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Note 6 - Derivative Financial Instruments
 6 Months Ended
Jun. 30, 2026
Notes to Financial Statements  
Derivative Instruments and Hedging Activities Disclosure [Text Block]

NOTE 6: Derivative Financial Instruments

 

The following table summarizes the aggregate notional amounts and estimated net fair values of our derivative instruments as of  June 30, 2026 and  December 31, 2025:

 

 

 

As of June 30, 2026

 

 

As of December 31, 2025

 

 

 

Notional

 

 

Fair Value of Assets

 

 

Fair Value of Liabilities

 

 

Notional

 

 

Fair Value of Assets

 

 

Fair Value of Liabilities

 

Cash flow hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swaps

 

 $ 500,000

 

 

 $ 10,405

 

 

 $ —

 

 

 $ 600,000

 

 

 $ 6,006

 

 

 $ 346

 

Interest rate collars

 

 

 200,000

 

 

 

 4,445

 

 

 

 —

 

 

 

 200,000

 

 

 

 3,344

 

 

 

 —

 

Forward interest rate swap

 

 

 —

 

 

 

 —

 

 

 

 —

 

 

 

 150,000

 

 

 

 490

 

 

 

 —

 

Total

 

 $ 700,000

 

 

 $ 14,850

 

 

 $ —

 

 

 $ 950,000

 

 

 $ 9,840

 

 

 $ 346

 

 

Effective interest rate swaps and collars are reported in accumulated other comprehensive income, and the fair value of these hedge agreements is recorded as derivative assets or liabilities on the face of our condensed consolidated balance sheets.

 

For our interest rate swaps and collars that are considered highly effective hedges, we reclassified realized gains of $2,024 and $4,107 to earnings within interest expense for the three and six months ended June 30, 2026, respectively, and we expect gains of $7,946 to be reclassified out of accumulated other comprehensive income to earnings over the next 12 months. For the three and six months ended June 30, 2025, we reclassified realized gains of $3,402 and $6,711, respectively, to earnings within interest expense.