v3.25.2
Available-for-sale debt securities
 12 Months Ended
Dec. 31, 2024
Proceeds from Sale and Maturity of Debt Securities, Available-for-Sale [Abstract]  
Available-for-sale debt securities
4. Available-for-sale debt securities
Available-for-sale debt securities
The cost basis, fair values and gross unrealized gains and losses of available-for-sale debt securities, at fair value are as follows (in thousands):
Table 4.1. Details of Available-for-sale Debt Securities
 
 
  
December 31, 2024
 
  
December 31, 2023
 
 
  
Amortized
Cost
 
  
Unrealized
Gains
 
  
Unrealized
Losses
 
  
Fair
Value
 
  
Amortized
Cost
 
  
Unrealized
Gains
 
  
Unrealized
Losses
 
 
Fair Value
 
U.S. Treasury securities
  
$
— 
 
  
$
— 
 
  
$
— 
 
  
$
— 
 
  
$
111,379
 
  
$
40
 
  
$
(12
) 
 
$
111,407
 
U.S. agency bonds
  
$
— 
 
  
$
— 
 
  
$
— 
 
  
$
— 
 
  
 
128,520
 
  
 
199
 
  
 
(3
) 
 
 
128,716
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
Total
  
$
— 
 
  
$
— 
 
  
$
— 
 
  
$
— 
 
  
$
239,899
 
  
$
239
 
  
$
(15
) 
 
$
240,123
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
The cost basis of available-for-sale debt securities includes an adjustment for the amortization of premium or discount since the date of purchase.
No
provision for credit losses on available-for-sale debt securities was recorded for the years ended December 31, 2024, 2023, and 2022.
The following table presents certain information regarding contractual maturities of our available-for-sale debt securities, at fair value (in thousands):
Table 4.2. Maturities of Available-for sale Debt Securities
 
Maturity
  
December 31, 2024
 
  
December 31, 2023
 
 
  
Amortized
Cost
 
  
% of
Total
 
  
Fair
Value
 
  
% of
Total
 
  
Amortized
Cost
 
  
% of
Total
 
  
Fair Value
 
  
% of
Total
 
One year or less
  
$
— 
 
  
 
— %
  
 
$
— 
 
  
 
— %
 
 
$
152,108
 
  
 
63.0%
 
 
$
152,183
 
  
 
63.0%
 
After one year through five years
  
 
— 
 
  
 
— %
 
 
 
— 
 
  
 
— %
 
 
 
87,791
 
  
 
37.0%
 
 
 
87,940
 
  
 
37.0%
 
  
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
Total
  
$
— 
 
  
 
— %
 
 
$
— 
 
  
 
— %
 
 
$
239,899
 
  
 
100.0%
 
 
$
240,123
 
  
 
100.0%
  
  
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
At December 31, 2024 and 2023, there were
no
available-for-sale debt securities with contractual maturities greater than five years. Expected maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties.
For the years ended December 31, 2024 and 2023, there were
no
available-for-sale debt securities, at fair value which have unrealized losses for a period in excess of 12 months.
Interest income recognized on available-for-sale debt securities, at fair value is included as a component of
Other income (expense), net
on the accompanying Consolidated Statements of Operations as follows (in thousands):
Table 4.3. Interest Income on Available-for-sale Debt Securities
 
 
  
Year ended December 31,
 
 
  
2024
 
  
2023
 
  
2022
 
Interest income
  
$
8,452
 
  
$
5,771
 
  
$
482,684