Derivatives (Tables)

6 Months Ended

Jun. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Derivative Average Notional Value

The following table presents the details of the Fund’s average U.S. dollar notional exposure for the three and six months ended June 30, 2025 and June 30, 2024:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
Average notional value(1)	2025		2024		2025		2024
Interest Rate Swaps(2), hedge accounting	$	145,000,000	$	145,000,000	$	145,000,000	$	145,000,000
Interest Rate Swaps(2), non-hedge accounting		5,811,900		20,404,870		4,401,877		20,741,603
Foreign Currency Forward Contracts(3)		28,216,302		36,380,773		26,535,580		38,349,260

(1)

For each contract type, calculated based on month end amounts during which the contract was held (see consolidated statements of operations for net realized and unrealized gain (loss) on each non-hedging contract type, consolidated schedule of investments for detailed terms of the contracts, Note 2 on the purpose of the derivative activities and Note 6 for a description of the hedge accounting relationship between certain interest rate swaps and the 2026 Notes).

(2)

Risk exposure is interest rate. Certain interest rate swaps were designated as hedging instruments in accordance with hedge accounting (see Note 6).

(3)

Risk exposure is foreign currency. No foreign currency forward contract was designated as a hedging instrument in accordance with hedge accounting.

Summary of Consolidated Statements of Assets and Liabilities on Derivative Instrument

The Fund's net exposure to foreign currency forward contracts and interest rate swaps presented on the consolidated statements of assets and liabilities was as follows:


								Amounts Not Offset in Consolidated Statements of Assets and Liabilities
	Gross Amount of Assets		Gross Amount of Liabilities		Net Amount of Assets (Liabilities)			Collateral (Received) Pledged			Net Amounts
June 30, 2025
Interest Rate Swaps, hedge accounting(1)	$	880,238	$	—	$	880,238		$	—		$	880,238
Interest Rate Swaps, non-hedge accounting(2)		107,090		189,972		(82,882	)		—			(82,882	)
Foreign Currency Forward Contracts(3)		8,646		539,169		(530,523	)		530,523			—
December 31, 2024
Interest Rate Swaps, hedge accounting(4)	$	17,406	$	—	$	17,406		$	—		$	17,406
Interest Rate Swaps, non-hedge accounting(5)		250,357		78,603		171,754			—			171,754
Foreign Currency Forward Contracts(6)		401,535		—		401,535			(401,535	)		—

(1)

Over collateralization of $1.6 million is excluded from Collateral (Received)/Pledged at June 30, 2025.

(2)

Over collateralization of $(0.6) million is excluded from Collateral (Received)/Pledged at June 30, 2025.

(3)

Over collateralization of $2.7 million is excluded from Collateral (Received)/Pledged at June 30, 2025.

(4)

Over collateralization of $1.3 million is excluded from Collateral (Received)/Pledged at December 31, 2024.

(5)

Over collateralization of $0.8 million is excluded from Collateral (Received)/Pledged at December 31, 2024.

(6)

Over collateralization of $(1.5) million is excluded from Collateral (Received)/Pledged at December 31, 2024.

Summary of Consolidated Statements of Operations

The effect of transactions in derivative instruments not utilizing hedge accounting is presented in net gain (loss) on interest rate swaps and foreign currency forward contracts in the consolidated statements of operations as follows:


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2025			2024			2025			2024
Net realized gain (loss) on derivative contracts:
Foreign currency forward contracts	$	(1,614,978	)	$	483,594		$	(2,183,731	)	$	382,879
Interest rate swaps		5,057			143,487			10,276			495,676
Total net realized gain (loss) on derivative contracts	$	(1,609,921	)	$	627,081		$	(2,173,455	)	$	878,555

Net change in unrealized appreciation / (depreciation) on derivative contracts:
Foreign currency forward contracts	$	(546,035	)	$	(144,668	)	$	(932,058	)	$	827,421
Interest rate swaps		(51,633	)		127,733			(254,656	)		61,697
Total net change in unrealized appreciation / (depreciation) on derivative contracts	$	(597,668	)	$	(16,935	)	$	(1,186,714	)	$	889,118