v3.25.1
Financing Arrangements (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Outstanding Financing Arrangements
The following tables present summary information with respect to the Company’s outstanding financing arrangements as of March 31, 2025 and December 31, 2024. For additional information regarding these financing arrangements, see the notes to the Company’s audited consolidated financial statements contained in its annual report on Form 10-K for the year ended December 31, 2024. Any significant changes to the Company’s financing arrangements during the three months ended March 31, 2025 are discussed below.
As of March 31, 2025
(Unaudited)
ArrangementType of ArrangementRateAmount
Outstanding		Amount
Available		Maturity Date
Ambler Credit Facility(2)
Revolving Credit Facility
SOFR+2.25%(1)
$174 $26 November 13, 2029
CCT Tokyo Funding Credit Facility(2)
Revolving Credit Facility
SOFR+1.90% - 2.05%(1)(3)
127 — June 2, 2026
Darby Creek Credit Facility(2)
Revolving Credit Facility
SOFR+2.90%(1)
525 — February 26, 2027
Meadowbrook Run Credit Facility(2)
Revolving Credit Facility
SOFR+1.95%(1)
260 40 November 22, 2028
Senior Secured Revolving Credit Facility(2)
Revolving Credit Facility
SOFR+1.75% - 1.88%(1)(4)
1,997(5)
2,569(6)
October 31, 2028
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)
196 — January 15, 2031
CLO-2 Notes(2)(10)
Collateralized Loan Obligation
SOFR+1.48% - 2.15%
380 — April 15, 2037
Total$8,009 $2,635 
___________
(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 March 31, 2025, there was $85 term loan outstanding at SOFR+1.90% and $42 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, pounds sterling and Australian dollars. Euro balance outstanding of €485 has been converted to U.S. dollars at an exchange rate of €1.00 to $1.08 as of March 31, 2025 to reflect total amount outstanding in U.S. dollars. Pounds sterling balance outstanding of £416 has been converted to U.S dollars at an exchange rate of £1.00 to $1.29 as of March 31, 2025 to reflect total amount outstanding in U.S. dollars. Australian dollar balance outstanding of AUD60 has been converted to U.S dollars at an exchange rate of AUD1.00 to $0.62 as of March 31, 2025 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 March 31, 2025, $29 of such letters of credit have been issued.
(7)As of March 31, 2025, the fair value of 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 $987, $382, $479, $683, $424, $609 and $720, respectively. These valuations are considered Level 2 valuations within the fair value hierarchy.
(8)The carrying value of the 6.875% Notes and 6.125% Notes as of March 31, 2025 includes a $9 and $20 increase, respectively, as a result of an effective hedge accounting relationship. See Note 7 for additional information.
(9)As of March 31, 2025, there were $125.7 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%. In addition to the spread over the benchmark rate, a credit spread adjustment of 0.26161% is applicable to Class A-1R, Class A-2R and Class B-1R notes outstanding.
(10)As of March 31, 2025, there were $160.0 of Class A-1 notes outstanding at SOFR+1.48%, $100.0 of Class A-1L notes outstanding at SOFR+1.48%, $30.0 of Class A-1W notes outstanding at SOFR+1.48%, $20.0 of Class A-2L notes outstanding at SOFR+1.60%, $30.0 of Class B notes outstanding at SOFR+1.75% and $40.0 of Class C notes outstanding at SOFR+2.15%.
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, 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%.
Schedule of Interest Expense
For the three months ended March 31, 2025 and 2024, the components of total interest expense for the Company’s financing arrangements were as follows:
Three Months Ended March 31,
20252024
Arrangement(1)
Direct 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)
$3 $0 $3 $3 $0 $3 
CCT Tokyo Funding Credit Facility(2)
2 0 2 5 0 5 
Darby Creek Credit Facility(2)
9 1 10 14 1 15 
Meadowbrook Run Credit Facility(2)
4 0 4 5 0 5 
Senior Secured Revolving Credit Facility(2)
27 1 28 28 1 29 
4.625% Notes due 2024
— — — 5 0 5 
1.650% Notes due 2024
— — — 2 1 3 
4.125% Notes due 2025
2 0 2 5 1 6 
4.250% Notes due 2025
2 (1)1 5 (2)3 
8.625% Notes due 2025
4 0 4 5 0 5 
3.400% Notes due 2026
8 2 10 9 2 11 
2.625% Notes due 2027
3 0 3 2 0 2 
3.250% Notes due 2027
4 0 4 4 0 4 
3.125% Notes due 2028
6 1 7 6 0 6 
7.875% Notes due 2029
9 0 9 8 — 8 
6.875% Notes due 2029(3)
11 1 12 — — — 
6.125% Notes due 2030(3)
11 0 11 — — — 
CLO-1 Notes3 0 3 6 0 6 
CLO-2 Notes0 0 0 — — — 
Total$108 $5 $113 $112 $4 $116 
______________________
(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.