Derivatives (Tables)

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following table summarizes the terms and fair value of the Company’s derivative financial instruments as of March 31, 2025 (dollars in thousands):

Instrument	Number of Swap Agreements	Associated Debt Instrument	Effective Date	Maturity Date	Notional Amount (1)		Derivative Assets (2)		Derivative  Liabilities (2)
Interest rate swap	1	$200.0 Million Term Loan	Jan-24	Jan-29	$	200,000	$	-	$	(230	)
Interest rate swaps	3	$50.0 Million Term Loan	Jan-24	Nov-26		50,000		-		(108	)
Interest rate swaps	3	$100.0 Million Term Loan	Jan-24	Feb-27		100,000		-		(244	)
Interest rate swaps	7	$50.0 Million Term Loan	Jan-24	Aug-27		50,000		-		(104	)
Interest rate swaps	7	$110.0 Million Term Loan	Jan-24	Feb-28		110,000		-		(199	)
Interest rate swaps	4	$300.0 Million Term Loan	Jul-24	Jan-29		300,000		-		(2,529	)
Interest rate swap	1	$50.0 Million Term Loan	Sept-24	Jan-29		50,000		384		-
					$	860,000	$	384	$	(3,414	)

(1)These interest rate swap agreements utilize a one-month SOFR CME index.

(2)Derivative assets and derivative liabilities are included within Other assets and Other liabilities, respectively, on the Company’s Condensed Consolidated Balance Sheets. The Company classifies the interest rate swaps as Level 2, and the fair value of the interest rate swaps are measured on a recurring basis, see Footnote 15 of the Notes to Condensed Consolidated Financial Statements.

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location

The table below details the location in the financial statements of the gain/(loss) recognized on interest rate swaps designated as cash flow hedges for the three months ended March 31, 2025 (in thousands):

	Three Months Ended March 31,
	2025			2024
Amount of (loss)/gain recognized in AOCI on interest rate swaps, net	$	(8,987	)	$	8,536
Amount reclassified from AOCI into income as Interest expense	$	1,282		$	2,077
Total amount of Interest expense presented in the Condensed Consolidated    Statements of Operations in which the effects of cash flow hedges    are being recorded	$	(80,377	)	$	(74,565	)