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Derivatives
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives Derivatives
As of December 31, 2024 and 2023, the Company had the following derivatives (in thousands):

Fair Value of Assets
Hedged DebtTypeFixed RateIndexEffective DateMaturity DateNotional AmountDecember 31,
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 1,328 554 
$500M Senior unsecured term loansSwap3.50 %SOFRMarch 1, 2023January 1, 2027$75,000 747 449 
$500M Senior unsecured term loansSwap3.27 %SOFROctober 1, 2024January 1, 2028$37,500 757 — 
$500M Senior unsecured term loansSwap3.27 %SOFROctober 1, 2024January 1, 2028$37,500 758 — 
$500M Senior unsecured term loansSwap3.07 %SOFRJanuary 2, 2025January 1, 2027$25,000 456 — 
$500M Senior unsecured term loansSwap3.25 %SOFRJanuary 2, 2025January 1, 2026$75,000 628 — 
$4,674 $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 on derivative financial statements (in thousands):
Year Ended December 31,
Effect of derivative instrumentsLocation in Statements of Operations and Comprehensive Income202420232022
Gain (loss) recognized in other comprehensive incomeUnrealized gain (loss) on interest rate derivative instruments$353 $(2,634)$— 
Interest income for derivatives that were designated as cash flow hedgesInterest expense$6,629 $7,688 $— 
Interest income (expense) for derivatives that were not designated as cash flow hedgesInterest expense$— $(469)$13,486 

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.