Derivatives

6 Months Ended

Jun. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

5. Derivatives

The Company may enter into foreign currency forward contracts from time to time to help mitigate its foreign currency risk exposures.

Foreign Currency Forward Contracts

The following table presents the information related to the Company's foreign currency forward derivative instruments as of June 30, 2025:

	As of June 30, 2025
Derivative Instrument	Notional amount to be sold		Gross Amount of Recognized Assets		Gross Amount of Recognized Liabilities		Balance Sheet Location of Net Amounts
Foreign currency forward contract	$	143,091	$	102,568	$	105,093	Other liabilities
Foreign currency forward contract		73,454		97,585		100,680	Other liabilities
Foreign currency forward contract		7,427		712		734	Other liabilities
			$	200,865	$	206,507

Net realized and unrealized gains and losses on derivative instruments not designated as a qualifying hedge accounting relationship recognized by the Company for the three and sixth months ended June 30, 2025 and 2024:

		For the Three Months Ended June 30						For the Six Months Ended June 30
Derivative Instrument	Statement Location	2025			2024			2025			2024
Foreign currency forward contract	Unrealized gains (losses) on foreign currency forward contracts	$	(3,140	)	$	(30	)	$	(5,659	)	$	(11	)
Foreign currency forward contract	Realized gains (losses) on foreign currency forward contracts	$	(10,224	)	$	—		$	(10,222	)	$	—

Interest Rate Swaps

The Company may enter into interest rate swap transactions from time to time to hedge fixed rate debt obligations and certain fixed rate debt investments. The Company’s interest rate swaps are all with one counterparty and are centrally cleared through a registered commodities exchange. Refer to the Consolidated Schedule of Investments for additional disclosure regarding these interest rate swaps.

Cash flows related to the Company's derivatives are included within operating activities on the Consolidated Statements of Cash Flows. The following table presents the amounts paid and received on the Company’s interest rate swap transactions, excluding upfront fees, for the three and six months ended June 30, 2025 and 2024, respectively:

				For the Three Months Ended June 30, 2025								For the Six Months Ended June 30, 2025
	Maturity Date	Notional Amount		Paid			Received		Net			Paid			Received		Net
Interest rate swap	3/11/2029	$	600,000	$	(10,508	)	$	9,750	$	(758	)	$	(20,701	)	$	19,500	$	(1,201	)
Interest rate swap	3/11/2029		150,000		(2,517	)		2,438		(79	)		(4,960	)		4,875		(85	)
Interest rate swap	1/15/2030		600,000		(10,561	)		8,625		(1,936	)		(20,805	)		17,250		(3,555	)
Interest rate swap	7/15/2030		750,000		(12,168	)		11,484		(684	)		(21,568	)		20,672		(896	)
Total		$	2,100,000	$	(35,754	)	$	32,297	$	(3,457	)	$	(68,034	)	$	62,297	$	(5,737	)

				For the Three Months Ended June 30, 2024								For the Six Months Ended June 30, 2024
	Maturity Date	Notional Amount		Paid			Received		Net			Paid			Received		Net
Interest rate swap	3/11/2029	$	600,000	$	(12,060	)	$	9,750	$	(2,310	)	$	(13,887	)	$	11,267	$	(2,620	)
Interest rate swap	3/11/2029		150,000		(252	)		217		(35	)		(252	)		217		(35	)
Total		$	750,000	$	(12,312	)	$	9,967	$	(2,345	)	$	(14,139	)	$	11,484	$	(2,655	)

For the three and six months ended June 30, 2025, the Company recognized $22.0 million and $56.8 million, respectively, of unrealized gains on interest rate swaps designated as hedging instruments in the Consolidated Statements of Operations. For the three and six months ended June 30, 2025, this amount was offset by a $6.6 million and $16.8 million, respectively, increase in the carrying value of the 2029 Notes. For the three and six months ended June 30, 2025, this amount was offset by a $7.2 million and $17.6 million, respectively, increase in the carrying value of the January 2030 Notes. For the three and six months ended June 30, 2025, this amount was offset by a $8.2 million and $22.4 million, respectively, increase in the carrying value of the July 2030 Notes.

For the three and six months ended June 30, 2024, the Company recognized $1.4 million and $2.3 million, respectively, of unrealized losses on interest rate swaps designated as hedging instruments in the Consolidated Statements of Operations. For the three and six months ended June 30, 2024, this amount was offset by a $1.4 million and $2.3 million, respectively, decrease in the carrying value of the 2029 Notes.

As of June 30, 2025, the swap transactions had a fair value of $31.5 million which is netted against cash collateral of $109.5 million. As of December 31, 2024, the swap transactions had a fair value of $(25.2) million which is netted against cash collateral of $68.6 million on the Company's Consolidated Balance Sheet. Cash is pledged as collateral under the Company’s derivative agreements and is included in restricted cash as a component of cash and cash equivalents on the Company's Consolidated Balance Sheet.

The Company is required under the terms of its derivatives agreements to pledge assets as collateral to secure its obligations underlying the derivatives. The amount of collateral required varies over time based on the mark-to-market value, notional amount and remaining term of the derivatives, and may exceed the amount owed by the Company on a mark-to-market basis. Any failure by the Company to fulfill any collateral requirement (e.g., a so-called “margin call”) may result in a default. In the event of a default by a counterparty, the Company would be an unsecured creditor to the extent of any such overcollateralization.

The Company may enter into other derivative instruments and incur other exposures with the same or other counterparties in the future.