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Derivative Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of Outstanding Foreign Exchange Derivatives | The following table details our outstanding foreign exchange derivatives that were designated as net investment hedges of foreign currency risk (notional amounts in thousands):
September 30, 2025 |  | December 31, 2024
Foreign Currency Derivatives |  | Number of Instruments |  | Notional Amount |  | Foreign Currency Derivatives |  | Number of Instruments |  | Notional Amount
Buy USD / Sell SEK Forward |  | 2 |  | kr 970,798 |  | Buy USD / Sell SEK Forward |  | 2 |  | kr 971,180
Buy USD / Sell GBP Forward |  | 7 |  | £700,195 |  | Buy USD / Sell GBP Forward |  | 5 |  | £604,739
Buy USD / Sell EUR Forward |  | 6 |  | €657,309 |  | Buy USD / Sell EUR Forward |  | 8 |  | €603,910
Buy USD / Sell AUD Forward |  | 8 |  | A$383,504 |  | Buy USD / Sell AUD Forward |  | 6 |  | A$355,703
Buy USD / Sell CAD Forward |  | 3 |  | C$120,877 |  | Buy USD / Sell CHF Forward |  | 1 |  | CHF 6,752
Buy USD / Sell CHF Forward |  | 1 |  | CHF 52 |  |  |  |  |  |
The following table details our outstanding foreign exchange derivatives that were non-designated hedges of foreign currency risk (notional amounts in thousands):
September 30, 2025 |  | December 31, 2024
Non-designated Hedges |  | Number of Instruments |  | Notional Amount |  | Non-designated Hedges |  | Number of Instruments |  | Notional Amount
Buy GBP / Sell USD Forward |  | 4 |  | £109,300 |  | Buy GBP / Sell USD Forward |  | 3 |  | £54,400
Buy USD / Sell GBP Forward |  | 4 |  | £109,300 |  | Buy USD / Sell GBP Forward |  | 3 |  | £54,400
Buy EUR / Sell USD Forward |  | 2 |  | €35,900 |  |  |  |  |  |
Buy USD / Sell EUR Forward |  | 2 |  | €35,900 |  |  |  |  |  |
Buy CHF / Sell USD Forward |  | 1 |  | CHF 6,700 |  |  |  |  |  |
Buy USD / Sell CHF Forward |  | 1 |  | CHF 6,700 |  |  |  |  |  |
Summary of Outstanding Interest Rate Derivatives Designated as Cash Flow Hedges of Interest Rate Risk | The following tables detail our outstanding interest rate derivatives that were designated as fair value hedges of interest rate risk (notional amount in thousands):
September 30, 2025
Interest Rate Derivatives |  | Number of Instruments |  | Notional Amount |  | Fixed Rate |  | Index |  | Maturity (Years)
Interest Rate Swaps |  | 1 |  | $450,000 |  | 3.81% |  | SOFR |  | 4.2
December 31, 2024
Interest Rate Derivatives |  | Number of Instruments |  | Notional Amount |  | Fixed Rate |  | Index |  | Maturity (Years)
Interest Rate Swaps |  | 1 |  | $450,000 |  | 3.81% |  | SOFR |  | 4.9
Schedule of Carrying Amount and Cumulative Basis Adjustments on Hedged Items Designated as Fair Value Hedges | The following tables detail the carrying amount and cumulative basis adjustments on hedged items designated as fair value hedges ($ in thousands):
September 30, 2025
Line Item in the Consolidated Balance Sheets in which the Hedged Item is Included |  | Carrying Amount of the Hedged Assets/ Liabilities |  | Cumulative Amount of Fair Value Hedging Adjustment Included in Carrying Amount
Senior secured notes, net |  | $451,189 |  | $7,834
December 31, 2024
Line Item in the Consolidated Balance Sheets in which the Hedged Item is Included |  | Carrying Amount of the Hedged Assets/ Liabilities |  | Cumulative Amount of Fair Value Hedging Adjustment Included in Carrying Amount
Senior secured notes, net |  | $437,759 |  | $(4,424)
The following table presents the net gains (losses) on derivatives and the related hedged items in fair value hedging relationships fo r the three and nine months ended September 30, 2025 ($ in thousands):
| Three Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2025
Total interest and related expenses presented in the consolidated statements of operations | $247,055 |  | $754,015
Gains (losses) on fair value hedging relationships |  |  |
Total gain on derivative instruments | $486 |  | $12,774
Fair value basis adjustment on hedged items | (494) |  | (7,834)
Derivative settlements and accruals | 674 |  | 2,116
Net gain on fair value hedging relationships(1) | $666 |  | $7,056
(1)Included within interest and related expenses presented in the consolidated statements of operations.
