v3.26.1
Investments
 3 Months Ended
Mar. 31, 2026
Investments  
Investments

Note 8. Investments

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The following is a summary of the Company’s investments that are classified as held-to-maturity:

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Gross

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Gross

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Amortized

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Unrealized

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Unrealized

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Fair

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Cost

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Gains

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Losses

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Value

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(in thousands)

Corporate and agency bonds (due within 1 year)

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$

92,471

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$

4

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$

(94)

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$

92,381

Municipal bonds (due within 1 year)

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1,840

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—

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(1)

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1,839

Total investments as of March 31, 2026

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$

94,311

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$

4

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$

(95)

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$

94,220

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Corporate and agency bonds (due within 1 year)

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$

95,981

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$

39

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$

(60)

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$

95,960

Municipal bonds (due within 1 year)

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124

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—

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—

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124

Total investments as of December 31, 2025

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$

96,105

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$

39

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$

(60)

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$

96,084

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At each reporting period, the Company evaluates securities for impairment when the fair value of the investment is less than its amortized cost. The Company evaluated the underlying credit quality and credit ratings of the issuers, identifying neither a significant deterioration since purchase nor any other factors that would indicate a material credit loss.

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The Company measures expected credit losses on held-to-maturity investments on a collective basis. All the Company’s held-to-maturity investments were considered to be one pool. The estimate for credit losses considers historical loss information that is adjusted for current conditions and reasonable and supportable forecasts. Expected credit losses on held-to-maturity investments were not material to the condensed consolidated financial statements.