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Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended
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Dec. 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 December 31, 2023 and 2022, respectively (dollar amounts in thousands):
|  |  |  | Fair Value
Type of Derivative Instrument |  | Consolidated Balance Sheet Location |  | December 31, 2023 |  | December 31, 2022
Interest rate caps |  | Other assets |  | $ | 6,510 |  |  | $ | 2,473 |
Total derivative assets (1) |  |  |  | $ | 6,510 |  |  | $ | 2,473 |
Interest rate swaps |  | Other liabilities |  | $ | — |  |  | $ | — |
Total derivative liabilities |  |  |  | $ | — |  |  | $ | — |
(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 consolidated balance sheets as of December 31, 2023 and 2022, respectively (dollar amounts in thousands):
| December 31, 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 | $ | 6,510 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,510 |
Interest rate swaps | 13,094 |  |  | (13,094) |  |  | — |  |  | — |
Total derivative assets | $ | 19,604 |  |  | $ | (13,094) |  |  | $ | — |  |  | $ | 6,510 |
Derivative liabilities |  |  |  |  |  |  |
Interest rate swaps | $ | (40,541) |  |  | $ | 13,094 |  |  | $ | 27,447 |  |  | $ | — |
Total derivative liabilities | $ | (40,541) |  |  | $ | 13,094 |  |  | $ | 27,447 |  |  | $ | — |
| 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 Derivatives Not Designated as Hedging Instruments | The tables below summarize the activity of derivative instruments not designated as hedging instruments for the year ended December 31, 2023 (dollar amounts in thousands):
|  | Notional Amount For the Year Ended December 31, 2023
Type of Derivative Instrument |  | December 31, 2022 |  | Additions & Transfers (1) |  | Terminations |  | December 31, 2023
Interest rate caps |  | $ | 140,000 |  |  | $ | 410,025 |  |  | $ | — |  |  | $ | 550,025 |
Options |  | — |  |  | 500,206 |  |  | (500,206) |  |  | — |
Interest rate swaps |  | — |  |  | 2,778,015 |  |  | — |  |  | 2,778,015 |
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 consolidated statements of operations for the years ended December 31, 2023 and 2022, respectively (dollar amounts in thousands):
|  | For the Years Ended December 31,
|  | 2023 |  | 2022
Type of Derivative Instrument |  | Realized Gains (Losses) |  | Unrealized Gains (Losses) |  | Realized Gains (Losses) |  | Unrealized Gains (Losses)
Interest rate caps (1) |  | $ | 7,031 |  |  | $ | (1,926) |  |  | $ | 924 |  |  | $ | 26,282 |
Options |  | (4,036) |  |  | — |  |  | — |  |  | — |
Interest rate swaps |  | — |  |  | (27,447) |  |  | — |  |  | — |
Total |  | $ | 2,995 |  |  | $ | (29,373) |  |  | $ | 924 |  |  | $ | 26,282 |
(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 December 31, 2023 and 2022, respectively (dollar amounts in thousands):
December 31, 2023
Financing Type |  | Weighted Average SOFR Strike Price |  | SOFR Strike Price/Range |  | Notional Amount |  | Expiration Date/Range
Repurchase agreement |  | 4.10 | % |  | 4.10 | % |  | $ | 111,000 |  |  | November 17, 2024
Mortgages payable on real estate |  | 2.13 | % |  | 1.50% - 3.22% |  | 439,025 |  |  | January 9, 2024 - January 15, 2025
December 31, 2022
Financing Type |  | Weighted Average SOFR Strike Price |  | SOFR Strike Price/Range |  | Notional Amount |  | Expiration Date/Range
Repurchase agreement |  | 4.10 | % |  | 4.10 | % |  | $ | 111,000 |  |  | November 17, 2024
Mortgage payable on real estate |  | 2.00 | % |  | 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 December 31, 2023 (dollar amounts in thousands):
Swap Maturities |  | Notional Amount |  | Weighted Average Fixed Interest Rate |  | Weighted Average Variable Interest Rate
2025 |  | $ | 1,476,370 |  |  | 4.62 | % |  | 5.33 | %
2026 |  | 214,985 |  |  | 4.19 | % |  | 5.33 | %
2028 |  | 674,804 |  |  | 4.03 | % |  | 5.35 | %
2033 |  | 358,806 |  |  | 4.04 | % |  | 5.34 | %
Total |  | $ | 2,724,965 |  |  | 4.36 | % |  | 5.34 | %
The following table presents information about our interest rate swaps whereby we receive fixed rate payments in exchange for floating rate payments as of December 31, 2023 (dollar amounts in thousands):
Swap Maturities |  | Notional Amount |  | Weighted Average Fixed Interest Rate |  | Weighted Average Variable Interest Rate
2028 |  | $ | 9,550 |  |  | 3.48 | % |  | 5.29 | %
2033 |  | 43,500 |  |  | 3.64 | % |  | 5.33 | %
Total |  | $ | 53,050 |  |  | 3.61 | % |  | 5.33 | %

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