v3.25.1
Derivatives (Tables)
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Offsetting Assets As of March 31, 2025, the information related to these offsetting arrangements were as follows (in thousands):
Instrument DescriptionGross Amounts of Recognized Assets / LiabilitiesGross Amounts Offset in the Consolidated Balance SheetNet Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet
Notional Amount (1) (2)
Assets:
Derivatives designated as hedging instruments$91,456 $— $91,456 $1,372,148 
Derivatives not designated as hedging instruments20,612 (10,335)10,277 877,928 
Total derivative assets$112,068 $(10,335)$101,733 $2,250,076 
Liabilities:
Derivatives designated as hedging instruments$— $— $— $— 
Derivatives not designated as hedging instruments(17,846)10,335 (7,511)1,239,391 
Total derivative liabilities$(17,846)$10,335 $(7,511)$1,239,391 
Total$94,222 $— $94,222 $3,489,467 

(1)    Comprised of 61 interest rate swaps which effectively fix the SOFR portion of interest rates on outstanding balances of certain loans under the senior and securitized sections of the debt footnote table (see Note 8, Indebtedness) at 0.31% to 4.11% per annum. These swaps mature from August 13, 2027 to January 31, 2043.

(2)    Comprised of 12 interest rate swaptions which effectively fix the SOFR portion of interest rates on future outstanding balances of certain loans under the senior revolving section of the debt footnote table (see Note 8, Indebtedness) at 3.96% to 4.51% per annum. These swaptions expire from April 2, 2025 to June 4, 2025 with potential underlying swaps maturing from January 31, 2039 to October 31, 2040.
As of December 31, 2024, the information related to these offsetting arrangements were as follows (in thousands):
Instrument DescriptionGross Amounts of Recognized Assets / LiabilitiesGross Amounts Offset in the Consolidated Balance SheetNet Amounts of Assets / Liabilities Included in the Consolidated Balance SheetNotional Amount
Assets:
Derivatives designated as hedging instruments$117,793 $— $117,793 $1,382,188 
Derivatives not designated as hedging instruments53,965 (7,252)46,713 2,118,393 
Total derivative assets$171,758 $(7,252)$164,506 $3,500,581 
Liabilities:
Derivatives designated as hedging instruments— — — — 
Derivatives not designated as hedging instruments(7,385)7,252 (133)653,365 
Total derivative liabilities$(7,385)$7,252 $(133)$653,365 
Total$164,373 $— $164,373 $4,153,946 
Schedule of Offsetting Liabilities As of March 31, 2025, the information related to these offsetting arrangements were as follows (in thousands):
Instrument DescriptionGross Amounts of Recognized Assets / LiabilitiesGross Amounts Offset in the Consolidated Balance SheetNet Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet
Notional Amount (1) (2)
Assets:
Derivatives designated as hedging instruments$91,456 $— $91,456 $1,372,148 
Derivatives not designated as hedging instruments20,612 (10,335)10,277 877,928 
Total derivative assets$112,068 $(10,335)$101,733 $2,250,076 
Liabilities:
Derivatives designated as hedging instruments$— $— $— $— 
Derivatives not designated as hedging instruments(17,846)10,335 (7,511)1,239,391 
Total derivative liabilities$(17,846)$10,335 $(7,511)$1,239,391 
Total$94,222 $— $94,222 $3,489,467 

(1)    Comprised of 61 interest rate swaps which effectively fix the SOFR portion of interest rates on outstanding balances of certain loans under the senior and securitized sections of the debt footnote table (see Note 8, Indebtedness) at 0.31% to 4.11% per annum. These swaps mature from August 13, 2027 to January 31, 2043.

(2)    Comprised of 12 interest rate swaptions which effectively fix the SOFR portion of interest rates on future outstanding balances of certain loans under the senior revolving section of the debt footnote table (see Note 8, Indebtedness) at 3.96% to 4.51% per annum. These swaptions expire from April 2, 2025 to June 4, 2025 with potential underlying swaps maturing from January 31, 2039 to October 31, 2040.
As of December 31, 2024, the information related to these offsetting arrangements were as follows (in thousands):
Instrument DescriptionGross Amounts of Recognized Assets / LiabilitiesGross Amounts Offset in the Consolidated Balance SheetNet Amounts of Assets / Liabilities Included in the Consolidated Balance SheetNotional Amount
Assets:
Derivatives designated as hedging instruments$117,793 $— $117,793 $1,382,188 
Derivatives not designated as hedging instruments53,965 (7,252)46,713 2,118,393 
Total derivative assets$171,758 $(7,252)$164,506 $3,500,581 
Liabilities:
Derivatives designated as hedging instruments— — — — 
Derivatives not designated as hedging instruments(7,385)7,252 (133)653,365 
Total derivative liabilities$(7,385)$7,252 $(133)$653,365 
Total$164,373 $— $164,373 $4,153,946 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The (gains) losses on derivatives designated as cash flow hedges recognized into OCI, before tax effect, consisted of the following (in thousands):
Three months ended March 31,
20252024
Derivatives designated as cash flow hedges:
   Interest rate swaps$20,668 $(42,987)
The (gains) losses on derivatives financial instruments recognized into the consolidated statements of operations, before tax effect, consisted of the following (in thousands):
Three months ended March 31,
20252024
Interest expense, netOther expense, netInterest expense, netOther expense, net
Derivatives designated as cash flow hedges:
   Interest rate swaps:
      (Gains) losses reclassified from Accumulated other comprehensive income (“AOCI”) into income
$(4,973)$— $(10,131)$— 
Derivatives not designated as cash flow hedges:
   Interest rate swaps:
      (Gains) losses recognized into income
— 45,503 — (60,501)
         Total (gains) losses$(4,973)$45,503 $(10,131)$(60,501)