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Financing Arrangements (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Summary of Outstanding Financing Arrangements
The following tables present summary information with respect to the Company’s outstanding financing arrangements as of December 31, 2024 and 2023:
As of December 31, 2024
ArrangementType of ArrangementRateAmount
Outstanding		Amount
Available		Maturity Date
Ambler Credit Facility(2)
Revolving Credit Facility
SOFR+2.25%(1)
$133 $67 November 13, 2029
CCT Tokyo Funding Credit Facility(2)
Revolving Credit Facility
SOFR+1.90% - 2.05%(1)(3)
147 — June 2, 2026
Darby Creek Credit Facility(2)
Revolving Credit Facility
SOFR+2.65%(1)
500 250 February 26, 2027
Meadowbrook Run Credit Facility(2)
Revolving Credit Facility
SOFR+2.70%(1)
200 100 November 22, 2026
Senior Secured Revolving Credit Facility(2)
Revolving Credit Facility
SOFR+1.75% - 1.88%(1)(4)
628(5)
3,946(6)
October 31, 2028
4.125% Notes due 2025(7)
Unsecured Notes4.13%470 — February 1, 2025
4.250% Notes due 2025(7)
Unsecured Notes4.25%475 — February 14, 2025
8.625% Notes due 2025(7)
Unsecured Notes8.63%250 — May 15, 2025
3.400% Notes due 2026(7)
Unsecured Notes3.40%1,000 — January 15, 2026
2.625% Notes due 2027(7)
Unsecured Notes2.63%400 — January 15, 2027
3.250% Notes due 2027(7)
Unsecured Notes3.25%500 — July 15, 2027
3.125% Notes due 2028(7)
Unsecured Notes3.13%750 — October 12, 2028
7.875% Notes due 2029(7)
Unsecured Notes7.88%400 — January 15, 2029
6.875% Notes due 2029(7)(8)
Unsecured Notes6.88%600 — August 15, 2029
6.125% Notes due 2030(7)(8)
Unsecured Notes6.13%700 — January 15, 2030
CLO-1 Notes(2)(9)
Collateralized Loan Obligation
3.01% - SOFR+1.85%(1)
232 — January 15, 2031
Total$7,385 $4,363 
___________
(1)The benchmark rate is subject to a 0% floor.
(2)The carrying amount outstanding under the facility approximates its fair value.
(3)As of December 31, 2024, there was $98 term loan outstanding at SOFR+1.90% and $49 revolving commitment outstanding at SOFR+2.05%.
(4)The spread over the benchmark rate is determined by reference to the ratio of the value of the borrowing base to the aggregate amount of certain outstanding indebtedness of the Company. In addition to the spread over the benchmark rate, a credit spread adjustment of 0.10% and 0.0326% is applicable to borrowings in U.S. dollars and pounds sterling, respectively.
(5)Amount includes borrowing in Euros, Canadian dollars, pounds sterling and Australian dollars. Euro balance outstanding of €455 has been converted to U.S. dollars at an exchange rate of €1.00 to $1.04 as of December 31, 2024 to reflect total amount outstanding in U.S. dollars. Canadian dollar balance outstanding of CAD3 has been converted to U.S dollars at an exchange rate of CAD1.00 to $0.69 as of December 31, 2024 to reflect total amount outstanding in U.S. dollars. Pounds sterling balance outstanding of £165 has been converted to U.S dollars at an exchange rate of £1.00 to $1.25 as of December 31, 2024 to reflect total amount outstanding in U.S. dollars. Australian dollar balance outstanding of AUD4 has been converted to U.S dollars at an exchange rate of AUD1.00 to $0.62 as of December 31, 2024 to reflect total amount outstanding in U.S. dollars.
(6)The amount available for borrowing under the Senior Secured Revolving Credit Facility is reduced by any standby letters of credit issued under the Senior Secured Revolving Credit Facility. As of December 31, 2024, $21 of such letters of credit have been issued.
