Derivatives

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

5. Derivatives

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 years ended December 31, 2025 and December 31, 2024.

				For the Year Ended December 31, 2025								For the Year Ended December 31, 2024
	Maturity Date	Notional Amount		Paid			Received		Net			Paid			Received		Net
Interest rate swap	3/11/2029	$	600,000	$	(41,288	)	$	39,000	$	(2,288	)	$	(37,014	)	$	30,767	$	(6,247	)
Interest rate swap	3/11/2029		150,000		(9,886	)		9,750		(136	)		(5,813	)		5,092		(721	)
Interest rate swap	1/15/2030		600,000		(41,498	)		34,500		(6,998	)		(12,276	)		9,487		(2,789	)
Interest rate swap	7/15/2030		750,000		(45,249	)		43,641		(1,608	)		—			—		—
Total		$	2,100,000	$	(137,921	)	$	126,891	$	(11,030	)	$	(55,103	)	$	45,346	$	(9,757	)

For the years ended December 31, 2025 and December 31, 2024, the Company recognized $56.1 million in unrealized losses and $25.2 million in unrealized gains, respectively, on interest rate swaps designated as hedging instruments in the Consolidated Statement of Operations. For the years ended December 31, 2025 and December 31, 2024, this amount is offset by an increase of $16.2 million and a decrease of $1.1 million, respectively, in the carrying value of the 2029 notes. For the years ended December 31, 2025 and December 31, 2024, this amount is offset by an increase of $19.0 million and a decrease of $24.1 million, respectively, in the carrying value of the January 2030 notes. For the year ended December 31, 2025, this amount is offset by an increase of $21.0 million in the carrying value of the July 2030 notes.

As of December 31, 2025, the swap transaction had a fair value of $30.9 million, which is netted against cash collateral of $47.7 million. 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. As of December 31, 2025, the derivatives had a fair value of $78.6 million. As of December 31, 2024, the swap transaction had a fair value of $(25.2) million, which is netted against cash collateral of $68.6 million. 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. As of December 31, 2024, the derivatives had a fair value of $43.4 million.

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 to 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 of other counterparties in the future.