Investments

6 Months Ended

Jun. 30, 2023

Investments

Investments

3. Investments

As of June 30, 2023 and December 31, 2022, the Company had investments of $90,444 and $61,295, respectively, classified as available-for-sale securities.

As of June 30, 2023, the Company had available-for-sale investments comprised of the following:

	As of June 30, 2023
			Gross		Gross
	Adjusted		Unrealized		Unrealized		Estimated
	Cost		Gains		(Losses)		Fair Value
Corporate bonds	$	67,412	$	1	$	(835)	$	66,578
Commercial Paper		4,918		—		(2)		4,916
Agency bonds		19,020		—		(70)		18,950
Total investments	$	91,350	$	1	$	(907)	$	90,444

For the six months ended June 30, 2023 and 2022, the net unrealized losses were $157 and $398, respectively, net of taxes. Available-for-sale debt securities are carried at fair value on the consolidated balance sheets. The Company estimates the lifetime expected credit losses for all available-for sale debt securities in an unrealized loss position. If our assessment indicates that an expected credit loss exists, we determine the portion of the unrealized loss attributable to credit deterioration and record a reserve for the expected credit loss in the allowance for credit losses in technology and academic services in our consolidated income statements. The Company has the ability and intent to hold these investments until recovery.

Available-for-sale securities maturing as of December 31:
2023	$	33,545
2024		41,526
2025		14,422
2026		951
Total	$	90,444