Blue Owl Capital Corp

For the period ended Sep 30, 2026. Filed Nov 4, 2026.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2026 · Filed Nov 4, 2026

OBDC$11.17+2.1%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Item 4.

Note 6. Fair Value of Financial Instruments

Investments

The tables below present the fair value hierarchy of investments as of the following periods:

	Level 1	Level 2	Level 3	Total
Cash (including foreign cash)	$307,948	$—	$—	$307,948
Investments:
First-lien senior secured debt investments	$—	$68,310	$10,949,467	$11,017,777
Second-lien senior secured debt investments	—	75,995	623,238	699,233
Unsecured debt investments	—	—	389,154	389,154
Specialty finance debt investments	—	—	178,964	178,964
Preferred equity investments	—	—	275,703	275,703
Common equity investments	13,931	6,008	561,447	581,386
Specialty finance equity investments	—	—	1,041,992	1,041,992
Subtotal	13,931	150,313	14,019,965	14,184,209
Investments measured at NAV(1)	—	—	—	911,718
Total Investments at Fair Value	$13,931	$150,313	$14,019,965	$15,095,927
Derivatives(2):
Derivative assets	$—	$1,964	$—	$1,964
Cash collateral received	—	—	—	—
Derivative liabilities	—	60,484	—	60,484
Cash collateral posted	65,227	—	—	65,227

(1)Includes investments in Credit SLF, LSI Financing LLC, BOCSO and Blue Owl Leasing which are measured at fair value using the NAV per share (or its equivalent) as a practical expedient and has not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

(2)Refer to “Note 7 — Derivative Instruments” for additional details on the Company’s interest rate swaps and foreign currency forward contracts.

	Level 1	Level 2	Level 3	Total
Cash (including foreign cash)	$521,094	$—	$—	$521,094
Investments:
First-lien senior secured debt investments	$—	$39,027	$12,009,907	$12,048,934
Second-lien senior secured debt investments	—	47,294	801,281	848,575
Unsecured debt investments	—	—	399,962	399,962
Specialty finance debt investments	—	—	157,297	157,297
Preferred equity investments	—	—	568,977	568,977
Common equity investments	—	6,555	520,542	527,097
Specialty finance equity investments	—	—	1,114,178	1,114,178
Subtotal	—	92,876	15,572,144	15,665,020
Investments measured at NAV(1)	—	—	—	805,873
Total Investments at fair value	$—	$92,876	$15,572,144	$16,470,893
Derivatives:
Derivative assets	$—	$3,123	$—	$3,123
Cash collateral received	—	—	—	—
Derivative liabilities	—	793	—	793
Cash collateral posted	47,448	—	—	47,448

The tables below present the changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the following periods:

	As of and for the Three Months Ended September 30, 2026
Debt Investments · Equity Investments
	First-Lien Senior Secured	Second-Lien Senior Secured	Unsecured	Specialty Finance	Preferred	Common	Specialty Finance	Total
Fair value, beginning of period	$10,893,570	$674,223	$377,224	$171,254	$262,536	$556,928	$1,011,942	$13,947,677
Purchases of investments, net	589,456	—	—	7,188	—	8,133	32,571	637,348
Payment-in-kind	14,176	2,139	13,664	617	4,895	296	—	35,787
Proceeds from investments, net	(552,533)	(16,502)	—	(95)	—	(5,105)	(37,217)	(611,452)
Net change in unrealized gain (loss)	11,117	2,825	(1,841)	(12)	7,867	(2,261)	(6,175)	11,520
Net realized gain (loss)	(19,376)	235	—	—	—	3,516	—	(15,625)
Net amortization/accretion of discount/premium on investments	14,765	781	107	12	405	(60)	—	16,010
Transfers between investment types	—	—	—	—	—	—	—	—
Transfers into (out of) Level 3(1)	(1,708)	(40,463)	—	—	—	—	40,871	(1,300)
Fair Value, End of Period	$10,949,467	$623,238	$389,154	$178,964	$275,703	$561,447	$1,041,992	$14,019,965

(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended September 30, 2026, transfers into/(out of) Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.

