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DERIVATIVE INSTRUMENTS
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS
6. DERIVATIVE INSTRUMENTS

The Company enters into derivative instruments from time to time to help mitigate its foreign currency and interest rate risk exposures.

Foreign Currency Forward Contracts

Certain information related to the Company’s foreign currency forward derivative instruments as of June 30, 2026 and December 31, 2025 is presented below.

 As of June 30, 2026
Derivative InstrumentNotional
Amount		Gross Amount of Recognized AssetsGross Amount of Recognized LiabilitiesBalance Sheet
Location of Net Amounts
Foreign currency forward contract JPY 4,066 $59 $(56) Other assets
Foreign currency forward contract CAD 373 273 (266) Other assets
Foreign currency forward contract€183 202 (199) Other assets
Foreign currency forward contract£175 213 (212) Other assets
Foreign currency forward contract CAD 160 132 (130) Other assets
Foreign currency forward contract£139 183 (183) Accounts payable and other liabilities
Foreign currency forward contract NZD 73 43 (41) Other assets
Foreign currency forward contract NOK 64 7 (6) Other assets
Foreign currency forward contract€25 27 (27) Other assets
Foreign currency forward contract AUD 14 13 (13) Accounts payable and other liabilities
Total$1,152 $(1,133)
 As of December 31, 2025
Derivative InstrumentNotional
Amount		Gross Amount of Recognized AssetsGross Amount of Recognized LiabilitiesBalance Sheet
Location of Net Amounts
Foreign currency forward contractJPY8,131$58 $(56)Other assets
Foreign currency forward contractCAD402290 (295)Accounts payable and other liabilities
Foreign currency forward contract£304367 (369)Accounts payable and other liabilities
Foreign currency forward contract£238312 (315)Accounts payable and other liabilities
Foreign currency forward contract€180210 (212)Accounts payable and other liabilities
Foreign currency forward contract€155181 (182)Accounts payable and other liabilities
Foreign currency forward contractCAD148107 (109)Accounts payable and other liabilities
Foreign currency forward contractNZD6437 (37)Other assets
Foreign currency forward contractNOK646 (6)Other assets
Foreign currency forward contractAUD2215 (15)Accounts payable and other liabilities
Total$1,583 $(1,596)

As of June 30, 2026 and December 31, 2025, the counterparties to each of the Company’s foreign currency forward contracts were Canadian Imperial Bank of Commerce or Royal Bank of Canada.

Net realized and unrealized gains and losses on derivative instruments not designated as a qualifying hedge accounting relationship recognized by the Company for the three and six months ended June 30, 2026 and 2025 is in the following location in the consolidated statements of operations:

For the Three Months Ended June 30,For the Six Months Ended June 30,
Derivative InstrumentStatement Location2026202520262025
Foreign currency forward contractNet realized gains (losses) from foreign currency and other transactions$1 $(40)$(4)$(9)
Foreign currency forward contractNet unrealized gains (losses) from foreign currency and other transactions$7 $(10)$32 $(54)
Interest Rate Swaps

In connection with certain of the unsecured notes issued by the Company, the Company has entered into interest rate swaps to more closely align the interest rates of such liabilities with the Company’s investment portfolio, which consists primarily of floating rate loans. Under the interest rate swaps, the Company receives a fixed interest rate and pays a floating interest rate of one-month SOFR plus an applicable spread, as disclosed below. The Company designated these interest rate swaps and the associated unsecured notes as qualifying fair value hedge accounting relationships. As of June 30, 2026, the counterparties to each of the Company’s interest rate swaps were JPMorgan Chase Bank, N.A., SMBC Capital Markets, Inc. or Wells Fargo Bank, N.A. As of December 31, 2025, the counterparties to each of the Company’s interest rate swaps were SMBC Capital Markets, Inc. or Wells Fargo Bank, N.A. Certain information related to the Company’s interest rate swaps as of June 30, 2026 is presented below.

DescriptionHedged ItemCompany ReceivesCompany PaysMaturity DateNotional Amount
Interest rate swap January 2027 Notes7.000 %
SOFR +2.5810%
January 15, 2027$900 
Interest rate swapMarch 2029 Notes5.875 %
SOFR +2.0227%
March 1, 2029$1,000 
Interest rate swapJuly 2029 Notes5.950 %
SOFR +1.6430%
July 15, 2029$850 
Interest rate swapJanuary 2030 Notes5.550 %
SOFR +1.6995%
January 15, 2030$800 
Interest rate swapSeptember 2030 Notes5.500 %
SOFR +1.7705%
September 1, 2030$750 
Interest rate swap(1)January 2031 Notes5.100 %
SOFR +1.7270%
January 15, 2031$650 
Interest rate swapApril 2031 Notes5.250 %
SOFR +1.7217%
April 15, 2031$750 
Interest rate swapMarch 2032 Notes5.800 %
SOFR +1.6995%
March 8, 2032$1,000 
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(1)In connection with the issuance of the January 2031 Notes, the Company entered into a forward-starting interest rate swap with an effective date of July 15, 2026.

