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Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands):
|  |  |  | Fair Value
Type of Derivative Instrument |  | Consolidated Balance Sheet Location |  | June 30, 2023 |  | December 31, 2022
Interest rate caps (1) |  | Other assets |  | $ | 2,454 |  |  | $ | 2,473 |
Options |  | Other assets |  | 156 |  |  | — |
Interest rate swaps |  | Other assets |  | — |  |  | — |
Total derivative assets |  |  |  | $ | 2,610 |  |  | $ | 2,473 |
(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 June 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands):
| June 30, 2023
| Gross Amount of Recognized Assets (Liabilities) |  | Gross Amounts Offset in Balance Sheets |  | Variation Margin |  | Net Amounts of Assets (Liabilities) Presented in Balance Sheets
Derivative assets |  |  |  |  |  |  |
Interest rate caps | $ | 2,454 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,454 |
Options | 156 |  |  | — |  |  | — |  |  | 156 |
Interest rate swaps | 14,919 |  |  | (960) |  |  | (13,959) |  |  | — |
Total derivative assets | $ | 17,529 |  |  | $ | (960) |  |  | $ | (13,959) |  |  | $ | 2,610 |
Derivative liabilities |  |  |  |  |  |  |
Interest rate swaps | $ | (960) |  |  | $ | 960 |  |  | $ | — |  |  | $ | — |
Total derivative liabilities | $ | (960) |  |  | $ | 960 |  |  | $ | — |  |  | $ | — |
| December 31, 2022
| Gross Amount of Recognized Assets (Liabilities) |  | Gross Amounts Offset in Balance Sheets |  | Variation Margin |  | Net 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 and six months ended June 30, 2023, respectively (dollar amounts in thousands):
|  | Notional Amount For the Three Months Ended June 30, 2023
Type of Derivative Instrument |  | March 31, 2023 |  | Additions |  | Terminations |  | June 30, 2023
Options |  | $ | 500,053 |  |  | $ | 95 |  |  | $ | (500,067) |  |  | $ | 81 |
Interest rate swaps |  | 341,300 |  |  | 559,625 |  |  | — |  |  | 900,925 |
|  | Notional Amount For the Six Months Ended June 30, 2023
Type of Derivative Instrument |  | December 31, 2022 |  | Additions |  | Terminations |  | June 30, 2023
Options |  | $ | — |  |  | $ | 500,148 |  |  | $ | (500,067) |  |  | $ | 81 |
Interest rate swaps |  | — |  |  | 900,925 |  |  | — |  |  | 900,925 |
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 and six months ended June 30, 2023, respectively (dollar amounts in thousands):
|  | For the Three Months Ended June 30, 2023 |  | For the Six Months Ended June 30, 2023
Type of Derivative Instrument |  | Realized Gains (Losses) |  | Unrealized Gains (Losses) |  | Realized Gains (Losses) |  | Unrealized Gains (Losses)
Options |  | $ | (1,608) |  |  | $ | (554) |  |  | $ | (1,608) |  |  | $ | (974) |
Interest rate swaps |  | — |  |  | 16,446 |  |  | — |  |  | 13,959 |
Total |  | $ | (1,608) |  |  | $ | 15,892 |  |  | $ | (1,608) |  |  | $ | 12,985 |
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 June 30, 2023 (dollar amounts in thousands):
|  | June 30, 2023
Swap Maturities |  | Notional Amount |  | Weighted Average Fixed Interest Rate |  | Weighted Average Variable Interest Rate
2025 |  | $ | 554,025 |  |  | 4.20 | % |  | 5.02 | %
2026 |  | 80,000 |  |  | 3.51 | % |  | 5.05 | %
2028 |  | 167,250 |  |  | 3.48 | % |  | 5.04 | %
2033 |  | 75,650 |  |  | 3.44 | % |  | 5.01 | %
Total |  | $ | 876,925 |  |  | 3.93 | % |  | 5.02 | %
The following table presents information about our interest rate swaps whereby we receive fixed rate payments in exchange for floating rate payments as of June 30, 2023 (dollar amounts in thousands):
|  | June 30, 2023
Swap Maturities |  | Notional Amount |  | Weighted Average Fixed Interest Rate |  | Weighted Average Variable Interest Rate
2028 |  | $ | 8,000 |  |  | 3.36 | % |  | 4.99 | %
2033 |  | 16,000 |  |  | 3.21 | % |  | 4.99 | %
Total |  | $ | 24,000 |  |  | 3.26 | % |  | 4.99 | %

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