v3.25.2
Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments Presented on the Balance Sheet and Notional Amounts
The following table sets forth the derivative instruments presented on the condensed consolidated balance sheets and notional amounts as of June 30, 2025 and December 31, 2024:

Notional Amounts
As of:Derivatives Not Designated as Hedging InstrumentsNumber of ContractsAssetsLiabilitiesLong ExposureShort Exposure
(in thousands)
June 30, 2025Interest rate futures1,953$— $1,147 $— $195,300 
June 30, 2025TBAsN/A$— $3,208 $— $251,700 
December 31, 2024Interest rate futures2,800$987 $— $— $280,000 
December 31, 2024TBAsN/A$528 $— $— $213,400 
Schedule of Derivatives Not Designated as Hedging Instruments
The gains and losses arising from these derivative instruments in the condensed consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2025 and June 30, 2024 are set forth as follows:

Derivatives Not Designated as Hedging InstrumentsNet Realized Gains (Losses) on Derivative InstrumentsNet Change in Unrealized Appreciation (Depreciation) on Derivative Instruments
(in thousands)
Three Months Ended June 30, 2025Interest rate futures$(1,064)$(199)
Three Months Ended June 30, 2025TBAs$(3,016)$(4,629)
Three Months Ended June 30, 2024Interest rate futures$290 $844 
Three Months Ended June 30, 2024TBAs$1,818 $1,748 

Derivatives Not Designated as Hedging InstrumentsNet Realized Gains (Losses) on Derivative InstrumentsNet Change in Unrealized Appreciation (Depreciation) on Derivative Instruments
(in thousands)
Six Months Ended June 30, 2025Interest rate futures$(2,536)$(2,134)
Six Months Ended June 30, 2025TBAs$(1,853)$(3,737)
Six Months Ended June 30, 2024Interest rate futures$3,839 $1,048 
Six Months Ended June 30, 2024TBAs$2,124 $1,988