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DERIVATIVE INSTRUMENTS
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS
6. DERIVATIVE INSTRUMENTS

The Company enters into derivative instruments from time to time to help mitigate its foreign currency and interest rate risk exposures.

Foreign Currency Forward Contracts

Certain information related to the Company’s foreign currency forward derivative instruments as of September 30, 2024 and December 31, 2023 is presented below.

 As of September 30, 2024
Derivative InstrumentNotional
Amount		Maturity DateGross Amount of Recognized AssetsGross Amount of Recognized LiabilitiesBalance Sheet
Location of Net Amounts
Foreign currency forward contract€156October 25, 2024$170 $(174) Accounts payable and other liabilities
Foreign currency forward contract CAD 155October 25, 2024113 (115) Accounts payable and other liabilities
Foreign currency forward contract CAD 153October 18, 2024113 (114) Accounts payable and other liabilities
Foreign currency forward contract€94October 25, 2024103 (105) Accounts payable and other liabilities
Foreign currency forward contract NZD 66October 25, 202439 (42) Accounts payable and other liabilities
Foreign currency forward contract NOK 63October 25, 20246 (6)Accounts payable and other liabilities
Foreign currency forward contract£61August 21, 202675 (78) Accounts payable and other liabilities
Foreign currency forward contract£59October 25, 202476 (79) Accounts payable and other liabilities
Foreign currency forward contract£57October 25, 202474 (77) Accounts payable and other liabilities
Foreign currency forward contractCAD53October 25, 202439 (40) Accounts payable and other liabilities
Foreign currency forward contract AUD 21November 17, 202614 (14)Accounts payable and other liabilities
Foreign currency forward contract£9August 21, 202611 (11)Accounts payable and other liabilities
Foreign currency forward contract£3August 21, 20264 (4)Accounts payable and other liabilities
Total$837 $(859)
 As of December 31, 2023
Derivative InstrumentNotional
Amount		Maturity DateGross Amount of Recognized AssetsGross Amount of Recognized LiabilitiesBalance Sheet
Location of Net Amounts
Foreign currency forward contract€190January 26, 2024$200 $(207)Accounts payable and other liabilities
Foreign currency forward contractCAD168January 26, 2024120 (124)Accounts payable and other liabilities
Foreign currency forward contractCAD153January 18, 2024114 (115)Accounts payable and other liabilities
Foreign currency forward contract£116January 26, 2024140 (147)Accounts payable and other liabilities
Foreign currency forward contractNZD71January 26, 202441 (45)Accounts payable and other liabilities
Foreign currency forward contract£56August 21, 202669 (70)Accounts payable and other liabilities
Foreign currency forward contract$10January 26, 20249 (9)Accounts payable and other liabilities
Foreign currency forward contractAUD10November 17, 20267 (7)Accounts payable and other liabilities
Foreign currency forward contractCAD4January 26, 20243 (3)Accounts payable and other liabilities
Total$703 $(727)

As of September 30, 2024 and December 31, 2023, the counterparties to each of the Company’s foreign currency forward contracts were Canadian Imperial Bank of Commerce or Royal Bank of Canada.

Net realized and unrealized gains and losses on derivative instruments not designated as a qualifying hedge accounting relationship recognized by the Company for the three and nine months ended September 30, 2024 and 2023 is in the following location in the consolidated statements of operations:

For the Three Months Ended September 30,For the Nine Months Ended September 30,
Derivative InstrumentStatement Location2024202320242023
Foreign currency forward contractNet realized gains (losses) from foreign currency and other transactions$(9)$(7)$(10)$(39)
Foreign currency forward contractNet unrealized gains (losses) from foreign currency and other transactions$(16)$26 $4 $44 
Interest Rate Swaps

In connection with certain of the unsecured notes issued by the Company, the Company has entered into interest rate swap agreements to more closely align the interest rates of such liabilities with the Company’s investment portfolio, which consists primarily of floating rate loans. Under the interest rate swap agreements, the Company receives a fixed interest rate and pays a floating interest rate of one-month SOFR plus an applicable spread, as disclosed below. The Company designated these interest rate swaps and the associated unsecured notes as qualifying fair value hedge accounting relationships. As of September 30, 2024 and December 31, 2023, the counterparty to all of the Company’s interest rate swap agreements was Wells Fargo Bank, N.A. Certain information related to the Company’s interest rate swap instruments as of September 30, 2024 is presented below.

DescriptionHedged ItemCompany ReceivesCompany PaysMaturity DateNotional Amount
Interest rate swap January 2027 Notes7.000 %
SOFR +2.581%
January 15, 2027$900 
Interest rate swapMarch 2029 Notes5.875 %
SOFR +2.023%
March 1, 2029$1,000 
Interest rate swapJuly 2029 Notes5.950 %
SOFR +1.643%
July 15, 2029$850 

See Note 5 for more information on the January 2027 Notes, the March 2029 Notes and the July 2029 Notes.

As a result of the Company’s designation of the interest rate swaps as hedging instruments in qualifying fair value hedge accounting relationships, the Company is required to fair value the hedging instruments and the related hedged items, with the changes in the fair value of each being recorded in interest expense. The net gain related to the fair value hedges was approximately $1 and $1 for the three and nine months ended September 30, 2024, respectively, which is included in “interest and credit facility fees” in the Company’s consolidated statement of operations. The balance sheet impact of fair valuing the interest rate swaps as of September 30, 2024 and December 31, 2023 is presented below:

 As of September 30, 2024
Derivative InstrumentNotional AmountMaturity DateGross Amount of Recognized AssetsGross Amount of Recognized LiabilitiesBalance Sheet Location of Amounts
Interest rate swap(1)$900 January 15, 2027$18 $— Other assets
Interest rate swap(2)$1,000 March 1, 202922 — Other assets
Interest rate swap(3)$850July 15, 202937 — Other assets
Total$77 $— 
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(1)The asset related to the fair value of the interest rate swaps was offset by an $18 increase to the carrying value of the January 2027 Notes.

(2)The asset related to the fair value of the interest rate swap was offset by a $21 increase to the carrying value of the March 2029 Notes.

(3)The asset related to the fair value of the interest rate swap was offset by a $37 increase to the carrying value of the July 2029 Notes.
 As of December 31, 2023
Derivative InstrumentNotional AmountMaturity DateGross Amount of Recognized AssetsGross Amount of Recognized LiabilitiesBalance Sheet Location of Amounts
Interest rate swap(1)$900 January 15, 2027$15 $— Other assets
Total$15 $— 
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(1)The asset related to the fair value of the interest rate swaps was offset by a $15 increase to the carrying value of the January 2027 Notes.