v3.26.3
Derivative Instruments
 9 Months Ended
Sep. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments Derivative Instruments
The Company enters into derivative instruments from time to time to help mitigate its foreign currency and interest rate risk exposures. See “Note 6 — Fair Value of Financial Instruments” for additional disclosures related to the fair value hierarchy for derivative instruments and collateral.
The table below presents the fair value and notional value of the derivative assets and liabilities for the following periods:
As of September 30, 2026As of December 31, 2025
CounterpartyNotional AmountAssetsLiabilitiesNotional AmountAssetsLiabilities
Derivatives designated as hedges:
Interest rate swaps April 2029 NotesGoldman Sachs Bank USA$700,000 $— $(11,565)$700,000 $14,619 $— 
$— $(11,565)$14,619 $— 
Interest rate swaps October 2029 Notes
Regions Bank$500,000 — $(11,049)— — — 
Interest rate swaps January 2031 Notes
Regions Bank400,000 — (18,938)— — — 
Interest rate swaps September 2032 Notes
Regions Bank150,000 — (4,216)— — — 
$— $(34,203)$— $— 
Interest rate swaps March 2028 NotesSMBC Capital Markets, Inc.$650,000 — $(3,629)$650,000 12,113 — 
Interest rate swaps October 2029 Notes
SMBC Capital Markets, Inc.400,000 — (8,001)— — — 
$— $(11,630)$12,113 $— 
Total Derivatives Designated as Hedges(1)(2)
$— $(57,398)$26,732 $— 
Derivatives not designated as hedges:
Foreign currency forward contract AUDGoldman Sachs Bank USAA$12,910 $9,012 $(8,966)A$12,910 $8,405 $(8,616)
Foreign currency forward contract CADGoldman Sachs Bank USAC$56,106 40,873 (39,450)C$— — — 
Foreign currency forward contract EURGoldman Sachs Bank USA€— — — €282,460 334,694 (334,694)
Foreign currency forward contract GBPGoldman Sachs Bank USA£— — — £147,230 197,770 (198,381)
Foreign currency forward contract EURRoyal Bank of Canada€318,412 368,227 (363,490)€— — — 
Foreign currency forward contract GBPRoyal Bank of Canada$182,090 180,802 (182,090)$— — — 
Foreign currency forward contract GBPRoyal Bank of Canada£272,570 364,959 (361,723)£— — — 
Foreign currency forward contract CADSMBC Capital Markets, Inc.C$3,343 2,403 (2,379)C$— — — 
Foreign currency forward contract EURSMBC Capital Markets, Inc.€62,371 71,989 (71,199)€62,371 73,074 (73,889)
Foreign currency forward contract GBPSMBC Capital Markets, Inc.£25,000 33,433 (33,178)£12,500 16,539 (16,843)
Foreign currency forward contract GBPSMBC Capital Markets, Inc.$16,700 16,583 (16,700)$— — — 
Total Derivatives not Designated as Hedges(1)
$1,088,281 $(1,079,175)$630,482 $(632,423)
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(1)The net fair value of derivatives is recorded in prepaid expenses and other assets or accrued expenses and other liabilities in the Consolidated Statements of Assets and Liabilities.
(2)The Company’s unsecured notes, that are designated in a qualifying hedging relationship, had carrying value of $2.7 billion and $1.4 billion, net of the related cumulative hedging adjustments that represented an increase (decrease) to the carrying value of the notes of $(57.6) million and $27.8 million, as of September 30, 2026 and December 31, 2025, respectively.
The tables below present net change in unrealized gains and losses on effective interest rate swaps and hedged items included in interest expense for the following periods:
For the Three Months Ended September 30, 2026For the Nine Months Ended September 30, 2026
Interest Rate SwapsHedged ItemsNetInterest Rate SwapsHedged ItemsNet
Investment related gains/(losses)
Derivatives designated as hedges:
Interest rate swaps March 2028 Notes$(5,428)$5,887 $459 $(15,742)$16,382 $640 
Interest rate swaps April 2029 Notes(12,507)12,964 457 (26,184)26,637 453 
Interest rate swaps October 2029 Notes
(8,001)8,027 26 (8,001)8,027 26 
Interest rate swaps October 2029 Notes
(11,598)11,720 122 (11,049)11,200 151 
Interest rate swaps January 2031 Notes
(12,851)12,846 (5)(18,938)18,926 (12)
Interest rate swaps September 2032 Notes
(4,216)4,214 (2)(4,216)4,214 (2)
Net Change in Unrealized Gain (Loss) on Interest Rate Swaps and Hedged Items(1)
$1,057 $1,256 
_______________
(1)Recorded and recognized as components of interest expense in the Consolidated Statements of Operations.

For the Three Months Ended September 30, 2025For the Nine Months Ended September 30, 2025
Interest Rate SwapsHedged ItemsNetInterest Rate SwapsHedged ItemsNet
Derivatives designated as hedges:
Interest rate swaps April 2029 Notes$105 $(176)$(71)$7,189 $(7,492)$(303)
Interest rate swaps March 2028 Notes(293)265 (28)12,794 (13,411)(617)
Net Change in Unrealized Gain (Loss) on Interest Rate Swaps and Hedged Items(1)
$(99)$(920)
_______________
(1)    Recorded and recognized as components of interest expense in the Consolidated Statements of Operations.

The table below presents net change in unrealized gains and losses on derivative instruments not designated as a qualifying hedge accounting relationship recognized by the Company for the following periods:
For the Three Months Ended September 30,
For the Nine Months Ended September 30,
2026202520262025
Derivatives not designated as hedges:
Foreign currency forward contract AUD$(279)$(65)$257 $(141)
Foreign currency forward contract CAD293 — 1,447 — 
Foreign currency forward contract EUR(8,549)5,957 6,342 (1,535)
Foreign currency forward contract GBP(2,059)3,655 3,001 (177)
Total Net Change in Unrealized Gain (Loss)(1)
$(10,594)$9,547 $11,047 $(1,853)
_______________
(1)Recorded and recognized as components of translation of assets and liabilities in foreign currencies and other transactions in the Consolidated Statements of Operations.
The table below presents realized gains and losses on derivative instruments not designated as a qualifying hedge accounting relationship recognized by the Company for the following periods:
For the Three Months Ended September 30,
For the Nine Months Ended September 30,
2026202520262025
Derivatives not designated as hedges:
Foreign currency forward contract AUD$214 $43 $(655)$43 
Foreign currency forward contract CAD— — — — 
Foreign currency forward contract EUR12,346 (1,497)12,212 (1,497)
Foreign currency forward contract GBP1,142 791 (1,095)791 
Total Net Realized Gain (Loss)(1)
$13,702 $(663)$10,462 $(663)
_______________
(1)     Recorded and recognized as components of foreign currency transactions in the Consolidated Statements of Operations.
For the three and nine months ended September 30, 2026, the Company recognized realized gains of $13.7 million and $10.5 million, respectively, primarily related to the foreign currency forward contracts held with Goldman Sachs Bank USA. For the three and nine months ended September 30, 2025, the Company recognized a realized loss of $0.7 million and $0.7 million, respectively, primarily related to the foreign currency forward contracts held with Goldman Sachs Bank USA.
In connection with the unsecured notes, the Company has received (made) the following net periodic payments on the interest rate swaps for the following periods:
For the Three Months Ended September 30,
For the Nine Months Ended September 30,
2026202520262025
March 2028 Notes$(10,830)$(10,033)$(28,712)$(26,070)
April 2029 Notes——(22,792)(1,627)
January 2031 Notes207—207—