v3.26.3
Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Assets at Fair Value The following derivative instruments were outstanding as of September 30, 2026 and December 31, 2025 (dollars in thousands):
September 30, 2026December 31, 2025
Fair ValueFair Value
Contract typeNotional
Assets
LiabilitiesNotional
Assets
Liabilities
Credit default swaps$8,000 $— $157 $31,500 $— $714 
Options— — — — — — 
Treasury note futures10,600 334 — 19,600 — 28 
Total$18,600 $334 $157 $51,100 $— $742 
Schedule of Derivative Liabilities at Fair Value The following derivative instruments were outstanding as of September 30, 2026 and December 31, 2025 (dollars in thousands):
September 30, 2026December 31, 2025
Fair ValueFair Value
Contract typeNotional
Assets
LiabilitiesNotional
Assets
Liabilities
Credit default swaps$8,000 $— $157 $31,500 $— $714 
Options— — — — — — 
Treasury note futures10,600 334 — 19,600 — 28 
Total$18,600 $334 $157 $51,100 $— $742 
Schedule of Derivative Instruments, Gain (Loss)
The following tables indicate the net realized and unrealized gains and losses on derivatives, by primary underlying risk exposure, as included in the consolidated statements of operations for the three and nine months ended September 30, 2026 and 2025 (dollars in thousands):
Three Months Ended September 30, 2026Three Months Ended September 30, 2025
Contract typeUnrealized Gain/(Loss)Realized Gain/(Loss)Unrealized Gain/(Loss)Realized Gain/(Loss)
Credit default swaps$13 $13 $5 $(25)
Options— — (47)— 
Treasury note futures323 635 270 (325)
Total$336 $648 $228 $(350)
Nine Months Ended September 30, 2026Nine Months Ended September 30, 2025
Contract typeUnrealized Gain/(Loss)Realized Gain/(Loss)Unrealized Gain/(Loss)Realized Gain/(Loss)
Credit default swaps$14 $284 $(86)$(19)
Options— 79 (130)(100)
Treasury note futures375 2,566 (764)643 
Total$389 $2,929 $(980)$524