Accumulated Other Comprehensive Income (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of accumulated other comprehensive income (loss)

The components of, and changes in, accumulated other comprehensive income, net of tax, were as follows (in thousands):


	Net Cash Flow Hedge Adjustments
Balance as of December 31, 2025	$	(3,352)
Net deferred gains/(losses) on cash flow hedges	2,125
Net deferred (losses)/gains on cash flow hedges reclassified to net income	(81)
Balance as of March 31, 2026	$	(1,308)


	Net Cash Flow Hedge Adjustments
Balance as of December 31, 2024	$	—
Net deferred (losses)/gains on cash flow hedges	(1,808)
Net deferred gains/(losses) on cash flow hedges reclassified to net income	86
Balance as of March 31, 2025	$	(1,722)

The gross amount and related tax benefit/(expense) recorded in, and associated with, each component of other comprehensive income were as follows (in thousands):


	Three Months Ended March 31, 2026
	Before Tax Amount		Tax		Net of Tax Amount
Net deferred gains/(losses) on cash flow hedges	$	2,783	$	(658)	$	2,125
Net deferred (losses)/gains on cash flow hedges reclassified to net income	$	(106)	$	25	$	(81)


	Three Months Ended March 31, 2025
	Before Tax Amount		Tax		Net of Tax Amount
Net deferred (losses)/gains on cash flow hedges	$	(2,411)	$	603	$	(1,808)
Net deferred gains/(losses) on cash flow hedges reclassified to net income	$	115	$	(29)	$	86

Schedule of reclassification out of accumulated other comprehensive income

The amounts reclassified from accumulated other comprehensive income were as follows (in thousands):



		Three Months Ended March 31,
		2026		2025
Accumulated Other Comprehensive Income (OCI) Component	Affected Line Item in the Statements of Income	Reclassified from Accumulated OCI to Earnings
(Losses)/gains on cash flow hedges:
Swap contract	Interest expense	$	(106)	$	115
Collar contract(1)	Interest expense	—		—
(Losses)/gains on hedges before income taxes		$	(106)	$	115
Income tax benefit/(expense)		25		(29)
(Losses)/gains on hedges		$	(81)	$	86

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(1) As of the reporting date, the 1-month Term SOFR remains within the specified cap strike and floor strike bands. Consequently, no amounts have been reclassified from OCI to earnings.