ASC 320 “Investments – Debt and Equity Securities” requires that an enterprise classify all debt securities as either held-to-maturity, trading or available-for-sale. The Company has elected to classify its securities as available-for-sale and therefore is required to adjust securities to fair value at each reporting date. All costs and both realized and unrealized gains and losses on securities are determined on a specific identification basis. The following is a summary of available-for-sale securities at December 31:


($ in thousands)		2025				2024
Marketable Securities:	Fair Value Hierarchy	Cost		Estimated Fair Value		Cost		Estimated Fair Value
Certificates of deposit


with unrecognized gains		921		923		248		248
Total Certificates of deposit	Level 1	921		923		248		248
U.S. Treasury and agency notes
with unrecognized losses for less than 12 months		1,000		999		6,115		6,109

with unrecognized gains		12,731		12,745		7,573		7,583
Total U.S. Treasury and agency notes	Level 2	13,731		13,744		13,688		13,692
Corporate notes


with unrecognized gains		190		190		—		—
Total Corporate notes	Level 2	190		190		—		—
Municipal notes
with unrecognized losses for less than 12 months		—		—		501		501

with unrecognized losses		514		513		—		—
Total Municipal notes	Level 2	514		513		501		501

		$	15,356	$	15,370	$	14,437	$	14,441

The Company uses an allowance approach when recognizing credit loss for available-for-sale debt securities, measured as the difference between the security's amortized cost basis and the amount expected to be collected over the security's lifetime. Under this approach, at each reporting date, the Company records impairment related to credit losses through earnings offset with an allowance for credit losses, or ACL. As of December 31, 2025, the Company has not recorded any credit losses.

At December 31, 2025, the fair market value of investment securities was $14,000 above the cost basis of securities. The Company’s gross unrealized holding losses equal $1,000. As of December 31, 2025, the adjustment to accumulated other comprehensive loss in consolidated equity for the temporary change in the value of securities reflects an increase in the market value of available-for-sale securities of $10,000.

The Company elected to exclude applicable accrued interest from both the fair value and the amortized cost basis of the available-for-sale debt securities and separately present the accrued interest receivable balance per ASC Topic 326-30-50-3A. The accrued interest receivables balance totaled $132,000 as of December 31, 2025 and $171,000 as of December 31, 2024, and was included within the Prepaid expenses and other current assets line item of the Consolidated Balance Sheets. The Company elected not to measure an allowance for credit losses on accrued interest receivable, as an allowance on possible uncollectible accrued interest is not warranted.

The unrealized losses on the Company's investments in U.S. Treasury and agency notes at December 31, 2025 were caused by relative changes in interest rates since the time of purchase. The contractual cash flows for these securities are guaranteed by U.S. government agencies. The unrealized losses on these debt security holdings are a function of changes in investment spreads and interest rate movements and not changes in credit quality. As of December 31, 2025, the Company did not intend to sell these securities and it is not more-likely-than-not that the Company would be required to sell these securities before recovery of their cost basis. Therefore, these investments did not require an ACL as of December 31, 2025.


December 31, 2025	2026		2027		Total
Certificates of deposit	$	425	$	496	$	921
U.S. Treasury and agency notes	13,750		—		13,750
Corporate notes	191		—		191
Municipal notes	250		260		510
	$	14,616	$	756	$	15,372


December 31, 2024	2025		2026		2027		Total
Certificates of deposit	$	248	—		—		248
U.S. Treasury and agency notes	12,015		1,000		737		13,752
Municipal notes	500		—		—		500
	$	12,763	$	1,000	$	737	$	14,500