(7)As of December 31, 2024, the fair value of the 4.125% Notes, the 4.250% Notes, the 8.625% Notes, the 3.400% Notes, the 2.625% Notes, the 3.250% Notes, the 3.125% Notes, the 7.875% Notes, the 6.875% Notes and the 6.125% Notes was approximately $469, $474, $251, $981, $379, $474, $680, $426, $615 and $700 respectively. These valuations are considered Level 2 valuations within the fair value hierarchy.
(8)As of December 31, 2024, the carrying values of the 6.875% Notes and 6.125% Notes include a $15 and $0 increase, respectively, as a result of an effective hedge accounting relationship. See Note 7 for additional information.
(9)As of December 31, 2024, there were $161.8 of Class A-1R Notes outstanding at SOFR+1.85%, $20.5 of Class A-2R Notes outstanding at SOFR+2.25%, $32.4 of Class B-1R Notes outstanding at SOFR+2.60% and $17.4 of Class B-2R Notes outstanding at 3.011%.
As of December 31, 2023
ArrangementType of ArrangementRateAmount
Outstanding		Amount
Available		Maturity Date
Ambler Credit Facility(2)(9)
Revolving Credit Facility
SOFR+2.75%(1)
$132 $68 May 22, 2027
CCT Tokyo Funding Credit Facility(2)
Revolving Credit Facility
SOFR+1.90% - 2.05%(1)(3)
294 — June 2, 2026
Darby Creek Credit Facility(2)(9)
Revolving Credit Facility
SOFR+2.65%(1)
654 96 February 26, 2027
Meadowbrook Run Credit Facility(2)(9)
Revolving Credit Facility
SOFR+2.70%(1)
225 75 November 22, 2026
Senior Secured Revolving Credit Facility(2)
Revolving Credit Facility
SOFR+1.75% - 1.88%(1)(4)
1,429(5)
3,170(6)
October 31, 2028
4.625% Notes due 2024(7)
Unsecured Notes4.63%400 — July 15, 2024
1.650% Notes due 2024(7)
Unsecured Notes1.65%500 — October 12, 2024
4.125% Notes due 2025(7)
Unsecured Notes4.13%470 — February 1, 2025
4.250% Notes due 2025(7)(9)
Unsecured Notes4.25%475 — February 14, 2025
8.625% Notes due 2025(7)
Unsecured Notes8.63%250 — May 15, 2025
3.400% Notes due 2026(7)
Unsecured Notes3.40%1,000 — January 15, 2026
2.625% Notes due 2027(7)
Unsecured Notes2.63%400 — January 15, 2027
3.250% Notes due 2027(7)
Unsecured Notes3.25%500 — July 15, 2027
3.125% Notes due 2028(7)
Unsecured Notes3.13%750 — October 12, 2028
7.875% Notes due 2029(7)
Unsecured Notes7.88%400 — January 15, 2029
CLO-1 Notes(2)(8)
Collateralized Loan Obligation
SOFR+1.85% - 3.01%(1)
344 — January 15, 2031
Total$8,223 $3,409 
____________
(1)The benchmark rate is subject to a 0% floor.
(2)The carrying amount outstanding under the facility approximates its fair value.
(3)As of December 31, 2023, there was $196 term loan outstanding at SOFR+1.90% and $98 revolving commitment outstanding at SOFR+2.05%.
(4)The spread over the benchmark rate is determined by reference to the ratio of the value of the borrowing base to the aggregate amount of certain outstanding indebtedness of the Company. In addition to the spread over the benchmark rate, a credit spread adjustment of 0.10% and 0.0326% is applicable to borrowings in U.S. dollars and pounds sterling, respectively.
(5)Amount includes borrowing in Euros, Canadian dollars, pounds sterling and Australian dollars. Euro balance outstanding of €356 has been converted to U.S. dollars at an exchange rate of €1.00 to $1.11 as of December 31, 2023 to reflect total amount outstanding in U.S. dollars. Canadian dollar balance outstanding of CAD4 has been converted to U.S dollars at an exchange rate of CAD1.00 to $0.76 as of December 31, 2023 to reflect total amount outstanding in U.S. dollars. Pounds sterling balance outstanding of £88 has been converted to U.S dollars at an exchange rate of £1.00 to $1.27 as of December 31, 2023 to reflect total amount outstanding in U.S. dollars. Australian dollar balance outstanding of AUD38 has been converted to U.S dollars at an exchange rate of AUD1.00 to $0.68 as of December 31, 2023 to reflect total amount outstanding in U.S. dollars.
