v3.26.1
Investments (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Carrying Value and Amortized Cost of Company Investments Summarized by Major Security Type

The carrying value and amortized cost of the Company’s investments, summarized by major security type, consisted of the following (in thousands):

 

 

 

June 30, 2026

 

 

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Estimated
Fair
Value

 

U.S. Treasury notes

 

$

382,114

 

 

$

75

 

 

$

(695

)

 

$

381,494

 

Government sponsored enterprise securities

 

 

190,838

 

 

 

3

 

 

 

(846

)

 

 

189,995

 

 

 

$

572,952

 

 

$

78

 

 

$

(1,541

)

 

$

571,489

 

 

 

 

December 31, 2025

 

 

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Estimated
Fair
Value

 

U.S. Treasury notes

 

$

429,260

 

 

$

1,291

 

 

$

—

 

 

$

430,551

 

Government sponsored enterprise securities

 

 

211,239

 

 

 

258

 

 

 

(57

)

 

 

211,440

 

 

 

$

640,499

 

 

$

1,549

 

 

$

(57

)

 

$

641,991

 
Summary of Contract Maturity of The Available-For-Sale Securities The following table summarizes the contract maturity of the available-for-sale securities:

 

 

June 30,
2026

 

 

December 31,
2025

 

One year or less

 

 

63

%

 

 

51

%

After one year but within two years

 

 

37

%

 

 

49

%

Total

 

 

100

%

 

 

100

%

 
Summary of Gross Unrealized Losses and Fair Value of Available-For-Sale Investment Securities in Unrealized Loss Position The following table presents gross unrealized losses and fair value for those available-for-sale investment securities that were in an unrealized loss position as of June 30, 2026 and December 31, 2025, aggregated by investment category and length of time that the individual securities have been in a continuous loss position (in thousands):

 

 

 

Less Than 12 Months

 

 

12 Months or Greater

 

 

Total

 

 

 

 

Estimated
Fair Value

 

 

Unrealized
Losses

 

 

Estimated
Fair Value

 

 

Unrealized
Losses

 

 

Estimated
Fair Value

 

 

Unrealized
Losses

 

 

June 30, 2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury notes

 

$

266,319

 

 

$

(695

)

 

$

—

 

 

$

—

 

 

$

266,319

 

 

$

(695

)

 

Government sponsored enterprise securities

 

 

173,916

 

 

 

(846

)

 

 

—

 

 

 

—

 

 

 

173,916

 

 

 

(846

)

 

Total

 

$

440,235

 

 

$

(1,541

)

 

$

—

 

 

$

—

 

 

$

440,235

 

 

$

(1,541

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less Than 12 Months

 

 

12 Months or Greater

 

 

Total

 

 

 

 

Estimated
Fair Value

 

 

Unrealized
Losses

 

 

Estimated
Fair Value

 

 

Unrealized
Losses

 

 

Estimated
Fair Value

 

 

Unrealized
Losses

 

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government sponsored enterprise securities

 

$

91,799

 

 

$

(57

)

 

$

—

 

 

$

—

 

 

$

91,799

 

 

$

(57

)

 

Total

 

$

91,799

 

 

$

(57

)

 

$

—

 

 

$

—

 

 

$

91,799

 

 

$

(57

)