Derivatives (Tables)

9 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The following tables detail the Company’s outstanding interest rate derivatives (notional amount in thousands):


	September 30, 2025
Interest Rate Derivatives	Number of Instruments	Notional Amount(1)		Weighted Average Strike	Index	Weighted Average Maturity (Years)
Derivatives designated as hedging instruments
Interest rate swaps – property debt	23	$	6,662,139	2.6%	SOFR	3.1
Derivatives not designated as hedging instruments
Interest rate caps – property debt	143	22,338,263		5.9%	SOFR	0.6
Interest rate swaps – property debt	55	26,126,104		1.4%	SOFR, EURIBOR	2.2
Interest rate swaps – secured financings of investments in real estate debt	9	353,565		4.1%	SOFR	4.4
Total		$	48,817,932
	December 31, 2024
Interest Rate Derivatives	Number of Instruments	Notional Amount(1)		Weighted Average Strike	Index	Weighted Average Maturity (Years)
Derivatives designated as hedging instruments
Interest rate swaps – property debt	20	$	6,316,906	2.6%	SOFR	3.6
Derivatives not designated as hedging instruments
Interest rate caps – property debt	153	17,189,532		6.6%	SOFR	0.9
Interest rate swaps – property debt	53	26,004,711		1.4%	SOFR, EURIBOR	3.0
Interest rate swaps – secured financings of investments in real estate debt	10	433,915		4.1%	SOFR	5.4
Total		$	43,628,158

(1)Includes interest rate caps presented on a net basis with an aggregate notional amount of $10.9 billion and $15.7 billion as of September 30, 2025 and December 31, 2024, respectively.

The following table details the Company’s outstanding foreign currency forward contracts that were non-designated hedges of foreign currency risk (notional amount in thousands):


	September 30, 2025			December 31, 2024
Foreign Currency Forward Contracts	Number of Instruments	Notional Amount		Number of Instruments	Notional Amount
Buy USD / Sell EUR Forward	6	€	43,144	8	€	147,630
Buy USD / Sell GBP Forward	3	£	6,828	6	£	36,711

Schedule of Fair Value of Derivative Financial Instruments

The following table details the fair value of the Company’s derivative financial instruments ($ in thousands):


	Fair Value of Derivatives in an Asset Position(1)				Fair Value of Derivatives in a Liability Position(2)
	September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024
Derivatives designated as hedging instruments
Interest rate swaps – property debt	$	128,338	$	295,596	$	1,201	$	—
Total derivatives designated as hedging instruments	128,338		295,596		1,201		—
Derivatives not designated as hedging instruments
Interest rate swaps – property debt	945,574		1,686,623		4,164		1,406
Interest rate caps – property debt(3)	3,986		15,873		1,492		5,426
Interest rate swaps – secured financings of investments in real estate debt	214		488		10,404		4,411
Foreign currency forward contracts	1,112		3,593		1,384		—
Total derivatives not designated as hedging instruments	950,886		1,706,577		17,444		11,243
Total interest rate and foreign currency hedging derivatives	$	1,079,224	$	2,002,173	$	18,645	$	11,243

(1)Included in Other Assets in the Company’s Condensed Consolidated Balance Sheets.

(2)Included in Other Liabilities in the Company’s Condensed Consolidated Balance Sheets.

(3)Includes interest rate caps presented on a net basis with an aggregate fair value of $39.4 million and $117.2 million as of September 30, 2025 and December 31, 2024, respectively.

Schedule of Effect of Derivative Financial Instruments on Condensed Consolidated Statements of Operations

The following tables detail the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income (Loss) ($ in thousands):


Type of Derivative	Realized/Unrealized Gain (Loss)	Location of Gain (Loss) Recognized	Three Months Ended September 30,
			2025		2024
Included in Net Income (Loss)
Interest rate swap – property debt	Unrealized loss	(1)	$	(156,246)	$	(787,930)

Interest rate caps – property debt	Unrealized loss	(1)	(5,142)		(8,867)
Interest rate caps – property debt	Realized gain	(1)	1,242		—
Interest rate swap – secured financings of investments in real estate debt	Unrealized gain (loss)	(1)	877		(18,415)
Foreign currency forward contract	Realized loss	(2)	(1,513)		(3,231)
Foreign currency forward contract	Unrealized gain (loss)	(2)	2,637		(2,479)
Total			$	(158,145)	$	(820,922)
Included in Other Comprehensive Income
Interest rate swap – property debt(3)	Unrealized loss		(21,378)		(210,629)
Total			$	(179,523)	$	(1,031,551)

Type of Derivative	Realized/Unrealized Gain (Loss)	Location of Gain (Loss) Recognized	Nine Months Ended September 30,
			2025		2024
Included in Net Loss
Interest rate swap – property debt	Unrealized loss	(1)	$	(734,952)	$	(519,510)

Interest rate caps – property debt	Unrealized loss	(1)	(17,938)		(25,840)
Interest rate caps – property debt	Realized gain	(1)	1,224		542
Interest rate swaps – secured financings of investments in real estate debt	Unrealized loss	(1)	(6,362)		(7,842)
Foreign currency forward contract	Realized loss	(2)	(6,293)		(2,431)
Foreign currency forward contract	Unrealized (loss) gain	(2)	(3,865)		1,683
Total			$	(768,186)	$	(553,398)
Included in Other Comprehensive Income
Interest rate swap – property debt(3)	Unrealized loss		(176,221)		(105,330)
Total			$	(944,407)	$	(658,728)

(1)Included in Loss from Interest Rate Derivatives in the Company’s Condensed Consolidated Statements of Operations.

(2)Included in Income from Investments in Real Estate Debt in the Company’s Condensed Consolidated Statements of Operations.

(3)During the three and nine months ended September 30, 2025, net gain of $30.7 million and $91.3 million, respectively, was reclassified from accumulated other comprehensive income into net income.