We report our available-for-sale investment securities at their estimated fair values. The following is a summary of our available-for-sale investment securities as of June 30, 2026 and December 31, 2025:


	As of June 30, 2026								As of December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Market Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Market Value
Available-for-sale investment securities:
U.S. government obligations	$	576,177	$	96	$	(1,809)	$	574,464	$	369,652	$	860	$	—	$	370,512
Agency obligations	65,499		—		(320)		65,179		43,997		1		(29)		43,969
Corporate debt securities	511,607		129		(1,104)		510,632		510,668		1,215		(11)		511,872
Total	$	1,153,283	$	225	$	(3,233)	$	1,150,275	$	924,317	$	2,076	$	(40)	$	926,353

As of June 30, 2026 and December 31, 2025, available-for-sale investment securities by contractual maturity were as follows:


	As of June 30, 2026				As of December 31, 2025
	Amortized Cost		Fair Market Value		Amortized Cost		Fair Market Value
Available-for-sale investment securities:
Due in one year or less	$	752,172	$	751,396	$	712,675	$	714,118
Due after one year through five years	401,111		398,879		211,642		212,235
Total	$	1,153,283	$	1,150,275	$	924,317	$	926,353

The following is a summary of the available-for-sale investment securities by length of time in a net loss position as of June 30, 2026 and December 31, 2025:


	As of June 30, 2026				As of December 31, 2025
	Less Than 12 Months				Less Than 12 Months
	Fair Market Value		Gross Unrealized Losses		Fair Market Value		Gross Unrealized Losses
Available-for-sale investment securities:
U.S. government obligations	$	485,926	$	(1,809)	$	—	$	—
Agency obligations	65,179		(320)		27,471		(29)
Corporate debt securities	342,214		(1,104)		38,596		(11)
Total	$	893,319	$	(3,233)	$	66,067	$	(40)

As of June 30, 2026 and December 31, 2025, all available-for-sale investment securities in a continuous unrealized loss position had been in a loss position for less than 12 months.

We reviewed our investment holdings as of June 30, 2026 and December 31, 2025 and determined that the decrease in fair value is attributable to changes in interest rates and not credit quality. Therefore, there were no allowances for credit losses.

Accrued interest receivable on available-for-sale securities was $9.6 million and $7.8 million at June 30, 2026 and December 31, 2025, respectively.