DERIVATIVES AND HEDGING ACTIVITY (Tables)

12 Months Ended

Dec. 31, 2025

DERIVATIVES AND HEDGING ACTIVITY

Schedule of outstanding interest rate derivatives

As of December 31, 2025, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (dollars in thousands):

	Number of
Product	Instruments	Notional
Interest rate swaps and caps	4	$	183,977

Schedule of fair value of derivative financial instruments as well as their classification on consolidated balance sheets

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2025 and 2024 (dollars in thousands):

	Asset Derivatives				Liability Derivatives
	(included in Other assets)				(included in Other liabilities)
	Fair Value at:				Fair Value at:
	December 31,		December 31,		December 31,		December 31,
	2025		2024		2025		2024
Derivatives designated as hedging instruments:
Interest rate products	$	272	$	3,227	$	—	$	—

Schedule of effect of derivative financial instruments on consolidated statements of operations

The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the years ended December 31, 2025, 2024, and 2023 (dollars in thousands):

													Gain/(Loss) Recognized in
							Gain/(Loss) Reclassified						Interest expense
	Unrealized holding gain/(loss)						from Accumulated OCI into						(Amount Excluded from
	Recognized in OCI						Interest expense						Effectiveness Testing)
Derivatives in Cash Flow Hedging Relationships	2025		2024		2023		2025		2024		2023		2025		2024		2023
Interest rate products	$	715	$	5,988	$	3,872	$	2,846	$	7,333	$	7,533	$	—	$	—	$	—

Schedule of effect of derivatives not designated as hedging instruments on the consolidated statements of operations

	Year Ended
	December 31,
	2025		2024		2023
Total amount of Interest expense presented on the Consolidated Statements of Operations	$	196,619	$	195,712	$	180,866

Schedule of offsetting of derivative assets

The Company has elected not to offset derivative positions on the consolidated financial statements. The table below present the effect on its financial position had the Company made the election to offset its derivative positions as of December 31, 2025 and 2024 (dollars in thousands):

			Gross		Net Amounts of		Gross Amounts Not Offset
			Amounts		Assets		in the Consolidated
	Gross		Offset in the		Presented in the		Balance Sheets
	Amounts of		Consolidated		Consolidated				Cash
	Recognized		Balance		Balance Sheets		Financial		Collateral
Offsetting of Derivative Assets	Assets		Sheets		(a)		Instruments		Received		Net Amount
December 31, 2025	$	272	$	—	$	272	$	—	$	—	$	272
December 31, 2024	$	3,227	$	—	$	3,227	$	—	$	—	$	3,227

(a) Amounts reconcile to the aggregate fair value of derivative assets in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets” located in this footnote.