Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts

The following table summarizes changes to the notional amount of our derivative instruments in for the six months ended June 30, 2025:

in thousands	Notional Amount as of December 31, 2024		Additions		Termination or Expiration		Notional Amount as of June 30, 2025
Interest rate caps	$	153,500	$	—	$	(118,500)	$	35,000
Interest rate swaps	52,500		142,900		—		195,400
Total	$	206,000	$	142,900	$	(118,500)	$	230,400

Schedule of Notional Amount and Other Information Related to Our Interest Rate Caps and Swaps

The following tables summarize the notional amount and other information related to our interest rate caps and interest rate swap as of June 30, 2025 and December 31, 2024:

	June 30, 2025
in thousands	Number of Instruments	Notional Amount(1)		Fixed Amount		Fair Value		Weighted Average Strike Rate/Fixed Rate	Weighted Average Remaining Term In Years
Assets(2)
Interest rate cap	1	$	35,000	$	300	$	4	4.20%	0.10
Interest rate swaps	2	111,400		N/A		647		3.33%	1.27
Total assets	3	$	146,400	$	300	$	651
Liabilities(3)
Interest rate swap	1	$	84,000	N/A		$	374	3.85%	1.68
Total liabilities	1	$	84,000	$	—	$	374

	December 31, 2024
in thousands	Number of Instruments	Notional Amount(1)		Fixed Amount		Fair Value		Weighted Average Strike Rate/Fixed Rate	Weighted Average Remaining Term In Years
Assets(2)
Interest rate caps	3	$	153,500	$	2,108	$	237	3.08%	0.22
Interest rate swap	1	52,500		N/A		1,496		2.73%	2.32
Total	4	$	206,000	$	2,108	$	1,733

(1)The notional amount represents the amount of the mortgage note borrowings that we are hedging. It does not represent our exposure to credit, interest rate or market risks.

(2)Derivative assets are included as a component of other assets on our condensed consolidated balance sheets.

(3)Derivative liabilities are included as a component of accounts payable, accrued expenses and other liabilities on our condensed consolidated balance sheets.

Schedule of Gain (Loss) on Derivative Instruments, Net

The following tables summarize the effect of interest rate caps and interest rate swaps reported in gain (loss) on derivative instruments, net on the condensed consolidated statements of operations for the three months ended June 30, 2025 and 2024:

	Three Months Ended June 30, 2025
in thousands	Realized gain (loss) on derivative instruments, net		Contractual net interest income (expense)		Unrealized gain (loss), net		Gain (loss) on derivative instruments, net
Interest rate cap	$	—	$	121	$	(196)	$	(75)
Interest rate swaps	—		252		(269)		(17)
Total	$	—	$	373	$	(465)	$	(92)

	Three Months Ended June 30, 2024
in thousands	Realized gain (loss) on derivative instruments, net		Contractual net interest income (expense)		Unrealized gain (loss), net		Gain (loss) on derivative instruments, net
Interest rate caps	$	251	$	865	$	(904)	$	212
Interest rate swap	—		348		(13)		335
Total	$	251	$	1,213	$	(917)	$	547

The following tables summarize the effect of interest rate caps and interest rate swaps reported in gain (loss) on derivative instruments, net on the condensed consolidated statements of operations for the six months ended June 30, 2025 and 2024:

	Six Months Ended June 30, 2025
in thousands	Realized gain (loss) on derivative instruments, net		Contractual net interest income (expense)		Unrealized gain (loss), net		Gain (loss) on derivative instruments, net
Interest rate cap	$	—	$	138	$	(468)	$	(330)
Interest rate swaps	—		472		(779)		(307)
Total	$	—	$	610	$	(1,247)	$	(637)

	Six Months Ended June 30, 2024
in thousands	Realized gain (loss) on derivative instruments, net		Contractual net interest income (expense)		Unrealized gain (loss), net		Gain (loss) on derivative instruments, net
Interest rate caps	$	251	$	1,908	$	(1,263)	$	896
Interest rate swap	—		696		678		1,374
Total	$	251	$	2,604	$	(585)	$	2,270