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Unaudited Consolidated Statements of Operations - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Investment income        
Paid-in-kind interest income     $ 70.0 $ 62.0
Total investment income $ 462.0 $ 379.0 918.0 775.0
Operating expenses        
Management fees 56.0 63.0 114.0 125.0
Subordinated income incentive fees [1] 47.0 37.0 93.0 77.0
Administrative services expenses 4.0 4.0 7.0 8.0
Accounting and administrative fees 1.0 1.0 2.0 2.0
Interest expense [2] 118.0 83.0 232.0 160.0
Other general and administrative expenses 7.0 3.0 12.0 10.0
Total operating expenses 233.0 191.0 460.0 382.0
Incentive fee waiver [1] 0.0 (15.0) 0.0 (30.0)
Net expenses 233.0 176.0 460.0 352.0
Net investment income 229.0 203.0 458.0 423.0
Realized and unrealized gain/loss        
Net realized gain (loss) on investments:     (272.0) 151.0
Net realized gain (loss) on foreign currency forward contracts 1.0 2.0 4.0 7.0
Net realized gain (loss) on foreign currency 2.0 6.0 3.0 7.0
Net change in unrealized appreciation (depreciation) on investments:     158.0 (479.0)
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts 1.0 15.0 (3.0) 16.0
Net change in unrealized gain (loss) on foreign currency (4.0) 27.0 (7.0) 30.0
Total net realized and unrealized gain (loss) (87.0) (273.0) (117.0) (268.0)
Provision for taxes on realized gains on investments 0.0 (3.0) 0.0 (3.0)
Net increase (decrease) in net assets resulting from operations $ 142.0 $ (73.0) $ 341.0 $ 152.0
Per share information—basic and diluted        
Net increase (decrease) in net assets resulting from operations (Earnings (Losses) per Share) - basic (in dollars per share) $ 0.51 $ (0.26) $ 1.22 $ 0.53
Net increase (decrease) in net assets resulting from operations (Earnings (Losses) per Share) - diluted (in dollars per share) $ 0.51 $ (0.26) $ 1.22 $ 0.53
Weighted average shares outstanding - basic (in shares) 280,066,433 283,876,365 280,490,590 284,098,718
Weighted average shares outstanding - diluted (in shares) 280,066,433 283,876,365 280,490,590 284,098,718
Non-controlled/unaffiliated investments        
Investment income        
Interest income $ 291.0 $ 229.0 $ 596.0 $ 470.0
Paid-in-kind interest income 36.0 15.0 59.0 33.0
Fee income 5.0 13.0 10.0 40.0
Dividend and other income 17.0 17.0 36.0 25.0
Realized and unrealized gain/loss        
Net realized gain (loss) on investments: (39.0) 177.0 (97.0) 151.0
Net change in unrealized appreciation (depreciation) on investments: 26.0 (251.0) 31.0 (291.0)
Non-controlled/affiliated investments        
Investment income        
Interest income 10.0 7.0 13.0 17.0
Paid-in-kind interest income 9.0 14.0 18.2 [3] 25.0
Fee income 1.0 0.0 0.8 [3] 2.0
Dividend and other income 0.0 2.0 0.0 [3] 7.0
Realized and unrealized gain/loss        
Net realized gain (loss) on investments: (3.0) 45.0 (3.0) 39.0
Net change in unrealized appreciation (depreciation) on investments: (27.0) (71.0) (10.7) (41.0)
Controlled/affiliated investments        
Investment income        
Interest income 19.0 11.0 38.0 21.0
Paid-in-kind interest income 11.0 11.0 20.8 [3] 25.0
Fee income 0.0 0.0 0.0 [3] 0.0
Dividend and other income 63.0 60.0 125.6 [3] 110.0
Realized and unrealized gain/loss        
Net realized gain (loss) on investments: (172.0) (39.0) (172.0) (39.0)
Net change in unrealized appreciation (depreciation) on investments: $ 128.0 $ (184.0) $ 138.1 $ (147.0)
[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] Interest, PIK, fee and dividend income presented for the full six months ended June 30, 2023.