v3.26.1
Derivatives (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Outstanding Derivatives
The following tables detail the Company’s outstanding interest rate derivatives (notional amount in thousands):

June 30, 2026
Interest Rate Derivatives
Number of InstrumentsNotional AmountWeighted Average StrikeIndexWeighted Average Maturity (Years)
Derivatives designated as hedging instruments
Interest rate swaps – property debt
14$5,826,428 2.6%SOFR2.6
Derivatives not designated as hedging instruments
Interest rate caps – property debt(1)
14419,817,359 5.5%SOFR0.8
Interest rate swaps – property debt
4120,349,049 1.6%SOFR, EURIBOR1.9
Interest rate swaps – secured financings of investments in real estate debt42480,515 4.0%SOFR3.8
Total derivatives not designated as hedging instruments
$40,646,923 
December 31, 2025
Interest Rate Derivatives
Number of InstrumentsNotional AmountWeighted Average StrikeIndexWeighted Average Maturity (Years)
Derivatives designated as hedging instruments
Interest rate swaps – property debt
23$6,658,597 2.6%SOFR2.9
Derivatives not designated as hedging instruments
Interest rate caps – property debt(1)
13819,774,088 5.8%SOFR0.6
Interest rate swaps – property debt
5726,163,606 1.7%SOFR, EURIBOR2.2
Interest rate swaps – secured financings of investments in real estate debt8258,315 4.2%SOFR4.4
Total derivatives not designated as hedging instruments
$46,196,009 
(1)Includes interest rate caps presented on a net basis with an aggregate notional amount of $10.3 billion and $7.9 billion as of June 30, 2026 and December 31, 2025, respectively.
The following table details the Company’s outstanding foreign currency forward contracts that were non-designated hedges of foreign currency risk (notional amount in thousands):
June 30, 2026December 31, 2025
Foreign Currency Forward ContractsNumber of InstrumentsNotional AmountNumber of InstrumentsNotional Amount
Buy USD / Sell EUR Forward3€29,224 6€47,163 
Buy USD / Sell GBP Forward2£1,311 1£1,180 
Buy EUR / Sell USD Forward—€— 1€66 
Schedule of Fair Value of Derivative Financial Instruments
The following table details the fair value of the Company’s derivative financial instruments ($ in thousands):
Fair Value of Derivatives
in an Asset Position(1)
Fair Value of Derivatives
in a Liability Position(2)
June 30, 2026December 31, 2025June 30, 2026December 31, 2025
Derivatives designated as hedging instruments
Interest rate swaps – property debt
$164,112 $118,808 $— $748 
Total derivatives designated as hedging instruments
164,112 118,808 — 748 
Derivatives not designated as hedging instruments
Interest rate swaps – property debt
767,954 827,557 84 3,728 
Interest rate caps – property debt(3)
23,040 12,642 12,721 10,854 
Interest rate swaps – secured financings of investments in real estate debt1,695 201 3,615 7,764 
Foreign currency forward contracts54 1,120 — 1,180 
Total derivatives not designated as hedging instruments792,743 841,520 16,420 23,526 
Total derivatives$956,855 $960,328 $16,420 $24,274 
(1)Included in Other Assets in the Company’s Condensed Consolidated Balance Sheets.
(2)Included in Other Liabilities in the Company’s Condensed Consolidated Balance Sheets.
(3)Includes interest rate caps presented on a net basis with an aggregate fair value of $51.8 million and $25.3 million as of June 30, 2026 and December 31, 2025, respectively.
Schedule of Effect of Derivative Financial Instruments on Condensed Consolidated Statements of Operations
The following tables detail the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income (Loss) ($ in thousands):
Type of Derivative
Realized/Unrealized Gain (Loss)Location of Gain (Loss) Recognized Three Months Ended June 30,
20262025
Included in Net Income (Loss)
Interest rate swap – property debt
Unrealized loss(1)$(57,773)$(231,099)
Interest rate caps – property debtUnrealized loss(1)(2,683)(4,353)
Interest rate swap – secured financings of investments in real estate debt
Unrealized gain (loss)
(1)
4,123 (645)
Foreign currency forward contractRealized gain (loss)
(2)
564 (6,369)
Foreign currency forward contractUnrealized loss
(2)
(177)(738)
Total$(55,946)$(243,204)
Included in Other Comprehensive Income
Interest rate swap – property debt(3)
Unrealized gain (loss)
29,593 (59,388)
Total$(26,353)$(302,592)
Type of Derivative
Realized/Unrealized Gain (Loss)Location of Gain (Loss) RecognizedSix Months Ended June 30,
20262025
Included in Net Loss
Interest rate swap – property debt
Unrealized loss
(1)
$(51,705)$(578,706)
Interest rate swap – property debt
Realized loss(1)(1,618)— 
Interest rate caps – property debtUnrealized gain (loss)
(1)
1,147 (12,796)
Interest rate caps – property debt
Realized loss
(1)
— (18)
Interest rate swaps – secured financings of investments in real estate debtUnrealized gain (loss)
(1)
6,136 (7,239)
Foreign currency forward contractRealized gain (loss)
(2)
1,542 (4,780)
Foreign currency forward contractUnrealized gain (loss)
(2)
112 (6,502)
Total$(44,386)$(610,041)
Included in Other Comprehensive Income
Interest rate swap – property debt(3)
Unrealized gain (loss)50,471 (154,843)
Total$6,085 $(764,884)
(1)Included in Loss from Interest Rate Derivatives in the Company’s Condensed Consolidated Statements of Operations.
(2)Included in Income from Investments in Real Estate Debt in the Company’s Condensed Consolidated Statements of Operations.
(3)During the three and six months ended June 30, 2026, net gain of $18.2 million and $37.8 million respectively, was reclassified from accumulated other comprehensive income into net income.