The Company’s investment securities include debt and equity securities that the Company has classified as trading securities, which are carried at fair value, as well as investments in U.S. government notes, which are held by PTC to satisfy minimum capital requirements of the Office of the Comptroller of the Currency. These securities are recorded at amortized cost and classified as held-to-maturity as the Company has both the intent and ability to hold these investments to maturity.


	June 30, 2025		December 31, 2024
Trading securities — at fair value:
U.S. treasury obligations	$	109,419	$	28,511
Mutual funds	14,900		13,627
Money market funds	123		110
Equity securities	168		8
Debt securities	29		11
Total trading securities	$	124,639	$	42,267
Held-to-maturity securities — at amortized cost:
U.S. government notes	$	15,323	$	15,214
Total held-to-maturity securities	$	15,323	$	15,214
Total investment securities	$	139,962	$	57,481

At June 30, 2025, the held-to-maturity securities were scheduled to mature as follows (in thousands):


	Within one year		After one but within five years		After five but within ten years		After ten years		Total
U.S. government notes — at amortized cost	$	5,071	$	10,252	$	—	$	—	$	15,323
U.S. government notes — at fair value	$	5,064	$	10,331	$	—	$	—	$	15,395