Derivatives (Tables)

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Offsetting Assets

As of March 31, 2025, the information related to these offsetting arrangements were as follows (in thousands):

Instrument Description	Gross Amounts of Recognized Assets / Liabilities		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet		Notional Amount (1) (2)
Assets:
Derivatives designated as hedging instruments	$	91,456	$	—	$	91,456	$	1,372,148
Derivatives not designated as hedging instruments	20,612		(10,335)		10,277		877,928
Total derivative assets	$	112,068	$	(10,335)	$	101,733	$	2,250,076
Liabilities:
Derivatives designated as hedging instruments	$	—	$	—	$	—	$	—
Derivatives not designated as hedging instruments	(17,846)		10,335		(7,511)		1,239,391
Total derivative liabilities	$	(17,846)	$	10,335	$	(7,511)	$	1,239,391
Total	$	94,222	$	—	$	94,222	$	3,489,467

(1)    Comprised of 61 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 4.11% per annum. These swaps mature from August 13, 2027 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 3.96% to 4.51% per annum. These swaptions expire from April 2, 2025 to June 4, 2025 with potential underlying swaps maturing from January 31, 2039 to October 31, 2040.

As of December 31, 2024, the information related to these offsetting arrangements were as follows (in thousands):

Instrument Description	Gross Amounts of Recognized Assets / Liabilities		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet		Notional Amount
Assets:
Derivatives designated as hedging instruments	$	117,793	$	—	$	117,793	$	1,382,188
Derivatives not designated as hedging instruments	53,965		(7,252)		46,713		2,118,393
Total derivative assets	$	171,758	$	(7,252)	$	164,506	$	3,500,581
Liabilities:
Derivatives designated as hedging instruments	—		—		—		—
Derivatives not designated as hedging instruments	(7,385)		7,252		(133)		653,365
Total derivative liabilities	$	(7,385)	$	7,252	$	(133)	$	653,365
Total	$	164,373	$	—	$	164,373	$	4,153,946

Schedule of Offsetting Liabilities

As of March 31, 2025, the information related to these offsetting arrangements were as follows (in thousands):

Instrument Description	Gross Amounts of Recognized Assets / Liabilities		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet		Notional Amount (1) (2)
Assets:
Derivatives designated as hedging instruments	$	91,456	$	—	$	91,456	$	1,372,148
Derivatives not designated as hedging instruments	20,612		(10,335)		10,277		877,928
Total derivative assets	$	112,068	$	(10,335)	$	101,733	$	2,250,076
Liabilities:
Derivatives designated as hedging instruments	$	—	$	—	$	—	$	—
Derivatives not designated as hedging instruments	(17,846)		10,335		(7,511)		1,239,391
Total derivative liabilities	$	(17,846)	$	10,335	$	(7,511)	$	1,239,391
Total	$	94,222	$	—	$	94,222	$	3,489,467

(1)    Comprised of 61 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 4.11% per annum. These swaps mature from August 13, 2027 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 3.96% to 4.51% per annum. These swaptions expire from April 2, 2025 to June 4, 2025 with potential underlying swaps maturing from January 31, 2039 to October 31, 2040.

As of December 31, 2024, the information related to these offsetting arrangements were as follows (in thousands):

Instrument Description	Gross Amounts of Recognized Assets / Liabilities		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet		Notional Amount
Assets:
Derivatives designated as hedging instruments	$	117,793	$	—	$	117,793	$	1,382,188
Derivatives not designated as hedging instruments	53,965		(7,252)		46,713		2,118,393
Total derivative assets	$	171,758	$	(7,252)	$	164,506	$	3,500,581
Liabilities:
Derivatives designated as hedging instruments	—		—		—		—
Derivatives not designated as hedging instruments	(7,385)		7,252		(133)		653,365
Total derivative liabilities	$	(7,385)	$	7,252	$	(133)	$	653,365
Total	$	164,373	$	—	$	164,373	$	4,153,946

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,
	2025		2024
Derivatives designated as cash flow hedges:
Interest rate swaps	$	20,668	$	(42,987)

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,
	2025				2024
	Interest expense, net		Other expense, net		Interest expense, net		Other expense, net
Derivatives designated as cash flow hedges:
Interest rate swaps:
(Gains) losses reclassified from Accumulated other comprehensive income (“AOCI”) into income	$	(4,973)	$	—	$	(10,131)	$	—
Derivatives not designated as cash flow hedges:
Interest rate swaps:
(Gains) losses recognized into income	—		45,503		—		(60,501)
Total (gains) losses	$	(4,973)	$	45,503	$	(10,131)	$	(60,501)