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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
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 December 31, 2023 and 2022:
As of December 31, 2023As of December 31, 2022
Fair Value HierarchyFair Value Hierarchy
(in thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents(a)
$380,564 $— $— $380,564 $259,351 $— $— $259,351 
Restricted cash(a)
14,116 — — 14,116 14,480 — — 14,480 
Restricted investments(b)
— 130,287 — 130,287 — 91,556 — 91,556 
Investments in lieu of retention(c)
19,988 86,961 — 106,949 20,100 68,228 — 88,328 
Total$414,668 $217,248 $— $631,916 $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 December 31, 2023 and 2022, consist of 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 December 31, 2023 and 2022, and are composed of money market funds of $20.0 million and $20.1 million, respectively, and AFS debt securities of $87.0 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 December 31, 2023 and 2022:

As of December 31, 2023As of December 31, 2022
(in thousands)Amortized CostUnrealized GainsUnrealized LossesFair ValueAmortized CostUnrealized GainsUnrealized LossesFair Value
Restricted investments:
Corporate debt securities$95,903 $762 $(2,202)$94,463 $53,452 $1 $(3,550)$49,903 
U.S. government agency securities29,082 18 (1,054)28,046 34,920 13 (1,688)33,245 
Municipal bonds8,227 5 (914)7,318 9,211 — (1,257)7,954 
Corporate certificates of deposit498 — (38)460 507 — (53)454 
Total restricted investments133,710 785 (4,208)130,287 98,090 14 (6,548)91,556 
Investments in lieu of retention:
Corporate debt securities87,601 246 (1,950)85,897 70,968 1 (3,724)67,245 
Municipal bonds823 241 — 1,064 818 165 — 983 
Total investments in lieu of retention88,424 487 (1,950)86,961 71,786 166 (3,724)68,228 
Total AFS debt securities$222,134 $1,272 $(6,158)$217,248 $169,876 $180 $(10,272)$159,784 
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 December 31, 2023 and 2022:
As of December 31, 2023
Less than 12 Months12 Months or GreaterTotal
(in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Restricted investments:
Corporate debt securities$4,971 $(3)$40,649 $(2,199)$45,620 $(2,202)
U.S. government agency securities1,280 (4)22,858 (1,050)24,138 (1,054)
Municipal bonds99 (2)7,038 (912)7,137 (914)
Corporate certificates of deposit— — 460 (38)460 (38)
Total restricted investments6,350 (9)71,005 (4,199)77,355 (4,208)
Investments in lieu of retention:
Corporate debt securities11,398 (55)49,726 (1,895)61,124 (1,950)
Total investments in lieu of retention11,398 (55)49,726 (1,895)61,124 (1,950)
Total AFS debt securities$17,748 $(64)$120,731 $(6,094)$138,479 $(6,158)
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)
Investments Classified by Contractual Maturity Date
The amortized cost and fair value of AFS debt securities by contractual maturity as of December 31, 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$32,586 $32,241 
Due after one year through five years179,451 175,907 
Due after five years10,097 9,100 
Total$222,134 $217,248