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Derivatives
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives Derivatives
The Company had the following derivatives that were designated as cash flow hedges of interest rate risk (dollars in thousands):

Fair Value of Assets (Liabilities)
Hedged DebtTypeFixed RateIndexEffective DateMaturity DateNotional AmountSeptember 30,
2024		December 31, 2023
$300M Senior unsecured term loans
Swap (1)
1.63 %SOFRNovember 28, 2022July 25, 2024$87,500 $— $1,660 
$300M Senior unsecured term loans
Swap (1)
1.63 %SOFRNovember 28, 2022July 25, 2024$87,500 — 1,658 
$500M Senior unsecured term loansSwap3.36 %SOFRMarch 1, 2023January 1, 2028$75,000 (231)554 
$500M Senior unsecured term loansSwap3.50 %SOFRMarch 1, 2023January 1, 2027$75,000 (217)449 
$500M Senior unsecured term loansSwap3.27 %SOFROctober 1, 2024January 1, 2028$37,500 (13)— 
$500M Senior unsecured term loansSwap3.27 %SOFROctober 1, 2024January 1, 2028$37,500 (13)— 
$500M Senior unsecured term loansSwap3.07 %SOFRJanuary 2, 2025January 1, 2027$25,000 60 — 
$500M Senior unsecured term loansSwap3.25 %SOFRJanuary 2, 2025January 1, 2026$75,000 104 — 
$(310)$4,321 
______________________
(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 2024, 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 related to derivative financial instruments (in thousands):

Three Months Ended September 30,Nine Months Ended September 30,
Effect of derivative instrumentsLocation in Statements of Operations and Comprehensive Income2024202320242023
Loss (gain) recognized in other comprehensive incomeUnrealized loss (gain) on interest rate derivative instruments$4,237 $150 $4,631 $3,533 
Interest (income) for derivatives that were designated as cash flow hedgesInterest expense$(1,155)$(2,694)$(5,863)$(5,235)
Interest (income) expense for derivatives that were not designated as cash flow hedgesInterest expense$— $— $— $469 
During the next twelve months, the Company estimates that $1.2 million will be reclassified from other comprehensive income as a decrease to interest expense.