v3.26.3
Interest Rate Swaps
 9 Months Ended
Sep. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Interest Rate Swaps Interest Rate Swaps
The following is a summary of the Company’s outstanding interest rate swap agreements:
(in thousands, except interest rates)September 30, 2026December 31, 2025
CounterpartyMaturity DateFixed
Rate		Variable Rate IndexNotional
Amount		Fair
Value		Notional
Amount		Fair
Value
Bank of Montreal December 20262.33%daily compounded SOFR$10,000 $43 $10,000 $116 
Bank of MontrealDecember 20261.99%daily compounded SOFR25,000 129 25,000 373 
Toronto-Dominion BankMarch 20272.46%daily compounded CORRA14,088 
(a)
26 14,607 
(a)
32 
Wells Fargo Bank, N.A.April 20272.72%daily compounded SOFR25,000 198 25,000 224 
Bank of MontrealDecember 20272.37%daily compounded SOFR25,000 687 25,000 494 
Capital One, National AssociationDecember 20272.37%daily compounded SOFR25,000 686 25,000 493 
Wells Fargo Bank, N.A.January 20282.37%daily compounded SOFR75,000 2,086 75,000 1,485 
Bank of MontrealMay 20292.09%daily compounded SOFR25,000 1,696 25,000 1,084 
Regions BankMay 20292.11%daily compounded SOFR25,000 1,681 25,000 1,067 
Regions BankJune 20292.03%daily compounded SOFR25,000 1,740 25,000 1,136 
U.S. Bank National AssociationJune 20292.03%daily compounded SOFR25,000 1,741 25,000 1,135 
Regions BankAugust 20292.58%one-month SOFR100,000 5,583 100,000 2,501 
Toronto-Dominion BankAugust 20292.58%one-month SOFR45,000 2,531 45,000 1,145 
U.S. Bank National AssociationAugust 20292.65%one-month SOFR15,000 815 15,000 345 
U.S. Bank National AssociationAugust 20292.58%one-month SOFR100,000 5,597 100,000 2,508 
U.S. Bank National AssociationAugust 20291.35%daily compounded SOFR25,000 2,328 25,000 1,793 
Toronto-Dominion BankDecember 20303.66%daily simple SOFR70,000 2,702 70,000 (835)
Regions BankDecember 20303.66%daily simple SOFR55,000 2,108 55,000 (666)
Regions BankMarch 20322.69%daily compounded CORRA14,088 
(a)
795 14,607 
(a)
394 
U.S. Bank National AssociationMarch 20322.70%daily compounded CORRA14,088 
(a)
794 14,607 
(a)
391 
Bank of MontrealMarch 20342.81%daily compounded CORRA28,174 
(b)
2,060 29,214 
(b)
1,073 
Bank of Montreal January 20261.92%daily compounded SOFR— — 25,000 1 
Bank of Montreal January 20262.05%daily compounded SOFR— — 40,000 2 
Capital One, National AssociationJanuary 20262.08%daily compounded SOFR— — 35,000 2 
Truist Financial CorporationJanuary 20261.93%daily compounded SOFR— — 25,000 1 
Capital One, National AssociationApril 20262.68%daily compounded SOFR— — 15,000 43 
Capital One, National AssociationJuly 20261.32%daily compounded SOFR— — 35,000 410 
Total Swaps$765,438 $36,026 $943,035 $16,747 
(a)The contractual notional amount is $20.0 million CAD.
(b)The contractual notional amount is $40.0 million CAD.
At September 30, 2026, the weighted average interest rate on all outstanding borrowings was 4.19%, inclusive of a weighted average fixed rate on effective interest rate swaps of 2.61%.
In connection with the issuance of the 2032 Senior Unsecured Public Notes in September 2025 and repayment of outstanding borrowings of variable rate debt indexed to the daily simple SOFR rate, the Company terminated interest rate swap agreements with an aggregate termination value of $6.7 million. The Company determined it is not probable the hedged forecasted transactions will occur during the original periods, and therefore the $6.1 million of accumulated losses held in other comprehensive income (loss) were reclassified to interest expense during the three and nine months ended September 30, 2025. Additionally, in September 2025, the Company entered into interest rate swap agreements indexed to the 7-year U.S. Treasury for an aggregate notional amount of $300.0 million in connection with the issuance of the 2032 Senior Unsecured Public Notes. These interest rate swaps were terminated upon issuance of the 2032 Senior Unsecured Public Notes. The Company determined it is probable the hedged forecasted transaction will occur during the original
periods, and therefore $0.6 million of accumulated losses held in other comprehensive income (loss) are being amortized over the original term of the swap agreement, which ends in August 2032.
The total amounts recognized, and the location in the accompanying Condensed Consolidated Statements of Income and Comprehensive Income, from converting from variable rates to fixed rates under these agreements were as follows:
Amount of Gain (Loss)
Recognized in
Accumulated Other
Comprehensive
Income		Reclassification from
Accumulated Other
Comprehensive Income		Total Interest Expense
Presented in the Condensed
Consolidated Statements of
Income and Comprehensive Income
(in thousands)LocationAmount of Gain (Loss)
For the Three Months Ended September 30,
2026$12,754 Interest expense$1,939 $26,738 
2025(4,981)Interest expense(1,419)28,230 
Amount of Gain (Loss)
Recognized in
Accumulated Other
Comprehensive
Income		Reclassification from
Accumulated Other
Comprehensive Income		Total Interest Expense
Presented in the Condensed
Consolidated Statements of
Income and Comprehensive Income
(in thousands)LocationAmount of Gain
For the Nine Months Ended September 30,
2026$19,279 Interest expense$6,166 $77,783 
2025(35,336)Interest expense8,051 69,416 
Amounts related to the interest rate swaps expected to be reclassified out of Accumulated other comprehensive income to Interest expense during the next twelve months are estimated to be a gain of $12.1 million.