| Schedule of Interest Rate Derivatives |
We have the following derivatives (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value of Assets (Liabilities) | | Hedged Debt | | Type | | Fixed Rate | | Index | | Effective Date | | Maturity Date | | Notional Amount | | June 30,
2026 | | December 31, 2025 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Unsecured term loans | | Swap | | 3.36 | % | | SOFR | | March 1, 2023 | | January 1, 2028 | | $ | 75,000 | | | $ | 645 | | | $ | (138) | | | Unsecured term loans | | Swap | | 3.50 | % | | SOFR | | March 1, 2023 | | January 1, 2027 | | $ | 75,000 | | | 122 | | | (82) | | | Unsecured term loans | | Swap | | 3.27 | % | | SOFR | | October 1, 2024 | | January 1, 2028 | | $ | 37,500 | | | 371 | | | (4) | | | Unsecured term loans | | Swap | | 3.27 | % | | SOFR | | October 1, 2024 | | January 1, 2028 | | $ | 37,500 | | | 371 | | | (4) | | | Unsecured term loans | | Swap | | 3.07 | % | | SOFR | | January 2, 2025 | | January 1, 2027 | | $ | 25,000 | | | 95 | | | 80 | | | Unsecured term loans | | Swap | | 3.25 | % | | SOFR | | January 2, 2025 | | January 1, 2026 | | $ | 75,000 | | | — | | | 1 | | | Unsecured term loans | | Swap | | 3.29 | % | | SOFR | | January 2, 2026 | | January 1, 2029 | | $ | 75,000 | | | 1,085 | | | (11) | | | Unsecured term loans | | Swap | | 3.07 | % | | SOFR | | January 4, 2027 | | January 1, 2029 | | $ | 50,000 | | | 801 | | | 155 | | | Unsecured term loans | | Swap | | 3.83 | % | | SOFR | | June 25, 2026 | | January 2, 2030 | | $ | 50,000 | | | 36 | | | — | | | Unsecured term loans | | Swap | | 3.83 | % | | SOFR | | June 25, 2026 | | January 2, 2030 | | $ | 50,000 | | | 32 | | | — | | | | | | | | | | | | | | $ | 550,000 | | | $ | 3,558 | | | $ | (3) | |
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| Schedule of Gains and Losses Recognized on Derivative Financial Statements |
The table below details the location in the consolidated financial statements of the gains and losses recognized related to derivative financial instruments (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | Effect of derivative instruments | | Location in Statements of Operations and Comprehensive Income | | 2026 | | 2025 | | 2026 | | 2025 | | Gain (loss) recognized in other comprehensive income | | Unrealized gain (loss) on interest rate derivative instruments | | $ | 1,855 | | | $ | (1,294) | | | $ | 3,561 | | | $ | (3,841) | | | Interest (income) for derivatives that were designated as cash flow hedges | | Interest expense | | $ | (230) | | | $ | (817) | | | $ | (499) | | | $ | (1,638) | | | | | | | | | | | | |
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