FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2022

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 June 30, 2022 and December 31, 2021 (in thousands):

	June 30, 2022				December 31, 2021
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Cash and Cash Equivalents - Level 1	$	7,137	$	7,137	$	8,615	$	8,615
Restricted Cash - Level 1	$	27,189	$	27,189	$	22,734	$	22,734
Commercial Loans and Investments - Level 2	$	68,783	$	70,215	$	39,095	$	39,109
Long-Term Debt - Level 2	$	343,196	$	347,083	$	278,273	$	288,000

Schedule of fair value of assets measured on recurring basis by Level

The following table presents the fair value of assets measured on a recurring basis by level as of June 30, 2022 and December 31, 2021 (in thousands). See Note 17, “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)
June 30, 2022
Cash Flow Hedge - 2026 Term Loan Interest Rate Swap (1)	$	3,563	$	—	$	3,563	$	—
Cash Flow Hedge - 2026 Term Loan Interest Rate Swap (2)	$	1,119	$	—	$	1,119	$	—
Cash Flow Hedge - 2027 Term Loan Interest Rate Swap (3)	$	7,458	$	—	$	7,458	$	—
Investment Securities	$	38,483	$	38,483	$	—	$	—
December 31, 2021
Cash Flow Hedge - 2026 Term Loan Interest Rate Swap (1)	$	727	$	—	$	727	$	—
Cash Flow Hedge - 2026 Term Loan Interest Rate Swap (2)	$	240	$	—	$	240	$	—
Cash Flow Hedge - 2027 Term Loan Interest Rate Swap (3)	$	550	$	—	$	550	$	—
Investment Securities	$	41,037	$	41,037	$	—	$	—

⁽¹⁾ Effective March 10, 2021, the Company redesignated the interest rate swap, entered into as of August 31, 2020, to fix LIBOR and achieve a fixed interest rate of 0.22% plus the applicable spread on the $50.0 million 2026 Term Loan, hereinafter defined.

⁽²⁾ Effective August 31, 2021, the Company utilized an interest rate swap to fix LIBOR and achieve a fixed interest rate of 0.77% plus the applicable spread on the remaining $15.0 million outstanding principal balance on the 2026 Term Loan, hereinafter defined.

⁽³⁾ Effective November 5, 2021 the Company redesignated the interest rate swap, entered into as of March 31, 2020, to fix LIBOR and achieve a fixed interest rate of 0.73% plus the applicable spread on the $100.0 million 2027 Term Loan, hereinafter defined.