The tables below present the changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the following periods:

	As of and for the Nine Months Ended September 30, 2026
Debt Investments · Equity Investments
	First-Lien Senior Secured	Second-Lien Senior Secured	Unsecured	Specialty Finance	Preferred	Common	Specialty Finance	Total
Fair value, beginning of period	$12,009,907	$801,281	$399,962	$157,297	$568,977	$520,542	$1,114,178	$15,572,144
Purchases of investments, net	1,391,075	—	—	19,076	976	24,036	81,961	1,517,124
Payment-in-kind	46,434	6,186	35,517	3,530	28,227	860	—	120,754
Proceeds from investments, net	(2,370,327)	(58,176)	(41,400)	(939)	(292,441)	(6,520)	(140,109)	(2,909,912)
Net change in unrealized gain (loss)	(90,140)	(120,465)	(7,700)	(35)	(14,403)	67,419	(14,038)	(179,362)
Net realized gain (loss)	(77,636)	(8,269)	2,471	—	(20,027)	(23,309)	—	(126,770)
Net amortization/accretion of discount/premium on investments	41,644	2,681	304	35	4,394	(60)	—	48,998
Transfers between investment types	(158)	—	—	—	—	158	—	—
Transfers into (out of) Level 3(1)	(1,332)	—	—	—	—	(21,679)	—	(23,011)
Fair Value, End of Period	$10,949,467	$623,238	$389,154	$178,964	$275,703	$561,447	$1,041,992	$14,019,965

(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the nine months ended September 30, 2026, transfers into/(out of) Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.

	As of and for the Three Months Ended September 30, 2025
Debt Investments · Equity Investments
	First-Lien Senior Secured	Second-Lien Senior Secured	Unsecured	Specialty Finance	Preferred	Common	Specialty Finance	Total
Fair value, beginning of period	$12,598,969	$863,667	$374,693	$132,173	$553,787	$564,845	$1,032,677	$16,120,811
Purchases of investments, net	699,184	—	4,707	20,418	12,465	12,373	40,871	790,018
Payment-in-kind	14,690	3,330	12,840	2,610	9,697	273	—	43,440
Proceeds from investments, net	(561,658)	—	—	—	(2,448)	(4,694)	(6,000)	(574,800)
Net change in unrealized gain (loss)	(58,161)	(32,305)	(654)	(18)	(8,095)	11,081	10,765	(77,387)
Net realized gains (losses)	1,105	—	—	—	24	339	—	1,468
Net amortization/accretion of discount/premium on investments	20,511	1,078	131	18	531	—	—	22,269
Fair Value, End of Period	$12,714,640	$835,770	$391,717	$155,201	$565,961	$584,217	$1,078,313	$16,325,819

	As of and for the Nine Months Ended September 30, 2025
Debt Investments · Equity Investments
	First-Lien Senior Secured	Second-Lien Senior Secured	Unsecured	Specialty Finance	Preferred	Common	Specialty Finance	Total
Fair value, beginning of period	$9,796,885	$660,060	$301,956	$90,735	$366,973	$550,886	$799,766	$12,567,261
Purchases of investments, net	1,901,024	141,010	4,708	46,010	59,397	16,760	160,085	2,328,994
Payment-in-kind	55,351	18,833	36,309	3,354	35,849	795	—	150,491
Proceeds from investments, net	(2,444,990)	(129,185)	(33,743)	—	(17,807)	(82,080)	(11,446)	(2,719,251)
Net change in unrealized gain (loss)	(81,580)	54,998	16,776	292	(9,349)	(5,201)	53,553	29,489
Net realized gains (losses)	(5,440)	(102,791)	(1,212)	—	176	22,558	1,118	(85,591)
Net amortization of discount on investments	71,638	5,564	759	31	1,840	—	—	79,832
Transfers into (out of) Level 3(1)	(29,148)	9,746	—	—	—	(3,091)	—	(22,493)
Transfers in from the OBDE Mergers	3,450,900	177,535	66,164	14,779	128,882	83,590	75,237	3,997,087
Fair Value, End of Period	$12,714,640	$835,770	$391,717	$155,201	$565,961	$584,217	$1,078,313	$16,325,819

(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the nine months ended September 30, 2025, transfers into/(out of) Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.

