Derivatives (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Derivatives

The following table details the Company's outstanding Treasury note futures contracts that were non-designated hedges of interest rate risk (notional amount in thousands):

	June 30, 2024
Treasury note futures contracts	Number of Contracts		Notional Amount		Commencement Date	Maturity Date
5-year Treasury note futures		217	$	22,951	May 23, 2024	September 30, 2024
2-year Treasury note futures		33		6,719	May 23, 2024	September 30, 2024

The following table details the Company’s outstanding interest rate swap that was a non-designated hedge of interest rate risk (notional amount in thousands):

	June 30, 2024
Interest rate swap	Number of Instruments		Notional Amount		Strike Rate	Index	Maturity (Years)		Commencement Date	Maturity Date
Interest rate swap – mortgage notes		1	$	10,000	4.21%	SOFR		4.3	April 2, 2024	October 2, 2028

Schedule of Fair Value of Derivative Financial Instruments

The following table details the fair value of the Company's derivative financial instruments ($ in thousands):

	Fair Value of Derivatives(1)
	June 30, 2024			December 31, 2023
5-year Treasury note futures	$	(24	)	$	20
2-year Treasury note futures		(1	)		2
Interest rate swap		(101	)		—

(1) The derivative asset balance as of December 31, 2023 is included in other assets, net on the Company's Consolidated Balance Sheets. The derivative liability balance as of June 30, 2024 is included in accounts payable, accrued expenses and other liabilities.