Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2026

The following table summarizes the terms and fair values of our derivative financial instruments as of June 30,

2026 and December 31, 2025 (dollars in millions):


Derivative Type	Number of Instruments (1)	Notional Amount as of		Weighted Average Strike Rate (2)	Maturity Date (3)	Fair Value - asset (liability) as of
Derivatives Designated as Hedging Instruments		June 30, 2026	December 31, 2025			June 30, 2026	December 31, 2025
Interest rate swaps (4)	12	$1,780.0	$2,105.0	3.27%	Aug 2027 - Apr 2030	$17.3	$5.1
Cross-currency swaps - Fair Value	15	1,720.0	720.0	(5)	Feb 2029 - Jan 2036	(94.7)	(81.0)
Cross-currency swaps - Net Investment	3	280.0	280.0	(6)	Oct 2032	(58.9)	(66.1)
Foreign currency forwards	58	730.7	519.7	(7)	Jul 2026 - Dec 2028	14.8	(8.7)
		$4,510.7	$3,624.7			$(121.5)	$(150.7)
Derivatives not Designated as Hedging Instruments
Currency exchange swaps	9	$4,270.6	$2,972.8	(8)	Jul 2026 - Jan 2027	$31.5	$(47.0)
		$4,270.6	$2,972.8			$31.5	$(47.0)
Total of all Derivatives		$8,781.3	$6,597.5			$(90.0)	$(197.7)

(1)This column represents the number of instruments outstanding as of June 30, 2026.

(2)Weighted average strike rate is calculated using the notional value as of June 30, 2026.

(3)This column represents maturity dates for instruments outstanding as of June 30, 2026.

(4)During the three months ended June 30, 2026, we entered into five variable-to-fixed interest rate swaps in connection with the delayed draw

term loan under the Fund Credit Facilities.

(5)USD fixed rate of 5.625% and EUR weighted average fixed rate of 4.681%. USD fixed rate of 3.950% and GBP weighted average fixed rate of

4.392%. USD fixed rate of 4.910% and EUR weighted average fixed rate of 4.122%. USD fixed rate of 4.750% and EUR weighted average

fixed rate of 3.806%.

(6)USD fixed rate of 5.625% and EUR weighted average fixed rate of 4.716%.

(7)Weighted average exchange rates of 1.34 for GBP-USD and 1.21 for EUR-USD.

(8) Weighted average exchange rates of 0.87 for EUR-GBP, 1.34 for GBP-USD, and 4.32 for EUR-PLN.

The following table summarizes the amount of unrealized gain (loss) on derivatives and foreign currency translation

adjustments in other comprehensive income (in thousands):


	Three months ended June 30,		Six months ended June 30,
Derivatives in Cash Flow Hedging Relationships	2026	2025	2026	2025
Interest rate swaps	$(5,130)	$(4,777)	$11,706	$(12,141)
Foreign currency forwards	269	(22,437)	23,515	(35,619)
Interest rate swaptions	(1,209)	(1,597)	(1,419)	(2,003)
Total derivatives in cash flow hedging relationships	$(6,070)	$(28,811)	$33,802	$(49,763)
Derivatives in Fair Value Hedging Relationships
Cross-currency swaps - Fair Value	$(37,480)	$(2,653)	$(29,020)	$7,674
Total derivatives in fair value hedging relationships	$(37,480)	$(2,653)	$(29,020)	$7,674
Total unrealized (loss) gain on derivatives, net	$(43,550)	$(31,464)	$4,782	$(42,089)
Derivatives and Non-derivatives in Net Investment Hedging Relationships
Cross-currency swaps - Net Investment	$(3,722)	$(29,161)	$6,166	$(33,987)
Foreign currency debt	7,828	(16,620)	18,954	(20,747)
Total unrealized gain (loss) recorded in foreign currency translation adjustment	$4,106	$(45,781)	$25,120	$(54,734)

The following table summarizes the amount of gain (loss) on derivatives reclassified from AOCI (in thousands):


		Three months ended June 30,		Six months ended June 30,
Derivatives in Cash Flow Hedging Relationships	Location of Increase (Decrease) Recognized in Income	2026	2025	2026	2025
Interest rate swaps	Interest	$2,429	$2,808	$4,829	$6,192
Foreign currency forwards	Foreign currency and derivative loss, net	(1,033)	(7,040)	(9,465)	(5,721)
Interest rate swaptions	Interest	57	81	117	184
Total derivatives in cash flow hedging relationships		$1,453	$(4,151)	$(4,519)	$655
Derivatives in Fair Value Hedging Relationships
Cross-currency swaps - Fair Value (excluded component)	Foreign currency and derivative loss, net	$2,065	$(344)	$1,943	$(129)
Total derivatives in fair value hedging relationships		$2,065	$(344)	$1,943	$(129)
Derivatives in Net Investment Hedging Relationships
Cross-currency swaps - Net Investment (excluded component)	Foreign currency and derivative loss, net	$442	$160	$1,070	$812
Total derivatives in net investment hedging relationships		$442	$160	$1,070	$812
Net increase (decrease) to net income		$3,960	$(4,335)	$(1,506)	$1,338

The following table details our foreign currency and derivative loss, net included in income (in thousands):


	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025
Realized foreign currency and derivative loss, net:
Loss on the settlement of undesignated derivatives	$(28,991)	$(55,181)	$(54,398)	$(78,585)
Loss on the settlement of designated derivatives reclassified from AOCI	(1,022)	(6,476)	(9,454)	(4,291)
Gain (loss) on the settlement of transactions with third parties	5,580	(505)	1,924	(502)
Total realized foreign currency and derivative loss, net	$(24,433)	$(62,162)	$(61,928)	$(83,378)
Unrealized foreign currency and derivative gain, net:
Gain (loss) on the change in fair value of undesignated derivatives	$10,786	$(9,301)	$64,925	$(13,121)
Gain (loss) on remeasurement of certain assets and liabilities	4,823	67,075	(28,841)	89,566
Total unrealized foreign currency and derivative gain, net	$15,609	$57,774	$36,084	$76,445
Total foreign currency and derivative loss, net	$(8,824)	$(4,388)	$(25,844)	$(6,933)