LONG-TERM INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2025

Long-term investments consisted of the following (in thousands):


		As of December 31,		As of June 30,
	Note	2024		2025
Equity method investments:
Fundrise, L.P.	(i)	$	13,129	$	13,374
Other	(ii)		—		—
Total equity method investments		$	13,129	$	13,374

Equity investment with readily determinable fair values:
Kaixin Auto Holdings		$	57	$	36

Equity investment without readily determinable fair values:
Suzhou Youge Interconnection Venture Capital Center	(iii)	$	—	$	—
Other			100		100
Total equity investments without readily determinable fair values		$	100	$	100

Total long-term investments		$	13,286	$	13,510

(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 June 30, 2025 and recognized its share of income of $193 and $147 for the three months ended June 30, 2024 and 2025, and share of income of $290 and $245 for the six months ended June 30, 2024 and 2025, respectively.

For the three and six months ended June 30, 2025, Fundrise, L.P. reported revenue of $161 and $324, and operating income of $150 and $303, respectively. The net income of Fundrise, L.P. for the six months ended June 30, 2024 and 2025 was $296 and $250, of which $290 and $245 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 June 30, 2025 and did not recognize share of income for the three and six months ended June 30, 2024 and 2025, respectively. For the three and six months ended June 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.

(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.

Moatable, Inc. 10-Q