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Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Cash flows from operating activities          
Net increase (decrease) in net assets resulting from operations $ (127) $ 270 $ 25 $ 1,334  
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:          
Purchases of investments [1]     (3,779) (4,528)  
Paid-in-kind interest     (89) (67)  
Proceeds from sales and repayments of investments     3,530 3,720  
Net realized gain (loss) on investments:     (214) (123)  
Net change in unrealized (appreciation) depreciation on investments [2]     930 (773)  
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts     (31) (7)  
Accretion of discount     (69) (46)  
Amortization of deferred financing costs and discount     11 7  
Unrealized (gain)/loss on borrowings in foreign currency     (81) (5)  
(Increase) decrease in receivable for investments sold and repaid     142 (192)  
(Increase) decrease in income receivable     (12) (91)  
(Increase) decrease in deferred merger costs     0 1  
(Increase) decrease in prepaid expenses and other assets     (2) (2)  
Increase (decrease) in payable for investments purchased     55 57  
Increase (decrease) in management fees payable     1 33  
Increase (decrease) in subordinated income incentive fees payable     6 20  
Increase (decrease) in administrative services expense payable     2 4  
Increase (decrease) in interest payable     (3) 30  
Increase (decrease) in other accrued expenses and liabilities     (11) (6)  
Cash acquired in merger     0 293  
Other assets acquired from merger net of other assets     0 17  
Merger costs capitalized into purchase price     0 (8)  
Mark-to-market of merged debt     0 26  
Net cash provided by (used in) operating activities     411 (306)  
Cash flows from financing activities          
Repurchases of common stock     (33) (1)  
Stockholder distributions     548 316  
Borrowings under financing arrangements [3]     2,848 2,689  
Repayments of financing arrangements [3]     (2,770) (2,009)  
Deferred financing costs paid     (19) (7)  
Net cash provided by (used in) financing activities     (522) 356  
Total increase (decrease) in cash     (111) 50  
Cash, and foreign currency at beginning of period     377 191 $ 191
Cash, and foreign currency at end of period $ 266 $ 241 266 241 $ 377
Supplemental disclosure          
Non-cash purchases of investments     541 198  
Non-cash sales of investments     541 198  
Local and excise taxes paid     $ 13 9  
Stock issued       3,650  
Acquired investments at cost       7,227  
Other assets acquired       221  
Debt assumed       3,794  
Other liabilities assumed       $ 297  
[1] For the nine months ended September 30, 2021, amount excludes $7,227 of cost of investments acquired from the 2021 Merger.
[2] For the nine months ended September 30, 2021, amount excludes $11 of unrealized depreciation on unfunded commitments acquired from the 2021 Merger.
[3] For the nine months ended September 30, 2021, amount excludes $3,794 of debt assumed from the 2021 Merger. See Note 9 for a discussion of the Company’s financing arrangements. During the nine months ended September 30, 2022 and 2021, the Company paid $248 and $138, respectively, in interest expense on the financing arrangements.