| Schedule of the Fair Value and Notional Value of the Derivative Assets and Liabilities |
The table below presents the fair value and notional value of the derivative assets and liabilities for the following periods: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of September 30, 2026 | | | | As of December 31, 2025 | | | Counterparty | | Notional Amount | | Assets | | Liabilities | | | | Notional Amount | | Assets | | Liabilities | | Derivatives designated as hedges: | | | | | | | | | | | | | | | | | Interest rate swap 2027 Notes | | Deutsche Bank AG | | $ | 500,000 | | | $ | — | | | $ | (914) | | | | | $ | 500,000 | | | $ | — | | | $ | (13,370) | | Interest rate swap 2030 Notes | | Deutsche Bank AG | | $ | 500,000 | | | — | | | (18,687) | | | | | $ | 500,000 | | | 5,663 | | | — | | | | | | | | — | | | (19,601) | | | | | | | 5,663 | | | (13,370) | | Interest rate swap 2029 Notes | | Goldman Sachs Bank USA | | $ | 600,000 | | | — | | | (16,909) | | | | | $ | 600,000 | | | 3,645 | | | — | | Interest rate swap 2029 Notes | | Goldman Sachs Bank USA | | $ | 400,000 | | | — | | | (7,127) | | | | | $ | 400,000 | | | 7,185 | | | — | | | | | | | | — | | | (24,036) | | | | | | | 10,830 | | | — | | Interest rate swap September 2028 Notes | | Royal Bank of Canada | | $ | 400,000 | | | — | | | (8,685) | | | | | $ | — | | | — | | | — | | | | | | | | — | | | (8,685) | | | | | | | — | | | — | | Interest rate swap 2031 Notes | | SMBC Capital Markets, Inc. | | $ | 400,000 | | | — | | | (13,731) | | | | | $ | — | | | — | | | — | | | | | | | | — | | | (13,731) | | | | | | | — | | | — | | Total Derivatives Designated as Hedges(1)(2) | | | | $ | — | | | $ | (66,053) | | | | | | | $ | 16,493 | | | $ | (13,370) | | | | | | | | | | | | | | | | | | | | Derivatives not designated as hedges: | | | | | | | | | | | | | | | | Foreign currency forward contract AUD | | Goldman Sachs Bank USA | | A$ | 2,080 | | | $ | 1,452 | | | $ | (1,445) | | | | | A$ | 2,580 | | | $ | 1,685 | | | $ | (1,722) | | | Foreign currency forward contract EUR | | Goldman Sachs Bank USA | | € | — | | | — | | | — | | | | | € | 208,670 | | | 247,528 | | | (247,272) | | | Foreign currency forward contract GBP | | Goldman Sachs Bank USA | | £ | — | | | — | | | — | | | | | £ | 94,190 | | | 126,248 | | | (126,916) | | | Foreign currency forward contract CAD | | Royal Bank of Canada | | C$ | 141,265 | | | 102,827 | | | (99,563) | | | | | C$ | — | | | — | | | — | | | Foreign currency forward contract EUR | | Royal Bank of Canada | | € | 17,348 | | | 20,385 | | | (19,811) | | | | | € | — | | | — | | | — | | | Foreign currency forward contract GBP | | Royal Bank of Canada | | $ | 113,761 | | | 112,957 | | | (113,761) | | | | | $ | — | | | — | | | — | | | Foreign currency forward contract GBP | | Royal Bank of Canada | | £ | 170,288 | | | 228,009 | | | (225,987) | | | | | £ | — | | | — | | | — | | | Foreign currency forward contract GBP | | SMBC Capital Markets, Inc. | | £ | 29,631 | | | 39,624 | | | (39,322) | | | | | £ | 14,775 | | | 19,549 | | | (19,908) | | | Foreign currency forward contract EUR | | SMBC Capital Markets, Inc. | | € | 27,630 | | | 31,882 | | | (31,540) | | | | | € | 5,301 | | | 6,296 | | | (6,281) | | | Foreign currency forward contract GBP | | SMBC Capital Markets, Inc. | | $ | 19,739 | | | 19,601 | | | (19,739) | | | | | $ | — | | | — | | | — | | | Foreign currency forward contract EUR | | US Bank National Association | | € | 194,570 | | | 224,061 | | | (222,097) | | | | | € | — | | | — | | | — | | Total Derivatives not Designated as Hedges(1) | | | | $ | 780,799 | | | $ | (773,266) | | | | | | | $ | 401,306 | | | $ | (402,099) | |
_______________(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 $2.71 billion and $1.98 billion, net of the related cumulative hedging adjustments that represented an increase (decrease) to the carrying value of the notes of $(64.6) million and $3.0 million as of September 30, 2026 and December 31, 2025, respectively.
