v3.26.1
Derivative Instruments (Tables)
12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Open Foreign Currency Forward Contracts

The following tables present the open foreign currency forward contracts as of December 31, 2025 and December 31, 2024:

December 31, 2025

 

Foreign Currency

 

Settlement Date

 

Statement of Assets and Liabilities Location

 

Counterparty

 

Amount Transacted

 

 

Notional Value at Settlement

 

 

Notional Value at Period End

 

 

Fair Value

 

AUD

 

January 7, 2027

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

AUD 196

 

 

$

127

 

 

$

130

 

 

$

(3

)

AUD

 

March 11, 2026

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

AUD 1,287

 

 

$

830

 

 

$

859

 

 

$

(29

)

AUD

 

March 11, 2027

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

AUD 1,314

 

 

$

848

 

 

$

871

 

 

$

(23

)

AUD

 

April 7, 2027

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

AUD 193

 

 

$

124

 

 

$

128

 

 

$

(4

)

AUD

 

June 11, 2026

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

AUD 1,326

 

 

$

856

 

 

$

884

 

 

$

(28

)

AUD

 

June 11, 2027

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

AUD 79,323

 

 

$

51,156

 

 

$

52,451

 

 

$

(1,295

)

AUD

 

September 11, 2026

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

AUD 1,336

 

 

$

863

 

 

$

890

 

 

$

(27

)

AUD

 

October 7, 2026

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

AUD 196

 

 

$

127

 

 

$

130

 

 

$

(3

)

AUD

 

December 11, 2026

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

AUD 1,325

 

 

$

855

 

 

$

881

 

 

$

(26

)

GBP

 

January 7, 2026

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

GBP 60

 

 

$

80

 

 

$

81

 

 

$

(1

)

 

December 31, 2025

 

Foreign Currency

 

Settlement Date

 

Statement of Assets and Liabilities Location

 

Counterparty

 

Amount Transacted

 

 

Notional Value at Settlement

 

 

Notional Value at Period End

 

 

Fair Value

 

GBP

 

January 7, 2027

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

GBP 116

 

 

$

153

 

 

$

156

 

 

$

(3

)

GBP

 

March 18, 2026

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

GBP 76,442

 

 

$

102,196

 

 

$

102,986

 

 

$

(790

)

GBP

 

July 7, 2026

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

GBP 115

 

 

$

154

 

 

$

155

 

 

$

(1

)

GBP

 

July 7, 2027

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

GBP 114

 

 

$

151

 

 

$

153

 

 

$

(2

)

GBP

 

October 8, 2027

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

GBP 2,558

 

 

$

3,381

 

 

$

3,436

 

 

$

(55

)

GBP

 

January 7, 2026

 

Unrealized appreciation on foreign currency forward contracts

 

Macquarie

 

 

GBP 2,398

 

 

$

3,234

 

 

$

3,231

 

 

$

3

 

GBP

 

January 7, 2027

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

GBP 3,507

 

 

$

4,707

 

 

$

4,719

 

 

$

(12

)

GBP

 

March 8, 2027

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

GBP 117

 

 

$

155

 

 

$

157

 

 

$

(2

)

GBP

 

March 9, 2026

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

GBP 243

 

 

$

325

 

 

$

328

 

 

$

(3

)

GBP

 

March 18, 2026

 

Unrealized appreciation on foreign currency forward contracts

 

Macquarie

 

 

GBP (14,340)

 

 

$

(19,261

)

 

$

(19,319

)

 

$

58

 

GBP

 

June 8, 2026

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

GBP 121

 

 

$

162

 

 

$

163

 

 

$

(1

)

GBP

 

June 8, 2027

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

GBP 119

 

 

$

159

 

 

$

162

 

 

$

(3

)

GBP

 

July 7, 2026

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

GBP 3,499

 

 

$

4,712

 

 

$

4,713

 

 

$

(1

)

GBP

 

July 7, 2027

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

GBP 3,446

 

 

$

4,608

 

 

$

4,630

 

 

