FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2023

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of carrying value and estimated fair value of financial instruments

The following table presents the carrying value and estimated fair value of the Company’s financial instruments not carried at fair value on the consolidated balance sheets at September 30, 2023 and December 31, 2022 (in thousands):

	September 30, 2023				December 31, 2022
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Cash and Cash Equivalents - Level 1	$	6,265	$	6,265	$	9,018	$	9,018
Restricted Cash - Level 1	$	11,166	$	11,166	$	4,026	$	4,026
Commercial Loans and Investments - Level 2	$	6,874	$	7,015	$	—	$	—
Long-Term Debt - Level 2	$	249,099	$	230,827	$	267,116	$	250,568

Schedule of fair value of assets (liabilities) measured on recurring basis by Level

The following tables present the fair value of assets measured on a recurring basis by level as of September 30, 2023 and December 31, 2022 (in thousands). See Note 12, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swaps.

			Fair Value at Reporting Date Using
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
September 30, 2023
2026 Term Loan Interest Rate Swap (1)	$	6,639	$	—	$	6,639	$	—
2027 Term Loan Interest Rate Swap (2)	$	8,765	$	—	$	8,765	$	—
Credit Facility Interest Rate Swap (3)	$	2,302	$	—	$	2,302	$	—
December 31, 2022
2026 Term Loan Interest Rate Swap (1)	$	6,125	$	—	$	6,125	$	—
2027 Term Loan Interest Rate Swap (2)	$	8,476	$	—	$	8,476	$	—

(1) As of September 30, 2023, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 2.05% plus 0.10% and the applicable spread on the $100 million 2026 Term Loan (hereinafter defined) balance. See Note 12, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swaps.

(2) As of September 30, 2023, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 1.18% plus 0.10% and the applicable spread on the $100 million 2027 Term Loan (hereinafter defined) balance. See Note 12, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swaps.

(3) As of September 30, 2023, the Company has utilized an interest rate swap to fix SOFR and achieve a fixed interest rate of 3.21% plus 0.10% and the applicable spread on $50 million of the outstanding balance on the Credit Facility (hereinafter defined). See Note 12, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swaps.