Fair value is an exit price, representing the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value is determined based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect certain market assumptions. As a basis for considering such assumptions, U.S. GAAP establishes a three-tier value hierarchy, which prioritizes the inputs used to develop the assumptions and for measuring fair value as follows: (Level 1) observable inputs such as quoted prices in active markets for identical assets; (Level 2) inputs other than the quoted prices in active markets that are observable either directly or indirectly; and (Level 3) unobservable inputs for which there is little or no market data, which requires the Company to develop its own assumptions. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value.

The Company’s financial instruments that are measured at fair value on a recurring basis consist of fixed income investments. These valuations are based on observable direct and indirect inputs, primarily quoted prices of similar, but not identical, instruments in active markets or quoted prices for identical or similar instruments in markets that are not active. These fair values are obtained from independent pricing services.


	June 30, 2025
	Quoted Price in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Obligations of U.S. Government and its agencies	$	—	$	182,106	$	—	$	182,106
Total assets	$	—	$	182,106	$	—	$	182,106


	December 31, 2024
	Quoted Price in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Obligations of U.S. Government and its agencies	$	—	$	236,460	$	—	$	236,460
Total assets	$	—	$	236,460	$	—	$	236,460

As of June 30, 2025, the Company had six securities with a total estimated fair value of $59,117 in an unrealized loss position. The Company believes the individual unrealized losses represent temporary declines primarily resulting from interest rate changes. The Company does not have an intent to sell these investments, and it is more likely than not that the investments will be held until recovery of their amortized cost basis. As such, no allowance was recognized.


	June 30, 2025
	Amortized Cost		Accrued Interest		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Obligations of U.S. Government and its agencies	$	180,771	$	1,241	$	114	$	(20)	$	182,106
Total investments	$	180,771	$	1,241	$	114	$	(20)	$	182,106


	December 31, 2024
	Amortized Cost		Accrued Interest		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Obligations of U.S. Government and its agencies	$	234,902	$	1,121	$	451	$	(14)	$	236,460
Total investments	$	234,902	$	1,121	$	451	$	(14)	$	236,460

The following table summarizes the scheduled maturity for the Company’s investments at June 30, 2025 and December 31, 2024 (in thousands):


	June 30, 2025		December 31, 2024
Maturing in one year or less	$	172,005	$	216,137
Maturing after one year through two years	10,101		20,323
Total investments	$	182,106	$	236,460