v3.25.4
Derivatives (Tables)
12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of the Average Notional Amounts

The table below presents the average notional amounts, as an indicator for volume, for interest rate swaps:

 

 

 

For the Years Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Interest rate swaps

 

$

553,846

 

 

$

 

 

$

 

 

 

 

 

 

 

 

 

 

 

Schedule of Interest Rate Swaps

The Company’s net exposure to interest rate swaps that are subject to ISDA Master Agreements or similar agreements presented on the Consolidated Statements of Assets and Liabilities, was as follows:

 

 

December 31, 2025

 

 

 

 

Derivative Assets

 

 

Derivative Liabilities

 

 

 

 

 

 

 

 

 

 

 

Counter Party

 

Interest rate swaps

 

 

Total

 

 

Interest rate swaps

 

 

Total

 

 

Net Derivative Asset (Liabilities)

 

 

Cash collateral netting(1)

 

 

Net Amount (2)

 

 

Bank of America, N.A.

 

$

2,044

 

 

$

2,044

 

 

$

(181

)

 

$

(181

)

 

$

1,863

 

 

$

(1,520

)

 

$

343

 

 

BNP Paribas

 

 

 

 

 

 

 

 

(1,894

)

 

 

(1,894

)

 

 

(1,894

)

 

 

1,894

 

 

 

 

 

 

(1)
Amount excludes excess cash collateral received or paid, if any.
(2)
Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual offset rights under the agreement. Net amount excludes any over-collateralized amounts, if applicable.
Schedule of Impact to the Consolidated Statements of Operations from Derivative Assets and Liabilities Designated in a Qualifying Hedge Accounting Relationship

The table below presents the impact to the Consolidated Statements of Operations from derivative assets and liabilities designated in a qualifying hedge accounting relationship:

 

 

 

For the Years Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Interest rate swaps

 

$

(31

)

 

$

 

 

$

 

Hedged liabilities

 

 

(210

)

 

 

 

 

 

 

Summary of carrying values of unsecured borrowings

The table below presents the carrying value of unsecured borrowings that are designated in a qualifying fair value hedging relationship and the related cumulative hedging adjustments (increase/(decrease)) from current and prior hedging relationships included in such carrying values:

 

 

 

December 31, 2025

 

 

December 31, 2024

 

 

Carrying Value

 

 

Cumulative Hedging Adjustments

 

 

Carrying Value

 

 

Cumulative Hedging Adjustments

 

Hedged liabilities

 

$

2,125,936

 

 

$

210

 

 

$

 

 

$