The following tables summarize the amortized cost, gross unrealized gains and losses, and estimated fair value of debt securities as of June 30, 2026 and December 31, 2025 (in thousands):


	Cost or Amortized		Gross Unrealized					Allowance for Credit		Estimated Fair
June 30, 2026	Cost		Gains		Losses			Loss		Value
U.S. government bonds	$	40,991	$	—	$	(19	)	$	—	$	40,972
Corporate debt securities		71,073		27		(213	)		—		70,887
Agency bonds		29,066		—		(228	)				28,838
Total investments	$	141,130	$	27	$	(460	)	$	—	$	140,697


	Cost or Amortized		Gross Unrealized					Allowance for Credit		Estimated Fair
December 31, 2025	Cost		Gains		Losses			Loss		Value
U.S. government bonds	$	9,230	$	4	$	—		$	—	$	9,234
Corporate debt securities		44,994		180		(1	)		—		45,173
Agency bonds		11,935		4		(2	)		—		11,937
Total investments	$	66,159	$	188	$	(3	)	$	—	$	66,344

The Company examined its securities at each balance sheet date to determine if there was a need to recognize an allowance for credit loss pertaining to these securities. Upon review of all holdings, it was concluded that the unrealized losses on the fixed maturity securities were chiefly attributable to the interest rate environment, rather than the credit quality of the issuers. The Company has no plans to liquidate these investments, and it is unlikely for a necessary sale to occur before the recovery of their amortized cost basis. Therefore, no allowance for credit loss was recognized as of June 30, 2026 and December 31, 2025.

The gross unrealized losses and estimated fair values on investments aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position were as follows (in thousands):


	12 months or greater				Less than 12 months
June 30, 2026	Unrealized Losses		Estimated Fair Value		Unrealized Losses			Estimated Fair Value
U.S. government bonds	$	—	$	—	$	(19	)	$	40,972
Corporate debt securities		—		—		(213	)		58,923
Agency bonds		—		—		(228	)		28,838
Total investments	$	—	$	—	$	(460	)	$	128,733


	12 months or greater				Less than 12 months
December 31, 2025	Unrealized Losses		Estimated Fair Value		Unrealized Losses			Estimated Fair Value
Corporate debt securities	$	—	$	—	$	(1	)	$	4,597
Agency bonds		—		—		(2	)		7,060
Total investments	$	—	$	—	$	(3	)	$	11,657

Net realized and unrealized gains and losses on investments are a function of the difference between the amount received by us on the sale of a security and the security’s cost-basis, mark-to-market adjustments, credit losses recognized in earnings, and unrealized gains and losses on equity securities. Unrealized gains and losses on fixed maturity securities are recognized as a component of other comprehensive income and do not impact the Company’s net income.

The estimated fair value of debt securities as of June 30, 2026 and December 31, 2025, by contractual maturity, were as follows (in thousands):


June 30, 2026	Amortized Cost		Estimated Fair Value
Due in one year or less	$	56,194	$	56,161
Due after one year through five years		84,936		84,536
Total investments	$	141,130	$	140,697


December 31, 2025	Amortized Cost		Estimated Fair Value
Due in one year or less	$	34,849	$	34,876
Due after one year through five years		31,310		31,468
Total investments	$	66,159	$	66,344