v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company uses various assumptions and methods in estimating the fair values of its financial instruments.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The Company’s interest rate swaps are not traded on a market exchange and the fair values are determined using a valuation model based on a discounted cash flow analysis. This analysis reflects the contractual terms of the interest rate swap agreements and uses observable market-based inputs, including estimated future SOFR interest rates. The fair value of the Company's interest rate swap is the net difference in the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on the expectation of future interest rates and are observable inputs available to a market participant. The interest rate swap valuation is classified as Level 2 of the fair value hierarchy.
The following table sets forth the Company’s assets and liabilities which are measured at fair value on a recurring basis by level within the fair value hierarchy:
Fair Value Measurements as of
March 31, 2026
(Amounts in thousands)Level ILevel IILevel IIITotal
Asset:
Interest rate swaps$— $14,023 $— $14,023 
Money market accounts52,859 — — 52,859 
Total$52,859 $14,023 $— 66,882 
Liabilities:
Interest rate swaps$— $1,621 $— $1,621 
Total$— $1,621 $— $1,621 
Fair Value Measurements as of
December 31, 2025
(Amounts in thousands)Level ILevel IILevel IIITotal
Asset:
Interest rate swaps$— $13,781 $— $13,781 
Money market accounts56,037 — — 56,037 
Total$56,037 $13,781 $— $69,818 
Liabilities:
Interest rate swaps$— $2,178 $— $2,178 
Total$— $2,178 $— $2,178 
The fair value of the Company’s non-recourse debt as of March 31, 2026 and December 31, 2025 was $680.8 million and $692.5 million, respectively.