v3.26.1
Derivatives and Hedging Instruments (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value of Derivative Instruments
The following table summarizes the fair value of derivative instruments as recorded in the Company’s condensed consolidated statements of financial condition (in thousands):
June 30, 2026December 31, 2025
Balance Sheet LocationFair ValueBalance Sheet LocationFair Value
Interest rate cap contractsOther assets$1,377 Other assets$286 
Interest rate swap agreementsOther assets541 — — 
Interest rate swap agreementsOther liabilities(6,515)Other liabilities(16,338)
Schedule of Derivative Instruments
The following tables summarize the terms of the derivative instruments designated as hedging instruments as recorded in the Company’s condensed consolidated statements of financial condition:

June 30, 2026
Effective dateMaturity DateHedge DesignationNotional AmountReceive Floating Rate Index
Interest rate cap contracts
2024 CapSeptember 2024September 2026Cash flow hedge$338.2 millionSONIA
2025 Cap
September 2026January 2028Cash flow hedge$338.2 million
SONIA
2025 Cap -
U.S. Facility		December 2025October 2028Cash flow hedge$130.0 million1-month SOFR CME Term
2026 CapJanuary 2028January 2029Cash flow hedge$338.2 millionSONIA
Interest rate swap agreements
2023 Euro IR SwapOctober 2023January 2028Cash flow hedge$114.2 million3-month EURIBOR
2024 Euro IR SwapsJune 2024January 2028Cash flow hedge$474.0 million3-month EURIBOR
2023 SOFR IR Swaps - U.S. Facility
November 2023October 2026
Cash flow hedge
$150.0 million
1-month SOFR CME Term
2025 SOFR IR Swaps - U.S. Facility
January 2025October 2027Cash flow hedge$125.0 million1-month SOFR CME Term
2025 SOFR IR Swaps - Global Senior Facility
April 2025April 2027Cash flow hedge$150.0 million1-month SOFR CME Term
December 31, 2025
Effective dateMaturity DateHedge DesignationNotional AmountReceive Floating Rate Index
Interest rate cap contracts
2024 CapSeptember 2024September 2026Cash flow hedge$343.5 millionSONIA
2025 CapSeptember 2026January 2028Cash flow hedge$343.5 millionSONIA
2025 Cap -
U.S. Facility
December 2025October 2028Cash flow hedge$130.0 million1-month SOFR CME Term
Interest rate swap agreements
2023 Euro IR SwapOctober 2023January 2028Cash flow hedge$117.5 million3-month EURIBOR
2024 Euro IR Swaps
June 2024January 2028Cash flow hedge$487.5 million3-month EURIBOR
2023 SOFR IR Swaps - U.S. Facility
November 2023October 2026Cash flow hedge$150.0 million1-month SOFR CME Term
2025 SOFR IR Swaps - U.S.FacilityJanuary 2025October 2027Cash flow hedge$125.0 million1-month SOFR CME Term
2025 SOFR IR Swaps - Global Senior FacilityApril 2025April 2027Cash flow hedge$150.0 million1-month SOFR CME Term
Schedule of Effects of Derivatives in Cash Flow Hedging Relationships
The following table summarizes the effects of derivatives designated as hedging instruments in the Company’s condensed consolidated financial statements (in thousands):
Derivatives Designated as Hedging InstrumentsLoss Recognized in OCI
Location of Loss Reclassified
from OCI into Income
Loss Reclassified
from OCI
Three Months Ended June 30,Three Months Ended June 30,
2026202520262025
Interest rate swap agreements$(402)$(4,609)Interest expense$(1,928)$(1,043)
Interest rate cap contracts(1,386)(623)Interest expense(568)(414)
Derivatives Designated as Hedging Instruments
Gain (Loss) Recognized in OCI
Location of Loss Reclassified
from OCI into Income
Loss Reclassified
from OCI
Six Months Ended June 30,Six Months Ended June 30,
2026202520262025
Interest rate swap agreements$6,400 $(5,809)Interest expense$(3,964)$(1,510)
Interest rate cap contracts(353)(1,319)Interest expense(1,008)(778)