Investments

3 Months Ended

Mar. 31, 2026

Investments.

Available-for-sale investments were as follows (in thousands):


	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Amortized Cost
At March 31, 2026:
U.S. Treasuries - Cash equivalents	$	574,153	$	11	$	—	$	574,142
Total	$	574,153	$	11	$	—	$	574,142
At December 31, 2025:
U.S. Treasuries - Cash equivalents	$	—	$	—	$	—	$	—
Total	$	—	$	—	$	—	$	—

There were no realized gains or losses from available-for-sale securities during the three months ended March 31, 2026 and 2025.

The estimated fair values of available-for-sale securities at March 31, 2026, by contractual maturity, are summarized as follows (in thousands):


	For the Three Months Ended March 31,
	2026		2025
Equity securities:
Net gains (losses) recognized during the period on equity securities	$	4,750	$	2,644
Unrealized net gains (losses) recognized during the period on equity securities still held at the reporting date	$	4,750	$	2,644

There were no purchases or sales of equity securities during the three months ended March 31, 2026 and 2025.