Derivatives and Hedging Activities (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) |
The following table illustrates the realized and unrealized foreign exchange impact recognized in the condensed consolidated statements of comprehensive income in the three months ended March 31, 2026 and 2025, of our loans and secured financing arrangements as well as the offsetting gain (loss) on derivative instruments in the periods: | | | | | | | | | | | | | $ in thousands | Three Months Ended March 31, 2026 | | Three Months Ended March 31, 2025 | | | | | | | | | | Unrealized foreign exchange gain (loss) on loans | $ | (15,628) | | | $ | 10,824 | | | Unrealized foreign exchange gain (loss) on secured financing facilities | 9,899 | | | (8,669) | | | Gain (loss) on foreign currency transactions, net | (466) | | | 9 | | | Gain (loss) on derivative instruments, net | 6,259 | | | (2,180) | | | Net impact of hedged foreign exchange | $ | 64 | | | $ | (16) | |
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| Schedule of Notional Amounts of Outstanding Derivative Positions |
The following tables summarize changes in the notional amount of our currency forward contracts during the three months ended March 31, 2026 and 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Local Currency | | | | In thousands | Notional Amount as of December 31, 2025 | | Additions | | Settlement,
Termination,
Expiration
or Exercise | | Notional Amount as of March 31, 2026 | | Notional Amount as of March 31, 2026 | | Buy USD / Sell EUR Forward | € | 49,889 | | | € | 14,404 | | | € | (14,491) | | | € | 49,802 | | | $ | 57,482 | | | Buy USD / Sell GBP Forward | £ | 50,631 | | | £ | 169,424 | | | £ | (129,467) | | | £ | 90,588 | | | $ | 122,163 | | | Buy EUR / Sell USD Forward | € | — | | | € | 14,491 | | | € | (14,491) | | | € | — | | | $ | — | | | Buy GBP / Sell USD Forward | £ | — | | | £ | 130,049 | | | £ | (129,467) | | | £ | 582 | | | $ | 785 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Local Currency | | | | In thousands | Notional Amount as of December 31, 2024 | | Additions | | Settlement,
Termination,
Expiration
or Exercise | | Notional Amount as of March 31, 2025 | | Notional Amount as of March 31, 2025 | | Buy USD / Sell EUR Forward | € | 39,474 | | | € | — | | | € | (877) | | | € | 38,597 | | | $ | 43,821 | | | Buy USD / Sell GBP Forward | £ | 19,417 | | | £ | — | | | £ | (506) | | | £ | 18,911 | | | $ | 24,978 | |
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| Schedule of Derivative Instruments in Statement of Financial Position, Fair Value |
The table below presents the fair value of our currency forward contracts, as well as their classification on the condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025: | | | | | | | | | | | | | $ in thousands | Fair Value as of | | March 31, 2026 | | December 31, 2025 | | | | | | Derivative Assets | $ | 3,134 | | | $ | 615 | | | Derivative Liabilities | $ | 838 | | | $ | 1,992 | |
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| Schedule of Gain (Loss) on Derivative Instruments |
The following tables summarize the effect of currency forward contracts reported in gain (loss) on derivative instruments, net on the condensed consolidated statements of comprehensive income for the three months ended March 31, 2026 and 2025: | | | | | | | | | | | | | | | | | | | | | | $ in thousands | | Three Months Ended March 31, 2026 | | Derivatives not designated as hedging instruments | | Realized gain (loss) on derivative instruments, net | | Unrealized gain (loss), net | | Gain (loss) on derivative instruments, net | | Currency Forward Contracts | | $ | 2,586 | | | $ | 3,673 | | | $ | 6,259 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | $ in thousands | | Three Months Ended March 31, 2025 | | Derivatives not designated as hedging instruments | | Realized gain (loss) on derivative instruments, net | | Unrealized gain (loss), net | | Gain (loss) on derivative instruments, net | | Currency Forward Contracts | | $ | 117 | | | $ | (2,297) | | | $ | (2,180) | | | | | | | | |
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