Derivatives (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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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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March 31, 2026 |
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 |
|
Weighted Average Maturity (Years) |
Interest Rate Caps - Property debt |
|
131 |
|
$ |
|
8,313,654 |
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3.8% |
|
SOFR |
|
1.3 |
Interest Rate Caps - Property debt |
|
2 |
|
€ |
|
91,537 |
|
|
1.0% |
|
EURIBOR |
|
0.8 |
Interest Rate Swaps - Property debt |
|
3 |
|
€ |
|
207,721 |
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|
1.9% |
|
EURIBOR |
|
1.3 |
Interest Rate Swaps - Property debt |
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2 |
|
NOK |
|
520,000 |
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2.5% |
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NIBOR |
|
1.9 |
Total interest rate derivatives |
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138 |
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3.7% |
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1.3 |
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December 31, 2025 |
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 |
|
Weighted Average Maturity (Years) |
Interest Rate Caps - Property debt |
|
81 |
|
$ |
|
8,319,410 |
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3.1% |
|
SOFR |
|
1.1 |
Interest Rate Caps - Property debt |
|
2 |
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€ |
|
91,389 |
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1.0% |
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EURIBOR |
|
0.5 |
Interest Rate Swaps - Property debt |
|
3 |
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€ |
|
207,721 |
|
|
1.9% |
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EURIBOR |
|
1.6 |
Interest Rate Swaps - Property debt |
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2 |
|
NOK |
|
520,000 |
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2.5% |
|
NIBOR |
|
2.1 |
Total interest rate derivatives |
|
88 |
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3.0% |
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1.1 |
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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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March 31, 2026 |
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December 31, 2025 |
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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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27 |
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€ |
|
510,897 |
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39 |
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€ |
|
531,769 |
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Buy USD/Sell DKK Forward |
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4 |
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DKK |
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1,135,567 |
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|
6 |
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DKK |
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1,156,784 |
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Buy USD/Sell AUD Forward |
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16 |
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AUD |
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1,823,695 |
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15 |
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AUD |
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1,807,627 |
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Buy USD/Sell NOK Forward |
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9 |
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NOK |
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406,300 |
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12 |
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NOK |
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410,700 |
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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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March 31, 2026 |
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December 31, 2025 |
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March 31, 2026 |
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December 31, 2025 |
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Interest rate derivatives |
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$ |
44,956 |
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$ |
75,648 |
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|
$ |
— |
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$ |
— |
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Foreign currency forward contracts |
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17,013 |
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|
7,575 |
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|
56,422 |
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|
59,520 |
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Total derivatives |
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$ |
61,969 |
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$ |
83,223 |
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$ |
56,422 |
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$ |
59,520 |
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(1)Included in Other assets on the Company’s Condensed Consolidated Balance Sheets. (2)Included in Other liabilities on the Company’s Condensed 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 Condensed Consolidated Statements of Operations and Comprehensive Loss ($ in thousands):
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For the Three Months Ended March 31, |
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Type of Derivative |
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Net Realized/Unrealized Gain (Loss) |
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2026 |
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|
2025 |
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Interest Rate Caps - Property debt |
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Unrealized gain (loss)(1) |
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$ |
26,442 |
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$ |
(68,049 |
) |
Interest Rate Swaps - Property debt |
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Unrealized gain (loss)(1) |
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2,173 |
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|
|
(824 |
) |
Foreign Currency Forward Contracts |
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Unrealized gain (loss)(2) |
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|
12,537 |
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|
(21,079 |
) |
Foreign Currency Forward Contracts |
|
Realized (loss) gain(1) |
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(3,863 |
) |
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|
837 |
|
Interest Rate Caps - Property debt |
|
Realized (loss) gain(1) |
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|
(32,997 |
) |
|
|
608 |
|
Total |
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|
$ |
4,292 |
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|
$ |
(88,507 |
) |
(1)Included in Other income (expense), net in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss. (2)A portion of this amount is included within Income from investments in real estate debt, net and the remaining amount is included within Other income (expense), net in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss.
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