Derivatives (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Schedule of Derivative Instruments |
The following tables present the aggregate notional amount and fair value hierarchy of the Company’s derivative financial instruments as of June 30, 2025 and December 31, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | Level 1 | | Level 2 | | Level 3 | | Total Fair Value | | Notional | | Derivative Assets | | | | | | | | | | | Foreign currency forward contracts | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | Interest rate swaps | — | | | 22,991 | | | — | | | 22,991 | | | 1,600,000 | | | Total Derivative assets at fair value | $ | — | | | $ | 22,991 | | | $ | — | | | $ | 22,991 | | | $ | 1,600,000 | | | | | | | | | | | | | | | | | | | | | | | Derivative Liabilities | | | | | | | | | | | Foreign currency forward contracts | $ | — | | | $ | (2,646) | | | $ | — | | | $ | (2,646) | | | $ | 188,193 | | | Interest rate swaps | — | | | — | | | — | | | — | | | — | | | Total Derivative liabilities at fair value | $ | — | | | $ | (2,646) | | | $ | — | | | $ | (2,646) | | | $ | 188,193 | | | Cash collateral posted | | | | | | | $ | 11,070 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Level 1 | | Level 2 | | Level 3 | | Total Fair Value | | Notional | | Derivative Assets | | | | | | | | | | | Foreign currency forward contracts | $ | — | | | $ | 2,401 | | | $ | — | | | $ | 2,401 | | | $ | 171,016 | | | Interest rate swaps | — | | | 3,995 | | | — | | | 3,995 | | | 400,000 | | | Total Derivative assets at fair value | $ | — | | | $ | 6,396 | | | $ | — | | | $ | 6,396 | | | $ | 571,016 | | | | | | | | | | | | | | | | | | | | | | | Derivative Liabilities | | | | | | | | | | | Foreign currency forward contracts | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | Interest rate swaps | — | | | (7,164) | | | — | | | (7,164) | | | 700,000 | | | Total Derivative liabilities at fair value | $ | — | | | $ | (7,164) | | | $ | — | | | $ | (7,164) | | | $ | 700,000 | | | Cash collateral posted | | | | | | | $ | 4,807 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended June 30, | | For the Six Months Ended June 30, | | 2025 | | 2024 | | 2025 | | 2024 | | Unrealized appreciation (depreciation) | | | | | | | | | Foreign currency forward contracts | $ | (3,126) | | | $ | — | | | $ | (5,047) | | | $ | — | | | Net change in unrealized appreciation (depreciation) | $ | (3,126) | | | $ | — | | | $ | (5,047) | | | $ | — | | | Realized gain (loss) | | | | | | | | | Foreign currency forward contracts | $ | (7,673) | | | $ | — | | | $ | (9,727) | | | $ | — | | | Net realized gain (loss) | $ | (7,673) | | | $ | — | | | $ | (9,727) | | | $ | — | |
For derivative instruments designated in qualifying hedge relationships, the change in fair value of the hedging instrument and hedged item is recorded in Interest expense and recognized as components of Interest expense in the Condensed Consolidated Statements of Operations. | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended June 30, | | For the Six Months Ended June 30, | | 2025 | | 2024 | | 2025 | | 2024 | | Interest rate swaps | $ | 10,369 | | | $ | 2,015 | | | $ | 25,778 | | | $ | 2,015 | | | Hedged items | (10,373) | | | (1,432) | | | (24,658) | | | (1,432) | |
The table below presents the carrying value of unsecured borrowings as of June 30, 2025 and December 31, 2024 that are designated in a qualifying hedging relationship and the related cumulative hedging adjustment (increase/(decrease)) from current and prior hedging relationships included in such carrying values: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | | Description | | Carrying Value | | Cumulative Hedging Adjustments | | Carrying Value | | Cumulative Hedging Adjustments | | Unsecured notes | | $ | 1,598,918 | | | $ | 21,762 | | | $ | 1,082,389 | | | $ | (2,896) | |
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| Offsetting Assets |
The Company has elected to offset cash collateral posted to or received from its counterparty against the net fair value of derivative instruments with that counterparty. The following tables present the offsetting of the Company’s derivative financial instruments as of June 30, 2025 and December 31, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2025 | | Counterparty | | Derivative Assets Subject to Master Netting Agreement | | Derivatives Available for Offset | | Cash Collateral Offset | | Net Amount Derivative Asset | | Cash Collateral Received (1) | | Cash Collateral Received Not Offset (2) | | SMBC Capital Markets, Inc. | | $ | 8,969 | | | $ | — | | | $ | — | | | $ | 8,969 | | | $ | — | | | $ | — | | | Wells Fargo Bank, N.A. | | 14,022 | | | (2,646) | | | — | | | 11,376 | | | — | | | — | | | | $ | 22,991 | | | $ | (2,646) | | | $ | — | | | $ | 20,345 | | | $ | — | | | $ | — | | | | | | | | | | | | | | | | Counterparty | | Derivative Liabilities Subject to Master Netting Agreement | | Derivatives Available for Offset | | Cash Collateral Offset | | Net Amount Derivative Liabilities | | Cash Collateral Posted (1) | | Cash Collateral Posted Not Offset (2) | | SMBC Capital Markets, Inc. | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 1,770 | | | $ | 1,770 | | | Wells Fargo Bank, N.A. | | (2,646) | | | 