Derivatives (Tables)

9 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The table below presents the average notional amounts, as an indicator for volume, for each derivative type:


	For the Three Months Ended				For the Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Foreign Currency Forward Contracts	$	2,661	$	9,197	$	2,661	$	8,329
Interest Rate Swaps	$	300,000	$	—	$	120,000	$	—

Schedule of Foreign Currency Forward Contracts

The table below presents the gross fair value of derivative contracts by major product type, the amounts of counterparty and cash collateral netting in the Consolidated Statements of Assets and Liabilities.


	September 30, 2025						December 31, 2024
	Derivative Asset			Derivative Liabilities			Derivative Asset		Derivative Liabilities
Not accounted for as hedges
Foreign currency forward contracts	$	—		$	(245	)	$	—	$	(38	)
Accounted for as hedges
Interest rate swaps		133			(2,794	)		—		—
Total gross fair value	$	133		$	(3,039	)	$	—	$	(38	)
Counterparty netting	$	(133	)	$	133		$	—	$	—
Cash collateral netting(1)	$	—		$	2,429		$	—	$	38
Net Amount(2)	$	—		$	(477	)	$	—	$	—

(1)

Amount excludes excess cash collateral received or paid, if any.

(2)

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

Schedule of Effect of Transactions in Foreign Currency Forward Contracts

As the Company does not utilize hedge accounting for foreign currency forward contracts, the effect of transactions in foreign currency forward contracts on the Consolidated Statements of Operations was as follows:


	For the Three Months Ended					For the Nine Months Ended
	September 30, 2025		September 30, 2024			September 30, 2025			September 30, 2024
Net realized gain (loss) on foreign currency forward contracts	$	—	$	—		$	—		$	—
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts		63		(377	)		(207	)		(191	)
Total net realized and unrealized gains (losses) on foreign currency forward contracts	$	63	$	(377	)	$	(207	)	$	(191	)

Summary Of Hedging Instruments Recorded In Interest Expense

The table below presents the impact to the Consolidated Statements of Operations from derivative assets and liabilities designated in a qualifying hedge accounting relationship:


	For the Three Months Ended					For the Nine Months Ended
	September 30, 2025			September 30, 2024		September 30, 2025			September 30, 2024
Interest rate swaps	$	(2,661	)	$	—	$	(2,661	)	$	—
Hedged liabilities		2,631			—		2,631			—

Summary of Carrying Value Of Unsecured Borrowings With Hedging Relationships

The table below presents the carrying value of unsecured borrowings that are designated in a qualifying fair value hedging relationship and the related cumulative hedging adjustments (increase/(decrease)) from current and prior hedging relationships included in such carrying values:


	September 30, 2025					December 31, 2024
	Carrying Value		Cumulative hedging adjustments			Carrying Value		Cumulative hedging adjustments
Hedged liabilities	$	788,327	$	(2,631	)	$	—	$	—