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DEBT (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
The Company’s outstanding debt as of September 30, 2024 and December 31, 2023 was as follows:

 As of 
September 30, 2024December 31, 2023
Total Aggregate Principal Amount Committed/ Outstanding (1)Principal Amount OutstandingCarrying ValueTotal Aggregate Principal Amount Committed/ Outstanding (1)Principal Amount OutstandingCarrying Value
Revolving Credit Facility$4,513 (2)$1,713 $1,713 $4,758 (2)$1,413 $1,413 
Revolving Funding Facility1,775 822 822 1,775 863 863 
SMBC Funding Facility800 (3)492 492 800 (3)401 401 
BNP Funding Facility1,265 784 784 865 575 575 
2024-1 CLO Notes(4)476 476 473 (5)— — — 
2024 Convertible Notes— — — (5)403 403 402 (5)
June 2024 Notes— — — (5)900 900 899 (5)
March 2025 Notes600 600 600 (5)600 600 599 (5)
July 2025 Notes1,250 1,250 1,252 (5)1,250 1,250 1,255 (5)
January 2026 Notes1,150 1,150 1,148 (5)1,150 1,150 1,146 (5)
July 2026 Notes1,000 1,000 995 (5)1,000 1,000 993 (5)
January 2027 Notes900 900 909 (5)(6)900 900 905 (5)(6)
June 2027 Notes500 500 496 (5)500 500 495 (5)
June 2028 Notes1,250 1,250 1,248 (5)1,250 1,250 1,247 (5)
March 2029 Notes1,000 1,000 1,005 (5)(6)— — — 
July 2029 Notes850 850 871 (5)(6)— — — 
November 2031 Notes700 700 692 (5)700 700 691 (5)
Total$18,029 $13,487 $13,500 $16,851 $11,905 $11,884 
________________________________________

(1)Represents the total aggregate amount committed or outstanding, as applicable, under such instrument. Borrowings under the committed Revolving Credit Facility, Revolving Funding Facility, SMBC Funding Facility and BNP Funding Facility (each as defined below) are subject to borrowing base and other restrictions.

(2)Provides for a feature that allows the Company, under certain circumstances, to increase the size of the Revolving Credit Facility to a maximum of $6,732 and $7,137, as of September 30, 2024 and December 31, 2023, respectively.

(3)Provides for a feature that allows ACJB (as defined below), under certain circumstances, to increase the size of the SMBC Funding Facility to a maximum of $1,000.

(4)Excludes the CLO Subordinated Notes (as defined below), which were retained by the Company and, as such, are eliminated in consolidation. See “Debt Securitization” below for more information.

(5)Represents the aggregate principal amount outstanding, less unamortized debt issuance costs and the net unaccreted/amortized discount or premium recorded upon issuance. In March 2024, the Company repaid in full the 2024 Convertible Notes (as defined below) upon their maturity. In June 2024, the Company repaid in full the June 2024 Notes (as defined below) upon their maturity.

(6)The carrying value of the January 2027 Notes, the March 2029 Notes and the July 2029 Notes (each as defined below) as of September 30, 2024 includes adjustments as a result of effective hedge accounting relationships. The carrying value of the January 2027 Notes as of December 31, 2023 includes an adjustment as a result of an effective hedge accounting relationship. See Note 6 for more information on the interest rate swaps.
For the three and nine months ended September 30, 2024 and 2023, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the Revolving Credit Facility were as follows:

 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2024202320242023
Stated interest expense$33 $26 $78 $94 
Credit facility fees3 3 10 9 
Amortization of debt issuance costs2 2 7 6 
Total interest and credit facility fees expense$38 $31 $95 $109 
Cash paid for interest expense$31 $28 $92 $103 
Average stated interest rate7.22 %7.25 %7.33 %6.64 %
Average outstanding balance$1,818 $1,479 $1,420 $1,885 
For the three and nine months ended September 30, 2024 and 2023, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the Revolving Funding Facility were as follows:

 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2024202320242023
Stated interest expense$17 $16 $41 $44 
Credit facility fees1 1 5 4 
Amortization of debt issuance costs1 1 3 3 
Total interest and credit facility fees expense$19 $18 $49 $51 
Cash paid for interest expense$16 $16 $42 $43 
Average stated interest rate7.34 %7.46 %7.42 %6.96 %
Average outstanding balance$872 $863 $721 $847 
For the three and nine months ended September 30, 2024 and 2023, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the SMBC Funding Facility were as follows:

