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Derivatives (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate 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.

Schedule of Gains and Losses Recognized on Derivative Financial Statements

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)

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- Definition

Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C

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- Definition

Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments.

+ References

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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C

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