Derivatives (Tables)

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following table summarizes the terms and fair value of the Company’s derivative financial instruments as of March 31, 2026 (dollars in thousands):


Instrument		Number of Swap Agreements		Associated Debt Instrument		Effective Date		Maturity Date		Notional Amount (1)				Derivative Assets (2)				Derivative Liabilities (2)
Interest rate swap		1		$200.0 Million Term Loan		Jan-24		Jan-29		$	200,000			$	-			$	(493	)
Interest rate swaps		3		$50.0 Million Term Loan		Jan-24		Nov-26			50,000				-				(64	)
Interest rate swaps		3		$100.0 Million Term Loan		Jan-24		Feb-27			100,000				-				(146	)
Interest rate swaps		7		$50.0 Million Term Loan		Jan-24		Aug-27			50,000				-				(74	)
Interest rate swaps		7		$110.0 Million Term Loan		Jan-24		Feb-28			110,000				-				(193	)
Interest rate swaps		4		$300.0 Million Term Loan		Jul-24		Jan-29			300,000				-				(2,382	)
Interest rate swap		1		$50.0 Million Term Loan		Sept-24		Jan-29			50,000				210				-
										$	860,000			$	210			$	(3,352	)

(1)

These interest rate swap agreements utilize a one-month SOFR CME index.

(2)

Derivative assets and derivative liabilities are included within Other assets and Other liabilities, respectively, on the Company’s Condensed Consolidated Balance Sheets.

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location

The table below details the location in the financial statements of the gain/(loss) recognized on interest rate swaps designated as cash flow hedges for the three months ended March 31, 2026 and 2025 (in thousands):


		Three Months Ended March 31,
		2026				2025
Amount of gain/(loss) recognized in AOCI on interest rate swaps, net		$	5,326			$	(8,987	)
Amount reclassified from AOCI into Interest expense as (expense)/income		$	(102	)		$	1,282
Total amount of Interest expense presented in the Condensed Consolidated Statements of Income in which the effects of cash flow hedges are being recorded		$	(83,125	)		$	(80,377	)