The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs to the extent possible to measure a financial instrument’s fair value. Observable inputs reflect the assumptions market participants would use in pricing an asset or liability, and are affected by the type of product, whether the product is traded on an active exchange or in the secondary market, as well as current market conditions. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Fair value is estimated by applying the hierarchy discussed in Note (2) Summary of Significant Accounting Policies, included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The hierarchy prioritizes the inputs used in measuring fair value into three levels and classifies measurements based on the lowest level input that is significant to the fair value measurement. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized within Level 3 of the fair value hierarchy.

The Company’s fair value measurements are based primarily on a market approach, which utilizes prices and other relevant information generated by market transactions involving identical or comparable financial instruments. Sources of inputs to the market approach include third-party pricing services, independent broker quotations and pricing matrices. Management analyzes the third-party valuation methodologies and the related inputs to perform assessments to determine the appropriate level within the fair value hierarchy and to assess reliability of values. Further, management has a process in place to review all changes in fair value that occurred during each measurement period. Any discrepancies or unusual observations are followed through to resolution through the source of the pricing as well as utilizing comparisons, if applicable, to alternate pricing sources.

The Company utilizes observable and unobservable inputs within its valuation methodologies. Observable inputs may include: benchmark yields, reported trades, broker-dealer quotes, issuer spreads, benchmark securities, bids, offers and reference data. In addition, specific issuer information and other market data is used. Broker quotes are obtained from sources recognized to be market participants. Unobservable inputs may include: expected cash flow streams, default rates, supply and demand considerations and market volatility.

U.S. Treasury Securities, Corporate Securities: Fair values were obtained from an independent pricing service and a third-party investment manager. The prices provided by the independent pricing service and third-party investment manager are based on quoted market prices, when available, non-binding broker quotes, or matrix pricing and fall under Level 2 or Level 3 in the fair value hierarchy.

Certificates of Deposit: The estimated fair value of certificates of deposit approximate carrying value and fall under Level 1 of the fair value hierarchy.

The fair values of publicly traded common and preferred equity securities and exchange traded funds (“ETFs”) are obtained from market value quotations provided by an independent pricing service and fall under Level 1 in the fair value hierarchy.

The following table presents the Company’s marketable securities, measured at fair value as of the following periods:


	As of September 30, 2026
	Quoted		Other
	prices		significant		Significant
	in active		observable		unobservable
	markets		inputs		inputs
	Level 1		Level 2		Level 3		Fair value
Assets:
Available for sale securities, at fair value:
U.S. Treasury securities	$	—	$	588,974	$	—	$	588,974
Corporate securities		—		122,137		—		122,137
Certificates of deposit		581		—		—		581
Total available for sale securities, at fair value		581		711,111		—		711,692

Total marketable securities and corporate securities	$	581	$	711,111	$	—	$	711,692


	As of December 31, 2025
	Quoted		Other
	prices		significant		Significant
	in active		observable		unobservable
	markets		inputs		inputs
	Level 1		Level 2		Level 3		Fair value
Assets:
Available for sale securities, at fair value:
U.S. Treasury securities	$	—	$	16,491	$	—	$	16,491
Certificates of deposit		581		—		—		581
Total available for sale securities, at fair value		581		16,491		—		17,072

Equity securities, at fair value		4,629		—		—		4,629
Total marketable securities	$	5,210	$	16,491	$	—	$	21,701

The following tables present the Company’s investments in AFS securities included within marketable securities and corporate securities on the condensed consolidated balance sheets. The Company holds cash equivalents that are managed as part of its investment portfolio and, due to the short-term maturities of these assets, the carrying value of these investments approximates fair value. The Company held cash equivalents of $170,387 and $22,919 at September 30, 2026 and December 31, 2025, respectively.


	As of September 30, 2026
	Amortized		Allowance for		Net carrying		Gross		Gross
	Cost		credit losses		amount		unrealized gains		unrealized losses			Fair value
U.S. Treasury securities	$	588,785	$	—	$	588,785	$	189	$	—		$	588,974
Corporate securities		124,953		—		124,953		—		(2,816	)		122,137
Certificates of deposit		581		—		581		—		—			581
Total	$	714,319	$	—	$	714,319	$	189	$	(2,816	)	$	711,692


	As of December 31, 2025
	Amortized		Allowance for		Net carrying		Gross		Gross
	Cost		credit losses		amount		unrealized gains		unrealized losses		Fair value
U.S. Treasury securities	$	16,158	$	—	$	16,158	$	333	$	—	$	16,491
Certificates of deposit		581		—		581		—		—		581
Total	$	16,739	$	—	$	16,739	$	333	$	—	$	17,072

A reversible allowance for credit losses is recognized on available-for-sale fixed income securities, if applicable. Several criteria are reviewed to determine if securities in the fixed income portfolio should be included in the allowance for expected credit loss evaluation, including: Changes in technology that may impair the earnings potential of the investment; the discontinuance of a segment of business that may affect future earnings potential; reduction of or non-payment of interest and/or principal; specific concerns related to the issuer’s industry or geographic area of operation; significant or recurring operating losses, poor cash flows and/or deteriorating liquidity ratios and downgrades in credit quality by a major rating agency.

