v3.26.1
Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of the Fair Value and Notional Value of the Derivative Assets and Liabilities
The table below presents the fair value and notional value of the derivative assets and liabilities for the following periods:
As of June 30, 2026As of December 31, 2025
CounterpartyNotional AmountAssetsLiabilitiesNotional AmountAssetsLiabilities
Derivatives designated as hedges:
Interest Rate Swap 2027 Notes
Deutsche Bank AG$500,000 $— $(1,128)$500,000 $— $(13,370)
Interest Rate Swap 2030 Notes
Deutsche Bank AG$500,000 — (4,353)$500,000 5,663 — 
— (5,481)5,663 (13,370)
Interest Rate Swap 2029 Notes
Goldman Sachs Bank USA$600,000 — (6,739)$600,000 3,645 — 
Interest Rate Swap 2029 Notes
Goldman Sachs Bank USA$400,000 — (295)$400,000 7,185 — 
— (7,034)10,830 — 
Interest Rate Swap September 2028 Notes
Royal Bank of Canada$400,000 — (3,644)
Interest Rate Swap 2031 Notes
SMBC Capital Markets, Inc.$400,000 1,147 — 
Total Derivatives Designated as Hedges(1)(2)
$1,147 $(16,159)$16,493 $(13,370)
Derivatives not designated as hedges:
Foreign currency forward contract GBPGoldman Sachs Bank USA£86,225 $116,749 $(114,351)£94,190 $126,248 $(126,916)
Foreign currency forward contract EURGoldman Sachs Bank USA€208,670 247,519 (238,521)€208,670 247,528 (247,272)
Foreign currency forward contract AUDGoldman Sachs Bank USAA$2,080 1,491 (1,439)A$2,580 1,685 (1,722)
Foreign currency forward contract EURGoldman Sachs Bank USA$16,376 16,376 (16,636)
Foreign currency forward contract GBPGoldman Sachs Bank USA$1,474 1,474 (1,515)
$383,609 $(372,462)$375,461 $(375,910)
Foreign currency forward contract GBPSMBC Capital Markets, Inc.£14,775 20,016 (19,595)£14,775 19,549 (19,908)
Foreign currency forward contract EURSMBC Capital Markets, Inc.€5,301 6,296 (6,059)€5,301 6,296 (6,281)
26,312 (25,654)25,845 (26,189)
Foreign currency forward contract CADRoyal Bank of CanadaC$2,967 2,186 (2,101)
Foreign currency forward contract CADRoyal Bank of CanadaC$111,549 81,237 (78,969)
83,423 (81,070)— — 
Total Derivatives not Designated as Hedges$493,344 $(479,186)$401,306 $(402,099)
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(1)    The net fair value of the derivatives designated as hedges is recorded in prepaid expenses and other assets or accrued expenses and other liabilities in the Consolidated Statements of Assets and Liabilities.
(2)    The Company’s unsecured notes, that are designated in a qualifying hedging relationship, had carrying value of $2.75 billion and $1.98 billion, net of the related cumulative hedging adjustments that represented an increase (decrease) to the carrying value of the notes of $(14.0) million and $3.0 million as of June 30, 2026 and December 31, 2025, respectively.
Schedule of Net Unrealized Gains and Losses on Effective Interest Rate Swaps and Hedged
The tables below present net unrealized gains and losses on effective interest rate swaps and hedged items included in interest expense for the following periods:
Three Months Ended June 30, 2026Six Months Ended June 30, 2026
Interest Rate Swaps
Hedged Items
Net
Interest Rate Swaps
Hedged Items
Net
Derivatives designated as hedges:
Interest rate swaps 2027 Notes$(302)$287 $(15)$(892)$984 $92 
Interest rate swaps 2030 Notes(6,386)6,352 (34)(10,016)9,941 (75)
Interest rate swaps 2029 Notes(6,134)6,067 (67)(10,384)9,865 (519)
Interest rate swaps 2029 Notes
(4,306)4,399 93 (7,480)7,538 58 
Interest Rate Swap 2028 Notes
(3,644)3,557 (87)(3,644)3,557 (87)
Interest Rate Swap 2031 Notes
1,147 (1,164)(17)1,147 (1,164)(17)
Net Change in Unrealized Gain (Loss) on Interest Rate Swaps and Hedged Items(1)
$(127)$(548)
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(1)     Recorded and recognized as components of interest expense in the Consolidated Statements of Operations.
On January 15, 2026, the centrally cleared interest rate swap hedging the 2027 Notes with the notional amount of $500 million was terminated and replaced with a bilateral interest rate swap with identical notional, fixed rate and termination date. See “Note 5 — Debt” for more details.
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
Interest Rate SwapsHedged ItemsNetInterest Rate SwapsHedged ItemsNet
Derivatives designated as hedges:
Interest rate swaps 2027 Notes$4,432 $(4,551)$(119)$10,762 $(8,611)$2,151 
Interest rate swaps 2030 Notes6,424 (6,434)(10)6,424 (6,434)(10)
Interest rate swaps 2029 Notes4,678 (4,759)(81)13,501 (13,105)396 
Interest rate swaps 2029 Notes2,976 (3,046)(70)8,812 (9,004)(192)
Net Change in Unrealized Gain (Loss) on Interest Rate Swaps and Hedged Items(1)
$(280)$2,345 
_______________
(1)     Recorded and recognized as components of interest expense in the Consolidated Statements of Operations.
The table below presents net change in unrealized gains and losses on derivative instruments not designated as a qualifying hedge accounting relationship recognized by the Company for the following periods:
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2026202520262025
Derivatives not designated as hedges:
Foreign currency forward contract GBP$1,073 $(1,223)$3,805 $(1,223)
Foreign currency forward contract AUD109 (11)89 (11)
Foreign currency forward contract EUR3,603 (4,306)8,704 (4,306)
Foreign currency forward contract CAD1,886 — 2,353 — 
Total Net Unrealized Gain (Loss)(1)
$6,671 $(5,540)$14,951 $(5,540)
_______________
(1)     Recorded and recognized as components of translation of assets and liabilities in foreign currencies and other transactions in the Consolidated Statements of Operations.
In connection with the unsecured notes, the Company has made the following periodic payments on the interest rate swaps for the following periods:
For the Three Months Ended June 30,For the Six Months Ended June 30,
2026202520262025
2027 Notes$— $— $8,570 $10,620 
September 2028 Notes————
2029 Notes - $600 mm——8902,540
2029 Notes - $400 mm——90—
2030 Notes7,580—7,580—
2031 Notes————