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Derivative Instruments and Hedging Activities (Tables)
 9 Months Ended
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 InstrumentConsolidated Balance Sheet LocationSeptember 30, 2023December 31, 2022
Interest rate caps
Other assets$2,031 $2,473 
Interest rate swapsOther 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 SheetsVariation MarginNet Amounts of Assets (Liabilities) Presented in Balance Sheets
Derivative assets
Interest rate caps$2,031 $— $— $2,031 
Interest rate swaps37,729 (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 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 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 InstrumentJune 30, 2023AdditionsTerminations September 30, 2023
Options$81 $— $(81)$— 
Interest rate swaps900,925 1,356,309 — 2,257,234 

Notional Amount For the Nine Months Ended September 30, 2023
Type of Derivative InstrumentDecember 31, 2022AdditionsTerminations 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, 2023For the Nine Months Ended September 30, 2023
Type of Derivative InstrumentRealized 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, 2022For the Nine Months Ended September 30, 2022
Type of Derivative InstrumentRealized 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 MaturitiesNotional AmountWeighted Average Fixed Interest RateWeighted Average Variable Interest Rate
2025$1,364,705 4.59 %5.26 %
202680,000 3.51 %5.20 %
2028543,058 3.94 %5.28 %
2033216,421 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 MaturitiesNotional AmountWeighted Average Fixed Interest RateWeighted Average Variable Interest Rate
2028$9,550 3.48 %5.19 %
203343,500 3.64 %5.26 %
Total$53,050 3.61 %5.25 %