $410 for the nine months ended September 30, 2024 and 2025, respectively. |
For the three and nine months ended September 30, 2025, Fundrise, L.P. reported revenue of $178 and $502, and operating income of $168 and $471, respectively. The net income of Fundrise, L.P. for the three months ended September 30, 2024 and 2025 was $168 and $168, of which $165 and $165 were attributable to the Company, respectively. The net income of Fundrise, L.P. for the nine months ended September 30, 2024 and 2025 was $464 and $418, of which $455 and $410 were attributable to the Company, respectively. | (ii) | In May 2014, the Company entered into an agreement to purchase limited partnership interest of Beijing Fenghou Tianyuan Investment and Management Center L.P. for a total consideration of $1,385 (RMB10 million). The Company held 12.38% partnership interest as of December 31, 2024 and September 30, 2025 and did not recognize share of income for the three and nine months ended September 30, 2024 and 2025, respectively. For the three and nine months ended September 30, 2024, the Company recognized an impairment loss of nil and $588, respectively, and no impairment loss for the same periods in fiscal year 2025. Beijing Fenghou Tianyuan Investment and Management Center L.P. distributed dividends in cash of $90 (RMB0.6 million) to the Company in September 2025. |
| (iii) | In June 2016, the Company entered into an agreement to purchase limited partnership interest of Suzhou Youge for a total consideration of $697 (RMB5 million) and held 2.98% equity interest. The Company acts as “General Partner” of Suzhou Youge, L.P. As of December 31, 2024, the Company recognized full impairment on this long-term investment. |
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