v3.26.1
Derivative Financial Instruments
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
The following table summarizes the terms and fair values of our derivative financial instruments, as well as their classifications within the consolidated balance sheets (notional amounts and fair values in thousands):
Fair Value
Effective DateMaturity DateNotional AmountBank Pay RateCompany Fixed Pay RateMarch 31, 2026December 31, 2025
Assets (Liabilities)(1):
February 2024February 2026$75,000 
Daily SOFR
3.5 %$— $22 
February 2024August 202675,000 Daily SOFR3.7 %(18)(80)
February 2024January 2027175,000 Daily SOFR4.2 %(689)(1,358)
January 2026October 202975,000 Daily SOFR3.4 %386 (25)
February 2026April 202875,000 Daily SOFR3.3 %379 (102)

$400,000 3.8 %
May 2025April 202961,700 Daily SOFR3.5 %— (417)
Total$58 $(1,960)
Forward Starting Derivatives
August 2026October 202750,000 Daily SOFR3.1 %272 6 
August 2026April 202825,000 Daily SOFR3.1 %180 24 
January 2027December 202850,000 Daily SOFR3.2 %225 — 
January 2027April 202925,000 Daily SOFR3.1 %213 — 
January 2027September 203025,000 Daily SOFR3.5 %(20)— 
Total$175,000 3.2 %$870 $30 
(1)    Asset balances are recorded in prepaids and other assets on the consolidated balance sheets and liabilities are recorded in other liabilities on the consolidated balance sheets.

The derivative financial instruments are comprised of interest rate swaps, which are designated and qualify as cash flow hedges, with various counterparties. We do not use derivatives for trading or speculative purposes and currently do not have any derivatives that are not designated as hedges.

Changes in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in accumulated other comprehensive loss and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings.

The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements (in thousands):
Three months ended March 31,
20262025
Interest Rate Swaps (Effective Portion):
Amount of gain (loss) recognized in other comprehensive income (loss)$3,053 $(1,248)