$

(22

)

GBP

 

July 14, 2028

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

GBP 3,578

 

 

$

4,655

 

 

$

4,796

 

 

$

(141

)

GBP

 

July 15, 2027

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

GBP 2,557

 

 

$

3,341

 

 

$

3,435

 

 

$

(94

)

GBP

 

September 8, 2026

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

GBP 120

 

 

$

160

 

 

$

162

 

 

$

(2

)

GBP

 

September 8, 2027

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

GBP 5,120

 

 

$

6,782

 

 

$

6,876

 

 

$

(94

)

GBP

 

September 9, 2027

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

GBP 78,727

 

 

$

105,132

 

 

$

105,726

 

 

$

(594

)

GBP

 

December 8, 2026

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

GBP 118

 

 

$

158

 

 

$

160

 

 

$

(2

)

 

 

December 31, 2025

 

Foreign Currency

 

Settlement Date

 

Statement of Assets and Liabilities Location

 

Counterparty

 

Amount Transacted

 

 

Notional Value at Settlement

 

 

Notional Value at Period End

 

 

Fair Value

 

CAD

 

January 6, 2026

 

Unrealized appreciation on foreign currency forward contracts

 

Macquarie

 

 

CAD 1,306

 

 

$

954

 

 

$

952

 

 

$

2

 

CAD

 

March 31, 2026

 

Unrealized appreciation on foreign currency forward contracts

 

Macquarie

 

 

CAD 1,718

 

 

$

1,268

 

 

$

1,256

 

 

$

12

 

CAD

 

June 30, 2026

 

Unrealized appreciation on foreign currency forward contracts

 

Macquarie

 

 

CAD 76,721

 

 

$

56,704

 

 

$

56,309

 

 

$

395

 

EUR

 

January 7, 2026

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

EUR 544

 

 

$

638

 

 

$

639

 

 

$

(1

)

EUR

 

January 7, 2027

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

EUR 1,083

 

 

$

1,289

 

 

$

1,291

 

 

$

(2

)

EUR

 

March 18, 2026

 

Unrealized appreciation on foreign currency forward contracts

 

Macquarie

 

 

EUR 37,240

 

 

$

43,954

 

 

$

43,907

 

 

$

47

 

EUR

 

July 7, 2026

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

EUR 1,064

 

 

$

1,258

 

 

$

1,260

 

 

$

(2

)

EUR

 

July 7, 2027

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

EUR 1,075

 

 

$

1,286

 

 

$

1,289

 

 

$

(3

)

EUR

 

October 8, 2027

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

EUR 28,828

 

 

$

34,564

 

 

$

34,659

 

 

$

(95

)

EUR

 

January 7, 2026

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

EUR 1,069

 

 

$

1,255

 

 

$

1,256

 

 

$

(1

)

EUR

 

July 7, 2026

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

EUR 1,576

 

 

$

1,867

 

 

$

1,880

 

 

$

(13

)

EUR

 

January 7, 2027

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

EUR 1,609

 

 

$

1,918

 

 

$

1,918

 

 

$

 

EUR

 

March 8, 2027

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

EUR 444

 

 

$

529

 

 

$

531

 

 

$

(2

)

EUR

 

March 9, 2026

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

EUR 905

 

 

$

1,064

 

 

$

1,067

 

 

$

(3

)

EUR

 

June 8, 2026

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

EUR 453

 

 

$

535

 

 

$

536

 

 

$

(1

)

 

December 31, 2025

 

Foreign Currency

 

Settlement Date

 

Statement of Assets and Liabilities Location

 

Counterparty

 

Amount Transacted

 

 

Notional Value at Settlement

 

 

Notional Value at Period End

 

 

Fair Value

 

EUR

 

June 8, 2027

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

EUR 457

 

 

$

546

 

 

$

548

 

 

$

(2

)

EUR

 

July 7, 2027

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

EUR 1,605

 

 

$

1,922

 

 

$

1,924

 

 

$

(2

)

EUR

 

