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Derivatives (Tables)
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Offsetting Assets As of March 31, 2024, the information related to these offsetting arrangements were as follows (in thousands):
Instrument DescriptionGross Amounts of Recognized Assets / LiabilitiesGross Amounts Offset in the Consolidated Balance SheetNet Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet
Notional Amount (1) (2)
Assets:
Derivatives designated as hedging instruments$123,808 $(4)$123,804 $1,729,598 
Derivatives not designated as hedging instruments46,080 (6,851)39,229 1,784,895 
Total derivative assets$169,888 $(6,855)$163,033 $3,514,493 
Liabilities:
Derivatives designated as hedging instruments$(3)$4 $1 $— 
Derivatives not designated as hedging instruments(22,400)6,851 (15,549)546,860 
Total derivative liabilities$(22,403)$6,855 $(15,548)$546,860 
Total$147,485 $— $147,485 $4,061,353 

(1)    Comprised of 73 interest rate swaps which effectively fix the SOFR portion of interest rates on outstanding balances of certain loans under the senior and securitized sections of the debt footnote table (see Note 8, Indebtedness) at 0.31% to 4.53% per annum. These swaps mature from April 30, 2024 to January 31, 2043.

(2)    Comprised of 12 interest rate swaptions which effectively fix the SOFR portion of interest rates on future outstanding balances of certain loans under the senior revolving section of the debt footnote table (see Note 8, Indebtedness) at 3.81% to 4.13% per annum. These swaptions expire from April 8, 2024 to June 7, 2024 with potential underlying swaps maturing from July 31, 2042 to October 31, 2042.
As of December 31, 2023, the information related to these offsetting arrangements were as follows (in thousands):
Instrument DescriptionGross Amounts of Recognized Assets / LiabilitiesGross Amounts Offset in the Consolidated Balance SheetNet Amounts of Assets / Liabilities Included in the Consolidated Balance SheetNotional Amount
Assets:
Derivatives designated as hedging instruments$97,321 $(5)$97,316 $1,416,686 
Derivatives not designated as hedging instruments35,413 (5,246)30,167 1,695,495 
Total derivative assets$132,734 $(5,251)$127,483 $3,112,181 
Liabilities:
Derivatives designated as hedging instruments(5,963)5 (5,958)324,042 
Derivatives not designated as hedging instruments(54,438)5,246 (49,192)809,785 
Total derivative liabilities$(60,401)$5,251 $(55,150)$1,133,827 
Total$72,333 $— $72,333 $4,246,008 
Schedule of Offsetting Liabilities As of March 31, 2024, the information related to these offsetting arrangements were as follows (in thousands):
Instrument DescriptionGross Amounts of Recognized Assets / LiabilitiesGross Amounts Offset in the Consolidated Balance SheetNet Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet
Notional Amount (1) (2)
Assets:
Derivatives designated as hedging instruments$123,808 $(4)$123,804 $1,729,598 
Derivatives not designated as hedging instruments46,080 (6,851)39,229 1,784,895 
Total derivative assets$169,888 $(6,855)$163,033 $3,514,493 
Liabilities:
Derivatives designated as hedging instruments$(3)$4 $1 $— 
Derivatives not designated as hedging instruments(22,400)6,851 (15,549)546,860 
Total derivative liabilities$(22,403)$6,855 $(15,548)$546,860 
Total$147,485 $— $147,485 $4,061,353 

(1)    Comprised of 73 interest rate swaps which effectively fix the SOFR portion of interest rates on outstanding balances of certain loans under the senior and securitized sections of the debt footnote table (see Note 8, Indebtedness) at 0.31% to 4.53% per annum. These swaps mature from April 30, 2024 to January 31, 2043.

(2)    Comprised of 12 interest rate swaptions which effectively fix the SOFR portion of interest rates on future outstanding balances of certain loans under the senior revolving section of the debt footnote table (see Note 8, Indebtedness) at 3.81% to 4.13% per annum. These swaptions expire from April 8, 2024 to June 7, 2024 with potential underlying swaps maturing from July 31, 2042 to October 31, 2042.
As of December 31, 2023, the information related to these offsetting arrangements were as follows (in thousands):
Instrument DescriptionGross Amounts of Recognized Assets / LiabilitiesGross Amounts Offset in the Consolidated Balance SheetNet Amounts of Assets / Liabilities Included in the Consolidated Balance SheetNotional Amount
Assets:
Derivatives designated as hedging instruments$97,321 $(5)$97,316 $1,416,686 
Derivatives not designated as hedging instruments35,413 (5,246)30,167 1,695,495 
Total derivative assets$132,734 $(5,251)$127,483 $3,112,181 
Liabilities:
Derivatives designated as hedging instruments(5,963)5 (5,958)324,042 
Derivatives not designated as hedging instruments(54,438)5,246 (49,192)809,785 
Total derivative liabilities$(60,401)$5,251 $(55,150)$1,133,827 
Total$72,333 $— $72,333 $4,246,008 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The (gains) losses on derivatives designated as cash flow hedges recognized into OCI, before tax effect, consisted of the following (in thousands):
Three months ended March 31,
20242023
Derivatives designated as cash flow hedges:
   Interest rate swaps$(42,987)$38,027 
The (gains) losses on derivatives financial instruments recognized into the consolidated statements of operations, before tax effect, consisted of the following (in thousands):
Three months ended March 31,
20242023
Interest expense, netOther expense, netInterest expense, netOther expense, net
Derivatives designated as cash flow hedges:
   Interest rate swaps:
      (Gains) losses reclassified from Accumulated other comprehensive income (“AOCI”) into income
$(10,131)$— $(7,039)$— 
Derivatives not designated as cash flow hedges:
   Interest rate swaps:
      (Gains) losses recognized into income
— (60,501)— 25,050 
         Total (gains) losses$(10,131)$(60,501)$(7,039)$25,050