v3.25.2
Interest Rate Swaps
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Interest Rate Swaps Interest Rate Swaps
The following is a summary of the Company’s outstanding interest rate swap agreements:
(in thousands, except interest rates)June 30, 2025December 31, 2024
CounterpartyMaturity DateFixed
Rate		Variable Rate IndexNotional
Amount		Fair
Value		Notional
Amount		Fair
Value
Effective Swaps: (a)
Bank of MontrealJanuary 20251.91%daily compounded SOFR$— $— $25,000 $2 
Truist Financial CorporationApril 20252.20%daily compounded SOFR— — 25,000 137 
Bank of MontrealJuly 20252.32%daily compounded SOFR25,000 — 25,000 250 
Truist Financial CorporationJuly 20251.99%daily compounded SOFR25,000 — 25,000 290 
Truist Financial CorporationDecember 20252.30%daily compounded SOFR25,000 242 25,000 471 
Bank of MontrealJanuary 20261.92%daily compounded SOFR25,000 293 25,000 569 
Bank of MontrealJanuary 20262.05%daily compounded SOFR40,000 443 40,000 860 
Capital One, National AssociationJanuary 20262.08%daily compounded SOFR35,000 383 35,000 743 
Truist Financial CorporationJanuary 20261.93%daily compounded SOFR25,000 292 25,000 567 
Capital One, National AssociationApril 20262.68%daily compounded SOFR15,000 159 15,000 280 
Capital One, National AssociationJuly 20261.32%daily compounded SOFR35,000 905 35,000 1,454 
Bank of MontrealDecember 20262.33%daily compounded SOFR10,000 200 10,000 346 
Bank of MontrealDecember 20261.99%daily compounded SOFR25,000 625 25,000 1,030 
Toronto-Dominion BankMarch 20272.46%daily compounded CORRA14,616 
(b)
71 13,903 
(b)
166 
Wells Fargo Bank, N.A.April 20272.72%daily compounded SOFR25,000 382 25,000 757 
Bank of MontrealDecember 20272.37%daily compounded SOFR25,000 679 25,000 1,230 
Capital One, National AssociationDecember 20272.37%daily compounded SOFR25,000 677 25,000 1,227 
Wells Fargo Bank, N.A.January 20282.37%daily compounded SOFR75,000 2,035 75,000 3,693 
Bank of MontrealMay 20292.09%daily compounded SOFR25,000 1,262 25,000 2,024 
Regions BankMay 20292.11%daily compounded SOFR25,000 1,241 25,000 1,999 
Regions BankJune 20292.03%daily compounded SOFR25,000 1,318 25,000 2,085 
U.S. Bank National AssociationJune 20292.03%daily compounded SOFR25,000 1,318 25,000 2,087 
Regions BankAugust 20292.58%one-month SOFR100,000 2,908 100,000 5,799 
Toronto-Dominion BankAugust 20292.58%one-month SOFR45,000 1,332 45,000 2,642 
U.S. Bank National AssociationAugust 20292.65%one-month SOFR15,000 403 15,000 835 
U.S. Bank National AssociationAugust 20292.58%one-month SOFR100,000 2,920 100,000 5,820 
U.S. Bank National AssociationAugust 20291.35%daily compounded SOFR25,000 2,044 25,000 2,894 
Bank of MontrealMarch 20303.80%daily simple SOFR80,000 (1,507)80,000 541 
JPMorgan Chase Bank, N.A.March 20303.79%daily simple SOFR50,000 (907)50,000 371 
U.S. Bank National AssociationJune 20303.73%daily simple SOFR70,000 (1,118)70,000 666 
Truist Financial CorporationJune 20303.73%daily simple SOFR55,000 (889)55,000 508 
Regions BankMarch 20322.69%daily compounded CORRA14,616 
(b)
288 13,903 
(b)
358 
U.S. Bank National AssociationMarch 20322.70%daily compounded CORRA14,616 
(b)
285 13,903 
(b)
354 
Bank of MontrealMarch 20342.81%daily compounded CORRA29,232 
(c)
785 27,805 
(c)
846 
1,148,080 19,069 1,194,514 43,901 
Forward Starting Swaps: (a) (d)
Manufacturers & Traders Trust CompanySeptember 20303.71%daily simple SOFR50,000 (806)50,000 512 
Regions BankSeptember 20303.69%daily simple SOFR15,000 (236)15,000 159 
Truist Financial CorporationSeptember 20303.70%daily simple SOFR15,000 (236)15,000 159 
Toronto-Dominion BankDecember 20303.66%daily simple SOFR70,000 (1,071)70,000 846 
Regions BankDecember 20303.66%daily simple SOFR55,000 (855)55,000 643 
205,000 (3,204)205,000 2,319 
Total Swaps$1,353,080 $15,865 $1,399,514 $46,220 
(a)The classification between “effective” and “forward starting” swaps is determined as of the most recent period presented.
(b)The contractual notional amount is $20.0 million CAD.
(c)The contractual notional amount is $40.0 million CAD.
(d)Forward starting swaps have effective dates that are five years prior to each respective maturity date.
At June 30, 2025, the weighted average interest rate on all outstanding borrowings was 3.89%, inclusive of a weighted average fixed rate on effective interest rate swaps of 2.62%.
The total amounts recognized, and the location in the accompanying Condensed Consolidated Statements of Income and Comprehensive Income, from converting from variable rates to fixed rates under these agreements were as follows:
Amount of Loss
Recognized in
Accumulated Other
Comprehensive
Income		Reclassification from
Accumulated Other
Comprehensive Income		Total Interest Expense
Presented in the Condensed
Consolidated Statements of
Income and Comprehensive Income
(in thousands)LocationAmount of
Gain
For the Three Months Ended June 30,
2025$10,463 Interest expense$4,737 $21,112 
20241,456 Interest expense7,619 17,757 
Amount of (Loss) Gain
Recognized in
Accumulated Other
Comprehensive
Income		Reclassification from
Accumulated Other
Comprehensive Income		Total Interest Expense
Presented in the Condensed
Consolidated Statements of
Income and Comprehensive Income
(in thousands)LocationAmount of
Gain
For the Six Months Ended June 30,
2025$(30,355)Interest expense$9,470 $41,186 
202410,348 Interest expense15,167 36,334 
Amounts related to the interest rate swaps expected to be reclassified out of Accumulated other comprehensive income to Interest expense during the next twelve months are estimated to be a gain of $11.3 million.