Marketable Securities and Corporate Bonds (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Schedule of Marketable Securities, Measured at Fair Value |
The following table presents the Company’s marketable securities, measured at fair value as of the following periods:
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As of September 30, 2026 |
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Quoted |
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Other |
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prices |
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significant |
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Significant |
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in active |
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observable |
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unobservable |
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markets |
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inputs |
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inputs |
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Level 1 |
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Level 2 |
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Level 3 |
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Fair value |
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Assets: |
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Available for sale securities, at fair value: |
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U.S. Treasury securities |
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$ |
— |
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$ |
588,974 |
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$ |
— |
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$ |
588,974 |
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Corporate securities |
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— |
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122,137 |
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— |
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122,137 |
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Certificates of deposit |
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581 |
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— |
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— |
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|
581 |
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Total available for sale securities, at fair value |
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581 |
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711,111 |
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— |
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711,692 |
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Total marketable securities and corporate securities |
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$ |
581 |
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$ |
711,111 |
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$ |
— |
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$ |
711,692 |
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As of December 31, 2025 |
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Quoted |
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Other |
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prices |
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significant |
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Significant |
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in active |
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observable |
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unobservable |
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markets |
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inputs |
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inputs |
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Level 1 |
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Level 2 |
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Level 3 |
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Fair value |
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Assets: |
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Available for sale securities, at fair value: |
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U.S. Treasury securities |
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$ |
— |
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$ |
16,491 |
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$ |
— |
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$ |
16,491 |
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Certificates of deposit |
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581 |
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— |
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— |
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581 |
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Total available for sale securities, at fair value |
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581 |
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16,491 |
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— |
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17,072 |
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Equity securities, at fair value |
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4,629 |
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— |
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— |
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4,629 |
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Total marketable securities |
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$ |
5,210 |
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$ |
16,491 |
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$ |
— |
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$ |
21,701 |
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| Schedule of Available-for-sale Securities, at Fair Value |
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 $22,919 at September 30, 2026 and December 31, 2025, respectively.
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As of September 30, 2026 |
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Amortized |
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Allowance for |
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Net carrying |
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Gross |
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Gross |
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Cost |
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credit losses |
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amount |
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unrealized gains |
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unrealized losses |
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Fair value |
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U.S. Treasury securities |
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$ |
588,785 |
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$ |
— |
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$ |
588,785 |
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$ |
189 |
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$ |
— |
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$ |
588,974 |
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Corporate securities |
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124,953 |
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— |
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124,953 |
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— |
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(2,816 |
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122,137 |
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Certificates of deposit |
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581 |
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— |
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581 |
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— |
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— |
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581 |
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Total |
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$ |
714,319 |
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$ |
— |
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$ |
714,319 |
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$ |
189 |
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$ |
(2,816 |
) |
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$ |
711,692 |
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As of December 31, 2025 |
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Amortized |
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Allowance for |
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Net carrying |
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Gross |
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Gross |
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Cost |
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credit losses |
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amount |
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unrealized gains |
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unrealized losses |
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Fair value |
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U.S. Treasury securities |
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$ |
16,158 |
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$ |
— |
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$ |
16,158 |
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$ |
333 |
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$ |
— |
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$ |
16,491 |
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Certificates of deposit |
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581 |
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— |
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581 |
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— |
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— |
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581 |
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Total |
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$ |
16,739 |
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$ |
— |
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$ |
16,739 |
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$ |
333 |
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$ |
— |
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$ |
17,072 |
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| Schedule of Amortized Cost and Fair Value by Contractual Maturity Date |
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.
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As of |
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September 30, 2026 |
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December 31, 2025 |
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Amortized cost |
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Fair value |
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Amortized cost |
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Fair value |
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Due in one year or less |
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$ |
589,366 |
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$ |
589,555 |
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$ |
16,739 |
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$ |
17,072 |
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Due after one year through five years |
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124,953 |
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122,137 |
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— |
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— |
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Total |
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$ |
714,319 |
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$ |
711,692 |
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$ |
16,739 |
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$ |
17,072 |
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| Schedule of Available-for-Sale Securities |
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:
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As of September 30, 2026 |
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Less than or equal to one year |
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More than one year |
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Fair value |
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Gross unrealized loss |
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# of Securities (1) |
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Fair value |
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Gross unrealized loss |
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# of Securities (1) |
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Corporate securities |
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$ |
122,137 |
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$ |
(2,816 |
) |
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21 |
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$ |
— |
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$ |
— |
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— |
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Total |
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$ |
122,137 |
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$ |
(2,816 |
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21 |
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$ |
— |
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$ |
— |
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— |
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(1)Presented in whole numbers.
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| Schedule of Components of Marketable Securities and Corporate Securities |
The following table presents additional information on the Company’s AFS securities included within marketable securities and corporate securities:
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Purchases of AFS securities |
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$ |
721,095 |
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$ |
16,158 |
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$ |
878,289 |
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$ |
88,009 |
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Proceeds from maturities, calls and prepayments of AFS securities |
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$ |
162,236 |
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$ |
45,000 |
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$ |
178,736 |
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$ |
55,350 |
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Gross proceeds from sales of AFS securities |
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$ |
— |
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$ |
4,944 |
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$ |
— |
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$ |
4,944 |
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| Schedule of Components of Net Realized and Unrealized Gain (Losses) |
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:
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Net realized gains (losses) |
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Net realized gains (losses) on equity securities |
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$ |
— |
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$ |
— |
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$ |
(3,095 |
) |
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$ |
— |
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Net realized gains other |
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(3 |
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— |
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(3 |
) |
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50 |
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Total net realized gains (losses) |
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$ |
(3 |
) |
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$ |
— |
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$ |
(3,098 |
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$ |
50 |
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Net unrealized gains (losses) |
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Net unrealized gains (losses) on equity securities held at period end |
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$ |
— |
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$ |
274 |
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$ |
— |
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$ |
(942 |
) |
Reclass of unrealized (gains) losses from prior periods for equity securities sold |
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— |
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— |
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2,834 |
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— |
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Other |
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— |
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(1 |
) |
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— |
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|
451 |
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Total net unrealized gains (losses) |
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— |
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|
273 |
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2,834 |
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(491 |
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Total net realized and unrealized gains (losses) |
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$ |
(3 |
) |
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$ |
273 |
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|
$ |
(264 |
) |
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$ |
(441 |
) |
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