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Derivative Instruments | 12 Months Ended
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Dec. 31, 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 are 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 risk to be minimal. The following table details our derivative financial instrument as of December 31, 2024 (dollars in thousands): Schedule of Table Derivative Financial Instrument
Interest Rate Derivative |  | Notional Amount |  |  | Strike |  |  | Maturity Date
Interest rate cap |  | $ | 102,820 |  |  |  | 5.07 | % |  | July 2025
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 as of December 31, (1) |
Interest Rate Derivative |  | 2024 |  |  | 2023 |
Interest rate caps |  | $ | 3 |  |  | $ | 93 |
(1) | Amounts are included in Other assets in our consolidated balance sheets.
The following table details the effect of our derivative financial instrument on our consolidated statement of operations for the years ended December 31, 2024 and 2023 (in thousands): Schedule of Table Details Effect Derivative Financial Instrument
|  |  |  | Years Ended December 31, |
Interest Rate Derivative |  | Location of Gain (Loss) |  | 2024 |  |  | 2023 |
Interest rate caps |  | Other expense |  | $ | (225 | ) |  | $ | (66 | )

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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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