Derivative Instruments (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Schedule of Foreign Exchange Contracts, Statement of Financial Position |
The table below presents the fair value and notional value of the derivative assets and liabilities for the following periods: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2026 | | As of December 31, 2025 | | | Counterparty | | Notional Amount | | Assets | | Liabilities | | Notional Amount | | Assets | | Liabilities | Derivatives designated as hedges: | | | | | | | | | | | | | | Interest Rate Swap September 2027 Notes | | Goldman Sachs Bank USA | | $ | 600,000 | | | $ | — | | | $ | (5,802) | | | $ | 600,000 | | | $ | — | | | $ | (768) | | | Interest Rate Swap AUD 2027 Notes | | Goldman Sachs Bank USA | | A$ | 450,000 | | | 6,516 | | | (474) | | | A$ | 450,000 | | | — | | | (2,133) | | | Interest Rate Swap May 2028 Notes | | Deutsche Bank AG | | 500,000 | | | — | | | (3,229) | | | 500,000 | | | 3,936 | | | — | | | Interest Rate Swap June 2028 Notes | | US Bank National Association | | 650,000 | | | — | | | (8,549) | | | 650,000 | | | 70 | | | — | | | Interest Rate Swap January 2029 Notes | | Goldman Sachs Bank USA | | 550,000 | | | — | | | (7,650) | | | 550,000 | | | 10,005 | | | — | | | Interest Rate Swap March 2030 Notes | | Goldman Sachs Bank USA | | 1,000,000 | | | — | | | (28,571) | | | 1,000,000 | | | — | | | (11,766) | | | Interest Rate Swap March 2031 Notes | | Deutsche Bank AG | | 750,000 | | | — | | | (7,540) | | | 750,000 | | | 7,717 | | | — | | | Interest Rate Swap September 2029 Notes | | Goldman Sachs Bank USA | | 900,000 | | | 5,306 | | | — | | | 900,000 | | | 23,947 | | | — | | | Interest Rate Swap EUR 2031 Notes | | Deutsche Bank AG | | € | 500,000 | | | — | | | (8,814) | | | € | 500,000 | | | — | | | (6,328) | | Interest Rate Swap October 2031 Notes | | Pinnacle Bank | | 250,000 | | | — | | | (177) | | | — | | | — | | | — | | Interest Rate Swap October 2031 Notes | | Regions Bank | | 250,000 | | | — | | | (177) | | | — | | | — | | | — | | Total Derivatives Designated as Hedges(1)(2) | | | | $ | 11,822 | | | $ | (70,983) | | | | | $ | 45,675 | | | $ | (20,995) | | | | | | | | | | | | | | | | | Derivatives not designated as hedges: | | | | | | | | | | | | | | Foreign currency forward contract GBP | | Royal Bank of Canada | | £ | 45,425 | | | $ | 61,537 | | | $ | (60,243) | | | £ | 45,425 | | | $ | 60,102 | | | $ | (61,205) | | Foreign currency forward contract CAD | | US Bank National Association | | C$ | 286,242 | | | 208,516 | | | (202,638) | | | — | | | — | | | — | | | Foreign currency forward contract EUR | | US Bank National Association | | € | 15,980 | | | 18,711 | | | (18,473) | | | € | 58,000 | | | 68,219 | | | (67,274) | | Total Derivatives not Designated as Hedges | | | | $ | 288,764 | | | $ | (281,354) | | | | | $ | 128,321 | | | $ | (128,479) | |
_______________ (1)The net fair value of the derivatives designated as hedges is recorded in prepaid expenses and other assets or accrued expenses and other liabilities 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 $6.2 billion and $5.8 billion, net of the related cumulative hedging adjustments that represented an increase (decrease) to the carrying value of the notes of $(57.4) million and $25.5 million as of June 30, 2026 and December 31, 2025, respectively.
