Marketable Securities

3 Months Ended

Mar. 31, 2026

Marketable Securities

Marketable Securities

(5)  Marketable Securities

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

	Amortized		Gross Unrealized		Gross Unrealized		Fair
	Cost		Gains		Losses		Value
	(In thousands)
March 31, 2026
Marketable securities
U.S. government and municipal obligations
Maturing in one year or less	$	130,757	$	185	$	(3)	$	130,939
Maturing after one year through three years		37,617		16		(83)		37,550
Total U.S. government and municipal obligations	$	168,374	$	201	$	(86)	$	168,489
Corporate debt securities
Maturing in one year or less	$	205,565	$	84	$	(130)	$	205,519
Maturing after one year through three years		41,864		5		(148)		41,721
Total corporate debt securities	$	247,429	$	89	$	(278)	$	247,240
Total marketable securities	$	415,803	$	290	$	(364)	$	415,729
	Amortized		Gross Unrealized		Gross 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

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 March 31, 2026 and December 31, 2025 was $174.4 million and $19.4 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 March 31, 2026 and December 31, 2025.

Marketable securities include $4.7 million and $4.4 million in accrued interest at March 31, 2026 and December 31, 2025, respectively.