FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Fair Value Measurements of Cash and Cash Equivalents, Restricted Cash, Investments, Derivatives, and Unfunded Revolving and Delayed Draw Loan Commitments

The following table presents fair value measurements of cash and cash equivalents, restricted cash, investments, unfunded revolving and delayed draw loan commitments and derivatives as of December 31, 2024:


	Fair Value Measurements Using
	Total		Level 1		Level 2		Level 3
Cash and cash equivalents	$	635	$	635	$	—	$	—
Restricted cash	$	225	$	225	$	—	$	—
Investments not measured at net asset value	$	26,711	$	33	$	587	$	26,091
Investments measured at net asset value(1)	9
Total investments	$	26,720
Unfunded revolving and delayed draw loan commitments(2)	$	(29)	$	—	$	—	$	(29)
Derivatives:
Foreign currency forward contracts	$	24	$	—	$	24	$	—
Interest rate swaps	$	2	$	—	$	2	$	—

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(1)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have 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 balance sheet.

(2)The fair value of unfunded revolving and delayed draw loan commitments is included in “accounts payable and other liabilities” in the accompanying consolidated balance sheet.


	Fair Value Measurements Using
	Total		Level 1		Level 2		Level 3
Cash and cash equivalents	$	535	$	535	$	—	$	—
Restricted cash	$	29	$	29	$	—	$	—
Investments not measured at net asset value	$	22,868	$	48	$	736	$	22,084
Investments measured at net asset value(1)	6
Total investments	$	22,874
Unfunded revolving and delayed draw loan commitments(2)	$	(32)	$	—	$	—	$	(32)
Derivatives:
Foreign currency forward contracts	$	(24)	$	—	$	(24)	$	—
Interest rate swaps	$	15	$	—	$	15	$	—

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(2)The fair value of unfunded revolving and delayed draw loan commitments is included in “accounts payable and other liabilities” in the accompanying consolidated balance sheet.

Schedule of Significant Unobservable Inputs

The following tables summarize the significant unobservable inputs the Valuation Designee used to value the majority of the Company’s investments categorized within Level 3 as of December 31, 2024 and 2023. The tables are not intended to be all-inclusive, but instead to capture the significant unobservable inputs relevant to the Valuation Designee’s determination of fair values.


	As of December 31, 2024
				Unobservable Input
Asset Category	Fair Value		Primary Valuation Techniques	Input	Estimated Range	Weighted Average(1)
First lien senior secured loans	$	14,722	Yield analysis	Market yield	3.8% - 22.9%	10.4	%
Second lien senior secured loans	1,724		Yield analysis	Market yield	9.6% - 23.2%	14.2	%
Subordinated certificates of the SDLP	1,192		Discounted cash flow analysis	Discount rate	10.0% - 13.0%	12.0	%
Senior subordinated loans	1,343		Yield analysis	Market yield	8.4% - 21.9%	12.8	%
Preferred equity	2,649		Yield analysis	Market yield	7.0% - 19.0%	13.3	%
			EV market multiple analysis	EBITDA multiple	2.6x - 25.1x	15.4x
Ivy Hill Asset Management, L.P.(2)	1,915		Discounted cash flow analysis	Discount rate	9.9% - 19.0%	11.4	%
Other equity	2,546		EV market multiple analysis	EBITDA multiple	5.6x - 49.7x	18.1x
Total investments	$	26,091

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(1)Unobservable inputs were weighted by the relative fair value of the investments.

(2)Includes the Company’s subordinated loan and equity investments in IHAM, as applicable.


	As of December 31, 2023
				Unobservable Input
Asset Category	Fair Value		Primary Valuation Techniques	Input	Estimated Range	Weighted Average(1)
First lien senior secured loans	$	9,584	Yield analysis	Market yield	6.4% - 35.0%	12.7	%
Second lien senior secured loans	3,536		Yield analysis	Market yield	10.0% - 37.3%	14.8	%
Subordinated certificates of the SDLP	1,288		Discounted cash flow analysis	Discount rate	12.3% - 14.6%	13.3	%
Senior subordinated loans	1,073		Yield analysis	Market yield	8.0% - 19.2%	14.6	%
Preferred equity	2,456		Yield analysis	Market yield	7.0% - 20.0%	14.5	%
			EV market multiple analysis	EBITDA multiple	4.3x - 32.5x	15.2x
Ivy Hill Asset Management, L.P.(2)	1,987		Discounted cash flow analysis	Discount rate	11.6% - 32.6%	14.2	%
Other equity	2,160		EV market multiple analysis	EBITDA multiple	5.3x - 33.8x	14.8x
Total investments	$	22,084

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(1)Unobservable inputs were weighted by the relative fair value of the investments.

