Note 4. Investments

The Company invests in United States Treasury securities (“Treasuries”) with terms of not more than five years and certificates of deposit (“CDs”) that are fully insured by the Federal Deposit Insurance Corporation (“FDIC”), as well as money market funds. The Company’s investment portfolio is classified as available-for-sale, which is reported on the consolidated balance sheet at fair value. The unrealized gain or loss on investment securities is recorded in other comprehensive income, net of tax. Realized gains and losses on available-for-sale securities are recognized upon sale and are included in net investment income in the condensed consolidated statement of earnings.

As of June 30, 2025, available-for-sale investments consisted of the following:

As of September 30, 2024, available-for-sale investments consisted of the following:

As of June 30, 2025, investments in debt securities in an unrealized loss position were as follows:

As of September 30, 2024, investments in debt securities in an unrealized loss position were as follows:

As of June 30, 2025, there were five securities in an unrealized loss position which is due to the market paying a higher interest rate than the coupon rate on these securities. As of September 30, 2024, there were six securities in an unrealized loss position which is due to the securities paying lower interest rates than the market. As of June 30, 2025, and September 30, 2024, there are no securities which are other than temporarily impaired as the Company intends to hold these securities until their value recovers and there is limited credit risk due to the nature of the securities which are backed by the FDIC and U.S. federal government. The Company had no allowance for credit losses on investments for the three and nine months ended June 30, 2025.