| Schedule of Fair Value Measurements of Financial Instruments |
The following tables present our financial instruments that are measured at fair value on a recurring basis by hierarchy level: | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements Using | | | | Quoted Prices in
Active Markets for
Identical Assets
(Level 1) | | Significant Other
Observable Inputs
(Level 2) | | Significant
Unobservable
Inputs
(Level 3) | | Fair Value | | As of June 30, 2026 | (In Thousands) | | U.S. Treasury securities and obligations of U.S. government agencies | $ | 214,800 | | | $ | — | | | $ | — | | | $ | 214,800 | | | Municipal debt securities | — | | | 565,824 | | | — | | | 565,824 | | | Corporate debt securities | — | | | 2,198,547 | | | — | | | 2,198,547 | | | U.S. agency mortgage-backed securities | — | | | 38,907 | | | — | | | 38,907 | | Other asset-backed securities | — | | | 150,721 | | | — | | | 150,721 | | | Cash, cash equivalents and short-term investments | 161,263 | | | — | | | — | | | 161,263 | | | Total assets | $ | 376,063 | | | $ | 2,953,999 | | | $ | — | | | $ | 3,330,062 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements Using | | | | Quoted Prices in
Active Markets for
Identical Assets
(Level 1) | | Significant Other
Observable Inputs
(Level 2) | | Significant
Unobservable
Inputs
(Level 3) | | Fair Value | | As of December 31, 2025 | (In Thousands) | | U.S. Treasury securities and obligations of U.S. government agencies | $ | 307,028 | | | $ | — | | | $ | — | | | $ | 307,028 | | | Municipal debt securities | — | | | 611,569 | | | — | | | 611,569 | | | Corporate debt securities | — | | | 2,019,611 | | | — | | | 2,019,611 | | | U.S. agency mortgage-backed securities | — | | | 42,071 | | | — | | | 42,071 | | Other asset-backed securities | — | | | 70,125 | | | — | | | 70,125 | | | Cash, cash equivalents and short-term investments | 130,556 | | | — | | | — | | | 130,556 | | | Total assets | $ | 437,584 | | | $ | 2,743,376 | | | $ | — | | | $ | 3,180,960 | |
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