During the six months ended June 30, 2026, the Company began investing in U.S. Treasury securities, which are classified as available-for-sale debt securities. The Company held no investment securities as of December 31, 2025. The amortized cost, gross unrealized gains, gross unrealized losses and estimated fair value of the Company’s available-for-sale debt securities as of June 30, 2026 is as follows:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value (1)
U.S. Treasury securities	$	198,426	$	76	$	(1,430	)	$	197,072

(1)

There was no allowance for credit losses for the periods presented. Estimated fair value is determined using quoted prices in active markets for identical assets (Level 1 inputs). Refer to Note 4. Fair Value Measurements for additional details.

Accrued interest receivable on available-for-sale fixed-maturity securities is recorded within other current assets in the Consolidated Balance Sheets. As of June 30, 2026 and December 31, 2025, accrued interest receivable was $2,116 and $0, respectively.

There were no sales of available-for-sale fixed-maturity securities during the three and six months ended June 30, 2026 and 2025.

The following table presents the amortized cost and estimated fair value of the Company's available-for-sale fixed-maturity securities by contractual maturity as of June 30, 2026.


	Amortized Cost		Estimated Fair Value
Within one year	$	—	$	—
After one year through five years		99,406		99,482
After five years through ten years		99,020		97,590
After ten years		—		—
Total	$	198,426	$	197,072

Expected maturities may differ from contractual maturities as certain instruments may be subject to call or prepayment provisions. As of June 30, 2026, the Company's U.S. Treasury securities were not subject to call or prepayment provisions. Accordingly, expected maturities were consistent with contractual maturities for all securities held as of that date.

Available-for-sale fixed-maturity securities with gross unrealized loss positions as of June 30, 2026, aggregated by investment category and length of time the individual securities have been in a continuous loss position are as follows:


		Less Than Twelve Months						Twelve Months or Longer
	Gross Unrealized Loss				Fair Value		Gross Unrealized Loss			Fair Value
U.S. Treasury securities	$		(1,430	)	$	97,590	$		—	$	—

As of June 30, 2026, one security was in an unrealized loss position and had been in a continuous unrealized loss position for less than twelve months.

The Company regularly reviews its individual investment securities for credit impairment. The Company considers various factors, including the financial condition and near-term prospects of the issuer, the extent to which the fair value of the security is below its amortized cost, general market conditions, industry or sector specific factors, any nonpayment of contractually due principal or interest, and the Company's ability to hold the investment for a period of time sufficient to allow for recovery of its amortized cost.

The Company's available-for-sale fixed-maturity securities consist entirely of U.S. Treasury securities. The unrealized losses as of June 30, 2026 were attributable to changes in market interest rates since the date of purchase and are not indicative of credit deterioration. Because U.S. Treasury securities are backed by the full faith and credit of the U.S. government, the risk of credit loss is generally considered remote. The Company has the intent and ability to hold these securities until recovery of the amortized cost or maturity, accordingly, no allowance for credit losses was recorded.

Investment income by source is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Cash and cash equivalents	$	1,812	$	763	$	4,184	$	1,161
Available-for-sale fixed-maturity securities		1,151		—		1,291		—
Investment income	$	2,963	$	763	$	5,475	$	1,161