Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Swap Instruments

The following table summarizes the Company’s interest rate swap instruments (in thousands):

							Fair Value(2)
Date Entered(1)	Maturity Date	Hedge Designation	Notional Amount		Pay Rate	Receive Rate	June 30, 2026		December 31, 2025
Interest rate swap assets:
April 2022	May 2026	Cash flow	$	51,100	4.99 %	USD-SOFR w/ -5 Day Lookback + 2.50%	$	—	$	193
April 2022	May 2026	Cash flow	91,000		4.54 %	USD-SOFR w/ -5 Day Lookback + 2.05%	—		344
August 2022	February 2027	Cash flow	250,000		2.60 %	1 mo. USD-SOFR CME Term	1,997		2,109
August 2022	August 2027	Cash flow	250,000		2.54 %	1 mo. USD-SOFR CME Term	3,928		2,980
May 2023(3)	May 2028	Cash flow	400,000		3.59 %	USD-SOFR w/ -5 Day Lookback	2,464		—
January 2024(4)	February 2029	Cash flow	750,000		3.59 %	USD-SOFR w/ -5 Day Lookback	5,696		—
Total interest rate swap assets							$	14,085	$	5,626
Interest rate swap liabilities:
May 2023(3)	May 2028	Cash flow	$	400,000	3.59 %	USD-SOFR w/ -5 Day Lookback	$	—	$	(3,021)
January 2024(4)	February 2029	Cash flow	750,000		3.59 %	USD-SOFR w/ -5 Day Lookback	—		(6,614)
Total interest rate swap liabilities							$	—	$	(9,635)

_____________________________

(1)Represents interest rate swap instruments that hedge fluctuations in interest payments on variable rate debt by converting the interest rates to fixed interest rates. The changes in fair value of designated derivatives that qualify as cash flow hedges are recorded in accumulated other comprehensive income (loss) on the Consolidated Balance Sheets.

(2)Derivative assets are recorded at fair value in other assets and derivative liabilities are recorded at fair value in accounts payable, accrued liabilities, and other liabilities on the Consolidated Balance Sheets.

(3)Includes two interest rate swap instruments each with notional amounts of $110 million and one interest rate swap instrument with a notional amount of $180 million. The aggregate fair value upon acquisition of these interest rate swap instruments in March 2024 was $7 million, which was recognized within other assets on the Consolidated Balance Sheets and is being amortized into interest expense on the Consolidated Statements of Operations over the terms of the related interest rate swap instruments. During each of the three months ended June 30, 2026 and 2025, the Company recognized $0.4 million of related amortization into interest expense. During each of the six months ended June 30, 2026 and 2025, the Company recognized $0.7 million of related amortization into interest expense.

(4)Includes the following: (i) two interest rate swap instruments each with a pay rate of 3.56% and $50 million notional amount; (ii) three interest rate swap instruments each with a pay rate of 3.57% and $50 million notional amount; (iii) one interest rate swap instrument with a pay rate of 3.58% and $100 million notional amount; (iv) five interest rate swap instruments each with a pay rate of 3.60% and $50 million notional amount; and (v) three interest rate swap instruments each with a pay rate of 3.61% and $50 million notional amount.