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Investments | 9 Months Ended
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Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Investments | 3. Investments. Available-for-sale investments by security type were as follows (in thousands):
|  | Estimated Fair Value |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Amortized Cost |
At September 30, 2025: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasuries - Cash equivalents |  | $ | 473,831 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 473,830 |
Total |  | $ | 473,831 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 473,830 |
At December 31, 2024: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasuries - Cash equivalents |  | $ | 329,457 |  |  | $ | 84 |  |  | $ | — |  |  | $ | 329,373 |
Total |  | $ | 329,457 |  |  | $ | 84 |  |  | $ | — |  |  | $ | 329,373 |
There were no realized gains or losses from available-for-sale securities during the three and nine months ended September 30, 2025 and 2024. The estimated fair values of available-for-sale securities at September 30, 2025, by contractual maturity, are summarized as follows (in thousands):
|  | September 30, 2025 |
Due in one year or less |  | $ | 473,831 |
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |
Net gains (losses) recognized during the period on equity securities |  | $ | (2,089 | ) |  | $ | 1,759 |  |  | $ | (2,397 | ) |  | $ | (1,647 | )
Unrealized net gains (losses) recognized during the period on equity securities still held at the reporting date |  | $ | (2,089 | ) |  | $ | 1,759 |  |  | $ | (2,397 | ) |  | $ | (1,647 | )
There were no purchases or sales of equity securities during the three and nine months ended September 30, 2025 and 2024.

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