The Company’s interest rate derivatives, which are not designated as effective cash flow hedges, consisted of the following at March 31, 2025 (unaudited) and December 31, 2024 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | Estimated Fair Value of Assets (Liabilities) (1) | | | | | Effective | Maturity | | Notional | | March 31, | | December 31, | Hedged Debt | Type | Fixed Rate | Index | Date | Date | | Amount | | 2025 | | 2024 | Term Loan 1 | Swap | 3.675 | % | CME Term SOFR | March 17, 2023 | March 17, 2026 | | $ | 75,000 | | $ | 193 | | $ | 370 | Term Loan 1 | Swap | 3.931 | % | CME Term SOFR | September 14, 2023 | September 14, 2026 | | $ | 100,000 | | | (206) | | | 186 | Term Loan 4 | Swap | 4.020 | % | CME Term SOFR | January 31, 2025 | November 7, 2026 | | $ | 100,000 | | | (413) | | | — | | | | | | | | | | | | $ | (426) | | $ | 556 |
| (1) | The fair values of the swap derivative assets were included in prepaid expenses and other assets, net on the accompanying consolidated balance sheets as of March 31, 2025 and December 31, 2024. The fair values of the swap derivative liabilities were included in other liabilities on the accompanying consolidated balance sheet as of March 31, 2025. |
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