The following is a summary of held-to-maturity securities, which are carried at amortized cost, as of December 31, 2025 and June 30, 2026 (in thousands):


	Amortized Cost		Gross Unrealized Gain		Gross Unrealized (Losses)		Estimated Fair Value
Balance as of December 31, 2025
Term deposits	$	2,306	$	—	$	—	$	2,306
U.S. treasury securities	4,991		30		—		5,021
Corporate debt securities	5,000		12		—		5,012
Total	$	12,297	$	42	$	—	$	12,339

Balance as of June 30, 2026

U.S. treasury securities	$	4,997	$	6	$	—	$	5,003
Corporate debt securities	5,000		—		(5)		4,995
Total	$	9,997	$	6	$	(5)	$	9,998

The unrealized gains and losses on the Company’s investments in marketable securities as of December 31, 2025 and June 30, 2026 were caused by changes in market values primarily due to interest rate changes. As of June 30, 2026, there were no securities which were in an unrealized loss position for a period longer than 12 months. The Company does not intend to sell these

securities, and it is not more likely than not that the Company will be required to sell these securities prior to the recovery of their amortized cost basis, which may be at maturity. As such, no impairment charges were recorded during the three and six months ended June 30, 2025 and 2026. The Company has no allowance for credit losses related to its marketable securities as all investments are in investment grade securities.

The following table summarizes the maturities of the Company’s held-to-maturity securities as of December 31, 2025 and June 30, 2026 (in thousands):


	December 31, 2025		June 30, 2026

Due within one year	$	7,297	$	4,997
Due after one year through five years	5,000		5,000
Total	$	12,297	$	9,997

The following table summarizes the purchases of and proceeds from marketable securities for the six months ended June 30, 2025 and 2026 (in thousands):


	For the six months ended June 30,
		2025		2026
Purchases of marketable securities

Purchases of held-to-maturity securities		$	25,804	$	5,802
Total purchases of marketable securities		$	25,804	$	5,802

Proceeds from marketable securities
Maturities of available-for-sale securities		$	500	$	—
Maturities of held-to-maturity securities		42,075		8,306
Total proceeds from marketable securities		$	42,575	$	8,306

The Company did not sell any available-for-sale or held-to-maturity securities during the three and six months ended June 30, 2025 and 2026. The Company did not record any gross realized gains or losses in net income during the three and six months ended June 30, 2025 and 2026.