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| Schedule of Derivative Instruments, Gain (Loss) |
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 June 30, 2026 | | Six Months Ended June 30, 2026 | | | | | Change in Unrealized Gain (Loss) on: | | | | Change in Unrealized Gain (Loss) on: | | | | | | | Interest Rate Swaps | | Hedged Items | | Net | | Interest Rate Swaps | | Hedged Items | | Net | | | | | | | | | | | | | | | | | Derivatives designated as hedges: | | | | | | | | | | | | | | | | Interest Rate Swap September 2027 Notes | | | | $ | (2,011) | | | $ | 1,945 | | | $ | (66) | | | $ | (5,034) | | | $ | 4,904 | | | $ | (130) | | | Interest Rate Swap AUD 2027 Notes | | | | 2,117 | | | (2,053) | | | 64 | | | 8,175 | | | (8,395) | | | (220) | | | Interest Rate Swap May 2028 Notes | | | | (3,743) | | | 3,496 | | | (247) | | | (7,165) | | | 6,647 | | | (518) | | | Interest Rate Swap June 2028 Notes | | | | (4,528) | | | 4,463 | | | (65) | | | (8,619) | | | 8,489 | | | (130) | | | Interest Rate Swap January 2029 Notes | | | | (5,011) | | | 5,001 | | | (10) | | | (7,582) | | | 8,918 | | | 1,336 | | | Interest Rate Swap March 2030 Notes | | | | (10,923) | | | 11,084 | | | 161 | | | (16,805) | | | 16,878 | | | 73 | | | Interest Rate Swap March 2031 Notes | | | | (9,880) | | | 9,905 | | | 25 | | | (15,257) | | | 14,794 | | | (463) | | | Interest Rate Swap September 2029 Notes | | | | (11,140) | | | 11,348 | | | 208 | | | (18,641) | | | 18,909 | | | 268 | | | Interest Rate Swap EUR 2031 Notes | | | | 4,838 | | | (4,838) | | | — | | | (2,486) | | | 2,486 | | | — | | Interest Rate Swaps October 2031 Notes | | | | (354) | | | 340 | | | (14) | | | (354) | | | 340 | | | (14) | | Net Change in Unrealized Gain (Loss) on Interest Rate Swaps and Hedged Items(1) | | | | $ | 56 | | | | | | | $ | 202 | |
_______________ (1)Recorded and recognized as components of interest expense in the Consolidated Statements of Operations with the exception of the net change in unrealized gain (loss) of $123 thousand and $(225) thousand, respectively, for the three and six months ended June 30, 2026, related to the impact of foreign exchange on the AUD 2027 Notes hedge, which is recorded and recognized as a component of the net change in unrealized gain (loss) on the translation of assets and liabilities in foreign currencies in the Consolidated Statements of Operations.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2025 | | Six Months Ended June 30, 2025 | | | | | | | | | | | | | | | | Interest Rate Swaps | | Hedged Items | | Net | | Interest Rate Swaps | | Hedged Items | | Net | | | | | | | | | | | | | | | | | Derivatives designated as hedges: | | | | | | | | | | | | | | | | Interest Rate Swap September 2027 Notes | | | | $ | 2,533 | | | $ | (2,396) | | | $ | 137 | | | $ | 7,975 | | | $ | (7,396) | | | $ | 579 | | | Interest Rate Swap AUD 2027 Notes | | | | 16,539 | | | (17,549) | | | (1,010) | | | 20,089 | | | (21,232) | | | (1,143) | | Interest Rate Swap May 2028 Notes | | | | 3,574 | | | (3,511) | | | 63 | | | 3,574 | | | (3,511) | | | 63 | | | Interest Rate Swap June 2028 Notes | | | | 3,644 | | | (3,850) | | | (206) | | | 11,034 | | | (11,327) | | | (293) | | | Interest Rate Swap January 2029 Notes | | | | 3,987 | | | (4,018) | | | (31) | | | 10,967 | | | (11,119) | | | (152) | | | Interest Rate Swap March 2030 Notes | | | | 10,647 | | | (10,726) | | | (79) | | | 30,851 | | | (24,895) | | | 5,956 | | | Interest Rate Swap March 2031 Notes | | | | 7,738 | | | (7,764) | | | (26) | | | 22,625 | | | (20,784) | | | 1,841 | | | Interest Rate Swap September 2029 Notes | | | | 7,356 | | | (7,412) | | | (56) | | | 22,242 | | | (22,460) | | | (218) | | Net Change in Unrealized Gain (Loss) on Interest Rate Swaps and Hedged Items(1) | | | | $ | (1,208) | | | | | | | $ | 6,633 | |
_______________ (1)Recorded and recognized as components of interest expense in the Consolidated Statements of Operations with the exception of the net change in unrealized gain (loss) of $(1.0) million and $(1.2) million, respectively, for the three and six months ended June 30, 2025, related to the impact of foreign exchange on the AUD 2027 Notes hedge, which is recorded and recognized as a component of the net change in unrealized gain (loss) on the translation of assets and liabilities in foreign currencies in the Consolidated Statements of Operations. The table below presents net unrealized gains and losses on derivative instruments not designated as a qualifying hedge accounting relationship recognized by the Company for the following periods: | | | | | | | | | | | | | | | | | For the Three Months Ended June 30, 2026 | | For the Six Months