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Derivatives (Tables) | 9 Months Ended
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Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Non-Designated Foreign Exchange Forwards | The following table summarizes our non-designated Fx forwards and interest rate cap as of September 30, 2024:
|  | September 30, 2024 |
Type of Derivatives |  | Number of Contracts |  |  | Aggregate Notional Amount (in thousands) |  |  | Notional Currency |  | Maturity |  | Weighted-Average Years to Maturity |
Fx contracts - GBP |  |  | 96 |  |  |  | 734,843 |  |  | GBP |  | October 2024 - August 2027 |  |  | 0.97 |
Fx contracts - EUR |  |  | 61 |  |  |  | 376,876 |  |  | EUR |  | October 2024 - August 2026 |  |  | 1.08 |
Fx contracts - SEK |  |  | 15 |  |  |  | 648,530 |  |  | SEK |  | November 2024 - May 2026 |  |  | 1.54 |
Interest rate cap |  |  | 2 |  |  |  | 238,535 |  |  | USD |  | July 2025 - October 2025 |  |  | 0.92 |
The following table summarizes our non-designated Fx forwards and interest rate cap as of December 31, 2023:
|  | December 31, 2023 |
Type of Derivatives |  | Number of Contracts |  |  | Aggregate Notional Amount (in thousands) |  |  | Notional Currency |  | Maturity |  | Weighted-Average Years to Maturity |
Fx contracts - GBP |  |  | 97 |  |  |  | 938,903 |  |  | GBP |  | January 2024 - February 2027 |  |  | 1.13 |
Fx contracts - EUR |  |  | 135 |  |  |  | 561,441 |  |  | EUR |  | January 2024 - August 2026 |  |  | 1.08 |
Fx contracts - SEK |  |  | 17 |  |  |  | 690,740 |  |  | SEK |  | February 2024 - May 2026 |  |  | 2.16 |
Interest rate cap |  |  | 1 |  |  |  | 164,835 |  |  | USD |  | October 2024 |  |  | 0.75 |
Schedule of Amounts Recognized on Consolidated Statements of Operations Related to Company's Derivatives | The following table summarizes the amounts recognized on our condensed consolidated statements of operations related to our forward currency contracts for the three and nine months ended September 30, 2024 and 2023 ($ in thousands):
|  |  |  | Amount of gain (loss) recognized in income |  |  | Amount of gain (loss) recognized in income |
|  |  |  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | Location of Gain (Loss) Recognized in Income |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Forward currency contracts |  | Unrealized gain (loss) on derivative instruments |  | $ | (57,621 | ) |  | $ | 28,244 |  |  | $ | (38,657 | ) |  | $ | (27,709 | )
Forward currency contracts |  | Realized gain (loss) on derivative instruments |  |  | (1,914 | ) |  |  | 11,246 |  |  |  | 8,897 |  |  |  | 35,948 |
Total |  |  |  | $ | (59,535 | ) |  | $ | 39,490 |  |  | $ | (29,760 | ) |  | $ | 8,239 |
The following table summarizes the amounts recognized on our condensed consolidated statements of operations related to our interest rate caps for the three and nine months ended September 30, 2024 and 2023 ($ in thousands):
|  |  |  | Amount of gain (loss) recognized in income |  |  | Amount of gain (loss) recognized in income |
|  |  |  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | Location of Gain (Loss) recognized in Income |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Interest rate caps |  | Unrealized gain (loss) on interest rate hedging instruments |  | $ | (562 | ) |  | $ | (70 | ) |  | $ | (1,213 | ) |  | $ | (9,211 | )
Interest rate caps |  | Realized gain on interest rate hedging instruments |  |  | 548 |  |  |  | — |  |  |  | 1,649 |  |  |  | 9,089 |
Total |  |  |  | $ | (14 | ) |  | $ | (70 | ) |  | $ | 436 |  |  | $ | (122 | )
Schedule of Gross Asset and Liability Amounts Related to Derivatives | The following tables summarize the gross asset and liability amounts related to our derivatives at September 30, 2024 and December 31, 2023 ($ in thousands):
|  | September 30, 2024 |  |  | December 31, 2023 |
|  | Gross Amount of Recognized Assets |  |  | Gross Amounts Offset in our Condensed Consolidated Balance Sheet |  |  | Net Amounts of Assets Presented in our Condensed Consolidated Balance Sheet |  |  | Gross Amount of Recognized Assets |  |  | Gross Amounts Offset in our Consolidated Balance Sheet |  |  | Net Amounts of Assets Presented in our Consolidated Balance Sheet |
Forward currency contracts |  | $ | 23,334 |  |  | $ | (33,926 | ) |  | $ | (10,592 | ) |  | $ | 55,102 |  |  | $ | (27,037 | ) |  | $ | 28,065 |
Interest rate caps |  |  | 577 |  |  |  | — |  |  |  | 577 |  |  |  | 1,360 |  |  |  | — |  |  |  | 1,360 |
Total derivative assets (liabilities) |  | $ | 23,911 |  |  | $ | (33,926 | ) |  | $ | (10,015 | ) |  | $ | 56,462 |  |  | $ | (27,037 | ) |  | $ | 29,425 |

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