v3.26.1
Derivative Instruments
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments

Note 6. Derivative Instruments

The Company enters into derivative instruments from time to time to help mitigate exposure to interest rate risk. Derivatives not designated as hedges are speculative and are used to manage the Company's exposure to interest rate movements but do not meet the strict hedge accounting requirements. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly as net change in unrealized appreciation (depreciation) from interest rate swaps in the Company's Consolidated Statement of Operations.

The Company did not hold any derivative instruments as of December 31, 2025.

Certain information related to the Company's derivative instruments as of June 30, 2026 is presented on the Consolidated Statements of Assets and Liabilities as follows:

 

($ in thousands)

As of June 30, 2026

Derivative Instrument

 

Notional amount

 

 

Maturity date

 

Gross Amount of Recognized Assets

 

 

Gross Amount of Recognized Liabilities

 

 

Consolidated Statements of Assets and Liabilities Location

Interest Rate Swap

 

$

100,000

 

 

4/10/2029

 

$

(905

)

 

$

(12

)

 

Investments at fair value

Interest Rate Swap

 

$

120,000

 

 

11/15/2029

 

$

(1,219

)

 

$

(14

)

 

Investments at fair value

Total

 

$

220,000

 

 

 

 

$

(2,124

)

 

$

(26

)

 

 

 

Net unrealized appreciation (depreciation) from derivative instruments recognized by the Company for the three and six months ended June 30, 2026 and 2025 is presented on the Consolidated Statements of Operations as follows:

 

($ in thousands)

 

 

 

For the three months ended June 30,

 

 

For the six months ended June 30,

 

Derivative Instrument

 

Consolidated Statements of Operations Location

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Interest rate swap

 

Net change in unrealized appreciation (depreciation) from interest rate swaps

 

$

(2,196

)

 

$

—

 

 

$

(2,124

)

 

$

—

 

Total

 

 

 

$

(2,196

)

 

$

—

 

 

$

(2,124

)

 

$

—

 

 

Net realized gain (loss) from derivative instruments recognized by the Company for the three and six months ended June 30, 2026 and 2025, is presented in consolidated statements of operations as follows:

 

($ in thousands)

 

 

 

For the three months ended June 30,

 

 

For the six months ended June 30,

 

Derivative Instrument

 

Consolidated Statements of Operations Location

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Interest rate swap

 

Net realized gain (loss) from interest rate swaps

 

$

(43

)

 

$

—

 

 

$

(43

)

 

$

—

 

Total

 

 

 

$

(43

)

 

$

—

 

 

$

(43

)

 

$

—