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DERIVATIVE INSTRUMENTS
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS
6. DERIVATIVE INSTRUMENTS

The Company enters into derivative instruments from time to time to help mitigate its foreign currency and interest rate risk exposures.

Foreign Currency Forward Contracts

Certain information related to the Company’s foreign currency forward derivative instruments as of December 31, 2023 and 2022 is presented below.
 As of December 31, 2023
Derivative InstrumentNotional
Amount		Maturity DateGross Amount of Recognized AssetsGross Amount of Recognized LiabilitiesBalance Sheet
Location of Net Amounts
Foreign currency forward contract€1901/26/2024$200 $(207) Accounts payable and other liabilities
Foreign currency forward contract CAD 1681/26/2024120 (124) Accounts payable and other liabilities
Foreign currency forward contract CAD 1531/18/2024114 (115) Accounts payable and other liabilities
Foreign currency forward contract£1161/26/2024140 (147) Accounts payable and other liabilities
Foreign currency forward contract NZD 711/26/202441 (45) Accounts payable and other liabilities
Foreign currency forward contract£568/21/202669 (70) Accounts payable and other liabilities
Foreign currency forward contract USD 101/26/20249 (9) Accounts payable and other liabilities
Foreign currency forward contract AUD 1011/17/20267 (7) Accounts payable and other liabilities
Foreign currency forward contract CAD 41/26/20243 (3) Accounts payable and other liabilities
Total$703 $(727)

 As of December 31, 2022
Derivative InstrumentNotional
Amount		Maturity DateGross Amount of Recognized AssetsGross Amount of Recognized LiabilitiesBalance Sheet
Location of Net Amounts
Foreign currency forward contractCAD264 1/27/2023$195 $(196)Accounts payable and other liabilities
Foreign currency forward contractCAD242 1/18/2023178 (179)Accounts payable and other liabilities
Foreign currency forward contract€158 1/27/2023159 (169)Accounts payable and other liabilities
Foreign currency forward contract£125 1/27/2023145 (151)Accounts payable and other liabilities
Foreign currency forward contractNZD59 1/27/202334 (37)Accounts payable and other liabilities
Foreign currency forward contractCAD17 1/27/202312 (12)Accounts payable and other liabilities
Total$723 $(744)

As of December 31, 2023, the counterparties to the Company’s foreign currency forward contracts were Canadian Imperial Bank of Commerce and Royal Bank of Canada. As of December 31, 2022, the counterparty to the Company’s foreign currency forward contracts was Royal Bank of Canada.
Net realized gains and losses on derivative instruments not designated as a qualifying hedge accounting relationship recognized by the Company for the years ended December 31, 2023, 2022 and 2021 is in the following location in the consolidated statements of operations:

For the Years Ended December 31,
Derivative InstrumentStatement Location202320222021
Foreign currency forward contractNet realized gains (losses) from foreign currency and other transactions$(13)$62 $13 
Total$(13)$62 $13 

Net unrealized gains and losses on derivative instruments not designated as a qualifying hedge accounting relationship recognized by the Company for the years ended December 31, 2023, 2022 and 2021 is in the following location in the consolidated statements of operations:

For the Years Ended December 31,
Derivative InstrumentStatement Location202320222021
Foreign currency forward contractNet unrealized gains (losses) from foreign currency and other transactions$(5)$(9)$(14)
Total$(5)$(9)$(14)

Interest Rate Swaps

In connection with the January 2027 Notes, the Company entered into interest rate swap agreements for a total notional amount of $900 that mature on January 15, 2027 to more closely align the interest rate of such liability with its investment portfolio, which consists of primarily floating rate loans. Under the interest rate swap agreements, the Company receives a fixed interest rate of 7.000% and pays a floating interest rate of one-month SOFR plus 2.581%. The Company designated these interest rate swaps and the January 2027 Notes as a qualifying fair value hedge accounting relationship. See Note 5 for more information on the January 2027 Notes.

As of December 31, 2023, the counterparty to the Company’s interest rate swap agreements was Wells Fargo Bank, N.A.

As a result of the Company’s designation of the interest rate swaps as hedging instruments in a qualifying fair value hedge accounting relationship, the Company is required to fair value the hedging instruments and the related hedged items, with the changes in the fair value of each being recorded in interest expense. The net gain related to the fair value hedge was $0 for the year ended December 31, 2023, which is included in “interest and credit facility fees” in the Company’s consolidated statement of operations. The balance sheet impact of fair valuing the interest rate swaps as of December 31, 2023 is presented below:
 As of December 31, 2023
Derivative Instrument(1)Notional AmountMaturity DateGross Amount of Recognized AssetsGross Amount of Recognized LiabilitiesBalance Sheet Location of Amounts
Interest rate swap$600 1/15/2027$10 $— Other assets
Interest rate swap$300 1/15/20275 — Other assets
Total$15 $— 
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(1)The asset related to the fair value of the interest rate swaps is offset by a $15 increase to the carrying value of the January 2027 Notes.