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DERIVATIVE INSTRUMENTS
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS DERIVATIVE INSTRUMENTS
The Company enters into derivatives from time to time to help mitigate its foreign currency and interest rate risk exposures. Below is a summary of the outstanding forward currency contracts as of December 31, 2025 and December 31, 2024.
As of December 31, 2025
CounterpartyNotional Amount to be PurchasedNotional Amount to be SoldUnrealized Appreciation (Depreciation)
Barclays Bank PLC$10,472 C$14,211 $(64)
Barclays Bank PLC$91,278 €76,286 674 
Barclays Bank PLC$42,363 £31,671 (277)
Barclays Bank PLC£1,230 $1,642 11 
$344 
As of December 31, 2024
CounterpartyNotional Amount to be PurchasedNotional Amount to be SoldUnrealized Appreciation (Depreciation)
Barclays Bank PLC$6,882 C$9,561 $222 
Barclays Bank PLC$58,036 €53,441 2,606 
Barclays Bank PLC$27,658 £21,345 944 
$3,772 
In order to better define its contractual rights and to secure rights that will help the Company mitigate its counterparty risk, with respect to forward currency contracts, the Company has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) with the derivative counterparty, Barclays Bank PLC (“Barclays”). Each ISDA Master Agreement is a bilateral agreement between the Company and Barclays that governs over the counter derivatives, including forward currency contracts, and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of each ISDA Master Agreement with Barclays
permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of Barclays.
For financial reporting purposes, any amounts held by the Company in a separate account to cover collateral obligations to the counterparty under the terms of the ISDA Master Agreement are included in cash, cash equivalents, and restricted cash on the accompanying Consolidated Statements of Assets and Liabilities. Any amounts paid to and held by the counterparty to cover collateral obligations under the terms of the ISDA Master Agreement are included in prepaid expenses and other assets on the accompanying Consolidated Statements of Assets and Liabilities. Any amounts paid from the counterparty due to market value fluctuations to cover collateral under the terms of the ISDA Master Agreement are included in other accrued expenses and liabilities on the accompanying Consolidated Statements of Assets and Liabilities. The Company minimizes counterparty credit risk by only entering into agreements with counterparties that it believes to be of good standing and by monitoring the financial stability of those counterparties.
The following table is intended to provide additional information about the effect of the forward currency contracts on the consolidated financial statements of the Company, including the fair value of derivatives by risk category and the Company’s gross and net amount of assets and liabilities available for offset under netting arrangements, as well as any related collateral received or pledged by the Company as of December 31, 2025 and 2024. Refer to Note 3, Fair Value Measurements, to these consolidated financial statements for details related to the fair value measurement of derivatives instruments.
As of December 31, 2025
CounterpartyRisk ExposureUnrealized Appreciation on Forward Currency ContractsUnrealized Depreciation on Forward Currency ContractsNet AmountCollateral (Received) PledgedNet Amount
Barclays Bank PLCForeign Currency$963 $(619)$344 $— $344 
As of December 31, 2024
CounterpartyRisk ExposureUnrealized Appreciation on Forward Currency ContractsUnrealized Depreciation on Forward Currency ContractsNet AmountCollateral (Received) PledgedNet Amount
Barclays Bank PLCForeign Currency$3,772 $— $3,772 $— $3,772