(6)The amount available for borrowing under the Senior Secured Revolving Credit Facility is reduced by any standby letters of credit issued under the Senior Secured Revolving Credit Facility. As of December 31, 2023, $18 of such letters of credit have been issued.
(7)As of December 31, 2023, the fair value of the 4.625% Notes, the 1.650% Notes, the 4.125% Notes, the 4.250% Notes, the 8.625% Notes, the 3.400% Notes, the 2.625% Notes, the 3.250% Notes, the 3.125% Notes and the 7.875% Notes was approximately $397, $483, $458, $463, $255, $947, $359, $455, $654 and $424, respectively. These valuations are considered Level 2 valuations within the fair value hierarchy.
(8)As of December 31, 2023, there were $273.6 of Class A-1R Notes outstanding at L+1.85%, $20.5 of Class A-2R Notes outstanding at SOFR+2.25%, $32.4 of Class B-1R Notes outstanding at SOFR+2.60% and $17.4 of Class B-2R Notes outstanding at 3.011%.
(9)As of June 16, 2021, the Company assumed all of FSKR’s obligations under its notes and credit facilities, and FSKR’s wholly-owned special purpose financing subsidiaries became wholly-owned special purpose financing subsidiaries of the Company, in each case, as a result of the consummation of the 2021 Merger.
Summary of Interest Expense
For the years ended December 31, 2024, 2023 and 2022, the components of total interest expense for the Company’s financing arrangements were as follows:
Year Ended December 31,
202420232022
Arrangement(1)
Direct Interest ExpenseAmortization of Deferred Financing Costs and Discount / PremiumTotal Interest ExpenseDirect Interest ExpenseAmortization of Deferred Financing Costs and Discount / PremiumTotal Interest ExpenseDirect Interest ExpenseAmortization of Deferred Financing Costs and Discount / PremiumTotal Interest Expense
Ambler Credit Facility(2)
$14 $0 $14 $11 $1 $12 $6 $0 $6 
Burholme Prime Brokerage Facility(2)
— — — — — — — — — 
CCT Tokyo Funding Credit Facility(2)
18 0 18 19 0 19 11 1 12 
Darby Creek Credit Facility(2)
57 2 59 43 1 44 10 0 10 
Dunlap Credit Facility(2)
— — — 10 0 10 19 0 19 
Meadowbrook Run Credit Facility(2)
22 0 22 20 1 21 9 0 9 
Senior Secured Revolving Credit Facility(2)
91 5 96 147 3 150 106 4 110 
4.750% Notes due 2022
— — — — — — 6 0 6 
4.625% Notes due 2024
10 1 11 19 1 20 19 1 20 
1.650% Notes due 2024
6 3 9 8 2 10 8 2 10 
4.125% Notes due 2025
19 2 21 19 1 20 19 1 20 
4.250% Notes due 2025
20 (7)13 20 (7)13 20 (7)13 
8.625% Notes due 2025
22 1 23 22 1 23 22 2 24 
3.400% Notes due 2026
34 4 38 34 4 38 34 5 39 
2.625% Notes due 2027
11 1 12 11 2 13 11 1 12 
3.250% Notes due 2027
16 2 18 16 2 18 15 2 17 
3.125% Notes due 2028
23 1 24 23 3 26 23 1 24 
7.875% Notes due 2029
32 2 34 4 0 4 — — — 
6.875% Notes due 2029(3)
27 1 28 — — — — — — 
6.125% Notes due 2030(3)
4 0 4 — — — — — — 
CLO-1 Notes20 1 21 25 1 26 13 1 14 
Total$446 $19 $465 $451 $16 $467 $351 $14 $365 
___________
(1)Borrowings of each of the Company’s wholly-owned, special-purpose financing subsidiaries are considered borrowings of the Company for purposes of complying with the asset coverage requirements applicable to BDCs under the 1940 Act.
(2)Direct interest expense includes the effect of non-usage fees.
(3)Direct interest expense includes the impact of interest rate swaps.