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Derivatives and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments in statement of financial position, fair value

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of September 30, 2025 and December 31, 2024:


(In thousands)	Balance Sheet Location	September 30, 2025		December 31, 2024
Derivatives designated as hedging instruments:




Interest rate “pay-fixed” swaps (USD)	Derivative liabilities, at fair value	$	—	$	(1,179)


Interest rate “pay-fixed” swaps (GBP)	Derivative liabilities, at fair value	—		(602)
Interest rate “pay-fixed” swaps (EUR)	Derivative assets, at fair value	—		260
Interest rate “pay-fixed” swaps (EUR)	Derivative liabilities, at fair value	(1,467)		(1,310)
Total		$	(1,467)	$	(2,831)
Derivatives not designated as hedging instruments:
Foreign currency forwards (GBP-USD)	Derivative assets, at fair value	$	—	$	1,156
Foreign currency forwards (GBP-USD)	Derivative liabilities, at fair value	(3,451)		(628)
Foreign currency forwards (EUR-USD)	Derivative assets, at fair value	—		1,055
Foreign currency forwards (EUR-USD)	Derivative liabilities, at fair value	(1,637)		—



Total		$	(5,088)	$	1,583

schedule of interest rate derivatives

As of September 30, 2025 and December 31, 2024, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:


	September 30, 2025			December 31, 2024
Derivatives	Number of Instruments	Notional Amount		Number of Instruments	Notional Amount
		(In thousands)			(In thousands)
Interest rate “pay-fixed” swaps (GBP)	—	$	—	3	$	250,718
Interest rate “pay-fixed” swaps (EUR)	9	362,905		9	321,178
Interest rate “pay-fixed” swaps (USD)	—	—		9	600,000
Total	9	$	362,905	21	$	1,171,896

Schedule of derivative instruments, gain (Loss) in statement of financial performance

The table below details the location in the consolidated financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the three and nine months ended September 30, 2025 and 2024.


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2025		2024		2025		2024
Amount of (loss) gain recognized in AOCI from derivatives	$	(711)	$	(18,571)	$	1,201	$	(4,051)
Amount of loss reclassified from AOCI into income as interest expense	$	(94)	$	3,977	$	(2,741)	$	12,421
Total interest expense recorded in the consolidated statements of operations	$	45,307	$	59,504	$	152,092	$	196,081

Schedule of disclosure of credit derivatives

As of September 30, 2025 and December 31, 2024, the Company had the following outstanding derivatives that were not designated as hedges under qualifying hedging relationships.


	September 30, 2025			December 31, 2024
Derivatives	Number of Instruments	Notional Amount		Number of Instruments	Notional Amount
		(In thousands)			(In thousands)
Foreign currency forwards (GBP-USD)	31	$	88,044	30	$	69,574
Foreign currency forwards (EUR-USD)	22	34,624		19	29,085





Total	53	$	122,668	49	$	98,659

Schedule of offsetting assets

The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of September 30, 2025 and December 31, 2024. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the accompanying consolidated balance sheets.


						Gross Amounts Not Offset on the Balance Sheet
(In thousands)	Gross Amounts of Recognized Assets		Gross Amounts of Recognized (Liabilities)	Gross Amounts Offset on the Balance Sheet	Net Amounts of (Liabilities) Assets presented on the Balance Sheet	Financial Instruments	Cash Collateral Received (Posted)	Net Amount
September 30, 2025	$	—	(6,555)	—	(6,555)	—	—	$	(6,555)
December 31, 2024	$	2,471	(3,719)	—	(1,248)	—	—	$	(1,248)

- Definition

Tabular disclosure of credit derivatives which includes information by sellers of credit derivatives, about each credit derivative, or each group of similar credit derivatives, including (a) the nature of the credit derivative - its term, how it arose, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative; (b) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative; (c) the current fair value of the credit derivative; and (d) the nature of any recourse provisions under the credit derivative, and any assets held either as collateral or by third parties. A credit derivative is a derivative instrument (1) in which one or more of its underlyings are related to the credit risk of a specified entity (or a group of entities) or an index based on the credit risk of a group of entities and (2) that exposes the seller to potential loss from credit-risk-related events specified in the contract. Examples of credit derivatives within the scope of this paragraph include, but are not limited to, credit default swaps, credit spread options, and credit index products; also includes a hybrid instrument that has an embedded credit derivative (for example, but not limited to, a credit-linked note).

+ References + Details