Investments

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Investments

3. Investments

As of June 30, 2025 and December 31, 2024, the Company held one auction rate security with a par value of $3,000,000 and an estimated fair value of approximately $2,584,000 and $2,641,000, respectively, purchased through and held in custody by a broker-dealer affiliate of Bank of America, N.A., that has experienced failed auctions (the “Failed Auction Security”) since February 2008. The Failed Auction Security held by the Company is Aaa/AA+ rated by major credit rating agencies, is collateralized by student loans, and is guaranteed by the U.S. Department of Education under the Federal Family Education Loan Program. Management is not aware of any reason to believe the issuer of the Failed Auction Security is presently at risk of default. Through June 30, 2025, the Company has continued to receive interest payments on the Failed Auction Security in accordance with the terms of its indenture. Management believes the Company ultimately should be able to liquidate the Failed Auction Security without significant loss primarily due to the overall quality of the issue held and the collateral securing the substantial majority of the underlying obligation. However, current conditions in the auction rate securities market have led management to conclude the recovery period for the Failed Auction Security exceeds 12 months. As a result, the Company continued to classify the Failed Auction Security as long-term as of June 30, 2025.

Details of our investments are as follows (in thousands):

	June 30, 2025
	Cash and Cash		Long-Term
	Equivalents		Investment
Measured at fair value:
Available-for-sale securities:
Money market funds	$	298,083	$	—
Failed Auction Security		—		2,584
Total		298,083		2,584
Other measurement basis:
Cash on hand		40,458		—
Total	$	338,541	$	2,584

	December 31, 2024
	Cash and Cash		Long-Term
	Equivalents		Investment
Measured at fair value:
Available-for-sale securities:
Money market funds	$	246,745	$	—
Failed Auction Security		—		2,641
Total		246,745		2,641
Other measurement basis:
Cash on hand		30,528		—
Total	$	277,273	$	2,641

The following is a summary of the available-for-sale securities (in thousands):

			Gross		Gross		Estimated
			Unrealized		Unrealized		Fair
June 30, 2025	Cost		Gains		Losses		Value
Failed Auction Security	$	3,000		—		416	$	2,584

			Gross		Gross		Estimated
			Unrealized		Unrealized		Fair
December 31, 2024	Cost		Gains		Losses		Value
Failed Auction Security	$	3,000		—		359	$	2,641

As of June 30, 2025, the Failed Auction Security had been in an unrealized loss position for greater than 12 months.

The amortized cost and estimated fair value of the available-for-sale securities on June 30, 2025, by type and contractual maturities, are shown below (in thousands):

			Estimated
	Cost		Fair Value
Failed Auction Security:
Due in seventeen years	$	3,000	$	2,584