v3.26.1
Fair Value (Notes)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Disclosures [Text Block] Fair Value
Fair Value Disclosures
The following table summarizes, by major security type, the Company's assets that are measured at fair value on a recurring basis, and placement within the fair value hierarchy (in thousands):
As of June 30, 2026
Fair ValueLevel 1Level 2Level 3
Assets
Money market funds$53,359 $53,359 $— $— 
Fixed maturities:
Mortgage-backed securities and collateralized mortgage obligations24,071 — 24,071 — 
Other asset-backed securities26,662 — 26,662 — 
Corporate bonds57,272 — 57,272 — 
U.S. treasury securities95,401 — 95,401 — 
Total$256,765 $53,359 $203,406 $— 
As of December 31, 2025
Fair ValueLevel 1Level 2Level 3
Assets
Money market funds$46,818 $46,818 $— $— 
Fixed maturities:
Mortgage-backed securities and collateralized mortgage obligations24,687 — 24,687 — 
Other asset-backed securities23,837 — 23,837 — 
Corporate bonds47,835 — 47,835 — 
U.S. treasury securities104,158 — 104,158 — 
Total$247,335 $46,818 $200,517 $— 

The Company measures the fair value of money market funds, classified as Level 1, based on quoted prices in active markets for identical assets. The fair values of the Company's fixed maturity investments classified as Level 2 are based on either recent trades in inactive markets or quoted market prices of similar instruments and other significant inputs derived from or corroborated by observable market data. Held-to-maturity investments are carried at amortized cost and the fair value and changes in unrealized gains and losses are disclosed in Note 3, Investments. The fair value of these investments is determined in the same manner as available-for-sale securities and are considered either a Level 1 or Level 2 measurement.
The Company recognizes transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. There were no transfers between levels for the six months ended June 30, 2026 and the year ended December 31, 2025.
Fair Value Disclosures - Other Assets and Liabilities
Notes receivable of $2.4 million were included in Prepaid expenses and other assets as of June 30, 2026, and $2.5 million were included in Other long-term assets as of December 31, 2025. Classification of notes receivable in the Company's Consolidated Balance Sheets is determined based on the expected maturity of each note. The Company records notes receivable at their estimated collectible amount and estimates that the carrying value of notes receivable approximates their fair value. The estimated fair value represents a Level 3 measurement within the fair value hierarchy, and is based on market interest rates and the assessed creditworthiness of the third party.
The Company estimates the fair value of long-term debt based upon rates currently available to the Company for debt with similar terms and remaining maturities. This is a Level 3 measurement. Based upon the terms of the debt, the carrying amount of long-term debt approximated fair value at June 30, 2026.