Marketable securities include certain investments classified as cash and cash equivalents and securities available for sale, at fair value, and consist of the following as of each date presented within the interim condensed consolidated balance sheets (in thousands):


	December 31, 2024		June 30, 2024
Cash and cash equivalents:
Money market funds	$	115,063	$	63,389
Commercial paper	—		57,964
Government bonds - US	—		3,492
Securities available for sale:
Certificates of deposit	17,347		34,473
Corporate bonds	204,294		242,660
Commercial paper	51,293		239,882
Agency bonds	13,319		15,159
Municipal bonds	5,195		3,953
Government bonds
Non-US	3,156		5,275
US (1)	303,029		538,556
Securitization notes receivable and certificates (2)	69,051		51,670
Total marketable securities:	$	781,747	$	1,256,473

(1)As of December 31, 2024 and June 30, 2024, these securities include $73.8 million and $54.1 million, respectively, pledged as collateral in connection with our standby letters of credit for office leases and certain commercial agreements.

(2)These securities include $66.9 million and $46.7 million as of December 31, 2024 and June 30, 2024, respectively, pledged as collateral in connection with sale and repurchase agreements as discussed within Note 8. Debt.

The amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value of securities available for sale as of December 31, 2024 and June 30, 2024 were as follows (in thousands):


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
Certificates of deposit	$	17,327	$	20	$	—	$	—	$	17,347
Corporate bonds	203,942		613		(261)		—		204,294
Commercial paper	51,248		45		—		—		51,293
Agency bonds	13,324		13		(18)		—		13,319
Municipal bonds	5,184		11		—		—		5,195
Government bonds
Non-US	3,161		—		(5)		—		3,156
US (2)	302,799		517		(287)		—		303,029
Securitization notes receivable and certificates (3)	70,273		70		(49)		(1,243)		69,051
Total securities available for sale	$	667,258	$	1,289	$	(620)	$	(1,243)	$	666,684


	June 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
Certificates of deposit	$	34,468	$	9	$	(4)	$	—	$	34,473
Corporate bonds	243,639		95		(1,074)		—		242,660
Commercial paper (1)	298,005		7		(166)		—		297,846
Agency bonds	15,283		—		(124)		—		15,159
Municipal bonds	3,943		10		—		—		3,953
Government bonds
Non-US	5,310		—		(35)		—		5,275
US (1) (2)	543,421		33		(1,406)		—		542,048
Securitization notes receivable and certificates (3)	51,726		699		(91)		(664)		51,670

Total securities available for sale	$	1,195,795	$	853	$	(2,900)	$	(664)	$	1,193,084

(1)As of June 30, 2024, Commercial paper and US government bonds include $61.5 million classified as cash and cash equivalents within the interim condensed consolidated balance sheets.

(2)As of December 31, 2024 and June 30, 2024, these securities include $73.8 million and $54.1 million, respectively, pledged as collateral in connection with our standby letters of credit for office leases and certain commercial agreements.

(3)Approximately $66.9 million and $46.7 million as of December 31, 2024 and June 30, 2024, respectively, of these securities have been pledged as collateral in connection with sale and repurchase agreements discussed within Note 8. Debt.

As of December 31, 2024 and June 30, 2024, there were no material reversals of prior period allowance for credit losses recognized for available for sale securities.

A summary of securities available for sale with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and the length of time that individual securities have been in a continuous loss position as of December 31, 2024 and June 30, 2024, are as follows (in thousands):


	December 31, 2024
	Less than or equal to 1 year				Greater than 1 year				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

Corporate bonds	$	15,319	$	(98)	$	44,094	$	(163)	$	59,413	$	(261)

Agency bonds	4,881		(18)		—		—		4,881		(18)
Government bonds
Non-US	3,156		(5)		—		—		3,156		(5)
US	36,301		(151)		49,344		(136)		85,645		(287)
Total securities available for sale (1)	$	59,657	$	(272)	$	93,438	$	(299)	$	153,095	$	(571)