The tables below present the net change in unrealized gains on investments for which Level 3 inputs were used in determining the fair value that are still held by the Company for the following periods:

	Net Change in Unrealized Gain (Loss) for the Three Months Ended September 30, 2026 on Investments Held at September 30, 2026	Net Change in Unrealized Gain (Loss) for the Three Months Ended September 30, 2025 on Investments Held at September 30, 2025
First-lien senior secured debt investments	$(1,931)	$(58,162)
Second-lien senior secured debt investments	1,677	(32,305)
Unsecured debt investments	(1,841)	(654)
Specialty finance debt investments	(12)	(18)
Preferred equity investments	7,867	(8,095)
Common equity investments	(1,821)	11,081
Specialty finance equity investments	(6,175)	10,765
Total Investments	$(2,236)	$(77,388)

	Net Change in Unrealized Gain (Loss) for the Nine Months Ended September 30, 2026 on Investments Held at September 30, 2026	Net Change in Unrealized Gain (Loss) for the Nine Months Ended September 30, 2025 on Investments Held at September 30, 2025
First-lien senior secured debt investments	$(147,208)	$(98,831)
Second-lien senior secured debt investments	(121,939)	(49,203)
Unsecured debt investments	(7,700)	16,776
Specialty finance debt investments	(35)	292
Preferred equity investments	(32,810)	(9,349)
Common equity investments	42,129	25,761
Specialty finance equity investments	(14,038)	53,553
Total Investments	$(281,601)	$(61,001)

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of the following periods. The weighted average range of unobservable inputs is based on fair value of investments. The tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.

As of September 30, 2026
Fair Value · Valuation Technique · Unobservable Input · Range (Weighted Average) · Impact to Valuation from an Increase in Input
First-lien senior secured debt investments	$10,354,815			Yield Analysis		Market Yield		6.9% - 27.9% (10.6%)	Decrease
426,356	Transaction		Transaction Price		97.8% - 100.0% (99.2%)		Increase
168,296		Recovery Analysis		Recovery Rate		0.0% - 100.0% (53.5%)		Increase
Second-lien senior secured debt investments	$618,915			Yield Analysis		Market Yield		11.2% - 55.0% (22.8%)	Decrease
4,323		Recovery Analysis		Recovery Rate		3.3% - 3.3% (3.3%)		Increase
Unsecured debt investments	$372,546			Yield Analysis		Market Yield		5.5% - 18.7% (13.7%)	Decrease
9,582		Market Approach		EBITDA Multiple		12.0x - 12.0x (12.0x)		Decrease
7,026		Recovery Analysis		Recovery Rate		71.0% - 71.0% (71.0%)		Increase
Specialty finance debt investments	$178,964			Yield Analysis		Market Yield		12.7% - 12.7% (12.7%)	Decrease
Preferred equity investments	$229,748			Yield Analysis		Market Yield		13.5% - 60.0% (24.3%)	Decrease
29,215		Market Approach		EBITDA Multiple		12.8x - 12.8x (12.8x)		Decrease
16,465		Recovery Analysis		Recovery Rate		73.0% - 73.0% (73.0%)		Increase
275	Market Approach		Revenue Multiple		12.8x - 12.8x (12.8x)		Increase
Common equity investments	$479,797			Market Approach		EBITDA Multiple		3.8x - 27.8x (7.8x)	Decrease
47,648	Market Approach		Revenue Multiple		5.5x - 47.5x (8.6x)		Increase
14,913	Yield Analysis		Market Yield		8.4% - 8.4% (8.4%)		Decrease
10,515	Discounted Cash Flow Analysis		Market Yield		8.6% - 12.1% (10.2%)		Decrease
8,371	Transaction		Transaction Price		100.0% - 190.4% (102.6%)		Increase
203	Market Approach		Gross Profit Multiple		10.0x - 10.0x (10.0x)		Increase
Specialty finance equity investments	$606,180			Market Approach		Book Multiple		1.2x - 1.2x (1.2x)	Increase
302,327		Market Approach		AUM Multiple		1.0x - 1.0x (1.0x)		Increase
96,938	Market Approach		Recovery Rate		111.3% - 151.8% (137.0%)		Increase
31,179		Discounted Cash Flow Analysis		Market Yield		11.0% - 20.0% (11.6%)		Decrease
5,368		Yield Analysis		Market Yield		12.1% - 12.1% (12.1%)		Decrease

