v3.25.2
Derivatives and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Balance Sheet Location
The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of June 30, 2025 and December 31, 2024:
(In thousands)Balance Sheet LocationJune 30,
2025		December 31, 2024
Derivatives designated as hedging instruments:
Interest rate “pay-fixed” swapsDerivative assets, at fair value$9,453 $16,652 
Derivatives not designated as hedging instruments:
Interest rate capsDerivative assets, at fair value$1,755 $2,554 
Schedule of Derivatives Included in AOCI
The table below details the location in the financial statements of the gain (loss) recognized on interest rate derivatives designated as cash flow hedges for the periods presented:
Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2025202420252024
Amount of (loss) gain recognized in accumulated other comprehensive income on interest rate derivatives
$58 $2,272 $(1,141)$9,319 
Amount of gain reclassified from accumulated other comprehensive income into income as interest expense$2,263 $3,548 $6,058 $8,315 
Total amount of interest expense presented in the consolidated statements of operations and comprehensive loss$(15,836)$(17,752)$(30,365)$(34,135)
Schedule of Derivative Instruments
The Company had the following outstanding interest rate derivatives with current effective notional amounts that were not designated as hedges in qualified hedging relationships as of June 30, 2025 and December 31, 2024:
June 30, 2025December 31, 2024
Interest Rate DerivativesNumber of Instruments
Notional Amount (1)
Number of Instruments
Notional Amount (1)
(In thousands)(In thousands)
Interest rate caps (2)
9 $481,293 8 $369,218 
__________
(1)Notional amount represents the currently active interest rate cap contracts.
(2)All of the Company’s interest rate cap agreements limited one-month SOFR to 3.50% with terms through November 2026. The actual one-month SOFR rates during the three months ended June 30, 2025 exceeded the strike price rate of 3.50% and the Company received payments under these agreements. Changes in the fair market value of these non-designated derivatives, as well as any cash received, are presented within gain on non-designated derivatives in the Company’s consolidated statements of operations and comprehensive loss.
Schedule of Offsetting Derivatives
The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives (both designated and non-designated) as of June 30, 2025 and December 31, 2024. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the consolidated balance sheets.
Gross Amounts Not Offset in the Consolidated Balance Sheet
(In thousands)Gross Amounts of Recognized AssetsGross Amounts of Recognized (Liabilities)Gross Amounts Offset in the Consolidated Balance SheetNet Amounts of Assets presented in the Consolidated Balance SheetFinancial InstrumentsCash Collateral ReceivedNet Amount
June 30, 2025$11,208 $— $— $11,208 $— $— $11,208 
December 31, 2024$19,206 $— $— $19,206 $— $— $19,206