2,646 | | | — | | | — | | | 9,300 | | | 9,300 | | | | $ | (2,646) | | | $ | 2,646 | | | $ | — | | | $ | — | | | $ | 11,070 | | | $ | 11,070 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2024 | | Counterparty | | Derivative Assets Subject to Master Netting Agreement | | Derivatives Available for Offset | | Cash Collateral Offset | | Net Amount Derivative Asset | | Cash Collateral Received (1) | | Cash Collateral Received Not Offset (2) | | SMBC Capital Markets, Inc. | | $ | 3,995 | | | $ | — | | | $ | — | | | $ | 3,995 | | | $ | — | | | $ | — | | | Wells Fargo Bank, N.A. | | 2,401 | | | (2,401) | | | — | | | — | | | — | | | — | | | | $ | 6,396 | | | $ | (2,401) | | | $ | — | | | $ | 3,995 | | | $ | — | | | $ | — | | | | | | | | | | | | | | | | Counterparty | | Derivative Liabilities Subject to Master Netting Agreement | | Derivatives Available for Offset | | Cash Collateral Offset | | Net Amount Derivative Liabilities | | Cash Collateral Posted (1) | | Cash Collateral Posted Not Offset (2) | | SMBC Capital Markets, Inc. | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 1,770 | | | $ | 1,770 | | | Wells Fargo Bank, N.A. | | (7,164) | | | 2,401 | | | 4,763 | | | — | | | 7,800 | | | 3,037 | | | | $ | (7,164) | | | $ | 2,401 | | | $ | 4,763 | | | $ | — | | | $ | 9,570 | | | $ | 4,807 | |
(1)No non-cash collateral has been posted to or received from counterparties related to derivative assets or derivative liabilities. (2)Cash collateral posted to or received from counterparties has been offset against the derivative position with those counterparties to the extent an amount is available to be offset. Cash collateral posted to or received from counterparties in excess of the net derivative positions and not offset is recorded in the Condensed Consolidated Statements of Assets and Liabilities as Receivable from Broker or Payable to Broker, respectively.
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| Offsetting Liabilities |
The Company has elected to offset cash collateral posted to or received from its counterparty against the net fair value of derivative instruments with that counterparty. The following tables present the offsetting of the Company’s derivative financial instruments as of June 30, 2025 and December 31, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2025 | | Counterparty | | Derivative Assets Subject to Master Netting Agreement | | Derivatives Available for Offset | | Cash Collateral Offset | | Net Amount Derivative Asset | | Cash Collateral Received (1) | | Cash Collateral Received Not Offset (2) | | SMBC Capital Markets, Inc. | | $ | 8,969 | | | $ | — | | | $ | — | | | $ | 8,969 | | | $ | — | | | $ | — | | | Wells Fargo Bank, N.A. | | 14,022 | | | (2,646) | | | — | | | 11,376 | | | — | | | — | | | | $ | 22,991 | | | $ | (2,646) | | | $ | — | | | $ | 20,345 | | | $ | — | | | $ | — | | | | | | | | | | | | | | | | Counterparty | | Derivative Liabilities Subject to Master Netting Agreement | | Derivatives Available for Offset | | Cash Collateral Offset | | Net Amount Derivative Liabilities | | Cash Collateral Posted (1) | | Cash Collateral Posted Not Offset (2) | | SMBC Capital Markets, Inc. | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 1,770 | | | $ | 1,770 | | | Wells Fargo Bank, N.A. | | (2,646) | | | 2,646 | | | — | | | — | | | 9,300 | | | 9,300 | | | | $ | (2,646) | | | $ | 2,646 | | | $ | — | | | $ | — | | | $ | 11,070 | | | $ | 11,070 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2024 | | Counterparty | | Derivative Assets Subject to Master Netting Agreement | | Derivatives Available for Offset | | Cash Collateral Offset | | Net Amount Derivative Asset | | Cash Collateral Received (1) | | Cash Collateral Received Not Offset (2) | | SMBC Capital Markets, Inc. | | $ | 3,995 | | | $ | — | | | $ | — | | | $ | 3,995 | | | $ | — | | | $ | — | | | Wells Fargo Bank, N.A. | | 2,401 | | | (2,401) | | | — | | | — | | | — | | | — | | | | $ | 6,396 | | | $ | (2,401) | | | $ | — | | | $ | 3,995 | | | $ | — | | | $ | — | | | | | | | | | | | | | | | | Counterparty | | Derivative Liabilities Subject to Master Netting Agreement | | Derivatives Available for Offset | | Cash Collateral Offset | | Net Amount Derivative Liabilities | | Cash Collateral Posted (1) | | Cash Collateral Posted Not Offset (2) | | SMBC Capital Markets, Inc. | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 1,770 | | | $ | 1,770 | | | Wells Fargo Bank, N.A. | | (7,164) | | | 2,401 | | | 4,763 | | | — | | | 7,800 | | | 3,037 | | | | $ | (7,164) | | | $ | 2,401 | | | $ | 4,763 | | | $ | — | | | $ | 9,570 | | | $ | 4,807 | |
(1)No non-cash collateral has been posted to or received from counterparties related to derivative assets or derivative liabilities. (2)Cash collateral posted to or received from counterparties has been offset against the derivative position with those counterparties to the extent an amount is available to be offset. Cash collateral posted to or received from counterparties in excess of the net derivative positions and not offset is recorded in the Condensed Consolidated Statements of Assets and Liabilities as Receivable from Broker or Payable to Broker, respectively.
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