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Derivative Financial Instruments (Tables)
 9 Months Ended
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
CHF6,752
Buy USD / Sell CHF Forward
1
CHF52
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
CHF6,700
Buy USD / Sell CHF Forward
1
CHF6,700
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
$(4,424)
The following table presents the net gains (losses) on derivatives and the related hedged items in fair value hedging
relationships for the three and nine months ended September 30, 2025 ($ 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
$7,056
(1)Included within interest and related expenses presented in the consolidated statements of operations.
Schedule of Derivative Instruments in Statement of Operations The following table presents the effect of our derivative financial instruments on our consolidated statements of operations
($ 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.