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Derivative Financial Instruments
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
The following table summarizes the terms and fair values of our derivative financial instruments, as well as their classifications within the consolidated balance sheets (notional amounts and fair values in thousands):
Fair Value
Effective DateMaturity DateNotional AmountBank Pay RateCompany Fixed Pay RateJune 30, 2024December 31, 2023
Assets (Liabilities)(1):
July 1, 2019February 1, 2024$25,000 Daily SOFR1.7 %$— $88 
January 1, 2021February 1, 2024150,000 Daily SOFR0.5 %— 692 
January 1, 2021February 1, 2024100,000 Daily SOFR0.2 %— 497 
March 1, 2021February 1, 202425,000 Daily SOFR0.2 %— 124 
Total$300,000 0.4 %$— $1,401 
February 1, 2024February 1, 202675,000 Daily SOFR3.5 %1,419 670 
February 1, 2024August 1, 202675,000 Daily SOFR3.7 %1,166 54 
February 1, 2024January 1, 2027175,000 Daily SOFR4.2 %893 (2,435)
Total$325,000 3.9 %$3,478 $(1,711)
(1)    Asset balances are recorded in prepaids and other assets on the consolidated balance sheets and liabilities are recorded in other liabilities on the consolidated balance sheets.

The derivative financial instruments are comprised of interest rate swaps, which are designated and qualify as cash flow hedges, with various counterparties. We do not use derivatives for trading or speculative purposes and currently do not have any derivatives that are not designated as hedges.

Changes in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in accumulated other comprehensive loss and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings.

The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements (in thousands):
Three months ended June 30,
Six months ended June 30,
2024202320242023
Interest Rate Swaps (Effective Portion):
Amount of gain (loss) recognized in other comprehensive income (loss)$680 $(373)$3,889 $(3,799)