DiamondRock Hospitality第二季淨收入倍增 出售曼哈頓酒店錄3,159萬美元收益

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q 

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2026 

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to _________

Commission File Number: 001-32514 
DIAMONDROCK HOSPITALITY COMPANY
(Exact Name of Registrant as Specified in Its Charter)

Maryland20-1180098
(State of Incorporation)(I.R.S. Employer Identification No.)
  
7373 Wisconsin Avenue, Suite 1900 Bethesda,Maryland20814
(Address of Principal Executive Offices)(Zip Code)

 (240) 744-1150 
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Securities Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value per shareDRHThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☑ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☑ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☑
Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐
 Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act. ☐

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 Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☑ No
The registrant had 204,605,681 shares of its $0.01 par value common stock outstanding as of July 30, 2026.

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INDEX

  
 Page No.
PART I. FINANCIAL INFORMATION

  
Item 1. Financial Statements:
 

Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025
1

Consolidated Statements of Operations and Comprehensive Income for the Three and Six Months Ended June 30, 2026 and 2025
2

Consolidated Statements of Equity for the Three and Six Months Ended June 30, 2026 and 2025
4

Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025
6

Notes to the Consolidated Financial Statements
8

  
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
19

  
Item 3. Quantitative and Qualitative Disclosures About Market Risk
33

  
Item 4. Controls and Procedures
33

  
PART II. OTHER INFORMATION

  
Item 1. Legal Proceedings
34

  
Item 1A. Risk Factors
34

  
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
34

  
Item 3. Defaults Upon Senior Securities
34

  
Item 4. Mine Safety Disclosures
34

  
Item 5. Other Information
34

  
Item 6. Exhibits
35

  

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PART I. FINANCIAL INFORMATION

Item I.Financial Statements

DIAMONDROCK HOSPITALITY COMPANY

CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)

June 30, 2026December 31, 2025
ASSETS(Unaudited)(Audited)
Property and equipment, net$2,555,487 $2,596,458 

Right-of-use assets95,106 89,041 

Restricted cash39,884 35,137 
Due from hotel managers189,543 137,787 
Prepaid and other assets80,291 77,194 
Cash and cash equivalents105,980 68,084 
Total assets$3,066,291 $3,003,701 
LIABILITIES AND EQUITY  
Liabilities:  

Debt, net of unamortized debt issuance costs$1,099,038 $1,098,850 
Lease liabilities97,237 87,053 
Due to hotel managers138,906 109,568 

Deferred rent79,556 77,405 
Unfavorable contract liabilities, net55,720 56,549 
Accounts payable and accrued expenses40,344 83,888 
Distributions declared and unpaid19,678 25,903 
Deferred income related to key money, net6,917 7,400 
Total liabilities1,537,396 1,546,616 
Equity:  

Common stock, $0.01 par value; 400,000,000 shares authorized; 204,505,826 and 203,703,182 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively
2,045 2,037 
Additional paid-in capital2,118,425 2,114,438 
Accumulated other comprehensive loss(2,475)(6,381)
Distributions in excess of earnings(594,640)(662,209)
Total stockholders’ equity1,523,355 1,447,885 
Noncontrolling interests5,540 9,200 
Total equity1,528,895 1,457,085 
Total liabilities and equity$3,066,291 $3,003,701 

The accompanying notes are an integral part of these consolidated financial statements.
-1-

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DIAMONDROCK HOSPITALITY COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(In thousands, except per share amounts)
(Unaudited) 

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenues:  
Rooms$207,669 $198,237 $371,754 $361,355 
Food and beverage80,780 78,828 147,946 145,669 
Other29,837 28,655 56,748 53,549 
Total revenues318,286 305,720 576,448 560,573 
Operating Expenses:  
Rooms46,982 47,272 89,305 91,115 
Food and beverage50,826 50,548 96,726 96,965 
Other departmental and support expenses70,594 68,719 136,782 134,005 
Management fees8,866 7,406 13,877 12,424 
Franchise fees10,549 10,003 19,804 19,051 
Other property-level expenses17,866 28,017 42,347 52,916 
Depreciation and amortization28,841 28,156 57,381 56,048 

