Derivatives (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 Derivative Contracts and Respective Classification on Consolidated Statement of Assets and Liabilities |
The tables below present derivatives contracts as of June 30, 2026 and their respective classification on the consolidated statement of assets and liabilities: | | | | | | | | | | Derivative Contracts/Hedged Items | Fair Value (Amounts in Thousands) | Statement of Assets and Liabilities Classification | | Foreign currency forward contracts | $ | 5 | | Unrealized gain on derivative contracts | | Foreign currency forward contracts | (1) | | Unrealized loss on derivative contracts | Interest rate swaps(1) | 222 | | Unrealized gain on derivative contracts | Interest rate swaps(1) | (9,930) | | Unrealized loss on derivative contracts | | Interest rate options | 266 | | Unrealized gain on derivative contracts | Hedged items(2) | (3,788) | | Debt |
(1) The interest rate swaps above are designated in a qualifying hedging relationship with unsecured borrowings. (2) The hedged items above represent the carrying value adjustment to unsecured borrowings in a designated hedging relationship as further described in the hedging note below.
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| Schedule of Effect of Foreign Currency Forward Contracts on Consolidated Statement of Operations |
The table below presents the impact to the consolidated statements of operations from derivative contracts that were not designated in a qualifying hedging relationship during the three and six months ended June 30, 2026 and 2025: | | | | | | | | | | | | | | | | (Amounts in thousands) | Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | Six Months
Ended
June 30,
2026 | Six Months Ended June 30, 2025 | | Net change in unrealized gain (loss) on foreign currency forward contracts | $ | — | | $ | (7) | | $ | 9 | | $ | (52) | | | Net change in unrealized gain (loss) on interest rate swaps and options | (346) | | (110) | | (84) | | 326 | | | Realized (loss) on foreign currency forward contracts | (1) | | (11) | | (7) | | 36 | |
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| Schedule of Derivative Assets With Offsets by Counterparty |
The following tables present the Company’s assets and liabilities related to derivatives by counterparty, net of amounts available for offset under a master netting arrangement and net of any collateral received or pledged by the Company for such assets and liabilities as of June 30, 2026: | | | | | | | | | | | | | | | | | | | (Amounts in thousands) | As of June 30, 2026 | | Assets | Derivative Assets Subject to Master Netting Agreement | Derivatives Available for Offset | Non-Cash Collateral Received | Cash Collateral Received | Net Amount of Derivative Assets(1) | | Morgan Stanley Capital Services, LLC | $ | 240 | | $ | (240) | | $ | — | | $ | — | | $ | — | | | MUFG Bank, Ltd. | 97 | | (97) | | — | | — | | — | | | Wells Fargo Bank, N.A. | 58 | | (58) | | — | | — | | — | | | Regions Bank | 98 | | (98) | | — | | — | | — | | | Total | $ | 493 | | $ | (493) | | $ | — | | $ | — | | $ | — | |
| | | | | | | | | | | | | | | | | | | (Amounts in thousands) | As of June 30, 2026 | | Liabilities | Derivative Liabilities Subject to Master Netting Agreement | Derivatives Available for Offset | Non-Cash Collateral Received | Cash Collateral Pledged(2) | Net Amount of Derivative Liabilities(3) | | Morgan Stanley Capital Services, LLC | $ | (1,303) | | $ | 240 | | $ | — | | $ | 1,063 | | $ | — | | | MUFG Bank, Ltd. | (4,972) | | 97 | | — | | 4,875 | | — | | | Wells Fargo Bank, N.A. | (2,206) | | 58 | | — | | 2,148 | | — | | | Regions Bank | (1,450) | | 98 | | — | | 1,352 | | — | | | Total | $ | (9,931) | | $ | 493 | | $ | — | | $ | 9,438 | | $ | — | |
(1) Net amount of derivative assets represents the net amount due from the counterparty to the Company.(2) The actual collateral pledged could be more than the amount shown due to over collateralization. (3) Net amount of derivative liabilities represents the net amount due from the Company to the counterparty.
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| Schedule of Derivative Liabilities With Offsets by Counterparty |
The following tables present the Company’s assets and liabilities related to derivatives by counterparty, net of amounts available for offset under a master netting arrangement and net of any collateral received or pledged by the Company for such assets and liabilities as of June 30, 2026: | | | | | | | | | | | | | | | | | | | (Amounts in thousands) | As of June 30, 2026 | | Assets | Derivative Assets Subject to Master Netting Agreement | Derivatives Available for Offset | Non-Cash Collateral Received | Cash Collateral Received | Net Amount of Derivative Assets(1) | | Morgan Stanley Capital Services, LLC | $ | 240 | | $ | (240) | | $ | — | | $ | — | | $ | — | | | MUFG Bank, Ltd. | 97 | | (97) | | — | | — | | — | | | Wells Fargo Bank, N.A. | 58 | | (58) | | — | | — | | — | | | Regions Bank | 98 | | (98) | | — | | — | | — | | | Total | $ | 493 | | $ | (493) | | $ | — | | $ | — | | $ | — | |
| | | | | | | | | | | | | | | | | | | (Amounts in thousands) | As of June 30, 2026 | | Liabilities | Derivative Liabilities Subject to Master Netting Agreement | Derivatives Available for Offset | Non-Cash Collateral Received | Cash Collateral Pledged(2) | Net Amount of Derivative Liabilities(3) | | Morgan Stanley Capital Services, LLC | $ | (1,303) | | $ | 240 | | $ | — | | $ | 1,063 | | $ | — | | | MUFG Bank, Ltd. | (4,972) | | 97 | | — | | 4,875 | | — | | | Wells Fargo Bank, N.A. | (2,206) | | 58 | | — | | 2,148 | | — | | | Regions Bank | (1,450) | | 98 | | — | | 1,352 | | — | | | Total | $ | (9,931) | | $ | 493 | | $ | — | | $ | 9,438 | | $ | — | |
(1) Net amount of derivative assets represents the net amount due from the counterparty to the Company.(2) The actual collateral pledged could be more than the amount shown due to over collateralization. (3) Net amount of derivative liabilities represents the net amount due from the Company to the counterparty.
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| Schedule of Impact to Consolidated Statements of Operations from Hedge Accounting |
The table below presents the impact to the consolidated statements of operations from derivative assets and liabilities designated in a qualifying hedge accounting relationship for the three and six months ended June 30, 2026 and 2025:
| | | | | | | | | | | | | | | | | | | (Amounts in thousands) | Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | Six Months
Ended
June 30,
2026 | Six Months
Ended
June 30,
2025 | Financial Statement Location | | Interest rate swaps | $ | 5,846 | | $ | (5,084) | | $ | 10,232 | | $ | (13,695) | | Interest expense | | Hedged items | $ | (6,270) | | $ | 4,569 | | $ | (11,275) | | $ | 12,723 | | Interest expense |
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| Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location |
The table below presents the carrying value of unsecured borrowings as of June 30, 2026 that are designated in a qualifying hedging relationship and the related cumulative hedging adjustment (increase/(decrease)) from current and prior hedging relationships included in such carrying values:
| | | | | | | | | | | | | Description | Principal Amount (Amounts in thousands) | Carrying Value (Amounts in thousands) | Cumulative Hedging Adjustments (Amounts in thousands) | | Series A Tranche A Notes | $ | 90,000 | | $ | 90,000 | | $ | — | | | Series A Tranche B Notes | 150,000 | | 149,411 | | (589) | | | Series B, Tranche A Notes | 85,000 | | 84,661 | | (339) | | | Series B, Tranche C Notes | 290,000 | | 288,496 | | (1,504) | | | Series C, Tranche A Notes | 25,000 | | 23,834 | | (1,166) | | | Series C, Tranche B Notes | 75,000 | | 74,757 | | (243) | | | Series D, Tranche A Notes | 50,000 | | 49,944 | | (56) | | | Series D, Tranche B Notes | 175,000 | | 175,109 | | 109 | | | Total | $ | 940,000 | | $ | 936,212 | | $ | (3,788) | |
The table below presents the carrying value of unsecured borrowings as of December 31, 2025 that are designated in a qualifying hedging relationship and the related cumulative hedging adjustment (increase/(decrease)) from current and prior hedging relationships included in such carrying values:
| | | | | | | | | | | | | Description | Principal Amount (Amounts in thousands) | Carrying Value (Amounts in thousands) | Cumulative Hedging Adjustments (Amounts in thousands) | | Series A, Tranche A Notes | $ | 90,000 | | $ | 90,406 | | $ | 406 | | | Series A, Tranche B Notes | 150,000 | | 151,856 | | 1,856 | | | Series B, Tranche A Notes | 85,000 | | 86,045 | | 1,045 | | | Series B, Tranche C Notes | 290,000 | | 293,911 | | 3,911 | | | Series C, Tranche A Notes | 25,000 | | 25,178 | | 178 | | | Series C, Tranche B Notes | 75,000 | | 75,092 | | 92 | | | Total | $ | 715,000 | | $ | 722,488 | | $ | 7,488 | |
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