Marketable Investments

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Note 3 — Marketable Investments

The following table summarizes the Company’s marketable investments (in thousands):


	As of March 31, 2026
			Gross		Gross
	Amortized		Unrealized		Unrealized			Market
	Cost		Gains		Losses			Value
Corporate obligations	$	20,042	$	21	$	(20	)	$	20,043
Money market funds		51,526		—		—			51,526
Total	$	71,568	$	21	$	(20	)	$	71,569


	As of December 31, 2025
			Gross		Gross
	Amortized		Unrealized		Unrealized		Market
	Cost		Gains		Losses		Value
Corporate obligations	$	16,641	$	81	$	—	$	16,722
Money market funds		47,599		—		—		47,599
Total	$	64,240	$	81	$	—	$	64,321

Realized gains and losses on investments are included in earnings and are determined using the specific identification method. Sales of marketable investments during 2026 and 2025 primarily represent redemptions from non-U.S. based money market funds, and realized gains or losses on sales of marketable investments were immaterial during the three months ended March 31, 2026 and 2025.

The following table summarizes the maturity periods of the marketable investments in the Company’s portfolio as of March 31, 2026 (in thousands).


	FY 2026		FY 2027		FY 2028		FY 2029		Total
Corporate obligations	$	5,055	$	6,304	$	6,941	$	1,743	$	20,043
Money market funds		51,526		—		—		—		51,526
Total	$	56,581	$	6,304	$	6,941	$	1,743	$	71,569

The following table shows the gross unrealized losses and market value of the Company’s available-for-sale securities with unrealized losses that are not deemed to be other-than-temporary, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands):


	As of March 31, 2026
	Less Than 12 Months				12 Months or Greater
	Market		Unrealized		Market		Unrealized
	Value		Losses		Value		Losses
Corporate obligations	$	10,000	$	20	$	—	$	—
Total	$	10,000	$	20	$	—	$	—