Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Measurements

Summary of the reported carrying values and the fair values by level of the Company's assets and liabilities measured at fair value on a recurring basis


		June 30, 2026						December 31, 2025						June 30, 2025
($ in thousands)		Carrying Value			Level 3			Carrying Value			Level 3			Carrying Value			Level 3
Assets:
Derived participation investment ⁽¹⁾		$	3,302		$	3,302		$	3,321		$	3,321		$	6,001		$	6,001
Liabilities:
Acquisition-related contingent consideration ⁽²⁾			—			—			—			—			368			368

(1)	Derived participation investment was included in other assets in the accompanying condensed consolidated balance sheets.

(2)	As of June 30, 2025, the $0.4 million of acquisition-related contingent consideration was included in accrued liabilities in the accompanying condensed consolidated balance sheets.

Schedule of fair value measurements of assets using significant unobservable inputs


($ in thousands)		Derived Participation Investment			Acquisition-Related Contingent Consideration
Beginning balance as of January 1, 2025		$	156		$	368
Purchases			5,992			—
Settlements			(458)			—
Gains included in earnings⁽¹⁾			311			—
Ending balance as of June 30, 2025			6,001			368
Purchases			3,475			—
Settlements			(1,308)			(100)
In transit exchanges for new securities⁽²⁾			(5,708)			—
Gains included in earnings⁽¹⁾			861			(268)
Ending balance as of December 31, 2025			3,321			—
Losses included in earnings			(19)			—
Ending balance as of June 30, 2026		$	3,302		$	—

(1)	Gains related to the derived participation investment represent an increase in the asset. Gains related to the acquisition-related contingent consideration represent a decrease in the liability.

(2)	Securitization proceeds held by issuer to be exchanged for new investment.

Summary of aggregate carrying value and fair value of the Company's debt instruments


		Fair Value		June 30, 2026						December 31, 2025						June 30, 2025
($ in thousands)		Measurement		Carrying Value			Fair Value			Carrying Value			Fair Value			Carrying Value			Fair Value
Term Loan Facility		Level 2		$	1,286,597		$	1,232,752		$	1,308,832		$	1,285,475		$	1,330,401		$	1,311,749
Real Estate Facilities		Level 2			111,281			112,544			155,137			158,203			168,332			173,163
Other Long-Term Debt		Level 2			7,417			6,444			7,588			6,622			7,760			6,589

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details