Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Outstanding Foreign Exchange Derivatives

The following table details our outstanding foreign exchange derivatives that were designated as net investment hedges of

foreign currency risk (notional amounts in thousands):

March 31, 2025			December 31, 2024
Foreign Currency Derivatives	Number of Instruments	Notional Amount	Foreign Currency Derivatives	Number of Instruments	Notional Amount
Buy USD / Sell SEK Forward	2	kr 970,177	Buy USD / Sell SEK Forward	2	kr 971,180
Buy USD / Sell GBP Forward	9	£596,868	Buy USD / Sell GBP Forward	5	£604,739
Buy USD / Sell EUR Forward	8	€615,758	Buy USD / Sell EUR Forward	8	€603,910
Buy USD / Sell AUD Forward	4	A$364,687	Buy USD / Sell AUD Forward	6	A$355,703
Buy USD / Sell CAD Forward	3	C$119,585	Buy USD / Sell CHF Forward	1	CHF6,752
Buy USD / Sell CHF Forward	1	CHF6,752

The following table details our outstanding foreign exchange derivatives that were non-designated hedges of foreign

currency risk (notional amounts in thousands):

March 31, 2025			December 31, 2024
Non-designated Hedges	Number of Instruments	Notional Amount	Non-designated Hedges	Number of Instruments	Notional Amount
Buy EUR / Sell USD Forward	2	€14,300	Buy GBP / Sell USD Forward	3	£54,400
Buy USD / Sell EUR Forward	2	€14,300	Buy USD / Sell GBP Forward	3	£54,400
Buy GBP / Sell USD Forward	2	£6,600
Buy USD / Sell GBP Forward	2	£6,600

Summary of Outstanding Interest Rate Derivatives Designated as Cash Flow Hedges of Interest Rate Risk

The following tables detail our outstanding interest rate derivatives that were designated as fair value hedges of interest rate

risk (notional amount in thousands):

March 31, 2025
Interest Rate Derivatives	Number of Instruments	Notional Amount	Fixed Rate	Index	Maturity (Years)
Interest Rate Swaps	1	$450,000	3.81%	SOFR	4.7

December 31, 2024
Interest Rate Derivatives	Number of Instruments	Notional Amount	Fixed Rate	Index	Maturity (Years)
Interest Rate Swaps	1	$450,000	3.81%	SOFR	4.9

Schedule of Carrying Amount and Cumulative Basis Adjustments on Hedged Items Designated as Fair Value Hedges

The following tables detail the carrying amount and cumulative basis adjustments on hedged items designated as fair value

hedges ($ in thousands):

March 31, 2025
Line Item in the Consolidated Balance Sheets in which the Hedged Item is Included	Carrying Amount of the Hedged Assets/ Liabilities	Cumulative Amount of Fair Value Hedging Adjustment Included in Carrying Amount
Senior secured notes, net	$445,664	$3,108

December 31, 2024
Line Item in the Consolidated Balance Sheets in which the Hedged Item is Included	Carrying Amount of the Hedged Assets/ Liabilities	Cumulative Amount of Fair Value Hedging Adjustment Included in Carrying Amount
Senior secured notes, net	$437,760	$(4,424)

The following table presents the net gains (losses) on derivatives and the related hedged items in fair value hedging

relationships for the three months ended March 31, 2025 ($ in thousands):

	Three Months Ended March 31, 2025
Total interest and related expenses presented in the consolidated statement of operations	$242,233
Gains (losses) on fair value hedging relationships:
Total gain on derivative instruments	$3,164
Fair value basis adjustment on hedged items	(3,108)
Derivative settlements and accruals	818
Net Gain on Fair Value Hedging Relationships(1)	$874

(1)Included within interest and related expenses presented in the consolidated statement of operations.

There were no fair value hedges outstanding during the three months ended March 31, 2024.

Schedule of Derivative Instruments in Statement of Operations

The following table presents the effect of our derivative financial instruments on our consolidated statements of operations

($ in thousands):

		Increase (Decrease) to Net Interest Income Recognized from Derivatives
		Three Months Ended March 31,
Derivatives in Hedging Relationships	Location of Income (Expense) Recognized	2025	2024
Designated Hedges	Interest Income(1)	$2,951	$4,412
Designated Hedges	Interest Expense(2)	(568)	425
Non-Designated Hedges	Interest Income(1)	—	(6)
Non-Designated Hedges	Interest Expense(3)	3	7
Total		$2,386	$4,838

(1)Represents the forward points earned on our foreign currency forward contracts, which reflect the interest rate

differentials between the applicable base rate for our foreign currency investments and prevailing US interest rates.

These forward contracts effectively convert the foreign currency rate exposure for such investments to USD-

equivalent interest rates.

(2)Represents the financial statement impact of proceeds (payments) from periodic settlements related to our interest

rate swap.

(3)Represents the spot rate movement in our non-designated foreign currency hedges, which are marked-to-market and

recognized in interest expense.

Summary of Fair Value of Derivative Financial Instruments

The following table summarizes the fair value of our derivative financial instruments ($ in thousands):

	Fair Value of Derivatives in an Asset Position(1) as of		Fair Value of Derivatives in a Liability Position(2) as of
	March 31, 2025	December 31, 2024	March 31, 2025	December 31, 2024
Derivatives designated as hedging instruments:
Foreign exchange contracts	$1,432	$69,433	$66,805	$—
Interest rate derivatives	3,164	—	—	4,386
Total derivatives designated as hedging instruments	$4,596	$69,433	$66,805	$4,386
Derivatives not designated as hedging instruments:
Foreign exchange contracts	$391	$3,021	$1,353	$852
Interest rate derivatives	—	—	—	—
Total derivatives not designated as hedging instruments	$391	$3,021	$1,353	$852
Total Derivatives	$4,987	$72,454	$68,158	$5,238

(1)Included in other assets in our consolidated balance sheets

(2)Included in other liabilities in our consolidated balance sheets.

Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Comprehensive Income And Operations

The following table presents the effect of our derivative financial instruments on our consolidated statements of

comprehensive income and operations ($ in thousands):

Derivatives in Hedging Relationships	Amount of Gain (Loss) Recognized in OCI on Derivatives		Location of Gain (Loss) Reclassified from Accumulated OCI into Income	Amount of Gain (Loss) Reclassified from Accumulated OCI into Income
	Three Months Ended March 31,			Three Months Ended March 31,
	2025	2024		2025	2024
Net Investment Hedges
Foreign exchange contracts(1)	$(60,394)	$45,741	Interest Expense	$—	$—
Cash Flow Hedges
Interest rate derivatives	—	832	Interest Expense(2)	—	425
Total	$(60,394)	$46,573		$—	$425

(1)During the three months ended March 31, 2025 and 2024, we received net cash settlements of $80.5 million and

paid net cash settlements of $67.3 million on our foreign currency forward contracts, respectively. Those amounts

are included as a component of accumulated other comprehensive income on our consolidated balance sheets.

(2)During the three months ended March 31, 2025, we recorded total interest and related expenses of $242.2 million

which was reduced by $0 related to income generated by our cash flow hedges. During the three months ended

March 31, 2024, we recorded total interest and related expenses of $343.7 million which was reduced by $425,000

related to income generated by our cash flow hedges.