Derivatives (Tables)

6 Months Ended

Jun. 30, 2025

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):

	June 30, 2025
Interest Rate Derivatives	Number of Instruments	Notional Amount		Weighted Average Strike Rate	Index	Weighted Average Maturity (Years)
Interest Rate Caps - Property debt	68	$	8,899,532	2.3%	SOFR	1.0
Interest Rate Caps - Property debt	2	€	91,389	1.0%	EURIBOR	0.6
Interest Rate Swaps - Property debt	3	€	207,721	1.9%	EURIBOR	2.1
Interest Rate Swaps - Property debt	2	NOK	520,000	2.5%	NIBOR	2.6
Total interest rate derivatives	75			2.3%		1.0
	December 31, 2024
Interest Rate Derivatives	Number of Instruments	Notional Amount		Weighted Average Strike Rate	Index	Weighted Average Maturity (Years)
Interest Rate Caps - Property debt	69	$	9,401,374	2.1%	SOFR	1.3
Interest Rate Caps - Property debt	3	€	109,905	1.0%	EURIBOR	0.4
Interest Rate Swaps - Property debt	1	$	120,061	0.8%	SOFR	0.2
Interest Rate Swaps - Property debt	3	€	207,721	1.9%	EURIBOR	2.6
Interest Rate Swaps - Property debt	2	NOK	520,000	2.5%	NIBOR	3.1
Total interest rate derivatives	78			2.1%		1.4

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):

	June 30, 2025			December 31, 2024
Foreign Currency Forward Contracts	Number of Instruments	Notional Amount		Number of Instruments	Notional Amount
Buy USD/Sell EUR Forward	35	€	526,836	40	€	528,759
Buy USD/Sell DKK Forward	6	DKK	1,156,784	8	DKK	1,210,016
Buy USD/Sell AUD Forward	13	AUD	1,102,807	5	AUD	621,759
Buy USD/Sell NOK Forward	11	NOK	409,200	12	NOK	412,700

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
	June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024
Interest rate derivatives	$	189,818	$	325,991	$	444	$	—
Foreign currency forward contracts		3,690		42,880		65,633		9,505
Total derivatives	$	193,508	$	368,871	$	66,077	$	9,505

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

(2)Included in Other liabilities on 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 in the Condensed Consolidated Statements of Operations and Comprehensive Loss ($ in thousands):

		For the Three Months Ended June 30,
Type of Derivative	Net Realized/Unrealized Gain (Loss)	2025			2024
Interest Rate Caps - Property debt	Unrealized loss(1)	$	(46,415	)	$	(51,230	)
Interest Rate Swaps - Property debt	Unrealized loss(1)		(1,729	)		(473	)
Foreign Currency Forward Contracts	Unrealized (loss) gain(2)		(74,681	)		1,907
Foreign Currency Forward Contracts	Realized gain(1)		—			9,373
Interest Rate Caps - Property debt	Realized gain(1)		—			—
Interest Rate Swaps - Property debt	Realized gain(1)		—			179
Total		$	(122,825	)	$	(40,244	)

		For the Six Months Ended June 30,
Type of Derivative	Net Realized/Unrealized Gain (Loss)	2025			2024
Interest Rate Caps - Property debt	Unrealized loss(1)	$	(114,464	)	$	(39,901	)
Interest Rate Swaps - Property debt	Unrealized loss(1)		(2,553	)		(522	)
Foreign Currency Forward Contracts	Unrealized (loss) gain(2)		(95,760	)		20,696
Foreign Currency Forward Contracts	Realized gain(1)		837			11,588
Interest Rate Caps - Property debt	Realized gain(1)		608			—
Interest Rate Swaps - Property debt	Realized gain(1)		—			179
Total		$	(211,332	)	$	(7,960	)

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

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