v3.26.1
Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
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 condensed consolidated balance sheets and notional amounts as of March 31, 2026 and December 31, 2025:

Notional Amounts
As of:Derivatives Not Designated as Hedging InstrumentsNumber of ContractsAssetsLiabilitiesLong ExposureShort Exposure
($ in thousands)
March 31, 2026Interest rate futures2,666$1,421 $— $— $266,600 
March 31, 2026TBAsN/A$2,490 $— $— $132,100 
December 31, 2025Interest rate futures3,143$— $32 $— $314,300 
December 31, 2025TBAsN/A$240 $— $— $198,600 
Schedule of Derivatives Not Designated as Hedging Instruments
The gains and losses arising from these derivative instruments in the condensed consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2026 and March 31, 2025 are set forth as follows:

Derivatives Not Designated as Hedging InstrumentsNet Realized Gains (Losses) on Derivative InstrumentsNet Change in Unrealized Appreciation (Depreciation) on Derivative Instruments
(in thousands)
Three Months Ended March 31, 2026Interest rate futures$(50)$1,453 
Three Months Ended March 31, 2026TBAs$(437)$2,250 
Three Months Ended March 31, 2025Interest rate futures$(1,473)$(1,935)
Three Months Ended March 31, 2025TBAs$1,163 $893