v3.26.1
Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Financial Instruments The following table summarizes the terms and fair values of our derivative financial instruments as of June 30,
2026 and December 31, 2025 (dollars in millions):
Derivative Type
Number of
Instruments (1)
Notional Amount
as of
Weighted
Average
Strike Rate (2)
Maturity
Date (3)
Fair Value - asset (liability)
as of
Derivatives Designated as Hedging
Instruments
June 30,
2026
December 31,
2025
June 30,
2026
December 31,
2025
Interest rate swaps (4)
12
$1,780.0
$2,105.0
3.27%
Aug 2027 -
Apr 2030
$17.3
$5.1
Cross-currency swaps - Fair
Value
15
1,720.0
720.0
(5)
Feb 2029 -
Jan 2036
(94.7)
(81.0)
Cross-currency swaps - Net
Investment
3
280.0
280.0
(6)
Oct 2032
(58.9)
(66.1)
Foreign currency forwards
58
730.7
519.7
(7)
Jul 2026 -
Dec 2028
14.8
(8.7)
$4,510.7
$3,624.7
$(121.5)
$(150.7)
Derivatives not Designated as Hedging
Instruments
Currency exchange swaps
9
$4,270.6
$2,972.8
(8)
Jul 2026 -
Jan 2027
$31.5
$(47.0)
$4,270.6
$2,972.8
$31.5
$(47.0)
Total of all Derivatives
$8,781.3
$6,597.5
$(90.0)
$(197.7)
(1)This column represents the number of instruments outstanding as of June 30, 2026.
(2)Weighted average strike rate is calculated using the notional value as of June 30, 2026.
(3)This column represents maturity dates for instruments outstanding as of June 30, 2026.
(4)During the three months ended June 30, 2026, we entered into five variable-to-fixed interest rate swaps in connection with the delayed draw
term loan under the Fund Credit Facilities.
(5)USD fixed rate of 5.625% and EUR weighted average fixed rate of 4.681%. USD fixed rate of 3.950% and GBP weighted average fixed rate of
4.392%. USD fixed rate of 4.910% and EUR weighted average fixed rate of 4.122%. USD fixed rate of 4.750% and EUR weighted average
fixed rate of 3.806%.
(6)USD fixed rate of 5.625% and EUR weighted average fixed rate of 4.716%.
(7)Weighted average exchange rates of 1.34 for GBP-USD and 1.21 for EUR-USD.
(8) Weighted average exchange rates of 0.87 for EUR-GBP, 1.34 for GBP-USD, and 4.32 for EUR-PLN.
Schedule of Unrealized Gain (Loss) on Derivatives in Other Comprehensive Income The following table summarizes the amount of unrealized gain (loss) on derivatives and foreign currency translation
adjustments in other comprehensive income (in thousands):
Three months ended
June 30,
Six months ended
June 30,
Derivatives in Cash Flow Hedging Relationships
2026
2025
2026
2025
Interest rate swaps
$(5,130)
$(4,777)
$11,706
$(12,141)
Foreign currency forwards
269
(22,437)
23,515
(35,619)
Interest rate swaptions
(1,209)
(1,597)
(1,419)
(2,003)
Total derivatives in cash flow hedging relationships
$(6,070)
$(28,811)
$33,802
$(49,763)
Derivatives in Fair Value Hedging Relationships
Cross-currency swaps - Fair Value
$(37,480)
$(2,653)
$(29,020)
$7,674
Total derivatives in fair value hedging relationships
$(37,480)
$(2,653)
$(29,020)
$7,674
Total unrealized (loss) gain on derivatives, net
$(43,550)
$(31,464)
$4,782
$(42,089)
Derivatives and Non-derivatives in Net Investment Hedging
Relationships
Cross-currency swaps - Net Investment
$(3,722)
$(29,161)
$6,166
$(33,987)
Foreign currency debt
7,828
(16,620)
18,954
(20,747)
Total unrealized gain (loss) recorded in foreign currency
translation adjustment
$4,106
$(45,781)
$25,120
$(54,734)
Schedule of Gain (Loss) on Derivatives Reclassified from Accumulated Other Comprehensive Income (Loss) The following table summarizes the amount of gain (loss) on derivatives reclassified from AOCI (in thousands):
Three months ended
June 30,
Six months ended
June 30,
Derivatives in Cash Flow Hedging
Relationships
Location of Increase (Decrease)
Recognized in Income
2026
2025
2026
2025
Interest rate swaps
Interest
$2,429
$2,808
$4,829
$6,192
Foreign currency forwards
Foreign currency and derivative
loss, net
(1,033)
(7,040)
(9,465)
(5,721)
Interest rate swaptions
Interest
57
81
117
184
Total derivatives in cash flow
hedging relationships
$1,453
$(4,151)
$(4,519)
$655
Derivatives in Fair Value Hedging
Relationships
Cross-currency swaps - Fair Value
(excluded component)
Foreign currency and derivative
loss, net
$2,065
$(344)
$1,943
$(129)
Total derivatives in fair value
hedging relationships
$2,065
$(344)
$1,943
$(129)
Derivatives in Net Investment
Hedging Relationships
Cross-currency swaps - Net
Investment (excluded component)
Foreign currency and derivative
loss, net
$442
$160
$1,070
$812
Total derivatives in net investment
hedging relationships
$442
$160
$1,070
$812
Net increase (decrease) to net
income
$3,960
$(4,335)
$(1,506)
$1,338
Schedule of Foreign Currency and Derivative Gain (Loss), Net The following table details our foreign currency and derivative loss, net included in income (in thousands):
Three months ended
June 30,
Six months ended
June 30,
2026
2025
2026
2025
Realized foreign currency and derivative loss, net:
Loss on the settlement of undesignated derivatives
$(28,991)
$(55,181)
$(54,398)
$(78,585)
Loss on the settlement of designated derivatives reclassified
from AOCI
(1,022)
(6,476)
(9,454)
(4,291)
Gain (loss) on the settlement of transactions with third parties
5,580
(505)
1,924
(502)
Total realized foreign currency and derivative loss, net
$(24,433)
$(62,162)
$(61,928)
$(83,378)
Unrealized foreign currency and derivative gain, net:
Gain (loss) on the change in fair value of undesignated
derivatives
$10,786
$(9,301)
$64,925
$(13,121)
Gain (loss) on remeasurement of certain assets and liabilities
4,823
67,075
(28,841)
89,566
Total unrealized foreign currency and derivative gain, net
$15,609
$57,774
$36,084
$76,445
Total foreign currency and derivative loss, net
$(8,824)
$(4,388)
$(25,844)
$(6,933)