(2)Includes the Company’s subordinated loan and equity investments in IHAM, as applicable.

Schedule of Changes in Investments that use Level 3 Inputs

The following tables present changes in investments that use Level 3 inputs as of and for the year ended December 31, 2024:


	As of and For the Year Ended December 31, 2024
Balance as of December 31, 2023	$	22,084
Net realized losses	(64)
Net unrealized gains	139
Purchases	12,716
Sales	(2,650)
Repayments	(6,543)
PIK interest and dividends	461
Net accretion of discount on investments	9
Net transfers in and/or out of Level 3	(61)

Balance as of December 31, 2024	$	26,091

The following tables present changes in investments that use Level 3 inputs as of and for the year ended December 31, 2023:


	As of and For the Year Ended December 31, 2023
Balance as of December 31, 2022	$	21,361
Net realized losses	(173)
Net unrealized gains	457
Purchases	5,585
Sales	(1,532)
Repayments	(3,707)
PIK interest and dividends	354
Net accretion of discount on securities	10
Net transfers in and/or out of Level 3	(271)

Balance as of December 31, 2023	$	22,084

Schedule of Carrying and Fair Values of Debt Obligations

The following are the carrying and fair values of the Company’s debt obligations as of December 31, 2024 and 2023. 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.


	As of December 31,
	2024					2023
	Carrying Value(1)			Fair Value(6)		Carrying Value(1)			Fair Value(6)
Revolving Credit Facility	$	1,113		$	1,113	$	1,413		$	1,413
Revolving Funding Facility	1,065			1,065		863			863
SMBC Funding Facility	502			502		401			401
BNP Funding Facility	889			889		575			575
April 2036 CLO Notes (principal amount outstanding of $476 and $0, respectively)(2)	473		(3)	476		—			—
October 2036 CLO Secured Loans (principal amount outstanding of $544 and $0, respectively)(2)	541		(3)	544		—			—
2024 Convertible Notes (principal amount outstanding of $0 and $403, respectively)	—			—		402		(3)	417
June 2024 Notes (principal amount outstanding of $0 and $900, respectively)	—			—		899		(3)	893
March 2025 Notes (principal amount outstanding of $600)	600		(3)	599		599		(3)	587
July 2025 Notes (principal amount outstanding of $1,250)	1,252		(3)	1,238		1,255		(3)	1,198
January 2026 Notes (principal amount outstanding of $1,150)	1,148		(3)	1,137		1,146		(3)	1,107
July 2026 Notes (principal amount outstanding of $1,000)	996		(3)	957		993		(3)	913
January 2027 Notes (principal amount outstanding of $900)	891		(3)(4)	933		905		(3)(4)	927
June 2027 Notes (principal amount outstanding of $500)	497		(3)	475		495		(3)	458
June 2028 Notes (principal amount outstanding of $1,250)	1,248		(3)	1,151		1,247		(3)	1,109
March 2029 Notes (principal amount outstanding of $1,000 and $0, respectively)	985		(3)(4)	1,010		—			—
July 2029 Notes (principal amount outstanding of $850 and $0, respectively)	835		(3)(4)	861		—			—
November 2031 Notes (principal amount outstanding of $700)	692		(3)	602		691		(3)	586
Total	$	13,727	(5)	$	13,552	$	11,884	(5)	$	11,447

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(1)The Revolving Credit Facility, the Revolving Funding Facility, the SMBC Funding Facility and the BNP Funding Facility carrying values are the same as the principal amounts outstanding.

(2)Excludes the April 2036 CLO Subordinated Notes and October 2036 CLO Subordinated Notes, which were retained by the Company and, as such, eliminated in consolidation. See Note 5 for more information on the Debt Securitizations.

(3)Represents the aggregate principal amount outstanding, less unamortized debt issuance costs and the net unaccreted/amortized discount or premium recorded upon issuance.

(4)The carrying value of the January 2027 Notes, the March 2029 Notes and the July 2029 Notes 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 Notes 5 and 6 for more information.

(5)Total principal amount of debt outstanding totaled $13,789 and $11,905 as of December 31, 2024 and 2023, respectively.

(6)The fair value of these debt obligations would be categorized as Level 2 under ASC 820-10.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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