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MARKETABLE SECURITIES
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
MARKETABLE SECURITIES MARKETABLE SECURITIES
ASC 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 December 31:
($ in thousands) 20252024
Marketable Securities:Fair Value HierarchyCostEstimated Fair ValueCostEstimated Fair Value
Certificates of deposit
with unrecognized gains921 923 248 248 
Total Certificates of depositLevel 1921 923 248 248 
U.S. Treasury and agency notes
with unrecognized losses for less than 12 months1,000 999 6,115 6,109 
with unrecognized gains12,731 12,745 7,573 7,583 
Total U.S. Treasury and agency notesLevel 213,731 13,744 13,688 13,692 
Corporate notes
with unrecognized gains190 190 — — 
Total Corporate notesLevel 2190 190 — — 
Municipal notes
with unrecognized losses for less than 12 months— — 501 501 
with unrecognized losses514 513 — — 
Total Municipal notesLevel 2514 513 501 501 
$15,356 $15,370 $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. As of December 31, 2025, the Company has not recorded any credit losses.
At December 31, 2025, the fair market value of investment securities was $14,000 above the cost basis of securities. The Company’s gross unrealized holding losses equal $1,000. As of December 31, 2025, the adjustment to accumulated other comprehensive loss in consolidated equity for the temporary change in the value of securities reflects an increase in the market value of available-for-sale securities of $10,000.
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 per ASC Topic 326-30-50-3A. The accrued interest receivables balance totaled $132,000 as of December 31, 2025 and $171,000 as of December 31, 2024, and was included within the Prepaid expenses and other current assets line item of the Consolidated Balance Sheets. The Company elected not to measure an allowance for credit losses on accrued interest receivable, as an allowance on possible uncollectible accrued interest is not warranted.
U.S. Treasury and agency notes
The unrealized losses on the Company's investments in U.S. Treasury and agency notes at December 31, 2025 were caused by relative changes in interest rates since the time of purchase. The contractual cash flows for these securities are guaranteed by U.S. government agencies. The unrealized losses on these debt security holdings are a function of changes in investment spreads and interest rate movements and not changes in credit quality. As of December 31, 2025, the Company did not intend to sell these securities and it is not more-likely-than-not that the Company would be required to sell these securities before recovery of their cost basis. Therefore, these investments did not require an ACL as of December 31, 2025.
The following tables summarize the maturities, at par, of marketable securities by year ($ in thousands):
December 31, 202520262027Total
Certificates of deposit$425 $496 $921 
U.S. Treasury and agency notes13,750 — 13,750 
Corporate notes191 — 191
Municipal notes250 260 510 
$14,616 $756 $15,372 
December 31, 2024202520262027Total
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.