Derivatives (Tables)

6 Months Ended

Jun. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Contracts and Respective Classification on Consolidated Statement of Assets and Liabilities

The tables below present derivatives contracts as of June 30, 2025 and their respective classification on the consolidated statement of assets and liabilities:

Derivative Contracts/Hedged Items	Fair Value (Amounts in Thousands)		Statement of Assets and Liabilities Classification
Foreign currency forward contracts	$	(6)	Unrealized loss on derivative contracts
Interest rate swaps(1)	3,493		Unrealized gain on derivative contracts
Interest rate swaps(1)	(3,635)		Unrealized loss on derivative contracts
Interest rate options	1,137		Unrealized gain on derivative contracts
Hedged items(2)	7,422		Debt

(1) The interest rate swaps above are designated in a qualifying hedging relationship with unsecured borrowings.

(2) The hedged items above represent the carrying value adjustment to unsecured borrowings in a designated hedging relationship as further described in the hedging note below.

Schedule of Effect of Foreign Currency Forward Contracts on Consolidated Statement of Operations

The table below presents the impact to the consolidated statements of operations from derivative contracts that were not designated in a qualifying hedging relationship during the three and six months ended June 30, 2025 and 2024:

(Amounts in thousands)	Three Months Ended June 30, 2025		Three Months Ended June 30, 2024		Six Months Ended June 30, 2025		Six Months Ended June 30, 2024
Net change in unrealized gain (loss) on foreign currency forward contracts	$	(7)	$	(30)	$	(52)	$	37
Net change in unrealized gain (loss) on interest rate options	(110)		—		326		—
Realized (loss) on foreign currency forward contracts	(11)		46		36		14

Schedule of Derivative Assets With Offsets by Counterparty

The following tables present the Company’s assets and liabilities related to derivatives by counterparty, net of amounts available for offset under a master netting arrangement and net of any collateral received or pledged by the Company for such assets and liabilities as of June 30, 2025:

(Amounts in thousands)	As of June 30, 2025
Assets	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset		Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets(1)
Morgan Stanley Capital Services, LLC	$	3,751	$	(579)	$	—	$	—	$	3,172
MUFG Bank, Ltd.	424		(424)		—		—		—
Wells Fargo Bank, N.A.	215		(215)		—		—		—
Regions Bank	240		—		—		—		240
Total	$	4,630	$	(1,218)	$	—	$	—	$	3,412

(Amounts in thousands)	As of June 30, 2025
Liabilities	Derivative Liabilities Subject to Master Netting Agreement		Derivatives Available for Offset		Non-Cash Collateral Received		Cash Collateral Pledged(2)		Net Amount of Derivative Liabilities(3)
Morgan Stanley Capital Services, LLC	$	(579)	$	579	$	—	$	—	$	—
MUFG Bank, Ltd.	(2,242)		424		—		1,818		—
Wells Fargo Bank, N.A.	(820)		215		—		605		—
Regions Bank	—		—		—		—		—
Total	$	(3,641)	$	1,218	$	—	$	2,423	$	—

(1) Net amount of derivative assets represents the net amount due from the counterparty to the Company.

(2) The actual collateral pledged could be more than the amount shown due to over collateralization.

(3) Net amount of derivative liabilities represents the net amount due from the Company to the counterparty.

Schedule of Derivative Liabilities With Offsets by Counterparty

The following tables present the Company’s assets and liabilities related to derivatives by counterparty, net of amounts available for offset under a master netting arrangement and net of any collateral received or pledged by the Company for such assets and liabilities as of June 30, 2025:

(Amounts in thousands)	As of June 30, 2025
Assets	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset		Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets(1)
Morgan Stanley Capital Services, LLC	$	3,751	$	(579)	$	—	$	—	$	3,172
MUFG Bank, Ltd.	424		(424)		—		—		—
Wells Fargo Bank, N.A.	215		(215)		—		—		—
Regions Bank	240		—		—		—		240
Total	$	4,630	$	(1,218)	$	—	$	—	$	3,412

(Amounts in thousands)	As of June 30, 2025
Liabilities	Derivative Liabilities Subject to Master Netting Agreement		Derivatives Available for Offset		Non-Cash Collateral Received		Cash Collateral Pledged(2)		Net Amount of Derivative Liabilities(3)
Morgan Stanley Capital Services, LLC	$	(579)	$	579	$	—	$	—	$	—
MUFG Bank, Ltd.	(2,242)		424		—		1,818		—
Wells Fargo Bank, N.A.	(820)		215		—		605		—
Regions Bank	—		—		—		—		—
Total	$	(3,641)	$	1,218	$	—	$	2,423	$	—

(1) Net amount of derivative assets represents the net amount due from the counterparty to the Company.

(2) The actual collateral pledged could be more than the amount shown due to over collateralization.

(3) Net amount of derivative liabilities represents the net amount due from the Company to the counterparty.

Schedule of Impact to Consolidated Statements of Operations from Hedge Accounting

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 three and six months ended June 30, 2025 and 2024:

(Amounts in thousands)	Three Months Ended June 30, 2025		Three Months Ended June 30, 2024		Six Months Ended June 30, 2025		Six Months Ended June 30, 2024		Financial Statement Location
Interest rate swaps	$	(5,084)	$	(247)	$	(13,695)	$	(526)	Interest expense
Hedged items	$	4,569	$	526	$	12,723	$	526	Interest expense

Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The table below presents the carrying value of unsecured borrowings as of June 30, 2025 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:

Description	Principal Amount (Amounts in thousands)		Carrying Value (Amounts in thousands)		Cumulative Hedging Adjustments (Amounts in thousands)
Series A Tranche A Notes	$	90,000	$	90,349	$	349
Series A Tranche B Notes	150,000		151,861		1,861
Series B, Tranche A Notes	85,000		86,025		1,025
Series B, Tranche C Notes	290,000		293,962		3,962
Series C, Tranche A Notes	25,000		25,176		176
Series C, Tranche B Notes	75,000		75,049		49
Total	$	715,000	$	722,422	$	7,422

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

Description	Principal Amount (Amounts in thousands)		Carrying Value (Amounts in thousands)		Cumulative Hedging Adjustments (Amounts in thousands)
Series A, Tranche A Notes	$	90,000	$	89,732	$	(268)
Series A, Tranche B Notes	150,000		148,799		(1,201)
Series B, Tranche A Notes	85,000		84,330		(670)
Series B, Tranche C Notes	290,000		286,838		(3,162)
Total	$	615,000	$	609,699	$	(5,301)