Derivatives and Hedging Instruments (Tables)

12 Months Ended

Dec. 31, 2023

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 consolidated statements of financial condition (in thousands):

	December 31, 2023			December 31, 2022
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments:
Interest rate cap contracts	Other assets	$	14,564	Other assets	$	36,807
Interest rate swap agreements	Other liabilities	(22,510)		—	—
Cross-currency swap agreements	Other assets	361		—	—
Cross-currency swap agreements	Other liabilities	(28,039)		Other liabilities	(36,918)
Derivatives not designated as hedging instruments:
Interest rate cap contracts	Other assets	2,386		—	—

Schedule of Derivative Instruments

The following table summarizes the terms of the derivative instruments designated as hedging instruments as recorded in the Company’s consolidated statements of financial condition:

	December 31, 2023
	Effective date	Maturity Date	Hedge Designation	Notional Amount	Receive Floating Rate Index
Interest rate cap contracts
2019 Cap	January 2020	June 2024	Cash flow hedge	$441.5 million	3-month EURIBOR
2021 Cap(1)	November 2021	September 2024	Cash flow hedge	$318.3 million	SONIA
2024 Cap	September 2024	September 2026	Cash flow hedge	$324.6 million	SONIA
Interest rate swap agreements
2023 Euro IR Swap	October 2023	January 2028	Cash flow hedge	$110.4 million	3-month EURIBOR
2024 Euro IR Swaps	June 2024	January 2028	Cash flow hedge	$458.1 million	3-month EURIBOR
2023 SOFR IR Swaps	November 2023	October 2026	Cash flow hedge	$150.0 million	1-month SOFR CME Term
Cross-currency swap agreements
2020 Euro Swaps	September 2020	October 2025	Fair value hedge	$386.3 million	—
2023 GBP Swaps	July 2023	February 2026	Fair value hedge	$381.9 million	—

_______________________

(1)The total notional amount of the 2021 Cap was $445.6 million, of which $318.3 million was hedge designated and $127.3 million was not hedge designated as of December 31, 2023.

	December 31, 2022
	Effective date	Maturity Date	Hedge Designation	Notional Amount	Receive Floating Rate Index
Interest rate cap contracts
2019 Cap	January 2020	June 2024	Cash flow hedge	$428.9 million	3-month EURIBOR
2021 Cap	November 2021	September 2024	Cash flow hedge	$423.5 million	SONIA
Cross-currency swap agreements
2020 Euro Swaps	September 2020	October 2025	Cash flow hedge	$375.3 million	—

Effects of Derivatives in Cash Flow Hedging Relationships

The following table summarizes the effects of derivatives designated as hedging instruments in the Company’s consolidated financial statements (in thousands):

Derivatives Designated as Hedging Instruments	Gain (Loss) Recognized in OCI						Location of Gain (Loss) Reclassified from OCI into Income	Gain (Loss) Reclassified from OCI into Income
	Year Ended December 31,							Year Ended December 31,
	2023		2022		2021			2023		2022		2021
Interest rate swap agreements	$	(22,184)	$	—	$	(69)	Interest expense	$	325	$	—	$	(8,743)
Interest rate cap contracts	(22,820)		33,354		1,824		Interest expense	(1,856)		(653)		(568)
Cross-currency swap agreements	3,496		(27,617)		(33,464)		Interest expense	(5,057)		(7,601)		(4,984)
							Other income (expense)	5,886		(22,394)		(28,548)

The following table summarizes the effects of derivatives not designated as hedging instruments on the Company’s consolidated statements of operations during the periods presented (in thousands):

Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivative	Amount of Gain (Loss) Recognized in Income
		Year ended December 31,
		2023		2022		2021
Foreign currency exchange contracts	Other expense	$	—	$	—	$	(20)
Interest rate cap contracts	Other expense	(556)		—		—
Interest rate swap agreements	Other expense	—		—		(73)