Derivatives (Tables)
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12 Months Ended |
Dec. 31, 2024 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Summary of Outstanding Interest Rate Derivatives Non-Designated Hedges of Interest Rate Risk |
The following tables detail the Company’s outstanding interest rate derivatives that were non-designated hedges of interest rate risk (notional amounts in thousands):
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December 31, 2024 |
Interest Rate Derivatives |
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Number of Instruments |
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Notional Amount |
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Weighted Average Strike Rate |
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Index |
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Weighted Average Maturity (Years) |
Interest Rate Caps - Property debt |
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69 |
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$ |
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9,401,374 |
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2.1% |
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SOFR |
|
1.3 |
Interest Rate Caps - Property debt |
|
3 |
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€ |
|
109,905 |
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1.0% |
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EURIBOR |
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0.4 |
Interest Rate Swaps - Property debt |
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1 |
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$ |
|
120,061 |
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0.8% |
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SOFR |
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0.2 |
Interest Rate Swaps - Property debt |
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3 |
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€ |
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207,721 |
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1.9% |
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EURIBOR |
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2.6 |
Interest Rate Swaps - Property debt |
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2 |
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NOK |
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520,000 |
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2.5% |
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NIBOR |
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3.1 |
Total interest rate derivatives |
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78 |
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2.1% |
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1.4 |
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December 31, 2023 |
Interest Rate Derivatives |
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Number of Instruments |
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Notional Amount |
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Weighted Average Strike Rate |
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Index |
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Weighted Average Maturity (Years) |
Interest Rate Caps - Property debt |
|
70 |
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$ |
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9,567,541 |
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1.6% |
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SOFR |
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2.1 |
Interest Rate Caps - Property debt |
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4 |
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€ |
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175,468 |
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1.1% |
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EURIBOR |
|
1.0 |
Interest Rate Swaps - Property debt |
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1 |
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$ |
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117,863 |
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0.8% |
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SOFR |
|
1.2 |
Interest Rate Swaps - Property debt |
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3 |
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€ |
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213,458 |
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1.9% |
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EURIBOR |
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3.6 |
Interest Rate Swaps - Property debt |
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2 |
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NOK |
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520,000 |
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2.5% |
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NIBOR |
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4.1 |
Total interest rate derivatives |
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80 |
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1.6% |
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2.1 |
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| Summary of Outstanding Foreign Currency Forward Contracts Non-Designated Hedges of Foreign Currency Risk |
The following table details the Company’s outstanding foreign currency forward contracts that were non-designated hedges of foreign currency risk (notional amounts in thousands):
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December 31, 2024 |
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December 31, 2023 |
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Foreign Currency Forward Contracts |
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Number of Instruments |
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Notional Amount |
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Number of Instruments |
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Notional Amount |
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Buy USD/Sell EUR Forward |
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40 |
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€ |
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528,759 |
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60 |
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€ |
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577,283 |
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Buy USD/Sell DKK Forward |
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8 |
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DKK |
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1,210,016 |
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12 |
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DKK |
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1,301,016 |
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Buy USD/Sell AUD Forward |
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5 |
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AUD |
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621,759 |
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5 |
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AUD |
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621,759 |
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Buy USD/Sell NOK Forward |
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12 |
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NOK |
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412,700 |
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9 |
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NOK |
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1,160,941 |
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Buy USD/Sell GBP Forward |
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— |
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£ |
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— |
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4 |
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£ |
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142,858 |
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| Summary of Fair Value of Derivative Financial Instruments |
The following table details the fair value of the Company’s derivative financial instruments ($ in thousands):
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Fair Value of Derivatives in an Asset (1) Position |
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Fair Value of Derivatives in a Liability (2) Position |
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December 31, 2024 |
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December 31, 2023 |
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December 31, 2024 |
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December 31, 2023 |
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Interest rate derivatives |
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$ |
325,991 |
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$ |
537,390 |
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$ |
— |
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$ |
— |
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Foreign currency forward contracts |
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42,880 |
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16,873 |
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9,505 |
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46,178 |
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Total derivatives |
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$ |
368,871 |
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$ |
554,263 |
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$ |
9,505 |
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$ |
46,178 |
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(1)Included in Other assets on the Company’s Consolidated Balance Sheets. (2)Included in Other liabilities on the Company’s Consolidated Balance Sheets.
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| Summary of Effect of Derivate Financial Instruments on Condensed Consolidated Statements of Operations and Comprehensive Loss |
The following table details the effect of the Company’s derivative financial instruments in the Consolidated Statements of Operations and Comprehensive Loss ($ in thousands):
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For the Year Ended December 31, |
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Type of Derivative |
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Net Realized/Unrealized (Loss) Gain |
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2024 |
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2023 |
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2022 |
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Interest Rate Caps - Property debt |
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Unrealized (loss) gain(1) |
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$ |
(212,711 |
) |
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$ |
(305,693 |
) |
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$ |
498,696 |
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Interest Rate Swaps - Property debt |
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Unrealized (loss) gain(1) |
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(9,031 |
) |
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(26,468 |
) |
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32,972 |
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Foreign Currency Forward Contracts |
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Unrealized gain (loss) (2) |
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62,680 |
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(67,466 |
) |
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30,556 |
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Foreign Currency Forward Contracts |
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Realized gain(1) |
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14,034 |
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26,112 |
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57,176 |
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Interest Rate Caps - Property debt |
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Realized gain(1) |
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1,831 |
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26,778 |
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— |
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Interest Rate Swaps - Property debt |
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Realized gain(1) |
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179 |
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12,088 |
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— |
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Total |
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$ |
(143,018 |
) |
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$ |
(334,649 |
) |
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$ |
619,400 |
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(1) Included in Other (expense) income, net in the Company’s Consolidated Statements of Operations and Comprehensive Loss. (2) A portion of this amount is included in Income from investments in real estate debt, net and the remaining amount is included in Other (expense) income, net in the Company’s Consolidated Statements of Operations and Comprehensive Loss.
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