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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2023
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, 2023 and December 31, 2022:
As of September 30, 2023As of December 31, 2022
Fair Value HierarchyFair Value Hierarchy
(in thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents(a)
$290,008 $— $— $290,008 $259,351 $— $— $259,351 
Restricted cash(a)
41,915 — — 41,915 14,480 — — 14,480 
Restricted investments(b)
— 98,361 — 98,361 — 91,556 — 91,556 
Investments in lieu of retention(c)
16,283 79,369 — 95,652 20,100 68,228 — 88,328 
Total$348,206 $177,730 $— $525,936 $293,931 $159,784 $— $453,715 
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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, 2023 and December 31, 2022, 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, 2023 and December 31, 2022, and are comprised of money market funds of $16.3 million and $20.1 million, respectively, and AFS debt securities of $79.4 million and $68.2 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, 2023 and December 31, 2022:
As of September 30, 2023As of December 31, 2022
(in thousands)Amortized CostUnrealized GainsUnrealized LossesFair ValueAmortized CostUnrealized GainsUnrealized LossesFair Value
Restricted investments:
Corporate debt securities$66,046 $— $(3,638)$62,408 $53,452 $1 $(3,550)$49,903 
U.S. government agency securities29,724 — (1,599)28,125 34,920 13 (1,688)33,245 
Municipal bonds8,607 — (1,230)7,377 9,211 — (1,257)7,954 
Corporate certificates of deposit500 — (49)451 507 — (53)454 
Total restricted investments104,877 — (6,516)98,361 98,090 14 (6,548)91,556 
Investments in lieu of retention:
Corporate debt securities81,518 1 (3,123)78,396 70,968 1 (3,724)67,245 
Municipal bonds822 151 — 973 818 165 — 983 
Total investments in lieu of retention82,340 152 (3,123)79,369 71,786 166 (3,724)68,228 
Total AFS debt securities$187,217 $152 $(9,639)$177,730 $169,876 $180 $(10,272)$159,784 
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, 2023 and December 31, 2022:
As of September 30, 2023
Less than 12 Months12 Months or GreaterTotal
(in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Restricted investments:
Corporate debt securities$20,382 $(495)$39,026 $(3,143)$59,408 $(3,638)
U.S. government agency securities8,112 (89)18,763 (1,510)26,875 (1,599)
Municipal bonds186 (3)6,851 (1,227)7,037 (1,230)
Corporate certificates of deposit— — 451 (49)451 (49)
Total restricted investments28,680 (587)65,091 (5,929)93,771 (6,516)
Investments in lieu of retention:
Corporate debt securities28,506 (359)48,949 (2,764)77,455 (3,123)
Total investments in lieu of retention28,506 (359)48,949 (2,764)77,455 (3,123)
Total AFS debt securities$57,186 $(946)$114,040 $(8,693)$171,226 $(9,639)
As of December 31, 2022
Less than 12 Months12 Months or GreaterTotal
(in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Restricted investments:
Corporate debt securities$23,559 $(733)$25,842 $(2,817)$49,401 $(3,550)
U.S. government agency securities24,834 (939)5,593 (749)30,427 (1,688)
Municipal bonds4,998 (672)2,956 (585)7,954 (1,257)
Corporate certificates of deposit63 (12)391 (41)454 (53)
Total restricted investments53,454 (2,356)34,782 (4,192)88,236 (6,548)
Investments in lieu of retention:
Corporate debt securities34,553 (843)32,391 (2,881)66,944 (3,724)
Total investments in lieu of retention34,553 (843)32,391 (2,881)66,944 (3,724)
Total AFS debt securities$88,007 $(3,199)$67,173 $(7,073)$155,180 $(10,272)
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, 2023 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 CostFair Value
Due within one year$32,555 $32,007 
Due after one year through five years142,227 134,927 
Due after five years12,435 10,796 
Total$187,217 $177,730