v3.26.1
Derivatives (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Offsetting Assets As of March 31, 2026, the information related to these offsetting arrangements were as follows (in thousands):
Instrument DescriptionGross Amounts of Recognized Assets / LiabilitiesGross Amounts Offset in the Consolidated Balance SheetNet Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet
Notional Amount (1) (2)
Assets:
Derivatives designated as hedging instruments$79,379 $— $79,379 $984,005 
Derivatives not designated as hedging instruments39,688 (5,408)34,280 2,040,560 
Total derivative assets$119,067 $(5,408)$113,659 $3,024,565 
Liabilities:
Derivatives designated as hedging instruments$— $— $— $— 
Derivatives not designated as hedging instruments(10,091)5,408 (4,683)873,353 
Total derivative liabilities$(10,091)$5,408 $(4,683)$873,353 
Total$108,976 $— $108,976 $3,897,918 

(1)    Comprised of 68 interest rate swaps which effectively fix the SOFR portion of interest rates on outstanding balances of certain loans under the senior section of the debt footnote table (see Note 8, Indebtedness) at 0.31% to 4.15% per annum. These swaps mature from August 13, 2027 to July 31, 2045.

(2)    Comprised of 13 interest rate swaptions which effectively fix the SOFR portion of interest rates on future outstanding balances of certain loans under the senior revolving section of the debt footnote table (see Note 8, Indebtedness) at 3.90% to 4.28% per annum. These swaptions expire from April 1, 2026 to June 3, 2026 with potential underlying swaps maturing from January 31, 2044 to July 31, 2048.
As of December 31, 2025, the information related to these offsetting arrangements were as follows (in thousands):
Instrument DescriptionGross Amounts of Recognized Assets / LiabilitiesGross Amounts Offset in the Consolidated Balance SheetNet Amounts of Assets / Liabilities Included in the Consolidated Balance SheetNotional Amount
Assets:
Derivatives designated as hedging instruments$78,223 $— $78,223 $988,447 
Derivatives not designated as hedging instruments24,123 (7,210)16,913 1,771,893 
Total derivative assets$102,346 $(7,210)$95,136 $2,760,340 
Liabilities:
Derivatives designated as hedging instruments(449)— (449)— 
Derivatives not designated as hedging instruments(14,411)7,210 (7,201)800,058 
Total derivative liabilities$(14,860)$7,210 $(7,650)$800,058 
Total$87,486 $— $87,486 $3,560,398 
Schedule of Offsetting Liabilities As of March 31, 2026, the information related to these offsetting arrangements were as follows (in thousands):
Instrument DescriptionGross Amounts of Recognized Assets / LiabilitiesGross Amounts Offset in the Consolidated Balance SheetNet Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet
Notional Amount (1) (2)
Assets:
Derivatives designated as hedging instruments$79,379 $— $79,379 $984,005 
Derivatives not designated as hedging instruments39,688 (5,408)34,280 2,040,560 
Total derivative assets$119,067 $(5,408)$113,659 $3,024,565 
Liabilities:
Derivatives designated as hedging instruments$— $— $— $— 
Derivatives not designated as hedging instruments(10,091)5,408 (4,683)873,353 
Total derivative liabilities$(10,091)$5,408 $(4,683)$873,353 
Total$108,976 $— $108,976 $3,897,918 

(1)    Comprised of 68 interest rate swaps which effectively fix the SOFR portion of interest rates on outstanding balances of certain loans under the senior section of the debt footnote table (see Note 8, Indebtedness) at 0.31% to 4.15% per annum. These swaps mature from August 13, 2027 to July 31, 2045.

(2)    Comprised of 13 interest rate swaptions which effectively fix the SOFR portion of interest rates on future outstanding balances of certain loans under the senior revolving section of the debt footnote table (see Note 8, Indebtedness) at 3.90% to 4.28% per annum. These swaptions expire from April 1, 2026 to June 3, 2026 with potential underlying swaps maturing from January 31, 2044 to July 31, 2048.
As of December 31, 2025, the information related to these offsetting arrangements were as follows (in thousands):
Instrument DescriptionGross Amounts of Recognized Assets / LiabilitiesGross Amounts Offset in the Consolidated Balance SheetNet Amounts of Assets / Liabilities Included in the Consolidated Balance SheetNotional Amount
Assets:
Derivatives designated as hedging instruments$78,223 $— $78,223 $988,447 
Derivatives not designated as hedging instruments24,123 (7,210)16,913 1,771,893 
Total derivative assets$102,346 $(7,210)$95,136 $2,760,340 
Liabilities:
Derivatives designated as hedging instruments(449)— (449)— 
Derivatives not designated as hedging instruments(14,411)7,210 (7,201)800,058 
Total derivative liabilities$(14,860)$7,210 $(7,650)$800,058 
Total$87,486 $— $87,486 $3,560,398 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The (gains) losses on derivatives designated as cash flow hedges recognized into OCI, before tax effect, consisted of the following (in thousands):
Three months ended March 31,
20262025
Derivatives designated as cash flow hedges:
   Interest rate swaps$(4,317)$20,668 
The (gains) losses on derivatives financial instruments recognized into the consolidated statements of operations, before tax effect, consisted of the following (in thousands):
Three months ended March 31,
20262025
Interest expense, netOther expense, netInterest expense, netOther expense, net
Derivatives designated as cash flow hedges:
   Interest rate swaps:
      Gains reclassified from Accumulated other comprehensive income (“AOCI”) into income$(2,475)$— $(4,973)$— 
Derivatives not designated as cash flow hedges:
   Interest rate swaps:
      (Gains) losses recognized into income
— (18,173)— 45,503 
         Total (gains) losses$(2,475)$(18,173)$(4,973)$45,503