	Fair Value	Valuation Technique	Unobservable Input	Range (Weighted Average)	Impact to Valuation from an Increase in Input
First-lien senior secured debt investments	$11,273,964	Yield Analysis	Market Yield	6.3% - 20.1% (9.6%)	Decrease
	536,599	Recent Transaction	Transaction Price	99.0% - 99.8% (99.3%)	Increase
	199,344	Collateral Analysis	Recovery Rate	0.0% - 107.2% (59.5%)	Increase
Second-lien senior secured debt investments	$801,281	Yield Analysis	Market Yield	9.7% - 62.4% (18.9%)	Decrease
Unsecured debt investments	$390,845	Yield Analysis	Market Yield	5.5% - 17.6% (12.6%)	Decrease
	9,117	Market Approach	EBITDA Multiple	12.0x - 12.0x (12.0x)	Increase
Specialty finance debt investments	$157,297	Yield Analysis	Market Yield	11.6% - 11.6% (11.6%)	Decrease
Preferred equity investments	$559,595	Yield Analysis	Market Yield	11.6% - 35.3% (16.1%)	Decrease
	9,171	Market Approach	EBITDA Multiple	128.9x - 128.9x (128.9x)	Increase
	211	Market Approach	Revenue Multiple	11.3x - 11.3x (11.3x)	Increase
Common equity investments	$388,838	Market Approach	EBITDA Multiple	4.0x - 17.9x (7.7x)	Increase
	45,461	Market Approach	Revenue Multiple	6.3x - 13.0x (10.7x)	Increase
	43,926	Recent Transaction	Transaction Price	100.0% - 100.0% (100.0%)	Increase
	21,679	Market Approach	Transaction Price	$96.84 - $96.84 ($96.84)	Increase
	14,020	Yield Analysis	Market Yield	8.5% - 8.5% (8.5%)	Decrease
	6,105	Market Approach	Market Adjustment Factor	0.0% - 0.0%(0.0%)	Increase
	347	Option Pricing Model	Volatility	60.0% - 70.0% (70.0%)	Increase
	166	Market Approach	Gross Profit Multiple	9.0x - 9.0x (9.0x)	Increase
Specialty finance equity investments	$607,284	Market Approach	EBITDA Multiple	1.3x - 1.3x (1.3x)	Increase
	403,170	Market Approach	AUM Multiple	1.1x - 1.1x (1.1x)	Increase
	94,930	Market Approach	N/A(1)	N/A	N/A
	6,657	Yield Analysis	Market Yield	11.5% - 11.5% (11.5%)	Decrease
	2,137	Discounted Cash Flow Analysis	Discounted Factor	20.0% - 20.0% (20.0%)	Decrease

(1)Fair value based on a weighting of the appraised value of the portfolio company’s underlying assets and their cost.

The Company typically determines the fair value of its performing Level 3 debt investments utilizing a yield analysis. In a yield analysis, a price is ascribed for each investment based upon an assessment of current and expected market yields for similar investments and risk profiles. Additional consideration is given to the expected life, portfolio company performance since close, and other terms and risks associated with an investment. Among other factors, a determinant of risk is the amount of leverage used by the portfolio company relative to its total enterprise value, and the rights and remedies of the Company’s investment within the portfolio company’s capital structure.

When the debtor is not performing or when there is insufficient value to cover the investment, the Company may utilize a net recovery approach to determine the fair value of debt investments in subject companies. A net recovery analysis typically consists of two steps. First, the total enterprise value for the subject company is estimated using standard valuation approaches, most commonly the market approach. Second, the fair value for each investment in the subject company is then estimated by allocating the subject company’s total enterprise value to the outstanding securities in the capital structure based upon various factors, including seniority, preferences, and other features if deemed relevant to each security in the capital structure.

Significant unobservable quantitative inputs typically used in the fair value measurement of the Company’s Level 3 debt investments primarily include current market yields, including relevant market indices, but may also include quotes from brokers, dealers, and pricing services as indicated by comparable investments. For the Company’s Level 3 equity investments, a market approach, based on comparable financial performance multiples such as publicly-traded company and comparable market transaction multiples of revenues, earnings before income taxes, depreciation and amortization (“EBITDA”), or some combination thereof and comparable market transactions typically would be used.

