Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Changes to the Notional Amount of Derivative Instruments

The following table summarizes changes to the notional amount of our derivative instruments in for the three months ended March 31, 2026:


in thousands	Notional Amount as of December 31, 2025		Additions		Termination or Expiration		Notional Amount as of March 31, 2026

Interest rate swaps	$	195,400	$	—	$	—	$	195,400
Total	$	195,400	$	—	$	—	$	195,400

Schedule of Notional Amount and Other Information Related to Interest Rate Swaps

The following tables summarize the notional amount and other information related to our interest rate swaps as of March 31, 2026 and December 31, 2025:


	March 31, 2026
in thousands	Number of Instruments	Notional Amount(1)		Fair Value		Weighted Average Strike Rate/Fixed Rate	Weighted Average Remaining Term In Years
Assets(2)

Interest rate swap	1	$	52,000	$	510	2.73%	1.08
Total assets	1	$	52,000	$	510
Liabilities(3)
Interest rate swaps	2	$	142,900	$	159	3.86%	0.56
Total liabilities	2	$	142,900	$	159


	December 31, 2025
in thousands	Number of Instruments	Notional Amount(1)		Fair Value		Weighted Average Strike Rate/Fixed Rate	Weighted Average Remaining Term In Years
Assets(2)

Interest rate swap	1	$	52,500	$	405	2.73%	1.32
Total assets	1	$	52,500	$	405
Liabilities(3)
Interest rate swaps	2	$	142,900	$	524	3.86%	0.80
Total liabilities	2	$	142,900	$	524

(1)The notional amount represents the amount of the mortgage note borrowings that we are hedging. It does not represent our exposure to credit, interest rate or market risks.

(2)Derivative assets are included as a component of other assets on our condensed consolidated balance sheets.

(3)Derivative liabilities are included as a component of accounts payable, accrued expenses and other liabilities on our condensed consolidated balance sheets.

Schedule of Gain (Loss) on Derivative Instruments, Net

The following tables summarize the effect of interest rate caps and interest rate swaps reported in gain (loss) on derivative instruments, net on the condensed consolidated statements of operations for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31, 2026
in thousands	Realized gain (loss) on derivative instruments, net		Contractual net interest income (expense)		Unrealized gain (loss), net		Gain (loss) on derivative instruments, net

Interest rate swaps	$	—	$	91	$	468	$	559
Total	$	—	$	91	$	468	$	559


	Three Months Ended March 31, 2025
in thousands	Realized gain (loss) on derivative instruments, net		Contractual net interest income (expense)		Unrealized gain (loss), net		Gain (loss) on derivative instruments, net
Interest rate caps	$	—	$	17	$	(272)	$	(255)
Interest rate swap	—		220		(510)		(290)
Total	$	—	$	237	$	(782)	$	(545)