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MARKETABLE SECURITIES
 9 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
MARKETABLE SECURITIES MARKETABLE SECURITIES
ASC Topic 320, “Investments – Debt and Equity Securities,” requires that an enterprise classify all debt securities as either held-to-maturity, trading or available-for-sale. The Company has elected to classify its securities as available-for-sale and therefore is required to adjust securities to fair value at each reporting date. All costs and both realized and unrealized gains and losses on securities are determined on a specific identification basis. The following is a summary of available-for-sale securities at:
($ in thousands) September 30, 2025December 31, 2024
Marketable Securities:Fair Value
Hierarchy		CostFair ValueCostFair Value
Certificates of deposit
with unrealized gains921 923 248 248 
Total Certificates of depositLevel 1921 923 248 248 
U.S. Treasury and agency notes
with unrealized losses for less than 12 months7,223 7,216 6,115 6,109 
with unrealized gains8,232 8,239 7,573 7,583 
Total U.S. Treasury and agency notesLevel 215,455 15,455 13,688 13,692 
Corporate notes
with unrealized gains581 582 — — 
Total Corporate notesLevel 2581 582 — — 
Municipal notes
with unrealized losses for less than 12 months249 249 501 501 
with unrealized gains263 264 — — 
Total Municipal notesLevel 2512 513 501 501 
$17,469 $17,473 $14,437 $14,441 
The Company uses an allowance approach when recognizing credit loss for available-for-sale debt securities, measured as the difference between the security's amortized cost basis and the amount expected to be collected over the security's lifetime. Under this approach, at each reporting date, the Company records impairment related to credit losses through earnings offset with an allowance for credit losses, or ACL. At September 30, 2025, the Company has not recorded any credit losses.
As of September 30, 2025, the fair market value of investment securities was $4,000 above their cost basis. The Company’s gross unrealized holding gains equaled $11,000 and gross unrealized holding losses equaled $7,000. For the three months ended September 30, 2025, the adjustment to accumulated other comprehensive loss reflected an increase in market value of $14,000, before the impact of a tax provision of $4,000. For the nine months ended September 30, 2025, there was no change in value.
The Company elected to exclude applicable accrued interest from both the fair value and the amortized cost basis of the available-for-sale debt securities, and separately present the accrued interest receivable balance. The accrued interest receivables balance totaled $133,000 as of September 30, 2025 and was included within the Prepaid expenses and other current assets line item of the Consolidated Balance Sheets. The Company elected not to measure an allowance for credit losses on accrued interest receivable, as an allowance on possible uncollectible accrued interest is not warranted.
U.S. Treasury and agency notes
The unrealized losses on the Company's investments in U.S. Treasury and agency notes at September 30, 2025 and December 31, 2024 were caused by relative changes in interest rates since the time of purchase and not changes in credit quality. The contractual cash flows for these securities are guaranteed by U.S. government agencies. As of September 30, 2025 and December 31, 2024, the Company did not intend to sell these securities and it is not more-likely-than-not that the Company would be required to sell these securities before recovery of their cost basis. Therefore, these investments did not require an ACL as of September 30, 2025 and December 31, 2024.
Corporate notes
The unrealized losses on corporate notes are a function of changes in investment spreads and interest rate movements and not changes in credit quality. The Company expects to recover the entire amortized cost basis of these securities. As of September 30, 2025 and December 31, 2024, the Company did not intend to sell these securities and it is not more-likely-than-not the Company would be required to sell these securities before recovery of their cost basis. Therefore, these investments did not require an ACL as of September 30, 2025 and December 31, 2024.
The following tables summarize the maturities, at par, of marketable securities as of:
September 30, 2025
($ in thousands)202520262027Total
Certificates of deposit$— $425 $496 $921 
U.S. Treasury and agency notes500 13,750 1,237 15,487 
Corporate notes144 191 248 583 
Municipal notes— 250 260 510 
Total$644 $14,616 $2,241 $17,501 
 
December 31, 2024
($ in thousands)202520262027Total
Certificates of deposit$248 $— $— $248 
U.S. Treasury and agency notes12,015 1,000 737 13,752 
Municipal notes500 — — 500 
$12,763 $1,000 $737 $14,500 
The Company’s investments in corporate notes are with companies that have an investment grade rating from Standard & Poor’s as of September 30, 2025 and December 31, 2024.