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Derivatives and Hedging Activities (Tables) | 3 Months Ended
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Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of March 31, 2024 and December 31, 2023:
(In thousands) |  | Balance Sheet Location |  | March 31, 2024 |  | December 31, 2023
Derivatives designated as hedging instruments: |  |  |  |
Interest rate “pay-fixed” swaps (USD) |  | Derivative liabilities, at fair value |  | $ | — |  |  | $ | (2,110) |
Interest rate “pay-fixed” swaps (USD) |  | Derivative assets, at fair value |  | 2,282 |  |  | — |
Interest rate “pay-fixed” swaps (GBP) |  | Derivative liabilities, at fair value |  | (1,490) |  |  | — |
Interest rate “pay-fixed” swaps (EUR) |  | Derivative assets, at fair value |  | 6,651 |  |  | 5,987 |
Interest rate “pay-fixed” swaps (EUR) |  | Derivative liabilities, at fair value |  | (334) |  |  | — |
Total |  |  |  | $ | 7,109 |  |  | $ | 3,877 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |
Foreign currency forwards (GBP-USD) |  | Derivative assets, at fair value |  | $ | 724 |  |  | $ | 878 |
Foreign currency forwards (GBP-USD) |  | Derivative liabilities, at fair value |  | (1,565) |  |  | (1,906) |
Foreign currency forwards (EUR-USD) |  | Derivative assets, at fair value |  | 623 |  |  | 588 |
Foreign currency forwards (EUR-USD) |  | Derivative liabilities, at fair value |  | (316) |  |  | (1,129) |
Interest rate swaps (EUR) |  | Derivative assets, at fair value |  | 1,864 |  |  | 3,162 |
Total |  |  |  | $ | 1,330 |  |  | $ | 1,593 |
Schedule of Interest Rate Derivatives | As of March 31, 2024 and December 31, 2023, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:
|  | March 31, 2024 |  | December 31, 2023
Derivatives |  | Number of Instruments |  | Notional Amount |  | Number of Instruments |  | Notional Amount
|  |  |  | (In thousands) |  |  |  | (In thousands)
Interest rate “pay-fixed” swaps (GBP) |  | 3 |  | $ | 200,000 |  |  | — |  | $ | — |
Interest rate “pay-fixed” swaps (EUR) (1) |  | 11 |  | 529,200 |  |  | 11 |  | 308,233 |
Interest rate “pay-fixed” swaps (USD) |  | 5 |  | 300,000 |  |  | 5 |  | 300,000 |
Total |  | 19 |  | $ | 1,029,200 |  |  | 16 |  | $ | 608,233 |
________ (1) The Company entered into four additional interest rate swaps for a notional amount of approximately €250 million in July 2022 to replace existing swaps set to expire, which are not yet effective until August 1, 2024 and therefore, are not included in the notional amount in the table above.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The table below details the location in the consolidated financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the three months ended March 31, 2024 and 2023.
|  | Three Months Ended March 31,
(In thousands) |  | 2024 |  | 2023 |  |  |  |
Amount of gain (loss) recognized in AOCI from derivatives |  | $ | 6,986 |  |  | $ | (950) |  |  |  |  |
Amount of (loss) gain reclassified from AOCI into income as interest expense |  | $ | (3,631) |  |  | $ | 3,301 |  |  |  |  |
Total interest expense recorded in the consolidated statements of operations |  | $ | 82,753 |  |  | $ | 26,965 |  |  |  |  |
Schedule of Disclosure of Credit Derivatives | As of March 31, 2024 and December 31, 2023, the Company had the following outstanding derivatives that were not designated as hedges under qualifying hedging relationships.
|  | March 31, 2024 |  | December 31, 2023
Derivatives |  | Number of Instruments |  | Notional Amount |  | Number of Instruments |  | Notional Amount
|  |  |  | (In thousands) |  |  |  | (In thousands)
Foreign currency forwards (GBP-USD) |  | 35 |  | $ | 64,383 |  |  | 29 |  | $ | 54,745 |
Foreign currency forwards (EUR-USD) |  | 30 |  | 43,179 |  |  | 28 |  | 41,952 |
Interest rate swaps (EUR) |  | 3 |  | 150,640 |  |  | 3 |  | 154,062 |
Total |  | 68 |  | $ | 258,202 |  |  | 60 |  | $ | 250,759 |
Schedule of Offsetting Assets | The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of March 31, 2024 and December 31, 2023. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the accompanying consolidated balance sheets.
|  |  |  |  |  |  |  |  |  | Gross Amounts Not Offset on the Balance Sheet |  |
(In thousands) |  | Gross Amounts of Recognized Assets |  | Gross Amounts of Recognized (Liabilities) |  | Gross Amounts Offset on the Balance Sheet |  | Net Amounts of (Liabilities) Assets presented on the Balance Sheet |  | Financial Instruments |  | Cash Collateral Received (Posted) |  | Net Amount
March 31, 2024 |  | $ | 12,144 |  |  | (3,705) |  |  | — |  |  | 8,439 |  |  | — |  |  | — |  |  | $ | 8,439 |
December 31, 2023 |  | $ | 10,615 |  |  | (5,145) |  |  | — |  |  | 5,470 |  |  | — |  |  | — |  |  | $ | 5,470 |

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- Definition Tabular disclosure of credit derivatives which includes information by sellers of credit derivatives, about each credit derivative, or each group of similar credit derivatives, including (a) the nature of the credit derivative - its term, how it arose, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative; (b) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative; (c) the current fair value of the credit derivative; and (d) the nature of any recourse provisions under the credit derivative, and any assets held either as collateral or by third parties. A credit derivative is a derivative instrument (1) in which one or more of its underlyings are related to the credit risk of a specified entity (or a group of entities) or an index based on the credit risk of a group of entities and (2) that exposes the seller to potential loss from credit-risk-related events specified in the contract. Examples of credit derivatives within the scope of this paragraph include, but are not limited to, credit default swaps, credit spread options, and credit index products; also includes a hybrid instrument that has an embedded credit derivative (for example, but not limited to, a credit-linked note). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4J -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4J Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4K -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4K Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4L -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4L + Details
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