Backblaze, Inc. Fair Value Disclosure
As of December 31, 2025 | Level 1 | Level 2 | Other(1) | Total | |||||||||||||||||||
| Cash equivalents | |||||||||||||||||||||||
| Money market funds | $ | — | $ | — | $ | 8,729 | $ | 8,729 | |||||||||||||||
| Investments | |||||||||||||||||||||||
| U.S. treasury securities | 9,473 | — | — | 9,473 | |||||||||||||||||||
| Corporate debt securities | — | 12,744 | — | 12,744 | |||||||||||||||||||
| Total | $ | 9,473 | $ | 12,744 | $ | 8,729 | $ | 30,946 | |||||||||||||||
As of December 31, 2024 | Level 1 | Level 2 | Total | ||||||||||||||
| Investments | |||||||||||||||||
| Commercial paper | $ | — | $ | 9,137 | $ | 9,137 | |||||||||||
| Total | $ | — | $ | 9,137 | $ | 9,137 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 10, 2026 | Showing above |
| 2024 | Mar 11, 2025 | |
| 2023 | Apr 1, 2024 | |
| 2022 | Mar 31, 2023 | |
| 2021 | Mar 28, 2022 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.