DERIVATIVE INSTRUMENTS

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS

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 March 31, 2025 and December 31, 2024:

As of March 31, 2025 ($ 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$80,356	$50,405	04/07/25	$	(289)	Derivative liabilities
Foreign currency forward contract (AUD)	$51,149	A$80,356	04/07/25	1,033		Derivative assets
Foreign currency forward contract (AUD)	$50,619	A$80,643	06/30/25	289		Derivative assets
Foreign currency forward contract (CAD)	C$6,750	$4,709	04/07/25	(13)		Derivative liabilities
Foreign currency forward contract (CAD)	$4,784	C$6,750	04/07/25	89		Derivative assets
Foreign currency forward contract (CAD)	$4,664	C$6,660	06/30/25	12		Derivative assets
Foreign currency forward contract (DKK)	8,758kr.	$1,271	04/07/25	(4)		Derivative liabilities
Foreign currency forward contract (DKK)	$1,241	8,758kr.	04/07/25	(27)		Derivative liabilities
Foreign currency forward contract (DKK)	$1,280	8,772kr.	06/30/25	3		Derivative assets
Foreign currency forward contract (EUR)	€231,661	$250,403	04/07/25	(259)		Derivative liabilities
Foreign currency forward contract (EUR)	$244,258	€231,661	04/07/25	(5,885)		Derivative liabilities
Foreign currency forward contract (EUR)	$246,931	€227,190	06/30/25	448		Derivative assets
Foreign currency forward contract (GBP)	£93,717	$120,919	04/07/25	(105)		Derivative liabilities
Foreign currency forward contract (GBP)	$119,332	£93,717	04/07/25	(1,481)		Derivative liabilities
Foreign currency forward contract (GBP)	$123,040	£95,375	06/30/25	98		Derivative assets
Foreign currency forward contract (NZD)	NZ$10,366	$5,945	04/07/25	(72)		Derivative liabilities
Foreign currency forward contract (NZD)	$6,002	NZ$10,366	04/07/25	130		Derivative assets
Foreign currency forward contract (NZD)	$6,020	NZ$10,477	06/30/25	72		Derivative assets
Foreign currency forward contract (NOK)	47,039kr	$4,463	04/07/25	3		Derivative assets
Foreign currency forward contract (NOK)	$4,219	47,039kr	04/07/25	(247)		Derivative liabilities
Foreign currency forward contract (NOK)	$4,466	47,066kr	06/30/25	(3)		Derivative liabilities
Foreign currency forward contract (SEK)	22,446kr	$2,219	04/07/25	14		Derivative assets
Foreign currency forward contract (SEK)	$2,055	22,446kr	04/07/25	(178)		Derivative liabilities
Foreign currency forward contract (SEK)	$2,256	22,710kr	06/30/25	(15)		Derivative liabilities
Foreign currency forward contract (CHF)	6,869Fr.	$7,788	04/07/25	(18)		Derivative liabilities
Foreign currency forward contract (CHF)	$7,860	6,869Fr.	04/07/25	90		Derivative assets
Foreign currency forward contract (CHF)	$8,016	7,000Fr.	06/30/25	17		Derivative assets
Total				$	(6,298)

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	82		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	95		Derivative assets
Foreign currency forward contract (DKK)	$1,215	8,580kr.	04/07/25	18		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	77		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	17		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 March 31, 2025 and December 31, 2024, the total fair values of the Company’s foreign currency forward contracts were $(6.3) million and $33.4 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.