v3.25.1
Derivative Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of interest rate swaps The following table summarizes the fair value of the interest rate swaps as of March 31, 2025 and December 31, 2024.
Balance Sheet Line Item (in thousands)Effective Notional Amount March 31, 2025Fair Value March 31, 2025Effective Notional Amount December 31, 2024Fair Value December 31, 2024
Interest rate swaps-gross asset$825,000 $26,261 $1,025,000 $36,466 
Interest rate swaps-gross liability$200,000 $(783)$— $— 
Schedule of the location in the financial statements of the gain or loss recognized on interest rate swaps
The following table summarizes the effect of cash flow hedge accounting and the location of amounts related to the Company’s derivatives in the consolidated financial statements for the three months ended March 31, 2025 and 2024.

 Three months ended March 31,
Effect of Cash Flow Hedge Accounting (in thousands)20252024
Income (loss) recognized in accumulated other comprehensive income on interest rate swaps$(5,104)$16,405 
Income reclassified from accumulated other comprehensive income into income as interest expense$5,877 $9,329 
Total interest expense presented in the Consolidated Statements of Operations in which the effect of cash flow hedges are recorded$32,529 $25,421 
Schedule of financial instruments accounted for at fair value on a recurring basis
The following table summarizes the Company’s financial instruments that were recorded at fair value on a recurring basis as of March 31, 2025 and December 31, 2024. 

  Fair Value Measurements as of March 31, 2025 Using
Balance Sheet Line Item (in thousands)Fair Value March 31, 2025Level 1Level 2Level 3
Interest rate swaps-gross asset$26,261 $— $26,261 $— 
Interest rate swaps-gross liability$(783)$— $(783)$— 
  Fair Value Measurements as of December 31, 2024 Using
Balance Sheet Line Item (in thousands)Fair Value December 31, 2024Level 1Level 2Level 3
Interest rate swaps-gross asset$36,466 $— $36,466 $—