v3.25.2
Fair Value Measurement
 6 Months Ended
Jun. 30, 2025
Fair Value Measurement [Abstract]  
Fair Value Measurement
14.
 
Fair Value Measurement
The fair
 
value of
 
a financial
 
instrument is
 
the amount
 
that will
 
be received
 
to sell
 
an asset
 
or paid
 
to transfer
 
a
liability in
 
an orderly transaction
 
between market participants
 
at the
 
measurement date. The
 
fair values
 
of financial
instruments involve uncertainty and cannot be determined with
 
precision.
The Company utilizes valuation
 
techniques that maximize
 
the use of observable inputs
 
and minimize the use of
unobservable
 
inputs
 
to
 
the
 
extent
 
possible.
 
The
 
Company
 
determines
 
fair
 
value
 
based
 
on
 
assumptions
 
that
market participants would use in pricing
 
an asset or liability in the
 
market.
 
When considering market participant
assumptions in fair
 
value measurements, the
 
following fair value
 
hierarchy distinguishes between observable
 
and
unobservable inputs, which are categorized in one of the following
 
levels:
Level
 
1 Inputs:
 
Unadjusted
 
quoted
 
prices
 
in
 
active
 
markets
 
for identical
 
assets
 
or liabilities
 
accessible
 
to
 
the
reporting entity at the measurement date.
Level 2 Inputs:
 
Other than quoted prices that are observable for the
 
asset or liability,
 
either directly or indirectly,
for substantially the full term of the asset or liability.
 
Level
 
3
 
Inputs:
 
Unobservable
 
inputs
 
for
 
the
 
asset
 
or
 
liability
 
used
 
to
 
measure
 
fair
 
value
 
to
 
the
 
extent
 
that
observable inputs
 
are not
 
available, thereby
 
allowing for
 
situations in
 
which there
 
is little, if
 
any,
 
market activity
for the asset or liability at measurement date.
Financial Instruments Measured on a Recurring Basis
As of
 
June 30,
 
2025, there
 
were
no
 
financial instruments
 
required to
 
be measured
 
at fair
 
value on
 
a recurring
basis.
Other Financial Instruments
The following methods
 
and assumptions
 
are used to
 
estimate the fair
 
value of other
 
financial instruments
 
as of
June 30, 2025 and December 31, 2024:
●
 
Cash and cash equivalents,
 
accounts receivable, accounts
 
payable, accrued expenses,
 
lease liabilities
and
 
other
 
current
 
financial
 
liabilities:
 
The
 
carrying
 
amounts
 
reported
 
in
 
the
 
unaudited
 
Condensed
Consolidated Balance Sheets approximate fair value due to the
 
short maturity of these instruments.
●
 
Restricted
 
deposits,
 
lease
 
liabilities,
 
interest
 
bearing
 
liabilities
 
and
 
other
 
financial
 
liabilities:
 
The
 
fair
values
 
approximate
 
the
 
carrying
 
values
 
reported
 
in
 
the
 
unaudited
 
Condensed
 
Consolidated
 
Balance
Sheets.
●
 
Interest bearing liabilities: The
 
Company’s outstanding interest-bearing liabilities are carried at
 
amortized
cost. As of June 30, 2025,
 
the fair value of the
 
amounts drawn under the
 
ABL Facility approximates the
carrying value reported
 
in the consolidated
 
balance sheets. The
 
estimated fair value
 
of the Notes
 
as of
June 30,
 
2025 was
 
approximately $
298.9
 
million based
 
upon quoted
 
market prices
 
in a
 
market that
 
is
not considered
 
active (Level
 
2). The
 
estimated fair
 
value of
 
the Curragh
 
Housing
 
loan is
 
$
24.3
 
million
based upon unobservable inputs (Level 3).