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DERIVATIVE INSTRUMENTS

6 Months Ended

Jun. 30, 2025

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS

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9 – DERIVATIVE INSTRUMENTS

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The Company is exposed to interest rate risk on its floating rate debt. The Company had one $50,000 interest rate cap agreement outstanding to manage interest costs and the risk associated with variable interest rates which expired on March 28, 2024, therefore as of June 30, 2025, the Company no longer has any interest rate cap agreements. The interest rate cap agreement was initially designated and qualified as a cash flow hedge. The premium paid was recognized in income on a rational basis, and all changes in the fair value of the caps were deferred in Accumulated other comprehensive income (“AOCI”) and were subsequently reclassified into Interest expense in the period when the hedged interest affected earnings.

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The Company recorded a $527 unrealized loss for the six months ended June 30, 2024 in AOCI. There is no remaining AOCI as of June 30, 2025 and December 31, 2024.

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The Effect of Cash Flow Hedge Accounting on the Statements of Operations

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For the Three Months Ended June 30,

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For the Six Months Ended June 30,

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2025

2024

2025

2024

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Interest Expense

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Interest Expense

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Interest Expense

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Interest Expense

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Total amounts of income and expense line items presented in the statements of operations in which the effects of cash flow hedges are recorded

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$

2,558

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$

3,452

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$

5,107

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$

7,492

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The effects of cash flow hedging

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Gain or (loss) on cash flow hedging relationships in Subtopic 815-20:

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Interest contracts:

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Amount of loss reclassified from AOCI to income

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$

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$

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$

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$

(568)

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Premium excluded and recognized on an amortized basis

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18

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Amount of gain or (loss) reclassified from AOCI to income as a result that a forecasted transaction is no longer probable of occurring

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- References

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The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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