v3.26.1
DERIVATIVE INSTRUMENTS (Tables)
6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Breakdown of the Derivatives Outstanding The following is a breakdown of the derivatives outstanding as of June 30, 2026 and December 31, 2025 ($ in thousands):
 
June 30, 2026
  Fair ValueRemaining
Maturity
(years)
Contract TypeNotionalAsset(1)Liability(1)
Caps    
1 Month Term SOFR$91,000 $$— 0.29
Futures   
10-year Treasury-Note Futures10,900 115 — 0.23
Total derivatives$101,900 $116 $  
(1)Shown as derivative instruments in the accompanying consolidated balance sheet.


December 31, 2025
  Fair ValueRemaining
Maturity
(years)
Contract TypeNotionalAsset(1)Liability(1)
Caps    
1 Month Term SOFR$91,000 $$ 0.79
Futures    
10-year Treasury-Note Futures22,500 263 — 0.22
Total derivatives$113,500 $264 $  
(1)Shown as derivative instruments in the accompanying consolidated balance sheet.
Schedule of Net Realized and Unrealized Gains/(Losses) on Derivatives
The following table summarizes the net realized gains (losses) and unrealized gains (losses) on derivatives, by primary underlying risk exposure, as included in net result from derivatives transactions in the consolidated statements of income for the three and six months ended June 30, 2026 and 2025 ($ in thousands):

 Three Months Ended June 30, 2026Six Months Ended June 30, 2026
Contract TypeUnrealized
Gain/(Loss)
Realized
Gain/(Loss)
Net Result
from
Derivative
Transactions
Unrealized
Gain/(Loss)
Realized
Gain/(Loss)
Net Result
from
Derivative
Transactions
      
Caps$(4)$— $(4)$— $— $— 
Futures(250)457 207 (148)701 553 
Total$(254)$457 $203 $(148)$701 $553 
 
 Three Months Ended June 30, 2025Six Months Ended June 30, 2025
Contract TypeUnrealized
Gain/(Loss)
Realized
Gain/(Loss)
Net Result
from
Derivative
Transactions
Unrealized
Gain/(Loss)
Realized
Gain/(Loss)
Net Result
from
Derivative
Transactions
Caps$(154)$189 $35 $(308)$378 $70 
Futures(66)1,557 1,491 123 1,661 1,784 
Options— — — — (5)(5)
Total$(220)$1,746 $1,526 $(185)$2,034 $1,849