Short-term investments consist of U.S. Treasury Bills with original maturities of greater than three months but less than twelve months. The Company determines the classification of these securities as trading, available for sale or held-to-maturity at the time of purchase and re-evaluates these determinations at each balance sheet date. The Company did not hold any short‑term investments at February 28, 2026. At February 28, 2025, the Company’s short‑term investments were classified as held‑to‑maturity and were stated at amortized cost, which approximated fair value. When held, the Company's held-to-maturity investments are stated at amortized cost, which approximated fair value, and are periodically assessed for other-than-temporary impairment.

Amortized cost and estimated fair value of investment securities classified as held-to-maturity were as follows at February 28, 2026 and February 28, 2025 (in thousands):


			Gross		Gross
	Cost or		Unrealized		Unrealized		Estimated
	Amortized		Holding		Holding		Fair
	Cost		Gains		Losses		Value
February 28, 2026
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 due to the active trading of U.S. Treasury bills. 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 fiscal years ended February 28, 2026 or February 28, 2025.