The tables below provide information, by level within the fair value hierarchy, of our financial assets and liabilities that are accounted for at fair value on a recurring basis as of June 30, 2025 and December 31, 2024 (in thousands):


	As of June 30, 2025
	Quoted Prices in Active Markets for Identical Items (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets
Money market funds(1)	$	75,812	$	—	$	—	$	75,812
U.S. government securities - AFS(2)	$	184,805	$	—	$	—	$	184,805
Trading securities(2)	$	3,315	$	—	$	—	$	3,315
Liabilities
Term Debt(3)(4)	$	—	$	10,040	$	—	$	10,040


	As of December 31, 2024
	Quoted Prices in Active Markets for Identical Items (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets
Money market funds(1)	$	114,091	$	—	$	—	$	114,091
U.S. government securities - AFS(2)	$	169,866	$	—	$	—	$	169,866
Trading securities(2)	$	3,555	$	—	$	—	$	3,555
Liabilities
Term Debt (3)(4)	$	—	$	10,023	$	—	$	10,023

(1)Classified as “Cash and cash equivalents” in the unaudited condensed consolidated balance sheets.

(2)Classified as “Marketable investment securities” in the unaudited condensed consolidated balance sheets.

(3)Classified as “Current portion of long-term debt” and “Long term debt” in the consolidated balance sheets.

(4)Borrowings approximate their fair value as the interest rate is variable and reflects market rates.