v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table presents our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands):
Quoted Market Prices (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)Total
June 30, 2026:
Assets
Derivative assets:
Interest rate derivatives – floors$— $61 $— $61 
Interest rate derivatives – caps
— 1,195 — 1,195 
Total$— $1,256 $— $1,256 
(1)
December 31, 2025:
Assets
Derivative assets:
Interest rate derivatives – floors
$— $177 $— $177 
Interest rate derivatives – caps
— 233 — 233 
Total$— $410 $— $410 
(1)
____________________________________
(1)    Reported as “derivative assets” in our consolidated balance sheets.
Schedule of Effect of Fair Value Measured Assets and Liabilities on Consolidated Statements of Operations
The following table summarizes the effect of fair value measured assets and liabilities on our consolidated statements of operations (in thousands):
Gain (Loss) Recognized in Income
Three Months Ended June 30,
20262025
Assets
Derivative assets:
Interest rate derivatives – floors
$(149)$39 
Interest rate derivatives – caps
193 (875)
Total$44 $(836)
Total combined
Interest rate derivatives – floors
$(149)$39 
Interest rate derivatives – caps
193 (1,348)
Unrealized gain (loss) on derivatives44 
(1)
(1,309)
(1)
Realized gain (loss) on interest rate caps— 
(1) (2)
473 
(1) (2)
Net$44 $(836)
____________________________________
(1)    Reported as “realized and unrealized gain (loss) on derivatives” in our consolidated statements of operations.
(2)    Represents settled and unsettled payments from counterparties on interest rate caps.
Gain (Loss) Recognized in Income
Six Months Ended June 30,
20262025
Assets
Derivative assets:
Interest rate derivatives – floors
$(116)$223 
Interest rate derivatives – caps
917 (2,898)
Total$801 $(2,675)
Liabilities
Derivative liabilities:
Embedded debt derivative
$— $(901)
(1)
Net$801 $(3,576)
Total combined
Interest rate derivatives – floors
$(116)$223 
Interest rate derivatives – caps
917 (3,693)
Embedded debt derivative— (901)
Unrealized gain (loss) on derivatives801 
(2)
(4,371)
(2)
Realized gain (loss) on interest rate caps— 
(2) (3)
795 
(2) (3)
Net$801 $(3,576)
____________________________________
(1)    Relates to the change in the fair value of an exit fee on a term loan which was repaid on February 12, 2025. Prior to the repayment date, the exit fee was considered under the applicable accounting guidance as an embedded derivative liability that met the criteria for bifurcation from the debt host and was measured at estimated fair value at each reporting period.
(2)    Reported as “realized and unrealized gain (loss) on derivatives” in our consolidated statements of operations.
(3)    Represents settled and unsettled payments from counterparties on interest rate caps.