v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following tables present a summary of fair value measurements for financial instruments at June 30, 2026 and December 31, 2025, respectively:
June 30, 2026Level 1Level 2Level 3
Total Fair Value
(in thousands)
U.S. government and government agencies$— $140,895 $— $140,895 
Corporate debt securities— 88,059 — 88,059 
Private equity investments
— — 12,226 12,226 
Other
— 216 — 216 
Total assets at fair value$— $229,170 $12,226 $241,396 
December 31, 2025Level 1Level 2Level 3
Total Fair Value
(in thousands)
U.S. government and government agencies$— $129,447 $— $129,447 
Corporate debt securities— 80,495 — 80,495 
Private equity investments
— — 12,226 12,226 
Other
— 281 — 281 
Total assets at fair value$— $210,223 $12,226 $222,449 
The changes in balances of Clover's Level 3 financial assets and liabilities were as follows:
Equity
Investments
(in thousands)
Balance, December 31, 2025$12,226 
Realized gains— 
Unrealized gains (losses)— 
Purchases— 
Sales— 
Transfers in— 
Balance, June 30, 2026$12,226 
Unrealized gains for assets still held, included in Net income$— 
Equity Investments
The Company owns equity securities in privately held companies. Their fair value is classified as Level 3 because the valuation relies primarily on unobservable inputs that require significant management judgment. While the valuation process utilizes inputs based on observable market transactions such as comparable company multiples or similar private placements, these must be significantly adjusted using unobservable assumptions to reflect the specific risks and characteristics of the non-marketable private investment. This reliance on subjective, unobservable inputs is the basis for the Level 3 classification and results in a higher degree of valuation uncertainty.