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Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
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 InstrumentConsolidated Balance Sheet LocationJune 30, 2023December 31, 2022
Interest rate caps (1)
Other assets$2,454 $2,473 
OptionsOther assets156 — 
Interest rate swapsOther 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 SheetsVariation MarginNet Amounts of Assets (Liabilities) Presented in Balance Sheets
Derivative assets
Interest rate caps$2,454 $— $— $2,454 
Options156 — — 156 
Interest rate swaps14,919 (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 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 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 InstrumentMarch 31, 2023AdditionsTerminations June 30, 2023
Options$500,053 $95 $(500,067)$81 
Interest rate swaps341,300 559,625 — 900,925 

Notional Amount For the Six Months Ended June 30, 2023
Type of Derivative InstrumentDecember 31, 2022AdditionsTerminations June 30, 2023
Options$— $500,148 $(500,067)$81 
Interest rate swaps— 900,925 — 900,925 
Schedule of Components of Realized and Unrealized Gains and Losses The following table presents the components of realized gains (losses), net and unrealized gains (losses), net related to our derivative instruments that were not designated as hedging instruments, which are included in non-interest income (loss) in our condensed consolidated statements of operations for the three and six months ended June 30, 2023, respectively (dollar amounts in thousands):
For the Three Months Ended June 30, 2023For the Six Months Ended June 30, 2023
Type of Derivative InstrumentRealized Gains (Losses)Unrealized Gains (Losses)Realized Gains (Losses)Unrealized Gains (Losses)
Options$(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 MaturitiesNotional AmountWeighted Average Fixed Interest RateWeighted Average Variable Interest Rate
2025$554,025 4.20 %5.02 %
202680,000 3.51 %5.05 %
2028167,250 3.48 %5.04 %
203375,650 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 MaturitiesNotional AmountWeighted Average Fixed Interest RateWeighted Average Variable Interest Rate
2028$8,000 3.36 %4.99 %
203316,000 3.21 %4.99 %
Total$24,000 3.26 %4.99 %