| INVESTMENTS The Company’s investments consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2024 | | (in thousands) | | Adjusted Basis | | Gross
Unrealized Gains | | Gross
Unrealized Losses | | Fair Value | | | | | | | | | | | | | | | | | | Available-for-sale securities | $ | 498,743 | | | $ | 387 | | | $ | (84) | | | $ | 499,046 | | | | | | | | | | | Total current investments | $ | 498,743 | | | $ | 387 | | | $ | (84) | | | $ | 499,046 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | As of September 30, 2024 | | (in thousands) | | Adjusted Basis | | Gross
Unrealized Gains | | Gross
Unrealized Losses | | Fair Value | | | | | | | | | | | | | | | | | | Available-for-sale securities | $ | 577,465 | | | $ | 837 | | | $ | (26) | | | $ | 578,276 | | | | | | | | | | | Total current investments | $ | 577,465 | | | $ | 837 | | | $ | (26) | | | $ | 578,276 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The following table summarizes the contract maturity of the available-for-sale securities as of: | | | | | | | | | | | | | December 31, 2024 | | September 30, 2024 | | (in thousands) | | | | | | | | | Within one year | $ | 474,459 | | | $ | 578,276 | | After one to two years | 24,587 | | | — | | Total | $ | 499,046 | | | $ | 578,276 | | | | | |
As of December 31, 2024 and September 30, 2024, the gross unrealized losses were immaterial. The Company has determined that the available-for-sale securities that were in an unrealized loss position did not have any credit loss impairment as of December 31, 2024 and 2023.
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