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Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended
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Sep. 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 September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands):
|  |  |  | Fair Value
Type of Derivative Instrument |  | Consolidated Balance Sheet Location |  | September 30, 2023 |  | December 31, 2022
Interest rate caps |  | Other assets |  | $ | 2,031 |  |  | $ | 2,473 |
Interest rate swaps |  | Other assets |  | — |  |  | — |
Total derivative assets (1) |  |  |  | $ | 2,031 |  |  | $ | 2,473 |
(1)Excludes interest rate cap contracts held by certain Consolidated VIEs included in other assets in disposal group held for sale.
Schedule of Reconciliation of Gross Derivative Assets and Liabilities | The following tables present a reconciliation of gross derivative assets and liabilities to net amounts presented in the accompanying condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands):
| September 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 | $ | 2,031 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,031 |
Interest rate swaps | 37,729 |  |  | (3,046) |  |  | (34,683) |  |  | — |
Total derivative assets | $ | 39,760 |  |  | $ | (3,046) |  |  | $ | (34,683) |  |  | $ | 2,031 |
Derivative liabilities |  |  |  |  |  |  |
Interest rate swaps | $ | (3,046) |  |  | $ | 3,046 |  |  | $ | — |  |  | $ | — |
Total derivative liabilities | $ | (3,046) |  |  | $ | 3,046 |  |  | $ | — |  |  | $ | — |
| 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 tables below summarize the activity of derivative instruments not designated as hedging instruments for the three and nine months ended September 30, 2023, respectively (dollar amounts in thousands):
|  | Notional Amount For the Three Months Ended September 30, 2023
Type of Derivative Instrument |  | June 30, 2023 |  | Additions |  | Terminations |  | September 30, 2023
Options |  | $ | 81 |  |  | $ | — |  |  | $ | (81) |  |  | $ | — |
Interest rate swaps |  | 900,925 |  |  | 1,356,309 |  |  | — |  |  | 2,257,234 |
|  | Notional Amount For the Nine Months Ended September 30, 2023
Type of Derivative Instrument |  | December 31, 2022 |  | Additions |  | Terminations |  | September 30, 2023
Options |  | $ | — |  |  | $ | 500,148 |  |  | $ | (500,148) |  |  | $ | — |
Interest rate swaps |  | — |  |  | 2,257,234 |  |  | — |  |  | 2,257,234 |
Schedule of Components of Realized and Unrealized Gains and Losses | The following tables present 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 gains (losses) on derivative instruments, net in our condensed consolidated statements of operations for the three and nine months ended September 30, 2023 and 2022, respectively (dollar amounts in thousands):
|  | For the Three Months Ended September 30, 2023 |  | For the Nine Months Ended September 30, 2023
Type of Derivative Instrument |  | Realized Gains (Losses) |  | Unrealized Gains (Losses) |  | Realized Gains (Losses) |  | Unrealized Gains (Losses)
Interest rate caps (1) |  | $ | 1,568 |  |  | $ | (1,143) |  |  | $ | 6,388 |  |  | $ | (130) |
Options |  | (1,130) |  |  | 974 |  |  | (2,737) |  |  | — |
Interest rate swaps |  | — |  |  | 20,724 |  |  | — |  |  | 34,683 |
Total |  | $ | 438 |  |  | $ | 20,555 |  |  | $ | 3,651 |  |  | $ | 34,553 |
|  | For the Three Months Ended September 30, 2022 |  | For the Nine Months Ended September 30, 2022
Type of Derivative Instrument |  | Realized Gains (Losses) |  | Unrealized Gains (Losses) |  | Realized Gains (Losses) |  | Unrealized Gains (Losses)
Interest rate caps (1) |  | $ | 921 |  |  | $ | 24,022 |  |  | $ | 921 |  |  | $ | 24,022 |
Total |  | $ | 921 |  |  | $ | 24,022 |  |  | $ | 921 |  |  | $ | 24,022 |
(1)Includes interest rate caps held by certain Consolidated VIEs included in other assets in disposal group held for sale.
Schedule of Interest Rate Cap Contracts Strike Price and Notional Amounts | The following table presents information about our interest rate cap contracts related to certain repurchase agreement financing and variable-rate mortgages payable on real estate that are not included in disposal group held for sale as of September 30, 2023 and December 31, 2022 (dollar amounts in thousands):
Financing Type |  | Term SOFR Strike Price |  | Notional Amount |  | Expiration Date
Repurchase agreement |  | 4.10 | % |  | $ | 111,000 |  |  | November 17, 2024
Mortgage payable on real estate |  | 2.00 | % |  | 29,000 |  |  | April 1, 2024
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 September 30, 2023 (dollar amounts in thousands):
|  | September 30, 2023
Swap Maturities |  | Notional Amount |  | Weighted Average Fixed Interest Rate |  | Weighted Average Variable Interest Rate
2025 |  | $ | 1,364,705 |  |  | 4.59 | % |  | 5.26 | %
2026 |  | 80,000 |  |  | 3.51 | % |  | 5.20 | %
2028 |  | 543,058 |  |  | 3.94 | % |  | 5.28 | %
2033 |  | 216,421 |  |  | 3.77 | % |  | 5.27 | %
Total |  | $ | 2,204,184 |  |  | 4.31 | % |  | 5.27 | %
The following table presents information about our interest rate swaps whereby we receive fixed rate payments in exchange for floating rate payments as of September 30, 2023 (dollar amounts in thousands):
|  | September 30, 2023
Swap Maturities |  | Notional Amount |  | Weighted Average Fixed Interest Rate |  | Weighted Average Variable Interest Rate
2028 |  | $ | 9,550 |  |  | 3.48 | % |  | 5.19 | %
2033 |  | 43,500 |  |  | 3.64 | % |  | 5.26 | %
Total |  | $ | 53,050 |  |  | 3.61 | % |  | 5.25 | %

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