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Fair Value Measurements (Tables)

9 Months Ended

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.

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://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

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- References

No definition available.

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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/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

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