Interest Rate Derivatives (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Derivatives Recorded as Derivative Liability

The Company had the following interest rate derivatives recorded as an asset within other assets in the Condensed Consolidated Statements of Financial Condition as of June 30, 2022 and December 31, 2021:

Derivative	Notional Amount		Fair Value as of June 30, 2022		Fair Value as of December 31, 2021		Fixed Rate Paid		Floating Rate Received	Effective Date(2)	Maturity Date
Interest rate swap	$	232,000	$	20,661	$	2,264	1.33	%	1 month LIBOR (1)	March 2021	February 2028
Interest rate swap	68,000		5,852		431		1.39	%	1 month LIBOR (1)	July 2021	February 2028
			$	26,513	$	2,695

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(1)Floating rate received subject to a 0.50% Floor. Refer to Note 12 regarding the interest rate on the outstanding debt in the event of a Benchmark Transition Event. If the outstanding debt defaults to Term SOFR plus a Benchmark Replacement Adjustment, the floating rate received under the interest rate swaps will also default to such rate.

(2)Represents the date at which the derivative is in effect and the Company is contractually required to begin payment of interest under the terms of the agreement.

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

A rollforward of the amounts in accumulated other comprehensive income (loss) (“AOCI”) related to interest rate derivatives designated as cash flow hedges is as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Derivative gain (loss) at beginning of period	$	14,712	$	(7,484)	$	(3,622)	$	(11,163)
Amount recognized in other comprehensive income	6,392		(4,179)		22,752		(1,620)
Amount reclassified from accumulated other comprehensive loss to interest expense	1,788		1,844		3,762		2,964
Derivative gain (loss) at end of period	22,892		(9,819)		22,892		(9,819)
Less: gain (loss) attributable to noncontrolling interests in GCMH	17,385		(7,697)		17,385		(7,697)
Derivative gain (loss) at end of period, net	$	5,507	$	(2,122)	$	5,507	$	(2,122)