DERIVATIVE INSTRUMENTS (Tables)
|
9 Months Ended |
Sep. 30, 2026 |
|---|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
| Schedule of Derivative Instruments |
Certain information related to the Company’s foreign currency forward derivative instruments as of September 30, 2026 and December 31, 2025 is presented below.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of September 30, 2026 | | Derivative Instrument | Notional
Amount | | | | Gross Amount of Recognized Assets | | Gross Amount of Recognized Liabilities | | Balance Sheet
Location of Net Amounts | | Foreign currency forward contract | JPY | 4,066 | | | | | $ | 59 | | | $ | (57) | | | Derivative assets | | Foreign currency forward contract | CAD | 348 | | | | | 254 | | | (252) | | | Derivative assets | | Foreign currency forward contract | CAD | 210 | | | | | 151 | | | (148) | | | Derivative assets | | Foreign currency forward contract | € | 168 | | | | | 191 | | | (187) | | | Derivative assets | | Foreign currency forward contract | £ | 156 | | | | | 177 | | | (178) | | | Derivative liabilities | | Foreign currency forward contract | £ | 138 | | | | | 185 | | | (182) | | | Derivative assets | | Foreign currency forward contract | € | 98 | | | | | 114 | | | (112) | | | Derivative assets | | Foreign currency forward contract | NOK | 64 | | | | | 7 | | | (7) | | | Derivative assets | | Foreign currency forward contract | £ | 62 | | | | | 83 | | | (83) | | | Derivative assets | | Foreign currency forward contract | CAD | 58 | | | | | 55 | | | (56) | | | Derivative liabilities | | Foreign currency forward contract | NZD | 38 | | | | | 22 | | | (21) | | | Derivative assets | | Foreign currency forward contract | AUD | 14 | | | | | 13 | | | (13) | | | Derivative liabilities | | Total | | | | | | $ | 1,311 | | | $ | (1,296) | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2025 | | Derivative Instrument | Notional
Amount | | | | Gross Amount of Recognized Assets | | Gross Amount of Recognized Liabilities | | Balance Sheet
Location of Net Amounts | | Foreign currency forward contract | JPY | 8,131 | | | | $ | 58 | | | $ | (56) | | | Derivative assets | | Foreign currency forward contract | CAD | 402 | | | | 290 | | | (295) | | | Derivative liabilities | | Foreign currency forward contract | £ | 304 | | | | 367 | | | (369) | | | Derivative liabilities | | Foreign currency forward contract | £ | 238 | | | | 312 | | | (315) | | | Derivative liabilities | | Foreign currency forward contract | € | 180 | | | | 210 | | | (212) | | | Derivative liabilities | | Foreign currency forward contract | € | 155 | | | | 181 | | | (182) | | | Derivative liabilities | | Foreign currency forward contract | CAD | 148 | | | | 107 | | | (109) | | | Derivative liabilities | | Foreign currency forward contract | NZD | 64 | | | | 37 | | | (37) | | | Derivative assets | | Foreign currency forward contract | NOK | 64 | | | | 6 | | | (6) | | | Derivative assets | | Foreign currency forward contract | AUD | 22 | | | | 15 | | | (15) | | | Derivative liabilities | | Total | | | | | | $ | 1,583 | | | $ | (1,596) | | | |
|
| Schedule of Net Realized and Unrealized Gains (Losses) on Derivative Instruments |
Net realized and unrealized gains and losses on derivative instruments not designated as a qualifying hedge accounting relationship recognized by the Company for the three and nine months ended September 30, 2026 and 2025 is in the following location in the consolidated statements of operations:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended September 30, | | For the Nine Months Ended September 30, | | Derivative Instrument | Statement Location | 2026 | | 2025 | | 2026 | | 2025 | | | | | | | | | | | | | | | Foreign currency forward contract | Net realized gains (losses) from foreign currency and other transactions | $ | 8 | | | $ | (12) | | | $ | 4 | | | $ | (21) | | | | | Foreign currency forward contract | Net unrealized gains (losses) from foreign currency and other transactions | $ | (4) | | | $ | 30 | | | $ | 28 | | | $ | (24) | | | |
|
| Schedule of Interest Rate Swap Instruments |
