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Unaudited Consolidated Statements of Operations - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Investment income        
Paid-in-kind interest income     $ 107.0 $ 116.0
Total investment income $ 441.0 $ 465.0 1,314.0 1,383.0
Operating expenses        
Management fees 54.0 56.0 163.0 170.0
Subordinated income incentive fees [1] 44.0 47.0 132.0 140.0
Administrative services expenses 2.0 3.0 7.0 10.0
Accounting and administrative fees 1.0 1.0 3.0 3.0
Interest expense [2] 118.0 117.0 349.0 349.0
Other general and administrative expenses 7.0 7.0 18.0 19.0
Total operating expenses 226.0 231.0 672.0 691.0
Net investment income 215.0 234.0 642.0 692.0
Realized and unrealized gain/loss        
Net realized gain (loss) on investments:     (350.0) (338.0)
Net realized gain (loss) on foreign currency forward contracts 1.0 3.0 20.0 7.0
Net realized gain (loss) on foreign currency (2.0) 1.0 (5.0) 4.0
Net change in unrealized appreciation (depreciation) on investments:     160.0 237.0
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts (6.0) 0.0 (19.0) (3.0)
Net change in unrealized gain (loss) on foreign currency (27.0) 14.0 (10.0) 7.0
Total net realized and unrealized gain (loss) (55.0) 31.0 (204.0) (86.0)
Net increase (decrease) in net assets resulting from operations $ 160.0 $ 265.0 $ 438.0 $ 606.0
Per share information—basic and diluted        
Net increase (decrease) in net assets resulting from operations (Earnings (Losses) per Share) - basic (in dollars per share) $ 0.57 $ 0.95 $ 1.56 $ 2.16
Net increase (decrease) in net assets resulting from operations (Earnings (Losses) per Share) - diluted (in dollars per share) $ 0.57 $ 0.95 $ 1.56 $ 2.16
Weighted average shares outstanding - basic (in shares) 280,066,433 280,066,433 280,066,433 280,347,651
Weighted average shares outstanding - diluted (in shares) 280,066,433 280,066,433 280,066,433 280,347,651
Non-controlled/unaffiliated        
Investment income        
Interest income $ 274.0 $ 290.0 $ 838.0 $ 886.0
Paid-in-kind interest income 19.0 35.0 53.0 94.0
Fee income 20.0 7.0 46.0 17.0
Dividend and other income 7.0 16.0 20.0 52.0
Realized and unrealized gain/loss        
Net realized gain (loss) on investments: (24.0) (50.0) (314.0) (147.0)
Net change in unrealized appreciation (depreciation) on investments: (3.0) 94.0 164.0 125.0
Non-controlled/affiliated        
Investment income        
Interest income 6.0 6.0 19.0 19.0
Paid-in-kind interest income 11.0 9.0 31.2 [3] 27.0
Fee income 1.0 0.0 1.1 [3] 1.0
Dividend and other income 3.0 0.0 11.5 [3] 0.0
Realized and unrealized gain/loss        
Net realized gain (loss) on investments: (26.0) (14.0) (34.4) (17.0)
Net change in unrealized appreciation (depreciation) on investments: 78.0 22.0 98.3 11.0
Controlled/affiliated        
Investment income        
Interest income 10.0 20.0 58.0 58.0
Paid-in-kind interest income 36.0 14.0 60.0 [4] 35.0
Fee income 0.0 5.0 9.3 [4] 5.0
Dividend and other income 54.0 63.0 167.0 [4] 189.0
Realized and unrealized gain/loss        
Net realized gain (loss) on investments: 7.0 (2.0) (1.7) (174.0)
Net change in unrealized appreciation (depreciation) on investments: $ (53.0) $ (37.0) $ (102.4) $ 101.0
[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 nine months ended September 30, 2024.
[4] Interest, PIK, fee and dividend income presented for the full nine months ended September 30, 2024.