Debt Not Carried at Fair Value

Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings, or market quotes, if available. The table below presents the carrying and fair values of the Company’s debt obligations as of the following periods:

	As of September 30, 2026			As of December 31, 2025
	Net Carrying Value	Debt Issuance Costs	Fair Value	Net Carrying Value	Debt Issuance Costs	Fair Value
Revolving Credit Facility	$888,164	$(32,336)	$888,164	$984,069	$(27,931)	$984,069
SPV Asset Facility II	294,842	(5,158)	294,842	156,138	(5,562)	156,138
SPV Asset Facility V	434,388	(4,112)	434,388	378,999	(5,001)	378,999
SPV Asset Facility VI	428,729	(3,271)	428,729	295,959	(4,041)	295,959
SPV Asset Facility VII	—	—	—	208,399	(1,601)	208,399
CLO I	—	—	—	386,511	(3,489)	386,511
CLO III	258,404	(1,596)	258,404	258,273	(1,727)	258,273
CLO IV	214,625	(2,675)	214,625	272,117	(3,346)	272,117
CLO V	501,497	(1,876)	501,497	507,563	(2,062)	507,563
CLO VII	328,503	(1,997)	328,503	328,373	(2,127)	328,373
CLO X	270,207	(1,793)	270,207	270,203	(1,797)	270,203
CLO XIV	—	—	—	258,422	(1,578)	258,422
CLO XXVI	291,241	(759)	291,241	—	—	—
2026 Notes	—	—	—	499,909	(91)	498,750
July 2026 Notes	—	—	—	997,283	(2,717)	992,500
2027 Notes	494,510	(4,617)	496,250	483,987	(2,117)	488,750
April 2027 Notes	324,547	(453)	320,938	323,922	(1,078)	317,688
July 2027 Notes	249,257	(743)	250,000	248,611	(1,389)	250,000
2028 Notes	845,413	(4,587)	803,250	843,451	(6,549)	803,250
June 2028 Notes	99,590	(410)	100,000	99,415	(585)	100,000
September 2028 Notes	388,974	(2,535)	402,000	—	—	—
2029 Notes	970,630	(6,244)	985,000	1,002,667	(8,373)	1,010,000
2030 Notes	473,059	(8,534)	487,500	495,805	(10,025)	506,250
2031 Notes	378,075	(8,266)	385,000	—	—	—
Total Debt	$8,134,655	$(91,962)	$8,140,538	$9,300,076	$(93,186)	$9,272,214

The below table presents the fair value measurements of the Company’s debt obligations as of the following periods:

	As of September 30, 2026	As of December 31, 2025
Level 1	$—	$—
Level 2	4,229,938	4,967,188
Level 3	3,910,600	4,305,026
Total Debt	$8,140,538	$9,272,214

Financial Instruments Not Carried at Fair Value

As of September 30, 2026 and December 31, 2025, the carrying amounts of the Company’s other assets and liabilities approximate fair value due to their short maturities. These financial instruments would be categorized as Level 3 within the hierarchy.

Note 7. 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 and collateral.

The table below presents the fair value and notional value of the derivative assets and liabilities for the following periods:

As of September 30, 2026 · As of December 31, 2025
Counterparty · Notional Amount · Assets · Liabilities · Notional Amount · Assets · Liabilities
Derivatives designated as hedges:
Interest rate swap 2027 Notes	Deutsche Bank AG	$500,000		$—		$(914)		$500,000			$—		$(13,370)
Interest rate swap 2030 Notes	Deutsche Bank AG	$500,000		—		(18,687)		$500,000			5,663		—
			—		(19,601)				5,663			(13,370)
Interest rate swap 2029 Notes	Goldman Sachs Bank USA	$600,000		—		(16,909)		$600,000			3,645		—
Interest rate swap 2029 Notes	Goldman Sachs Bank USA	$400,000		—		(7,127)		$400,000			7,185		—
			—		(24,036)				10,830			—
Interest rate swap September 2028 Notes	Royal Bank of Canada	$400,000		—		(8,685)		$—			—		—
			—		(8,685)				—			—
Interest rate swap 2031 Notes	SMBC Capital Markets, Inc.	$400,000		—		(13,731)		$—			—		—
			—		(13,731)				—			—
Total Derivatives Designated as Hedges(1)(2)		$—		$(66,053)			$16,493			$(13,370)
Derivatives not designated as hedges:
Foreign currency forward contract AUD	Goldman Sachs Bank USA	A$2,080		$1,452		$(1,445)		A$2,580			$1,685		$(1,722)
Foreign currency forward contract EUR	Goldman Sachs Bank USA	€—		—		—		€208,670			247,528		(247,272)
Foreign currency forward contract GBP	Goldman Sachs Bank USA	£—		—		—		£94,190			126,248		(126,916)
Foreign currency forward contract CAD	Royal Bank of Canada	C$141,265		102,827		(99,563)		C$—			—		—
Foreign currency forward contract EUR	Royal Bank of Canada	€17,348		20,385		(19,811)		€—			—		—
Foreign currency forward contract GBP	Royal Bank of Canada	$113,761		112,957		(113,761)		$—			—		—
Foreign currency forward contract GBP	Royal Bank of Canada	£170,288		228,009		(225,987)		£—			—		—
Foreign currency forward contract GBP	SMBC Capital Markets, Inc.	£29,631		39,624		(39,322)		£14,775			19,549		(19,908)
Foreign currency forward contract EUR	SMBC Capital Markets, Inc.	€27,630		31,882		(31,540)		€5,301			6,296		(6,281)
Foreign currency forward contract GBP	SMBC Capital Markets, Inc.	$19,739		19,601		(19,739)		$—			—		—
Foreign currency forward contract EUR	US Bank National Association	€194,570		224,061		(222,097)		€—			—		—
Total Derivatives not Designated as Hedges(1)		$780,799		$(773,266)			$401,306			$(402,099)

