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Derivatives | 9 Months Ended
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Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives | Note 7. Derivatives To reduce exposure to variability in expected future cash outflows on variable rate debt attributable to the changes in one-month SOFR, the Company has historically entered into interest rate derivative instruments to economically offset a portion of this risk and may do so in the future. As of September 30, 2025, the Company had the following outstanding derivatives that were not designated as a hedge in qualifying hedging relationships:
Product |  | Effective Date |  | Maturity Date |  | Notional |  | Rate
Interest rate swap |  | June 30, 2023 |  | February 28, 2026 |  | $100.0 million |  | 4.32%
Interest rate swap |  | December 29, 2023 |  | December 31, 2026 |  | $150.0 million |  | 3.86%
Interest rate swap |  | March 1, 2024 |  | December 31, 2026 |  | $150.0 million |  | 3.76%
Interest rate swap |  | August 31, 2024 |  | December 31, 2026 |  | $160.0 million |  | 3.72%
Interest rate swap |  | October 31, 2024 |  | October 31, 2027 |  | $275.0 million |  | 3.94%
Interest rate swap |  | April 30, 2025 |  | April 30, 2028 |  | $250.0 million |  | 3.56%
Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements; however, the Company has not elected to apply hedge accounting for these instruments. The following is a summary of location and fair value of the financial positions recorded related to the derivative instruments as of September 30, 2025 and December 31, 2024 (in thousands):
|  |  |  | Fair Value |
Derivatives not designated as hedging instruments |  | Balance Sheet Location |  | September 30, 2025 |  |  | December 31, 2024 |
Interest rate swaps |  | Prepaid expenses and other current assets |  | $ | — |  |  | $ | 3,110 |
Interest rate swaps |  | Accrued liabilities |  | $ | 6,330 |  |  | $ | 247 |
The following is a summary of location and amount of gains and losses recorded related to the derivative instruments (in thousands):
|  |  |  | Gain (Loss) |
|  |  |  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
Derivatives not designated as hedging instruments |  | Income Statement Location |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Interest rate collars |  | Interest expense, net |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 951 |
Interest rate swaps |  | Interest expense, net |  | $ | 812 |  |  | $ | (8,171 | ) |  | $ | (5,607 | ) |  | $ | 55 |

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