As of December 31, 2025, the counterparties to each of the Company’s interest rate swaps were SMBC Capital Markets, Inc. or Wells Fargo Bank, N.A. Certain information related to the Company’s interest rate swaps as of September 30, 2026 is presented below. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Description | | Hedged Item | | Company Receives | | Company Pays | | Payment Frequency | | Maturity Date | | Notional Amount | | | | | | Interest rate swap | | January 2027 Notes | | 7.000 | % | | SOFR +2.5810% | | Monthly | | January 15, 2027 | | $ | 900 | | | | | | | Interest rate swap | | March 2029 Notes | | 5.875 | % | | SOFR +2.0227% | | Monthly | | March 1, 2029 | | $ | 1,000 | | | | | | | Interest rate swap | | July 2029 Notes | | 5.950 | % | | SOFR +1.6430% | | Monthly | | July 15, 2029 | | $ | 850 | | | | | | | Interest rate swap | | January 2030 Notes | | 5.550 | % | | SOFR +1.6995% | | Monthly | | January 15, 2030 | | $ | 800 | | | | | | | Interest rate swap | | September 2030 Notes | | 5.500 | % | | SOFR +1.7705% | | Monthly | | September 1, 2030 | | $ | 750 | | | | | | | Interest rate swap(1) | | January 2031 Notes | | 5.100 | % | | SOFR +1.7270% | | Monthly | | January 15, 2031 | | $ | 650 | | | | | | | Interest rate swap | | April 2031 Notes | | 5.250 | % | | SOFR +1.7217% | | Monthly | | April 12, 2031 | | $ | 750 | | | | | | | Interest rate swap | | March 2032 Notes | | 5.800 | % | | SOFR +1.6995% | | Monthly | | March 8, 2032 | | $ | 1,000 | | | | | | | Interest rate swap | | September 2033 Notes | | 6.250 | % | | SOFR +1.8525% | | Quarterly | | September 15, 2033 | | $ | 750 | | | | | | | | | | | | | | | | | | | | | | |
________________________________________
(1)In connection with the issuance of the January 2031 Notes, the Company entered into a forward-starting interest rate swap with an effective date of July 15, 2026.
|
| Schedule of Interest Rate Swap Derivative Instruments |
The balance sheet impact of fair valuing the interest rate swaps as of September 30, 2026 and December 31, 2025 is presented below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of September 30, 2026 | | Derivative Instrument(1) | Hedged Item | Notional Amount | | Maturity Date | | Gross Amount of Recognized Assets | | Gross Amount of Recognized Liabilities | | Balance Sheet Location of Amounts | | Interest rate swap | January 2027 Notes | $ | 900 | | | January 15, 2027 | | $ | 1 | | | $ | — | | | Derivative assets | | Interest rate swap | March 2029 Notes | $ | 1,000 | | | March 1, 2029 | | — | | | (22) | | | Derivative liabilities | | Interest rate swap | July 2029 Notes | $ | 850 | | July 15, 2029 | | — | | | (12) | | | Derivative liabilities | | Interest rate swap | January 2030 Notes | $ | 800 | | | January 15, 2030 | | — | | | (24) | | | Derivative liabilities | | Interest rate swap | September 2030 Notes | $ | 750 | | | September 1, 2030 | | — | | | (30) | | | Derivative liabilities | | Interest rate swap | January 2031 Notes | $ | 650 | | | January 15, 2031 | | — | | | (37) | | | Derivative liabilities | | Interest rate swap | April 2031 Notes | $ | 750 | | | April 15, 2031 | | — | | | (40) | | | Derivative liabilities | | Interest rate swap | March 2032 Notes | $ | 1,000 | | | March 8, 2032 | | — | | | (36) | | | Derivative liabilities | | Interest rate swap | September 2033 Notes | $ | 750 | | September 15, 2033 | | — | | | (21) | | | Derivative liabilities | | Total | | | | | | | $ | 1 | | | $ | (222) | | | |
________________________________________
(1)The gross asset or liability related to the fair value of each interest rate swap was offset by a corresponding increase or decrease to the carry value of the related hedged item.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2025 | | Derivative Instrument(1) | Hedged Item | Notional Amount | | Maturity Date | | Gross Amount of Recognized Assets | | Gross Amount of Recognized Liabilities | | Balance Sheet Location of Amounts | | Interest rate swap | January 2027 Notes | $ | 900 | | | January 15, 2027 | | $ | 8 | | | $ | — | | | Derivative assets | | Interest rate swap | March 2029 Notes | $ | 1,000 | | | March 1, 2029 | | 13 | | | — | | | Derivative assets | | Interest rate swap | July 2029 Notes | $ | 850 | | | July 15, 2029 | | 25 | | | — | | | Derivative assets | | Interest rate swap | September 2030 Notes | $ | 750 | | | September 1, 2030 | | 7 | | | — | | | Derivative assets | | Interest rate swap | January 2031 Notes | $ | 650 | | | January 15, 2031 | | — | | | (4) | | | Derivative liabilities | | Interest rate swap | March 2032 Notes | $ | 1,000 | | | March 8, 2032 | | 28 | | | — | | | Derivative assets | | Total | | | | | | | $ | 81 | | | $ | (4) | | | | | | | | | | | | | | | |
________________________________________
(1)The gross asset or liability related to the fair value of each interest rate swap was offset by a corresponding increase or decrease to the carry value of the related hedged item.
|