DERIVATIVE INSTRUMENTS |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DERIVATIVE INSTRUMENTS | 4. DERIVATIVE INSTRUMENTS In the normal course of business, the Fund may enter into derivative contracts to achieve certain risk management objectives. The Fund may enter into derivative instruments to hedge against foreign currency exchange rate risk on a portion or all of its non-U.S. dollar denominated investments. These instruments primarily include foreign currency forward contracts. The Fund utilizes forward currency contracts to economically hedge the currency exposure associated with certain foreign- denominated investments. These derivative contracts are not designated as hedging instruments for accounting purposes. The use of foreign currency forward contracts does not eliminate fluctuations in the price of the underlying investments recognized by the Fund. As a result of the use of derivative contracts, the Fund is exposed to the risk that counterparties will fail to fulfill their contractual obligations. To mitigate such counterparty risk, the Fund enters into contracts with certain major financial institutions, all of which have investment grade ratings. Counterparty credit risk is evaluated in determining the fair value of derivative instruments. The tables below summarize the aggregate notional amount and fair value of the derivative instruments as of March 31, 2026 and December 31, 2025. The notional amount represents the absolute value amount of the foreign exchange contracts:
For the three months ended March 31, 2026, the Fund recognized $486 thousand of net realized gain and $(172) thousand of net unrealized loss on foreign currency forward contracts. These amounts are included in net realized gain on derivative contracts and net change in unrealized depreciation on derivative contracts, respectively, in the consolidated statements of operations.
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