v3.26.1
Derivative Instruments and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of the notional and fair value of derivative financial instruments
The following table summarizes certain terms of the Company’s derivative contracts. The Company reports derivative assets in Other assets, net and derivative liabilities in Accounts payable and other liabilities.
     Fair Value Asset (Liability)
thousands Notional AmountFixed Interest Rate (a)Effective DateMaturity DateMarch 31, 2026December 31, 2025
Derivative instruments not designated as hedging instruments: (b)
Interest rate cap$250,000 4.50%6/17/20257/1/2026$1 $1 
Interest rate cap95,715 6.00%6/20/20247/15/2026— — 
Interest rate cap12,039 6.00%6/20/20247/15/2026— — 
Interest rate cap169,591 5.25%12/2/202412/15/20268 1 
Interest rate cap80,291 5.50%2/26/20263/9/2028161 — 
Interest rate cap14,169 5.50%2/26/20263/9/202828 — 
Derivative instruments designated as hedging instruments:
Interest rate swap79,198 3.97 %5/1/20254/15/2026(10)(59)
Interest rate swap32,400 3.98%7/10/20258/1/2026(35)(88)
Interest rate swap175,000 3.69%1/3/20231/1/2027(59)(542)
Interest rate swap40,800 1.68%3/1/20222/18/2027710 792 
Interest rate swap127,000 3.50%11/7/20251/8/2027268 145 
Interest rate cap58,846 4.15%12/21/202512/21/2028339 183 
Interest rate swap33,765 4.89%11/1/20191/1/20322,106 1,991 
Interest rate swap300,000 3.68%3/30/20263/30/2031(1,452)— 
Other:
Warrants (c)n/an/aVariousVarious208 — 
Total fair value derivative assets$3,829 $3,113 
Total fair value derivative liabilities(1,556)(689)
Total fair value derivative asset (liability), net $2,273 $2,424 
(a)These rates represent the swap rate and cap strike rate on the Company’s interest rate swaps, caps, and collars.
(b)Interest related to these contracts was $0.6 million income for the three months ended March 31, 2026, and $0.2 million expense for the three months ended March 31, 2025.
(c)The Company holds two outstanding warrants. One warrant represents approximately 98% of the aggregate fair value and has an effective date of February 2025 and a maturity date of February 2035. The remaining warrant is immaterial and has similar economic characteristics.
Summary of effect of derivative financial instruments on the condensed consolidated statements of operations
The tables below present the effect of the Company’s derivative financial instruments in the Condensed Consolidated Statements of Operations:
Amount of Gain (Loss) Recognized in AOCI on Derivatives
Derivatives in Cash Flow Hedging RelationshipsThree Months Ended March 31,
thousands20262025
Interest rate derivatives$(200)$(1,120)

Location of Gain (Loss) Reclassified from AOCI into Statements of OperationsAmount of Gain (Loss) Reclassified from AOCI into
Statements of Operations
Three Months Ended March 31,
thousands20262025
Interest expense$354 $699