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Derivatives (Tables) | 3 Months Ended
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Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Interest Rate Derivatives | The Company had the following derivatives that were designated as cash flow hedges of interest rate risk (in thousands):
|  |  |  |  |  |  |  |  |  |  |  |  |  | Fair Value of Assets
Hedged Debt |  | Type |  | Fixed Rate |  | Index |  | Effective Date |  | Maturity Date |  | Notional Amount |  | March 31, 2024 |  | December 31, 2023
Senior unsecured term loans |  | Swap (1) |  | 1.63 | % |  | SOFR |  | November 28, 2022 |  | July 25, 2024 |  | $ | 87,500 |  |  | 1,004 |  |  | 1,660 |
Senior unsecured term loans |  | Swap (1) |  | 1.63 | % |  | SOFR |  | November 28, 2022 |  | July 25, 2024 |  | $ | 87,500 |  |  | 1,002 |  |  | 1,658 |
Senior unsecured term loans |  | Swap |  | 3.36 | % |  | SOFR |  | March 1, 2023 |  | January 1, 2028 |  | $ | 75,000 |  |  | 1,813 |  |  | 554 |
Senior unsecured term loans |  | Swap |  | 3.50 | % |  | SOFR |  | March 1, 2023 |  | January 1, 2027 |  | $ | 75,000 |  |  | 1,462 |  |  | 449 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 5,281 |  |  | $ | 4,321 |
______________________ (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 related to derivative financial instruments (in thousands):
|  | Three Months Ended March 31, |  |
Effect of derivative instruments | Location in Statements of Operations and Comprehensive Income | 2024 |  | 2023 |  |  |  |
Loss (gain) recognized in other comprehensive income | Unrealized loss (gain) on interest rate derivative instruments | $ | (960) |  |  | $ | 84 |  |  |  |  |
Interest (income) for derivatives that were designated as cash flow hedges | Interest expense | $ | (2,357) |  |  | $ | (147) |  |  |  |  |
Interest (income) expense for derivatives that were not designated as cash flow hedges | Interest expense | $ | — |  |  | $ | 469 |  |  |  |  |

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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 + Details
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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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