Antero Midstream Corp Fair Value Disclosure
(14) Fair Value Measurement
The carrying values on the consolidated balance sheets of the Company’s cash and cash equivalents, restricted cash, accounts receivable—Antero Resources, accounts receivable—third party, other current assets, accounts payable—Antero Resources, accounts payable—third party, accrued liabilities and other current liabilities approximate fair values due to their short-term maturities. The carrying value of the amounts under the Credit Facility as of December 31, 2024 and 2025 approximated fair value because the variable interest rates are reflective of current market conditions.
The fair value and carrying value of the Company’s Senior Notes is as follows:
December 31, 2024 | December 31, 2025 | ||||||||||||
(in thousands) | Fair Value (1) | Carrying Value (2) | Fair Value (1) | Carrying Value (2) | |||||||||
2027 Notes | $ | 646,750 | 648,082 | — | — | ||||||||
2028 Notes | 644,410 | 646,684 | 649,155 | 647,725 | |||||||||
2029 Notes | 730,425 | 744,516 | 750,000 | 745,620 | |||||||||
2032 Notes | 602,220 | 593,376 | 621,000 | 594,132 | |||||||||
2033 Notes | — | — | 653,250 | 642,525 | |||||||||
2034 Notes | — | — | 604,800 | 592,528 | |||||||||
Total | $ | 2,623,805 | 2,632,658 | 3,278,205 | 3,222,530 | ||||||||
| (1) | Fair values are based on Level 2 market data inputs. |
| (2) | Carrying values are presented net of unamortized debt issuance costs and debt premium. |
The Company used an income approach to estimate the selling price less costs to sell of the Utica Shale Property and Equipment, which represents fair value of the Utica Shale Property and Equipment as of December 31, 2025. The selling price less costs to sell is based on significant inputs not observable in the market, and therefore, represents a Level 3 measurement within the fair value hierarchy. See Note 3—Transactions for additional information.
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About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.