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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

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 June 30, 2025 and December 31, 2024:

			As of June 30, 2025																		As of December 31, 2024
			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)			$	526,090		$	—		$	—					$	526,090					$	455,084		$	—		$	—					$	455,084
Restricted cash(a)			20,990			—			—						20,990						9,104			—			—						9,104
Restricted investments(b)			—			157,373			—						157,373						—			139,986			—						139,986
Investments in lieu of retention(c)			37,797			127,195			—						164,992						38,359			106,765			—						145,124
Total			$	584,877		$	284,568		$	—					$	869,445					$	502,547		$	246,751		$	—					$	749,298

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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 June 30, 2025 and December 31, 2024, 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 June 30, 2025 and December 31, 2024, and are composed of money market funds of $37.8 million and $38.4 million, respectively, and AFS debt securities of $127.2 million and $106.8 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 June 30, 2025 and December 31, 2024:

			As of June 30, 2025															As of December 31, 2024
(in thousands)			Amortized Cost			Unrealized Gains			Unrealized Losses			Fair Value						Amortized Cost			Unrealized Gains			Unrealized Losses			Fair Value
Restricted investments:
Corporate debt securities			$	137,782		$	1,611		$	(600)		$	138,793					$	118,421		$	603		$	(1,242)		$	117,782
U.S. government agency securities			12,367			47			(453)			11,961						16,323			35			(663)			15,695
Municipal bonds			7,084			10			(657)			6,437						7,159			—			(831)			6,328
Corporate certificates of deposit			199			—			(17)			182						200			—			(19)			181
Total restricted investments			157,432			1,668			(1,727)			157,373						142,103			638			(2,755)			139,986
Investments in lieu of retention:
Corporate debt securities			118,759			605			(41)			119,323						106,014			224			(491)			105,747
Municipal bonds			7,896			170			(194)			7,872						830			188			—			1,018
Total investments in lieu of retention			126,655			775			(235)			127,195						106,844			412			(491)			106,765
Total AFS debt securities			$	284,087		$	2,443		$	(1,962)		$	284,568					$	248,947		$	1,050		$	(3,246)		$	246,751

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 June 30, 2025 and December 31, 2024:

			As of June 30, 2025
			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			$	3,192		$	(12)					$	24,301		$	(588)					$	27,493		$	(600)
U.S. government agency securities			918			(36)						7,076			(417)						7,994			(453)
Municipal bonds			524			(3)						5,299			(654)						5,823			(657)
Corporate certificates of deposit			—			—						182			(17)						182			(17)
Total restricted investments			4,634			(51)						36,858			(1,676)						41,492			(1,727)
Investments in lieu of retention:
Corporate debt securities			10,631			(41)						—			—						10,631			(41)
Municipal bonds			6,869			(194)						—			—						6,869			(194)
Total investments in lieu of retention			17,500			(235)						—			—						17,500			(235)
Total AFS debt securities			$	22,134		$	(286)					$	36,858		$	(1,676)					$	58,992		$	(1,962)

			As of December 31, 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			$	23,985		$	(159)					$	30,384		$	(1,083)					$	54,369		$	(1,242)
U.S. government agency securities			4,371			(43)						10,699			(620)						15,070			(663)
Municipal bonds			704			(13)						5,560			(818)						6,264			(831)
Corporate certificates of deposit			—			—						181			(19)						181			(19)
Total restricted investments			29,060			(215)						46,824			(2,540)						75,884			(2,755)
Investments in lieu of retention:
Corporate debt securities			24,470			(149)						37,755			(342)						62,225			(491)
Total investments in lieu of retention			24,470			(149)						37,755			(342)						62,225			(491)
Total AFS debt securities			$	53,530		$	(364)					$	84,579		$	(2,882)					$	138,109		$	(3,246)

Schedule of Investments Classified by Contractual Maturity Date

The amortized cost and fair value of AFS debt securities by contractual maturity as of June 30, 2025 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			$	48,220		$	47,953
Due after one year through five years			224,643			226,073
Due after five years			11,224			10,542
Total			$	284,087		$	284,568

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- Definition

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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