v3.26.1
FAIR VALUE MEASUREMENTS (Tables)
6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurement Inputs and Valuation Techniques The following table presents the key inputs applied in the valuation of the warrant liabilities:
June 30, 2026December 31, 2025
Number of units172,500172,500
Fair value at grant date ($ millions)$85.8$85.8
Strike price$628.36$761.05
Expected volatility35.00%35.00%
Risk free interest rate4.2%3.6%
Expected dividend yield—%—%
Expected term2.3 years2.8 years
Warrant fair value (per share)$478.40$473.04
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following is a reconciliation of the beginning and ending balances of recurring fair value measurements recognized in the accompanying Consolidated Balance Sheet using significant unobservable (Level 3) inputs:
Warrants
Beginning balance, December 31, 2025$(81,599)
Unrealized losses(924)
Ending balance, June 30, 2026$(82,523)
Fair Value, by Balance Sheet Grouping
The fair value of our bonds, notes payable and loans payable reported as Debt, net in the Consolidated Balance Sheets are presented in the table below:
June 30, 2026December 31, 2025
Series 2020A Bonds (1)
$117,212 $115,979 
Series 2021A Bonds (1)
107,960 120,448 
Series 2021B Bonds (1)
183,192 182,630 
Series 2024A Bonds (1)
159,614 160,802 
Series 2024B Bonds (1)
217,874 222,949 
Series 2025 Bonds (1)
318,216 309,285 
Senior Notes due 2032 (1) (2)
 638,880 
EB-5 Loan Agreement24,344 25,536 
EB-5.2 Loan Agreement9,157 9,529 
EB-5.3 Loan Agreement25,740 25,315 
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(1) Fair value is based upon market prices for similar municipal securities.
(2) As of June 30, 2026, the Senior Notes due 2032 were classified as liabilities held for sale on the Consolidated Balance Sheet (refer to Note 2 for additional details).