Derivatives and Hedging Activities (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 Notional Amounts of Outstanding Derivative Positions |
The following table summarizes changes in the notional amount of our currency forward contracts during the six months ended June 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Local Currency | | | | In thousands | Notional Amount as of December 31, 2024 | | Additions | | Settlement,
Termination,
Expiration
or Exercise | | Notional Amount as of June 30, 2025 | | Notional Amount as of June 30, 2025 | | Buy USD / Sell EUR Forward | € | 39,474 | | | € | — | | | € | (1,717) | | | € | 37,757 | | | $ | 42,876 | | | Buy USD / Sell GBP Forward | £ | 19,417 | | | £ | 33,834 | | | £ | (989) | | | £ | 52,262 | | | $ | 70,372 | |
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| Schedule of Derivative Instruments in Statement of Financial Position, Fair Value |
The table below presents the fair value of our currency forward contracts, as well as their classification on the condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024: | | | | | | | | | | | | | $ in thousands | Fair Value as of | | June 30, 2025 | | December 31, 2024 | | | | | | Derivative Assets | $ | — | | | $ | 4,064 | | | Derivative Liabilities | $ | 3,590 | | | $ | — | |
The following table summarizes the effect of currency forward contracts reported in gain (loss) on derivative instruments, net on the condensed consolidated statements of comprehensive income for the three and six months ended June 30, 2025: | | | | | | | | | | | | | | | | | | | | | | $ in thousands | | Three Months Ended June 30, 2025 | | Derivatives not designated as hedging instruments | | Realized gain (loss) on derivative instruments, net | | Unrealized gain (loss), net | | Gain (loss) on derivative instruments, net | | Currency Forward Contracts | | $ | (4) | | | $ | (5,358) | | | $ | (5,362) | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | $ in thousands | | Six Months Ended June 30, 2025 | | Derivatives not designated as hedging instruments | | Realized gain (loss) on derivative instruments, net | | Unrealized gain (loss), net | | Gain (loss) on derivative instruments, net | | Currency Forward Contracts | | $ | 113 | | | $ | (7,655) | | | $ | (7,542) | |
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| Schedule of Gain (Loss) on Derivative Instruments |
The following table summarizes the effect of currency forward contracts reported in gain (loss) on derivative instruments, net on the condensed consolidated statements of comprehensive income for the three and six months ended June 30, 2025: | | | | | | | | | | | | | | | | | | | | | | $ in thousands | | Three Months Ended June 30, 2025 | | Derivatives not designated as hedging instruments | | Realized gain (loss) on derivative instruments, net | | Unrealized gain (loss), net | | Gain (loss) on derivative instruments, net | | Currency Forward Contracts | | $ | (4) | | | $ | (5,358) | | | $ | (5,362) | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | $ in thousands | | Six Months Ended June 30, 2025 | | Derivatives not designated as hedging instruments | | Realized gain (loss) on derivative instruments, net | | Unrealized gain (loss), net | | Gain (loss) on derivative instruments, net | | Currency Forward Contracts | | $ | 113 | | | $ | (7,655) | | | $ | (7,542) | |
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| Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) |
The following table illustrates the unrealized foreign exchange impact recognized in the condensed consolidated statements of comprehensive income in the three and six months ended June 30, 2025, of our loans and secured financing arrangements as well as the offsetting gain (loss) on derivative instruments in the periods: | | | | | | | | | | | | | | | $ in thousands | Three Months Ended June 30, 2025 | | Six Months Ended June 30, 2025 | | | | | | | | | | | | | | | | Unrealized foreign exchange gain (loss) on loans | $ | 25,479 | | | $ | 36,303 | | | | | Unrealized foreign exchange gain (loss) on secured financing facilities | (20,404) | | | (29,073) | | | | | | | | | | | | | | | | | Gain (loss) on derivative instruments, net | (5,362) | | | (7,542) | | | | | Net impact of hedged foreign exchange | $ | (287) | | | $ | (312) | | | |
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