The following table presents a summary of our interest rate derivatives entered into over each applicable period: | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | | 2025 | | 2024 | | 2023 | | | Interest rate caps: | | | | | | | | Notional amount (in thousands) | $ | 1,642,505 | | (1) | $ | 2,341,742 | | (1) | $ | 2,583,271 | | (1) | | Strike rate low end of range | 4.00 | % | | 3.10 | % | | 2.50 | % | | | Strike rate high end of range | 5.25 | % | | 7.31 | % | | 6.90 | % | | | Effective date range | February 2025 - September 2025 | | February 2024 - December 2024 | | March 2023 - December 2023 | | | Termination date range | January 2026 - September 2027 | | February 2025 - November 2027 | | February 2024 - June 2025 | | | Total cost (in thousands) | $ | 5,120 | | | $ | 15,532 | | | $ | 28,256 | | | | | | | | | | | Interest rate floors: | | | | | | | | Notional amount (in thousands) | $ | — | | | $ | 121,500 | | (1) | $ | — | | | | Strike rate low end of range | — | % | | 2.75 | % | | — | % | | | Strike rate high end of range | — | % | | 2.75 | % | | — | % | | | Effective date range | | | November 2024 | | | | | Termination date range | | | November 2027 | | | | | Total cost (in thousands) | $ | — | | | $ | 754 | | | $ | — | | |
_______________ (1)These instruments were not designated as cash flow hedges. We held interest rate instruments as summarized in the table below: | | | | | | | | | | | | | | | | December 31, 2025 | | December 31, 2024 | | | Interest rate caps: | | | | | | Notional amount (in thousands) | $ | 2,068,205 | | (1) | $ | 2,477,192 | | (1) | | Strike rate low end of range | 4.00 | % | | 3.10 | % | | | Strike rate high end of range | 5.50 | % | | 7.31 | % | | | Termination date range | January 2026 - November 2027 | | January 2025 - November 2027 | | | Aggregate principal balance on corresponding mortgage loans (in thousands) | $ | 1,764,005 | | | $ | 2,123,951 | | | | | | | | Interest rate floors: | | | | | | Notional amount (in thousands) | $ | 121,500 | | (1) | $ | 121,500 | | (1) | | Strike rate low end of range | 2.75 | % | | 2.75 | % | | | Strike rate high end of range | 2.75 | % | | 2.75 | % | | | Termination date range | November 2027 | | November 2027 | | | | | | |
_______________(1)These instruments were not designated as cash flow hedges.
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