The following table summarizes the terms and fair values of the Company’s derivative financial instruments that were designated and qualified as part of a hedging relationship as of June 30, 2025 and December 31, 2024 (dollars in thousands):


									Fair Value Assets (Liabilities)(1)
Type of Hedge	Number of Instruments	Aggregate Notional		Reference Rate	Interest Rate		Effective Date	Maturity Date	June 30, 2025		December 31, 2024
Cash Flow	Four	$	250,000	SOFR	2.99	%	12/1/2022	10/24/2025	$	1,006	$	2,307
Cash Flow	Two	100,000		SOFR	2.66	%	8/1/2022	8/1/2025	143		884
Cash Flow	Two	200,000		SOFR	2.37	%	11/22/2023	8/1/2025	336		2,101
Cash Flow(2)	Three	150,000		SOFR	1.68	%	8/15/2022	7/17/2026	3,234		5,316
		$	700,000						$	4,719	$	10,608

Fair Value(3)	Two	$	155,000	SOFR	SOFR + 3.70%		4/23/2021	9/10/2025	$	(1,191)	$	(3,937)

(1)Derivatives in an asset position are included within “Prepaid and other assets” and derivatives in a liability position are included within “Accounts payable and accrued expenses” in the accompanying consolidated balance sheets.

(2)These interest rate swaps are expected to be assigned to the Company’s $300M Term Loan effective August 1, 2025.

(3)The derivative agreements swap a blended fixed rate of 4.52% for a blended floating rate of three-month SOFR plus 3.70%.