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DERIVATIVES AND HEDGING ACTIVITY (Tables)

6 Months Ended

Jun. 30, 2025

DERIVATIVES AND HEDGING ACTIVITY

Schedule of outstanding interest rate derivatives

As of June 30, 2025, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (dollars in thousands):

​	​	​	​	​	​
​		Number of		​
Product	​	Instruments	​	Notional
Interest rate swaps and caps	​	3	​	$	183,977

​

Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheets

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024 (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Asset Derivatives

​

Liability Derivatives

​

​

(included in Other assets)

​

(included in Other liabilities)

​

​

Fair Value at:

​

Fair Value at:

​

​

June 30,

​

December 31,

​

June 30,

​

December 31,

​

​

2025

​

2024

​

2025

​

2024

Derivatives designated as hedging instruments:

​

​

​

​

Interest rate products

​

$

16

​

$

3,227

​

$

—

​

$

—

Effect of Company's derivative financial instruments on Consolidated Statements of Operations

The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gain/(Loss) Recognized in

​

​

​

​

Gain/(Loss) Reclassified

​

Interest expense

​

​

Unrealized holding gain/(loss)

​

from Accumulated OCI into

​

(Amount Excluded from

​

​

Recognized in OCI

​

Interest expense

​

Effectiveness Testing)

Derivatives in Cash Flow Hedging Relationships

2025

2024

2025

2024

2025

2024

Three Months Ended June 30,

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate products

​

$

(27)

​

$

567

​

$

1,379

​

$

1,991

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Six Months Ended June 30,

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate products

​

$

81

​

$

7,232

​

$

2,746

​

$

3,986

​

$

—

​

$

—

Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Six Months Ended

​

​

June 30,

​

June 30,

​

​

2025

​

2024

​

2025

​

2024

Total amount of Interest expense presented on the Consolidated Statements of Operations

​

$

48,665

​

$

47,811

​

$

96,366

​

$

95,873

Offsetting of Derivative Assets

The Company has elected not to offset derivative positions on the consolidated financial statements. The tables below present the effect on its financial position had the Company made the election to offset its derivative positions as of June 30, 2025 and December 31, 2024 (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

Net Amounts of

Gross Amounts Not Offset

​

​

​

​

​

​

​

​

Amounts

​

Assets

​

in the Consolidated

​

​

​

​

​

Gross

​

Offset in the

​

Presented in the

​

Balance Sheets

​

​

​

​

​

Amounts of

​

Consolidated

​

Consolidated

​

​

​

​

Cash

​

​

​

​

​

Recognized

​

Balance

​

Balance Sheets

​

Financial

​

Collateral

​

​

​

Offsetting of Derivative Assets

​

Assets

​

Sheets

​

(a)

​

Instruments

Received

Net Amount

June 30, 2025

​

$

16

​

$

—

​

$

16

​

$

—

​

$

—

​

$

16

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

$

3,227

​

$

—

​

$

3,227

​

$

—

​

$

—

​

$

3,227

(a) Amounts reconcile to the aggregate fair value of derivative assets in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets” located in this footnote.

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