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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2023
Fair Value Disclosures [Abstract] |
Schedule of Interest Rate Caps | The following table summarizes the Company's London Interbank Offer Rate ("LIBOR") and Secured Overnight Financing Rate ("SOFR") interest rate cap instruments as of March 31, 2023.
($ in thousands) |
Current notional balance | $ | 1,231,920 |
Weighted average fixed cap rate | 4.34 | %
Weighted average remaining term | 1.1 years
Estimated asset fair value (included in other assets, net) at March 31, 2023 | $ | 9,125 |
Estimated asset fair value (included in other assets, net) at December 31, 2022 | $ | 10,599 |
The following table summarizes the Company's SOFR interest rate swap instrument as of March 31, 2023.
($ in thousands) |
Current notional balance | $ | 220,000 |
Fixed interest rate | 3.00 | %
Remaining term | 1.1 years
Estimated asset fair value (included in other assets, net) at March 31, 2023 | $ | 3,692 |
Estimated asset fair value (included in other assets, net) at December 31, 2022 | $ | 4,834 |

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