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Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

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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