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Derivatives and Hedging Instruments | 9 Months Ended
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Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives and Hedging Instruments | Derivatives and Hedging Instruments The Company may periodically enter into derivative financial instruments to manage risks related to interest rates and foreign currency. Certain of the Company’s derivative financial instruments qualify for hedge accounting treatment. The following table summarizes the fair value of derivative instruments as recorded in the Company’s condensed consolidated statements of financial condition (in thousands):
| September 30, 2025 |  | December 31, 2024
Balance Sheet Location |  | Fair Value |  | Balance Sheet Location |  | Fair Value
Interest rate cap contracts | Other assets |  | $ | 188 |  |  | Other assets |  | $ | 252 |
Interest rate swap agreements | Other liabilities |  | (19,040) |  |  | Other liabilities |  | (18,360) |
Derivatives Designated as Hedging Instruments The Company may periodically enter into interest rate swap agreements and interest rate cap contracts to reduce its exposure to fluctuations in interest rates on variable interest rate debt and their impact on earnings and cash flows. Under the swap agreements, the Company receives floating interest rate payments and makes interest payments based on fixed interest rates. Under the cap contracts, the Company receives floating interest rate payments and makes interest payments based on capped interest rates. The Company designates its interest rate swap and interest rate cap instruments as cash flow hedges at inception. From time to time, the Company uses cross-currency swap agreements to manage foreign currency exchange risk by converting fixed-rate Euro-denominated borrowings and fixed-rate GBP-denominated borrowings including periodic interest payments and the payment of principal at maturity to fixed-rate USD debt. The Company designates its cross-currency swap agreements as fair value hedges at inception. The following tables summarize the terms of the derivative instruments designated as hedging instruments as recorded in the Company’s condensed consolidated statements of financial condition:
| September 30, 2025
| Effective date |  | Maturity Date |  | Hedge Designation |  | Notional Amount |  | Receive Floating Rate Index
Interest rate cap contracts |  |  |  |  |  |  |  |
2024 Cap | September 2024 |  | September 2026 |  | Cash flow hedge |  | $342.9 million |  | SONIA
2025 Cap | September 2026 |  | January 2028 |  | Cash flow hedge |  | $342.9 million |  | SONIA
Interest rate swap agreements |  |  |  |  |  |  |  |
2023 Euro IR Swap | October 2023 |  | January 2028 |  | Cash flow hedge |  | $117.4 million |  | 3-month EURIBOR
2024 Euro IR Swaps | June 2024 |  | January 2028 |  | Cash flow hedge |  | $487.1 million |  | 3-month EURIBOR
2023 SOFR IR Swaps - U.S.Facility | November 2023 |  | October 2026 |  | Cash flow hedge |  | $150.0 million |  | 1-month SOFR CME Term
2025 SOFR IR Swaps - U.S.Facility | January 2025 |  | October 2027 |  | Cash flow hedge |  | $125.0 million |  | 1-month SOFR CME Term
2025 SOFR IR Swaps - Global Senior Facility | April 2025 |  | April 2027 |  | Cash flow hedge |  | $150.0 million |  | 1-month SOFR CME Term
| December 31, 2024
| Effective date |  | Maturity Date |  | Hedge Designation |  | Notional Amount |  | Receive Floating Rate Index
Interest rate cap contracts |  |  |  |  |  |  |  |
2024 Cap | September 2024 |  | September 2026 |  | Cash flow hedge |  | $319.1 million |  | SONIA
Interest rate swap agreements |  |  |  |  |  |  |  |
2023 Euro IR Swap | October 2023 |  | January 2028 |  | Cash flow hedge |  | $103.5 million |  | 3-month EURIBOR
2024 Euro IR Swaps | June 2024 |  | January 2028 |  | Cash flow hedge |  | $429.6 million |  | 3-month EURIBOR
2023 SOFR IR Swaps - U.S.Facility | November 2023 |  | October 2026 |  | Cash flow hedge |  | $150.0 million |  | 1-month SOFR CME Term
The Company expects to reclassify approximately $10.5 million of net derivative loss fro m OCI into earnings relating to its cash flow designated derivatives within the next 12 months. This amount will vary due to fluctuations in benchmark interest rates. The following tables summarize the effects of derivatives designated as hedging instruments in the Company’s condensed consolidated financial statements (in thousands):
Derivatives Designated as Hedging Instruments |  | Gain (Loss) Recognized in OCI |  | Location of Gain (Loss) Reclassified from OCI into Income (Loss) |  | (Loss) Gain Reclassified from OCI into Income
| Three Months Ended September 30, |  |  | Three Months Ended September 30,
| 2025 |  | 2024 |  |  | 2025 |  | 2024
Interest rate swap agreements |  | $ | 2,251 |  |  | $ | (15,272) |  |  | Interest expense |  | $ | (1,368) |  |  | $ | 1,078 |
Interest rate cap contracts |  | (302) |  |  | (2,460) |  |  | Interest expense |  | (416) |  |  | (382) |
Cross-currency swap agreements |  | — |  |  | 29,718 |  |  | Interest expense |  | — |  |  | (997) |
|  |  |  |  |  | Other income |  | — |  |  | 35,602 |
Derivatives Designated as Hedging Instruments |  | (Loss) Gain Recognized in OCI |  | Location of Gain (Loss) Reclassified from OCI into Income (Loss) |  | (Loss) Gain Reclassified from OCI into Income
| Nine Months Ended September 30, |  |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  |  | 2025 |  | 2024
Interest rate swap agreements |  | $ | (3,558) |  |  | $ | 2,001 |  |  | Interest expense |  | $ | (2,878) |  |  | $ | 2,273 |
Interest rate cap contracts |  | (1,621) |  |  | (14,288) |  |  | Interest expense |  | (1,194) |  |  | (1,758) |
Cross-currency swap agreements |  | — |  |  | 12,419 |  |  | Interest expense |  | — |  |  | (4,534) |
|  |  |  |  |  | Other income |  | — |  |  | 22,722 |
Derivatives Not Designated as Hedging Instruments From time to time, the Company enters into currency exchange forward contracts to reduce the effects of currency exchange rate fluctuations. These derivative contracts generally mature within one to six months and are not designated as hedge instruments for accounting purposes. The gains or losses on these unhedged derivative contracts are recognized in other income or expense based on the changes in fair value. The Company did not have any derivatives that were not designated as hedging instruments as of September 30, 2025 and December 31, 2024. The following table summarizes the effects of derivatives not designated as hedging instruments on the Company’s condensed consolidated statements of income during the periods presented (in thousands):
Derivatives Not Designated as Hedging Instruments |  | Location of (Loss) Gain Recognized in Income on Derivative |  | Amount of (Loss) Gain Recognized in Income
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Interest rate cap contract |  | Other (expense) income |  | $ | — |  |  | $ | (7) |  |  | $ | — |  |  | $ | 267 |
Foreign currency exchange contract |  | Other expense |  | — |  |  | (8,098) |  |  | — |  |  | (7,225) |

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