DERIVATIVE INSTRUMENTS

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

6. DERIVATIVE INSTRUMENTS

The Company enters into forward currency contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company’s investments denominated in foreign currencies. As of December 31, 2022 and 2021, the counterparty to these forward currency contracts was Royal Bank of Canada and Truist Financial Corporation, respectively.

In December 2017, in connection with $395 of the term loan tranche of the Revolving Credit Facility, the Company entered into a three-year interest rate swap agreement to mitigate its exposure to adverse fluctuations in interest rates for a total notional amount of $395, which matured on January 4, 2021. Under the interest rate swap agreement, the Company paid a fixed interest rate of 2.06% and received a floating rate based on the prevailing one-month LIBOR plus a spread of 1.75%.

Certain information related to the Company’s derivative instruments as of December 31, 2022 and 2021 is presented below.


	As of December 31, 2022
Derivative Instrument	Notional Amount		Maturity Date	Gross Amount of Recognized Assets		Gross Amount of Recognized Liabilities		Balance Sheet Location of Net Amounts

Foreign currency forward contract	CAD	264	1/27/2023	$	195	$	(196)	Accounts payable and other liabilities
Foreign currency forward contract	CAD	242	1/18/2023	178		(179)		Accounts payable and other liabilities
Foreign currency forward contract	€	158	1/27/2023	159		(169)		Accounts payable and other liabilities
Foreign currency forward contract	£	125	1/27/2023	145		(151)		Accounts payable and other liabilities
Foreign currency forward contract	NZD	59	1/27/2023	34		(37)		Accounts payable and other liabilities
Foreign currency forward contract	CAD	17	1/27/2023	12		(12)		Accounts payable and other liabilities

Total				$	723	$	(744)


	As of December 31, 2021
Derivative Instrument	Notional Amount		Maturity Date	Gross Amount of Recognized Assets		Gross Amount of Recognized Liabilities		Balance Sheet Location of Net Amounts
Foreign currency forward contract	CAD	309	1/28/2022	$	240	$	(245)	Accounts payable and other liabilities
Foreign currency forward contract	CAD	209	1/19/2022	163		(165)		Accounts payable and other liabilities
Foreign currency forward contract	€	153	1/28/2022	172		(174)		Accounts payable and other liabilities
Foreign currency forward contract	£	95	1/28/2022	126		(129)		Accounts payable and other liabilities
Foreign currency forward contract	CAD	2	1/28/2022	1		(1)		Accounts payable and other liabilities
Total				$	702	$	(714)

Net realized gains (losses) on derivative instruments recognized by the Company for the years ended December 31, 2022, 2021 and 2020 is in the following location in the consolidated statements of operations:


		For the Years Ended December 31,
Derivative Instrument	Statement Location		2022		2021		2020
Interest rate swap	Net realized gains (losses) from foreign currency and other transactions		$	—	$	—	$	(6)
Foreign currency forward contract	Net realized gains (losses) from foreign currency and other transactions		62		13		(9)
Total			$	62	$	13	$	(15)

Net unrealized gains (losses) on derivative instruments recognized by the Company for the years ended December 31, 2022, 2021 and 2020 is in the following location in the consolidated statements of operations:


		For the Years Ended December 31,
Derivative Instrument	Statement Location		2022		2021		2020
Interest rate swap	Net unrealized gains (losses) from foreign currency and other transactions		$	—	$	—	$	1
Foreign currency forward contract	Net unrealized gains (losses) from foreign currency and other transactions		(9)		(14)		(1)
Total			$	(9)	$	(14)	$	—