September 9, 2027

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

EUR 43,078

 

 

$

51,680

 

 

$

51,744

 

 

$

(64

)

EUR

 

September 8, 2026

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

EUR 452

 

 

$

535

 

 

$

536

 

 

$

(1

)

EUR

 

September 8, 2027

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

EUR 23,599

 

 

$

28,244

 

 

$

28,347

 

 

$

(103

)

EUR

 

December 8, 2026

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

EUR 447

 

 

$

531

 

 

$

533

 

 

$

(2

)

CHF

 

January 6, 2026

 

Unrealized appreciation on foreign currency forward contracts

 

Macquarie

 

 

CHF 1,082

 

 

$

1,370

 

 

$

1,366

 

 

$

4

 

CHF

 

February 26, 2027

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

CHF 131,613

 

 

$

158,188

 

 

$

172,977

 

 

$

(14,789

)

CHF

 

February 27, 2026

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

CHF 1,895

 

 

$

2,197

 

 

$

2,405

 

 

$

(208

)

CHF

 

March 29, 2029

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

CHF 323

 

 

$

417

 

 

$

454

 

 

$

(37

)

CHF

 

March 31, 2026

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

CHF 325

 

 

$

379

 

 

$

415

 

 

$

(36

)

CHF

 

March 31, 2027

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

CHF 10

 

 

$

12

 

 

$

13

 

 

$

(1

)

CHF

 

March 31, 2028

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

CHF 10

 

 

$

12

 

 

$

13

 

 

$

(1

)

CHF

 

May 27, 2026

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

CHF 1,845

 

 

$

2,159

 

 

$

2,364

 

 

$

(205

)

CHF

 

June 30, 2026

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

CHF 329

 

 

$

386

 

 

$

423

 

 

$

(37

)

 

December 31, 2025

 

Foreign Currency

 

Settlement Date

 

Statement of Assets and Liabilities Location

 

Counterparty

 

Amount Transacted

 

 

Notional Value at Settlement

 

 

Notional Value at Period End

 

 

Fair Value

 

CHF

 

June 30, 2027

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

CHF 10

 

 

$

12

 

 

$

13

 

 

$

(1

)

CHF

 

June 30, 2028

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

CHF 10

 

 

$

12

 

 

$

13

 

 

$

(1

)

CHF

 

August 27, 2026

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

CHF 1,906

 

 

$

2,250

 

 

$

2,463

 

 

$

(213

)

CHF

 

September 29, 2028

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

CHF 10

 

 

$

12

 

 

$

14

 

 

$

(2

)

CHF

 

September 30, 2026

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

CHF 333

 

 

$

395

 

 

$

431

 

 

$

(36

)

CHF

 

September 30, 2027

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

CHF 10

 

 

$

12

 

 

$

13

 

 

$

(1

)

CHF

 

November 27, 2026

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

CHF 1,928

 

 

$

2,297

 

 

$

2,513

 

 

$

(216

)

CHF

 

December 29, 2028

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

CHF 10

 

 

$

13

 

 

$

14

 

 

$

(1

)

CHF

 

December 31, 2026

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

CHF 333

 

 

$

398

 

 

$

435

 

 

$

(37

)

CHF

 

December 31, 2027

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

CHF 10

 

 

$

12

 

 

$

13

 

 

$

(1

)

Total

 

 

 

 

 

 

 

 

 

 

$

684,004

 

 

$

702,864

 

 

$

(18,860

)

 

 

December 31, 2024

 

Foreign Currency

 

Settlement Date

 

Statement of Assets and Liabilities Location

 

Counterparty

 

Amount Transacted

 

 

Notional Value at Settlement

 

 

Notional Value at Period End

 

 

Fair Value

 

GBP

 

March 19, 2025

 

Unrealized appreciation on foreign currency forward contracts

 

Macquarie

 

 

GBP 20,029

 

 

$

25,407

 

 

$

25,068

 

 

$

338

 

GBP

 

July 14, 2028

 

Unrealized appreciation on foreign currency forward contracts

 

