Investments AFS and the related fair value measurement consisted of the following (in thousands):


	2025
										Fair Value Measurements
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value		Level 1		Level 2
Commercial paper	$	14,682	$	1	$	(1	)	$	14,682	$	—	$	14,682
Certificates of deposit		816		—		—			816		—		816
U.S. Treasury securities		990		—		—			990		990		—
Corporate debt securities		17,897		3		(2	)		17,898		—		17,898
Total investments AFS	$	34,385	$	4	$	(3	)	$	34,386	$	990	$	33,396

	2024
										Fair Value Measurements
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value		Level 1		Level 2
Commercial paper	$	21,466	$	4	$	(2	)	$	21,468	$	—	$	21,468
Certificates of deposit		1,997		—		—			1,997		—		1,997
U.S. Treasury securities		11,356		3		(4	)		11,355		11,355		—
Corporate debt securities		51,527		14		(26	)		51,515		—		51,515
Total investments AFS	$	86,346	$	21	$	(32	)	$	86,335	$	11,355	$	74,980

The Company obtains the fair value from third-party pricing services. The pricing services utilize industry standard valuation models, including both income and market-based approaches and observable market inputs to determine value. These observable market inputs include reportable trades, benchmark yields, credit spreads, broker/dealer quotes, bids, offers and other industry and economic events.

The Company assessed each debt security (see Note 1 – Organization and Description of Business and Accounting Policies – Investments Available for Sale – for information on composition of the portfolio) in a gross unrealized loss position to determine whether the decline in fair value below amortized cost was a result of credit losses or other factors, whether the Company expects to recover the amortized cost of the debt security, the Company’s intent to sell and whether it is more-likely-than-not that the Company will not be required to sell the debt security before the recovery of the amortized cost basis. There has been no allowance for expected credit losses recorded for the fiscal years ended 2025, 2024 and 2023.

The following table shows the fair value of investments AFS by contractual maturity (in thousands):


	2025
	Within one year		After one year through five years		Total
Commercial paper	$	14,682	$	—	$	14,682
Certificates of deposit		816		—		816
U.S. Treasury securities		990		—		990
Corporate debt securities		17,898		—		17,898
Total investments AFS	$	34,386	$	—	$	34,386

During 2025, several of the Company’s investments AFS with an aggregate fair value of $3,377,000 were subject to early redemption. The Company recognized a gain upon redemption of $2,000 for the fiscal year ended 2025. During 2024, several of the Company’s investments AFS with an aggregate fair value of $1,314,000 were subject to early redemption. The Company recognized a gain upon redemption of $3,000 for the fiscal year ended 2024. During 2023, two of the Company’s investments AFS were the subject of a downgraded credit rating. The Company sold its investments of $1,300,000 during 2023 following the downgrade. The Company recognized a realized loss upon sale of less than $1,000 for the fiscal year ended 2023.