| Investment Securities |
Investment Securities The following tables present amortized cost and fair values of investments at June 30, 2026 and December 31, 2025, respectively: | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Amortized cost | | Accumulated unrealized gains | | Accumulated unrealized losses | | Fair value | | | (in thousands) | Investment securities, held-to-maturity: | | | | | | | | | U.S. government and government agencies and authorities | | $ | 12,526 | | | $ | — | | | $ | (210) | | | $ | 12,316 | | Investment securities, available-for-sale: | | | | | | | | | U.S. government and government agencies and authorities | | 142,021 | | | 15 | | | (1,141) | | | 140,895 | | | Corporate debt securities | | 88,483 | | | 11 | | | (435) | | | 88,059 | | | Other | | 217 | | | — | | | (1) | | | 216 | | Total held-to-maturity and available-for-sale investment securities | | $ | 243,247 | | | $ | 26 | | | $ | (1,787) | | | $ | 241,486 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Amortized cost | | Accumulated unrealized gains | | Accumulated unrealized losses | | Fair value | | | (in thousands) | Investment securities, held-to-maturity: | | | | | | | | | U.S. government and government agencies and authorities | | $ | 14,348 | | | $ | 3 | | | $ | (77) | | | $ | 14,274 | | Investment securities, available-for-sale: | | | | | | | | | U.S. government and government agencies and authorities | | 129,217 | | | 522 | | | (292) | | | 129,447 | | Corporate debt securities | | 80,197 | | | 309 | | | (11) | | | 80,495 | | | Other | | 281 | | | — | | | — | | | 281 | | Total held-to-maturity and available-for-sale investment securities | | $ | 224,043 | | | $ | 834 | | | $ | (380) | | | $ | 224,497 | |
The following table presents the amortized cost and fair value of debt securities at June 30, 2026, by contractual maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Held-to-maturity | | Available-for-sale | | | Amortized cost | | Fair value | | Amortized cost | | Fair value | | | (in thousands) | | Due within one year | | $ | 2,055 | | | $ | 2,021 | | | $ | 39,950 | | | $ | 39,727 | | | Due after one year through five years | | 10,361 | | | 10,209 | | | 190,771 | | | 189,443 | | | Due after five years through ten years | | — | | | — | | | — | | | — | | | Due after ten years | | 110 | | | 86 | | | — | | | — | | | Total | | $ | 12,526 | | | $ | 12,316 | | | $ | 230,721 | | | $ | 229,170 | |
For the three and six months ended June 30, 2026 and 2025, respectively, net investment income, which is included in Other income in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), was derived from the following sources: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended
June 30, | | | | 2026 | | 2025 | | 2026 | | 2025 | | | | | | | | | (in thousands) | | | Cash and cash equivalents | | $ | 2,165 | | | $ | 1,984 | | | $ | 4,272 | | | $ | 4,334 | | | | | | | | | Short-term investments | | 31 | | | — | | | 134 | | | — | | | | | | | | | Investment securities | | 2,311 | | | 2,698 | | | 4,463 | | | 4,956 | | | | | | | | | Investment income, net | | $ | 4,507 | | | $ | 4,682 | | | $ | 8,869 | | | $ | 9,290 | | | | | | | |
Gross unrealized losses and fair values aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position were as follows at June 30, 2026 and December 31, 2025, respectively: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Less than 12 months | | Greater than 12 months | | Total | | | Fair value | | Unrealized loss | | Fair value | | Unrealized loss | | Fair value | | Unrealized loss | | | (in thousands, except number of positions) | | U.S. government and government agencies and authorities | | $ | 138,540 | | | $ | (1,150) | | | $ | 5,167 | | | $ | (201) | | | $ | 143,707 | | | $ | (1,351) | | | Corporate debt securities | | 77,285 | | | (435) | | | — | | | — | | | 77,285 | | | (435) | | | Other | | 216 | | | (1) | | | — | | | — | | | 216 | | | (1) | | | Total | | $ | 216,041 | | | $ | (1,586) | | | $ | 5,167 | | | $ | (201) | | | $ | 221,208 | | | $ | (1,787) | | | Number of positions | | 159 | | | 11 | | | 170 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Less than 12 months | | Greater than 12 months | | Total | | | Fair value | | Unrealized loss | | Fair value | | Unrealized loss | | Fair value | | Unrealized loss | | | (in thousands, except number of positions) | | U.S. government and government agencies and authorities | | $ | 16,669 | | | $ | (38) | | | $ | 14,626 | | | $ | (331) | | | $ | 31,295 | | | $ | (369) | | | Corporate debt securities | | 13,733 | | | (11) | | | — | | | — | | | 13,733 | | | (11) | | | Total | | $ | 30,402 | | | $ | (49) | | | $ | 14,626 | | | $ | (331) | | | $ | 45,028 | | | $ | (380) | | | Number of positions | | 24 | | | 9 | | | 33 | |
The Company did not record any credit allowances for debt securities that were in an unrealized loss position at June 30, 2026 and December 31, 2025. At June 30, 2026, all securities were investment grade, with credit ratings of BBB or higher by S&P Global or as determined by other credit rating agencies within the Company's investment policy. Unrealized losses on investment grade securities are principally related to changes in interest rates or changes in issuer or sector related credit spreads since the securities were acquired. The gross unrealized investment losses at June 30, 2026, were assessed, based on, among other things: •The relative magnitude to which fair values of these securities have been below their amortized cost was not indicative of an impairment loss; •The absence of compelling evidence that would cause the Company to call into question the financial condition or near-term prospects of the issuer of the applicable security; and •The Company's ability and intent to hold the applicable security for a period of time sufficient to allow for any anticipated recovery. Proceeds from sales and maturities of investment securities, inclusive of short-term investments, and related gross realized gains (losses) which are included in Other income in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), were as follows for the three and six months ended June 30, 2026 and 2025, respectively: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended
June 30, | | | | | | | | | 2026 | | 2025 | | 2026 | | 2025 | | | | | | | | | (in thousands) | | Proceeds from sales of investment securities | | $ | 22,481 | | | $ | 62,830 | | | $ | 56,318 | | | $ | 79,313 | | | | | | | | | Proceeds from maturities of investment securities | | 5,343 | | | — | | | 8,206 | | | 25,801 | | | | | | | | | | | | | | | | | | | | | | | | Gross realized gains | | 33 | | | 402 | | | 114 | | | 444 | | | | | | | | | Gross realized losses | | (31) | | | (8) | | | (84) | | | (7) | | | | | | | | | Net realized gains | | $ | 2 | | | $ | 394 | | | $ | 30 | | | $ | 437 | | | | | | | |
At June 30, 2026 and December 31, 2025, the Company had $14.9 million and $14.6 million, respectively, in deposits with various states and regulatory bodies that are included as part of the Company's investment balances.
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