Corporate expenses10,419 9,465 18,262 17,148 

Total operating expenses244,943 249,586 474,484 479,672 
Interest expense14,442 14,868 29,132 30,026 
Interest (income) and other (income) expense, net(1,946)(764)(2,594)(2,228)
Gain on sale of hotel property, net(31,591)— (31,591)— 

Income before income taxes92,438 42,030 107,017 53,103 
Income tax expense(1,680)(991)(1,726)(149)
Net income90,758 41,039 105,291 52,954 
Less: Net income attributable to noncontrolling interests(278)(204)(347)(262)
Net income attributable to the Company90,480 40,835 104,944 52,692 
Distributions to preferred stockholders— (2,454)— (4,908)
Net income attributable to common stockholders$90,480 $38,381 $104,944 $47,784 

Earnings per share: 
Earnings per share available to common stockholders—basic$0.44 $0.19 $0.51 $0.23 
Earnings per share available to common stockholders—diluted$0.44 $0.18 $0.51 $0.23 

The accompanying notes are an integral part of these consolidated financial statements.
-2-

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DIAMONDROCK HOSPITALITY COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - (CONTINUED)
(In thousands, except per share amounts)
(Unaudited) 

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Comprehensive Income:  
Net income$90,758 $41,039 $105,291 $52,954 
Other comprehensive income:
Unrealized gain (loss) on interest rate derivative instruments1,855 (1,293)3,561 (3,841)
Unrealized gain on Rabbi Trust assets497 338 402 392 
Amounts reclassified from accumulated other comprehensive income(23)(11)(45)(684)
Comprehensive income93,087 40,073 109,209 48,821 
Comprehensive income attributable to noncontrolling interests(285)(199)(361)(241)
Comprehensive income attributable to the Company$92,802 $39,874 $108,848 $48,580 

The accompanying notes are an integral part of these consolidated financial statements.
-3-

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DIAMONDROCK HOSPITALITY COMPANY

CONSOLIDATED STATEMENTS OF EQUITY
(In thousands, except share and per share amounts)
(Unaudited)

Common Stock
SharesPar ValueAdditional Paid-In CapitalAccumulated Other Comprehensive Income (Loss)Distributions in Excess of EarningsTotal Stockholders' EquityNoncontrolling InterestsTotal Equity
Balance at December 31, 2025203,703,182 $2,037 $2,114,438 $(6,381)$(662,209)$1,447,885 $9,200 $1,457,085 
Net income— — — — 14,464 14,464 69 14,533 
Unrealized gain on interest rate derivative instruments— — — 1,701 — 1,701 5 1,706 
Unrealized loss on Rabbi Trust assets— — — (95)— (95)(1)(96)
Amounts reclassified from accumulated other comprehensive income— — — (22)— (22)— (22)
Distributions on common stock/units ($0.09 per common share/unit)
— — — — (18,688)(18,688)(62)(18,750)

Share-based compensation785,700 8 1,580 — — 1,588 117 1,705 
Shares redeemed to satisfy withholdings on vested share based compensation(318,978)(3)(2,846)— — (2,849)— (2,849)
Redemption of Operating Partnership units445,120 4 4,110 — — 4,114 (4,114)— 
Other— — 68 — — 68 — 68 
Balance at March 31, 2026204,615,024 $2,046 $2,117,350 $(4,797)$(666,433)$1,448,166 $5,214 $1,453,380 
Net income— — — — 90,480 90,480 278 90,758 
Unrealized gain on interest rate derivative instruments— — — 1,849 — 1,849 6 1,855 
Unrealized gain on Rabbi Trust assets— — — 496 — 496 1 497 
Amounts reclassified from accumulated other comprehensive income— — — (23)— (23)— (23)
Distributions on common stock/units ($0.09 per common share/unit)
— — — — (18,679)(18,679)(62)(18,741)

Share-based compensation86,430 1 2,995 — — 2,996 103 3,099 
Shares redeemed to satisfy withholdings on vested share based compensation(6,363)— (66)— — (66)— (66)
Common stock repurchased and retired(189,265)(2)(1,854)— — (1,856)— (1,856)
Other— — — — (8)(8)— (8)
Balance at June 30, 2026204,505,826 $2,045 $2,118,425 $(2,475)$(594,640)$1,523,355 $5,540 $1,528,895 

