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. The U.S. government notes 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.


	March 31, 2026		December 31, 2025
Trading securities — at fair value:
Mutual funds	$	42,417	$	33,559
U.S. treasury obligations	39,683		40,029

Equity securities	2,157		2,505
Debt securities	605		15
Total trading securities	$	84,862	$	76,108
Held-to-maturity securities — at amortized cost:
U.S. government notes	$	15,460	$	15,420
Total held-to-maturity securities	$	15,460	$	15,420
Total investment securities	$	100,322	$	91,528

At March 31, 2026, 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	$	5,422	$	10,038	$	—	$	—	$	15,460
U.S. government notes — at fair value	$	5,439	$	10,038	$	—	$	—	$	15,477