v3.26.1
Derivative Instruments
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments Derivative Instruments
The Company enters into derivative instruments from time to time to help mitigate its foreign currency and interest rate risk exposures. See “Note 6 — Fair Value of Financial Instruments” for additional disclosures related to the fair value hierarchy for derivative instruments.
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 swaps April 2029 NotesGoldman Sachs Bank USA$700,000 $942 $— $700,000 $14,619 $— 
Interest rate swaps March 2028 NotesSMBC Capital Markets, Inc.$650,000 1,799 — 650,000 12,113 — 
Interest rate swaps January 2031 Notes
Regions Bank$400,000 — (6,087)— — — 
Interest rate swaps October 2029 Notes
Regions Bank$500,000 549 — — — — 
Total Derivatives Designated as Hedges(1)(2)
$3,290 $(6,087)$26,732 $— 
Derivatives not designated as hedges:
Foreign currency forward contract AUDGoldman Sachs Bank USAA$12,910 $9,255 $(8,930)A$12,910 $8,405 $(8,616)
Foreign currency forward contract CADGoldman Sachs Bank USAC$1,454 1,071 (1,029)C$— — — 
Foreign currency forward contract CADGoldman Sachs Bank USAC$54,652 39,802 (38,690)C$— — — 
Foreign currency forward contract EURGoldman Sachs Bank USA€282,460 334,694 (322,867)€282,460 334,694 (334,694)
Foreign currency forward contract USD
Goldman Sachs Bank USA$18,281 18,281 (18,571)$— — — 
Foreign currency forward contract GBPGoldman Sachs Bank USA£136,285 184,530 (180,741)£147,230 197,770 (198,381)
587,633 (570,828)540,869 (541,691)
Foreign currency forward contract EURSMBC Capital Markets, Inc.€5,301 6,296 (6,059)€5,301 6,296 (6,281)
Foreign currency forward contract EURSMBC Capital Markets, Inc.€57,071 66,778 (65,233)€57,071 66,778 (67,608)
Foreign currency forward contract GBPSMBC Capital Markets, Inc.£12,500 16,934 (16,578)£12,500 16,539 (16,843)
90,008 (87,870)89,613 (90,732)
Foreign currency forward contract EURRoyal Bank of Canada€51,692 60,512 (59,755)€— — — 
60,512 (59,755)— — 
Total Derivatives not Designated as Hedges$738,153 $(718,453)$630,482 $(632,423)
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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 $2.2 billion and $1.4 billion, net of the related cumulative hedging adjustments that represented an increase (decrease) to the carrying value of the notes of $(1.9) million and $27.8 million, as of June 30, 2026 and December 31, 2025, respectively.
The tables below present net change in unrealized gains and losses on effective interest rate swaps and hedged items included in interest expense for the following periods:
For the Three Months Ended June 30, 2026For the Six Months Ended June 30, 2026
Interest Rate SwapsHedged ItemsNetInterest Rate SwapsHedged ItemsNet
Investment related gains/(losses)
Derivatives designated as hedges:
Interest rate swaps April 2029 Notes$(7,906)$8,023 $117 $(13,677)$13,673 $(4)
Interest rate swaps March 2028 Notes(5,097)5,286 189 (10,314)10,495 181 
Interest rate swaps January 2031 Notes
(5,149)5,145 (4)(6,087)6,080 (7)
Interest rate swaps October 2029 Notes
549 (520)29 549 (520)29 
Net Change in Unrealized Gain (Loss) on Interest Rate Swaps and Hedged Items(1)
$331 $199 
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(1)Recorded and recognized as components of interest expense in the Consolidated Statements of Operations.

For the Three Months Ended June 30, 2025For the Six Months Ended June 30, 2025
Interest Rate SwapsHedged ItemsNetInterest Rate SwapsHedged ItemsNet
Derivatives designated as hedges:
Interest rate swaps April 2029 Notes$5,071 $(5,245)$(174)$7,084 $(7,316)$(232)
Interest rate swaps March 2028 Notes2,879 (3,058)(179)13,087 (13,676)(589)
Net Change in Unrealized Gain (Loss) on Interest Rate Swaps and Hedged Items(1)
$(353)$(821)
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(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, 2026For the Six Months Ended June 30, 2026
Derivatives not designated as hedges:
Foreign currency forward contract AUD$574 $536 
Foreign currency forward contract CAD924 1,154 
Foreign currency forward contract GBP1,631 5,060 
Foreign currency forward contract EUR6,682 14,891 
Total Net Change in Unrealized Gain (Loss)(1)
$9,811 $21,641 
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(1)Recorded and recognized as components of translation of assets and liabilities in foreign currencies and other transactions in the Consolidated Statements of Operations.
For the Three Months Ended June 30, 2025
For the Six Months Ended June 30, 2025
Derivatives not designated as hedges:
Foreign currency forward contract AUD$(76)$(76)
Foreign currency forward contract GBP
(3,832)(3,832)
Foreign currency forward contract EUR
(7,492)(7,492)
Total Net Change in Unrealized Gain (Loss)(1)
$(11,400)$(11,400)
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(1)Recorded and recognized as components of translation of assets and liabilities in foreign currencies and other transactions in the Consolidated Statements of Operations.
For the three and six months ended June 30, 2026, the Company recognized a realized loss of $3.3 million and $3.2 million, respectively, primarily related to the foreign currency forward contracts held with Goldman Sachs Bank USA.