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Derivative Financial Instruments | 9 Months Ended
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Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments | Derivative Financial Instruments The following table summarizes the terms and fair values of our derivative financial instruments, as well as their classifications within the consolidated balance sheets (notional amounts and fair values in thousands):
|  |  |  |  |  |  |  |  |  | Fair Value
Effective Date |  | Maturity Date |  | Notional Amount |  | Bank Pay Rate |  | Company Fixed Pay Rate |  | September 30, 2025 |  | December 31, 2024
Assets (Liabilities)(1): |  |  |  |  |  |  |  |  |  |  |  |
Current Derivatives |  |  |  |  |  |  |  |  |  |  |  |
February 1, 2024 |  | February 1, 2026 |  | 75,000 |  |  | Daily SOFR |  | 3.5 | % |  | $ | 122 |  |  | $ | 510 |
February 1, 2024 |  | August 1, 2026 |  | 75,000 |  |  | Daily SOFR |  | 3.7 | % |  | (37) |  |  | 364 |
February 1, 2024 |  | January 1, 2027 |  | 175,000 |  |  | Daily SOFR |  | 4.2 | % |  | (1,446) |  |  | (554) |
May 1, 2025 |  | April 24, 2029 |  | 61,700 |  |  | Daily SOFR |  | 3.5 | % |  | (448) |  |  | — |
Total |  |  |  | $ | 386,700 |  |  |  |  | 3.8 | % |  | $ | (1,809) |  |  | $ | 320 |
Forward Starting Derivatives |  |  |  |  |  |  |  |  |  |  |  |
February 1, 2026 |  | April 1, 2028 |  | 75,000 |  |  | Daily SOFR |  | 3.3 | % |  | (154) |  |  | — |
August 1, 2026 |  | October 1, 2027 |  | 50,000 |  |  | Daily SOFR |  | 3.1 | % |  | (8) |  |  | — |
August 1, 2026 |  | April 1, 2028 |  | 25,000 |  |  | Daily SOFR |  | 3.1 | % |  | 8 |  |  | — |
Total |  |  |  | $ | 150,000 |  |  |  |  | 3.2 | % |  | $ | (154) |  |  | $ | — |
(1) Asset balances are recorded in prepaids and other assets on the consolidated balance sheets and liabilities are recorded in other liabilities on the consolidated balance sheets. The derivative financial instruments are comprised of interest rate swaps, which are designated and qualify as cash flow hedges, with various counterparties. We do not use derivatives for trading or speculative purposes and currently do not have any derivatives that are not designated as hedges. Changes in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in accumulated other comprehensive loss and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements (in thousands):
|  | Three months ended September 30, |  | Nine months ended September 30, |  |
|  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |  |
Interest Rate Swaps (Effective Portion): |  |  |  |  |  |  |  |  |  |  |  |
Amount of gain (loss) recognized in other comprehensive income (loss) |  | $ | (186) |  |  | $ | (6,894) |  |  | $ | (2,284) |  |  | $ | (3,007) |  |  |  |  |

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