| Note 19 – Hedge Accounting As of June 30, 2026, our Company held derivative instruments to the notional value of $34.6 million (AU$50.0 million). As of December 31, 2025, our Company held derivatives in the total notional amount of $32.2 million (AU$50.0 million). The derivatives are recorded on the balance sheet at fair value and are included in the following line items: | | | | | | | | | | | | | Liability Derivatives | | | June 30, | | December 31, | | | 2026 | | 2025 | (Dollars in thousands) | | Balance sheet location | | Fair value | | Balance sheet location | | Fair value | Interest rate contracts | | Derivative financial instruments - current portion | | $ | — | | Derivative financial instruments - current portion | | $ | 56 | | | Derivative financial instruments - non-current portion | | | — | | Derivative financial instruments - non-current portion | | | — | Total derivatives designated as hedging instruments | | | | $ | — | | | | $ | 56 | Total derivatives | | | | $ | — | | | | $ | 56 |
The changes in fair value of that instrument were recorded in Other Comprehensive Income and released into interest expense in the same period(s) in which the hedged transactions affect earnings. In the quarter and six months ended June 30, 2026 and June 30, 2025, respectively, the derivative instruments affected Comprehensive Income as follows: | | | | | | | | | | | | | | | | | Amount of Loss (Gain) Recognized in Income on Derivatives | | | | Quarter Ended June 30 | | Six Months Ended June 30 | (Dollars in thousands) | Location of Loss Recognized in Income on Derivatives | | | 2026 | | | 2025 | | | 2026 | | | 2025 | Interest rate contracts | Interest expense | | $ | — | | $ | (10) | | $ | (2) | | $ | (9) | Total | | | $ | — | | $ | (10) | | $ | (2) | | $ | (9) |
| | | | | | | | | | | | | | | Amount of Loss (Gain) Recognized in OCI on Derivatives (Effective Portion) | | | Quarter Ended June 30 | | Six Months Ended June 30 | (Dollars in thousands) | | | 2026 | | | 2025 | | | 2026 | | | 2025 | Interest expense | | $ | (17) | | $ | 235 | | $ | (58) | | $ | 391 | Total | | $ | (17) | | $ | 235 | | $ | (58) | | $ | 391 | | | | | | | | | | | | | | | | Amount of Loss (Gain) Reclassified from OCI into Income (Effective Portion) | | | Quarter Ended June 30 | | Six Months Ended June 30 | (Dollars in thousands) | | | 2026 | | | 2025 | | | 2026 | | | 2025 | Interest expense | | $ | — | | $ | (10) | | $ | (2) | | $ | (9) | Total | | $ | — | | $ | (10) | | $ | (2) | | $ | (9) |
As of June 30, 2026, we expect no further releases to earnings, as the derivative has no value and matures in July 2026.
|