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Derivative Instruments

6 Months Ended

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

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