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Derivatives (Tables)
6 Months Ended
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Terms of Derivative Financial Instrument

The following table summarizes the terms of the Company’s derivative financial instrument:

 

 

 

 

Notional Amount

 

 

 

 

 

Effective

 

Maturity

Product

 

June 30, 2023

 

 

December 31, 2022

 

 

Strike

 

 

Date

 

Date

Cap Agreement

 

$

7,500,000

 

 

$

7,500,000

 

 

 

3.75

%

 

12/20/2021

 

7/6/2024