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v3.25.2

Derivatives (Tables) | 6 Months Ended
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Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Offsetting Assets | As of June 30, 2025, the information related to these offsetting arrangements were as follows (in thousands):
Instrument Description |  | Gross Amounts of Recognized Assets / Liabilities |  | Gross Amounts Offset in the Consolidated Balance Sheet |  | Net Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet |  | Notional Amount (1) (2)
Assets: |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments |  | $ | 82,485 |  |  | $ | — |  |  | $ | 82,485 |  |  | $ | 1,364,731 |
Derivatives not designated as hedging instruments |  | 18,839 |  |  | (11,508) |  |  | 7,331 |  |  | 1,140,165 |
Total derivative assets |  | $ | 101,324 |  |  | $ | (11,508) |  |  | $ | 89,816 |  |  | $ | 2,504,896 |
Liabilities: |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Derivatives not designated as hedging instruments |  | (29,743) |  |  | 11,508 |  |  | (18,235) |  |  | 1,829,179 |
Total derivative liabilities |  | $ | (29,743) |  |  | $ | 11,508 |  |  | $ | (18,235) |  |  | $ | 1,829,179 |
Total |  | $ | 71,581 |  |  | $ | — |  |  | $ | 71,581 |  |  | $ | 4,334,075 |
(1) Comprised of 71 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 4.15% per annum. These swaps mature from August 13, 2027 to January 31, 2044. (2) Comprised of 13 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 3.82% to 4.21% per annum. These swaptions expire from July 2, 2025 to September 3, 2025 with potential underlying swaps maturing from January 31, 2039 to January 31, 2043. As of December 31, 2024, the information related to these offsetting arrangements were as follows (in thousands):
Instrument Description |  | Gross Amounts of Recognized Assets / Liabilities |  | Gross Amounts Offset in the Consolidated Balance Sheet |  | Net Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet |  | Notional Amount
Assets: |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments |  | $ | 117,793 |  |  | $ | — |  |  | $ | 117,793 |  |  | $ | 1,382,188 |
Derivatives not designated as hedging instruments |  | 53,965 |  |  | (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 June 30, 2025, the information related to these offsetting arrangements were as follows (in thousands):
Instrument Description |  | Gross Amounts of Recognized Assets / Liabilities |  | Gross Amounts Offset in the Consolidated Balance Sheet |  | Net Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet |  | Notional Amount (1) (2)
Assets: |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments |  | $ | 82,485 |  |  | $ | — |  |  | $ | 82,485 |  |  | $ | 1,364,731 |
Derivatives not designated as hedging instruments |  | 18,839 |  |  | (11,508) |  |  | 7,331 |  |  | 1,140,165 |
Total derivative assets |  | $ | 101,324 |  |  | $ | (11,508) |  |  | $ | 89,816 |  |  | $ | 2,504,896 |
Liabilities: |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Derivatives not designated as hedging instruments |  | (29,743) |  |  | 11,508 |  |  | (18,235) |  |  | 1,829,179 |
Total derivative liabilities |  | $ | (29,743) |  |  | $ | 11,508 |  |  | $ | (18,235) |  |  | $ | 1,829,179 |
Total |  | $ | 71,581 |  |  | $ | — |  |  | $ | 71,581 |  |  | $ | 4,334,075 |
(1) Comprised of 71 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 4.15% per annum. These swaps mature from August 13, 2027 to January 31, 2044. (2) Comprised of 13 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 3.82% to 4.21% per annum. These swaptions expire from July 2, 2025 to September 3, 2025 with potential underlying swaps maturing from January 31, 2039 to January 31, 2043. As of December 31, 2024, the information related to these offsetting arrangements were as follows (in thousands):
Instrument Description |  | Gross Amounts of Recognized Assets / Liabilities |  | Gross Amounts Offset in the Consolidated Balance Sheet |  | Net Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet |  | Notional Amount
Assets: |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments |  | $ | 117,793 |  |  | $ | — |  |  | $ | 117,793 |  |  | $ | 1,382,188 |
Derivatives not designated as hedging instruments |  | 53,965 |  |  | (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 losses (gains) on derivatives designated as cash flow hedges recognized into OCI, before tax effect, consisted of the following (in thousands):
|  | Three months ended June 30,
|  | 2025 |  | 2024
Derivatives designated as cash flow hedges: |  |  |  |
Interest rate swaps |  | $ | 3,464 |  |  | $ | (16,470) |
|  | Six months ended June 30,
|  | 2025 |  | 2024
Derivatives designated as cash flow hedges: |  |  |  |
Interest rate swaps |  | $ | 24,132 |  |  | $ | (59,457) |
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 June 30,
|  | 2025 |  | 2024
|  | Interest expense, net |  | Other expense, net |  | Interest expense, net |  | Other income, net
Derivatives designated as cash flow hedges: |  |  |  |  |  |  |  |
Interest rate swaps: |  |  |  |  |  |  |  |
Gains reclassified from Accumulated other comprehensive income (“AOCI”) into income |  | $ | (4,817) |  |  | $ | — |  |  | $ | (9,418) |  |  | $ | — |
Derivatives not designated as cash flow hedges: |  |  |  |  |  |  |  |
Interest rate swaps: |  |  |  |  |  |  |  |
Losses (gains) recognized into income |  | — |  |  | 14,528 |  |  | — |  |  | (16,305) |
Total (gains) losses |  | $ | (4,817) |  |  | $ | 14,528 |  |  | $ | (9,418) |  |  | $ | (16,305) |
|  | Six months ended June 30,
|  | 2025 |  | 2024
|  | Interest expense, net |  | Other expense, net |  | Interest expense, net |  | Other income, net
Derivatives designated as cash flow hedges: |  |  |  |  |  |  |  |
Interest rate swaps: |  |  |  |  |  |  |  |
Gains reclassified from Accumulated other comprehensive income (“AOCI”) into income |  | $ | (9,791) |  |  | $ | — |  |  | $ | (19,549) |  |  | $ | — |
Derivatives not designated as cash flow hedges: |  |  |  |  |  |  |  |
Interest rate swaps: |  |  |  |  |  |  |  |
Losses (gains) recognized into income |  | — |  |  | 60,031 |  |  | — |  |  | (76,806) |
Total (gains) losses |  | $ | (9,791) |  |  | $ | 60,031 |  |  | $ | (19,549) |  |  | $ | (76,806) |

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