v3.26.1
Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investment Securities Reconciliation
The following tables present amortized cost and fair values of investments at June 30, 2026 and December 31, 2025, respectively:
June 30, 2026Amortized costAccumulated unrealized gainsAccumulated unrealized lossesFair 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 securities88,483 11 (435)88,059 
Other217 — (1)216 
Total held-to-maturity and available-for-sale investment securities
$243,247 $26 $(1,787)$241,486 
December 31, 2025Amortized costAccumulated unrealized gainsAccumulated unrealized lossesFair 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 
Other281 — — 281 
Total held-to-maturity and available-for-sale investment securities
$224,043 $834 $(380)$224,497 
Schedule of Amortized Cost and Fair Value of Debt Securities
The following table presents the amortized cost and fair value of debt securities at June 30, 2026, by contractual maturity:
June 30, 2026Held-to-maturityAvailable-for-sale
Amortized costFair valueAmortized costFair value
(in thousands)
Due within one year$2,055 $2,021 $39,950 $39,727 
Due after one year through five years10,361 10,209 190,771 189,443 
Due after five years through ten years— — — — 
Due after ten years110 86 — — 
Total$12,526 $12,316 $230,721 $229,170 
Schedule of Net Investment Income
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,
2026202520262025
(in thousands)
Cash and cash equivalents$2,165 $1,984 $4,272 $4,334 
Short-term investments31 — 134 — 
Investment securities2,311 2,698 4,463 4,956 
Investment income, net$4,507 $4,682 $8,869 $9,290 
Schedule of Gross Unrealized Losses and Fair Value for Fixed Maturities in a Continuous Unrealized Loss Position
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, 2026Less than 12 monthsGreater than 12 monthsTotal
Fair valueUnrealized lossFair valueUnrealized lossFair valueUnrealized 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 securities77,285 (435)— — 77,285 (435)
Other216 (1)— — 216 (1)
Total$216,041 $(1,586)$5,167 $(201)$221,208 $(1,787)
Number of positions159 11 170 
December 31, 2025Less than 12 monthsGreater than 12 monthsTotal
Fair valueUnrealized lossFair valueUnrealized lossFair valueUnrealized 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 securities13,733 (11)— — 13,733 (11)
Total$30,402 $(49)$14,626 $(331)$45,028 $(380)
Number of positions24 9 33 
Schedule of Realized Gain (Loss) on Investment Securities
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,
2026202520262025
(in thousands)
Proceeds from sales of investment securities$22,481 $62,830 $56,318 $79,313 
Proceeds from maturities of investment securities5,343 — 8,206 25,801 
Gross realized gains33 402 114 444 
Gross realized losses(31)(8)(84)(7)
Net realized gains$2 $394 $30 $437