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INTEREST RATE SWAP
 9 Months Ended
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
INTEREST RATE SWAP INTEREST RATE SWAP
On June 30, 2022, the Company entered into a variable rate term note, or New Term Note, with Bank of America, N.A. On the same day, the Company entered into a new interest rate swap agreement to reduce its exposure to fluctuations in the floating interest rate tied to SOFR under the New Term Note. Per ASC 815, an entity may apply the shortcut method to hedging relationships that meet all of the conditions under ASC 815. The Company performed an initial assessment of the hedging relationship and determined it is appropriate to apply the shortcut method as all conditions were met. The new interest rate swap qualified as an effective cash flow hedge under the guidance of ASC 815. Applying the shortcut method allows the Company to assume that it has a perfectly effective hedging relationship, therefore there is no need for the Company to perform any quantitative assessments of whether the hedge is highly effective.
As of September 30, 2023, the fair value of the interest rate swap agreement was greater than its cost basis and as such, the mark-to-market adjustment is recorded within Other Assets on the Consolidated Balance Sheets. The Company had the following outstanding interest rate swap agreement designated as an interest rate cash flow hedge as of September 30, 2023 and December 31, 2022 ($ in thousands):
September 30, 2023
Effective DateMaturity DateFair Value HierarchyWeighted Average Interest Pay RateFair ValueNotional Amount
June 30, 2022June 30, 2032Level 24.62%$3,448$47,338
December 31, 2022
Effective DateMaturity DateFair Value HierarchyWeighted Average Interest Pay RateFair ValueNotional Amount
June 30, 2022June 30, 2032Level 24.62%$1,430$48,462