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Derivatives (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Derivatives

As of December 31, 2024 and 2023, the Company had the following derivatives (in thousands):

																																										Fair Value of Assets
Hedged Debt						Type						Fixed Rate						Index						Effective Date						Maturity Date						Notional Amount						December 31, 2024						December 31, 2023
$300M Senior unsecured term loans						Swap (1)						1.63		%				SOFR						November 28, 2022						July 25, 2024						$	87,500					$	—					$	1,660
$300M Senior unsecured term loans						Swap (1)						1.63		%				SOFR						November 28, 2022						July 25, 2024						$	87,500					—						1,658
$500M Senior unsecured term loans						Swap						3.36		%				SOFR						March 1, 2023						January 1, 2028						$	75,000					1,328						554
$500M Senior unsecured term loans						Swap						3.50		%				SOFR						March 1, 2023						January 1, 2027						$	75,000					747						449
$500M Senior unsecured term loans						Swap						3.27		%				SOFR						October 1, 2024						January 1, 2028						$	37,500					757						—
$500M Senior unsecured term loans						Swap						3.27		%				SOFR						October 1, 2024						January 1, 2028						$	37,500					758						—
$500M Senior unsecured term loans						Swap						3.07		%				SOFR						January 2, 2025						January 1, 2027						$	25,000					456						—
$500M Senior unsecured term loans						Swap						3.25		%				SOFR						January 2, 2025						January 1, 2026						$	75,000					628						—
																																										$	4,674					$	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 on derivative financial statements (in thousands):

						Year Ended December 31,
Effect of derivative instruments			Location in Statements of Operations and Comprehensive Income			2024						2023						2022
Gain (loss) recognized in other comprehensive income			Unrealized gain (loss) on interest rate derivative instruments			$	353					$	(2,634)					$	—
Interest income for derivatives that were designated as cash flow hedges			Interest expense			$	6,629					$	7,688					$	—
Interest income (expense) for derivatives that were not designated as cash flow hedges			Interest expense			$	—					$	(469)					$	13,486

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- References

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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
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-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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