v3.22.4
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2022
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, 2022
Assets
Derivative assets:
Interest rate derivatives - caps$— $5,255 $— $5,255 
Total$— $5,255 $— $5,255 
(1)
Liabilities
Derivative liabilities:
Warrants— (440)— (440)
(2)
Net$— $4,815 $— $4,815 
Quoted Market Prices (Level 1)Significant Other
Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Total
December 31, 2021
Assets
Derivative assets:
Interest rate derivatives - caps$— $139 $— $139 
$— $139 $— $139 
(1)
Liabilities
Derivative liabilities:
Warrants— (1,435)— (1,435)
(2)
Net$— $(1,296)$— $(1,296)
__________________
(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,
2022202120222021
Assets
Derivative assets:
Interest rate derivatives - caps$2,138 
(1)
$(48)$3,024 
(1)
$(126)
Total derivative assets$2,138 $(48)$3,024 $(126)
Total$2,138 $(48)$3,024 $(126)
Liabilities
Derivative liabilities:
Warrants$265 $190 $995 $190 
Net$2,403 $142 $4,019 $64 
Total combined
Interest rate derivatives - caps$2,138 $(48)$3,024 $(126)
Warrants265 190 995 190 
Unrealized gain (loss) on derivatives$2,403 $142 $4,019 $64 
Net$2,403 $142 $4,019 $64 
________
(1)Excludes income of $27,000 for both the three and nine months ended September 30, 2022, associated with payments received from counterparties on interest rate caps, which is included in “other income (expense)” in our condensed consolidated statements of operations.