During the quarter ended September 30, 2026, the Company entered into a Master Receivables Purchase Agreement ("MRPA Facility") with JPMorgan Chase Bank, N.A. (the "Purchaser") for the sale of up to $65 million of certain designated eligible trade receivables with the U.S. government. The trade receivables sold under the MRPA Facility are without recourse for any U.S. government credit risk. The MRPA Facility is uncommitted and expires in September of 2027. The purchase price for any trade receivable sold under the MRPA Facility is the trade receivable balance minus a purchase discount fee.

Trade receivables sold under the MRPA Facility have been recognized as sales, as the trade receivables had been legally isolated from the Company, the Purchaser had a right to pledge or exchange the assets received and, although Company generally remains the servicer for sold trade receivables, we do not maintain effective control over the transferred receivables. The fair value of the sold trade receivables approximated their book value due to their short-term nature.

The cash received from trade receivables sold under the MRPA Facility, all of which remains outstanding as of the three and nine months ended September 30, 2026, was $19.6 million. The Company does not retain an ongoing financial interest in the sold trade receivables other than cash collection and administrative servicing. The Company estimated that its servicing fee was at fair value and therefore has not recognized a servicing asset or liability as of September 30, 2026.

For the three and nine months ended September 30, 2026, the Company incurred purchase discount fees of $0.1 million, which are presented in "Selling, general and administrative expense" on the consolidated statements of income.