The Company has investments in debt securities, which include corporate bonds and notes, treasury and agency notes and bills, commercial paper, and in equity securities consisting of money market funds. The Company classifies its debt securities as available-for-sale (“AFS”), which are accounted for at fair value with credit related losses recognized as a provision for credit losses in its Condensed Consolidated Statements of Income and all non-credit related unrealized gains and losses recognized in accumulated other comprehensive income or loss on the Condensed Consolidated Balance Sheets. Under ASU 2016-01 (Topic 321), equity securities are measured at fair value with unrealized gains and losses recognized in other income and expense, net, in the Condensed Consolidated Statements of Income.

The following is a summary of marketable securities at September 30, 2026 and December 31, 2025 (in thousands):


	September 30, 2026
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses		Estimated Fair Values
Marketable securities
Commercial paper	$	7,728	$	—	$	(6	)	$	—	$	7,722
Corporate bonds and notes		55,690		9		(472	)		—		55,227
Treasury and agency notes and bills		500		—		(10	)		—		490
Total debt securities		63,918		9		(488	)		—		63,439
Money market funds		1,673		—		—			—		1,673
Total equity securities		1,673		—		—			—		1,673
Total marketable securities	$	65,591	$	9	$	(488	)	$	—	$	65,112
Reported in:
Cash and cash equivalents										$	1,673
Marketable securities											63,439
Total marketable securities										$	65,112


	December 31, 2025
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses		Estimated Fair Values
Marketable securities
Commercial paper	$	8,112	$	1	$ —			$	—	$	8,113
Corporate bonds and notes		53,685		125		(26	)		—		53,784
Treasury and agency notes and bills		1,700	—		—				—		1,700
Total debt securities		63,497		126		(26	)		—		63,597
Money market funds		200		—		—			—		200
Total equity securities		200		—		—			—		200
Total marketable securities	$	63,697	$	126	$	(26	)	$	—	$	63,797
Reported in:
Cash and cash equivalents										$	200
Marketable securities											63,597
Total marketable securities										$	63,797

At September 30, 2026 and December 31, 2025, the Company had $127.7 million and $136.7 million, respectively, in cash, cash equivalents and marketable securities. A significant portion of these amounts was held in marketable securities, as shown above. The remaining balances of $62.6 million and $72.9 million at September 30, 2026 and December 31, 2025, respectively, were cash held in operating accounts not included in the tables above.

The gross realized gains and losses on sales of marketable debt securities were immaterial during the three and nine months ended September 30, 2026 and 2025. Unrealized gains and losses on AFS debt securities were immaterial as of September 30, 2026 and December 31, 2025. The Company evaluated whether the decline in fair value has resulted from credit losses or other factors and concluded these amounts were related to temporary fluctuations in value of AFS securities and were due primarily to changes in interest rates and market conditions of the underlying securities. The Company did not recognize a provision for credit loss expense related to its AFS debt securities during the three and nine months ended September 30, 2026 and 2025.