v3.26.1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of carrying value and estimated fair value of financial instruments

The following table presents the carrying value and estimated fair value of the Company’s financial instruments not carried at fair value on the consolidated balance sheets at June 30, 2026 and December 31, 2025 (in thousands):

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June 30, 2026

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December 31, 2025

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Carrying Value

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Estimated Fair Value

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Carrying Value

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Estimated Fair Value

Cash and Cash Equivalents - Level 1

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$

2,778

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$

2,778

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$

4,589

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$

4,589

Restricted Cash - Level 1

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$

23,296

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$

23,296

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$

34,410

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$

34,410

Commercial Loans and Investments - Level 2

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$

238,575

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$

249,019

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$

167,553

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$

179,214

Obligation Under Participation Agreement - Level 2

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$

19,062

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$

19,455

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$

10,000

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$

10,222

Long-Term Debt - Level 2

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$

367,552

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$

361,594

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$

377,739

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$

376,286

 
Schedule of fair value of assets (liabilities) measured on recurring basis by Level

The following tables present the fair value of assets measured on a recurring basis by level as of June 30, 2026 and December 31, 2025 (in thousands). See Note 14, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swaps.

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Fair Value at Reporting Date Using

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Fair Value

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Quoted Prices in Active Markets for Identical Assets (Level 1)

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Significant Other Observable Inputs (Level 2)

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Significant Unobservable Inputs (Level 3)

June 30, 2026

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2029 Term Loan Interest Rate Swap (1)

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$

1,305

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$

—

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$

1,305

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$

—

2031 Term Loan Interest Rate Swap (2)

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$

2,148

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$

—

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$

2,148

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$

—

Revolving Facility Interest Rate Swap (3)

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$

680

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$

—

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$

680

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$

—

December 31, 2025

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2026 Term Loan Interest Rate Swap

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$

624

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$

—

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$

624

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$

—

2027 Term Loan Interest Rate Swap

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$

1,486

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$

—

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$

1,486

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$

—

Revolving Facility Interest Rate Swap

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$

34

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$

—

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$

34

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$

—

(1)As of June 30, 2026, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 3.36% plus the applicable spread on the $100.0 million 2029 Term Loan (hereinafter defined) balance.
(2)As of June 30, 2026, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 2.05% plus the applicable spread on the $100.0 million 2031 Term Loan (hereinafter defined) balance.
(3)As of June 30, 2026, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 3.32% plus the applicable spread on $100.0 million of the outstanding balance on the Revolving Facility (hereinafter defined).