v3.26.1
Derivative Financial Instruments
12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments
7.
Derivative Financial Instruments

The Company uses interest rate swaps to minimize the interest rate risk associated with the Company’s Credit Facilities variable interest expense.

The following table is a summary of the Company’s outstanding interest rate swap agreements ($ in thousands):

 

 

 

 

 

 

 

 

 

December 31, 2025

 

 

December 31, 2024

 

Counterparty

 

Maturity Date

 

Fixed Rate

 

 

Variable Rate Index

 

Notional Amount

 

 

Fair Value

 

 

Notional Amount

 

 

Fair Value

 

Goldman Sachs Bank USA

 

10/21/2026

 

 

3.70

%

 

One-month SOFR

 

$

250,000

 

 

$

(473

)

 

$

 

 

$

 

Goldman Sachs Bank USA

 

10/21/2027

 

 

3.38

%

 

One-month SOFR

 

 

150,000

 

 

 

(243

)

 

 

 

 

 

 

Bank of America, National Association

 

8/13/2027

 

 

3.35

%

 

Daily simple SOFR

 

 

60,000

 

 

 

(84

)

 

 

60,000

 

 

 

948

 

Total Swaps

 

 

 

 

 

 

 

 

$

460,000

 

 

$

(800

)

 

$

60,000

 

 

$

948

 

The following table details the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations during the year ended December 31, 2025 ($ in thousands):

 

 

Amount of Unrealized Gain (Loss)
Recognized in OCI

 

 

Location of Gain (Loss)
Recognized in Income on Derivatives

 

Amount of Gain (Loss)
Reclassified from
Accumulated OCI into Income

 

 

 

December 31, 2025

 

 

 

 

December 31, 2025

 

Interest rate swaps

 

$

(1,748

)

 

Interest Expense

 

$

1,704

 

Total

 

$

(1,748

)

 

 

 

$

1,704

 

The following table details the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations during the year ended December 31, 2024 ($ in thousands):

 

 

 

Amount of Unrealized Gain
Recognized in OCI

 

 

Location of Gain
Recognized in Income on Derivatives

 

Amount of Gain
Reclassified from
Accumulated OCI into Income

 

 

 

December 31, 2024

 

 

 

 

December 31, 2024

 

Interest rate swaps

 

$

948

 

 

Interest Expense

 

$

215

 

Total

 

$

948

 

 

 

 

$

215

 

 

The Company did not hold any derivative financial instruments for the period from January 24, 2023 (Date of Formation) through December 31, 2023.