v3.26.1
Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following table summarizes the terms and fair values of our derivative financial instruments, as well as their classifications within the condensed consolidated balance sheets (notional amounts and fair values in thousands):
Fair Value
Effective DateMaturity DateNotional AmountBank Pay RateCompany Fixed Pay RateJune 30, 2026December 31, 2025
Assets (Liabilities)(1):
February 2024February 2026$75,000 
Daily SOFR
3.5 %$— $22 
February 2024August 202675,000 Daily SOFR3.7 %(5)(80)
February 2024January 2027175,000 Daily SOFR4.2 %(327)(1,358)
January 2026October 202975,000 Daily SOFR3.4 %1,124 (25)
February 2026April 202875,000 Daily SOFR3.3 %801 (102)

$400,000 3.8 %
May 2025April 2029$61,700 Daily SOFR3.5 %578 (417)
Total$2,171 $(1,960)
Forward Starting Derivatives
July 2026April 203125,000 Daily SOFR3.5 %315 — 
August 2026October 202750,000 Daily SOFR3.1 %480 6 
August 2026April 202825,000 Daily SOFR3.1 %344 24 
January 2027December 202850,000 Daily SOFR3.2 %624 — 
January 2027April 202925,000 Daily SOFR3.1 %434 — 
January 2027September 203025,000 Daily SOFR3.5 %251 — 
Total$200,000 3.2 %$2,448 $30 
(1)    Asset balances are recorded in prepaids and other assets on the condensed consolidated balance sheets and liabilities are recorded in other liabilities on the condensed consolidated balance sheets.

The derivative financial instruments are comprised of interest rate swaps, which are designated and qualify as cash flow hedges, with various counterparties. We do not use derivatives for trading or speculative purposes and currently do not have any derivatives that are not designated as hedges.

Changes in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in accumulated other comprehensive loss and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings.
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)
The following table represents the effect of the derivative financial instruments on the accompanying condensed consolidated financial statements (in thousands):
Three months ended June 30,Six months ended June 30,
2026202520262025
Interest Rate Swaps (Effective Portion):
Amount of gain (loss) recognized in other comprehensive income (loss)$3,976 $(850)$7,029 $(2,098)