XML 51 R38.htm IDEA: XBRL DOCUMENT v3.25.1
Interest Rate Derivatives (Tables)
 3 Months Ended
Mar. 31, 2025
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 March 31, 2025 and December 31, 2024 in the Condensed Consolidated Statements of Financial Condition:
DerivativeNotional Amount
Fair Value as of March 31, 2025
Fair Value as of December 31, 2024
Fixed Rate PaidFloating Rate Received
Effective Date(3)
Maturity Date
Interest rate swap$300,000 $(5,298)$(2,291)4.37 %
1 month Term SOFR(1)
November 2022February 2028
Interest rate swap$28,500 $(669)$(397)4.47 %
1 month Term SOFR(1)
May 2024February 2028
Interest rate swap$317,000 $(2,833)$(844)4.17 %
1 month Term SOFR(1)
February 2028February 2030
____________
(1)Floating rate received subject to a 0.50% Floor.
(2)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:

Three Months Ended March 31,
20252024
Derivative gain at beginning of period$18,342 $21,806 
Amount recognized in other comprehensive income (loss)(1)
(4,797)5,901 
Amount reclassified from accumulated other comprehensive income (loss) to interest expense(1,913)(2,700)
Derivative gain at end of period11,632 25,007 
Less: gain attributable to noncontrolling interests in GCMH10,056 20,969 
Derivative gain at end of period, net$1,576 $4,038 
____________
(1)Net tax provision (benefit) of $(0.4) million and $0.3 million for the three months ended March 31, 2025 and 2024, respectively.