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INTEREST RATE SWAP DERIVATIVES (Tables) | 6 Months Ended
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Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of the Notional Amount and Other Information Related to Interest Rate Swaps | The following table summarizes the notional amount and other information related to the Company’s interest rate swaps as of June 30, 2023 and December 31, 2022:
|  | June 30, 2023 |  | December 31, 2022
Interest Rate Derivative Instruments |  | Number of Instruments |  | Notional Amount (i) |  | Reference Rate |  | Weighted Average Fixed Pay Rate (ii) |  | Weighted Average Remaining Term |  | Number of Instruments |  | Notional Amount (i) |  | Reference Rate |  | Fixed Pay Rate (ii) |  | Remaining Term
Designated |  | — |  | $ | — |  |  | — |  | — | % |  | 0 years |  | 1 |  | $ | 150,000,000 |  |  | USD - SOFR |  | 3.86 | % |  | 4.1 years
Non-designated |  | 2 |  | $ | 250,000,000 |  |  | USD - SOFR |  | 4.33 | % |  | 3.5 years |  | 1 |  | $ | 100,000,000 |  |  | USD - SOFR |  | 5.04 | % |  | 4.1 years
(i)The notional amount of the Company’s swaps correspond to the principal balance on the Term Loan. The minimum notional amount (outstanding principal balance at the maturity date) as of June 30, 2023 and December 31, 2022 was $250,000,000. (ii)Based on the terms of the Credit Facility, the fixed pay rate increases if the Company's leverage ratio increases above 40%.
Summary of the Fair Value of Derivative Instruments and Their Classification | The following table sets forth the fair value of the Company’s derivative instruments (Level 2 measurement), as well as their classification in the accompanying unaudited condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022:
|  |  |  | June 30, 2023 |  | December 31, 2022 |  |
Derivative Instrument |  | Balance Sheet Location |  | Number of Instruments |  | Fair Value |  | Number of Instruments |  | Fair Value |  | Change in Fair Value
Interest Rate Swaps |  | Asset - Interest rate swap derivatives, at fair value |  | 2 |  | $ | 5,613,847 |  |  | 1 |  | $ | 4,629,702 |  |  | $ | 984,145 |
Interest Rate Swaps |  | Liability - Interest rate swap derivatives, at fair value |  | — |  | $ | — |  |  | 1 |  | $ | (498,866) |  |  | $ | 498,866 |

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