Derivatives

9 Months Ended

Sep. 30, 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 September 30, 2025 and December 31, 2024:

	September 30, 2025
	Level 1		Level 2		Level 3		Total Fair Value		Notional
Derivative Assets
Foreign currency forward contracts	$	—	$	941	$	—	$	941	$	136,064
Interest rate swaps	—		41,052		—		41,052		1,600,000
Total Derivative assets at fair value	$	—	$	41,993	$	—	$	41,993	$	1,736,064
Derivative Liabilities
Foreign currency forward contracts	$	—	$	(81)	$	—	$	(81)	$	76,833
Interest rate swaps	—		—		—		—		—
Total Derivative liabilities at fair value	$	—	$	(81)	$	—	$	(81)	$	76,833
Cash collateral posted							$	11,175

	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
Cash collateral posted							$	4,807

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.

The table below presents the impact to the Condensed Consolidated Statements of Operations from derivative assets and derivative liabilities not designated in a qualifying hedge accounting relationship for the three and nine month periods ended September 30, 2025 and September 30, 2024, respectively. The net change in unrealized gains and losses on the derivative assets and derivative liabilities not designated in a qualifying hedge accounting relationship are included within Net change in unrealized appreciation (depreciation) on derivative instruments in the Condensed Consolidated Statements of Operations. The net realized gains and losses on the derivative assets and derivative liabilities not designated in a qualifying hedge accounting relationship are included within Net realized gain (loss) on derivative instruments in the Condensed Consolidated Statements of Operations.

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
Unrealized appreciation (depreciation)
Foreign currency forward contracts	$	3,506	$	—	$	(1,541)	$	—
Net change in unrealized appreciation (depreciation)	$	3,506	$	—	$	(1,541)	$	—
Realized gain (loss)
Foreign currency forward contracts	$	(53)	$	—	$	(9,780)	$	—
Net realized gain (loss)	$	(53)	$	—	$	(9,780)	$	—

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 September 30, 2025 and December 31, 2024:

	As of September 30, 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.	$	14,460	$	—	$	—	$	14,460	$	—	$	—
Wells Fargo Bank, N.A.	27,533		(81)		—		27,452		—		—
	$	41,993	$	(81)	$	—	$	41,912	$	—	$	—
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.	$	—	$	—	$	—	$	—	$	1,787	$	1,787
Wells Fargo Bank, N.A.	(81)		81		—		—		9,388		9,388
	$	(81)	$	81	$	—	$	—	$	11,175	$	11,175

	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.

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 and nine month periods ended September 30, 2025 and September 30, 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 September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
Interest rate swaps	$	488	$	11,154	$	26,266	$	13,169
Hedged items	(794)		(11,215)		(25,452)		(12,647)

The table below presents the carrying value of unsecured borrowings as of September 30, 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:

	September 30, 2025				December 31, 2024
Description	Carrying Value		Cumulative Hedging Adjustments		Carrying Value		Cumulative Hedging Adjustments
Unsecured notes	$	1,601,409	$	22,555	$	1,082,389	$	(2,896)