v3.26.3
Interest Rate Derivatives (Tables)
 9 Months Ended
Sep. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Interest Rate Swap Agreement
The following table sets forth a summary of the terms and fair value of our interest rate swaps at September 30, 2026 and December 31, 2025 (dollars in thousands). We record all derivative instruments on a gross basis in the consolidated balance sheets, and accordingly, there are no offsetting amounts that net assets against liabilities.
Notional Value(1)
Fair Value of Interest Rate
Derivative Assets/(Derivative Liabilities)(2)
Derivative InstrumentEffective DateMaturity DateInterest Strike RateSeptember 30, 2026December 31, 2025September 30, 2026December 31, 2025
Interest Rate Swap
4/3/20237/30/20263.71000 %$— $60,000 $— $(65)
Interest Rate Swaps(3)
7/27/20225/26/20272.81700 %$— $150,000 $— $1,013 
Interest Rate Swaps(3)
7/27/20225/26/20272.81750 %$— $150,000 $— $1,012 
Interest Rate Swap
7/1/20255/30/20303.41750 %$250,000 $250,000 $10,577 $(522)
Interest Rate Swap
7/1/20255/30/20303.40500 %$125,000 $125,000 $5,349 $(189)
Interest Rate Swap
7/1/20255/30/20303.42000 %$25,000 $25,000 $1,059 $(53)
(1)Represents the notional value of swaps that are effective as of the balance sheet date presented. 
(2)The fair value of derivative assets is included in the line item “Interest rate swap assets” and the fair value of derivative liabilities is included in the line item “Interest rate swap liability” in the accompanying consolidated balance sheets.
(3)Represents interest rate swaps terminated on September 17, 2026 in connection with the repayment of the $300 Million Term Loan.
Summary of Impact of Interest Rate Swaps on Consolidated Financial Statements
The following table sets forth the impact of our interest rate swaps on our financial statements for the periods presented (in thousands): 
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Interest Rate Swaps in Cash Flow Hedging Relationships:
Amount of gain (loss) recognized in AOCI on derivatives
$11,419 $464 $21,189 $(2,382)
Amount of gain reclassified from AOCI into earnings under “Interest expense”(1)
$3,600 $2,127 $5,167 $5,150 
Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”)$24,785 $25,463 $79,956 $79,452 
(1)Includes (i) amounts being amortized from AOCI into interest expense on a straight-line basis related to the treasury rate lock agreements that were settled in August 2021 and March 2023, which will continue to be reclassified over the ten-year and five-year terms, respectively, of the hedged transactions and (ii) the unrealized gain related to the interest rate swaps terminated on September 17, 2026, as discussed above.