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v3.26.1

Derivatives and Hedging Activities | 3 Months Ended
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Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives and Hedging Activities | Derivatives and Hedging Activities The following interest rate swaps have been designated as cash flow hedges (in thousands):
|  |  |  |  |  |  |  | Notional value at |  | Fair value at
Hedge type |  | Swap rate |  | Effective Date |  | Maturity Date |  | March 31, 2026 |  | December 31, 2025 |  | March 31, 2026 |  | December 31, 2025
Swap-cash flow-Daily SOFR |  | 0.56% |  | July 2021 |  | January 2026 |  | $ | — |  |  | $ | 50,000 |  |  | $ | — |  |  | $ | 146 |
Swap-cash flow-Daily SOFR |  | 2.95% |  | April 2024 |  | April 2027 |  | 125,000 |  |  | 125,000 |  |  | 987 |  |  | 697 |
Swap-cash flow-Daily SOFR |  | 2.85% |  | April 2024 |  | April 2027 |  | 65,000 |  |  | 65,000 |  |  | 587 |  |  | 453 |
Swap-cash flow-Daily SOFR |  | 2.75% |  | April 2024 |  | April 2027 |  | 60,000 |  |  | 60,000 |  |  | 611 |  |  | 501 |
Swap-cash flow-Daily SOFR |  | 3.70% |  | July 2024 |  | July 2027 |  | 25,000 |  |  | 25,000 |  |  | (22) |  |  | (147) |
Swap-cash flow-Daily SOFR |  | 3.45% |  | July 2024 |  | July 2027 |  | 25,000 |  |  | 25,000 |  |  | 61 |  |  | (48) |
Swap-cash flow-Daily SOFR |  | 3.71% |  | July 2024 |  | July 2027 |  | 25,000 |  |  | 25,000 |  |  | (24) |  |  | (150) |
Swap-cash flow-Daily SOFR |  | 3.10% |  | July 2025 |  | July 2027 |  | 25,000 |  |  | 25,000 |  |  | 176 |  |  | 87 |
Swap-cash flow-Daily SOFR |  | 3.20% |  | January 2025 |  | January 2028 |  | 25,000 |  |  | 25,000 |  |  | 177 |  |  | 43 |
Swap-cash flow-Daily SOFR |  | 3.40% |  | January 2025 |  | January 2028 |  | 25,000 |  |  | 25,000 |  |  | 87 |  |  | (60) |
Swap-cash flow-Daily SOFR |  | 3.30% |  | October 2025 |  | October 2028 |  | 25,000 |  |  | 25,000 |  |  | 148 |  |  | (9) |
Swap-cash flow-Daily SOFR |  | 3.30% |  | January 2025 |  | January 2029 |  | 25,000 |  |  | 25,000 |  |  | 155 |  |  | (5) |
Swap-cash flow-Daily SOFR |  | 3.19% |  | January 2026 |  | January 2029 |  | 25,000 |  |  | 25,000 |  |  | 231 |  |  | 64 |
Swap-cash flow-Daily SOFR |  | 3.25% |  | January 2026 |  | January 2029 |  | 50,000 |  |  | 50,000 |  |  | 378 |  |  | 39 |
Swap-cash flow-Daily SOFR |  | 3.29% |  | January 2026 |  | January 2029 |  | 50,000 |  |  | 50,000 |  |  | 320 |  |  | (22) |
Swap-cash flow-Daily SOFR |  | 3.00% |  | April 2026 |  | April 2029 |  | 25,000 |  |  | 25,000 |  |  | 370 |  |  | 183 |
Swap-cash flow-Daily SOFR |  | 3.05% |  | April 2026 |  | April 2029 |  | 25,000 |  |  | 25,000 |  |  | 334 |  |  | 147 |
|  |  |  |  |  |  |  | $ | 625,000 |  |  | $ | 675,000 |  |  | $ | 4,576 |  |  | $ | 1,919 |
As of March 31, 2026 and December 31, 2025, the aggregate fair value of the interest rate swap assets of $4.6 million and $2.4 million, respectively, was included in prepaid expense and other assets in the accompanying consolidated balance sheets. As of December 31, 2025, the aggregate fair value of the interest rate swap liabilities of $0.4 million was included in accounts payable and other liabilities in the accompanying consolidated balance sheet. As of March 31, 2026 and December 31, 2025, there was approximately $4.6 million and $1.9 million, respectively, of unrealized gains included in accumulated other comprehensive income related to interest rate swaps. There was no ineffectiveness recorded during the three month periods ended March 31, 2026 or 2025. For the three months ended March 31, 2026 and 2025, gains of approximately $0.8 million and $2.8 million, respectively, included in accumulated other comprehensive income were reclassified into interest expense for the interest rate swaps. Approximately $3.2 million of the unrealized gains included in accumulated other comprehensive income at March 31, 2026 is expected to be reclassified into earnings within the next 12 months.

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