v3.26.1
FAIR VALUE MEASUREMENTS AND DERIVATIVES (Tables)
 6 Months Ended
Jun. 30, 2026
Summary of Carrying Amounts and Estimated Fair Values of the Company's Cash, Restricted Cash, and Long-Term Debt The carrying amounts and estimated fair values of the Company’s cash, restricted cash and long-term debt were as follows (in thousands):

 

 

 

June 30, 2026

 

 

December 31, 2025

 

 

 

Carrying Value

 

 

Estimated Fair Value

 

 

Carrying Value

 

 

Estimated Fair Value

 

Cash

 

$

40,360

 

 

$

40,360

 

 

$

16,306

 

 

$

16,306

 

Restricted cash

 

 

1,198

 

 

 

1,198

 

 

 

1,198

 

 

 

1,198

 

Total cash

 

$

41,558

 

 

$

41,558

 

 

$

17,504

 

 

$

17,504

 

Term loan facility (a)

 

$

82,494

 

 

(b)

 

 

$

85,000

 

 

$

85,740

 
(a)
The debt amounts above do not include the impact of the interest rate swap or debt issuance costs.
(b)
The Company’s outstanding long-term debt as of June 30, 2026 bears variable interest rates that are tied to SOFR plus an applicable margin. As these rates reset frequently and reflect current market conditions, the Company believes that the fair value of long-term debt as of June 30, 2026 approximates its carrying amount.
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis The following table presents information about the Company’s financial instruments recorded at fair value on a recurring basis (in thousands):

 

 

 

 

Fair Value Measurements at
June 30, 2026

 

 

Fair Value Measurements at
 December 31, 2025

 

Description

 

Balance Sheet Location

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments (1)

 

Other current assets

 

$

405

 

 

$

—

 

 

$

405

 

 

$

—

 

 

$

35

 

 

$

—

 

 

$

35

 

 

$

—

 

Derivative financial instruments (1)

 

Other non- current assets

 

 

112

 

 

 

—

 

 

 

112

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total assets

 

 

 

$

517

 

 

$

—

 

 

$

517

 

 

$

—

 

 

$

35

 

 

$

—

 

 

$

35

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments (1)

 

Other current liabilities

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

9

 

 

$

—

 

 

$

9

 

 

$

—

 

Derivative financial instruments (1)

 

Other long-term liabilities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

104

 

 

 

—

 

 

 

104

 

 

 

—

 

Total liabilities

 

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

113

 

 

$

—

 

 

$

113

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(1)
Consists of an amount attributable to two interest rate swap contracts; see “Derivatives” below.
Schedule of Interest Rate Derivatives

The effect of the interest rate swap contract designated as cash flows hedging instrument on the condensed consolidated financial statements was as follows (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 Gain (loss) recognized in accumulated other comprehensive (loss) income

 

$

294

 

 

$

(186

)

 

$

717

 

 

$

(745

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts reclassified from accumulated other comprehensive (loss) income to interest expense

 

$

(56

)

 

$

(228

)

 

$

(122

)

 

$

(456

)