Investments

9 Months Ended

Sep. 30, 2024

Investments

Investments

3. Investments

As of September 30, 2024 and December 31, 2023, the Company had investments of $0 and $98,031, respectively, classified as available-for-sale securities. The Company sold all its investments in the third quarter of 2024 and the proceeds were invested in cash and cash equivalents.

For the nine months ended September 30, 2024 and 2023, the net realized gains and unrealized losses were $57 and $60, respectively, net of taxes. Available-for-sale debt securities are carried at fair value on the consolidated balance sheets. The Company estimates the lifetime expected credit losses for all available-for sale debt securities in an unrealized loss position. If our assessment indicates that an expected credit loss exists, we determine the portion of the unrealized loss attributable to credit deterioration and record a reserve for the expected credit loss in the allowance for credit losses in technology and academic services in our consolidated income statements.