v3.26.3
Risk Management and Derivatives (Tables)
 9 Months Ended
Sep. 30, 2026
Risk Management and Derivatives  
Schedule of derivative financial instruments

The table below presents the Company’s derivatives as well as their classification on the consolidated balance sheets as of September 30, 2026 and December 31, 2025 ($ in thousands):(1)(2)  

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September 30, 2026

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December 31, 2025

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Fair

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Fair

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Balance Sheet 

Derivative Type

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Value

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Value

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Location

Assets

 

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Interest rate swaps

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$

16,547

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$

21,315

 

Deferred expenses and other assets, net

Total

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$

16,547

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$

21,315

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(1)As of September 30, 2026, the Company has two interest rate swap derivatives outstanding that mature in April 2028 and have an aggregate $500.0 million notional amount, which hedge in-place floating-rate debt. The Company also has a designated derivative outstanding with a $25.0 million notional amount that matures in December 2026 that protects the Company against interest rate volatility with respect to future long-term debt with a tenor of approximately 30 years.
(2)Over the next 12 months, the Company expects that $3.5 million related to cash flow hedges will be reclassified from “Accumulated other comprehensive income (loss)” as a decrease to interest expense. The fair value of the Company’s derivatives is estimated using valuation techniques utilized by a third-party specialist using observable inputs such as interest rates and contractual cash flow and are classified as Level 2 within the fair value hierarchy.

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Schedule of derivative instruments, gain (loss)

The table below presents the effect of the Company’s derivative financial instruments in the consolidated statements of operations and the consolidated statements of comprehensive income (loss) for the three and nine months ended September 30, 2026 and 2025 ($ in thousands):

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Amount of Gain

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Amount of Gain

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(Loss) Reclassified

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(Loss) Recognized

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from Accumulated

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in Accumulated

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Other

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Location of Gain (Loss)

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Other

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Comprehensive

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When Recognized in

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Comprehensive

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Income into

Derivatives Designated in Hedging Relationships

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Income

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Income

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Earnings

For the Three Months Ended September 30, 2026

 

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Interest rate swaps

 

Interest expense

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$

6,232

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$

(1)

For the Three Months Ended September 30, 2025

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Interest rate swaps

 

Interest expense

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$

(126)

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$

552

For the Nine Months Ended September 30, 2026

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Interest rate swaps

 

Interest expense

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$

15,056

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$

(564)

For the Nine Months Ended September 30, 2025

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Interest rate swaps

 

Interest expense

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$

(6,339)

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$

1,601

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