	June 30, 2024
	Less than or equal to 1 year				Greater than 1 year				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Certificates of deposit	$	9,647	$	(4)	$	—	$	—	$	9,647	$	(4)
Corporate bonds	119,353		(252)		57,846		(822)		177,199		(1,074)
Commercial paper	245,536		(166)						245,536		(166)
Agency bonds	10,417		(41)		4,743		(83)		15,160		(124)
Government bonds
Non-US	—		—		5,275		(35)		5,275		(35)
US	251,113		(185)		123,633		(1,221)		374,746		(1,406)
Total securities available for sale (1)	$	636,066	$	(648)	$	191,497	$	(2,161)	$	827,563	$	(2,809)

(1)The number of positions with unrealized losses for which an allowance for credit losses has not been recorded totaled 22 and 137 as of December 31, 2024 and June 30, 2024, respectively.


	December 31, 2024
	Within 1 year				Greater than 1 year, less than or equal to 5 years				Total
	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
Certificates of deposit	$	17,327	$	17,347	$	—	$	—	$	17,327	$	17,347
Corporate bonds	114,636		114,625		89,306		89,669		203,942		204,294
Commercial paper	51,248		51,293		—		—		51,248		51,293
Agency bonds	8,425		8,438		4,899		4,881		13,324		13,319
Municipal bonds	674		679		4,510		4,516		5,184		5,195
Government bonds
Non-US	3,161		3,156		—		—		3,161		3,156
US	218,711		218,753		84,088		84,276		302,799		303,029
Securitization notes receivable and certificates (2)	—		—		70,273		69,051		70,273		69,051

Total securities available for sale	$	414,182	$	414,291	$	253,076	$	252,393	$	667,258	$	666,684


	June 30, 2024
	Within 1 year				Greater than 1 year, less than or equal to 5 years				Total
	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
Certificates of deposit	$	34,468	$	34,473	$	—	$	—	$	34,468	$	34,473
Corporate bonds	118,547		118,039		125,092		124,621		243,639		242,660
Commercial paper (1)	298,005		297,846		—		—		298,005		297,846
Agency bonds	10,457		10,416		4,826		4,743		15,283		15,159
Municipal bonds	—		—		3,943		3,953		3,943		3,953
Government bonds
Non-US	2,150		2,150		3,160		3,125		5,310		5,275
US (1)	465,338		464,298		78,083		77,750		543,421		542,048
Securitization notes receivable and certificates (2)	—		—		51,726		51,670		51,726		51,670

Total securities available for sale	$	928,965	$	927,222	$	266,830	$	265,862	$	1,195,795	$	1,193,084

(1)As of June 30, 2024, Commercial paper and US government bonds include $61.5 million classified as cash and cash equivalents within the interim condensed consolidated balance sheets.

Gross proceeds from matured or redeemed securities were $403.1 million and $706.5 million for the three and six months ended December 31, 2024, respectively, and $344.2 million and $726.0 million for the three and six months ended December 31, 2023, respectively.

For available for sale securities had realized gains of $0.3 million for both the three and six months ended December 31, 2024 and immaterial realized gains and losses for the three and six months ended December 31, 2023.

Equity investments without a readily determinable fair value held at cost were $41.9 million and $37.8 million as of December 31, 2024 and June 30, 2024, respectively, and are included in other assets within the interim condensed consolidated balance sheets.

We did not record any impairment during the three months ended December 31, 2024. We recognized an impairment of $3.0 million for the six months ended December 31, 2024 within other income, net in the interim consolidated statements of operations and comprehensive income (loss) in connection with one of our non-marketable equity security investments. The fair value of the investment was determined utilizing a methodology based on significant unobservable inputs, including management estimates and assumptions, and thus represent Level 3 measurements. During the three and six months ended December 31, 2023, we recognized an impairment of $14.1 million within other income, net in the interim consolidated statements of operations in connection with one of our non-marketable equity security investments.

For the three and six months ended December 31, 2024, we recognized an upward adjustment of $2.4 million within other income, net in the interim consolidated statement of operations and comprehensive income (loss). For the three and six months ended December 31, 2023, there have been no upward or downward adjustments due to observable changes in orderly transactions.