Note 9 — Fair Value of Financial Instruments, Derivatives and Fair Value Disclosures: The estimated fair values of the Company’s financial instruments, other than derivatives that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows: | | | | | | | | | | (Dollars in thousands) | | June 30, 2026 | | December 31, 2025 | | Fair Value Level | Cash and cash equivalents | | $ | 159,397 | | $ | 116,922 | | | Level 1 | Short-term investments | | | 250,000 | | | 50,000 | | | Level 1 | 2030 Bonds | | | (253,765) | | | (249,748) | | | Level 1 | ECA Credit Facility(1) | | | (164,665) | | | (81,494) | | | Level 2 | TISL Borrowing Base Facility(1) | | | (8,500) | | | — | | | Level 2 | BoComm Lease Financing (2) | | | (159,708) | | | (174,713) | | | Level 2 | Toshin Lease Financing (2) | | | (8,954) | | | (10,151) | | | Level 2 | Hyuga Lease Financing (2) | | | (8,617) | | | (10,164) | | | Level 2 | Kaiyo Lease Financing (2) | | | (7,818) | | | (9,485) | | | Level 2 | Kaisha Lease Financing (2) | | | (7,812) | | | (8,921) | | | Level 2 |
| (1) | Floating rate debt – the fair value of floating rate debt has been determined using level 2 inputs and is considered to be equal to the carrying value since it bears a variable interest rate, which is reset every three or six months (the Company’s current reset election is three months). |
| (2) | Fixed rate debt – the fair value of fixed rate debt has been determined using level 2 inputs by discounting the expected cash flows of the outstanding debt. |
The following table summarizes the fair values of net assets acquired in business combinations during the six months ended June 30, 2026: | | | | | | | | | | (Dollars in thousands) | | | Fair Value | | | Level 1 | | | Level 2 | Previously held equity interest(1) | | $ | 5,000 | | $ | — | | $ | 5,000 | Identifiable net assets acquired in business combination(2) | | | 2,376 | | | 507 | | | 1,869 |
(1) The fair value attributed to the previously held equity interest was derived from the consideration transferred in the transaction (2) Identifiable net assets acquired primarily consisted of working capital, including $0.5 million of cash and cash equivalents.
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