v3.26.1
FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES (Tables)
 6 Months Ended
Jun. 30, 2026
FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES [Abstract]  
Fair Value, by Balance Sheet Grouping

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:

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(Dollars in thousands)

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June 30, 2026

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December 31, 2025

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Fair Value Level

Cash and cash equivalents

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$

159,397

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$

116,922

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Level 1

Short-term investments

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250,000

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50,000

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Level 1

2030 Bonds

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(253,765)

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(249,748)

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Level 1

ECA Credit Facility(1)

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(164,665)

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(81,494)

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Level 2

TISL Borrowing Base Facility(1)

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(8,500)

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—

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Level 2

BoComm Lease Financing (2)

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(159,708)

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(174,713)

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Level 2

Toshin Lease Financing (2)

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(8,954)

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(10,151)

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Level 2

Hyuga Lease Financing (2)

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(8,617)

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(10,164)

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Level 2

Kaiyo Lease Financing (2)

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(7,818)

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(9,485)

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Level 2

Kaisha Lease Financing (2)

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(7,812)

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(8,921)

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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.
Summary the fair values of net assets acquired in business combinations

The following table summarizes the fair values of net assets acquired in business combinations during the six months ended June 30, 2026:

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(Dollars in thousands)

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Fair Value

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Level 1

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Level 2

Previously held equity interest(1)

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$

5,000

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$

—

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$

5,000

Identifiable net assets acquired in business combination(2)

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2,376

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507

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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.