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Interest Rate Derivatives (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Interest Rate Derivatives Recorded as Derivative Liability The Company had the following interest rate derivatives recorded within accrued expenses and other liabilities as of December 31, 2024 and 2023 in the Consolidated Statements of Financial Condition.
DerivativeNotional Amount
Fair Value as of December 31, 2024
Fair Value as of December 31, 2023
Fixed Rate PaidFloating Rate Received
Effective Date(3)
Maturity Date
Interest rate swap$300,000 $(2,291)$(7,469)4.37 %
1 month Term SOFR(1)(2)
November 2022February 2028
Interest rate swap$28,500 $(397)$— 4.47 %
1 month Term SOFR(1)
May 2024February 2028
Interest rate swap$317,000 $(844)$— 4.17 %
1 month Term SOFR(1)
February 2028February 2030
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(1)Floating rate received subject to a 0.50% Floor.
(2)Refer to Note 13 regarding the interest rate on the 2028 Term Loans for the July 1, 2023 Benchmark Transition Event. The floating rate received under the interest rate swap also defaulted to Term SOFR plus a Benchmark Replacement Adjustment concurrent with the Benchmark Transition Event.
(3)Represents the date at which the derivative is in effect and the Company is contractually required to begin payment of interest under the terms of the agreement.
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
A rollforward of the amounts in accumulated other comprehensive income (loss) (“AOCI”) related to interest rate derivatives designated as cash flow hedges is as follows:
Year Ended December 31,
202420232022
Derivative gain (loss) at beginning of period$21,806 $29,130 $(3,622)
Amount recognized in other comprehensive income(1)
7,025 1,536 27,285 
Amount reclassified from accumulated other comprehensive income (loss) to interest expense(10,489)(8,860)5,467 
Derivative gain at end of period18,342 21,806 29,130 
Less: gain attributable to noncontrolling interests in GCMH15,496 18,267 24,204 
Derivative gain at end of period, net$2,846 $3,539 $4,926 
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(1)Net of tax provision (benefit) of $(0.2) million, $(0.4) million, and $2.6 million for the years ended December 31, 2024, 2023, and 2022 respectively.