|
| Schedule of Net Unrealized Gains and Losses on Effective Interest Rate Swaps and Hedged |
The tables below present net unrealized gains and losses on effective interest rate swaps and hedged items included in interest expense for the following periods: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2026 | | Nine Months Ended September 30, 2026 | | | Interest Rate Swaps | | Hedged Items | | Net | | Interest Rate Swaps | | Hedged Items | | Net | | Derivatives designated as hedges: | | | | | | | | | | | | | Interest rate swap 2027 Notes | | $ | 214 | | | $ | (228) | | | $ | (14) | | | $ | (678) | | | $ | 756 | | | $ | 78 | | Interest rate swap September 2028 Notes | | (5,041) | | | 4,934 | | | (107) | | | (8,685) | | | 8,491 | | | (194) | | | | | | | | | | | | | | | | Interest rate swaps 2029 Notes | | (17,002) | | | 16,763 | | | (239) | | | (34,866) | | | 34,166 | | | (700) | | Interest rate swap 2030 Notes | | (14,334) | | | 14,296 | | | (38) | | | (24,350) | | | 24,237 | | | (113) | | | | | | | | | | | | | | | Interest rate swap 2031 Notes | | (14,878) | | | 14,823 | | | (55) | | | (13,731) | | | 13,659 | | | (72) | | Net Change in Unrealized Gain (Loss) on Interest rate swaps and Hedged Items(1) | | $ | (453) | | | | | | | $ | (1,001) | |
_______________ (1) Recorded and recognized as components of interest expense in the Consolidated Statements of Operations. On January 15, 2026, the centrally cleared interest rate swap hedging the 2027 Notes with the notional amount of $500 million was terminated and replaced with a bilateral interest rate swap with identical notional, fixed rate and termination date. See “Note 5 — Debt” for more details. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2025 | | Nine Months Ended September 30, 2025 | | | Interest Rate Swaps | | Hedged Items | | Net | | Interest Rate Swaps | | Hedged Items | | Net | | Derivatives designated as hedges: | | | | | | | | | | | | | | Interest rate swaps 2027 Notes | | $ | 3,842 | | | $ | (3,965) | | | $ | (123) | | | $ | 14,604 | | | $ | (12,576) | | | $ | 2,028 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Interest rate swaps 2029 Notes | | (4,268) | | | 3,995 | | | (273) | | | 9,233 | | | (9,110) | | | 123 | | | Interest rate swaps 2029 Notes | | 173 | | | (182) | | | (9) | | | 8,985 | | | (9,186) | | | (201) | | | Interest rate swaps 2030 Notes | | 686 | | | (761) | | | (75) | | | 7,110 | | | (7,195) | | | (85) | | | | | | | | | | | | | | | Net Change in Unrealized Gain (Loss) on Interest rate swaps and Hedged Items(1) | | $ | (480) | | | | | | | $ | 1,865 | |
_______________ (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, | | | 2026 | | 2025 | | 2026 | | 2025 | | Derivatives not designated as hedges: | | | | | | | | | | Foreign currency forward contract GBP | | $ | (1,396) | | | $ | 838 | | | $ | 2,409 | | | $ | (385) | | | Foreign currency forward contract AUD | | (45) | | | (12) | | | 44 | | | (23) | | | Foreign currency forward contract EUR | | (6,095) | | | 3,421 | | | 2,609 | | | (885) | | | Foreign currency forward contract CAD | | 911 | | | — | | | 3,264 | | | — | | Total Net Unrealized Gain (Loss)(1) | | $ | (6,625) | | | $ | 4,247 | | | $ | 8,326 | | | $ | (1,293) | |
_______________ (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 net 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, | | | 2026 | | 2025 | | 2026 | | 2025 | | Derivatives not designated as hedges: | | | | | | | | | | Foreign currency forward contract GBP | | $ | 1,246 | | | $ | 2,018 | | | $ | (742) | | | $ | 2,018 | | | Foreign currency forward contract AUD | | 36 | | | 6 | | | (80) | | | 6 | | | Foreign currency forward contract EUR | | 9,401 | | | (86) | | | 9,401 | | | (86) | | | Foreign currency forward contract CAD | | (82) | | | — | | | (123) | | | — | | Total Net Realized Gain (Loss)(1) | | $ | 10,601 | | | $ | 1,938 | | | $ | 8,456 | | | $ | 1,938 | |
_______________ (1) Recorded and recognized as components of foreign currency transactions in the Consolidated Statements of Operations. In connection with the unsecured notes, the Company has received (made) the following periodic net payments on the interest rate swaps for the following periods: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended September 30, | | For the Nine Months Ended September 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | 2027 Notes | | $ | (395) | | | $ | (8,883) | | | $ | (8,965) | | | $ | (19,501) | | | September 2028 Notes | | (46) | | | — | | | (46) | | | — | | | 2029 Notes | | (299) | | | (3,174) | | | (1,189) | | | (5,713) | | | 2029 Notes | | 483 | | | — | | | 569 | | | — | | | 2030 Notes | | 7,835 | | | (524) | | | 7,710 | | | (524) | | | | | | | | | | |
|