Quarterly report [Sections 13 or 15(d)]

Interest Rate Derivatives

v3.26.3
Interest Rate Derivatives
 9 Months Ended
Sep. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Interest Rate Derivatives Interest Rate Derivatives
 
The table below presents the key terms and fair values of our interest rate swap derivatives in place during the nine months ended September 30, 2026 (dollars in thousands):
Notional Amount Fixed Rate Floating Rate Index Effective Date Expiration Date
Fair Value as of December 31, 2025
$ 10,020  1.678%
SOFR + 0.10%
 8/1/2019 8/1/2026 $ 114 
$ 150,000  3.742% One-Month SOFR 2/1/2023 2/2/2026 (5)
$ 50,000  3.747% One-Month SOFR 2/1/2023 2/2/2026 (2)
$ 107 
Each of these swaps was designated as a cash flow hedge of interest rate risk and had expired by September 30, 2026.

The table below presents the fair value of our interest rate derivatives as well as their classification on our consolidated balance sheet as of December 31, 2025 (in thousands):
Derivatives Balance Sheet Location Fair Value
Interest rate swaps designated as cash flow hedges Prepaid expenses and other assets, net $ 114 
Interest rate swaps designated as cash flow hedges Other liabilities (7)
$ 107 
 
The table below presents the effect of our interest rate derivatives on our consolidated statements of operations and comprehensive income (in thousands):
Amount of Income
Recognized in
AOCI on Derivatives		 Amount of Income Reclassified from AOCI into Interest Expense on Statement of Operations
Derivatives in Hedging Relationships For the Three Months Ended September 30, For the Nine Months Ended September 30, For the Three Months Ended September 30, For the Nine Months Ended September 30,
2026 2025 2026 2025 2026 2025 2026 2025
Interest rate derivatives $ —  $ 67  $ 8  $ 261  $ 17  $ 368  $ 115  $ 1,296