Derivatives (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Outstanding Interest Rate Derivatives Non-Designated Hedges of Interest Rate Risk

The following tables detail the Company’s outstanding interest rate derivatives that were non-designated hedges of interest rate risk (notional amounts in thousands):

	September 30, 2023
Interest Rate Derivatives	Number of Instruments	Notional Amount		Weighted Average Strike Rate	Index	Weighted Average Maturity (Years)
Interest Rate Caps - Property debt	66	$	9,614,528	1.6%	SOFR	2.4
Interest Rate Caps - Property debt	4	€	158,845	1.1%	EURIBOR	1.0
Interest Rate Caps - Property debt	1	DKK	301,500	1.0%	CIBOR	2.9
Interest Rate Swaps - Property debt	2	$	277,603	0.8%	SOFR	1.6
Interest Rate Swaps - Property debt	3	€	213,458	1.9%	EURIBOR	3.8
Interest Rate Swaps - Property debt	2	NOK	520,000	2.5%	NIBOR	4.4
Total interest rate derivatives	78			1.6%		2.4
	December 31, 2022
Interest Rate Derivatives	Number of Instruments	Notional Amount		Weighted Average Strike Rate	Index	Weighted Average Maturity (Years)
Interest Rate Caps - Property debt	67	$	10,273,472	1.5%	LIBOR, SOFR	2.9
Interest Rate Caps - Property debt	3	€	157,296	1.2%	EURIBOR	1.7
Interest Rate Caps - Property debt	1	DKK	301,500	1.0%	CIBOR	3.7
Interest Rate Swaps - Property debt	2	$	269,115	0.8%	LIBOR	2.3
Interest Rate Swaps - Property debt	3	€	213,458	1.9%	EURIBOR	4.6
Interest Rate Swaps - Property debt	1	NOK	576,633	2.4%	NIBOR	5.2
Total interest rate derivatives	77			1.5%		2.9

Summary of Outstanding Foreign Currency Forward Contracts Non-Designated Hedges of Foreign Currency Risk

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

	September 30, 2023			December 31, 2022
Foreign Currency Forward Contracts	Number of Instruments	Notional Amount		Number of Instruments	Notional Amount
Buy USD/Sell EUR Forward	51	€	568,877	48	€	588,786
Buy USD/Sell DKK Forward	12	DKK	1,503,716	12	DKK	1,513,100
Buy USD/Sell AUD Forward	7	AUD	629,950	8	AUD	661,100
Buy USD/Sell NOK Forward	8	NOK	1,150,941	8	NOK	859,279
Buy USD/Sell GBP Forward	9	£	395,456	5	£	368,469

Summary 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 (1) Position				Fair Value of Derivatives in a Liability (2) Position
	September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022
Interest rate derivatives	$	766,384	$	842,895	$	—	$	—
Foreign currency forward contracts		65,467		56,021		18,641		17,860
Total derivatives	$	831,851	$	898,916	$	18,641	$	17,860

(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.

Summary of Effect of Derivate Financial Instruments On Condensed Consolidated Statements of Operations and Comprehensive Loss

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

		For the Three Months Ended September 30,
Type of Derivative	Net Realized/Unrealized Gain (Loss)	2023			2022
Interest Rate Caps - Property debt	Unrealized (loss) gain(1)	$	(13,731	)	$	225,871
Interest Rate Swaps - Property debt	Unrealized (loss) gain(1)		(1,895	)		11,506
Foreign Currency Forward Contracts	Unrealized gain(2)		21,497			100,837
Foreign Currency Forward Contracts	Realized (loss) gain(1)		(1,449	)		36,723
Interest Rate Caps - Property debt	Realized gain(1)		4,748			—
Interest Rate Swaps - Property debt	Realized gain(1)		—			10,984
Total		$	9,170		$	385,921

		For the Nine Months Ended September 30,
Type of Derivative	Net Realized/Unrealized Gain (Loss)	2023			2022
Interest Rate Caps - Property debt	Unrealized (loss) gain(1)	$	(88,463	)	$	559,499
Interest Rate Swaps - Property debt	Unrealized (loss) gain(1)		(2,955	)		26,050
Foreign Currency Forward Contracts	Unrealized gain(2)		10,249			163,480
Foreign Currency Forward Contracts	Realized gain(1)		1,588			46,040
Interest Rate Caps - Property debt	Realized gain(1)		6,528			—
Interest Rate Swaps - Property debt	Realized gain(1)		1,925			10,984
Total		$	(71,128	)	$	806,053

(1)Included in Other (expense) income, net in the Company’s Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income.

(2)A portion of this amount is included in Income from investments in real estate debt and the remaining amount is included in Other (expense) income, net in the Company’s Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income.