v3.25.4
DERIVATIVE INSTRUMENTS (Tables)
12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Breakdown of the Derivatives Outstanding The following is a breakdown of the derivatives outstanding as of December 31, 2025 and December 31, 2024 ($ in thousands):
 
December 31, 2025
  Fair ValueRemaining
Maturity
(years)
Contract TypeNotionalAsset(1)Liability(1)
Caps    
1 Month Term SOFR$91,000 $$— 0.79
Futures   
10-year Treasury-Note Futures22,500 263 — 0.22
Total derivatives$113,500 $264 $  
(1)Shown as derivative instruments in the accompanying consolidated balance sheet.


December 31, 2024
  Fair ValueRemaining
Maturity
(years)
Contract TypeNotionalAsset(1)Liability(1)
Caps    
1 Month Term SOFR$90,000 $432 $ 0.62
Options    
OptionsN/A(2)— 0.05
Total credit derivatives 5   
Total derivatives$90,000 $437 $  
(1)Shown as derivative instruments in the accompanying consolidated balance sheet.
(2)The Company held 275 options contracts as of December 31, 2024.
Schedule of Net Realized and Unrealized Gains/(Losses) on Derivatives
The following table summarizes the net realized gains (losses) and unrealized gains (losses) on derivatives, by primary underlying risk exposure, as included in net result from derivatives transactions in the consolidated statements of income for the years ended December 31, 2025, 2024, and 2023 ($ in thousands):

 Year Ended December 31, 2025
Contract TypeUnrealized
Gain/(Loss)
Realized
Gain/(Loss)
Net Result
from
Derivative
Transactions
Caps$(463)$504 $41 
Futures263 1,591 1,854 
Options— (60)(60)
Total$(200)$2,035 $1,835 
 
 Year Ended December 31, 2024
Contract TypeUnrealized
Gain/(Loss)
Realized
Gain/(Loss)
Net Result
from
Derivative
Transactions
Caps$(1,315)$1,562 $247 
Futures(545)5,813 5,268 
Options— (95)(95)
Total$(1,860)$7,280 $5,420 
 Year Ended December 31, 2023
Contract TypeUnrealized
Gain/(Loss)
Realized
Gain/(Loss)
Net Result
from
Derivative
Transactions
Caps$(895)$1,378 $483 
Futures423 834 1,257 
Options82 (341)(259)
Total$(390)$1,871 $1,481