Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2022

The carrying values and the estimated fair values of debt financial instruments were as follows (in thousands):


	2022				2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
Convertible Notes	$	413,752	$	430,236	$	411,863	$	410,771

The fair value of the Convertible Notes is estimated using Level 2 inputs, as they are not registered securities nor listed on any securities exchange but may be traded by qualified institutional buyers.

The fair value of the Term Loans and Other Debt is estimated using Level 2 inputs. The carrying values of the Term Loans outstanding under the Senior Secured Credit facility recorded in consolidated balance sheets approximate fair value due to the variable interest rate.

Other Debt totaling $52.0 million, consists of $31.7 million variable rate obligations and $20.3 million fixed rate obligations. Of the $20.3 million fixed rate obligations, $14.9 million mature in 2023 and $5.4 million mature in 2024. Due to the relative short term maturity of these obligation, the Company believes current carrying value approximates fair value. The carrying value of the $31.7 million variable rate obligations approximate fair value due to the variable nature of the interest rate.