Accumulated Other Comprehensive (Loss) Income (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of accumulated other comprehensive income (loss)

The components of, and changes in, accumulated other comprehensive income, net of tax, were as follows (in thousands):


	Net Cash Flow Hedge Adjustments
Balance as of December 31, 2025	$	(3,352)



Net deferred gains/(losses) on cash flow hedges	4,240
Net deferred (losses)/gains on cash flow hedges reclassified to net income	(185)
Balance as of June 30, 2026	$	703


	Net Cash Flow Hedge Adjustments
Balance as of December 31, 2024	$	—



Net deferred (losses)/gains on cash flow hedges	(4,117)
Net deferred gains/(losses) on cash flow hedges reclassified to net income	765
Balance as of December 31, 2025	$	(3,352)

The gross amount and related tax benefit/(expense) recorded in, and associated with, each component of other comprehensive income were as follows (in thousands):


	Three Months Ended June 30, 2026						Three Months Ended June 30, 2025
	Before Tax Amount		Tax		Net of Tax Amount		Before Tax Amount		Tax		Net of Tax Amount
Net deferred gains/(losses) on cash flow hedges	$	2,803	$	(688)	$	2,115	$	(3,203)	$	778	$	(2,425)
Net deferred (losses)/gains on cash flow hedges reclassified to net income	$	(139)	$	35	$	(104)	$	376	$	(92)	$	284


	Six Months Ended June 30, 2026						Six Months Ended June 30, 2025
	Before Tax Amount		Tax		Net of Tax Amount		Before Tax Amount		Tax		Net of Tax Amount
Net deferred gains/(losses) on cash flow hedges	$	5,586	$	(1,346)	$	4,240	$	(5,614)	$	1,381	$	(4,233)
Net deferred (losses)/gains on cash flow hedges reclassified to net income	$	(245)	$	60	$	(185)	$	491	$	(121)	$	370

Schedule of reclassification out of accumulated other comprehensive income

The amounts reclassified from accumulated other comprehensive income were as follows (in thousands):



		Three Months Ended June 30,				Six Months Ended June 30,
		2026		2025		2026		2025
Accumulated Other Comprehensive Income (OCI) Component	Affected Line Item in the Statements of Income	Reclassified from Accumulated OCI to Earnings
(Losses)/gains on cash flow hedges:
Swap contract	Interest expense	$	(139)	$	376	$	(245)	$	491
Collar contract(1)	Interest expense	—		—		—		—
(Losses)/gains on hedges before income taxes		$	(139)	$	376	$	(245)	$	491
Income tax benefit/(expense)		35		(92)		60		(121)
(Losses)/gains on hedges		$	(104)	$	284	$	(185)	$	370

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(1) As of the reporting date, the 1-month Term SOFR remains within the specified cap strike and floor strike bands. Consequently, no amounts have been reclassified from OCI to earnings.