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Derivatives | 12 Months Ended
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Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives | Derivatives As of December 31, 2023 and 2022, the Company had the following derivatives (in thousands):
|  |  |  |  |  |  |  |  |  |  |  |  |  | Fair Value of Assets (Liabilities)
Hedged Debt |  | Type |  | Fixed Rate |  | Index |  | Effective Date |  | Maturity Date |  | Notional Amount |  | December 31, 2023 |  | December 31, 2022
Senior unsecured term loans |  | Swap (1) |  | 2.21 | % |  | SOFR |  | December 28, 2022 |  | October 18, 2023 |  | $ | 25,000 |  |  | $ | — |  |  | $ | 517 |
Senior unsecured term loans |  | Swap (1) |  | 2.21 | % |  | SOFR |  | December 28, 2022 |  | October 18, 2023 |  | $ | 25,000 |  |  | — |  |  | 515 |
Senior unsecured term loans |  | Swap (1) |  | 1.63 | % |  | SOFR |  | November 28, 2022 |  | July 25, 2024 |  | $ | 87,500 |  |  | 1,660 |  |  | 3,979 |
Senior unsecured term loans |  | Swap (1) |  | 1.63 | % |  | SOFR |  | November 28, 2022 |  | July 25, 2024 |  | $ | 87,500 |  |  | 1,658 |  |  | 3,976 |
Senior unsecured term loans |  | Swap |  | 3.36 | % |  | SOFR |  | March 1, 2023 |  | January 1, 2028 |  | $ | 75,000 |  |  | 554 |  |  | — |
Senior unsecured term loans |  | Swap |  | 3.50 | % |  | SOFR |  | March 1, 2023 |  | January 1, 2027 |  | $ | 75,000 |  |  | 449 |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 4,321 |  |  | $ | 8,987 |
(1)Swap was designated as cash flow hedge as of April 1, 2023. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. During 2023, such derivatives were used to hedge the variable cash flows associated with variable-rate debt. The table below details the location in the consolidated financial statements of the gains and losses recognized on derivative financial statements (in thousands):
|  | Year Ended December 31,
Effect of derivative instruments | Location in Statements of Operations and Comprehensive Income | 2023 |  | 2022 |  | 2021
Loss recognized in other comprehensive income | Unrealized loss on interest rate derivative instruments | $ | 2,634 |  |  | $ | — |  |  | $ | — |
Interest (income) for derivatives that were designated as cash flow hedges | Interest expense | $ | (7,688) |  |  | $ | — |  |  | $ | — |
Interest (income) expense for derivatives that were not designated as cash flow hedges | Interest expense | $ | 469 |  |  | $ | (13,486) |  |  | $ | (3,578) |
During the next twelve months, the Company estimates that $2.5 million will be reclassified from other comprehensive income as a reduction to interest expense.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//815/tableOfContent + Details
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