v3.25.4
Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments Presented on the Balance Sheet and Notional Amounts
The following table sets forth the derivative instruments presented on the consolidated balance sheets and notional amounts as of December 31, 2025 and December 31, 2024:

Notional Amounts
As of:Derivatives Not Designated as Hedging InstrumentsNumber of ContractsAssetsLiabilitiesLong ExposureShort Exposure
($ in thousands)
December 31, 2025Interest rate futures3,143$— $32 $— $314,300 
December 31, 2025TBAsN/A$240 $— $— $198,600 
December 31, 2024Interest rate futures2,800 $987 $— $— $280,000 
December 31, 2024TBAsN/A$528 $— $— $213,400 
Schedule of Gains and Losses Arising from Derivative Instruments
The gains and losses arising from these derivative instruments in the consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2025, and December 31, 2024 are set forth as follows:

As of:Derivatives Not Designated as Hedging InstrumentsNet Realized Gains (Losses) on Derivative InstrumentsNet Change in Unrealized Appreciation (Depreciation) on Derivative Instruments
(in thousands)
December 31, 2025Interest rate futures$(3,108)$(1,019)
December 31, 2025TBAs$(1,877)$(289)
December 31, 2024Interest rate futures$5,847 $1,827 
December 31, 2024TBAs$5,374 $1,022