 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2024202320242023
Stated interest expense$10 $7 $22 $21 
Credit facility fees— 1 2 2 
Amortization of debt issuance costs1 1 2 2 
Total interest and credit facility fees expense$11 $9 $26 $25 
Cash paid for interest expense$9 $7 $21 $21 
Average stated interest rate7.80 %7.34 %8.11 %6.78 %
Average outstanding balance$482 $401 $356 $414 
For the three and nine months ended September 30, 2024 and 2023, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the BNP Funding Facility were as follows:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2024202320242023
Stated interest expense$12 $10 $35 $23 
Credit facility fees1 — 1 1 
Amortization of debt issuance costs1 — 1 1 
Total interest and credit facility fees expense$14 $10 $37 $25 
Cash paid for interest expense$11 $10 $34 $22 
Average stated interest rate7.52 %8.32 %7.76 %7.75 %
Average outstanding balance$623 $493 $587 $401 
The following table presents information on the 2024-1 CLO Notes as of September 30, 2024:
ClassTypePrincipal OutstandingMaturity DateInterest RateCredit Rating
Class A CLO NotesSenior Secured Floating Rate$406 April 25, 2036
SOFR+1.80%
AAA(sf)
Class B CLO NotesSenior Secured Floating Rate70 April 25, 2036
SOFR+2.20%
AA(sf)
Total CLO Secured Notes476 
CLO Subordinated NotesSubordinated226 April 25, 2036NoneNot Rated
Total 2024-1 CLO Notes$702 
For the three and nine months ended September 30, 2024, the components of interest expense, cash paid for interest
expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the CLO Secured Notes were as follows.

 For the Three Months Ended September 30, 2024For the Nine Months Ended September 30, 2024
Stated interest expense$9 $13 
Amortization of debt issuance costs— — 
Total interest expense$9 $13 
Cash paid for interest expense$— $— 
Average stated interest rate7.32 %7.26 %
Average outstanding balance$476 $226 
For the three and nine months ended September 30, 2024 and 2023, the components of interest expense and cash paid for interest expense for the 2024 Convertible Notes were as follows.
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2024202320242023
Stated interest expense$— $5 $3 $14 
Accretion of original issue discount— 1 — 2 
Total interest expense$— $6 $3 $16 
Cash paid for interest expense$— $— $9 $9 
Certain key terms related to the features for the Unsecured Notes as of September 30, 2024 are listed below.

Unsecured Notes		Aggregate Principal Amount IssuedEffective Stated Interest RateOriginal Issuance DateMaturity Date
March 2025 Notes$600 4.250%January 11, 2018March 1, 2025
July 2025 Notes$1,250 3.250%January 15, 2020July 15, 2025
January 2026 Notes$1,150 3.875%July 15, 2020January 15, 2026
July 2026 Notes$1,000 2.150%January 13, 2021July 15, 2026
January 2027 Notes(1)$900 7.678%August 3, 2023January 15, 2027
June 2027 Notes $500 2.875%January 13, 2022June 15, 2027
June 2028 Notes$1,250 2.875%June 10, 2021June 15, 2028
March 2029 Notes(1)$1,000 7.223%January 23, 2024March 1, 2029
July 2029 Notes(1)$850 6.740%May 13, 2024July 15, 2029
November 2031 Notes$700 3.200%November 4, 2021November 15, 2031
________________________________________

(1)The effective stated interest rates for the January 2027 Notes, the March 2029 Notes and the July 2029 Notes include the impact of interest rate swaps.
For the three and nine months ended September 30, 2024 and 2023, the components of interest expense and cash paid for interest expense for the Unsecured Notes, as well as any other unsecured notes outstanding during the periods presented were as follows.
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2024202320242023
Stated interest expense(1)$102 $69 $298 $193 
Amortization of debt issuance costs4 4 12 11 
Net amortization of original issue premium/discount(2)(2)(5)(5)
Total interest expense$104 $71 $305 $199 
Cash paid for interest expense(1)$162 $80 $315 $214 
________________________________________

(1)Includes the impact of the interest rate swaps.
Schedule of Revolving and Term Loan As of September 30, 2024, the end of the revolving periods and the stated maturity dates of the various revolving and term loan tranches of the Revolving Credit Facility were as follows:
Total Aggregate Principal Amount Committed/ OutstandingEnd of Revolving PeriodMaturity Date
Revolving tranche$3,024 April 12, 2028April 12, 2029
269March 31, 2026March 31, 2027
107March 31, 2025March 31, 2026
3,400 
Term loan tranche974 April 12, 2029
70April 19, 2028
41March 31, 2027
28March 31, 2026
1,113 
$4,513 
Schedule of Interest Rate Swap Instruments Certain information related to the Company’s interest rate swap instruments as of September 30, 2024 is presented below.
DescriptionHedged ItemCompany ReceivesCompany PaysMaturity DateNotional Amount
Interest rate swap January 2027 Notes7.000 %
SOFR +2.581%
January 15, 2027$900 
Interest rate swapMarch 2029 Notes5.875 %
SOFR +2.023%
March 1, 2029$1,000 
Interest rate swapJuly 2029 Notes5.950 %
SOFR +1.643%
July 15, 2029$850 
As of September 30, 2024 and December 31, 2023, the counterparty to all of the Company’s interest rate swap agreements was Wells Fargo Bank, N.A. Certain information related to the Company’s interest rate swap instruments as of September 30, 2024 is presented below.
DescriptionHedged ItemCompany ReceivesCompany PaysMaturity DateNotional Amount
Interest rate swap January 2027 Notes7.000 %
SOFR +2.581%
January 15, 2027$900 
Interest rate swapMarch 2029 Notes5.875 %
SOFR +2.023%
March 1, 2029$1,000 
Interest rate swapJuly 2029 Notes5.950 %
SOFR +1.643%
July 15, 2029$850