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FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The Company measures and records certain financial assets and liabilities, including money market funds, derivative interest rate contracts and Series M Redeemable Preferred Stock (“Series M”) at fair value on a recurring basis. Changes in fair value for Series I Redeemable Preferred Stock (“Series I”) bifurcated derivative, Series J Redeemable Preferred Stock (“Series J”) and Series M are presented as a component of interest expense in the condensed consolidated statements of operations. For the three months ended June 30, 2026 and 2025, the changes in fair value of Series I bifurcated derivative, Series J and Series M, to the extent the redeemable preferred stock or bifurcated derivative was issued and outstanding, resulted in zero and $2.6 million reduction of interest expense, respectively, and $8.0 million and $4.4 million for the six months ended June 30, 2026 and 2025, respectively.
The following are the categories of assets and liabilities measured at fair value on a recurring basis according to the fair value hierarchy (in thousands):
June 30, 2026
Level 1Level 2Level 3Total
Cash and cash equivalents
Money market funds$180,664 $— $— $180,664 
Total$180,664 $— $— $180,664 
Other current assets
Derivative interest rate contracts$— $21,982 $— $21,982 
Total$— $21,982 $— $21,982 
December 31, 2025
Level 1Level 2Level 3Total
Cash and cash equivalents
Money market funds$268,854 $— $— $268,854 
Total$268,854 $— $— $268,854 
Other non-current assets
Derivative interest rate contracts$— $34,356 $— $34,356 
Total$— $34,356 $— $34,356 
Other current liabilities
Series M redeemable preferred stock$— $(17,894)$— $(17,894)
Total$— $(17,894)$— $(17,894)
In March 2026, the Company’s Series M was converted into shares of Class A common stock in accordance with its terms. As a result, this instrument was derecognized and is no longer included in the fair value hierarchy as of June 30, 2026.
Money market funds are included within Level 1 of the fair value hierarchy because they are valued using quoted prices in active markets. The Company’s derivative interest rate contracts are classified within Level 2 of the fair value hierarchy because they are valued using a market approach with inputs based on observable inputs other than quoted prices in active markets for identical or similar assets and liabilities. See Note 11—Interest Rate Derivatives for more information.
Long-term debt obligations are recorded at carrying value. The fair values of the 2024 Euro Term Loan and the 2024 USD Term Loan as of June 30, 2026 were €455.6 million and $917.1 million, respectively. The Company’s term loans are classified within Level 2 of the fair value hierarchy. See Note 9—Long-Term Debt Obligations for more information.
There were no transfers of financial instruments into or out of Level 3 during the six months ended June 30, 2026 and 2025.