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INVESTMENTS

12 Months Ended

Dec. 31, 2024

INVESTMENTS

4. INVESTMENTS

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, 2024 and 2023. Accrued interest receivables of $40 and $20 as of December 31, 2024 and 2023, respectively, are not included in the tables.


		As of December 31, 2024
Investment securities available-for-sale:		Amortized Cost			Gross Unrealized Gain			Gross Unrealized Loss			Allowance For Credit Losses			Fair Value
Commercial Paper		$	4,920		$	—		$	—		$	—		$	4,920
Corporate Bonds			250			—			—			—			250
U.S. Treasury Securities			5,970			14			(1)			—			5,983
Total investment securities available-for-sale		$	11,140		$	14		$	(1)		$	—		$	11,153


		As of December 31, 2023
Investment securities available for sale:		Amortized Cost			Gross Unrealized Gain			Gross Unrealized Loss			Allowance For Credit Losses			Fair Value
Commercial paper		$	7,169		$	—		$	(1)		$	—		$	7,168
U.S. Treasury securities			3,628			—			(7)			—			3,621
Total investment securities available for sale		$	10,797		$	—		$	(8)		$	—		$	10,789

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, 2024 and 2023. The amounts include securities available-for-sale without an allowance for credit losses. As of December 31, 2024, the Company’s available-for-sale investment securities consisted of 42 securities, 2 of which are in an immaterial unrealized loss position. As of December 31, 2023, the Company’s available-for-sale investment securities consisted of 41 securities, 24 of which are in an immaterial unrealized loss position. As a result, there is no allowance for credit losses recorded for available-for-sale debt securities as of December 31, 2024 or 2023.


		As of December 31, 2024
		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
U.S. Treasury Securities		$	—		$	—		$	600		$	(1)		$	600		$	(1)
Total investment securities available-for-sale		$	—		$	—		$	600		$	(1)		$	600		$	(1)




		As of December 31, 2023
		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		$	4,472		$	(1)		$	—		$	—		$	4,472		$	(1)
U.S. Treasury securities			—			—			2,043			(7)			2,043			(7)
Total investment securities available for sale		$	4,472		$	(1)		$	2,043		$	(7)		$	6,515		$	(8)

Maturities of Investment Securities

The table below summarizes, as of December 31, 2024, 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, 2024
		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		$	4,920		$	—		$	—		$	—		$	4,920
Corporate Bonds			—			250			—			—			250
U.S. Treasury Securities			2,678			3,305			—			—			5,983
Total investment securities available-for-sale		$	7,598		$	3,555		$	—		$	—		$	11,153
Amortized cost of investment securities available-for-sale		$	7,595		$	3,545		$	—		$	—		$	11,140

The Company’s debt securities portfolio had unaccreted discounts of $59 and $114 and had no remaining unamortized premiums as of December 2024 and 2023, respectively.

Net Securities Gains or Losses and Securities Pledged

The Company had no sales of debt securities during 2024 or 2022. During 2023, the Company had sales of debt securities totaling $2,336, resulting in a realized loss of $4. No securities were pledged during the years ended December 31, 2024, 2023 or 2022.

No net gains or losses and no unrealized gains or losses were recognized on equity securities held during the years ended December 31, 2024, 2023 or 2022.