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Derivative Instruments | 6 Months Ended
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Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments | Note 9 – Derivative Instruments In connection with our variable rate loan agreements (Note 7 – Debt, Net), we were required to obtain and maintain interest rate protection in the form of interest rate caps during the term of the loans to effectively limit the impact of increases in the one-month SOFR. We are subject to credit risk by the counterparty of these derivative instruments in the event of non-performance under the derivative contracts, however we believe the amounts to be minimal. The following table details our derivative financial instruments as of June 30, 2024 (amounts in thousands): Schedule of Table Derivative Financial Instrument
Interest Rate Derivative |  | Notional Amount |  |  | Strike Price |  |  | Maturity Date
Interest rate cap |  | $ | 112,514 |  |  | 5.07 | % |  | July 2024
Interest rate cap |  | $ | 104,000 |  |  | 6.25 | % |  | July 2025
The following table details the fair value of our derivative financial instruments (amounts in thousands): Schedule of Fair Value of Our Derivative Financial Instruments
|  | Fair Value (1) |
Interest Rate Derivative |  | June 30, 2024 |  |  | December 31, 2023 |
|  | (unaudited) |  |  |  |
Interest rate caps |  | $ | 12 |  |  | $ | 93 |
(1) | Amounts are included in Other assets in our consolidated balance sheets.
The following table details the effect of our derivative financial instruments on our consolidated statements of operations (amounts in thousands): Schedule of Table Details Effect Derivative Financial Instrument
|  |  |  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
Interest Rate Derivative |  | Location of Gain (Loss) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  |  |  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |
Interest rate caps |  | Other (expense) income |  | $ | (60 | ) |  | $ | 209 |  |  | $ | (87 | ) |  | $ | 209 |

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/815/tableOfContent + Details
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