| Schedule of the Fair Value and Notional Value of the Derivative Assets and Liabilities |
The table below presents the fair value and notional value of the derivative assets and liabilities for the following periods: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of March 31, 2026 | | | | As of December 31, 2025 | | | Counterparty | | Notional Amount | | Assets | | Liabilities | | | | Notional Amount | | Assets | | Liabilities | | Derivatives designated as hedges: | | | | | | | | | | | | | | | | | Interest Rate Swap 2027 Notes | | Deutsche Bank AG | | $ | 500,000 | | | $ | — | | | $ | (826) | | | | | $ | 500,000 | | | $ | — | | | $ | (13,370) | | Interest Rate Swap 2030 Notes | | Deutsche Bank AG | | $ | 500,000 | | | 2,033 | | | — | | | | | $ | 500,000 | | | 5,663 | | | — | | | | | | | | 2,033 | | | (826) | | | | | | | 5,663 | | | (13,370) | | Interest Rate Swap 2029 Notes | | Goldman Sachs Bank USA | | $ | 600,000 | | | — | | | (605) | | | | | $ | 600,000 | | | 3,645 | | | — | | Interest Rate Swap 2029 Notes | | Goldman Sachs Bank USA | | $ | 400,000 | | | 4,011 | | | — | | | | | $ | 400,000 | | | 7,185 | | | — | | | | | | | | 4,011 | | | (605) | | | | | | | 10,830 | | | — | | Total Derivatives Designated as Hedges(1)(2) | | | | $ | 6,044 | | | $ | (1,431) | | | | | | | $ | 16,493 | | | $ | (13,370) | | | | | | | | | | | | | | | | | | | | Derivatives not designated as hedges: | | | | | | | | | | | | | | | | Foreign currency forward contract GBP | | Goldman Sachs Bank USA | | £ | 94,190 | | | $ | 126,079 | | | $ | (124,590) | | | | | £ | 94,190 | | | $ | 126,248 | | | $ | (126,916) | | | Foreign currency forward contract EUR | | Goldman Sachs Bank USA | | € | 208,670 | | | 247,532 | | | (242,301) | | | | | € | 208,670 | | | 247,528 | | | (247,272) | | | Foreign currency forward contract AUD | | Goldman Sachs Bank USA | | A$ | 2,580 | | | 1,730 | | | (1,780) | | | | | A$ | 2,580 | | | 1,685 | | | (1,722) | | | Foreign currency forward contract AUD | | Goldman Sachs Bank USA | | $ | 352 | | | 352 | | | (359) | | | | | $ | — | | | — | | | — | | | | | | | | $ | 375,693 | | | $ | (369,030) | | | | | | | $ | 375,461 | | | $ | (375,910) | | | Foreign currency forward contract GBP | | SMBC Capital Markets, Inc. | | £ | 14,775 | | | 19,760 | | | (19,544) | | | | | £ | 14,775 | | | 19,549 | | | (19,908) | | | Foreign currency forward contract EUR | | SMBC Capital Markets, Inc. | | € | 5,301 | | | 6,296 | | | (6,155) | | | | | € | 5,301 | | | 6,296 | | | (6,281) | | | | | | | | 26,056 | | | (25,699) | | | | | | | 25,845 | | | (26,189) | | Foreign currency forward contract CAD | | Royal Bank of Canada | | C$ | 2,967 | | | 2,186 | | | (2,150) | | | | | C$ | — | | | — | | | — | | Foreign currency forward contract CAD | | Royal Bank of Canada | | C$ | 111,549 | | | 81,237 | | | (80,806) | | | | | C$ | — | | | — | | | — | | | | | | | | 83,423 | | | (82,956) | | | | | | | — | | | — | | | Total Derivatives not Designated as Hedges | | | | $ | 485,172 | | | $ | (477,685) | | | | | | | $ | 401,306 | | | $ | (402,099) | |
_______________(1) The net fair value of the derivatives designated as hedges is recorded as an asset or liability in the Consolidated Statements of Assets and Liabilities. (2) The Company’s unsecured notes, that are designated in a qualifying hedging relationship, had carrying value of $1.98 billion and $1.98 billion, net of the related cumulative hedging adjustments that represented an increase (decrease) to the carrying value of the notes of $5.5 million and $3.0 million, as of March 31, 2026 and December 31, 2025, respectively.