-4-

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Preferred StockCommon Stock
SharesPar ValueSharesPar ValueAdditional Paid-In CapitalAccumulated Other Comprehensive IncomeDistributions in Excess of EarningsTotal Stockholders' EquityNoncontrolling InterestsTotal Equity
Balance at December 31, 20244,760,000 $48 207,592,210 $2,076 $2,268,521 (1,360)$(679,050)$1,590,235 $8,697 $1,598,932 
Net income— — — — — — 11,857 11,857 58 11,915 
Unrealized loss on interest rate derivative instruments— — — — — (2,535)— (2,535)(13)(2,548)
Unrealized gain on Rabbi Trust assets— — — — — 54 — 54 — 54 
Amounts reclassified from accumulated other comprehensive income— — — — — (670)— (670)(3)(673)
Distributions on common stock/units ($0.08 per common share/unit)
— — — — — — (16,781)(16,781)(91)(16,872)
Distributions on preferred stock ($0.5156 per preferred share)
— — — — — — (2,454)(2,454)— (2,454)
Share-based compensation— — 1,379,495 14 1,180 — — 1,194 108 1,302 
Shares redeemed to satisfy withholdings on vested share based compensation— — (585,127)(6)(4,882)— — (4,888)— (4,888)

Common stock repurchased and retired— — (1,413,643)(15)(11,101)— — (11,116)— (11,116)
Balance at March 31, 20254,760,000 $48 206,972,935 $2,069 $2,253,718 $(4,511)$(686,428)$1,564,896 $8,756 $1,573,652 
Net income— — — — — 40,835 40,835 204 41,039 
Unrealized loss on interest rate derivative instruments— — — — — (1,287)— (1,287)(6)(1,293)
Unrealized gain on Rabbi Trust assets— — — — — 336 — 336 2 338 
Amounts reclassified from accumulated other comprehensive income— — — — — (11)— (11)— (11)
Distributions on common stock/units ($0.08 per common share/unit)
— — — — — — (16,674)(16,674)(91)(16,765)
Distributions on preferred stock ($0.5156 per preferred share)
— — — — — — (2,454)(2,454)— (2,454)
Share-based compensation— 86,958 1 2,471 — — 2,472 108 2,580 

Common stock repurchased and retired— — (1,684,299)(17)(12,571)— — (12,588)— (12,588)
Balance at June 30, 20254,760,000 $48 205,375,594 $2,053 $2,243,618 $(5,473)$(664,721)$1,575,525 $8,973 $1,584,498 

The accompanying notes are an integral part of these consolidated financial statements.
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 DIAMONDROCK HOSPITALITY COMPANY

CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

Six Months Ended June 30,
20262025
Cash flows from operating activities:  
Net income$105,291 $52,954 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization57,381 56,117 

Gain on sale of hotel property, net(31,591)— 

Non-cash lease expense and other amortization2,575 2,583 

Amortization of debt issuance costs851 1,056 

Amortization of deferred income related to key money(158)(178)
Share-based compensation4,804 3,882 
Changes in assets and liabilities:
Prepaid expenses and other assets(8,341)(3,843)
Due to/from hotel managers(21,927)(14,683)
Accounts payable and accrued expenses(7,372)3,286 
Net cash provided by operating activities101,513 101,174 
Cash flows from investing activities:  
Capital expenditures(40,254)(41,270)

Net proceeds from sale of hotel property29,871 89,023 

Net cash (used in) provided by investing activities(10,383)47,753 
Cash flows from financing activities:  
Mortgage debt principal payments— (3,844)

Repayment of mortgage debt— (71,089)

Payment of financing costs— (450)

Distributions on common stock and units(43,716)(65,276)
Distributions on preferred stock— (4,908)
Repurchases of common stock(1,856)(23,704)

Shares redeemed to satisfy tax withholdings on vested share-based compensation(2,915)(4,888)
Net cash used in financing activities(48,487)(174,159)
Net increase (decrease) in cash, cash equivalents, and restricted cash42,643 (25,232)
Cash, cash equivalents, and restricted cash at beginning of period103,221 128,789 
Cash, cash equivalents, and restricted cash at end of period$145,864 $103,557 

The accompanying notes are an integral part of these consolidated financial statements.
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DIAMONDROCK HOSPITALITY COMPANY

CONSOLIDATED STATEMENTS OF CASH FLOWS - (CONTINUED)
(In thousands)
(Unaudited)

