Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Summary of Carrying Amounts and Estimated Fair Values of the Company's Financial Instruments

The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments on September 30, 2020 and December 31, 2019. Fair value is defined as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.


	Quarter Ended September 30, 2020				Year Ended December 31, 2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(in thousands)
Financial assets
Cash and cash equivalents	$	115,153	$	115,153	$	7,676	$	7,676
Restricted cash	2,613		2,613		2,222		2,222
Accounts receivable	3,392		3,392		3,767		3,767
Interest Rate Swaps (Other non-current assets)	—		—		9		9
Total	$	121,158	$	121,158	$	13,674	$	13,674
Financial liabilities
Notes payable	$	158,814	$	158,814	$	3,313	$	3,313
Accounts payable	2,283		2,283		1,337		1,337
Accrued expenses	1,409		1,409		2,006		2,006
Income tax payable	544		544		—		—

Total	$	163,050	$	163,050	$	6,656	$	6,656

Summary of Fair Value Assets and Liabilities Measured on Recurring Basis

The following table presents the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis (including items that are required to be measured at fair value) at September 30, 2020 and December 31, 2019.


			Fair value measurements at reporting date using
	September 30, 2020		Level 1		Level 2		Level 3
	(in thousands)
Liabilities:

Notes payable	$	158,814	$	—	$	158,814	$	—
Total	$	158,814	$	—	$	158,814	$	—


			Fair value measurements at reporting date using
	December 31, 2019		Level 1		Level 2		Level 3
	(in thousands)
Assets:
Interest rate swaps	$	9	$	—	$	9	$	—
Total	$	9	$	—	$	9	$	—
Liabilities:
Notes payable	$	3,313	$	—	$	3,313	$	—
Total	$	3,313	$	—	$	3,313	$	—