INTEREST RATE SWAP DERIVATIVES (Tables)

6 Months Ended

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