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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Outstanding Foreign Exchange Derivatives
The following table details our outstanding foreign exchange derivatives that were designated as net investment hedges of foreign currency risk (notional amounts in thousands):
December 31, 2024December 31, 2023
Foreign Currency Derivatives
Number of
 Instruments
Notional
 Amount
Foreign Currency Derivatives
Number of
 Instruments
Notional
 Amount
Buy USD / Sell SEK Forward2kr 971,180 Buy USD / Sell SEK Forward2kr 973,246 
Buy USD / Sell GBP Forward5£604,739 Buy USD / Sell GBP Forward7£696,919 
Buy USD / Sell EUR Forward8€603,910 Buy USD / Sell EUR Forward8€673,644 
Buy USD / Sell AUD Forward6A$355,703 Buy USD / Sell AUD Forward10A$471,989 
Buy USD / Sell CHF Forward1CHF6,752 Buy USD / Sell DKK Forward2kr.195,674 
Buy USD / Sell CHF Forward4CHF8,352 
The following table details our outstanding foreign exchange derivatives that were non-designated hedges of foreign currency risk as of December 31, 2023 (notional amounts in thousands):
December 31, 2024December 31, 2023
Non-designated Hedges
Number of
 Instruments
Notional
 Amount
Non-designated Hedges
Number of
 Instruments
Notional
 Amount
Buy GBP / Sell USD Forward3£54,400 Buy SEK / Sell USD Forward1kr 30,800 
Buy USD / Sell GBP Forward3£54,400 Buy USD / Sell SEK Forward1kr 30,800 
Buy GBP / Sell USD Forward2£26,900 
Buy USD / Sell GBP Forward2£26,900 
Buy AUD / Sell USD Forward1A$7,600 
Buy USD / Sell AUD Forward1A$7,600 
Summary of Outstanding Interest Rate Derivatives Designated as Cash Flow Hedges of Interest Rate Risk The following table details our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of December 31, 2023 (notional amount in thousands):
December 31, 2023
Interest Rate DerivativesNumber of InstrumentsNotional AmountFixed RateIndex
Maturity (Years)
Interest Rate Swaps1$229,858 4.60%SOFR0.9
The following table details our outstanding interest rate derivatives that were designated as fair value hedges of interest rate risk (notional amount in thousands):
December 31, 2024
Interest Rate Derivatives
Number of InstrumentsNotional Amount
Fixed Rate
Index
Maturity (Years)
Interest Rate Swaps1$450,000 3.81%SOFR4.9
Schedule of Carrying Amount and Cumulative Basis Adjustments on Hedged Items Designated as Fair Value Hedges
The following table details the carrying amount and cumulative basis adjustments on hedged items designated as fair value
hedges for the year ended December 31, 2024.

December 31, 2024
Line Item in the Consolidated Balance Sheets in which the Hedged Item is Included
Carrying Amount of the Hedged Assets/ Liabilities
Cumulative Amount of Fair Value Hedging Adjustment Included in Carrying Amount
Senior secured notes, net$437,759 $(4,424)
The following table presents the net gains (losses) on derivatives and the related hedged items in fair value hedging relationships for the year ended December 31, 2024 ($ in thousands):
Year Ended December 31, 2024
Total interest and related expenses presented in the consolidated statement of operations
$1,289,972 
Gains (losses) on fair value hedging relationships:
Total gain (loss) on derivative instruments
$(4,386)
Fair value basis adjustment on hedged items
4,424
Derivative settlements and accruals
(232)
Net Gains (Losses) on Fair Value Hedging Relationships(1)
$(194)
(1)Included within interest and related expenses presented in the consolidated statement of operations.
Schedule of Derivative Instruments in Statement of Operations
The following table presents the effect of our derivative financial instruments on our consolidated statements of operations ($ in thousands):
 Increase (Decrease) to Net Interest Income Recognized from Derivatives
Year Ended December 31,
Derivatives in Hedging Relationships
Location of Income
 (Expense) Recognized
202420232022
Designated Hedges
Interest Income(1)
$16,490 $25,439 $19,910 
Designated Hedges
Interest Expense(2)
1,119 893 —
Non-Designated Hedges
Interest Income(1)
(44)65 (62)
Non-Designated Hedges
Interest Expense(3)
4 (71)100
Total $17,569 $26,326 $19,948 
(1)Represents the forward points earned on our foreign currency forward contracts, which reflect the interest rate differentials between the applicable base rate for our foreign currency investments and prevailing US interest rates. These forward contracts effectively convert the foreign currency rate exposure for such investments to USD-equivalent interest rates.
(2)Represents the financial statement impact of proceeds (payments) from periodic settlements related to our interest rate swap.
(3)Represents the spot rate movement in our non-designated foreign currency hedges, which are marked-to-market and recognized in interest expense.
Summary of Fair Value of Derivative Financial Instruments
The following table summarizes the fair value of our derivative financial instruments ($ in thousands):
 
Fair Value of Derivatives in an Asset
 Position(1) as of
Fair Value of Derivatives in a Liability Position(2) as of
December 31, 2024December 31, 2023December 31, 2024December 31, 2023
Derivatives designated as hedging instruments:
Foreign exchange contracts$69,433 $30 $— $92,922 
Interest rate derivatives— 317 4,386 — 
Total derivatives designated as hedging instruments$69,433 $347 $4,386 $92,922 
Derivatives not designated as hedging instruments:
Foreign exchange contracts$3,021 $1,543 $852 $1,895 
Interest rate derivatives— — — — 
Total derivatives not designated as hedging instruments$3,021 $1,543 $852 $1,895 
Total Derivatives$72,454 $1,890 $5,238 $94,817 
(1)Included in other assets in our consolidated balance sheets
(2)Included in other liabilities in our consolidated balance sheets.
Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Comprehensive Income And Operations
The following table presents the effect of our derivative financial instruments on our consolidated statements of comprehensive income and operations ($ in thousands):
Derivatives in Hedging Relationships
Amount of Gain (Loss) Recognized in
OCI on Derivatives
Location of
 Gain (Loss)
 Reclassified
from Accumulated OCI into Income
Amount of
Gain (Loss) Reclassified from
 Accumulated OCI into Income
Year Ended December 31,Year Ended December 31,
202420232022202420232022
Net Investment Hedges 
Foreign exchange contracts(1)
$88,591 $(76,224)$173,362 Interest Expense$— $— $— 
Cash Flow Hedges 
Interest rate derivatives9981,210—
Interest Expense(2)
1,315893(4)
Total$89,589 $(75,014)$173,362  $1,315 $893 $(4)
(1)During the year ended December 31, 2024, we paid net cash settlements of $59.8 million on our foreign currency forward contracts. During the year ended December 31, 2023, we paid net cash settlements of $69.9 million on our foreign currency forward contracts. During the year ended December 31, 2022, we received net cash settlements of $330.3 million on our foreign currency forward contracts.
(2)During the year ended December 31, 2024, we recorded total interest and related expenses of $1.3 billion which was reduced by $1.3 million related to income generated by our cash flow hedges. During the years ended December 31, 2023 and 2022, we recorded total interest and related expenses of $1.4 billion and $710.9 million, respectively, which included $893,000 and $4,000, respectively, related to our cash flow hedges.