The Company’s investment securities as of September 30, 2026 and December 31, 2025, are presented below. Accrued interest on investment securities of $38.3 million and $36.3 million as of September 30, 2026 and December 31, 2025, respectively, is excluded from total investment securities and recorded within prepaid expenses and other current assets on the condensed consolidated balance sheets.

During the three and nine months ended September 30, 2026, proceeds from the sale of available-for-sale securities were $4.9 million and $56.2 million, respectively. For the three and nine months ended September 30, 2025, proceeds from the sale of available-for-sale securities were $48.0 million and $120.6 million, respectively. Gross realized gains and losses


(in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value(1)
As of September 30, 2026
Current:

Available-for-sale debt securities(2):
U.S. treasury notes	$	349.0	$	—	$	24.0	$	325.0
Corporate and sovereign debt securities	1,747.4		1.3		81.6		1,667.0
Municipal bonds	69.0		—		6.3		62.8
Asset-backed securities	1,035.0		1.7		8.4		1,028.4
Mortgage-backed securities	1,704.3		0.4		114.3		1,590.4

Total current investment securities	$	4,904.7	$	3.5	$	234.6	$	4,673.6

Non-current:

Available-for-sale debt securities(3)	$	66.3	$	—	$	3.4	$	62.9


Equity securities(4):
Mutual fund							26.9
Pooled investment fund							12.9
Total non-current investment securities							$	102.7


(in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value(1)
As of December 31, 2025
Current:
Available-for-sale debt securities:
U.S. treasury notes	$	412.4	$	1.0	$	15.9	$	397.5
Corporate and sovereign debt securities	1,322.8		29.7		2.9		1,349.6
Municipal bonds	68.7		0.8		2.9		66.6
Asset-backed securities	865.3		5.6		2.7		868.2
Mortgage-backed securities	1,659.6		17.1		25.7		1,651.0
Total current investment securities	$	4,328.8	$	54.3	$	50.2	$	4,332.9

Non-current:


Available-for-sale debt securities(3)	$	54.8	$	0.2	$	1.3	$	53.7


Equity securities(4):
Mutual fund							27.6
Pooled investment fund							12.9
Total non-current investment securities							$	94.2

(2)As of September 30, 2026, the Company has pledged available-for-sale debt securities with a fair value of $85.5 million as collateral against recurring settlement obligations owed in conjunction with its transactions processed through licensed card networks and $1.6 billion as collateral for FHLB advances, as further discussed in Note 10, Financing and Other Debt.

(3)The fair value of available-for-sale debt securities at September 30, 2026, was comprised of municipal bonds of $57.8 million and mortgage-backed securities of $5.1 million. The fair value of available-for-sale debt securities at December 31, 2025 was comprised of municipal bonds of $45.3 million and mortgage-backed securities of $8.4 million.

(4)Excludes $18.0 million and $18.4 million in equity securities as of September 30, 2026 and December 31, 2025, respectively, included in prepaid expenses and other current assets and other assets on the condensed consolidated balance sheets.

The following tables present estimated fair value and gross unrealized losses of available-for-sale debt securities in an unrealized loss position for less than and greater than one year for which an allowance for credit losses has not been recorded, aggregated by security category. There are no expected credit losses that have been recorded against our investment securities as of September 30, 2026 and December 31, 2025.


	As of September 30, 2026
	Less Than One Year				One Year or Longer				Total
(in millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses


Investment-grade rated debt securities:
U.S. treasury notes	$	71.0	$	4.2	$	254.0	$	19.8	$	325.0	$	24.0
Corporate and sovereign debt securities	1,520.5		78.0		31.9		3.6		1,552.4		81.6
Municipal bonds	81.0		4.5		29.6		4.8		110.6		9.3
Asset-backed securities	426.5		6.3		20.4		2.1		446.8		8.4
Mortgage-backed securities	1,166.2		67.0		372.1		47.7		1,538.3		114.7
Total available-for-sale debt securities	$	3,265.1	$	160.0	$	708.0	$	78.0	$	3,973.1	$	238.0

	As of December 31, 2025
	Less Than One Year				One Year or Longer				Total
(in millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Investment-grade rated debt securities:
U.S. treasury notes	$	7.4	$	0.1	$	330.8	$	15.8	$	338.2	$	15.9
Corporate and sovereign debt securities	147.5		0.7		47.3		2.3		194.8		3.0
Municipal bonds	50.5		0.7		34.6		3.3		85.1		4.0
Asset-backed securities	134.5		2.1		22.5		0.6		157.0		2.7
Mortgage-backed securities	227.4		1.4		477.7		24.5		705.1		25.9
Total available-for-sale debt securities	$	567.3	$	5.0	$	912.8	$	46.5	$	1,480.2	$	51.5

At September 30, 2026, there were 1,466 investment positions where the current fair value was less than the related amortized cost. Such unrealized losses are primarily driven by the elevated interest rate environment and are not considered to be credit-related based upon an analysis that considered the extent to which the fair value is less than the amortized basis of a security, adverse conditions specifically related to the security, changes to credit rating of the instrument subsequent to Company purchase, and the strength of the underlying collateral, if any. Additionally, the Company does not intend to sell the securities and it is not more likely than not that the Company will be required to sell the securities before recovery of their amortized cost bases.



	September 30, 2026
(in millions)	Amortized Cost		Fair Value
Due within one year	$	32.7	$	32.5
Due after 1 year through year 5	935.7		896.3
Due after 5 years through year 10	1,298.1		1,232.4
Due after 10 years	2,704.4		2,575.3
Total	$	4,971.0	$	4,736.5

The Company’s other investments at September 30, 2026 and December 31, 2025, which include Federal Home Loan Bank stock and minority equity or other investments in early-stage companies and venture capital funds for which there is no readily determinable fair value and over which we do not exert significant influence, were $102.8 million and $76.6 million, respectively. The investments are recorded at cost within other assets on our condensed consolidated balance sheets.