Macquarie

 

 

GBP 3,578

 

 

$

4,655

 

 

$

4,479

 

 

$

176

 

GBP

 

July 15, 2027

 

Unrealized appreciation on foreign currency forward contracts

 

Macquarie

 

 

GBP 2,557

 

 

$

3,341

 

 

$

3,195

 

 

$

146

 

GBP

 

July 31, 2025

 

Unrealized appreciation on foreign currency forward contracts

 

Macquarie

 

 

GBP 80,000

 

 

$

105,726

 

 

$

100,128

 

 

$

5,598

 

GBP

 

July 31, 2025

 

Unrealized appreciation on foreign currency forward contracts

 

Macquarie

 

 

GBP 790

 

 

$

1,024

 

 

$

988

 

 

$

36

 

GBP

 

July 31, 2025

 

Unrealized appreciation on foreign currency forward contracts

 

Macquarie

 

 

GBP 988

 

 

$

1,251

 

 

$

1,235

 

 

$

16

 

CAD

 

March 31, 2025

 

Unrealized appreciation on foreign currency forward contracts

 

Macquarie

 

 

CAD 1,845

 

 

$

1,354

 

 

$

1,287

 

 

$

67

 

CAD

 

March 31, 2026

 

Unrealized appreciation on foreign currency forward contracts

 

Macquarie

 

 

CAD 1,718

 

 

$

1,268

 

 

$

1,216

 

 

$

52

 

CAD

 

June 30, 2025

 

Unrealized appreciation on foreign currency forward contracts

 

Macquarie

 

 

CAD 1,823

 

 

$

1,340

 

 

$

1,276

 

 

$

63

 

CAD

 

June 30, 2026

 

Unrealized appreciation on foreign currency forward contracts

 

Macquarie

 

 

CAD 76,721

 

 

$

56,704

 

 

$

54,480

 

 

$

2,224

 

CAD

 

September 29, 2025

 

Unrealized appreciation on foreign currency forward contracts

 

Macquarie

 

 

CAD 1,786

 

 

$

1,315

 

 

$

1,255

 

 

$

60

 

CAD

 

December 31, 2025

 

Unrealized appreciation on foreign currency forward contracts

 

Macquarie

 

 

CAD 1,719

 

 

$

1,268

 

 

$

1,213

 

 

$

54

 

EUR

 

March 19, 2025

 

Unrealized appreciation on foreign currency forward contracts

 

Macquarie

 

 

EUR 37,240

 

 

$

39,318

 

 

$

38,707

 

 

$

611

 

Total

 

 

 

 

 

 

 

 

 

 

$

243,971

 

 

$

234,527

 

 

$

9,441

 

 

Schedule of Net Realized and Unrealized Gains and Losses on Derivative Instruments

The following table presents the net realized and unrealized gains and losses on derivative instruments recorded for the years ended December 31, 2025, 2024 and 2023:

 

 

Statement of Operations Location

 

For the Year Ended December 31, 2025

 

 

For the Year Ended December 31, 2024

 

 

For the Year Ended December 31, 2023

 

Net realized gains (losses)

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

Net realized gains (losses) on foreign currency forward contracts

 

$

(6,868

)

 

$

3,137

 

 

$

(2,076

)

Net change in unrealized appreciation (depreciation)

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

Net change in unrealized appreciation (depreciation) on foreign currency forward contracts

 

 

(28,302

)

 

 

10,238

 

 

 

(461

)

Net realized and unrealized gains on foreign currency forward contracts

 

 

 

$

(35,170

)

 

$

13,375

 

 

$

(2,537

)

Derivative Assets and Liabilities by Counterparty, Net of Amounts Available for Offset Under Master Netting Agreement or Similar Arrangement, and Net of Related Collateral Received for Assets or Pledged for Liabilities

The following table presents the derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement or similar arrangement, and net of related collateral received for assets or pledged for liabilities as of December 31, 2025 and December 31, 2024:

As of

 

Counterparty

 

