Investment Securities (Tables)

9 Months Ended

Sep. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Schedule of Investment Securities Reconciliation

The following tables present amortized cost and fair values of investments as of September 30, 2021, and December 31, 2020, respectively:

September 30, 2021	Amortized cost		Accumulated unrealized gains		Accumulated unrealized losses		Fair value
	(in thousands)
Investment securities, held-to-maturity
U.S. government and government agencies and authorities	$	695	$	42	$	(10)	$	727
Investment securities, available-for-sale
U.S. government and government agencies and authorities	167,935		37		(647)		167,325
Total investment securities	$	168,630	$	79	$	(657)	$	168,052

December 31, 2020	Amortized cost		Accumulated unrealized gains		Accumulated unrealized losses		Fair value
	(in thousands)
Investment securities, held-to-maturity
U.S. government and government agencies and authorities	$	694	$	43	$	—	$	737
Investment securities, available-for-sale
U.S. government and government agencies and authorities	53,953		51		(41)		53,963
Total investment securities	$	54,647	$	94	$	(41)	$	54,700

Schedule of Amortized Cost and Fair Value of Debt Securities

The following table presents the amortized cost and fair value of debt securities as of September 30, 2021, by contractual maturity:

September 30, 2021	Held-to-maturity				Available-for-sale
	Amortized cost		Fair value		Amortized cost		Fair value
	(in thousands)
Due within one year	$	305	$	308	$	21,139	$	21,142
Due after one year through five years	15		16		141,835		141,352
Due after five years through ten years	265		256		4,961		4,831
Due after ten years	110		147		—		—
Total	$	695	$	727	$	167,935	$	167,325

Schedule of Net Investment Income

For the three and nine months ended September 30, 2021 and 2020, respectively, net investment income, which is included within other income in the Condensed Consolidated Statements of Operations and Comprehensive Loss, was derived from the following sources:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(in thousands)
Cash and cash equivalents	$	—	$	1	$	—	$	108
Short-term investments	62		519		139		1,141
Investment securities	117		303		201		977
Investment income, net	$	179	$	823	$	340	$	2,226

Schedule of Gross Unrealized Losses and Fair Value for Fixed Maturities in a Continuous Unrealized Loss Position

Gross unrealized losses and fair values aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position were as follows at September 30, 2021:

September 30, 2021	Less than 12 months				Greater than 12 months				Total
	Fair value		Unrealized loss		Fair value		Unrealized loss		Fair value		Unrealized loss
	(in thousands, except number of positions)
U.S. government and government agencies	$	—	$	—	$	71,620	$	(657)	$	71,620	$	(657)
Total	$	—	$	—	$	71,620	$	(657)	$	71,620	$	(657)
Number of positions	—				14				14

Schedule of Realized Gain (Loss) on Investment Securities

Proceeds from sales and maturities of investment securities, inclusive of short-term investments, and related gross realized gains (losses) which are included within other income in the Condensed Consolidated Statements of Operations and Comprehensive Loss, were as follows for the three and nine months ended September 30, 2021 and 2020, respectively:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(in thousands)
Proceeds from sales of investment securities	$	89,997	$	71,049	$	126,862	$	166,024
Proceeds from maturities of investment securities	50,000		9,600		250,265		56,701
Gross realized gains	7		504		24		540
Gross realized losses	—		—		(77)		—
Net realized gains (losses)	$	7	$	504	$	(53)	$	540