Company: PCOR
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050149
Chunk: 32

Company: PROCORE TECHNOLOGIES, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 32
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 September 30, 2024 is summarized as follows (in thousands):Equity SecuritiesLimited PartnershipsAvailable-for- Sale DebtSecuritiesTotalBalance as of December 31, 2023$7,179 $3,986 $362 $11,527 Interest accrued on available-for-sale debt securities— — 6 6 Purchases of strategic investments498 1,419 — 1,917 Unrealized gain on strategic investments671 (30)— 641 Impairment of strategic investments(184)— — (184)Balance as of September 30, 2024$8,164 $5,375 $368 $13,907 Strategic investments are recorded in other assets on the accompanying condensed consolidated balance sheets. The Company’s available-for-sale debt security converted to equity during the fourth quarter of 2024. As such the Company no longer holds any available-for-sale debt securities in its strategic investment portfolio as of September 30, 2025.

As of September 30, 2025, in connection with the Company’s investments in limited partnerships, it has a contractual obligation to provide additional investment funding of up to $7.1 million at the option of the investees. 

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Table of ContentsProcore Technologies, Inc.Notes to Condensed Consolidated Financial Statements (unaudited)

4.FAIR VALUE OF FINANCIAL INSTRUMENTS

Financial assets measured at fair value on a recurring basis within the fair value hierarchy are summarized as follows (in thousands):September 30, 2025Level 1Level 2TotalCash equivalents:Money market funds$253,005 $253,005 U.S. treasury securities10,163 10,163 Marketable securities:U.S. treasury securities137,007 — 137,007 Commercial paper— 7,574 7,574 Corporate notes and obligations— 232,865 232,865 Total$400,175 $240,439 $640,614 December 31, 2024Level 1Level 2TotalCash equivalents:Money market funds$384,648 $— $384,648 Corporate notes and obligations— 524 524 Marketable securities:U.S. treasury securities127,045 — 127,045 Commercial paper— 18,433 18,433 Corporate notes and obligations— 238,237 238,237