The following table summarizes the estimated fair value of available-for-sale debt securities included within short-term investments as of September 30, 2026 (in thousands):


	September 30, 2026
	Gross Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Accrued Interest Receivable	Aggregate Fair Value
Short-term investments

U.S. Government obligations	3,000	—	—	43	3,043




Total short-term investments	3,000	—	—	43	3,043

The following table summarizes the estimated fair value of available-for-sale debt securities included within short-term investments as of December 31, 2025 (in thousands):


	December 31, 2025
	Gross Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Accrued Interest Receivable		Aggregate Fair Value
Short-term investments
Corporate bonds	$	4,808	$	5	$	—	$	37	$	4,850
U.S. Government obligations	19,573		51		—		218		19,842




Total short-term investments	$	24,381	$	56	$	—	$	255	$	24,692

As of September 30, 2026 and December 31, 2025, all of the Company's available-for-sale debt securities are due within one year.

As of September 30, 2026 and December 31, 2025, none of the investments in available-for-sale debt securities were in an unrealized loss position.

For the three and nine months ended September 30, 2026, the Company received proceeds of $8.7 million and $21.4 million from the maturity and sale of short-term investments, respectively. For the three and nine months ended September 30, 2025, the Company received proceeds of $12.4 million and $154.7 million from the maturity and sale of short-term and long-term investments, respectively, primarily used to partially pay down the outstanding debt under the Company's revolving credit facility used for the Sertifi acquisition.

Realized gains and losses on investments are calculated on the basis of specific identification. During the three and nine months ended September 30, 2026, realized gains were less than $0.1 million and there were no realized losses on the sale of the available-for-sale debt securities. During the three months ended September 30, 2025, there were no realized gains or losses on the sale of the available-for-sale debt securities. During the nine months ended September 30, 2025, realized gains were $0.2 million and realized losses were less than $0.1 million on the sale of available-for-sale debt securities.