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Derivatives
 12 Months Ended
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 DebtTypeFixed RateIndexEffective DateMaturity DateNotional AmountDecember 31,
2023		December 31, 2022
Senior unsecured term loans
Swap (1)
2.21 %SOFRDecember 28, 2022October 18, 2023$25,000 $— $517 
Senior unsecured term loans
Swap (1)
2.21 %SOFRDecember 28, 2022October 18, 2023$25,000 — 515 
Senior unsecured term loans
Swap (1)
1.63 %SOFRNovember 28, 2022July 25, 2024$87,500 1,660 3,979 
Senior unsecured term loans
Swap (1)
1.63 %SOFRNovember 28, 2022July 25, 2024$87,500 1,658 3,976 
Senior unsecured term loansSwap3.36 %SOFRMarch 1, 2023January 1, 2028$75,000 554 — 
Senior unsecured term loansSwap3.50 %SOFRMarch 1, 2023January 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 instrumentsLocation in Statements of Operations and Comprehensive Income202320222021
Loss recognized in other comprehensive incomeUnrealized loss on interest rate derivative instruments$2,634 $— $— 
Interest (income) for derivatives that were designated as cash flow hedgesInterest expense$(7,688)$— $— 
Interest (income) expense for derivatives that were not designated as cash flow hedgesInterest 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.