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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of Interest Rate Swap Designated as Cash Flow Hedges of Interest Rate Risk

The following table sets forth information regarding the Company's interest rate swap that was designated as a cash flow hedge of interest rate risk for the six months ended June 30, 2023. See Note 8 for additional information.

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

Asset

 

Fair Value at June 30, 2023

 

 

Quoted Prices in
Active Markets
 for Identical
Assets (Level 1)

 

 

Significant
Other
Observable
Inputs (Level 2)

 

 

Significant
Unobservable
Inputs (Level 3)

 

Interest rate swap

 

$

880

 

 

$

—

 

 

$

880

 

 

$

—

 
Schedule of Debt Securities, Available-for-sale Measured at Fair Value The table below sets forth information regarding the Company’s AFS securities that were measured at fair value for the six months ended June 30, 2023. Subsequent to June 30, 2023, the Company redeemed and purchased additional U.S. Treasury securities. See Note 14 for additional information.

AFS Security (1)

 

Amortized
Cost

 

 

Allowance
for credit
losses (2)

 

 

Total unrealized loss

 

 

Fair value as of June 30, 2023 (3)

 

U.S. Treasury securities

 

$

255,412

 

 

$

—

 

 

$

(540

)

 

$

254,872

 
(1)
The U.S. Treasury securities have maturities through April 2024.
(2)
U.S. Treasury securities have a long history with no credit losses. Additionally, the Company notes that U.S. Treasury securities are explicitly fully guaranteed by a sovereign entity that can print its own currency and that the sovereign entity’s currency is routinely held by central banks and other major financial institutions, is used in international commerce, and commonly viewed as a reserve currency, all of which qualitatively indicate that historical credit loss information should be minimally affected by current conditions and reasonable and supportable forecasts. Therefore, the Company did not record expected credit losses for its U.S. Treasury securities for the six months ended June 30, 2023.
(3)
The fair value was calculated using Level 1 inputs.

The following table sets forth information regarding the Company’s AFS securities that were measured at fair value for the year ended December 31, 2022:

AFS Security

 

Amortized
Cost

 

 

Allowance
for credit
losses (1)

 

 

Total unrealized loss

 

 

Fair value as of December 31, 2022 (2)

 

U.S. Treasury securities

 

$

293,476

 

 

$

—

 

 

$

(1,054

)

 

$

292,422

 
(1)
U.S. Treasury securities have a long history with no credit losses. Additionally, the Company notes that U.S. Treasury securities are explicitly fully guaranteed by a sovereign entity that can print its own currency and that the sovereign entity’s currency is routinely held by central banks and other major financial institutions, is used in international commerce, and commonly viewed as a reserve currency, all of which qualitatively indicate that historical credit loss information should be minimally affected by current conditions and reasonable and supportable forecasts. Therefore, the Company did not record expected credit losses for its U.S. Treasury securities for the year ended December 31, 2022.
(2)
The fair value was calculated using Level 1 inputs.