v3.26.1
Risk Management and Derivatives (Tables)
6 Months Ended
Jun. 30, 2026
Risks and Uncertainties [Abstract]  
Schedule of derivative financial instruments

The table below presents the Company’s derivatives as well as their classification on the consolidated balance sheets as of June 30, 2026 and December 31, 2025 ($ in thousands):(1)(2)  

June 30, 2026

  ​ ​ ​

December 31, 2025

  ​ ​ ​

Fair

Fair

Balance Sheet 

Derivative Type

  ​ ​ ​

Value

Value

  ​ ​ ​

Location

Assets

 

  ​

  ​ ​ ​

  ​

 

  ​

Interest rate swaps

$

11,202

$

21,315

 

Deferred expenses and other assets, net

Total

$

11,202

$

21,315

(1)As of June 30, 2026, the Company has two interest rate swap derivatives outstanding that mature in April 2028 and have an aggregate $500.0 million notional amount, which hedge in-place floating-rate debt. The Company also has a designated derivative outstanding with a $25.0 million notional amount that matures in December 2026 that protects the Company against interest rate volatility with respect to future long-term debt with a tenor of approximately 30 years.
(2)Over the next 12 months, the Company expects that $1.1 million related to cash flow hedges will be reclassified from “Accumulated other comprehensive income (loss)” as an increase to interest expense. The fair value of the Company’s derivatives is estimated using valuation techniques utilized by a third-party specialist using observable inputs such as interest rates and contractual cash flow and are classified as Level 2 within the fair value hierarchy.

Schedule of derivative instruments, gain (loss)

The table below presents the effect of the Company’s derivative financial instruments in the consolidated statements of operations and the consolidated statements of comprehensive income (loss) for the three and six months ended June 30, 2026 and 2025 ($ in thousands):

Amount of Gain

Amount of Gain

(Loss) Reclassified

(Loss) Recognized

from Accumulated

in Accumulated

Other

Location of Gain (Loss)

Other

Comprehensive

When Recognized in

Comprehensive

Income into

Derivatives Designated in Hedging Relationships

Income

  ​ ​ ​

Income

  ​ ​ ​

Earnings

For the Three Months Ended June 30, 2026

 

  ​

 

  ​

 

  ​

Interest rate swaps

 

Interest expense

$

4,255

$

(284)

For the Three Months Ended June 30, 2025

  ​

 

  ​

 

  ​

Interest rate swaps

 

Interest expense

$

6,900

$

530

For the Six Months Ended June 30, 2026

  ​

 

  ​

 

  ​

Interest rate swaps

 

Interest expense

$

8,825

$

(562)

For the Six Months Ended June 30, 2025

  ​

 

  ​

 

  ​

Interest rate swaps

 

Interest expense

$

(6,213)

$

1,049