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Derivatives
 6 Months Ended
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 DebtTypeFixed RateIndexEffective DateMaturity DateNotional AmountJune 30,
2025		December 31, 2024
Senior unsecured term loansSwap3.36 %SOFRMarch 1, 2023January 1, 2028$75,000 32 1,328 
Senior unsecured term loansSwap3.50 %SOFRMarch 1, 2023January 1, 2027$75,000 90 747 
Senior unsecured term loansSwap3.27 %SOFROctober 1, 2024January 1, 2028$37,500 96 757 
Senior unsecured term loansSwap3.27 %SOFROctober 1, 2024January 1, 2028$37,500 96 758 
Senior unsecured term loansSwap3.07 %SOFRJanuary 2, 2025January 1, 2027$25,000 188 456 
Senior unsecured term loansSwap3.25 %SOFRJanuary 2, 2025January 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 instrumentsLocation in Statements of Operations and Comprehensive Income2025202420252024
Loss (gain) recognized in other comprehensive incomeUnrealized loss (gain) on interest rate derivative instruments$1,294 $1,355 $3,841 $394 
Interest (income) for derivatives that were designated as cash flow hedgesInterest expense$(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.