| Carrying Value and Estimated Fair Value of Financial Instruments |
The following tables present the carrying values of those financial instruments and the estimated corresponding fair values at September 30, 2026 and December 31, 2025 (in thousands):
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Estimated Fair Value Measurements at September 30, 2026 |
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Carrying Value as
of September 30,
2026 |
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Total Fair
Value |
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Level 1 |
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Level 2 |
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Level 3 |
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Assets: |
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Cash and cash equivalents |
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$ |
215,955 |
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$ |
215,955 |
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$ |
215,955 |
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$ |
— |
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$ |
— |
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Restricted cash |
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108,413 |
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108,413 |
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108,413 |
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— |
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— |
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Liabilities: |
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Borrowings under credit agreement |
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$ |
236,506 |
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$ |
236,506 |
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$ |
— |
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$ |
236,506 |
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$ |
— |
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8.625% Senior Secured Notes due 2029 |
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650,000 |
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669,500 |
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— |
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669,500 |
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— |
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10.250% Senior Notes due 2031 |
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625,000 |
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665,963 |
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— |
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665,963 |
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— |
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Estimated Fair Value Measurements at December 31, 2025 |
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Carrying Value as
of December 31,
2025 |
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Total Fair
Value |
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Level 1 |
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Level 2 |
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Level 3 |
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Assets: |
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Cash and cash equivalents |
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$ |
68,995 |
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$ |
68,995 |
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$ |
68,995 |
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$ |
— |
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$ |
— |
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Restricted cash |
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54,640 |
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54,640 |
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54,640 |
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— |
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— |
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Liabilities: |
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Borrowings under credit agreement |
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$ |
358,583 |
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$ |
358,583 |
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$ |
— |
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$ |
358,583 |
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$ |
— |
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8.625% Senior Secured Notes due 2029 |
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650,000 |
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684,437 |
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— |
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684,437 |
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— |
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10.250% Senior Notes due 2031 |
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625,000 |
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685,375 |
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— |
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685,375 |
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— |
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