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Investments | 6 Months Ended
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Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract] |
Investments | 3. Investments As of June 30, 2026 and December 31, 2025, the Company held one auction rate security with a par value of $3,000,000 and an estimated fair value of a pproximately $2,525,000 and $2,462,000, respectively, purchased through and held in custody by a broker-dealer affiliate of Bank of America, N.A., that has experienced failed auctions (the “Failed Auction Security”) since February 2008. The Failed Auction Security held by the Company is Aaa/AA+ rated by major credit rating agencies, is collateralized by student loans, and is guaranteed by the U.S. Department of Education under the Federal Family Education Loan Program. Management is not aware of any reason to believe the issuer of the Failed Auction Security is presently at risk of default. Through June 30, 2026, the Company has continued to receive interest payments on the Failed Auction Security in accordance with the terms of its indenture. Management believes the Company ultimately should be able to liquidate the Failed Auction Security without significant loss primarily due to the overall quality of the issue held and the collateral securing the substantial majority of the underlying obligation. However, current conditions in the auction rate securities market have led management to conclude the recovery period for the Failed Auction Security exceeds 12 months. As a result, the Company continued to classify the Failed Auction Security as long-term as of June 30, 2026. Details of our investments are as follows (in thousands):
|  | June 30, 2026 |
|  | Cash and Cash |  |  | Long-Term |
|  | Equivalents |  |  | Investment |
Measured at fair value: |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |
Money market funds |  | $ | 412,129 |  |  | $ | — |
Failed Auction Security |  |  | — |  |  |  | 2,525 |
Total |  |  | 412,129 |  |  |  | 2,525 |
Other measurement basis: |  |  |  |  |  |
Cash on hand |  |  | 41,453 |  |  |  | — |
Total |  | $ | 453,582 |  |  | $ | 2,525 |
|  | December 31, 2025 |
|  | Cash and Cash |  |  | Long-Term |
|  | Equivalents |  |  | Investment |
Measured at fair value: |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |
Money market funds |  | $ | 367,340 |  |  | $ | — |
Failed Auction Security |  |  | — |  |  |  | 2,462 |
Total |  |  | 367,340 |  |  |  | 2,462 |
Other measurement basis: |  |  |  |  |  |
Cash on hand |  |  | 35,465 |  |  |  | — |
Total |  | $ | 402,805 |  |  | $ | 2,462 |
The following is a summary of the available-for-sale securities (in thousands):
|  |  |  |  | Gross |  |  | Gross |  |  | Estimated |
|  |  |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
June 30, 2026 |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Failed Auction Security |  | $ | 3,000 |  |  |  | — |  |  |  | 475 |  |  | $ | 2,525 |
|  |  |  |  | Gross |  |  | Gross |  |  | Estimated |
|  |  |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
December 31, 2025 |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Failed Auction Security |  | $ | 3,000 |  |  |  | — |  |  |  | 538 |  |  | $ | 2,462 |
As of June 30, 2026, the Failed Auction Security had been in an unrealized loss position for greater than 12 months. The amortized cost and estimated fair value of the available-for-sale securities on June 30, 2026, by type and contractual maturities, are shown below (in thousands):
|  |  |  |  | Estimated |
|  | Cost |  |  | Fair Value |
Failed Auction Security: |  |  |  |  |  |
Due in sixteen years |  | $ | 3,000 |  |  | $ | 2,525 |

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