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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2024
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 |
September 30, 2024 |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |
Investment in securities | $ | — |  |  | $ | 41,493 |  |  | $ | — |  |  |  |  | $ | 41,493 |  |
Derivative assets: |  |  |  |  |  |  |  |  |  |
Interest rate derivatives - caps | $ | — |  |  | $ | 480 |  |  | $ | — |  |  |  |  | $ | 480 |  | (1)
Total | $ | — |  |  | $ | 41,973 |  |  | $ | — |  |  |  |  | $ | 41,973 |  |
Liabilities |  |  |  |  |  |  |  |  |  |
Derivative liabilities: |  |  |  |  |  |  |  |  |  |
Warrants | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |  | (2)
Net | $ | — |  |  | $ | 41,973 |  |  | $ | — |  |  |  |  | $ | 41,973 |  |
| Quoted Market Prices (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  |  |  | Total |
December 31, 2023 |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |
Derivative assets: |  |  |  |  |  |  |  |  |  |
Interest rate derivatives - caps | $ | — |  |  | $ | 2,847 |  |  | $ | — |  |  |  |  | $ | 2,847 |  | (1)
| $ | — |  |  | $ | 2,847 |  |  | $ | — |  |  |  |  | $ | 2,847 |  |
Liabilities |  |  |  |  |  |  |  |  |  |
Derivative liabilities: |  |  |  |  |  |  |  |  |  |
Warrants | $ | — |  |  | $ | (12) |  |  | $ | — |  |  |  |  | $ | (12) |  | (2)
Net | $ | — |  |  | $ | 2,835 |  |  | $ | — |  |  |  |  | $ | 2,835 |  |
__________________ (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 September 30, |  | Nine Months Ended September 30, |  |  |
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |
Assets |  |  |  |  |  |  |  |  |  |
Derivative assets: |  |  |  |  |  |  |  |  |  |
Interest rate derivatives - caps | $ | (735) |  |  | $ | 69 |  | (1) | $ | 511 |  |  | $ | 645 |  |  |  |
Total | $ | (735) |  |  | $ | 69 |  |  | $ | 511 |  |  | $ | 645 |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |
Derivative liabilities: |  |  |  |  |  |  |  |  |  |
Warrants | $ | — |  |  | $ | 154 |  |  | $ | 12 |  |  | $ | 273 |  |  |  |
Net | $ | (735) |  |  | $ | 223 |  |  | $ | 523 |  |  | $ | 918 |  |  |  |
Total combined |  |  |  |  |  |  |  |  |  |
Interest rate derivatives - caps | $ | (1,746) |  |  | $ | (1,944) |  |  | $ | (3,710) |  |  | $ | (5,517) |  |  |  |
Warrants | — |  |  | 154 |  |  | 12 |  |  | 273 |  |  |  |
Unrealized gain (loss) on derivatives | $ | (1,746) |  | (1) | $ | (1,790) |  | (1) | $ | (3,698) |  | (1) | $ | (5,244) |  | (1) |  |
Realized gain (loss) on interest rate caps | 1,011 |  | (1) (2) | 2,013 |  | (1) (2) | 4,221 |  | (1) (2) | 6,162 |  | (1) (2) |  |
Net | $ | (735) |  |  | $ | 223 |  |  | $ | 523 |  |  | $ | 918 |  |  |  |
________ (1)Reported in “realized and unrealized gain (loss) on derivatives” in our condensed consolidated statements of operations. (2)Represents settled and unsettled payments from counterparties on interest rate caps.

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- 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://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 102 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-102 + Details
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- 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/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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