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Derivatives and Hedging Activities | 6 Months Ended
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Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives and Hedging Activities | Derivatives and Hedging Activities As of June 30, 2025, the Company had nine interest rate swaps with a total notional amount of $250.0 million that are used to manage its interest rate risk and fix the SOFR component on the term loans of the Credit Facilities:
Notional Amount ($ in thousands) | Fixed Rate (1) | Effective Date | Maturity Date |  |
$50,000 | 2.291% | May 2022 | January 2027 |  |
$25,000 | 4.237% | May 2022 | February 2028 |  |
$25,000 | 4.237% | May 2022 | February 2028 |  |
$25,000 | 4.810% | July 2022 | February 2028 |  |
$40,000 | 4.952% | December 2022 | February 2028 |  |
$25,000 | 5.756% | July 2023 | January 2027 |  |
$10,000 | 6.069% | September 2023 | February 2028 |  |
$40,000 | 5.291% | October 2024 | February 2028 |  |
$10,000 | 5.572% | November 2024 | February 2028 |  |
Explanatory Note: (1)Reflects the all-in effective interest rate for the specified portion of the Term Loans hedged by the interest rate swaps. The Company’s objectives in using the interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company uses the interest rate swaps as part of its interest rate risk management strategy. The interest rate swaps are designated as cash flow hedges, with any gain or loss recorded in “Accumulated other comprehensive income” on the Consolidated Balance Sheets and subsequently reclassified into interest expense as interest payments are made on the Credit Facilities. During the next twelve months, the Company estimates that an additional $2.2 million will be reclassified from “Accumulated other comprehensive income” as a decrease to interest expense. The Company does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated as cash flow hedges. The table below presents the effect of the Company’s interest rate swap derivative instruments in the Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2025 and 2024 (in thousands):
| For the Three Months Ended June 30, | For the Six Months Ended June 30,
Derivatives in Cash Flow Hedging Relationships (Interest Rate Swaps) | 2025 |  | 2024 | 2025 |  | 2024
Amount of (loss) gain recognized on derivative in "Accumulated other comprehensive income" | $ | (736) |  |  | $ | 1,341 |  | $ | (2,697) |  |  | $ | 5,491 |
Amount of income reclassified from "Accumulated other comprehensive income" into interest expense | $ | 889 |  |  | $ | 1,327 |  | $ | 1,772 |  |  | $ | 2,658 |
"Interest expense, net" presented in the Consolidated Statements of Operations and Comprehensive Income, in which the effects of cash flow hedges are recorded, totaled $4.0 million and $7.7 million for the three and six months ended June 30, 2025, respectively, and $3.1 million and $5.9 million for the three and six months ended June 30, 2024, respectively. As of June 30, 2025, the Company also had derivatives in a net liability position and did not post any collateral related to these agreements. If the Company had breached any of these provisions as of June 30, 2025, it could have been required to settle its obligations under the agreements of any interest rate swap in a net liability position for approximately $1.1 million, which is at their termination value.

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