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INVESTMENTS

12 Months Ended

Dec. 31, 2022

INVESTMENTS

4. INVESTMENTS

No net gains or losses were recognized on sales of equity securities during the year, and no unrealized gains or losses were recognized on equity securities held as of December 31, 2022 or as of December 31, 2021.

As of December 31, 2022, the Company’s debt securities portfolio had unaccreted discounts of $139 and no remaining unamortized premiums.

The table below presents the amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value aggregated by major security type as of December 31, 2022. Accrued interest receivable of $24 as of December 31, 2022, is not included in the table.


		As of December 31, 2022
Investment securities available-for-sale:		Amortized Cost			Gross Unrealized Gain			Gross Unrealized Loss			Allowance For Credit Losses			Fair Value
Commercial Paper		$	9,662		$	—		$	(2)		$	—		$	9,660
U.S. Treasury Securities			5,249			—			(46)			—			5,203
Total investment securities available-for-sale		$	14,911		$	—		$	(48)		$	—		$	14,863

Investment Securities in a Gross Unrealized Loss Position

The table below provides the gross unrealized losses and fair value of securities available-for-sale aggregated by major security type and the length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2022. The amounts include securities available-for-sale without an allowance for credit losses. As of December 31, 2022, the Company’s available-for-sale investment securities consisted of 52 securities, 39 of which are in an immaterial unrealized loss position of $31. As a result, there is no allowance for credit losses recorded for available-for-sale debt securities as of December 31, 2022.


		As of December 31, 2022
		Less than 12 Months						12 Months or Longer						Total
Investment securities available-for-sale without an allowance for credit losses:		Fair Value			Gross Unrealized Loss			Fair Value			Gross Unrealized Loss			Fair Value			Gross Unrealized Loss
Commercial Paper		$	6,464		$	(4)		$	—		$	—		$	6,464		$	(4)
U.S. Treasury Securities			3,746			(27)			1,457			(19)			5,203			(46)
Total investment securities available-for-sale		$	10,210		$	(31)		$	1,457		$	(19)		$	11,667		$	(50)

Maturities of Investment Securities

The table below summarizes, as of December 31, 2022, the fair value of investment securities by major security type and contractual maturity as well as the total fair value, and amortized cost of investment securities by contractual maturity. Because borrowers may have the right to call or prepay certain obligations, the expected maturities of securities are likely to differ from the scheduled contractual maturities presented below.


		As of December 31, 2022
		Due in 1 Year or Less			Due > 1 Year through 5 Years			Due > 5 Years through 10 Years			Due > 10 Years			Total
Fair value of investment securities available-for-sale:
Commercial Paper		$	9,660		$	—		$	—		$	—		$	9,660
U.S. Treasury Securities			3,746			1,457			—			—			5,203
Total investment securities available-for-sale		$	13,406		$	1,457		$	—		$	—		$	14,863
Amortized cost of investment securities available-for-sale		$	13,434		$	1,477		$	—		$	—		$	14,911

Net Securities Gains or Losses and Securities Pledged

During the year ended December 31, 2022, the Company had no sales of debt securities categorized as available-for-sale, resulting in no realized gains or losses, and no securities were pledged.