v3.26.1
FAIR VALUE MEASUREMENTS
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Recurring

The following table shows the fair value of our significant financial assets that are required to be measured at fair value on a recurring basis.

Estimated Fair Value
March 31, 2026December 31, 2025
Level 1Level 2TotalLevel 1Level 2Total
(in thousands)
Assets:
Short-term investments$43,763 $— $43,763 $76,550 $— $76,550 
Crypto assets$3,630 $— $3,630 $6,249 $— $6,249 
Interest rate swaps$— $10,926 $10,926 $— $9,672 $9,672 
Total$47,393 $10,926 $58,319 $82,799 $9,672 $92,471 

Short-term investments consist of money market funds and have original maturities beyond three months but less than one year, or not readily convertible to cash. Crypto assets consist of cryptocurrencies. Fair values for short-term investments and crypto assets are based on quoted prices in an active market. The fair value for our interest rate swaps are based upon inputs corroborated by observable market data with similar tenors.
Our outstanding debt held by third-party financial institutions is carried at cost, adjusted for any discounts or debt issuance costs. Our debt is not publicly traded and the carrying amounts typically approximate fair value for debt that accrues interest at a variable rate, which are considered to be Level 2 inputs as defined in the FASB guidance.
The following table presents the estimated fair values of our senior secured notes, senior notes and convertible senior notes:
Estimated Fair Value at
March 31, 2026December 31, 2025
Level 2
(in thousands)
6.5% Senior Secured Notes due 2027$1,204,116 $1,211,148 
3.75% Senior Secured Notes due 2028$489,060 $492,740 
4.75% Senior Notes due 2027$945,288 $952,765 
3.125% Convertible Senior Notes due 2029$1,524,866 $1,456,399 
2.875% Convertible Senior Notes due 2030$1,191,608 $1,161,182 
2.875% Convertible Senior Notes due 2031$1,419,698 $1,379,560 

The estimated fair value of our third-party fixed-rate debt is based on quoted market prices in active markets for the same or similar debt, which are considered to be Level 2 inputs.