Company: PCOR
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001628280-25-021898
Chunk: 25

Company: PROCORE TECHNOLOGIES, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 25
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 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— — 2 2 Purchases of strategic investments— 210 — 210 Unrealized (loss) gain on strategic investments671 88 — 759 Balance as of March 31, 2024$7,850 $4,284 $364 $12,498 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 March 31, 2025. 

As of March 31, 2025, in connection with the Company’s investments in limited partnerships, it has a contractual obligation to provide additional investment funding of up to $6.2 million at the option of the investees. 

13

Table of Contents Procore 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):March 31, 2025Level 1Level 2TotalCash equivalents:Money market funds$245,155 $— $245,155 Commercial paper— 8,501 8,501 Corporate notes and obligations— 1,479 1,479 Marketable securities:U.S. treasury securities94,562 — 94,562 Commercial paper— 4,592 4,592 Corporate notes and obligations— 285,929 285,929 Total$339,717 $300,501 $640,218 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 Total$511,693 $