Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Notional Amount of Derivatives and Other Financial Instruments

The following presents the notional amount of derivatives and other financial instruments as of the dates indicated (in thousands):

	March 31, 2025		December 31, 2024
Derivatives designated as net investment hedges:
Denominated in Canadian Dollars	$	5,702,699	$	2,904,028
Denominated in Pound Sterling	£	1,980,708	£	1,430,708
Financial instruments designated as net investment hedges:
Denominated in Canadian Dollars	$	250,000	$	250,000
Denominated in Pound Sterling	£	1,050,000	£	1,050,000
Interest rate swaps and caps designated as cash flow hedges:
Denominated in U.S. Dollars	$	—	$	22,601
Denominated in Canadian Dollars (1)	$	32,000	$	—
Interest rate swaps designated as fair value hedges:
Denominated in U.S. Dollars	$	550,000	$	550,000
Derivative instruments not designated:
Foreign currency exchange contracts denominated in Canadian Dollars	$	80,000	$	80,000

(1) At March 31, 2025, the maximum maturity date was March 19, 2027.

Summary of Impact of Derivative Instruments on the Consolidated Statements of Comprehensive Income

The following presents the impact of derivative instruments on the Consolidated Statements of Comprehensive Income for the periods presented (in thousands):

		Three Months Ended March 31,
Description	Location	2025		2024
Gain (loss) on derivative instruments designated as hedges recognized in income	Interest expense	$	10,891	$	4,818
Gain (loss) on derivative instruments not designated as hedges recognized in income	Interest expense	$	(525)	$	1,301
Gain (loss) on equity warrants recognized in income	Gain (loss) on derivatives and financial instruments, net	$	3,210	$	3,054
Gain (loss) on derivative and financial instruments designated as hedges recognized in OCI	OCI	$	(118,291)	$	60,615