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v3.25.2

Derivatives | 6 Months Ended
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Jun. 30, 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 |  | June 30, 2025 |  | December 31, 2024
Senior unsecured term loans |  | Swap |  | 3.36 | % |  | SOFR |  | March 1, 2023 |  | January 1, 2028 |  | $ | 75,000 |  |  | 32 |  |  | 1,328 |
Senior unsecured term loans |  | Swap |  | 3.50 | % |  | SOFR |  | March 1, 2023 |  | January 1, 2027 |  | $ | 75,000 |  |  | 90 |  |  | 747 |
Senior unsecured term loans |  | Swap |  | 3.27 | % |  | SOFR |  | October 1, 2024 |  | January 1, 2028 |  | $ | 37,500 |  |  | 96 |  |  | 757 |
Senior unsecured term loans |  | Swap |  | 3.27 | % |  | SOFR |  | October 1, 2024 |  | January 1, 2028 |  | $ | 37,500 |  |  | 96 |  |  | 758 |
Senior unsecured term loans |  | Swap |  | 3.07 | % |  | SOFR |  | January 2, 2025 |  | January 1, 2027 |  | $ | 25,000 |  |  | 188 |  |  | 456 |
Senior unsecured term loans |  | Swap |  | 3.25 | % |  | SOFR |  | January 2, 2025 |  | January 1, 2026 |  | $ | 75,000 |  |  | 330 |  |  | 628 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 832 |  |  | $ | 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 June 30, |  | Six Months Ended June 30,
Effect of derivative instruments | Location in Statements of Operations and Comprehensive Income | 2025 |  | 2024 |  | 2025 |  | 2024
Loss (gain) recognized in other comprehensive income | Unrealized loss (gain) on interest rate derivative instruments | $ | 1,294 |  |  | $ | 1,355 |  |  | $ | 3,841 |  |  | $ | 394 |
Interest (income) for derivatives that were designated as cash flow hedges | Interest expense | $ | (817) |  |  | $ | (2,351) |  |  | $ | (1,638) |  |  | $ | (4,708) |
During the next 12 months, we estimate that $1.5 million will be reclassified from other comprehensive income as a decrease to interest expense.

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