v3.26.1
FAIR VALUE MEASUREMENT
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENT FAIR VALUE MEASUREMENT
 
The following table presents information about our financial instruments measured at fair value on a recurring basis at June 30, 2026 and December 31, 2025. In instances in which the inputs used to measure fair value fall into different levels of the fair value hierarchy, we classify assets and liabilities based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.
 
Disclosures concerning financial instruments measured at fair value are as follows (in thousands):
 
Fair Value Measurements at June 30, 2026 using
Level 1Level 2Level 3Total
Assets:
Interest rate swaps$— $8,698 $— $8,698 
Onera Purchase Option— — 931 931 
 
Fair Value Measurements at December 31, 2025 using
Level 1Level 2Level 3Total
Assets:
Interest rate swaps$— $3,001 $— $3,001 
Onera Purchase Option— — 931 931 
Liabilities:
Interest rate swaps— 536 — 536 

The Onera Purchase Option does not have a readily determinable fair value. The fair value was estimated using a modified Monte Carlo simulation model and was based on unobservable inputs for which there is little or no market information available. As such, we were required to develop assumptions to estimate the fair value of the Modified Onera Purchase Option as follows (dollars in thousands):
Estimated equity value
$3,300,000 
Weighted average cost of capital
13.00 %
Expected volatility12.80 %
Risk free rate3.42 %
Term (1)
1.08 years
(1)The Purchase Option is exercisable through March 2027.