Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments

Certain information related to our derivatives contracts is presented below (in thousands):

	Effective Date	Notional Amount		Fixed Rate		Cap		Floor		Index	Actual Termination Date
Swap contracts	3/3/2025	$	300,000	3.829	%					USD-SOFR rate	2/29/2028
Collar contracts	3/3/2025	$	300,000	—		4.500	%	3.001	%	USD-SOFR rate	2/29/2028

Schedule of derivative instruments, effect on other comprehensive income (loss)

The following table presents the pre-tax amounts of derivative gains or losses deferred into accumulated other comprehensive income and the income statement line item that will be affected when reclassified to earnings (in thousands):

		Three Months Ended September 30, 2025		Nine Months Ended September 30, 2025
Accumulated Other Comprehensive Income Component (OCI)	Location of Losses When Reclassified to Net Income/(Loss)	Gains/(Losses) Recognized in OCI Related to Derivatives Designated as Hedging Instruments
Cash flow hedges:
Swap contracts	Interest expense	$	(184)	$	(3,467)
Collar contracts	Interest expense	554		(1,286)
Total gains (losses) recognized in statements of comprehensive income		$	370	$	(4,753)

Schedule of cash flow hedging instruments, statements of financial performance and financial position, location

The following tables present the pre-tax amounts of derivative gains or (losses) recorded to earnings and the affected income statement line items (in thousands):

	Three Months Ended September 30, 2025		Nine Months Ended September 30, 2025
	Interest expense
Total amounts presented in the condensed consolidated statements of income in which the following effects were recorded
Gains/(losses) related to derivatives designated as hedging instruments:
Cash flow hedges(1):
Swap contracts	$	386	$	877
Collar contracts(2)	—		—
Total gains recognized in statements of income	$	386	$	877

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(1)    Represents the pre-tax amounts of derivative gains/(losses) reclassified from accumulated other comprehensive income to earnings.

(2)    As of the reporting date, the 1-month Term SOFR remains within the specified cap strike and floor strike bands. Consequently, there are no payments required to be exchanged under this agreement.