DERIVATIVES

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES

DERIVATIVES

The objective of the Company's use of derivative financial instruments is to minimize the risks and/or costs associated with the Company's investments and/or financing transactions. These derivatives may or may not qualify under the hedge accounting requirements of ASC 815, – "Derivatives and Hedging." Derivatives not designated as hedges are not speculative and are used to manage the Company's exposure to interest rate movements and other identified risks. Refer to Note 2 for additional discussion of derivatives. As of March 31, 2026 and December 31, 2025, the Company has not designated any derivatives as hedges.

The use of derivative financial instruments involves certain risks, including the risk that the counterparties to these contractual arrangements do not perform as agreed. To mitigate this risk, the Company enters into derivative financial instruments only with counterparties that have appropriate credit ratings and are major financial institutions with which the Company and its affiliates generally also have other financial relationships.

Interest Rate Contracts

Certain of the Company's transactions expose the Company to interest rate risks. The Company uses derivative financial instruments, which may include interest rate swaps, caps, options, floors, and other interest rate derivative contracts, to limit the Company's exposure to the future variability of interest rates.

The following table details the Company's outstanding interest rate derivatives ($ in thousands):

	March 31, 2026
Interest Rate Derivatives(1)	Counterparty	Company Receives(2)	Company Pays		Maturity Date	Notional Amount		Fair Value		Unrealized Gain (Loss)(3)
Interest rate swap	Royal Bank of Canada	SOFR	3.4	%	4/1/2031	$	20,500	$	136	$	136
Interest rate swap	Royal Bank of Canada	SOFR	3.3	%	9/8/2027	20,000		75		75
Interest rate swap	Royal Bank of Canada	SOFR	3.3	%	10/27/2030	2,500		29		29
Interest rate swap	Royal Bank of Canada	SOFR	3.4	%	12/10/2030	6,500		28		28
Interest rate swap	Royal Bank of Canada	SOFR	3.4	%	5/17/2030	4,000		24		24
Interest rate swap	Royal Bank of Canada	SOFR	3.4	%	1/8/2031	4,200		20		20
Interest rate swap	Royal Bank of Canada	SOFR	3.3	%	5/20/2029	3,500		20		20
Interest rate swap	Royal Bank of Canada	SOFR	3.5	%	2/2/2031	3,300		5		5
Interest rate swap	Royal Bank of Canada	SOFR	3.7	%	8/19/2034	7,500		(3)		(3)
Interest rate swap	Royal Bank of Canada	SOFR	3.8	%	7/14/2034	8,500		(21)		(21)
Interest rate swap	Royal Bank of Canada	SOFR	3.6	%	6/17/2029	7,000		(23)		(23)
Interest rate swap	Royal Bank of Canada	SOFR	3.6	%	6/6/2029	9,000		(23)		(23)
Interest rate swap	Royal Bank of Canada	SOFR	3.6	%	6/4/2029	12,000		(28)		(28)
Interest rate swap	Royal Bank of Canada	SOFR	3.6	%	6/9/2029	14,000		(36)		(36)
Interest rate swap	Royal Bank of Canada	SOFR	3.7	%	7/15/2032	76,580		(312)		(312)
Total interest rate swaps						$	199,080	$	(109)	$	(109)

(1)For interest rate swap agreements, the Company generally does not receive any upfront payments or receipts.

(2)For interest rate swap agreements, the Company generally receives one-month term SOFR.

(3)The unrealized gain (loss) represents the life-to-date change in fair value for each interest rate swap.

	December 31, 2025
Interest Rate Derivatives(1)	Counterparty	Company Receives(2)	Company Pays		Maturity Date	Notional Amount		Fair Value		Unrealized Gain (Loss)(3)
Interest rate swap	Royal Bank of Canada	SOFR	3.3	%	10/27/2030	$	2,500	$	14	$	14
Interest rate swap	Royal Bank of Canada	SOFR	3.4	%	4/1/2031	20,500		6		6
Interest rate swap	Royal Bank of Canada	SOFR	3.4	%	11/10/2030	4,500		6		6
Interest rate swap	Royal Bank of Canada	SOFR	3.4	%	5/17/2030	4,000		(1)		(1)
Interest rate swap	Royal Bank of Canada	SOFR	3.3	%	5/20/2029	3,500		(2)		(2)
Interest rate swap	Royal Bank of Canada	SOFR	3.4	%	12/10/2030	6,500		(13)		(13)
Interest rate swap	Royal Bank of Canada	SOFR	3.3	%	9/8/2027	20,000		(22)		(22)
Interest rate swap	Royal Bank of Canada	SOFR	3.7	%	8/19/2034	7,500		(46)		(46)
Interest rate swap	Royal Bank of Canada	SOFR	3.8	%	7/14/2034	8,500		(71)		(71)
Interest rate swap	Royal Bank of Canada	SOFR	3.6	%	6/17/2029	7,000		(72)		(72)
Interest rate swap	Royal Bank of Canada	SOFR	3.6	%	6/6/2029	9,000		(86)		(86)
Interest rate swap	Royal Bank of Canada	SOFR	3.6	%	6/4/2029	12,000		(111)		(111)
Interest rate swap	Royal Bank of Canada	SOFR	3.6	%	6/9/2029	14,000		(133)		(133)
Interest rate swap	Royal Bank of Canada	SOFR	3.7	%	7/15/2032	77,707		(755)		(755)
Total interest rate swaps						$	197,207	$	(1,286)	$	(1,286)

