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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following fair value hierarchy table presents the Company’s assets that are measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023:

			As of September 30, 2024																		As of December 31, 2023
			Fair Value Hierarchy																		Fair Value Hierarchy
(in thousands)			Level 1			Level 2			Level 3						Total						Level 1			Level 2			Level 3						Total
Cash and cash equivalents(a)			$	287,403		$	—		$	—					$	287,403					$	380,564		$	—		$	—					$	380,564
Restricted cash(a)			13,994			—			—						13,994						14,116			—			—						14,116
Restricted investments(b)			—			135,493			—						135,493						—			130,287			—						130,287
Investments in lieu of retention(c)			37,295			97,833			—						135,128						19,988			86,961			—						106,949
Total			$	338,692		$	233,326		$	—					$	572,018					$	414,668		$	217,248		$	—					$	631,916

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(a)Includes money market funds and short-term investments with maturity dates of three months or less when acquired.

(b)Restricted investments, as of September 30, 2024 and December 31, 2023, consist of available-for-sale (“AFS”) debt securities, which are valued based on pricing models determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets; therefore, they are classified as Level 2 assets.

(c)Investments in lieu of retention are included in retention receivable as of September 30, 2024 and December 31, 2023, and are composed of money market funds of $37.3 million and $20.0 million, respectively, and AFS debt securities of $97.8 million and $87.0 million, respectively. The fair values of the money market funds are measured using quoted market prices; therefore, they are classified as Level 1 assets. The fair values of AFS debt securities are determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets; therefore, they are classified as Level 2 assets.

Schedule of Available-for-Sale Securities Reconciliation

Investments in AFS debt securities consisted of the following as of September 30, 2024 and December 31, 2023:

			As of September 30, 2024															As of December 31, 2023
(in thousands)			Amortized Cost			Unrealized Gains			Unrealized Losses			Fair Value						Amortized Cost			Unrealized Gains			Unrealized Losses			Fair Value
Restricted investments:
Corporate debt securities			$	111,009		$	1,881		$	(1,132)		$	111,758					$	95,903		$	762		$	(2,202)		$	94,463
U.S. government agency securities			17,946			71			(602)			17,415						29,082			18			(1,054)			28,046
Municipal bonds			6,630			7			(641)			5,996						8,227			5			(914)			7,318
Corporate certificates of deposit			341			—			(17)			324						498			—			(38)			460
Total restricted investments			135,926			1,959			(2,392)			135,493						133,710			785			(4,208)			130,287
Investments in lieu of retention:
Corporate debt securities			96,733			712			(668)			96,777						87,601			246			(1,950)			85,897
Municipal bonds			829			227			—			1,056						823			241			—			1,064
Total investments in lieu of retention			97,562			939			(668)			97,833						88,424			487			(1,950)			86,961
Total AFS debt securities			$	233,488		$	2,898		$	(3,060)		$	233,326					$	222,134		$	1,272		$	(6,158)		$	217,248

Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value

The following table summarizes the fair value and gross unrealized losses aggregated by category and the length of time that individual securities have been in a continuous unrealized loss position as of September 30, 2024 and December 31, 2023:

			As of September 30, 2024
			Less than 12 Months									12 Months or Greater									Total
(in thousands)			Fair Value			Unrealized Losses						Fair Value			Unrealized Losses						Fair Value			Unrealized Losses
Restricted investments:
Corporate debt securities			$	742		$	—					$	31,397		$	(1,132)					$	32,139		$	(1,132)
U.S. government agency securities			309			(33)						12,202			(569)						12,511			(602)
Municipal bonds			—			—						5,749			(641)						5,749			(641)
Corporate certificates of deposit			—			—						324			(17)						324			(17)
Total restricted investments			1,051			(33)						49,672			(2,359)						50,723			(2,392)
Investments in lieu of retention:
Corporate debt securities			2,508			(30)						38,939			(638)						41,447			(668)
Total investments in lieu of retention			2,508			(30)						38,939			(638)						41,447			(668)
Total AFS debt securities			$	3,559		$	(63)					$	88,611		$	(2,997)					$	92,170		$	(3,060)

			As of December 31, 2023
			Less than 12 Months									12 Months or Greater									Total
(in thousands)			Fair Value			Unrealized Losses						Fair Value			Unrealized Losses						Fair Value			Unrealized Losses
Restricted investments:
Corporate debt securities			$	4,971		$	(3)					$	40,649		$	(2,199)					$	45,620		$	(2,202)
U.S. government agency securities			1,280			(4)						22,858			(1,050)						24,138			(1,054)
Municipal bonds			99			(2)						7,038			(912)						7,137			(914)
Corporate certificates of deposit			—			—						460			(38)						460			(38)
Total restricted investments			6,350			(9)						71,005			(4,199)						77,355			(4,208)
Investments in lieu of retention:
Corporate debt securities			11,398			(55)						49,726			(1,895)						61,124			(1,950)
Total investments in lieu of retention			11,398			(55)						49,726			(1,895)						61,124			(1,950)
Total AFS debt securities			$	17,748		$	(64)					$	120,731		$	(6,094)					$	138,479		$	(6,158)

Schedule of Investments Classified by Contractual Maturity Date

The amortized cost and fair value of AFS debt securities by contractual maturity as of September 30, 2024 are summarized in the table below. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations.

(in thousands)			Amortized Cost			Fair Value
Due within one year			$	73,458		$	72,601
Due after one year through five years			149,868			151,220
Due after five years			10,162			9,505
Total			$	233,488		$	233,326

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Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

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