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Consolidated Statements of Operations - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Investment income      
Paid-in-kind interest income $ 203.0 $ 144.0 $ 120.0
Total investment income 1,721.0 1,830.0 1,635.0
Operating expenses      
Management fees 216.0 226.0 245.0
Subordinated income incentive fees [1] 167.0 181.0 159.0
Administrative services expenses 10.0 12.0 15.0
Accounting and administrative fees 4.0 4.0 5.0
Interest expense [2] 465.0 467.0 365.0
Other general and administrative expenses 23.0 26.0 22.0
Total operating expenses 885.0 916.0 811.0
Incentive fee waiver [1] 0.0 0.0 (60.0)
Net expenses 885.0 916.0 751.0
Net investment income before taxes 836.0 914.0 884.0
Excise taxes 23.0 22.0 19.0
Net investment income 813.0 892.0 865.0
Realized and unrealized gain/loss      
Net realized gain (loss) on investments: (486.0) (343.0) 149.0
Net realized gain (loss) on foreign currency forward contracts 19.0 8.0 10.0
Net change in unrealized appreciation (depreciation) on investments: 217.0 166.0 (981.0)
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts (7.0) (15.0) 16.0
Net change in unrealized gain (loss) on foreign currency 38.0 (21.0) 15.0
Total net realized and unrealized gain (loss) (228.0) (193.0) (768.0)
Provision for taxes on realized and unrealized gains on investments 0.0 (3.0) (5.0)
Net increase (decrease) in net assets resulting from operations $ 585.0 $ 696.0 $ 92.0
Per share information—basic and diluted      
Net increase (decrease) in net assets resulting from operations (Earnings per Share) - basic (in dollars per share) $ 2.09 $ 2.48 $ 0.32
Net increase (decrease) in net assets resulting from operations (Earnings per Share) - diluted (in dollars per share) $ 2.09 $ 2.48 $ 0.32
Weighted average shares outstanding - basic (in shares) 280,066,433 280,276,768 283,508,494
Weighted average shares outstanding - diluted (in shares) 280,066,433 280,276,768 283,508,494
Non-controlled/unaffiliated      
Investment income      
Interest income $ 1,059.0 $ 1,183.0 $ 1,020.0
Paid-in-kind interest income 67.0 108.0 72.0
Fee income 53.0 30.0 74.0
Dividend and other income 26.0 14.0 50.0
Realized and unrealized gain/loss      
Net realized gain (loss) on investments: (448.0) (147.0) 136.0
Net realized gain (loss) on foreign currency (9.0) 12.0 23.0
Net change in unrealized appreciation (depreciation) on investments: 255.0 30.0 (679.0)
Non-controlled/affiliated      
Investment income      
Interest income 42.0 25.0 28.0
Paid-in-kind interest income 49.6 [3] 39.4 [4] 48.0
Fee income 1.1 [3] 1.3 [4] 6.0
Dividend and other income 15.5 [3] 27.9 [4] 7.0
Realized and unrealized gain/loss      
Net realized gain (loss) on investments: (60.7) (21.2) 84.0
Net change in unrealized appreciation (depreciation) on investments: 134.4 9.4 (131.0)
Controlled/affiliated      
Investment income      
Interest income 71.0 87.0 58.0
Paid-in-kind interest income 93.5 [5] 44.5 [6] 43.0
Fee income 9.3 [5] 3.8 [6] 0.0
Dividend and other income 232.5 [5] 266.0 [6] 229.0
Realized and unrealized gain/loss      
Net realized gain (loss) on investments: 23.2 (174.8) (71.0)
Net change in unrealized appreciation (depreciation) on investments: $ (171.6) $ 126.7 $ (171.0)
[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 and other income presented for the full year ended December 31, 2024.
[4] Interest, PIK, fee and dividend and other income presented for the full year ended December 31, 2023.
[5] Interest, PIK, fee and dividend and other income presented for the full year ended December 31, 2024.
[6] Interest, PIK, fee and dividend and other income presented for the full year ended December 31, 2023.