Custom Truck One Source, Inc. Fair Value Disclosure
| Carrying Value | Fair Value | |||||||||||||||||||||||||
| (in $000s) | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
| December 31, 2025 | ||||||||||||||||||||||||||
| ABL Facility | $ | 697,975 | $ | — | $ | 697,975 | $ | — | ||||||||||||||||||
| 2029 Secured Notes | 920,000 | — | 901,600 | — | ||||||||||||||||||||||
| 2023 Credit Facility | 17,297 | — | 17,297 | — | ||||||||||||||||||||||
| Other notes payable | 25,487 | — | 25,487 | — | ||||||||||||||||||||||
| December 31, 2024 | ||||||||||||||||||||||||||
| ABL Facility | $ | 582,900 | $ | — | $ | 582,900 | $ | — | ||||||||||||||||||
| 2029 Secured Notes | 920,000 | — | 859,050 | — | ||||||||||||||||||||||
| 2023 Credit Facility | 17,648 | — | 17,733 | — | ||||||||||||||||||||||
| Other notes payable | 27,102 | — | 27,102 | — | ||||||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 10, 2026 | Showing above |
| 2024 | Mar 4, 2025 | |
| 2023 | Mar 7, 2024 | |
| 2022 | Mar 14, 2023 | |
| 2021 | Mar 16, 2022 | |
| 2020 | Mar 9, 2021 | |
| 2019 | Mar 16, 2020 | |
| 2018 | Mar 4, 2019 | |
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.