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Derivatives
 3 Months Ended
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 DebtTypeFixed RateIndexEffective DateMaturity DateNotional AmountMarch 31,
2025		December 31, 2024
$500M Senior unsecured term loansSwap3.36 %SOFRMarch 1, 2023January 1, 2028$75,000 487 1,328 
$500M Senior unsecured term loansSwap3.50 %SOFRMarch 1, 2023January 1, 2027$75,000 271 747 
$500M Senior unsecured term loansSwap3.27 %SOFROctober 1, 2024January 1, 2028$37,500 330 757 
$500M Senior unsecured term loansSwap3.27 %SOFROctober 1, 2024January 1, 2028$37,500 331 758 
$500M Senior unsecured term loansSwap3.07 %SOFRJanuary 2, 2025January 1, 2027$25,000 274 456 
$500M Senior unsecured term loansSwap3.25 %SOFRJanuary 2, 2025January 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 instrumentsLocation in Statements of Operations and Comprehensive Income20252024
Loss (gain) recognized in other comprehensive incomeUnrealized loss (gain) on interest rate derivative instruments$2,548 $(960)
Interest (income) for derivatives that were designated as cash flow hedgesInterest expense$(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.