INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Gain (Loss) on Securities

The portion of gains and losses included in Cadence’s condensed consolidated income statements related to equity securities still held at the end of the period were as follows:

	Three Months Ended
	March 31, 2024		March 31, 2023
	(In thousands)
Net gains recognized on equity securities	$	55,398	$	123
Less: Net gains recognized on equity securities sold	(20,367)		—
Net gains recognized on equity securities still held	$	35,031	$	123

Unrealized Gain (Loss) on Investments

The following is a summary of Cadence’s available-for-sale debt securities recorded within prepaid expenses and other on its condensed consolidated balance sheets:

	As of March 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(In thousands)
Available-for-sale debt securities
Mortgage-backed and asset-backed securities	$	51,268	$	206	$	(466)	$	51,008
Total available-for-sale securities	$	51,268	$	206	$	(466)	$	51,008

	As of December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(In thousands)
Available-for-sale debt securities
Mortgage-backed and asset-backed securities	$	49,653	$	375	$	(243)	$	49,785
Total available-for-sale securities	$	49,653	$	375	$	(243)	$	49,785

Investments Classified by Contractual Maturity Date

As of March 31, 2024, the fair values of available-for-sale debt securities, by remaining contractual maturity, were as follows:

	(In thousands)
Due within 1 year	$	—
Due after 1 year through 5 years	10,856
Due after 5 years through 10 years	16,564
Due after 10 years	23,588
Total	$	51,008