Ended June 30, 2026 | Derivatives not designated as hedges: | | | | | Foreign currency forward contract GBP | | $ | 561 | | | $ | 2,400 | | | Foreign currency forward contract EUR | | 1 | | | (707) | | | Foreign currency forward contract CAD | | 4,716 | | | 5,878 | | Total Net Unrealized Gain (Loss)(1) | | $ | 5,278 | | | $ | 7,571 | |
_______________ (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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| Schedule of Contractual Payment Obligation |
The table below presents a summary of the Company’s contractual payment obligations under credit facilities and notes as of June 30, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | | Less than 1 year | | 1-3 Years | | 3-5 Years | | After 5 years | | Revolving Credit Facility | | $ | 591,509 | | | $ | — | | | $ | — | | | $ | 591,509 | | | $ | — | | | SPV Asset Facility I | | 294,200 | | | — | | | — | | | — | | | 294,200 | | | SPV Asset Facility II | | 1,002,000 | | | — | | | — | | | 1,002,000 | | | — | | | SPV Asset Facility III | | 1,233,500 | | | — | | | — | | | 1,233,500 | | | — | | | SPV Asset Facility IV | | 160,100 | | | — | | | — | | | — | | | 160,100 | | | SPV Asset Facility V | | 606,250 | | | — | | | — | | | 606,250 | | | — | | | SPV Asset Facility VI | | 677,000 | | | — | | | — | | | — | | | 677,000 | | | SPV Asset Facility VII | | 397,000 | | | — | | | 397,000 | | | — | | | — | | | SPV Asset Facility VIII | | 662,500 | | | — | | | — | | | — | | | 662,500 | | | SPV Asset Facility IX | | 230,000 | | | — | | | — | | | 230,000 | | | — | | | SPV Asset Facility X | | 250,000 | | | — | | | — | | | — | | | 250,000 | | | SPV Asset Facility XI | | 250,000 | | | — | | | 250,000 | | | — | | | — | | | CLO VIII | | 375,000 | | | — | | | — | | | — | | | 375,000 | | | CLO XI | | 272,000 | | | — | | | — | | | — | | | 272,000 | | | CLO XV | | 312,000 | | | — | | | — | | | — | | | 312,000 | | | CLO XVI | | 420,000 | | | — | | | — | | | — | | | 420,000 | | | CLO XVII | | 325,000 | | | — | | | — | | | — | | | 325,000 | | | CLO XVIII | | 260,000 | | | — | | | — | | | — | | | 260,000 | | | CLO XIX | | 260,000 | | | — | | | — | | | — | | | 260,000 | | | CLO XXII | | 737,500 | | | — | | | — | | | — | | | 737,500 | | | CLO XXIV | | 600,000 | | | — | | | — | | | — | | | 600,000 | | | September 2026 Notes | | 350,000 | | | 350,000 | | | — | | | — | | | — | | | February 2027 Notes | | 500,000 | | | 500,000 | | | — | | | — | | | — | | | September 2027 Notes | | 600,000 | | | — | | | 600,000 | | | — | | | — | | | AUD 2027 Notes | | 302,157 | | | — | | | 302,157 | | | — | | | — | | | May 2028 Notes | | 500,000 | | | — | | | 500,000 | | | — | | | — | | | June 2028 Notes | | 650,000 | | | — | | | 650,000 | | | — | | | — | | | January 2029 Notes | | 550,000 | | | — | | | 550,000 | | | — | | | — | | | September 2029 Notes | | 900,000 | | | — | | | — | | | 900,000 | | | — | | | March 2030 Notes | | 1,000,000 | | | — | | | — | | | 1,000,000 | | | — | | | EUR 2031 Notes | | 571,808 | | | — | | | — | | | 571,808 | | | — | | | March 2031 Notes | | 750,000 | | | — | | | — | | | 750,000 | | | — | | | October 2031 Notes | | 500,000 | | | — | | | — | | | — | | | 500,000 | | | Total Contractual Obligations | | $ | 17,089,524 | | | $ | 850,000 | | | $ | 3,249,157 | | | $ | 6,885,067 | | | $ | 6,105,300 | |
In connection with the unsecured notes, the Company has received (made) the following periodic payments on the interest rate swaps for the following periods: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended June 30, | | For the Six Months Ended June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | September 2027 Notes | | $ | — | | | $ | — | | | $ | (1,670) | | | $ | (2,364) | | | AUD 2027 Notes - Interest rate swap | | A$ | 41 | | | A$ | (213) | | | A$ | 41 | | | A$ | (213) | | AUD 2027 Notes - Cross-currency swap(1) | | (8,349) | | | (1,339) | | | (8,349) | | | (1,339) | | | May 2028 Notes | | (365) | | | — | | | (365) | | | — | | | June 2028 Notes | | (1,177) | | | (1,039) | | | (1,177) | | | (1,039) | | | January 2029 Notes | | — | | | — | | | (612) | | | (2,864) | | | September 2029 Notes | | — | | | — | | | (969) | | | (1,341) | | | March 2030 Notes | | — | | | — | | | (4,087) | | | (8,101) | | | March 2031 Notes | | — | | | — | | | 932 | | | (3,523) | | | EUR 2031 Notes | | € | (4,888) | | | — | | | € | (4,688) | | | — | | | October 2031 Notes | | — | | | — | | | — | | | — | |
_______________ (1)For three and six months ended June 30, 2026, the Company also received A$12.3 million and A$12.3 million of periodic payments on the interest rate swaps, respectively.
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