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Derivatives
 12 Months Ended
Dec. 31, 2024
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 interest rate and foreign currency risk exposures.
The fair value of foreign currency and interest rate derivative contracts are included within Derivative assets at fair value and Derivative liabilities at fair value, respectively, in the 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 for the years ended December 31, 2024 and December 31, 2023.
December 31, 2024
Level 1Level 2Level 3Total Fair ValueNotional
Derivative Assets
Foreign currency forward contracts$— $11,793 $— $11,793 $781,169 
Interest rate swaps— 4,683 — 4,683 1,000,000 
Total Derivative assets at fair value$— $16,476 $— $16,476 $1,781,169 
Cash collateral received$— 
Derivative Liabilities
Foreign currency forward contracts$— $— $— $— $— 
Interest rate swaps— (126,281)— (126,281)7,237,975 
Total Derivative liabilities at fair value$— $(126,281)$— $(126,281)$7,237,975 
Cash collateral posted$253,890 
December 31, 2023
Level 1Level 2Level 3Total Fair ValueNotional
Derivative Assets
Interest rate swaps$— $14,145 $— $14,145 $850,000 
Total Derivative assets at fair value$— $14,145 $— $14,145 $850,000 
Cash collateral received$— 
Derivative Liabilities
Foreign currency forward contract$— $(13,259)$— $(13,259)$411,499 
Interest rate swaps— (152,282)— (152,282)5,693,663 
Total Derivative liabilities at fair value$— $(165,541)$— $(165,541)$6,105,162 
Cash collateral posted$266,573 
In the tables above:
•The fair value of derivative assets and derivative liabilities is presented on a gross basis.
•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 Company has not applied counterparty netting or collateral netting; as such, the amounts of cash collateral received and posted are not offset against the derivative assets and derivative liabilities in the Consolidated Statements of Assets and Liabilities.
The table below presents the impact to the Consolidated Statements of Operations from derivative assets and derivative liabilities not designated in a qualifying hedge accounting relationship for the years ended December 31, 2024 and December 31, 2023, 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 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 Consolidated Statements of Operations.
For the Year Ended December 31,
20242023
Unrealized appreciation (depreciation)
Foreign currency forward contract$25,699 $(13,259)
Net change in unrealized appreciation (depreciation)$25,699 $(13,259)
Realized gain (loss)
Foreign currency forward contract$21,086 $3,063 
Net realized gain (loss)$21,086 $3,063 
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 Consolidated Statements of Operations from derivative assets and liabilities designated in a qualifying hedge accounting relationship for the years ended December 31, 2024 and December 31, 2023.
For derivative instruments designated in qualifying hedge relationships, the change in fair value of the hedging instrument and hedged item are recorded in Interest expense and recognized as components of Interest expense in the Consolidated Statements of Operations.
For the Year Ended December 31,
20242023
Interest rate swaps$16,539 $110,174 
Hedged items$(16,963)$(109,958)
The table below presents the carrying value of unsecured borrowings as of December 31, 2024 and December 31, 2023 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:
For the Year Ended December 31,
20242023
DescriptionCarrying ValueCumulative Hedging AdjustmentsCarrying ValueCumulative Hedging Adjustments
Unsecured notes$8,019,278 $(119,369)$6,356,700 $(136,332)