Schedule of Derivative Instruments in Statement of Operations | The following table presents th e effect of our derivative financial instruments on our consolidated statements of operations ($ in thousands):
|  |  |  | Increase (Decrease) to Net Interest Income Recognized from Derivatives
|  |  |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Derivatives in Hedging Relationships |  | Location of Income (Expense) Recognized |  | 2025 |  | 2024 |  | 2025 |  | 2024
Designated Hedges |  | Interest Income(1) |  | $6,174 |  | $4,442 |  | $13,820 |  | $13,309
Designated Hedges |  | Interest Expense(2) |  | (674) |  | 399 |  | (1,884) |  | 1,244
Non-Designated Hedges |  | Interest Income(1) |  | (46) |  | (22) |  | (96) |  | (32)
Non-Designated Hedges |  | Interest Expense(3) |  | 39 |  | (14) |  | (2,129) |  | (7)
Total |  |  |  | $5,493 |  | $4,805 |  | $9,711 |  | $14,514
(1)Represents the forward points earned on our foreign currency forward contracts, which reflect the interest rate differentials between the applicable base rate for our foreign currency investments and prevailing U.S. interest rates. These forward contracts effectively convert the foreign currency rate exposure for such investments to USD-equivalent interest rates. (2)Represents the financial statement impact of proceeds (payments) from periodic settlements related to our interest rate swap. (3)Represents the realized loss on an interest rate swap related to our Bank Loan Portfolio Joint Venture that was entered into and subsequently terminated during the three months ended June 30, 2025, and the spot rate movement in our non-designated foreign currency hedges, which are marked to market and recognized in interest expense.
Summary of Fair Value of Derivative Financial Instruments | The following table summarizes the fair value of our derivative financial instruments ($ in thousands):
|  | Fair Value of Derivatives in an Asset Position(1) as of |  | Fair Value of Derivatives in a Liability Position(2) as of
|  | September 30, 2025 |  | December 31, 2024 |  | September 30, 2025 |  | December 31, 2024
Derivatives designated as hedging instruments
Foreign exchange contracts |  | $9,867 |  | $69,433 |  | $2,296 |  | $—
Interest rate derivatives |  | 7,885 |  | — |  | — |  | 4,386
Total derivatives designated as hedging instruments |  | $17,752 |  | $69,433 |  | $2,296 |  | $4,386
Derivatives not designated as hedging instruments
Foreign exchange contracts |  | $1,753 |  | $3,021 |  | $261 |  | $852
Interest rate derivatives |  | — |  | — |  | — |  | —
Total derivatives not designated as hedging instruments |  | $1,753 |  | $3,021 |  | $261 |  | $852
Total derivatives |  | $19,505 |  | $72,454 |  | $2,557 |  | $5,238
(1)Included in other assets in our consolidated balance sheets. (2)Included in other liabilities in our consolidated balance sheets.
Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Comprehensive Income And Operations | The following table presents the effect of our derivative financial instruments on our consolidated statements of comprehensive income and operations ($ in thousands):
Derivatives in Hedging Relationships |  | Amount of Gain (Loss) Recognized in OCI on Derivatives |  | Location of Gain (Loss) Reclassified from Accumulated OCI into Income |  | Amount of Gain (Loss) Reclassified from Accumulated OCI into Income
| Three Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2025 |  |  | Three Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2025
Net Investment Hedges |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts(1) |  | $25,174 |  | $(178,488) |  | Interest Expense |  | $— |  | $—
Total |  | $25,174 |  | $(178,488) |  |  |  | $— |  | $—
(1)During the three months ended September 30, 2025, we paid net cash settlements of $68.5 million on our foreign currency forward contracts. During the nine months ended September 30, 2025, we paid net cash settlements of $102.2 million on our foreign currency forward contracts. Those amounts are included as a component of accumulated other comprehensive income on our consolidated balance sheets.

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