INVESTMENT SECURITIES

3 Months Ended

Mar. 31, 2020

INVESTMENT SECURITIES

INVESTMENT SECURITIES

NOTE 3 INVESTMENT SECURITIES

Our investments as of March 31, 2020 and December 31, 2019 are classified as held-to-maturity. Held-to-maturity investments are recorded at amortized cost.

The following tables summarize our investment securities at March 31, 2020 and December 31, 2019:

	March 31, 2020
	Amortized		Gross		Gross
	cost, as		unrealized		unrealized		Estimated
(in thousands)	adjusted		holding gains		holding losses		fair value
Short-term investments:
Obligations of domestic governmental agencies (maturing between April 2020 and September 2020) (held-to-maturity)	$	26,284	$	106	$	—	$	26,390
Total short-term investment securities	$	26,284	$	106	$	—	$	26,390

	December 31, 2019
	Amortized		Gross		Gross
	cost, as		unrealized		unrealized		Estimated fair
	adjusted		holding gains		holding losses		value
Short-term investments:
Obligations of domestic governmental agencies (maturing between January 2020 and September 2020) (held-to-maturity)	$	27,798	$	28	$	—	$	27,826
Total short-term investment securities	$	27,798	$	28	$	—	$	27,826