Short-term investments are securities with original maturities of greater than three months but less than twelve months and were comprised of U.S. Treasury Bills. The Company determined the classification of these securities as trading, available for sale or held to maturity at the time of purchase and reevaluated these determinations at each balance sheet date. The Company's short-term investments were classified as held-to-maturity for the period presented as it had the positive intent and ability to hold these investments to maturity. The Company's held-to-maturity investments were stated at amortized cost with a zero credit loss allowance because the probability of default was virtually zero due to the high credit rating, long history of no credit losses and the widely recognized risk free nature of these investments.

Amortized cost and estimated fair value of investment securities classified as held-to-maturity were as follows at August 31, 2025 and February 28, 2025 (in thousands):


			Gross		Gross
	Cost or		Unrealized		Unrealized		Estimated
	Amortized		Holding		Holding		Fair
	Cost		Gains		Losses		Value
August 31, 2025
Investment securities due in less than one year	$	—	$	—	$	—	$	—

February 28, 2025
Investment securities due in less than one year	$	5,475	$	4	$	—	$	5,479

The Company’s short-term investments in investment securities were Level 1 fair value measure. The Company did not hold any Level 2 or 3 financial assets or liabilities measured at fair value on a recurring basis. There were no transfers between levels during the three and six months ended August 31, 2025.