Marketable Securities

12 Months Ended

Dec. 31, 2025

Marketable Securities

Marketable Securities

(5) Marketable Securities

The following is a summary of marketable debt securities, classified as available-for-sale:

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In thousands)
December 31, 2025
Marketable securities
U.S. government and municipal obligations
Maturing in one year or less	$	151,270	$	479	$	—	$	151,749
Maturing after one year through three years		42,358		127		—		42,485
Total U.S. government and municipal obligations	$	193,628	$	606	$	—	$	194,234
Corporate debt securities
Maturing in one year or less	$	257,064	$	373	$	—	$	257,437
Maturing after one year through three years		37,980		55		(4)		38,031
Total corporate debt securities	$	295,044	$	428	$	(4)	$	295,468
Total marketable securities	$	488,672	$	1,034	$	(4)	$	489,702
December 31, 2024
Marketable securities
U.S. government and municipal obligations
Maturing in one year or less	$	185,388	$	467	$	—	$	185,855
Maturing after one year through three years		102,331		316		(144)		102,503
Total U.S. government and municipal obligations	$	287,719	$	783	$	(144)	$	288,358
Corporate debt securities
Maturing in one year or less	$	336,350	$	350	$	(54)	$	336,646
Maturing after one year through three years		72,139		36		(254)		71,921
Total corporate debt securities	$	408,489	$	386	$	(308)	$	408,567
Total marketable securities	$	696,208	$	1,169	$	(452)	$	696,925

The Company holds investment grade marketable securities. Unrealized losses are generally attributable to changes in interest rates. The aggregate fair value of marketable securities held by the Company in an unrealized loss position as of December 31, 2025 and December 31, 2024 was $19.4 million and $142.5 million, respectively. The Company has the intent and ability to hold its marketable securities until recovery and has determined that there has been no material change to the Company’s credit risk. As a result, the Company determined it did not hold any investments with a credit loss at December 31, 2025 and December 31, 2024.

Marketable securities include $4.4 million and $6.1 million in accrued interest at December 31, 2025 and 2024, respectively.