Supplemental Disclosure of Cash Flow Information: 

Six Months Ended June 30,
20262025
Cash paid for interest$27,905 $28,533 
Cash paid for income taxes, net$1,598 $651 

Non-cash investing and financing activities:
Unpaid dividends and distributions declared$19,678 $17,394 
Accrued capital expenditures$1,940 $3,607 
Right-of-use asset upon lease commencement$6,651 $— 
Lease liability upon lease commencement$9,353 $— 

Redemption of Operating Partnership units for common stock$4,114 $— 

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets to the amount shown within the consolidated statements of cash flows:

June 30, 2026December 31, 2025
Cash and cash equivalents$105,980 $68,084 
Restricted cash39,884 35,137 
Total cash, cash equivalents and restricted cash$145,864 $103,221 

The accompanying notes are an integral part of these consolidated financial statements.
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DIAMONDROCK HOSPITALITY COMPANY

Notes to the Consolidated Financial Statements
(Unaudited)

1. Organization

DiamondRock Hospitality Company (the “Company” or “we”) is a lodging-focused real estate company that owns a portfolio of premium hotels and resorts. As of June 30, 2026, we owned 34 hotels with 9,400 guest rooms. Our portfolio is concentrated in major urban markets and destination resort locations. We are an owner, as opposed to an operator, of the hotels in our portfolio. As an owner, we receive all operating profits or losses generated by our hotels after we pay fees to the hotel managers and hotel brands, which are based on the revenues and profitability of the hotels. Each hotel is uniquely positioned to maximize the cash flow and value; accordingly, nearly 40% of our portfolio is operated as an independent hotel and the remainder are operated under a brand owned by one of the leading global lodging brand companies.

We are a real estate investment trust (“REIT”) for U.S. federal income tax purposes. We conduct our business through a traditional umbrella partnership real estate investment trust, or UPREIT, in which our hotel properties are owned by our operating partnership, DiamondRock Hospitality Limited Partnership, or subsidiaries of our operating partnership. The Company is the sole general partner of our operating partnership and owned 99.7% of the limited partnership units (“common OP units”) of our operating partnership as of June 30, 2026. The remaining 0.3% of the common OP units are held by third parties and executive officers of the Company. See Note 8 for additional disclosures related to common OP units.

2.Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited interim consolidated financial statements and related notes have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). We have condensed or omitted certain disclosures normally included in annual financial statements presented in accordance with U.S. GAAP; however, we believe the disclosures made are adequate to prevent the information presented from being misleading. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto in our Annual Report on Form 10-K for the year ended December 31, 2025. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim periods have been included. Interim results are not necessarily indicative of full-year performance, as a result of the impact of seasonal and other short-term variations and the acquisitions and/or dispositions of hotel properties. 

Use of Estimates

The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Recently Issued Accounting Pronouncements 

In November 2024, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") No. 2024-03 ("ASU 2024-03"), Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact of adopting ASU 2024-03.

3. Property and Equipment

Property and equipment consists of the following (in thousands):
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June 30, 2026December 31, 2025
Land$570,419 $570,386 
Land improvements2,400 2,400 
Buildings and site improvements2,867,819 2,877,236 
Furniture, fixtures and equipment232,744 222,001 
Construction in progress8,634 16,096 
 3,682,016 3,688,119 
Less: accumulated depreciation(1,126,529)(1,091,661)
 $2,555,487 $2,596,458 

As of June 30, 2026 and December 31, 2025, we had accrued capital expenditures of $1.9 million and $2.5 million, respectively. 

4. Hotel Dispositions

On May 1, 2026, we sold the Courtyard New York Manhattan/Fifth Avenue for $33.0 million. We received net proceeds of $29.9 million from the transaction, which included customary working capital and other closing adjustments. We recognized a pre-tax gain on sale of $31.6 million.