(1)The net fair value of derivatives 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 $2.71 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 $(64.6) million and $3.0 million as of September 30, 2026 and December 31, 2025, respectively.

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 September 30, 2026 · Nine Months Ended September 30, 2026
Interest Rate Swaps · Hedged Items · Net · Interest Rate Swaps · Hedged Items · Net
Derivatives designated as hedges:
Interest rate swap 2027 Notes	$214	$(228)	$(14)		$(678)	$756	$78
Interest rate swap September 2028 Notes	(5,041)	4,934	(107)		(8,685)	8,491	(194)
Interest rate swaps 2029 Notes	(17,002)	16,763	(239)		(34,866)	34,166	(700)
Interest rate swap 2030 Notes	(14,334)	14,296	(38)		(24,350)	24,237	(113)
Interest rate swap 2031 Notes	(14,878)	14,823	(55)		(13,731)	13,659	(72)
Net Change in Unrealized Gain (Loss) on Interest rate swaps and Hedged Items(1)	$(453)			$(1,001)

(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 September 30, 2025 · Nine Months Ended September 30, 2025
Interest Rate Swaps · Hedged Items · Net · Interest Rate Swaps · Hedged Items · Net
Derivatives designated as hedges:
Interest rate swaps 2027 Notes	$3,842	$(3,965)	$(123)		$14,604	$(12,576)	$2,028
Interest rate swaps 2029 Notes	(4,268)	3,995	(273)		9,233	(9,110)	123
Interest rate swaps 2029 Notes	173	(182)	(9)		8,985	(9,186)	(201)
Interest rate swaps 2030 Notes	686	(761)	(75)		7,110	(7,195)	(85)
Net Change in Unrealized Gain (Loss) on Interest rate swaps and Hedged Items(1)	$(480)			$1,865

(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 September 30,		For the Nine Months Ended September 30,
	2026	2025	2026	2025
Derivatives not designated as hedges:
Foreign currency forward contract GBP	$(1,396)	$838	$2,409	$(385)
Foreign currency forward contract AUD	(45)	(12)	44	(23)
Foreign currency forward contract EUR	(6,095)	3,421	2,609	(885)
Foreign currency forward contract CAD	911	—	3,264	—
Total Net Unrealized Gain (Loss)(1)	$(6,625)	$4,247	$8,326	$(1,293)

(1) Recorded and recognized as components of translation of assets and liabilities in foreign currencies and other transactions in the Consolidated Statements of Operations.

The table below presents net realized 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 September 30,		For the Nine Months Ended September 30,
	2026	2025	2026	2025
Derivatives not designated as hedges:
Foreign currency forward contract GBP	$1,246	$2,018	$(742)	$2,018
Foreign currency forward contract AUD	36	6	(80)	6
Foreign currency forward contract EUR	9,401	(86)	9,401	(86)
Foreign currency forward contract CAD	(82)	—	(123)	—
Total Net Realized Gain (Loss)(1)	$10,601	$1,938	$8,456	$1,938

(1) Recorded and recognized as components of foreign currency transactions in the Consolidated Statements of Operations.

In connection with the unsecured notes, the Company has received (made) the following periodic net payments on the interest rate swaps for the following periods:

	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2026	2025	2026	2025
2027 Notes	$(395)	$(8,883)	$(8,965)	$(19,501)
September 2028 Notes	(46)	—	(46)	—
2029 Notes	(299)	(3,174)	(1,189)	(5,713)
2029 Notes	483	—	569	—
2030 Notes	7,835	(524)	7,710	(524)

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.