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Unaudited Consolidated Statements of Operations - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Investment income        
Paid-in-kind interest income     $ 89.0 $ 67.0
Total investment income $ 411.0 $ 360.0 1,186.0 717.0
Operating expenses        
Management fees 61.0 58.0 186.0 113.0
Subordinated income incentive fees [1] 40.0 35.0 117.0 43.0
Administrative services expenses 4.0 5.0 12.0 9.0
Accounting and administrative fees 2.0 1.0 4.0 2.0
Interest expense [2] 96.0 70.0 256.0 158.0
Other general and administrative expenses 6.0 5.0 16.0 12.0
Total operating expenses 209.0 174.0 591.0 337.0
Incentive fee waiver [1] (15.0) (15.0) (45.0) (15.0)
Net expenses 194.0 159.0 546.0 322.0
Net investment income before taxes 217.0 201.0 640.0 395.0
Excise taxes 1.0 0.0 1.0 0.0
Net investment income 216.0 201.0 639.0 395.0
Realized and unrealized gain/loss        
Net realized gain (loss) on investments:     214.0 123.0
Net realized gain (loss) on foreign currency forward contracts 2.0 0.0 9.0 0.0
Net realized gain (loss) on foreign currency 5.0 (1.0) 12.0 (4.0)
Net change in unrealized appreciation (depreciation) on investments: [3]     (930.0) 773.0
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts 15.0 5.0 31.0 8.0
Net change in unrealized gain (loss) on foreign currency 23.0 10.0 53.0 28.0
Total net realized and unrealized gain (loss) (343.0) 69.0 (611.0) 939.0
Provision for taxes on realized gains on investments 0.0 0.0 (3.0) 0.0
Net increase (decrease) in net assets resulting from operations $ (127.0) $ 270.0 $ 25.0 $ 1,334.0
Per share information—basic and diluted        
Net increase (decrease) in net assets resulting from operations (Earnings (Losses) per Share) - basic (in dollars per share) $ (0.45) $ 0.95 $ 0.09 $ 7.13
Net increase (decrease) in net assets resulting from operations (Earnings (Losses) per Share) - diluted (in dollars per share) $ (0.45) $ 0.95 $ 0.09 $ 7.13
Weighted average shares outstanding - basic (in shares) 283,175,526 285,124,920 283,787,605 187,003,417
Weighted average shares outstanding - diluted (in shares) 283,175,526 285,124,920 283,787,605 187,003,417
Non-controlled/unaffiliated investments        
Investment income        
Interest income $ 255.0 $ 219.0 $ 725.0 $ 414.0
Paid-in-kind interest income 18.0 16.0 51.0 35.0
Fee income 23.0 29.0 63.0 62.0
Dividend and other income 9.0 8.0 34.0 20.0
Realized and unrealized gain/loss        
Net realized gain (loss) on investments: 16.0 60.0 167.0 (22.0)
Net change in unrealized appreciation (depreciation) on investments: (283.0) (49.0) (574.0) 526.0
Non-controlled/affiliated investments        
Investment income        
Interest income 8.0 8.0 25.0 12.0
Paid-in-kind interest income 12.0 4.0 37.2 [4] 12.0
Fee income 3.0 2.0 4.9 [4] 2.0
Dividend and other income 0.0 0.0 6.5 [4] 0.0
Realized and unrealized gain/loss        
Net realized gain (loss) on investments: 51.0 139.0 89.8 203.0
Net change in unrealized appreciation (depreciation) on investments: (99.0) (104.0) (139.6) 65.0
Controlled/affiliated investments        
Investment income        
Interest income 16.0 12.0 37.0 16.0
Paid-in-kind interest income 9.0 15.0 34.0 [4] 23.0
Fee income 0.0 0.0 0.0 [4] 1.0
Dividend and other income 58.0 47.0 168.2 [4] 120.0
Realized and unrealized gain/loss        
Net realized gain (loss) on investments: (4.0) (2.0) (42.5) (58.0)
Net change in unrealized appreciation (depreciation) on investments: $ (69.0) $ 11.0 $ (215.7) $ 193.0
[1] See Note 2 and 4 for a discussion of the methodology employed by the Company in calculating the subordinated income incentive fees.
[2] See Note 9 for a discussion of the Company's financing arrangements.
[3] For the nine months ended September 30, 2021, amount excludes $11 of unrealized depreciation on unfunded commitments acquired from the 2021 Merger.
[4] Interest, PIK, fee and dividend income presented for the full nine months ended September 30, 2022.