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Derivatives (Tables) | 9 Months Ended
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Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivatives | The following tables detail our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of December 31, 2024. There were no derivative instruments outstanding as of September 30, 2025.
($ In thousands) |  | December 31, 2024
Instrument |  | Number of Instruments |  | Fixed Rate |  | Notional |  | Index |  | Maturity
Forward-starting interest rate swap |  | 4 |  | 3.5880% |  | $ | 200,000 |  |  | USD-SOFR-OIS COMPOUND |  | March 27, 2035
We have entered into, and subsequently settled, the following forward-starting interest rate swap agreements and U.S. Treasury Rate Lock agreements to hedge against changes in future cash flows resulting from changes in interest rates from the trade date through the forecasted issuance of the respective senior unsecured notes. In each case, the derivatives were designated as cash-flow hedges and, accordingly, the unrealized gain in Accumulated other comprehensive income is amortized over the term of the respective derivative instruments, which matches that of the underlying note, as a reduction in interest expense.
($ In thousands) |  |  |  |  |  |  |  |  |  |
Notes Offering |  | Settlement Period |  | Instrument |  | Number of Instruments |  | Notional Amount |  | Total Net Proceeds/(Payments)
April 2025 Notes |  | March 2025 |  | Forward-starting interest rate swap |  | 12 |  | $ | 600,000 |  |  | $ | 192 |
April 2025 Notes |  | March 2025 |  | U.S. Treasury Rate Lock |  | 3 |  | 150,000 |  |  | 1,575 |
December 2024 Notes |  | December 2024 |  | Forward-starting interest rate swap |  | 7 |  | 350,000 |  |  | 7,173 |
December 2024 Notes |  | December 2024 |  | U.S. Treasury Rate Lock |  | 5 |  | 300,000 |  |  | (398) |
March 2024 Notes |  | March 2024 |  | Forward-starting interest rate swap |  | 7 |  | 500,000 |  |  | 2,543 |
April 2022 Notes |  | April 2022 |  | Forward-starting interest rate swap |  | 5 |  | 2,500,000 |  |  | 202,289 |
April 2022 Notes |  | April 2022 |  | U.S. Treasury Rate Lock |  | 2 |  | 500,000 |  |  | 4,549 |
The following table presents the effect of our forward-starting derivative financial instruments on our Statement of Operations:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Unrealized (loss) gain recorded in other comprehensive income | $ | — |  |  | $ | (2,714) |  |  | $ | (5,949) |  |  | $ | 9,768 |
Reduction in interest expense related to the amortization of the forward-starting interest rate swaps and treasury locks | (6,389) |  |  | (6,100) |  |  | (19,120) |  |  | (18,530) |

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References No definition available. + Details
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