v3.26.1
INTEREST RATE SWAPS (Tables)
6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of interest rate swap agreements

Information related to the Company’s interest rate swap agreements is noted below (in thousands):

Hedged Item

Effective Date

Maturity Date

Rate

Amount

Fair Value as of June 30, 2026

2029 Term Loan (1)

5/21/2026

2/2/2029

3.36% +
applicable spread

$

100,000

$

1,305

2031 Term Loan (2)

1/29/2027

2/4/2031

3.54%+
applicable spread

$

100,000

$

1,057

2031 Term Loan (3)

11/29/2024

1/31/2027

1.61% +
applicable spread

$

80,000

$

1,090

2031 Term Loan (4)

9/30/2022

1/31/2027

3.84% +
applicable spread

$

20,000

$

1

Revolving Facility (5)

3/1/2023

3/1/2028

3.21% +
applicable spread

$

50,000

$

583

Revolving Facility (6)

4/4/2025

1/1/2027

3.43% +
applicable spread

$

50,000

$

97

(1)As of June 30, 2026, the Company has utilized an interest rate swap to fix SOFR and achieve a weighted average fixed interest rate of 3.36% plus the applicable spread on the $100.0 million 2029 Term Loan balance.
(2)The interest rate swap agreement hedges $100.0 million 2031 Term Loan balance under different terms and commences on January 29, 2027 to extend the fixed interest rate through February 4, 2031.
(3)As of June 30, 2026, the Company has utilized interest rate swaps to fix SOFR and achieve a fixed interest rate of 1.61% plus the applicable spread on $80.0 million of the $100.0 million 2031 Term Loan balance.
(4)As of June 30, 2026, the Company has utilized an interest rate swap to fix SOFR and achieve a fixed interest rate of 3.84% plus the applicable spread on $20.0 million of the $100.0 million 2031 Term Loan balance.
(5)As of June 30, 2026, the Company has utilized an interest rate swap to fix SOFR and achieve a fixed interest rate of 3.21% plus the applicable spread on $50.0 million of the outstanding balance on the Revolving Facility.
(6)As of June 30, 2026, the Company has utilized an interest rate swap to fix SOFR and achieve a fixed interest rate of 3.43% plus the applicable spread on $50.0 million of the outstanding balance on the Revolving Facility.