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Derivative Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Equity Method Investment's, Interest Rate Caps and Corresponding Asset (Liability) and Gross and Net Presentation of Amounts
The following summarizes the terms of the Company's interest rate caps and swaps and the corresponding asset (liability) as of March 31, 2024 and December 31, 2023 (in thousands):
Notional Amount(1)
Strike
Credit Spread (2)
TradeForwardMaturity
Date
Fair Value Asset (Liability) as of
March 31, 2024December 31, 2023
Caps
$8,000 3.50 %2.60 %6/29/20237/3/20231/1/2024$— $— 
$8,000 3.50 %2.60 %12/20/20231/2/20247/1/2024$36 $63 
Swaps
$267,000 4.40 %2.35 %12/7/202312/1/202312/1/2025$832 $(1,678)
$80,000 4.54 %2.35 %12/8/202312/1/202312/1/2025$70 $(706)
$20,000 4.54 %2.35 %12/8/202312/1/202312/1/2025$17 $(177)
______________
FOOTNOTES:
(1)Amounts related to the interest rate caps and swaps held by the Company are recorded at fair value and included in other assets or other liabilities in the accompanying condensed consolidated balance sheets.
(2)The all-in rates are equal to the sum of the Strike and Credit Spread.