XML 31 R18.htm IDEA: XBRL DOCUMENT v3.25.1

Derivative Instruments

12 Months Ended

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	)

X

- References

No definition available.

+ Details

Name:	us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration