v3.25.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Accounting guidance also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of
unobservable inputs when measuring fair value. The standards describe three levels of inputs that may be used to measure fair value:
Level 1 – Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2 – Includes other inputs that are directly or indirectly observable in the marketplace.
Level 3 – Unobservable inputs that are supported by little or no market activities, therefore requiring an entity to develop its own assumptions.
The following table presents the carrying value and estimated fair value of financial instruments at March 31, 2025 and December 31, 2024 (in thousands):
March 31, 2025December 31, 2024
Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
Note Receivable(1)
$4,897 $4,906 $4,884 $4,931 
Revolving Credit Facility(2)
$7,600 $7,546 $7,600 $7,472 
(1) The fair value measurement of the $5.0 million Note Receivable is based on unobservable inputs, and as such, is classified as Level 3. The carrying value as of March 31, 2025 and December 31, 2024, reflects the provision for current expected credit loss of $103.0 thousand and $115.9 thousand, respectively.
(2) The fair value of the Company's Revolving Credit Facility is based on observable inputs, and as such, is classified as Level 2.
As of March 31, 2025 and December 31, 2024, the carrying amounts of financial instruments such as cash and cash equivalents, other assets, accounts payable and accrued expenses and other liabilities approximate their fair values due to the generally short-term nature and the market rates of interest of these instruments. As such, these financial instruments are classified as Level 1.