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Derivatives | 3 Months Ended
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Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives | Derivatives We have the following derivatives (dollars in thousands):
|  |  |  |  |  |  |  |  |  |  |  |  |  | Fair Value of Assets (Liabilities)
Hedged Debt |  | Type |  | Fixed Rate |  | Index |  | Effective Date |  | Maturity Date |  | Notional Amount |  | March 31, 2025 |  | December 31, 2024
$500M Senior unsecured term loans |  | Swap |  | 3.36 | % |  | SOFR |  | March 1, 2023 |  | January 1, 2028 |  | $ | 75,000 |  |  | 487 |  |  | 1,328 |
$500M Senior unsecured term loans |  | Swap |  | 3.50 | % |  | SOFR |  | March 1, 2023 |  | January 1, 2027 |  | $ | 75,000 |  |  | 271 |  |  | 747 |
$500M Senior unsecured term loans |  | Swap |  | 3.27 | % |  | SOFR |  | October 1, 2024 |  | January 1, 2028 |  | $ | 37,500 |  |  | 330 |  |  | 757 |
$500M Senior unsecured term loans |  | Swap |  | 3.27 | % |  | SOFR |  | October 1, 2024 |  | January 1, 2028 |  | $ | 37,500 |  |  | 331 |  |  | 758 |
$500M Senior unsecured term loans |  | Swap |  | 3.07 | % |  | SOFR |  | January 2, 2025 |  | January 1, 2027 |  | $ | 25,000 |  |  | 274 |  |  | 456 |
$500M Senior unsecured term loans |  | Swap |  | 3.25 | % |  | SOFR |  | January 2, 2025 |  | January 1, 2026 |  | $ | 75,000 |  |  | 434 |  |  | 628 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,127 |  |  | $ | 4,674 |
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 2025, 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 March 31, |  |
Effect of derivative instruments | Location in Statements of Operations and Comprehensive Income | 2025 |  | 2024 |  |  |  |
Loss (gain) recognized in other comprehensive income | Unrealized loss (gain) on interest rate derivative instruments | $ | 2,548 |  |  | $ | (960) |  |  |  |  |
Interest (income) for derivatives that were designated as cash flow hedges | Interest expense | $ | (821) |  |  | $ | (2,357) |  |  |  |  |
During the next 12 months, we estimate that $1.8 million will be reclassified from other comprehensive income as a decrease to interest expense.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/815/tableOfContent + Details
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