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Derivatives | 9 Months Ended
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Sep. 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 |  | September 30, 2025 |  | December 31, 2024
Unsecured term loans |  | Swap |  | 3.36 | % |  | SOFR |  | March 1, 2023 |  | January 1, 2028 |  | $ | 75,000 |  |  | $ | (61) |  |  | $ | 1,328 |
Unsecured term loans |  | Swap |  | 3.50 | % |  | SOFR |  | March 1, 2023 |  | January 1, 2027 |  | $ | 75,000 |  |  | 4 |  |  | 747 |
Unsecured term loans |  | Swap |  | 3.27 | % |  | SOFR |  | October 1, 2024 |  | January 1, 2028 |  | $ | 37,500 |  |  | 42 |  |  | 757 |
Unsecured term loans |  | Swap |  | 3.27 | % |  | SOFR |  | October 1, 2024 |  | January 1, 2028 |  | $ | 37,500 |  |  | 42 |  |  | 758 |
Unsecured term loans |  | Swap |  | 3.07 | % |  | SOFR |  | January 2, 2025 |  | January 1, 2027 |  | $ | 25,000 |  |  | 134 |  |  | 456 |
Unsecured term loans |  | Swap |  | 3.25 | % |  | SOFR |  | January 2, 2025 |  | January 1, 2026 |  | $ | 75,000 |  |  | 140 |  |  | 628 |
Unsecured term loans |  | Swap |  | 3.23 | % |  | SOFR |  | January 2, 2026 |  | January 1, 2029 |  | $ | 75,000 |  |  | (133) |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 168 |  |  | $ | 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. On October 15, 2025, we entered into an additional interest rate swap agreement for a notional amount of $50 million that will be effective January 4, 2027. 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 September 30, |  | Nine Months Ended September 30,
Effect of derivative instruments | Location in Statements of Operations and Comprehensive Income | 2025 |  | 2024 |  | 2025 |  | 2024
Loss recognized in other comprehensive income | Unrealized loss on interest rate derivative instruments | $ | 664 |  |  | $ | 4,237 |  |  | $ | 4,505 |  |  | $ | 4,631 |
Interest income for derivatives that were designated as cash flow hedges | Interest expense | $ | (847) |  |  | $ | (1,155) |  |  | $ | (2,485) |  |  | $ | (5,863) |
During the next 12 months, we estimate that $0.8 million will be reclassified from other comprehensive income as a decrease to interest expense.

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