Derivatives (Tables)

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

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 1		Level 2		Level 3		Total Fair Value		Notional
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 1		Level 2		Level 3		Total Fair Value		Notional
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

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,
	2025		2024
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, 2025				December 31, 2024
Description	Carrying Value		Cumulative Hedging Adjustments		Carrying Value		Cumulative Hedging Adjustments
Unsecured notes	$	1,586,771	$	11,388	$	1,082,389	$	(2,896)

Offsetting Assets

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
Counterparty	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset		Cash Collateral Offset		Net 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	$	—	$	—
Counterparty	Derivative Liabilities Subject to Master Netting Agreement		Derivatives Available for Offset		Cash Collateral Offset		Net 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
Counterparty	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset		Cash Collateral Offset		Net 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	$	—	$	—
Counterparty	Derivative Liabilities Subject to Master Netting Agreement		Derivatives Available for Offset		Cash Collateral Offset		Net 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.

Offsetting Liabilities

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
Counterparty	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset		Cash Collateral Offset		Net 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	$	—	$	—
Counterparty	Derivative Liabilities Subject to Master Netting Agreement		Derivatives Available for Offset		Cash Collateral Offset		Net 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
Counterparty	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset		Cash Collateral Offset		Net 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	$	—	$	—
Counterparty	Derivative Liabilities Subject to Master Netting Agreement		Derivatives Available for Offset		Cash Collateral Offset		Net 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.