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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands):

			Quoted Market Prices (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)												Total
March 31, 2023
Assets
Derivative assets:
Interest rate derivatives - caps			$	—					$	4,933					$	—											$	4,933
Total			$	—					$	4,933					$	—											$	4,933		(1)
Liabilities
Derivative liabilities:
Warrants			$	—					$	(181)					$	—											$	(181)		(2)
Net			$	—					$	4,752					$	—											$	4,752

			Quoted Market Prices (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)												Total
December 31, 2022
Assets
Derivative assets:
Interest rate derivatives - caps			$	—					$	6,482					$	—											$	6,482
			$	—					$	6,482					$	—											$	6,482		(1)
Liabilities
Derivative liabilities:
Warrants			$	—					$	(284)					$	—											$	(284)		(2)
Net			$	—					$	6,198					$	—											$	6,198

__________________

(1)Reported as “derivative assets” in our condensed consolidated balance sheets.

(2)Reported as “derivative liabilities” in our condensed consolidated balance sheets.

Effect of Fair Value Measured Assets and Liabilities on Consolidated Statements of Operations

The following table summarizes the effect of fair value measured assets and liabilities on our condensed consolidated statements of operations (in thousands):

															Gain (Loss) Recognized in Income
									Three Months Ended March 31,
															2023						2022
Assets
Derivative assets:
Interest rate derivatives - caps															$	(437)					$	843
Total															$	(437)					$	843
Liabilities
Derivative liabilities:
Warrants															$	103					$	(435)
Net															$	(334)					$	408
Total combined
Interest rate derivatives - caps															$	(2,304)					$	843
Warrants															103						(435)
Unrealized gain (loss) on derivatives															$	(2,201)		(1)			$	408
Realized gain (loss) on interest rate caps															1,867			(1) (2)			—
Net															$	(334)					$	408

________

(1)Reported in “realized and unrealized gain (loss) on derivatives” in our consolidated statements of operations.

(2)Represents settled and unsettled payments from counterparties on interest rate caps.

X

- Definition

Tabular disclosure of the amount of gains or losses for the period included in earnings or resulted in a change to net assets, have arisen from the use of significant unobservable inputs (level 3) to measure the fair value of assets, liabilities, and financial instruments classified in shareholders' equity.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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- References

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X

- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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