v3.26.1
Financial Instruments and Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Summary of Terms and Fair value of the Company's Derivative Financial Instruments

The following table summarizes the terms and fair value of the Company’s derivative financial instruments (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value as of

 

Instrument

 

Associated Debt Instrument

 

Effective Date

 

Maturity Date

 

Notional Amount(A)

 

 

March 31, 2026(B)

 

 

December 31, 2025(B)

 

Interest Rate Swap

 

 2024 Term Loan

 

Apr 2025

 

Oct 2028

 

$

100,000

 

 

$

(113

)

 

$

(796

)

Interest Rate Swap

 

 2024 Term Loan

 

Oct 2028

 

Oct 2029

 

$

100,000

 

 

$

(216

)

 

$

(212

)

Interest Rate Swap

 

 2025 Term Loan

 

Jul 2025

 

Jan 2031

 

$

150,000

 

 

$

(738

)

 

$

(1,761

)

(A)
These interest rate swap agreements utilize a one-month SOFR.
(B)
The Swaps (included in accounts payable and other liabilities) are measured at fair value on a recurring basis, which are classified as Level 2 measurement on the fair value hierarchy.
Summary of Location in the Financial Statements of the Income Recognized on Interest Rate Swaps And Treasury Locks Designated as Cash Flow Hedges

The table below details the location in the financial statements of the income recognized on interest rate swaps and treasury locks designated as cash flow hedges (in thousands):

 

 

 

Three Months Ended

 

 

 

March 31, 2026

 

Amount of income recognized in Accumulated OCI on interest rate swaps, net

 

$

1,737

 

 

 

 

 

Amounts reclassified from Accumulated OCI to interest expense

 

$

28