v3.25.2
Financial Instruments - Derivatives and Hedging (Tables)
6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Interest Rate Derivatives
Detail on the terms and fair value of the Company’s interest rate derivatives designated as cash flow hedges outstanding as of June 30, 2025 is as follows:

Fair Value
Effective DateMaturity DateSwapped Variable RateFixed RateNotional AmountAssetsLiabilities
5/1/20237/26/20271 Month SOFR3.5890 %$100,000 $— $(327)
5/1/20237/26/20271 Month SOFR3.5950 %75,000 — (254)
5/1/20237/26/20271 Month SOFR3.5930 %25,000 — (84)
7/26/20247/26/20271 Month SOFR4.0767 %100,000 — (1,302)
7/26/20247/26/20271 Month SOFR4.0770 %100,000 — (1,303)
7/26/20247/26/20271 Month SOFR4.0767 %50,000 — (652)
7/26/20247/26/20271 Month SOFR4.0770 %50,000 — (652)
$500,000 $— $(4,574)

Detail on the terms and fair value of the Company’s interest rate derivatives designated as cash flow hedges outstanding as of December 31, 2024 is as follows:

Fair Value
Effective DateMaturity DateSwapped Variable RateFixed RateNotional AmountAssetsLiabilities
5/1/20237/26/20271 Month SOFR3.5890 %$100,000 $993 $— 
5/1/20237/26/20271 Month SOFR3.5950 %75,000 735 — 
5/1/20237/26/20271 Month SOFR3.5930 %25,000 246 — 
7/26/20247/26/20271 Month SOFR4.0767 %100,000 — (199)
7/26/20247/26/20271 Month SOFR4.0770 %100,000 — (199)
7/26/20247/26/20271 Month SOFR4.0767 %50,000 — (100)
7/26/20247/26/20271 Month SOFR4.0770 %50,000 — (100)
$500,000 $1,974 $(598)
Schedule of Derivatives in Cash Flow Hedging Relationships
The effective portion of the Company’s interest rate swaps that was recognized on the Company’s unaudited Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2025 and 2024 is as follows:

Derivatives in Cash Flow Hedging Relationships
(Interest Rate Swaps)
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Change in unrealized gain (loss) on interest rate swaps$(1,273)$6,019 $(4,839)$21,223 
Accretion of interest rate swaps to interest expense(740)(3,115)(1,476)(6,190)
Change in unrealized gain (loss) on interest rate swaps, net$(2,013)$2,904 $(6,315)$15,033