v3.26.1
Derivatives (Tables)
12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Outstanding Derivatives

The following table details the Company’s outstanding interest rate swaps that were non-designated hedges of interest rate risk (notional amount in thousands):

 

 

December 31, 2025

Interest rate swap

 

Number of Instruments

 

 

Notional Amount

 

 

Weighted-Average Strike Rate

 

Index

 

Weighted-Average Maturity (Years)

 

 

Weighted-Average Commencement Date

 

Weighted-Average Maturity Date

Interest rate swaps – mortgage notes

 

 

4

 

 

$

120,100

 

 

3.59%

 

SOFR

 

 

2.8

 

 

August 17, 2025

 

October 19, 2028

 

 

 

December 31, 2024

Interest rate swap

 

Number of Instruments

 

 

Notional Amount

 

 

Weighted-Average Commencement Date

 

Weighted-Average Maturity Date

5-year Treasury note futures

 

 

168

 

 

$

16,800

 

 

November 26, 2024

 

March 31, 2025

2-year Treasury note futures

 

 

56

 

 

 

11,200

 

 

November 26, 2024

 

March 31, 2025

Interest rate swaps – mortgage notes

 

 

1

 

 

 

10,000

 

 

April 2, 2024

 

October 2, 2028

 

Schedule of Fair Value of Derivative Financial Instruments

The following table details the fair value of the Company’s derivative financial instruments ($ in thousands):

 

 

Fair Value of Derivatives(1)

 

 

 

December 31, 2025

 

 

December 31, 2024

 

5-year Treasury note futures

 

$

 

 

$

(16

)

2-year Treasury note futures

 

 

 

 

 

(1

)

Interest rate swaps

 

 

(354

)

 

 

(118

)

(1) The derivative liability balances as of December 31, 2025 and 2024 are included in accounts payable, accrued expenses and other liabilities.