FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 30, 2025

Fair value represents the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants. The Company's financial assets and liabilities measured at fair value on a recurring basis are categorized into a three-level fair value hierarchy based on the priority of the inputs used in the fair value valuation technique.

The levels of the fair value hierarchy are as follows:

•Level 1: Inputs utilize quoted (unadjusted) prices in active markets for identical assets or liabilities.

•Level 2: Inputs utilize quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; or model-derived valuations in which all significant inputs are observable in active markets.

•Level 3: Inputs utilized are unobservable but significant to the fair value measurement for the asset or liability. The unobservable inputs are used to measure fair value to the extent relevant observable inputs are not available. The unobservable inputs typically reflect management’s own estimates about the assumptions a market participant would use in pricing the asset or liability.

The following tables summarize fair value measurements by level for assets and liabilities measured at fair value on a recurring basis:


	September 30, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	63,952	$	—	$	—	$	63,952
Investments
U.S. treasury and agency securities	$	—	$	2,020,741	$	—	$	2,020,741
Corporate notes	—		580,738		—		580,738



Asset-backed securities	—		35,079		—		35,079
Restricted investments

U.S. treasury securities	—		4,028		—		4,028
Total assets	$	63,952	$	2,640,586	$	—	$	2,704,538


	December 31, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	95,331	$	—	$	—	$	95,331
Investments
U.S. treasury and agency securities	$	—	$	1,944,362	$	—	$	1,944,362
Corporate notes	—		463,808		—		463,808
Certificates of deposit	—		29,136		—		29,136


Restricted investments

U.S. treasury securities	—		6,946		—		6,946
Total assets	$	95,331	$	2,444,252	$	—	$	2,539,583

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details

Oscar Health, Inc. 10-Q