5. Debt

The following table sets forth information regarding the Company’s debt (dollars in thousands):

Principal Balance as of
LoanInterest RateMaturity DateJune 30, 2026December 31, 2025

Term 1 Loan SOFR + 1.35% (1)
January 2028 (2)
$500,000 $500,000 
Term 3 LoanSOFR + 1.35% (1)
January 2029 (2)
300,000 300,000 
Term 2 LoanSOFR + 1.35% (1)
January 2030300,000 300,000 
Senior unsecured credit facilitySOFR + 1.40%
January 2030 (2)
— — 
Total debt1,100,000 1,100,000 
Unamortized debt issuance costs (3)
(962)(1,150)
Debt, net of unamortized debt issuance costs$1,099,038 $1,098,850 
Weighted-Average Interest Rate (4)
4.90% 

_____________________________
(1)As of June 30, 2026, the interest rate on the portion of variable-rate debt subject to interest rate swaps was 4.83%, and the interest rate on the remaining variable-rate debt was 4.97%.
(2)Maturity date may be extended for two additional six-month periods upon the payment of applicable fees and the satisfaction of certain customary conditions.
(3)Excludes debt issuance costs related to our senior unsecured credit facility, which are included within Prepaid and Other Assets on the accompanying consolidated balance sheets.
(4)Includes the effect of interest rate swaps. See Note 6 for additional disclosures on interest rate swaps.

Senior Unsecured Credit Facility and Unsecured Term Loans 

We are party to a Seventh Amended and Restated Credit Agreement (the “Credit Facility”) that provides for a $400.0 million revolving credit facility (the “Revolving Credit Facility”) and three term loan facilities in the aggregate amount of $1.1 billion. The Revolving Credit Facility matures on January 22, 2030. The term loan facilities consist of a $500.0 million term loan that matures on January 3, 2028 (the “Term 1 Loan”), a $300.0 million term loan that matures January 22, 2030 (the “Term 2 Loan”) and a $300.0 million term loan that matures on January 22, 2029 (the “Term 3 Loan”). The maturity date of the Revolving Credit Facility, Term 1 Loan and Term 3 Loan may be extended for two additional six-month periods upon the payment of applicable fees and satisfaction of certain standard conditions. We have the right to increase the aggregate capacity of the Amended Credit Facility to $1.8 billion upon the satisfaction of certain standard conditions. As of June 30, 2026, we had $400.0 million of borrowing capacity under the Revolving Credit Facility.

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Interest is paid on the periodic advances on the revolving credit facility and amounts outstanding on the term loans at varying rates, based upon the Secured Overnight Financing Rate (“SOFR”), as defined in the Credit Facility, plus an applicable margin. The applicable margin is based upon our leverage ratio, as follows:

Leverage RatioApplicable Margin for Revolving LoansApplicable Margin for Term Loans
Less than 30%1.40%
1.35%

Greater than or equal to 30% but less than 35%1.45%
1.40%

Greater than or equal to 35% but less than 40%1.50%
1.45%

Greater than or equal to 40% but less than 45%1.60%
1.55%

Greater than or equal to 45% but less than 50%1.80%
1.75%

Greater than or equal to 50% but less than 55%1.95%
1.85%

Greater than or equal to 55%2.25%
2.20%

 The Credit Facility contains various financial covenants. A summary of the most significant covenants is as follows:

Actual at
Covenant June 30, 2026
Maximum leverage ratio (1)
60%
23.9%

Minimum fixed charge coverage ratio (2)
1.50x
4.18x

Secured recourse indebtednessLess than 45% of Total Asset Value
None

Maximum unencumbered leverage ratio60%
29.8%

Minimum unencumbered implied debt service coverage ratio1.20x
2.52x

_____________________________
(1)Leverage ratio is net indebtedness, as defined in the Credit Facility, divided by total asset value, defined in the Credit Facility as the value of our owned hotels based on hotel net operating income divided by a defined capitalization rate. 
(2)Fixed charge coverage ratio is Adjusted EBITDA, generally defined in the Credit Facility as EBITDA less FF&E reserves, for the most recent trailing 12 month period, to fixed charges, which is defined in the Credit Facility as interest expense, all regularly scheduled principal payments and payments on capitalized lease obligations, for the same 12 month period. 

The components of the Company's interest expense consist of the following (in thousands):

Three Months Ended June 30,Six Months Ended June 30,
 2026202520262025
Unsecured term loan interest$13,606 $10,868 $27,149 $21,630 
Mortgage debt interest— 2,699 — 5,791 
Credit facility fees253 312 503 620 
Amortization of debt issuance costs426 521 851 1,056 

Finance lease expense (1)
157 468 $629 $929 
$14,442 $14,868 $29,132 $30,026 

_____________________________
(1)Represents the interest expense associated with the ground lease on the Courtyard New York Manhattan/Fifth Avenue, which was sold on May 1, 2026. 

