Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Derivative Financial Instruments by Balance Sheet Classification and Location

The following table presents the fair value of the Company’s derivative financial instruments on a gross basis, as well as its classification on the Company’s consolidated balance sheets as of December 31, 2023:

		December 31, 2023
(in thousands)				Fair Value (1)
Derivatives designated as hedging instruments:	Balance Sheet Location	Notional Amount		Derivative Assets		Derivative Liabilities
Cash flow hedges:
Forward starting payer interest rate swaps	Derivative liability	$	166,000	$	—	$	(3,665	)

Fair value reported is exclusive of collateral held and pledged. As of December 31, 2023, collateral held related to derivative exposure between the Company and its derivative counterparty was $4.2 million and is recorded in Other Receivables.