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Derivatives and Hedging Instruments
 9 Months Ended
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, 2025December 31, 2024
Balance Sheet LocationFair ValueBalance Sheet LocationFair Value
Interest rate cap contractsOther assets$188 Other assets$252 
Interest rate swap agreementsOther 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 dateMaturity DateHedge DesignationNotional AmountReceive Floating Rate Index
Interest rate cap contracts
2024 CapSeptember 2024September 2026Cash flow hedge$342.9 millionSONIA
2025 Cap
September 2026January 2028Cash flow hedge$342.9 million
SONIA
Interest rate swap agreements
2023 Euro IR SwapOctober 2023January 2028Cash flow hedge$117.4 million3-month EURIBOR
2024 Euro IR SwapsJune 2024January 2028Cash flow hedge$487.1 million3-month EURIBOR
2023 SOFR IR Swaps - U.S.Facility
November 2023October 2026
Cash flow hedge
$150.0 million
1-month SOFR CME Term
2025 SOFR IR Swaps - U.S.Facility
January 2025October 2027Cash flow hedge$125.0 million1-month SOFR CME Term
2025 SOFR IR Swaps - Global Senior Facility
April 2025April 2027Cash flow hedge$150.0 million1-month SOFR CME Term

December 31, 2024
Effective dateMaturity DateHedge DesignationNotional AmountReceive Floating Rate Index
Interest rate cap contracts
2024 CapSeptember 2024September 2026Cash flow hedge$319.1 millionSONIA
Interest rate swap agreements
2023 Euro IR SwapOctober 2023January 2028Cash flow hedge$103.5 million3-month EURIBOR
2024 Euro IR Swaps
June 2024January 2028Cash flow hedge$429.6 million3-month EURIBOR
2023 SOFR IR Swaps - U.S.Facility
November 2023October 2026Cash flow hedge$150.0 million1-month SOFR CME Term

The Company expects to reclassify approximately $10.5 million of net derivative loss from 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 InstrumentsGain (Loss) Recognized in OCILocation 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,
2025202420252024
Interest rate swap agreements$2,251 $(15,272)Interest expense$(1,368)$1,078 
Interest rate cap contracts(302)(2,460)Interest expense(416)(382)
Cross-currency swap agreements— 29,718 Interest expense— (997)
Other income— 35,602 
Derivatives Designated as Hedging Instruments
(Loss) Gain Recognized in OCI
Location of Gain (Loss) Reclassified from OCI into Income (Loss)
(Loss) Gain Reclassified from OCI into Income
Nine Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Interest rate swap agreements$(3,558)$2,001 Interest expense$(2,878)$2,273 
Interest rate cap contracts(1,621)(14,288)Interest expense(1,194)(1,758)
Cross-currency swap agreements— 12,419 Interest expense— (4,534)
Other income— 22,722 
Derivatives Not Designated as Hedging Instruments
From time to time, the Company enters into currency exchange forward contracts to reduce the effects of currency exchange rate fluctuations. These derivative contracts generally mature within one to six months and are not designated as hedge instruments for accounting purposes. The gains or losses on these unhedged derivative contracts are recognized in other income or expense based on the changes in fair value. The Company did not have any derivatives that were not designated as hedging instruments as of September 30, 2025 and December 31, 2024.
The following table summarizes the effects of derivatives not designated as hedging instruments on the Company’s condensed consolidated statements of income during the periods presented (in thousands):
Derivatives Not Designated as Hedging InstrumentsLocation of (Loss) Gain Recognized in Income on DerivativeAmount of (Loss) Gain Recognized in Income
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Interest rate cap contract
Other (expense) income$— $(7)$— $267 
Foreign currency exchange contract
Other expense— (8,098)— (7,225)