6. Derivatives

We have the following derivatives (dollars in thousands):

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Fair Value of Assets (Liabilities)
Hedged DebtTypeFixed RateIndexEffective DateMaturity DateNotional AmountJune 30,
2026December 31, 2025

Unsecured term loansSwap3.36 %SOFRMarch 1, 2023January 1, 2028$75,000 $645 $(138)
Unsecured term loansSwap3.50 %SOFRMarch 1, 2023January 1, 2027$75,000 122 (82)
Unsecured term loansSwap3.27 %SOFROctober 1, 2024January 1, 2028$37,500 371 (4)
Unsecured term loansSwap3.27 %SOFROctober 1, 2024January 1, 2028$37,500 371 (4)
Unsecured term loansSwap3.07 %SOFRJanuary 2, 2025January 1, 2027$25,000 95 80 
Unsecured term loansSwap3.25 %SOFRJanuary 2, 2025January 1, 2026$75,000 — 1 
Unsecured term loansSwap3.29 %SOFRJanuary 2, 2026January 1, 2029$75,000 1,085 (11)
Unsecured term loansSwap3.07 %SOFRJanuary 4, 2027January 1, 2029$50,000 801 155 
Unsecured term loansSwap3.83 %SOFRJune 25, 2026January 2, 2030$50,000 36 — 
Unsecured term loansSwap3.83 %SOFRJune 25, 2026January 2, 2030$50,000 32 — 
$550,000 $3,558 $(3)

Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. During the year 2026, such derivatives were used to hedge the variable cash flows associated with variable-rate debt. 

The table below details the location in the consolidated financial statements of the gains and losses recognized related to derivative financial instruments (in thousands):

Three Months Ended June 30,Six Months Ended June 30,
Effect of derivative instrumentsLocation in Statements of Operations and Comprehensive Income2026202520262025
Gain (loss) recognized in other comprehensive incomeUnrealized gain (loss) on interest rate derivative instruments$1,855 $(1,294)$3,561 $(3,841)
Interest (income) for derivatives that were designated as cash flow hedgesInterest expense$(230)$(817)$(499)$(1,638)

During the next 12 months, we estimate that $1.9 million will be reclassified from other comprehensive income as a decrease to interest expense.

7. Fair Value Measurements

The fair value of certain financial assets and liabilities and other financial instruments are as follows (in thousands):

June 30, 2026December 31, 2025
Carrying
   Amount (1)
Fair ValueCarrying
    Amount (1)
Fair Value
Debt$1,099,038 $1,100,000 $1,098,850 $1,100,000 

_____________________________
(1)The carrying amount of debt is net of unamortized debt issuance costs.

We have determined that the fair value of debt and interest rate swaps are classified as Level 2 measurements within the fair value hierarchy. We estimate the fair value of the interest rate swaps based on the interest rate yield curve and implied market volatility as inputs and adjusted for the counterparty's credit risk. We concluded the inputs for the credit risk valuation adjustment are Level 3 inputs; however these inputs are not significant to the fair value measurement in its entirety. 

The fair values of our other financial instruments not included in the table above are estimated to be equal to their carrying amount. 

8. Equity

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Common Shares

We are authorized by our charter to issue up to 400 million shares of common stock, $0.01 par value per share. Each outstanding share of common stock entitles the holder to one vote on all matters submitted to a vote of stockholders. Holders of our common stock are entitled to receive dividends out of assets legally available for the payment of dividends when authorized by our board of directors.

In August 2024, our board of directors approved an “at-the-market” equity offering program (the “ATM Program”), pursuant to which we may issue and sell shares of our common stock from time to time, having an aggregate offering price of up to $200.0 million. No shares were sold under the ATM Program during the six months ended June 30, 2026. 

In April 2026, our board of directors authorized the repurchase of up to $300 million of our common stock under a new share repurchase program effective May 1, 2026 (the “Share Repurchase Program”). The Share Repurchase Program replaced our prior $200 million share repurchase program that was authorized in May 2024. The timing and actual number of shares repurchased will depend on a variety of factors, includi