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Derivatives
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives Derivatives
The Company enters into derivative financial instruments in the normal course of business to achieve certain risk management objectives, including managing its foreign currency and interest rate risk exposures.
The net fair value of foreign currency and interest rate derivative contracts are included within Derivative assets at fair value or Derivative liabilities at fair value in the Condensed Consolidated Statements of Assets and Liabilities.
The following tables present the aggregate notional amount and fair value hierarchy of the Company’s derivative financial instruments as of March 31, 2025 and December 31, 2024:

March 31, 2025
Level 1Level 2Level 3Total Fair ValueNotional
Derivative Assets
Foreign currency forward contracts$— $634 $— $634 $109,402 
Interest rate swaps— 23,346 — 23,346 1,600,000 
Total Derivative assets at fair value$— $23,980 $— $23,980 $1,709,402 
Derivative Liabilities
Foreign currency forward contracts$— $(153)$— $(153)$69,081 
Interest rate swaps— — — — — 
Total Derivative liabilities at fair value$— $(153)$— $(153)$69,081 
December 31, 2024
Level 1Level 2Level 3Total Fair ValueNotional
Derivative Assets
Foreign currency forward contracts$— $2,401 $— $2,401 $171,016 
Interest rate swaps— 3,995 — 3,995 400,000 
Total Derivative assets at fair value$— $6,396 $— $6,396 $571,016 
Derivative Liabilities
Foreign currency forward contracts$— $— $— $— $— 
Interest rate swaps— (7,164)— (7,164)700,000 
Total Derivative liabilities at fair value$— $(7,164)$— $(7,164)$700,000 

In the tables above:
•The notional amount represents the absolute value amount of all outstanding derivative contracts.
•All foreign currency derivatives are not designated in hedge relationships.
•All interest rate swaps are designated in fair value hedge relationships.
•The fair value has been presented prior to the application of counterparty netting or cash collateral netting.
Offsetting of Derivative Instruments
The Company has elected to offset cash collateral posted to or received from its counterparty against the net fair value of derivative instruments with that counterparty. The following tables present the offsetting of the Company’s derivative financial instruments as of March 31, 2025 and December 31, 2024:
As of March 31, 2025
CounterpartyDerivative Assets Subject to Master Netting AgreementDerivatives Available for OffsetCash Collateral OffsetNet Amount Derivative Asset
Cash Collateral Received (1)
Cash Collateral Received Not Offset (2)
SMBC Capital Markets, Inc.$13,832 $— $— $13,832 $— $— 
Wells Fargo Bank, N.A.10,148 (153)— 9,995 — — 
$23,980 $(153)$— $23,827 $— $— 
CounterpartyDerivative Liabilities Subject to Master Netting AgreementDerivatives Available for OffsetCash Collateral OffsetNet Amount Derivative Liabilities
Cash Collateral Posted (1)
Cash Collateral Posted Not Offset (2)
SMBC Capital Markets, Inc.$— $— $— $— $1,770 $1,770 
Wells Fargo Bank, N.A.(153)153 — — 7,800 7,800 
$(153)$153 $— $— $9,570 $9,570 
As of December 31, 2024
CounterpartyDerivative Assets Subject to Master Netting AgreementDerivatives Available for OffsetCash Collateral OffsetNet Amount Derivative Asset
Cash Collateral Received (1)
Cash Collateral Received Not Offset (2)
SMBC Capital Markets, Inc.$3,995 $— $— $3,995 $— $— 
Wells Fargo Bank, N.A.2,401 (2,401)— — — — 
$6,396 $(2,401)$— $3,995 $— $— 
CounterpartyDerivative Liabilities Subject to Master Netting AgreementDerivatives Available for OffsetCash Collateral OffsetNet Amount Derivative Liabilities
Cash Collateral Posted (1)
Cash Collateral Posted Not Offset (2)
SMBC Capital Markets, Inc.$— $— $— $— $1,770 $1,770 
Wells Fargo Bank, N.A.(7,164)2,401 4,763 — 7,800 3,037 
$(7,164)$2,401 $4,763 $— $9,570 $4,807 
(1)No non-cash collateral has been posted to or received from counterparties related to derivative assets or derivative liabilities.
(2)Cash collateral posted to or received from counterparties has been offset against the derivative position with those counterparties to the extent an amount is available to be offset. Cash collateral posted to or received from counterparties in excess of the net derivative positions and not offset is recorded in the Condensed Consolidated Statements of Assets and Liabilities as Receivable from Broker or Payable to Broker, respectively.

Hedging
The Company designated certain interest rate swaps as the hedging instrument in a qualifying fair value hedge accounting relationship.
The table below presents the impact to the Condensed Consolidated Statements of Operations from derivative assets and liabilities designated in a qualifying hedge accounting relationship for the three month periods ended March 31, 2025 and March 31, 2024, respectively.
For derivative instruments designated in qualifying hedge relationships, the change in fair value of the hedging instrument and hedged item is recorded in Interest expense and recognized as components of Interest expense in the Condensed Consolidated Statements of Operations.
For the Three Months Ended March 31,
20252024
Interest rate swaps$15,409 $— 
Hedged items$(14,285)$— 
The table below presents the carrying value of unsecured borrowings as of March 31, 2025 and December 31, 2024 that are designated in a qualifying hedging relationship and the related cumulative hedging adjustment (increase/(decrease)) from current and prior hedging relationships included in such carrying values:
March 31, 2025December 31, 2024
DescriptionCarrying ValueCumulative Hedging AdjustmentsCarrying ValueCumulative Hedging Adjustments
Unsecured notes$1,586,771 $11,388 $1,082,389 $(2,896)