See Note 5 for more information on the January 2027 Notes, the March 2029 Notes, the July 2029 Notes, the January 2030 Notes, the September 2030 Notes, the January 2031 Notes, the April 2031 Notes and the March 2032 Notes.
As a result of the Company’s designation of the interest rate swaps as hedging instruments in qualifying fair value hedge accounting relationships, the Company is required to fair value the hedging instruments and the related hedged items, with the changes in the fair value of each being recorded in interest expense. The net gain related to the fair value hedges was approximately $0 and $0 for the three and six months ended June 30, 2026, respectively, and approximately $1 and $2, respectively, for the comparable periods in 2025, which is included in “interest and credit facility fees” in the Company’s consolidated statements of operations. The balance sheet impact of fair valuing the interest rate swaps as of June 30, 2026 and December 31, 2025 is presented below:

 As of June 30, 2026
Derivative InstrumentNotional AmountMaturity DateGross Amount of Recognized AssetsGross Amount of Recognized LiabilitiesBalance Sheet Location of Amounts
Interest rate swap(1)$900 January 15, 2027$2 $— Other assets
Interest rate swap(2)$1,000 March 1, 2029— (4)Accounts payable and other liabilities
Interest rate swap(3)$850July 15, 20297 — Other assets
Interest rate swap(4)$800 January 15, 2030— (4)Accounts payable and other liabilities
Interest rate swap(5)$750 September 1, 2030— (7)Accounts payable and other liabilities
Interest rate swap(6)$650 January 15, 2031— (16)Accounts payable and other liabilities
Interest rate swap(7)$750 April 15, 2031— (15)Accounts payable and other liabilities
Interest rate swap(8)$1,000 March 8, 20326 — Other assets
Total$15 $(46)
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(1)The asset related to the fair value of the interest rate swaps was offset by a $2 increase to the carrying value of the January 2027 Notes.

(2)The liability related to the fair value of the interest rate swap was offset by a $4 decrease to the carrying value of the March 2029 Notes.

(3)The asset related to the fair value of the interest rate swap was offset by a $7 increase to the carrying value of the July 2029 Notes.

(4)The liability related to the fair value of the interest rate swap was offset by a $4 decrease to the carrying value of the January 2030 Notes.

(5)The liability related to the fair value of the interest rate swap was offset by a $7 decrease to the carrying value of the September 2030 Notes.

(6)The liability related to the fair value of the interest rate swap was offset by a $16 decrease to the carrying value of the January 2031 Notes.

(7)The liability related to the fair value of the interest rate swap was offset by a $15 decrease to the carrying value of the April 2031 Notes.

(8)The asset related to the fair value of the interest rate swap was offset by a $6 increase to the carrying value of the March 2032 Notes.
 As of December 31, 2025
Derivative InstrumentNotional AmountMaturity DateGross Amount of Recognized AssetsGross Amount of Recognized LiabilitiesBalance Sheet Location of Amounts
Interest rate swap(1)$900 January 15, 2027$8 $— Other assets
Interest rate swap(2)$1,000 March 1, 202913 — Other assets
Interest rate swap(3)$850 July 15, 202925 — Other assets
Interest rate swap(4)$750 September 1, 20307 — Other assets
Interest rate swap(5)$650 January 15, 2031— (4)Accounts payable and other liabilities
Interest rate swap(6)$1,000 March 8, 203228 — Other assets
Total$81 $(4)
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(1)The asset related to the fair value of the interest rate swaps was offset by a $8 increase to the carrying value of the January 2027 Notes.

(2)The asset related to the fair value of the interest rate swap was offset by a $13 increase to the carrying value of the March 2029 Notes.

(3)The asset related to the fair value of the interest rate swap was offset by a $25 increase to the carrying value of the July 2029 Notes.

(4)The asset related to the fair value of the interest rate swap was offset by a $7 increase to the carrying value of the September 2030 Notes.

(5)The liability related to the fair value of the interest rate swap was offset by a $4 decrease to the carrying value of the January 2031 Notes.

(6)The asset related to the fair value of the interest rate swap was offset by a $28 increase to the carrying value of the March 2032 Notes.