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Derivative Instruments and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following table summarizes the Company's derivative instruments as of March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands):
Fair Value
Type of Derivative InstrumentConsolidated Balance Sheet LocationMarch 31, 2023December 31, 2022
Interest rate caps (1)
Other assets$2,002 $2,473 
OptionsOther assets1,120 — 
Total derivative assets$3,122 $2,473 
Interest rate swapsOther liabilities$— $— 
Total derivative liabilities$— $— 
(1)See Notes 12 and 14 for information regarding interest rate cap contracts.
Reconciliation of Gross Derivative Assets and Liabilities The following table presents a reconciliation of gross derivative assets and liabilities to net amounts presented in the accompanying condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands):
March 31, 2023
Gross Amount of Recognized Assets (Liabilities)Gross Amounts Offset in Balance SheetsVariation MarginNet Amounts of Assets (Liabilities) Presented in Balance Sheets
Derivative assets
Interest rate caps$2,002 $— $— $2,002 
Options1,120 — — 1,120 
Interest rate swaps412 (412)— — 
Total derivative assets$3,534 $(412)$— $3,122 
Derivative liabilities
Interest rate swaps$(2,899)$412 $2,487 $— 
Total derivative liabilities$(2,899)$412 $2,487 $— 

December 31, 2022
Gross Amount of Recognized Assets (Liabilities)Gross Amounts Offset in Balance SheetsVariation MarginNet Amounts of Assets (Liabilities) Presented in Balance Sheets
Derivative assets
Interest rate caps$2,473 $— $— $2,473 
Total derivative assets$2,473 $— $— $2,473 
Schedule of Activity of Derivative Instruments
The table below summarizes the activity of derivative instruments not designated as hedging instruments for the three months ended March 31, 2022 (dollar amounts in thousands):
Notional Amount For the Three Months Ended March 31, 2023
Type of Derivative InstrumentDecember 31, 2022AdditionsTerminations March 31, 2023
Options$— $500,053 $— $500,053 
Interest rate swaps— 341,300 — 341,300 
Schedule of Components of Realized and Unrealized Gains and Losses
The following table presents the components of realized gains (losses), net and unrealized gains (losses), net related to our derivative instruments that were not designated as hedging instruments, which are included in non-interest income (loss) in our condensed consolidated statements of operations for the three months ended March 31, 2023 (dollar amounts in thousands):

For the Three Months Ended March 31, 2023
Type of Derivative InstrumentRealized Gains (Losses)Unrealized Gains (Losses)
Options$— $(420)
Interest rate swaps— (2,487)
Total$— $(2,907)
Schedule of Interest Rate Derivatives
The following table presents information about our interest rate swaps whereby we receive floating rate payments in exchange for fixed rate payments as of March 31, 2023 (dollar amounts in thousands):

March 31, 2023
Swap MaturitiesNotional AmountWeighted Average Fixed Interest RateWeighted Average Variable Interest Rate
2025$255,700 4.31 %4.71 %
202828,900 3.87 %4.66 %
203332,700 3.60 %4.65 %
Total$317,300 4.20 %4.70 %

The following table presents information about our interest rate swaps whereby we receive fixed rate payments in exchange for floating rate payments as of March 31, 2023 (dollar amounts in thousands):

March 31, 2023
Swap MaturitiesNotional AmountWeighted Average Fixed Interest RateWeighted Average Variable Interest Rate
2028$8,000 3.36 %4.83 %
203316,000 3.21 %4.83 %
Total$24,000 3.26 %4.83 %