Fair Value (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Fair Value Measurements of Liabilities Measured at Fair Value on Recurring Basis

The following tables summarize the fair value measurements of assets and liabilities that are measured at fair value on a recurring basis.


		Fair Value Measurement as of June 30, 2025
		Level 1		Level 2		Level 3		Total Fair Value
Assets
Money market mutual funds		$	343	$	—	$	—	$	343
Debt securities:
U.S. Treasuries		10,031		—		—		10,031
Obligations of states, municipalities and political subdivisions		—		3,551		—		3,551
Corporate bonds		—		11,121		—		11,121
Residential and commercial mortgage-backed securities		—		8,271		—		8,271
Other loan-backed and structured securities		—		—		—		—
Asset of Reciprocal (a consolidated variable interest entity):
Money market mutual funds		15,097		—		—		15,097
Debt securities:
U.S. Treasuries		9,318		—		—		9,318
Obligations of states, municipalities and political subdivisions		—		13,255		—		13,255
Corporate bonds		—		74,978		—		74,978
Residential and commercial mortgage-backed securities		—		59,606		—		59,606
Other loan-backed and structured securities		—		14,987		—		14,987
		$	34,789	$	185,769	$	—	$	220,558
Liabilities
Contingent consideration - business combinations	(1)	$	—	$	—	$	55	$	55
Private warrant liability	(2)	—		—		4,070		4,070
Embedded derivatives	(3)	—		—		2,736		2,736
		$	—	$	—	$	6,861	$	6,861

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(1)The liability for contingent considerations related to business combinations is included in other liabilities in the unaudited Condensed Consolidated Balance Sheets as of June 30, 2025.

(2)The private warranty liability is included in accrued expenses and other current liabilities in the unaudited Condensed Consolidated Balance Sheets as of June 30, 2025.

(3)The embedded derivatives liability is included in other liabilities in the unaudited Condensed Consolidated Balance Sheets as of June 30, 2025.


		Fair Value Measurement as of December 31, 2024
		Level 1		Level 2		Level 3		Total Fair Value
Assets
Money market mutual funds		$	111,950	$	—	$	—	$	111,950
Debt securities:
U.S. Treasuries		27,102		—		—		27,102
Obligations of states, municipalities and political subdivisions		—		11,872		—		11,872
Corporate bonds		—		70,896		—		70,896
Residential and commercial mortgage-backed securities		—		60,774		—		60,774
Other loan-backed and structured securities		—		12,107		—		12,107
		$	139,052	$	155,649	$	—	$	294,701
Liabilities
Contingent consideration - business combinations	(1)	$	—	$	—	$	83	$	83
Private warrant liability	(2)	—		—		460		460
Embedded derivatives	(3)	—		—		22,262		22,262
		$	—	$	—	$	22,805	$	22,805

______________________________________

(1)The unaudited Condensed Consolidated Balance Sheets included less than $0.1 million in accrued expenses and other current liabilities and less than $0.1 million in other liabilities as of December 31, 2024, for contingent consideration related to business combinations.

(2)The private warranty liability is included in accrued expenses and other current liabilities in the unaudited Condensed Consolidated Balance Sheets as of December 31, 2024.

(3)The embedded derivatives liability is included in other liabilities in the unaudited Condensed Consolidated Balance Sheets as of December 31, 2024.

Schedule of Level 3 Items Measured at Fair Value on a Recurring Basis

The changes for Level 3 items measured at fair value on a recurring basis using significant unobservable inputs are as follows:


		Contingent Consideration - Business Combinations		Embedded Derivatives		Private Warrant Liability
Fair value as of December 31, 2024		$	83	$	22,262	$	460


Change in fair value, loss (gain) included in net loss	(1)	(28)		(19,526)		3,610
Fair value as of June 30, 2025		$	55	$	2,736	$	4,070


		Contingent Consideration - Business Combinations		Embedded Derivatives		Private Warrant Liability
Fair value as of December 31, 2023		$	18,455	$	28,131	$	1,151

Settlements		(14,930)		—		—
Change in fair value, loss (gain) included in net loss	(1)	(300)		6,724		(1,026)
Fair value as of June 30, 2024		$	3,225	$	34,855	$	125

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(1)Changes in fair value of contingent consideration related to business combinations are included in general and administrative expenses in the unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) operations. Changes in fair value of the private warrant liability and embedded derivatives are disclosed separately in the unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).