Gross Amounts of Recognized Derivative Assets

 

 

Gross Amounts Offset in the Statement of Assets and Liabilities

 

 

Net Amounts of Assets Presented in the Statement of Financial Position

 

 

Collateral Received (1)

 

 

Net position of Derivative Assets and Collateral Received

 

December 31, 2025

 

Macquarie

 

$

521

 

 

$

(521

)

 

$

 

 

$

 

 

$

 

 

As of

 

Counterparty

 

Gross Amounts of Recognized Derivative Liabilities

 

 

Gross Amounts Offset in the Statement of Assets and Liabilities

 

 

Net Amounts of Liabilities Presented in the Statement of Financial Position

 

 

Collateral Pledged (1)

 

 

Net position of Derivative Liabilities and Pledged Collateral

 

December 31, 2025

 

Macquarie

 

$

(19,381

)

 

$

521

 

 

$

(18,860

)

 

$

 

 

$

(18,860

)

 

As of

 

Counterparty

 

Gross Amounts of Recognized Derivative Assets

 

 

Gross Amounts Offset in the Statement of Assets and Liabilities

 

 

Net Amounts of Assets Presented in the Statement of Financial Position

 

 

Collateral Pledged (1)

 

 

Net position of Derivative Assets and Collateral Received

 

December 31, 2024

 

Macquarie

 

$

9,441

 

 

$

 

 

$

9,441

 

 

$

 

 

$

9,441

 

(1)
Lesser of the amount pledged and the amount needed to offset the liability.
Schedule Of Interest Rate Swap Certain information related to the Company's interest rate swap as of December 31, 2025 is presented below:

As of December 31, 2025

 

Description

 

Hedged Item

 

Company Receives

 

Company Pays

 

Maturity Date

 

Notional Amount

 

Interest rate swap

 

Series F Notes

 

7.11%

 

SOFR + 3.117%

 

5/20/2030

 

$

165,000

 

Interest rate swap

 

2030 Notes

 

6.25%

 

SOFR + 2.4115%

 

5/31/2030

 

$

500,000

 

Interest rate swap

 

2031 Notes

 

6.13%

 

SOFR + 2.715%

 

2/5/2031

 

$

400,000

 

 

Schedule of Balance Sheet Impact of Fair Valuing the Interest Rate Swaps The balance sheet impact of fair valuing the interest rate swaps as of December 31, 2025 and December 31, 2024 is presented below:

As of December 31, 2025

Derivative Instrument

Notional Amount

 

 

Maturity Date

 

Gross Amount of Recognized Assets

 

 

Gross Amount of Recognized Liabilities

 

 

Balance Sheet Location of Amounts

Interest rate swap (1)

$

165,000

 

 

5/20/2030

 

$

3,302

 

 

$

 

 

 Prepaid expenses and other assets

Interest rate swap (2)

$

500,000

 

 

5/31/2030

 

$

7,051

 

 

$

 

 

 Prepaid expenses and other assets

Interest rate swap (3)

$

400,000

 

 

2/5/2031

 

$

 

 

$

(2,293

)

 

 Accrued expenses and other liabilities

(1)
The asset related to the fair value of the interest rate swaps was offset by a $3.3 million increase to the carrying value of the Series F Notes.
(2)
The asset related to the fair value of the interest rate swaps was offset by a $7.0 million increase to the carrying value of the 2030 Notes.
(3)
The liability related to the fair value of the interest rate swaps was offset by a $2.3 million decrease to the carrying value of the 2031 Notes.

 

As of December 31, 2024

Derivative Instrument

Notional Amount

 

 

Maturity Date

 

Gross Amount of Recognized Assets

 

 

Gross Amount of Recognized Liabilities

 

 

Balance Sheet Location of Amounts

Interest rate swap (1)

$

165,000

 

 

5/20/2030

 

$

 

 

$

(859

)

 

 Accrued expenses and other liabilities

(1)
The liability related to the fair value of the interest rate swaps was offset by a $0.9 million decrease to the carrying value of the Series F Notes.