Derivative Instruments

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The Company enters into forward currency contracts from time to time to primarily help mitigate the impact that an adverse change in foreign exchange rates would have on net interest income from the Company’s investments and related borrowings denominated in foreign currencies. Forward currency contracts are considered undesignated derivative instruments.

The following tables present the Company’s foreign currency forward contracts as of December 31, 2024 and 2023:

As of December 31, 2024

($ in thousands)

Description

Notional Amount to be Purchased

Notional Amount to be Sold

Maturity Date

Gross Amount of Recognized Assets (Liabilities)

Balance Sheet Location of Net Amounts

Foreign currency forward contract (AUD)

A$78,475

$49,966

01/08/25

(1,441)

Derivative liabilities

Foreign currency forward contract (AUD)

$53,704

A$78,475

01/08/25

5,178

Derivative assets

Foreign currency forward contract (AUD)

$50,126

A$78,717

04/07/25

1,443

Derivative assets

Foreign currency forward contract (CAD)

C$6,791

$4,816

01/08/25

(100)

Derivative liabilities

Foreign currency forward contract (CAD)

$5,041

C$6,791

01/08/25

326

Derivative assets

Foreign currency forward contract (CAD)

$4,583

C$6,460

04/07/25

Derivative assets

Foreign currency forward contract (DKK)

8,429kr.

$1,187

01/08/25

(17)

Derivative liabilities

Foreign currency forward contract (DKK)

$1,266

8,429kr.

01/08/25

Derivative assets

Foreign currency forward contract (DKK)

$1,215

8,580kr.

04/07/25

Derivative assets

Foreign currency forward contract (EUR)

€235,300

$247,195

01/08/25

(3,598)

Derivative liabilities

Foreign currency forward contract (EUR)

$263,028

€235,300

01/08/25

19,431

Derivative assets

Foreign currency forward contract (EUR)

$237,739

€225,421

04/07/25

3,408

Derivative assets

Foreign currency forward contract (GBP)

£90,210

$115,059

01/08/25

(2,121)

Derivative liabilities

Foreign currency forward contract (GBP)

$119,845

£90,210

01/08/25

6,907

Derivative assets

Foreign currency forward contract (GBP)

$111,674

£87,646

04/07/25

2,019

Derivative assets

Foreign currency forward contract (NZD)

NZ$10,165

$5,881

01/08/25

(196)

Derivative liabilities

Foreign currency forward contract (NZD)

$6,362

NZ$10,165

01/08/25

676

Derivative assets

Foreign currency forward contract (NZD)

$5,881

NZ$10,155

04/07/25

195

Derivative assets

Foreign currency forward contract (NOK)

45,734kr

$4,098

01/08/25

(76)

Derivative liabilities

Foreign currency forward contract (NOK)

$4,365

45,734kr

01/08/25

343

Derivative assets

Foreign currency forward contract (NOK)

$4,129

46,087kr

04/07/25

Derivative assets

Foreign currency forward contract (SEK)

21,630kr

$1,971

01/08/25

(17)

Derivative liabilities

Foreign currency forward contract (SEK)

$2,135

21,630kr

01/08/25

181

Derivative assets

Foreign currency forward contract (SEK)

$2,007

21,910kr

04/07/25

Derivative assets

Foreign currency forward contract (CHF)

6,485Fr.

$7,354

01/08/25

(202)

Derivative liabilities

Foreign currency forward contract (CHF)

$7,736

6,485Fr.

01/08/25

584

Derivative assets

Foreign currency forward contract (CHF)

$7,521

6,569Fr.

04/07/25

204

Derivative assets

Total

33,416

As of December 31, 2023

($ in thousands)

Description

Notional Amount to be Purchased

Notional Amount to be Sold

Maturity Date

Gross Amount of Recognized Assets (Liabilities)

Balance Sheet Location of Net Amounts

Foreign currency forward contract (AUD)

$45,208

A$70,473

01/10/24

(2,932)

Derivative liabilities

Foreign currency forward contract (CAD)

$5,336

C$7,280

01/10/24

(178)

Derivative liabilities

Foreign currency forward contract (DKK)

$1,128

7,968kr.

01/10/24

(55)

Derivative liabilities

Foreign currency forward contract (EUR)

$229,170

€216,996

01/10/24

(10,903)

Derivative liabilities

Foreign currency forward contract (GBP)

£4,844

$6,086

01/10/24

Derivative assets

Foreign currency forward contract (GBP)

$75,288

£61,973

01/10/24

(3,669)

Derivative liabilities

Foreign currency forward contract (NZD)

$5,519

NZ$9,248

01/10/24

(342)

Derivative liabilities

Foreign currency forward contract (NOK)

$3,997

43,081kr

01/10/24

(258)

Derivative liabilities

Foreign currency forward contract (SEK)

$1,868

19,907kr

01/10/24

(113)

Derivative liabilities

Foreign currency forward contract (CHF)

$6,759

6,137Fr.

01/10/24

(546)

Derivative liabilities

Total

(18,911)

As of December 31, 2024 and 2023, the total fair value of the Company’s foreign currency forward contracts was $33.4 million and $(18.9) million, respectively. The fair values of the Company’s foreign currency forward contracts are based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.