Investments

6 Months Ended

Jun. 30, 2025

Investments

Investments

3. Investments

As of June 30, 2025 the Company had investments of $181,621 classified as available-for-sale securities. The Company had no investments at December 31, 2024 as it sold all its investments in the third quarter of 2024 and the proceeds were invested in cash and cash equivalents.

	As of June 30, 2025
			Gross		Gross		Estimated
	Adjusted		Unrealized		Unrealized		Fair
	Cost		Gains		(Losses)		Value
Corporate bonds	$	146,215	$	349	$	(112)	$	146,452
Commercial paper		10,735		—		(1)		10,734
Treasury bills		9,456		—		—		9,456
Agency bonds		14,999		1		(21)		14,979
Total investments	$	181,405	$	350	$	(134)	$	181,621

For the six months ended June 30, 2025 and 2024, the net unrealized gains and (losses) were $165 and ($69), 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.

Available-for-sale securities maturing as of December 31:
2025	$	23,679
2026		72,303
2027		61,542
2028		24,097
	$	181,621