v3.25.1
FAIR VALUE MEASUREMENT (Tables)
3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Disclosures Concerning Financial Instruments Measured at Fair Value
Disclosures concerning financial instruments measured at fair value are as follows (in thousands):
 
Fair Value Measurements at March 31, 2025 using
Level 1Level 2Level 3Total
Assets:
Interest rate swaps$— $7,906 $— $7,906 
Onera Purchase Option— — 931 931 
 
Fair Value Measurements at December 31, 2024 using
Level 1Level 2Level 3Total
Assets:
Interest rate swaps$— $11,573 $— $11,573 
Onera Purchase Option— — 931 931 
Schedule of Unobservable Inputs for Fair Values of Purchase Options As such, we were required to develop assumptions to estimate the fair value of the Onera Purchase Option as follows (dollars in thousands):
Exercise price$8,206 
First option exercise date (1)
10/1/2024
Expected volatility52.20 %
Risk free rate4.15 %
Expected annualized equity dividend yield— %
(1)The first option exercise date is the date used for estimating the fair value of the purchase option. The Onera Purchase Option became exercisable in September 2024 when construction of the lodging development was complete, and the property was open for business.