Fair Value Measurements (Tables)

The following table sets forth the cost, gross unrealized losses, gross unrealized gains, and fair value of the Company’s investments as of the dates indicated (in thousands):


	Cost		Gross Unrealized Holding Loss		Gross Unrealized Holding Gain		Fair Value		Cash and Cash Equivalents		Short-term Investments		Long-term Investments
September 30, 2024
Level 1

Money market funds	$	85,634	$	—	$	—	$	85,634	$	85,634	$	—	$	—
U.S. Government securities	75,146		(16)		210		75,340		10,650		42,494		22,196
	160,780		(16)		210		160,974		96,284		42,494		22,196
Level 2

Certificate of deposit	32,862		—		58		32,920		—		32,920		—
Commercial paper	56,351		(1)		87		56,437		2,991		53,446		—
Corporate bonds	159,800		(9)		703		160,494		—		97,162		63,332
	249,013		(10)		848		249,851		2,991		183,528		63,332
Level 3
Loans receivable - held for investment	7,000		—		—		7,000		—		—		7,000
	7,000		—		—		7,000		—		—		7,000
	$	416,793	$	(26)	$	1,058	$	417,825	$	99,275	$	226,022	$	92,528
Measured at NAV (1)
Third-party managed funds													14,518
													$	107,046

December 31, 2023
Level 1
Money market funds	$	377,021	$	—	$	—	$	377,021	$	376,941	$	80	$	—
U.S. Government securities	95,298		(164)		39		95,173		—		60,153		35,020
	472,319		(164)		39		472,194		376,941		60,233		35,020
Level 2
U.S. agency securities	15,635		(14)		3		15,624		—		15,624		—
Certificate of deposit	35,365		(1)		55		35,419		—		35,419		—
Commercial paper	62,463		(12)		54		62,505		4,449		58,056		—
Corporate bonds	100,386		(145)		128		100,369		1,566		66,786		32,017
	213,849		(172)		240		213,917		6,015		175,885		32,017
Level 3
Loans receivable - held for investment	6,000		—		—		6,000		—		—		6,000
	6,000		—		—		6,000		—		—		6,000
	$	692,168	$	(336)	$	279	$	692,111	$	382,956	$	236,118	$	73,037
Measured at NAV (1)
Third-party managed funds													13,639
													$	86,676

(1)Third-party managed funds measured on the NAV basis have not been categorized in the fair value hierarchy. The amount presented in the table is intended to permit reconciliation of the long-term investments in the fair value hierarchy to the amount presented in the Consolidated Balance Sheets.

The tables below show the fair value and gross unrealized loss related to available-for-sale debt securities, aggregated by investment category and the length of time that the securities have been in a continuous unrealized loss position as of the dates indicated (in thousands):


	As of September 30, 2024
	Less than 12 Months				12 Months or Greater
	Fair Value		Gross Unrealized Holding Loss		Fair Value		Gross Unrealized Holding Loss
U.S. Government securities	$	11,578	$	—	$	15,472	$	(16)


Commercial paper	11,434		(1)		—		—
Corporate bonds	18,867		(6)		2,922		(3)
Total	$	41,879	$	(7)	$	18,394	$	(19)


	As of December 31, 2023
	Less than 12 Months				12 Months or Greater
	Fair Value		Gross Unrealized Holding Loss		Fair Value		Gross Unrealized Holding Loss
U.S. Government securities	$	71,536	$	(164)	$	—	$	—
U.S. agency securities	12,569		(14)		—		—
Certificate of deposit	7,178		(1)		—		—
Commercial paper	34,066		(12)		—		—
Corporate bonds	28,401		(73)		20,808		(72)
Total	$	153,750	$	(264)	$	20,808	$	(72)


	As of September 30, 2024				As of December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
2021 Notes	$	992,954	$	818,500	$	991,529	$	799,000
2020 Notes	646,519		558,740		645,624		556,790
2019 Notes	647,543		643,648		646,664		747,630

	$	2,287,016	$	2,020,888	$	2,283,817	$	2,103,420