v3.26.1
Derivatives and Hedging Activities (Tables)
6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of interest rate swaps
The following interest rate swaps have been designated as cash flow hedges (in thousands):
Notional value atFair value at
Hedge typeSwap
rate
Effective DateMaturity DateJune 30, 2026December 31, 2025June 30, 2026December 31, 2025
Swap-cash flow-Daily SOFR0.56%July 2021January 2026$— $50,000 $— $146 
Swap-cash flow-Daily SOFR2.95%April 2024April 2027125,000 125,000 1,031 697 
Swap-cash flow-Daily SOFR3.70%July 2024July 202725,000 25,000 53 (147)
Swap-cash flow-Daily SOFR3.45%July 2024July 202725,000 25,000 121 (48)
Swap-cash flow-Daily SOFR3.71%July 2024July 202725,000 25,000 51 (150)
Swap-cash flow-Daily SOFR3.10%July 2025July 202725,000 25,000 215 87 
Swap-cash flow-Daily SOFR3.20%January 2025January 202825,000 25,000 283 43 
Swap-cash flow-Daily SOFR3.40%January 2025January 202825,000 25,000 205 (60)
Swap-cash flow-Daily SOFR3.30%October 2025October 202825,000 25,000 336 (9)
Swap-cash flow-Daily SOFR3.30%January 2025January 202925,000 25,000 358 (5)
Swap-cash flow-Daily SOFR3.19%January 2026January 202925,000 25,000 427 64 
Swap-cash flow-Daily SOFR3.25%January 2026January 202950,000 50,000 778 39 
Swap-cash flow-Daily SOFR3.29%January 2026January 202950,000 50,000 726 (22)
Swap-cash flow-Daily SOFR3.00%April 2026April 202925,000 25,000 585 183 
Swap-cash flow-Daily SOFR3.05%April 2026April 202925,000 25,000 551 147 
Swap-cash flow-Daily SOFR (1)3.55%June 2026April 202965,000 65,000 553 453 
Swap-cash flow-Daily SOFR (2)3.52%June 2026April 202960,000 60,000 559 501 
$625,000 $675,000 $6,832 $1,919 
 

(1)In June 2026, the Company terminated the original swap and entered into a new swap with the same notional amount, extending the maturity date from April 2027 to April 2029 and increasing the swap rate from 2.85% to 3.55%. The Company dedesignated the original cash flow hedge, and $0.5 million of unrealized gains in accumulated other comprehensive income will be reclassified to earnings over the remaining term of the original swap. The new swap was designated as a cash flow hedge upon inception. Its initial fair value of $0.6 million was recorded in accumulated other comprehensive income and will be reclassified to earnings over the remaining term of the new swap. The amounts presented for December 31, 2025 relate to the terminated swap.
(2)In June 2026, the Company terminated the original swap and entered into a new swap with the same notional amount, extending the maturity date from April 2027 to April 2029 and increasing the swap rate from 2.75% to 3.52%. The Company dedesignated the original cash flow hedge, and $0.6 million of unrealized gains in accumulated other comprehensive income will be reclassified to earnings over the remaining term of the original swap. The new swap was designated as a cash flow hedge upon inception. Its initial fair value of $0.6 million was recorded in accumulated other comprehensive income and will be reclassified to earnings over the remaining term of the new swap. The amounts presented for December 31, 2025 relate to the terminated swap.