v3.26.1
Investments (Tables)
 6 Months Ended
Jun. 30, 2026
Investments [Abstract]  
Schedule of Assets or Liabilities Having Recurring Measurements
Assets or liabilities that have recurring fair value measurements are shown below as of June 30, 2026 and December 31, 2025.
As of June 30, 2026:
Fair Value Measurements at Reporting Date Using
Total as of
Quoted Prices in
Active Markets for
Identical Assets
Significant Other
Observable
Inputs
Significant
Unobservable
Inputs
DescriptionJune 30, 2026(Level 1)(Level 2)(Level 3)
Cash & Cash Equivalents$233,444,229 $233,444,229 $— $— 
Short-Term Investments:
Corporate Bonds7,893,830 — 7,893,830 — 
Municipal Bonds486,550 — 486,550 — 
Other986,324 986,324 — — 
Long-Term Investments:
Asset-backed Securities31,752,977 — 31,752,977 — 
Corporate Bonds54,607,350 — 54,607,350 — 
Municipal Bonds16,709,266 — 16,709,266 — 
Total$345,880,526 $234,430,553 $111,449,973 $— 

As of December 31, 2025:
Fair Value Measurements at Reporting Date Using
Total as of
Quoted Prices in
Active Markets for
Identical Assets
Significant Other
Observable
Inputs
Significant
Unobservable
Inputs
DescriptionDecember 31, 2025(Level 1)(Level 2)(Level 3)
Cash & Cash Equivalents$145,645,715 $145,645,715 $— $— 
Short-Term Investments:
Corporate Bonds2,747,293 — 2,747,293 — 
Other924,658 924,658 — — 
Long-Term Investments:
Asset-backed Securities35,709,133 — 35,709,133 — 
Corporate Bonds55,596,276 — 55,596,276 — 
Municipal Bonds16,840,001 — 16,840,001 
Total$257,463,076 $146,570,373 $110,892,703 $— 
Schedule of Amortized Cost, Unrealized Gains and Losses, and Market Value of Investment Securities
The amortized cost, unrealized gains and losses, and market value of investment securities are shown below as of June 30, 2026 and December 31, 2025.
As of June 30, 2026:
Unrealized
CostGainsLossesMarket Value
Short-Term Investments:
Corporate Bonds$7,882,231 $12,262 $(663)$7,893,830 
Municipal Bonds485,249 1,301 — 486,550 
Other986,324 — — 986,324 
Long-Term Investments:
Asset-backed Securities31,047,299 741,038 (35,360)31,752,977 
Corporate Bonds55,019,633 280,118 (692,401)54,607,350 
Municipal Bonds16,784,771 150,709 (226,214)16,709,266 
Total$112,205,507 $1,185,428 $(954,638)$112,436,297 

As of December 31, 2025:    
Unrealized
CostGainsLossesMarket Value
Short-Term Investments:
Corporate Bonds$2,725,824 $21,469 $— $2,747,293 
Other924,658 — — 924,658 
Long-Term Investments:
Asset-backed Securities34,581,117 1,128,541 (525)35,709,133 
Corporate Bonds55,218,308 684,752 (306,784)55,596,276 
Municipal Bonds16,662,335 351,044 (173,378)16,840,001 
Total$110,112,242 $2,185,806 $(480,687)$111,817,361 
Schedule of Unrealized Loss on available-for-sale securities
Unrealized losses on available-for-sale securities as of June 30, 2026, are as follows:
Aggregate Unrealized LossesAggregate Fair Value of Investments
Loss duration of less than one year$801,180 $49,514,191 
Loss duration of greater than one year153,458 2,465,536 
       Total$954,638 $51,979,727 
Unrealized losses on available-for-sale securities as of December 31, 2025, are as follows:
Aggregate Unrealized LossesAggregate Fair Value of Investments
Loss duration of less than one year$272,327 $24,149,316 
Loss duration of greater than one year208,360 5,471,407 
       Total$480,687 $29,620,723 
Schedule of Investments Classified by Contractual Maturity Date
Fixed income securities as of June 30, 2026 have contractual maturities as follows:
Due within one year$8,380,380 
Due between one and five years45,400,500 
Due over five years57,669,093 
$111,449,973