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MARKETABLE SECURITIES
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
MARKETABLE SECURITIES MARKETABLE SECURITIES
ASC Topic 320, “Investments – Debt and Equity Securities,” requires that an enterprise classify all debt securities as either held-to-maturity, trading or available-for-sale. The Company has elected to classify its securities as available-for-sale and therefore is required to adjust securities to fair value at each reporting date. All costs and both realized and unrealized gains and losses on securities are determined on a specific identification basis. The following is a summary of available-for-sale securities at:
($ in thousands) June 30, 2025December 31, 2024
Marketable Securities:Fair Value
Hierarchy		CostFair ValueCostFair Value
Certificates of deposit
with unrealized losses for less than 12 months$496 $496 $— $— 
with unrealized gains673 674 248 248 
Total Certificates of depositLevel 11,169 1,170 248 248 
U.S. Treasury and agency notes
with unrealized losses for less than 12 months13,363 13,351 6,115 6,109 
with unrealized gains1,941 1,942 7,573 7,583 
Total U.S. Treasury and agency notesLevel 215,304 15,293 13,688 13,692 
Corporate notes
with unrealized losses for less than 12 months331 331 — — 
with unrealized gains248 248 — — 
Total Corporate notesLevel 2579 579 — — 
Municipal notes
with unrealized losses for less than 12 months248 248 501 501 
with unrealized gains264 264 — — 
Total Municipal notesLevel 2512 512 501 501 
$17,564 $17,554 $14,437 $14,441 
The Company uses an allowance approach when recognizing credit loss for available-for-sale debt securities, measured as the difference between the security's amortized cost basis and the amount expected to be collected over the security's lifetime. Under this approach, at each reporting date, the Company records impairment related to credit losses through earnings offset with an allowance for credit losses, or ACL. At June 30, 2025, the Company has not recorded any credit losses.
As of June 30, 2025, the fair market value of investment securities was $10,000 below their cost basis. The Company’s gross unrealized holding gains equaled $2,000 and gross unrealized holding losses equaled $12,000. For the three months ended June 30, 2025, the adjustment to accumulated other comprehensive loss reflected a decrease in market value of $6,000, before the impact of an estimated tax benefit of $2,000. For the six months ended June 30, 2025, the adjustment to accumulated other comprehensive loss reflected a decline in market value of $14,000, before the impact of an estimated tax benefit of $4,000.
The Company elected to exclude applicable accrued interest from both the fair value and the amortized cost basis of the available-for-sale debt securities, and separately present the accrued interest receivable balance. The accrued interest receivables balance totaled $175,000 as of June 30, 2025 and was included within the Prepaid expenses and other current assets line item of the Consolidated Balance Sheets. The Company elected not to measure an allowance for credit losses on accrued interest receivable, as an allowance on possible uncollectible accrued interest is not warranted.
U.S. Treasury and agency notes
The unrealized losses on the Company's investments in U.S. Treasury and agency notes at June 30, 2025 and December 31, 2024 were caused by relative changes in interest rates since the time of purchase and not changes in credit quality. The contractual cash flows for these securities are guaranteed by U.S. government agencies. As of June 30, 2025 and December 31, 2024, the Company did not intend to sell these securities and it is not more-likely-than-not that the Company would be required to sell these securities before recovery of their cost basis. Therefore, these investments did not require an ACL as of June 30, 2025 and December 31, 2024.
Corporate notes
The unrealized losses on corporate notes are a function of changes in investment spreads and interest rate movements and not changes in credit quality. The Company expects to recover the entire amortized cost basis of these securities. As of June 30, 2025 and December 31, 2024, the Company did not intend to sell these securities and it is not more-likely-than-not the Company would be required to sell these securities before recovery of their cost basis. Therefore, these investments did not require an ACL as of June 30, 2025 and December 31, 2024.
The following tables summarize the maturities, at par, of marketable securities as of:
June 30, 2025
($ in thousands)202520262027Total
Certificates of deposit$248 $425 $496 $1,169 
U.S. Treasury and agency notes6,105 8,500 737 15,342 
Corporate notes144 191 248 583 
Municipal notes— 250 260 510 
Total$6,497 $9,366 $1,741 $17,604 
 
December 31, 2024
($ in thousands)202520262027Total
Certificates of deposit$248 $— $— $248 
U.S. Treasury and agency notes12,015 1,000 737 13,752 
Municipal notes500 — — 500 
$12,763 $1,000 $737 $14,500 
The Company’s investments in corporate notes are with companies that have an investment grade rating from Standard & Poor’s as of June 30, 2025 and December 31, 2024.