Year Ended December 31,

2023

2022

2021

(In thousands)

Interest expense before capitalized interest

$

117,811

$

87,246

$

68,485

Amortization of deferred financing costs

9,779

4,532

4,291

Interest expense related to finance lease right-of-use assets

—

2,091

2,261

Net (gain) loss on non-designated derivatives:

Net unrealized (gain) loss

7,822

(7,355)

(342)

Net realized loss

—

304

—

Capitalized interest

(26,752)

(10,888)

(6,734)

Interest expense

$

108,660

$

75,930

$

67,961