The following tables summarize the amortized cost, gross unrealized gains and losses, and fair value of the Company’s available for sale (“AFS”) securities aggregated by investment category:


	June 30, 2026
	Cost or Amortized Cost		Unrealized Gains		Unrealized Losses		Total Estimated Fair Value
Marketable securities:
U.S. government securities	$	508,596	$	66	$	(395)	508,267
U.S. agency securities	19,185		—		(72)		19,113




Total marketable securities	$	527,781	$	66	$	(467)	$	527,380


	December 31, 2025
	Cost or Amortized Cost		Unrealized Gains		Unrealized Losses		Total Estimated Fair Value
Marketable securities:
U.S. government securities	$	562,463	$	1,131	$	—	$	563,594
U.S. agency securities	24,218		16		—		24,234




Total marketable securities	$	586,681	$	1,147	$	—	$	587,828

As of June 30, 2026 and December 31, 2025, the Company had 63 and nil marketable securities positions in an unrealized loss position. The unrealized losses above were as a consequence of interest rate changes. The Company does not intend to sell nor anticipate that it will be required to sell these securities before recovery of the amortized cost basis. Unrealized losses on available-for-sale debt securities were determined not to be related to credit related losses, therefore, no allowance for credit losses was recorded. The cost of securities sold is based on the specific-identification method. There were no material realized gains or losses from marketable securities that were reclassified out of accumulated other comprehensive income for the three and six months ended June 30, 2026 and 2025.

The gross unrealized losses and fair values for those investments that were in an unrealized loss position as of June 30, 2026, aggregated by investment category and the length of time that individual securities have been in a continuous loss position are as follows:


	As of June 30, 2026
	Less than 12 months				Greater than 12 months				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Marketable securities:
U.S. government securities	$	316,253	$	(395)	$	—	$	—	$	316,253	$	(395)
U.S. agency securities	19,113		(72)		—		—		19,113		(72)


Total	$	335,366	$	(467)	$	—	$	—	$	335,366	$	(467)