Derivatives (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2025 (dollars in thousands):

Instrument	Number of Swap Agreements	Associated Debt Instrument	Effective Date	Maturity Date	Notional Amount (1)		Derivative  Liabilities (2)
Interest rate swap	1	$200.0 Million Term Loan	Jan-24	Jan-29	$	200,000	$	(1,841	)
Interest rate swaps	3	$50.0 Million Term Loan	Jan-24	Nov-26		50,000		(163	)
Interest rate swaps	3	$100.0 Million Term Loan	Jan-24	Feb-27		100,000		(453	)
Interest rate swaps	7	$50.0 Million Term Loan	Jan-24	Aug-27		50,000		(315	)
Interest rate swaps	7	$110.0 Million Term Loan	Jan-24	Feb-28		110,000		(839	)
Interest rate swaps	4	$300.0 Million Term Loan	Jul-24	Jan-29		300,000		(4,817	)
Interest rate swap	1	$50.0 Million Term Loan	Sept-24	Jan-29		50,000		(42	)
					$	860,000	$	(8,470	)

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

(2)Derivative liabilities are included within Other liabilities on the Company’s Condensed Consolidated Balance Sheets.

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 and six months ended June 30, 2025 and 2024 (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Amount of (loss)/gain recognized in AOCI on interest rate swaps, net	$	(4,148	)	$	3,445		$	(13,135	)	$	11,982
Amount reclassified from AOCI into income as Interest expense	$	1,292		$	2,084		$	2,574		$	4,162
Total amount of Interest expense presented in the Condensed    Consolidated Statements of Income in which the effects    of cash flow hedges are being recorded	$	(81,204	)	$	(73,341	)	$	(161,581	)	$	(147,906	)