DERIVATIVE INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amount and Other Information Related to the Interest Rate Swaps and Interest Rate Cap

The following table summarizes the notional amount and other information related to the Company’s interest rate swaps as of December 31, 2024 and 2023. The notional amount is an indication of the extent of the Company’s involvement in each instrument at that time, but does not represent exposure to credit, interest rate or market risks (dollars in thousands):

	December 31, 2024			December 31, 2023				Weighted-Average Fix Pay Rate	Weighted-Average Remaining Term in Years
Derivative Instruments	Number of Instruments	Notional Amount		Number of Instruments	Notional Amount		Reference Rate as of December 31, 2024
Derivative instruments not designated as hedging instruments
Interest rate swaps (1)	14	$	1,100,000	16	$	1,300,000	Fallback SOFR (2)/ Fixed at 1.08% - 1.28% One-month Term SOFR/ Fixed at 2.38% - 3.92%	3.1%	1.4
Interest rate cap (3)	—	$	—	1	$	125,000	(3)	(3)	(3)

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(1) In February 2024, the Company terminated two interest rate swap agreements and received aggregate settlement payments of $6.6 million.

(2) Upon cessation of one-month LIBOR on June 30, 2023, eight of the Company’s interest rate swaps which bore interest at one-month LIBOR were automatically converted to a fallback rate (“Fallback SOFR”) plus an 11.448 basis point adjustment. As of December 31, 2024, the Company had two remaining interest rate swaps which had been converted to Fallback SOFR, each with a maturity date of January 1, 2025.

(3) The interest rate cap expired in January 2024.

Schedule of Derivative Instruments as well as their Classification on the Consolidated Balance Sheets

The following table sets forth the fair value of the Company’s derivative instruments as well as their classification on the consolidated balance sheets as of December 31, 2024 and 2023 (dollars in thousands):

		December 31, 2024			December 31, 2023
Derivative Instruments	Balance Sheet Location	Number of Instruments	Fair Value		Number of Instruments	Fair Value
Derivative instruments not designated as hedging instruments
Interest rate swaps	Prepaid expenses and other assets, at fair value	14	$	10,509	15	$	23,891
Interest rate swaps	Other liabilities, at fair value	—	$	—	1	$	(175)
Interest rate cap	Prepaid expenses and other assets, at fair value	—	$	—	1	$	—

Schedule of Derivative Instruments in Statement of Operations

The following table summarizes the effects of derivative instruments on the Company’s consolidated statements of operations (in thousands):

	For the Years Ended December 31,
	2024		2023		2022
Derivatives not designated as hedging instruments
Realized loss recognized on interest rate swaps	$	—	$	—	$	7,152
Realized gain recognized on interest rate swaps	(24,289)		(31,358)		(6,895)
Unrealized loss (gain) on interest rate swaps (1)	6,833		16,426		(52,189)
Gains related to swap terminations	(178)		—		—
Unrealized loss on interest rate cap	—		25		—
Net gain on derivative instruments	$	(17,634)	$	(14,907)	$	(51,932)

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(1) For the year ended December 31, 2023, unrealized loss (gain) on interest rate swaps included an $8.7 million unrealized loss related to the change in fair value of two off-market interest rate swaps (which expired on November 2, 2023) determined to be hybrid financial instruments for which the Company elected to apply the fair value option. For the year ended December 31, 2022, unrealized loss (gain) on interest rate swaps included a $10.7 million unrealized gain related to the change in fair value of two off-market interest rate swaps determined to be hybrid financial instruments for which the Company elected to apply the fair value option.