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Derivatives and Hedging Instruments | 3 Months Ended
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Mar. 31, 2026
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):
| March 31, 2026 |  | December 31, 2025
Balance Sheet Location |  | Fair Value |  | Balance Sheet Location |  | Fair Value
Interest rate cap contracts | Other assets |  | $ | 1,318 |  |  | Other assets |  | $ | 286 |
Interest rate swap agreements | Other assets |  | 224 |  |  | — |  |  | — |
Interest rate swap agreements | Other liabilities |  | (7,724) |  |  | Other liabilities |  | (16,338) |
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. 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:
| March 31, 2026
| 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 |  | $337.3 million |  | SONIA
2025 Cap | September 2026 |  | January 2028 |  | Cash flow hedge |  | $337.3 million |  | SONIA
2025 Cap - U.S. Facility | December 2025 |  | October 2028 |  | Cash flow hedge |  | $130.0 million |  | 1-month SOFR CME Term
Interest rate swap agreements |  |  |  |  |  |  |  |
2023 Euro IR Swap | October 2023 |  | January 2028 |  | Cash flow hedge |  | $115.6 million |  | 3-month EURIBOR
2024 Euro IR Swaps | June 2024 |  | January 2028 |  | Cash flow hedge |  | $479.6 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
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
In April 2026, the Company entered into a new interest rate cap contract (the “2026 Cap”) with a notional amount of £255.0 million (approximately $337.3 million based on an exchange rate of $1.00 to £0.76, the exchange rate as of March 31, 2026). The 2026 Cap is intended to hedge the Company’s exposure to fluctuations in interest payments on debt bearing variable interest based on the Sterling Overnight Index Average (“SONIA”). The 2026 Cap has an effective date of January 2028 and a maturity date of January 2029, and will be accounted for as a cash flow hedge.
| December 31, 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 |  | $343.5 million |  | SONIA
2025 Cap | September 2026 |  | January 2028 |  | Cash flow hedge |  | $343.5 million |  | SONIA
2025 Cap - U.S. Facility | December 2025 |  | October 2028 |  | Cash flow hedge |  | $130.0 million |  | 1-month SOFR CME Term
Interest rate swap agreements |  |  |  |  |  |  |  |
2023 Euro IR Swap | October 2023 |  | January 2028 |  | Cash flow hedge |  | $117.5 million |  | 3-month EURIBOR
2024 Euro IR Swaps | June 2024 |  | January 2028 |  | Cash flow hedge |  | $487.5 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
The Company expects to reclassify approximately $1.3 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 table summarizes 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 Loss Reclassified from OCI into Income |  | Loss Reclassified from OCI
| Three Months Ended March 31, |  |  | Three Months Ended March 31,
| 2026 |  | 2025 |  |  | 2026 |  | 2025
Interest rate swap agreements |  | $ | 6,802 |  |  | $ | (1,200) |  |  | Interest expense |  | $ | (2,036) |  |  | $ | (467) |
Interest rate cap contracts |  | 1,033 |  |  | (696) |  |  | Interest expense |  | (440) |  |  | (364) |

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