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


	December 31, 2025		June 30, 2025
Cash and cash equivalents:
Money market funds	$	63,182	$	70,920
Agency bonds	—		3,493
Commercial paper	—		12,564
Government bonds - US	—		4,995
Securities available for sale:
Certificates of deposit	36,552		39,008
Corporate bonds	242,177		264,199
Commercial paper	63,943		126,761
Agency bonds	5,051		7,854
Municipal bonds	8,435		6,076
Government bonds
Non-US	2,181		5,340
US (1)	274,274		344,434
Securitization notes receivable and certificates (2)	80,080		75,469
Residual interests in structured transactions	5,436		2,284
Other	5,246		—
Total marketable securities:	$	786,557	$	963,397

(1)As of December 31, 2025 and June 30, 2025, these securities include $99.8 million and $75.4 million, respectively, pledged as collateral in connection with our standby letters of credit for office leases and certain commercial agreements.

(2)These securities include $15.1 million and $34.5 million as of December 31, 2025 and June 30, 2025, 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, 2025 and June 30, 2025 were as follows (in thousands):


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
Certificates of deposit	$	36,500	$	52	$	—	$	—	$	36,552
Corporate bonds	241,356		821		—		—		242,177
Commercial paper	63,869		74		—		—		63,943
Agency bonds	5,049		2		—		—		5,051
Municipal bonds	8,410		25		—		—		8,435
Government bonds
Non-US	2,168		13		—		—		2,181
US (2)	273,716		558		—		—		274,274
Securitization notes receivable and certificates (3)	80,792		115		(258)		(569)		80,080
Residual interests in structured transactions	4,876		560				—		5,436
Other	5,000		246		—		—		5,246
Total securities available for sale	$	721,736	$	2,466	$	(258)	$	(569)	$	723,375


	June 30, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
Certificates of deposit	$	38,990	$	18	$	—	$	—	$	39,008
Corporate bonds	263,495		759		(55)		—		264,199
Commercial paper (1)	139,336		7		(18)		—		139,325
Agency bonds (1)	11,358		—		(11)		—		11,347
Municipal bonds	6,057		19		—		—		6,076
Government bonds
Non-US	5,331		9		—		—		5,340
US (2)	349,149		371		(91)		—		349,429
Securitization notes receivable and certificates (3)	76,279		173		(42)		(941)		75,469
Residual interests in structured transactions	2,173		111		—		—		2,284

Total securities available for sale	$	892,168	$	1,467	$	(217)	$	(941)	$	892,477

(1)As of June 30, 2025, Agency bonds, Commercial Paper, and US government bonds included $21.1 million classified as cash and cash equivalents within the interim condensed consolidated balance sheets.

(2)As of December 31, 2025 and June 30, 2025, these securities include $99.8 million and $75.4 million, respectively, pledged as collateral in connection with our standby letters of credit for office leases and certain commercial agreements.

(3)Approximately $15.1 million and $34.5 million as of December 31, 2025 and June 30, 2025, respectively, of these securities have been pledged as collateral in connection with sale and repurchase agreements discussed within Note 8. Debt.

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, 2025 and June 30, 2025, are as follows (in thousands):


	December 31, 2025
	Less than or equal to 1 year				Greater than 1 year				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses







Securitization notes receivable and certificates	47,563		(140)		—		—		47,563		(140)
Total securities available for sale (1)	$	47,563	$	(140)	$	—	$	—	$	47,563	$	(140)


	June 30, 2025
	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	$	7,711	$	—	$	—	$	—	$	7,711	$	—
Corporate bonds	42,842		(41)		16,978		(14)		59,820		(55)
Commercial paper	83,701		(18)		—		—		83,701		(18)
Agency bonds	11,347		(11)		—		—		11,347		(11)
Government bonds
Non-US	3,163		—		—		—		3,163		—
US	189,295		(91)		—		—		189,295		(91)
Total securities available for sale (1)	$	338,059	$	(161)	$	16,978	$	(14)	$	355,037	$	(175)

(1)The number of securities with unrealized losses for which an allowance for credit losses has not been recorded totaled 8 and 67 as of December 31, 2025 and June 30, 2025, respectively.


	December 31, 2025
	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	$	36,500	$	36,552	$	—	$	—	$	36,500	$	36,552
Corporate bonds	153,866		154,144		87,490		88,033		241,356		242,177
Commercial paper	63,869		63,943		—		—		63,869		63,943
Agency bonds	5,049		5,051		—		—		5,049		5,051
Municipal bonds	4,511		4,519		3,899		3,916		8,410		8,435
Government bonds
Non-US	—		—		2,168		2,181		2,168		2,181
US	234,545		234,941		39,171		39,333		273,716		274,274
Securitization notes receivable and certificates (2)	—		—		80,792		80,080		80,792		80,080
Residual interests in structured transactions	—		—		4,876		5,436		4,876		5,436
Other	—		—		5,000		5,246		5,000		5,246
Total securities available for sale	$	498,340	$	499,150	$	223,396	$	224,225	$	721,736	$	723,375


	June 30, 2025
	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	$	38,990	$	39,008	$	—	$	—	$	38,990	$	39,008
Corporate bonds	149,435		149,675		114,060		114,524		263,495		264,199
Commercial paper (1)	139,336		139,325		—		—		139,336		139,325
Agency bonds (1)	11,358		11,347		—		—		11,358		11,347
Municipal bonds	3,944		3,950		2,113		2,126		6,057		6,076
Government bonds
Non-US	3,162		3,162		2,169		2,178		5,331		5,340
US (1)	326,884		327,076		22,265		22,353		349,149		349,429
Securitization notes receivable and certificates (2)	—		—		76,279		75,469		76,279		75,469
Residual interests in structured transactions	—		—		2,173		2,284		2,173		2,284

Total securities available for sale	$	673,109	$	673,543	$	219,059	$	218,934	$	892,168	$	892,477

(1)As of June 30, 2025, Agency bonds, Commercial paper, and US government bonds included $21.1 million classified as cash and cash equivalents within the interim condensed consolidated balance sheets.

Gross proceeds from matured or redeemed securities were $184.4 million and $414.9 million for the three and six months ended December 31, 2025, respectively, and $403.1 million and $706.5 million for the three and six months ended December 31, 2024, respectively.

For available for sale securities, no gains and losses were realized for the three and six months ended December 31, 2025 and $0.3 million for both the three and six months ended December 31, 2024.

Equity security investments without a readily determinable fair value held at cost were $40.4 million and $40.3 million as of December 31, 2025 and June 30, 2025, respectively, and are included in other assets within the interim condensed consolidated balance sheets.

We did not record any impairment during the three and six months ended December 31, 2025 or for 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.

For the three and six months ended December 31, 2025, there were no upward or downward adjustments due to observable changes in orderly transactions. For the three and six months ended December 31, 2024, we recognized an upward adjustment of $2.4 million.