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INTEREST RATE SWAP DERIVATIVES (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule 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 September 30, 2024 and December 31, 2023:

September 30, 2024

December 31, 2023

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)

Weighted Average Remaining Term

Non-designated

2

$

250,000,000

USD - SOFR

4.53

%

2.3 years

2

$

250,000,000

USD - SOFR

4.53

%

3.0 years

(i)The notional amount of the Company’s swaps corresponds to the principal balance on the Term Loan. The minimum notional amount (outstanding principal balance at the maturity date) as of September 30, 2024 and December 31, 2023 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 50%.

Schedule 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 September 30, 2024 and December 31, 2023:

												September 30, 2024												December 31, 2023
Derivative Instrument						Balance Sheet Location						Number of Instruments						Fair Value						Number of Instruments						Fair Value						Change in Fair Value
Interest Rate Swap						Asset - Interest rate swap derivatives, at fair value						1						$	807,337					1						$	2,970,733					$	(2,163,396)
Interest Rate Swap						Liability - Interest rate swap derivatives, at fair value						1						$	(755,490)					1						$	(473,348)					$	(282,142)

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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