Derivatives

9 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

Derivatives

The Company enters into derivative financial instruments in the normal course of business from time to time to achieve certain risk management objectives, including managing its interest rate and foreign currency risk exposures. For derivative contracts, the Company enters into netting arrangements with its counterparties. In accordance with authoritative guidance, the Company offsets fair value amounts recognized for derivative instruments with the same counterparty under a master netting arrangement.

The Company may enter into forward currency exchange contracts to reduce the exposure to foreign currency exchange rate fluctuations of the Company and its Members, as described in Note 2. The fair value of derivative contracts open as of September 30, 2025 and December 31, 2024 is included on the Consolidated Schedules of Investments by contract. The Company had $0.0 million and $0.0 million collateral receivable as of September 30, 2025 and December 31, 2024, respectively, and had $0.3 million and $0.2 million collateral payable as of September 30, 2025 and December 31, 2024, respectively. Collateral amounts posted are included in collateral on forward currency exchange contracts on the Consolidated Statements of Assets and Liabilities. Collateral payable is included in collateral payable on forward currency exchange contracts on the Consolidated Statements of Assets and Liabilities.

For the three months ended September 30, 2025 and September 30, 2024, the Company’s average U.S. dollar notional exposure to forward currency exchange contracts was $492.6 million and $469.4 million, respectively. For the nine months ended September 30, 2025 and September 30, 2024, the Company’s average U.S. dollar notional exposure to forward currency exchange contracts was $498.1 million and $438.4 million, respectively.

The following tables present both gross and net information about derivative instruments eligible for offset in the Consolidated Statements of Assets and Liabilities.

September 30, 2025
Counterparty	Gross Amount of Assets		Gross Amount of (Liabilities)		Net amounts presented in the Statements of Assets and Liabilities		Collateral Received/Pledged(1)		Net Amounts(2)
State Street Bank and Trust Company	$	21,663	$	—	$	21,663	$	—	$	21,663

December 31, 2024
Counterparty	Gross Amount of Assets		Gross Amount of (Liabilities)		Net amounts presented in the Statements of Assets and Liabilities		Collateral Received/Pledged(1)		Net Amounts(2)
State Street Bank and Trust Company	$	—	$	(26,106)	$	(26,106)	$	—	$	(26,106)

(1)Amount excludes excess cash collateral paid.

(2)Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual setoff rights under the agreement. Net amount excludes any over-collateralized amounts, if applicable.

The effect of transactions in derivative instruments on the Consolidated Statements of Operations for the three months ended September 30, 2025 and September 30, 2024 were as follows:

	For the Three Months Ended
	September 30, 2025		September 30, 2024
Realized gain (loss) on foreign currency forward contracts	$	1,958	$	14,550
Net change in unrealized gain (loss) on foreign currency forward contracts	(7,088)		(1,324)
Total net realized and unrealized gain (loss) on foreign currency forward contracts	$	(5,130)	$	13,226

The effect of transactions in derivative instruments on the Consolidated Statements of Operations for the nine months ended September 30, 2025 and September 30, 2024 were as follows:

	For the Nine Months Ended
	September 30, 2025		September 30, 2024
Realized gain (loss) on foreign currency forward contracts	$	(86)	$	(3,854)
Net change in unrealized gain (loss) on foreign currency forward contracts	47,769		1,939
Total net realized and unrealized gain (loss) on foreign currency forward contracts	$	47,683	$	(1,915)