v3.25.0.1
Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of interest rate swaps
As of December 31, 2024, the Company had 21 interest rate swaps outstanding, all of which are used to hedge the variable cash flows associated with unsecured loans. All of the Company’s interest rate swaps convert the related loans’ Term SOFR or Daily SOFR components, as applicable, to effectively fixed interest rates, and the Company has concluded that each of the hedging relationships are highly effective. The following table summarizes the fair value of the interest rate swaps as of December 31, 2024 and December 31, 2023.

Balance Sheet Line Item (in thousands)Effective Notional Amount December 31, 2024Fair Value December 31, 2024Effective Notional Amount December 31, 2023Fair Value December 31, 2023
Interest rate swaps-Asset$1,025,000 $36,466 $1,025,000 $50,418 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The following table summarizes the effect of cash flow hedge accounting and the location of the amounts related to the Company’s derivatives in the consolidated financial statements for the years ended December 31, 2024, 2023 and 2022.

 Year ended December 31,
Effect of Cash Flow Hedge Accounting (in thousands)202420232022
Income recognized in accumulated other comprehensive income on interest rate swaps$21,854 $12,333 $85,726 
Income reclassified from accumulated other comprehensive income into income as interest expense$35,773 $34,107 $1,640 
Total interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded$113,169 $94,575 $78,018 
Schedule of financial instruments accounted for at fair value on a recurring basis
The following table summarizes the Company’s financial instruments that were recorded at fair value on a recurring basis as of December 31, 2024 and 2023. 

  Fair Value Measurements as of December 31, 2024 Using
Balance Sheet Line Item (in thousands)Fair Value December 31, 2024Level 1Level 2Level 3
Interest rate swaps-gross asset$36,466 $— $36,466 $— 

  Fair Value Measurements as of December 31, 2023 Using
Balance Sheet Line Item (in thousands)Fair Value December 31, 2023Level 1Level 2Level 3
Interest rate swaps-gross asset$50,418 $— $50,418 $—