In April 2021, we executed an agreement to amend and restate, in its entirety, the June 2018 interest rate swap with a fixed notional amount of $50.0 million, increasing the fixed notional amount to $75.0 million at a fixed rate of 2.32%. The agreement, effective April 25, 2021, called for monthly interest payments until the termination in June 2028. The fair value of the $75.0 million swap agreement was an asset of $2.0 million and liability of $6.2 million at June 30, 2022 and 2021, respectively.

In March 2020, we entered into two interest rate swap agreements with fixed notional amounts of $28.8 million and $46.8 million at a fixed rate of 0.77% and 0.71%, respectively. The agreement calls for monthly interest payments until termination in July 2026 and March 2025, respectively. The fair value of the $28.8 million swap agreement was an asset of $2.3 million and liability of $0.2 million at June 30, 2022 and 2021, respectively. The fair value of the $46.8 million swap agreement was an asset of $2.7 million and liability of $0.3 million at June 30, 2022 and 2021, respectively.

In July 2019, in connection with the 2019 Loan and Security Agreement (see Note 11), we transferred an interest rate swap agreement with a fixed notional amount of $20.0 million at a fixed rate of 2.99% dated June 2018, to our new lender. Shortly thereafter, the interest rate swap of $20.0 million was amended and restated in its entirety to increase the notional amount to $50.0 million at a fixed rate of 2.34%. The agreement calls for monthly interest payments until termination in July 2026. The fair value of the 2019 swap agreement was an asset of $1.0 million and liability of $3.7 million at June 30, 2022 and 2021, respectively.

In May 2019, we entered into an interest rate swap agreement, with a fixed notional amount of $50.0 million at a fixed rate of 2.25%. The agreement calls for monthly interest payments until termination in May 2026. The fair value of the swap agreement was an asset of $1.1 million and liability of $3.4 million at June 30, 2022 and 2021, respectively.

Interest rate swaps consisted of the following:


(in thousands)	Fixed Notional Amount				Fixed Interest		Fair Value Asset (Liability)
Date of Agreement	June 30, 2022		June 30, 2021		Rate	Termination Date	2022		2021
April 2021	$	75,000	$	75,000	2.32%	June 2028	$	2,046	$	(6,231	)
March 2020	$	28,800	$	28,800	0.78%	July 2026	$	2,282	$	(191	)
March 2020	$	46,800	$	46,800	0.71%	March 2025	$	2,748	$	(280	)
July 2019	$	50,000	$	50,000	2.34%	July 2026	$	971	$	(3,699	)
May 2019	$	50,000	$	50,000	2.25%	May 2026	$	1,110	$	(3,406	)
							$	9,157	$	(13,807	)

The Company records the changes in fair value in a separate line item in the consolidated statements of operations.