Quarterly report pursuant to Section 13 or 15(d)

Fair Value (Tables)

v3.22.2.2
Fair Value (Tables)
 9 Months Ended
Sep. 30, 2022
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents carrying values and estimated fair values of financial instruments:
September 30, 2022 December 31, 2021
Hierarchy Carrying Value Fair Value Carrying Value Fair Value
(dollars in thousands)
Liabilities:
Construction loan (1)(2)
Level 2 $ —  $ —  $ 82,617  $ 82,617 
Line of credit facilities (1)
Level 2 $ 594,300  $ 594,300  $ 390,300  $ 390,300 
Warrant liability Level 3 $ —  $ —  $ 9,185  $ 9,185 
(1)     Carrying amount approximates fair value due to the variable interest rate terms of these loans. Carrying value excludes any associated deferred loan costs.
(2)     In April 2022, the remaining construction loan was repaid in full.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following table reconciles the beginning and ending balances for the Level 3 recurring fair value measurements during the periods presented:

Nine Months Ended September 30,
2022 2021
Warrant liability (dollars in thousands)
Beginning balance(1)
$ 9,185  $ 11,275 
Changes in fair value 7,315  3,245 
Repurchases of warrants (16,500) — 
Ending balance $ —  $ 14,520 
(1)     The beginning balance for the period ended September 30, 2021 represents the balance as of January 7, 2021, the Closing Date of the Merger.