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

 As of December 31, 
20242023
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)$1,113 $1,113 $4,758 (2)$1,413 $1,413 
Revolving Funding Facility2,150 1,065 1,065 1,775 863 863 
SMBC Funding Facility800 (3)502 502 800 (3)401 401 
BNP Funding Facility1,265 889 889 865 575 575 
April 2036 CLO Notes(4)476 476 473 (5)— — — 
October 2036 CLO Secured Loans(4)544 544 541 (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 1,000 996 (5)1,000 1,000 993 (5)
January 2027 Notes900 900 891 (5)(6)900 900 905 (5)(6)
June 2027 Notes500 500 497 (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 1,000 985 (5)(6)— — — 
July 2029 Notes850 850 835 (5)(6)— — — 
November 2031 Notes700 700 692 (5)700 700 691 (5)
Total$18,948 $13,789 $13,727 $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 December 31, 2024 and 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 April 2036 CLO Subordinated Notes and the October 2036 CLO Subordinated Notes (each as defined below), which were retained by the Company and, as such, eliminated in consolidation.

(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 December 31, 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 years ended December 31, 2024, 2023 and 2022, 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 Years Ended December 31,
 202420232022
Stated interest expense$102 $122 $71 
Credit facility fees13 13 10 
Amortization of debt issuance costs9 8 8 
Total interest and credit facility fees expense$124 $143 $89 
Cash paid for interest expense$118 $116 $62 
Average stated interest rate7.07 %6.80 %4.11 %
Average outstanding balance$1,421 $1,795 $1,701 
For the years ended December 31, 2024, 2023 and 2022, 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 Years Ended December 31,
 202420232022
Stated interest expense$55 $61 $31 
Credit facility fees7 5 5 
Amortization of debt issuance costs4 3 3 
Total interest and credit facility fees expense$66 $69 $39 
Cash paid for interest expense$56 $60 $29 
Average stated interest rate7.15 %7.10 %3.81 %
Average outstanding balance$751 $855 $820 
For the years ended December 31, 2024, 2023 and 2022, 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 Years Ended December 31,
 202420232022
Stated interest expense$30 $29 $15 
Credit facility fees2 2 2 
Amortization of debt issuance costs2 2 2 
Total interest and credit facility fees expense$34 $33 $19 
Cash paid for interest expense$30 $28 $14 
Average stated interest rate7.50 %6.92 %3.58 %
Average outstanding balance$398 $410 $414 
For the years ended December 31, 2024, 2023 and 2022, 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 Years Ended December 31,
 202420232022
Stated interest expense$48 $35 $5 
Credit facility fees1 1 1 
Amortization of debt issuance costs2 2 1 
Total interest and credit facility fees expense$51 $38 $7 
Cash paid for interest expense$48 $33 $3 
Average stated interest rate7.48 %7.90 %4.71 %
Average outstanding balance$629 $438 $110 
The following table presents information on the April 2036 CLO Notes as of December 31, 2024:
ClassTypePrincipal OutstandingMaturity DateInterest Rate
April 2036 Class A CLO NotesSenior Secured Floating Rate$406 April 25, 2036
SOFR+1.80%
April 2036 Class B CLO NotesSenior Secured Floating Rate70 April 25, 2036
SOFR+2.20%
Total April 2036 CLO Secured Notes476 
April 2036 CLO Subordinated NotesSubordinated226 April 25, 2036None
Total April 2036 CLO Notes$702 
ClassTypePrincipal OutstandingMaturity DateInterest Rate
October 2036 Class A CLO Loans
Senior Secured Floating Rate$464 October 24, 2036
SOFR+1.54%
October 2036 Class B CLO Loans
Senior Secured Floating Rate80 October 24, 2036
SOFR+1.83%
Total October 2036 CLO Secured Loans$544 
For the year ended December 31, 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 April 2036 CLO Secured Notes and October 2036 CLO Secured Loans were as follows.
 For the Year Ended December 31, 2024
Stated interest expense$25 
Amortization of debt issuance costs— 
Total interest expense$25 
Cash paid for interest expense$15 
Average stated interest rate6.94 %
Average outstanding balance$352 
For the years ended December 31, 2024, 2023 and 2022, the components of interest expense and cash paid for interest expense for the 2024 Convertible Notes, as well as any other convertible notes outstanding during the periods presented, were as follows.
 For the Years Ended December 31,
 202420232022
Stated interest expense$3 $19 $20 
Amortization of debt issuance costs— 1 1 
Accretion of original issue discount— 2 2 
Total interest expense$3 $22 $23 
Cash paid for interest expense$9 $9 $26 
Certain key terms related to the features for the Unsecured Notes as of December 31, 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 6.978%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 6.575%January 23, 2024March 1, 2029
July 2029 Notes(1)$850 6.040%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 years ended December 31, 2024, 2023 and 2022, 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 Years Ended December 31,
 202420232022
Stated interest expense(1)$399 $269 $269 
Amortization of debt issuance costs16 15 15 
Net amortization of original issue premium/discount(6)(7)(6)
Total interest expense$409 $277 $278 
Cash paid for interest expense(1)$399 $278 $268 
________________________________________

(1)Includes the impact of the interest rate swaps.
Schedule of Revolving and Term Loan As of December 31, 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 swaps as of December 31, 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 December 31, 2024 and 2023, the counterparty to all of the Company’s interest rate swaps was Wells Fargo Bank, N.A. Certain information related to the Company’s interest rate swaps as of December 31, 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