(1)For interest rate swap agreements, the Company generally does not receive any upfront payments or receipts.

(2)For interest rate swap agreements, the Company generally receives one-month term SOFR.

(3)The unrealized gain (loss) represents the life-to-date change in fair value for each interest rate swap.

Foreign Currency Forward Contracts

Certain of the Company's international investments have exposure to fluctuations in foreign interest rates and currency exchange rates. These fluctuations may impact the value of the Company's cash receipts and cash payments in terms of the Company's functional currency, the U.S. dollar. The Company uses foreign currency forward contracts to protect the value or fix the amount of certain investments or cash flows in terms of the U.S. dollar.

The following table details the Company's outstanding foreign currency forward contracts (amounts in thousands):

	March 31, 2026
Foreign Currency Derivatives	Counterparty	Currency Purchased		Currency Sold		Settlement Date	Fair Value		Unrealized Gain (Loss)(1)
Foreign currency forward contract	Royal Bank of Canada	USD	75,130	GBP	56,000	6/15/2026	$	1,066	$	1,066
Foreign currency forward contract	Royal Bank of Canada	USD	2,843	GBP	2,079	4/28/2026	101		101
Foreign currency forward contract	Royal Bank of Canada	USD	1,081	EUR	900	4/30/2026	43		43
Foreign currency forward contract	Royal Bank of Canada	USD	2,208	GBP	1,652	6/10/2026	30		30
Foreign currency forward contract	Royal Bank of Canada	USD	318	GBP	236	8/3/2026	7		7
Total foreign currency forward contracts							$	1,247	$	1,247

(1)The unrealized gain (loss) represents the life-to-date change in fair value for each foreign currency forward.

	December 31, 2025
Foreign Currency Derivatives	Counterparty	Currency Purchased		Currency Sold		Settlement Date	Fair Value		Unrealized Gain (Loss)(1)
Foreign currency forward contract	Royal Bank of Canada	USD	1,050	EUR	900	1/30/2026	$	(8)	$	(8)
Foreign currency forward contract	Royal Bank of Canada	USD	2,390	GBP	1,795	3/10/2026	(24)		(24)
Foreign currency forward contract	Royal Bank of Canada	USD	2,773	GBP	2,085	1/28/2026	(32)		(32)
Total foreign currency forward contracts							$	(64)	$	(64)

(1)The unrealized gain (loss) represents the life-to-date change in fair value for each foreign currency forward.

Financial Statement Impact

The following table details the Company's outstanding derivatives ($ in thousands):

	March 31, 2026
	Fair Value of Derivatives in an Asset Position		Fair Value of Derivatives in a Liability Position
Foreign currency forward contract	$	1,247	$	—
Interest rate swap	338		(447)
Total	$	1,585	$	(447)

	December 31, 2025
	Fair Value of Derivatives in an Asset Position		Fair Value of Derivatives in a Liability Position
Foreign currency forward contract	$	—	$	(64)
Interest rate swap	26		(1,312)
Total	$	26	$	(1,376)

The following table presents the effect of the Company's derivative financial instruments on its consolidated statements of operations ($ in thousands):

	For the Three Months Ended March 31, 2026
	Interest Rate Swaps		Foreign Currency Forward Contract		Total
Unrealized gain (loss)	$	1,178	$	1,311	$	2,489
Realized gain	35		(116)		(81)
Total	$	1,213	$	1,195	$	2,408

Credit-Risk Related Contingent Features

The Company has entered into agreements with certain of the Company's derivative counterparties that contain provisions whereby if the Company was to default on any of the Company's indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, the Company may also be declared in default on the Company's derivative obligations. In addition, certain of the Company's agreements with the Company's derivative counterparties require that the Company post collateral to restricted cash accounts when a derivative is in a liability position. As of March 31, 2026, the Company was in a net asset position with the Company's counterparties. Certain derivative positions are, or previously have been, in a net liability position, for which the Company has posted collateral of $2.4 million. As of December 31, 2025, the Company was in a net liability position with the Company's counterparties and has posted collateral of $2.4 million, respectively.