v3.26.1
Derivatives
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives Derivatives
The Company enters into derivative financial instruments in the normal course of business to achieve certain risk management objectives, including managing its interest rate and foreign currency risk exposures.
The fair value of foreign currency and interest rate derivative contracts are included within Derivative assets at fair value and Derivative liabilities at fair value, respectively, in the Condensed Consolidated Statements of Assets and Liabilities.
The following tables present the aggregate notional amount and fair value hierarchy of the Company’s derivative financial instruments as of June 30, 2026 and December 31, 2025:
June 30, 2026
Level 1Level 2Level 3Total Fair ValueNotional
Derivative Assets
Foreign currency forward contracts$— $19,176 $— $19,176 $2,497,894 
Interest rate swaps— 15,791 — 15,791 2,838,000 
Total Derivative assets at fair value$— $34,967 $— $34,967 $5,335,894 
Cash collateral received$— 
Derivative Liabilities
Foreign currency forward contracts$— $(210)$— $(210)$780,382 
Interest rate swaps— (112,659)— (112,659)9,485,000 
Total Derivative liabilities at fair value$— $(112,869)$— $(112,869)$10,265,382 
Cash collateral posted$437,279 
December 31, 2025
Level 1Level 2Level 3Total Fair ValueNotional
Derivative Assets
Foreign currency forward contracts$— $4,320 $— $4,320 $1,425,306 
Interest rate swaps— 98,219 — 98,219 5,500,000 
Total Derivative assets at fair value$— $102,539 $— $102,539 $6,925,306 
Cash collateral received$— 
Derivative Liabilities
Foreign currency forward contracts$— $(8,372)$— $(8,372)$1,463,358 
Interest rate swaps— (28,124)— (28,124)3,921,988 
Total Derivative liabilities at fair value$— $(36,496)$— $(36,496)$5,385,346 
Cash collateral posted$277,152 
In the tables above:
•The fair value of derivative assets and derivative liabilities is presented on a gross basis.
•The notional amount represents the absolute value amount of all outstanding derivative contracts.
•All foreign currency derivatives are not designated in hedge relationships.
•All interest rate swaps are designated in fair value hedge relationships.
•The Company has not applied counterparty netting or collateral netting; as such, the amounts of cash collateral received and posted are not offset against the derivative assets and derivative liabilities in the Condensed Consolidated Statements of Assets and Liabilities. Such amounts are included as Receivable from broker and Payable to broker in the Condensed Consolidated Statements of Assets and Liabilities.
The table below presents the impact to the Condensed Consolidated Statements of Operations from derivative assets and derivative liabilities not designated in a qualifying hedge accounting relationship for the three and six months ended June 30, 2026 and June 30, 2025, respectively. The net change in unrealized gains and losses on the derivative assets and derivative liabilities not designated in a qualifying hedge accounting relationship are included within Net change in unrealized appreciation (depreciation) on derivative instruments in the Condensed Consolidated Statements of Operations. The net realized gains and losses on the derivative assets and derivative liabilities not designated in a qualifying hedge accounting relationship are included within Net realized gain (loss) on derivative instruments in the Condensed Consolidated Statements of Operations.
For the Three Months Ended June 30,For the Six Months Ended June 30,
2026202520262025
Unrealized appreciation (depreciation)
Foreign currency forward contracts$(21,754)$(48,560)$23,018 $(61,350)
Net change in unrealized appreciation (depreciation)$(21,754)$(48,560)$23,018 $(61,350)
Realized gain (loss)
Foreign currency forward contracts$59,611 $(139,450)$79,216 $(158,862)
Net realized gain (loss)$59,611 $(139,450)$79,216 $(158,862)
Hedging
The Company designated certain interest rate swaps as the hedging instrument in a qualifying fair value hedge accounting relationship.
The table below presents the impact to the Condensed Consolidated Statements of Operations from derivative assets and liabilities designated in a qualifying hedge accounting relationship for the three and six months ended June 30, 2026 and June 30, 2025, respectively.
For derivative instruments designated in qualifying hedge relationships, the change in fair value of the hedging instrument and hedged item is recorded in Interest expense and recognized as components of Interest expense in the Condensed Consolidated Statements of Operations.
For the Three Months Ended June 30,For the Six Months Ended June 30,
2026202520262025
Interest rate swaps$(112,538)$62,716 $(166,963)$189,808 
Hedged items111,347 (61,414)165,802 (186,589)
The table below presents the carrying value of unsecured borrowings as of June 30, 2026 and 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:
June 30, 2026December 31, 2025
DescriptionCarrying ValueCumulative Hedging AdjustmentsCarrying ValueCumulative Hedging Adjustments
Unsecured notes$12,058,302 $(96,789)$9,165,585 $69,653