If changes in interest rates and credit spreads do not reasonably explain the unrealized loss for an available-for-sale security, or if any of the criteria above indicate a potential credit loss, the security is subjected to a discounted cash flow analysis. Inputs into the discounted cash flow analysis include prepayment assumptions for structured securities, default rates and recoverability rates based on credit rating. The allowance for any security is limited to the amount that the security’s fair value is below amortized cost. Management evaluated the AFS debt securities in unrealized loss positions and determined that the unrealized losses were primarily attributable to changes in market interest rates and other non-credit factors. The Company does not intend to sell the securities and it is not more likely than not that it will be required to sell the securities before recovery of their amortized cost basis. As of September 30, 2026, there were no securities that resulted in an allowance for credit losses.

Accrued interest receivable on AFS securities of $5,450 and $11 as of September 30, 2026 and December 31, 2025, respectively, is excluded from the amortized cost basis and fair value of AFS securities presented above and is reported within other current assets on

the condensed consolidated balance sheets. No allowance for credit losses were allocated for accrued interest receivables or reversed or written off during the periods presented.

The amortized cost and fair values of AFS securities, by contractual maturity date, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


	As of
	September 30, 2026				December 31, 2025
	Amortized cost		Fair value		Amortized cost		Fair value
Due in one year or less	$	589,366	$	589,555	$	16,739	$	17,072
Due after one year through five years		124,953		122,137		—		—
Total	$	714,319	$	711,692	$	16,739	$	17,072

The following table presents the gross unrealized losses on available for sale securities by the length of time that individual securities have been in a continuous unrealized loss position as of September 30, 2026. Comparative information has been omitted as no available for sale securities were in a continuous unrealized loss position as of December 31, 2025:


	As of September 30, 2026
	Less than or equal to one year							More than one year
	Fair value		Gross unrealized loss			# of Securities (1)		Fair value		Gross unrealized loss		# of Securities (1)
Corporate securities	$	122,137	$	(2,816	)		21	$	—	$	—		—
Total	$	122,137	$	(2,816	)		21	$	—	$	—		—

(1)

Presented in whole numbers.

The following table presents additional information on the Company’s AFS securities included within marketable securities and corporate securities:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Purchases of AFS securities	$	721,095	$	16,158	$	878,289	$	88,009
Proceeds from maturities, calls and prepayments of AFS securities	$	162,236	$	45,000	$	178,736	$	55,350
Gross proceeds from sales of AFS securities	$	—	$	4,944	$	—	$	4,944

During the three and nine months ended September 30, 2026, the Company recognized a realized loss of $3 related to the sale of an AFS U.S. Treasury security classified within cash and cash equivalents. The Company did not recognize any other realized gains or losses from sales or redemptions of AFS securities during the periods presented.

The cost of securities sold is determined using the specific identification method. Realized gains and losses on sales or redemptions of available for sale securities, when recognized, are recorded in net realized and unrealized gains (losses) in the condensed consolidated statements of operations.

The following table presents the components of net realized and unrealized gains (losses) recorded on the condensed consolidated statements of operations. Net unrealized gains (losses) on AFS securities are included within other comprehensive income (loss) (OCI), net of tax, and, as such, are not included in this table. Net realized and unrealized gains (losses) on non-investment related financial assets and liabilities are included below:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Net realized gains (losses)
Net realized gains (losses) on equity securities	$	—		$	—		$	(3,095	)	$	—
Net realized gains other		(3	)		—			(3	)		50
Total net realized gains (losses)	$	(3	)	$	—		$	(3,098	)	$	50

Net unrealized gains (losses)
Net unrealized gains (losses) on equity securities held at period end	$	—		$	274		$	—		$	(942	)
Reclass of unrealized (gains) losses from prior periods for equity securities sold		—			—			2,834			—
Other		—			(1	)		—			451
Total net unrealized gains (losses)		—			273			2,834			(491	)
Total net realized and unrealized gains (losses)	$	(3	)	$	273		$	(264	)	$	(441	)