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| Schedule of Net Unrealized Gains and Losses on Effective Interest Rate Swaps and Hedged |
The tables below present net unrealized gains and losses on effective interest rate swaps and hedged items included in interest expense for the following periods: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2026 | | | | | | | Change in Unrealized Gain (Loss) on: | | | | | | | | | | | Interest Rate Swaps | | Hedged Items | | Net | | | | | | | | Derivatives designated as hedges: | | | | | | | | | | | | | | | | Interest rate swaps 2027 Notes | | | | $ | (590) | | | $ | 697 | | | $ | 107 | | | | | | | | | Interest rate swaps 2030 Notes | | | | (3,630) | | | 3,589 | | | (41) | | | | | | | | | | | | (4,220) | | | 4,286 | | | 66 | | | | | | | | | Interest rate swaps 2029 Notes | | | | (3,174) | | | 3,139 | | | (35) | | | | | | | | Interest rate swaps 2029 Notes | | | | (4,250) | | | 3,798 | | | (452) | | | | | | | | | | | | (7,424) | | | 6,937 | | | (487) | | | | | | | | Net Change in Unrealized Gain (Loss) on Interest Rate Swaps and Hedged Items(1) | | $ | (421) | | | | | | | |
_______________ (1) Recorded and recognized as components of interest expense in the Consolidated Statements of Operations. On January 15, 2026, the centrally cleared interest rate swap hedging the 2027 Notes with the notional amount of $500 million was terminated and replaced with a bilateral interest rate swap with identical notional, fixed rate and termination date. See “Note 5 — Debt” for more details. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2025 | | | | | | | Change in Unrealized Gain (Loss) on: | | | | | | | | | | | Interest Rate Swaps | | Hedged Items | | Net | | | | | | | | Derivatives designated as hedges: | | | | | | | | | | | | | | | | Interest rate swaps 2027 Notes | | | | $ | 6,330 | | | $ | (4,060) | | | $ | 2,270 | | | | | | | | | | | | | | | | | | | | | | | | | | | 6,330 | | | (4,060) | | | 2,270 | | | | | | | | | Interest rate swaps 2029 Notes | | | | 8,823 | | | (8,346) | | | 477 | | | | | | | | | Interest rate swaps 2029 Notes | | | | 5,836 | | | (5,958) | | | (122) | | | | | | | | | | | | 14,659 | | | (14,304) | | | 355 | | | | | | | | Net Change in Unrealized Gain (Loss) on Interest Rate Swaps and Hedged Items(1) | | $ | 2,625 | | | | | | | |
_______________ (1) Recorded and recognized as components of interest expense in the Consolidated Statements of Operations. The table below presents net change in unrealized gains and losses on derivative instruments not designated as a qualifying hedge accounting relationship recognized by the Company for the following periods: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2026 | | | | | | | Net Change in Unrealized Gain (Loss) | | | | | | | | | | | | Derivatives not designated as hedges: | | | | | | | | | | | | | | | Foreign currency forward contract GBP | | | | $ | 2,732 | | | | | | | | | | | | Foreign currency forward contract AUD | | | | (20) | | | | | | | | | | | | Foreign currency forward contract EUR | | | | 5,101 | | | | | | | | | | | | Foreign currency forward contract CAD | | | | 467 | | | | | | | | | | | | Total Net Unrealized Gain (Loss)(1) | | | | $ | 8,280 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
_______________ (1) Recorded and recognized as components of translation of assets and liabilities in foreign currencies and other transactions in the Consolidated Statements of Operations.
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