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Derivatives (Tables) | 3 Months Ended
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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 th e 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 | )

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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C + Details
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