XML 48 R37.htm IDEA: XBRL DOCUMENT v3.25.3

Fair Value Measurements (Tables)

9 Months Ended

Sep. 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 September 30, 2025 and December 31, 2024:

			As of September 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)			$	695,732		$	—		$	—					$	695,732					$	455,084		$	—		$	—					$	455,084
Restricted cash(a)			62,352			—			—						62,352						9,104			—			—						9,104
Restricted investments(b)			—			173,435			—						173,435						—			139,986			—						139,986
Investments in lieu of retention(c)			35,153			140,332			—						175,485						38,359			106,765			—						145,124
Total			$	793,237		$	313,767		$	—					$	1,107,004					$	502,547		$	246,751		$	—					$	749,298

____________________________________________________________________________________________________

(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, 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 September 30, 2025 and December 31, 2024, and are composed of money market funds of $35.2 million and $38.4 million, respectively, and AFS debt securities of $140.3 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 September 30, 2025 and December 31, 2024:

			As of September 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			$	153,219		$	1,909		$	(450)		$	154,678					$	118,421		$	603		$	(1,242)		$	117,782
U.S. government agency securities			12,038			18			(356)			11,700						16,323			35			(663)			15,695
Municipal bonds			7,432			24			(583)			6,873						7,159			—			(831)			6,328
Corporate certificates of deposit			198			—			(14)			184						200			—			(19)			181
Total restricted investments			172,887			1,951			(1,403)			173,435						142,103			638			(2,755)			139,986
Investments in lieu of retention:
Corporate debt securities			131,638			817			(32)			132,423						106,014			224			(491)			105,747
Municipal bonds			7,897			195			(183)			7,909						830			188			—			1,018
Total investments in lieu of retention			139,535			1,012			(215)			140,332						106,844			412			(491)			106,765
Total AFS debt securities			$	312,422		$	2,963		$	(1,618)		$	313,767					$	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 AFS debt securities have been in a continuous unrealized loss position as of September 30, 2025 and December 31, 2024:

			As of September 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			$	17,881		$	(76)					$	22,344		$	(374)					$	40,225		$	(450)
U.S. government agency securities			289			(1)						5,236			(355)						5,525			(356)
Municipal bonds			261			(4)						4,986			(579)						5,247			(583)
Corporate certificates of deposit			—			—						185			(14)						185			(14)
Total restricted investments			18,431			(81)						32,751			(1,322)						51,182			(1,403)
Investments in lieu of retention:
Corporate debt securities			5,459			(32)						—			—						5,459			(32)
Municipal bonds			6,880			(183)						—			—						6,880			(183)
Total investments in lieu of retention			12,339			(215)						—			—						12,339			(215)
Total AFS debt securities			$	30,770		$	(296)					$	32,751		$	(1,322)					$	63,521		$	(1,618)

			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 September 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			$	62,604		$	62,446
Due after one year through five years			238,129			240,124
Due after five years			11,689			11,197
Total			$	312,422		$	313,767

X

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479081/326-30-55-8

Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-6

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479106/326-30-50-4

+ Details

Name:	us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

+ References

No definition available.

+ Details

Name:	us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration