v3.26.1
Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Company's Outstanding Interest Rate Derivatives

The following table details the Company’s outstanding interest rate derivatives as of June 30, 2026:

 

 

June 30, 2026

Interest Rate Derivatives

 

Number of Instruments

 

Notional Amount

 

 

Weighted Average Strike

 

Index

 

Weighted Average Maturity (Years)

Interest rate swaps - property debt

 

1

 

$

26,675,000

 

 

4.008%

 

SOFR

 

5

Total derivatives not designated as hedging instruments

 

 

 

$

26,675,000

 

 

 

 

 

 

 
Schedule of Net Realized Gain (Loss) and Net Change in Unrealized Appreciation (Depreciation)

The following table, which reflects the impacts of derivatives on the financial performance, is a summary of the net realized gain (loss) and net change in unrealized appreciation (depreciation) on swaps for the three and six months ended June 30, 2026:

 

 

Three Months Ended June 30, 2026

 

 

Six Months Ended June 30, 2026

 

Primary Risk Exposure/ Derivative Type

 

Net Realized Gain (Loss)

 

 

Change in Net Unrealized Appreciation (Depreciation)

 

 

Net Realized Gain (Loss)

 

 

Change in Net Unrealized Appreciation (Depreciation)

 

Interest Rate Risk

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swaps - property debt

 

$

(1,320

)

 

$

(172,729

)

 

$

(1,320

)

 

$

(172,729

)

Total Interest Rate Risk

 

$

(1,320

)

 

$

(172,729

)

 

$

(1,320

)

 

$

(172,729

)
Schedule of Company's Value of Derivative Instruments by Primary Risk Exposure

The following table is a summary of the Company’s value of derivative instruments by primary risk exposure as of June 30, 2026:

 

 

Fair Value of Derivatives Position(1)

 

 

 

June 30, 2026

 

Primary Risk Exposure/ Derivative Type

 

Value

 

Interest Rate Risk

 

Asset

 

 

Liability

 

Interest rate swaps - property debt

 

$

—

 

 

$

(174,049

)

Total derivatives not designated as hedging instruments

 

$

—

 

 

$

(174,049

)
(1)
Included in bi-lateral OTC swaps, at value in a liability position, in the Company's Consolidated Balance Sheets.