v3.25.2
DEBT (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
The Company’s outstanding debt as of June 30, 2025 and December 31, 2024 was as follows:

 As of 
June 30, 2025December 31, 2024
Total Aggregate Principal Amount Committed/ Outstanding (1)Principal Amount OutstandingCarrying ValueTotal Aggregate Principal Amount Committed/ Outstanding (1)Principal Amount OutstandingCarrying Value
Revolving Credit Facility$5,393 (2)$1,144 $1,144 $4,513 (2)$1,113 $1,113 
Revolving Funding Facility2,150 750 750 2,150 1,065 1,065 
SMBC Funding Facility800 (3)400 400 800 (3)502 502 
BNP Funding Facility1,265 450 450 1,265 889 889 
April 2036 CLO Notes(4)476 476 473 (5)476 476 473 (5)
October 2036 CLO Secured Loans(4)544 544 541 (5)544 544 541 (5)
March 2025 Notes— — — (5)600 600 600 (5)
July 2025 Notes1,250 1,250 1,250 (5)1,250 1,250 1,252 (5)
January 2026 Notes1,150 1,150 1,149 (5)1,150 1,150 1,148 (5)
July 2026 Notes1,000 1,000 997 (5)1,000 1,000 996 (5)
January 2027 Notes900 900 901 (5)(6)900 900 891 (5)(6)
June 2027 Notes500 500 497 (5)500 500 497 (5)
June 2028 Notes1,250 1,250 1,248 (5)1,250 1,250 1,248 (5)
March 2029 Notes1,000 1,000 999 (5)(6)1,000 1,000 985 (5)(6)
July 2029 Notes850 850 862 (5)(6)850 850 835 (5)(6)
September 2030 Notes750 750 742 (5)(6)— — — 
November 2031 Notes700 700 693 (5)700 700 692 (5)
March 2032 Notes1,000 1,000 1,013 (5)(6)— — — 
Total$20,978 $14,114 $14,109 $18,948 $13,789 $13,727 
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(1)Represents the total aggregate amount committed or outstanding, as applicable, under such instrument. Borrowings under the committed Revolving Credit Facility, Revolving Funding Facility, SMBC Funding Facility and BNP Funding Facility (each as defined below) are subject to borrowing base and other restrictions.

(2)Provides for an “accordion” feature that allows the Company, under certain circumstances, to increase the size of the Revolving Credit Facility to a maximum of approximately $7,925 and $6,732 as of June 30, 2025 and December 31, 2024, respectively.
(3)Provides for an “accordion” feature that allows ACJB (as defined below), under certain circumstances, to increase the size of the SMBC Funding Facility to a maximum of $1,000.

(4)Excludes the April 2036 CLO Subordinated Notes and the October 2036 CLO Subordinated Notes (each as defined below), which were retained by the Company and, as such, eliminated in consolidation.

(5)Represents the aggregate principal amount outstanding, less unamortized debt issuance costs and the net unaccreted/amortized discount or premium recorded upon issuance. In March 2025, the Company repaid in full the March 2025 Notes (as defined below) upon their maturity. See Note 15 for a subsequent event relating to the July 2025 Notes (as defined below).

(6)The carrying value of the January 2027 Notes, the March 2029 Notes, the July 2029 Notes, the September 2030 Notes and the March 2032 Notes (each as defined below) as of June 30, 2025 includes adjustments as a result of effective hedge accounting relationships. The carrying value of the January 2027 Notes, the March 2029 Notes and the July 2029 Notes as of December 31, 2024 includes adjustments as a result of effective hedge accounting relationships. See Note 6 for more information on the interest rate swaps related to these unsecured notes issuances.
For the three and six months ended June 30, 2025 and 2024, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the Revolving Credit Facility were as follows:
 For the Three Months Ended June 30,For the Six Months Ended June 30,
 2025202420252024
Stated interest expense$18 $23 $35 $45 
Credit facility fees4 3 7 7 
Amortization of debt issuance costs2 3 4 5 
Total interest and credit facility fees expense$24 $29 $46 $57 
Cash paid for interest expense$22 $23 $43 $61 
Average stated interest rate6.01 %7.34 %6.10 %7.31 %
Average outstanding balance$1,183 $1,242 $1,151 $1,220 
For the three and six months ended June 30, 2025 and 2024, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the Revolving Funding Facility were as follows:
 For the Three Months Ended June 30,For the Six Months Ended June 30,
 2025202420252024
Stated interest expense$14 $14 $30 $24 
Credit facility fees2 2 4 4 
Amortization of debt issuance costs2 1 3 2 
Total interest and credit facility fees expense$18 $17 $37 $30 
Cash paid for interest expense$18 $13 $35 $26 
Average stated interest rate6.31 %7.40 %6.32 %7.39 %
Average outstanding balance$921 $747 $954 $645 
For the three and six months ended June 30, 2025 and 2024, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the SMBC Funding Facility were as follows:
 For the Three Months Ended June 30,For the Six Months Ended June 30,
 2025202420252024
Stated interest expense$7 $7 $14 $12 
Credit facility fees1 1 1 2 
Amortization of debt issuance costs— — 1 1 
Total interest and credit facility fees expense$8 $8 $16 $15 
Cash paid for interest expense$8 $6 $15 $12 
Average stated interest rate6.32 %7.95 %6.32 %7.66 %
Average outstanding balance$449 $346 $432 $316 
For the three and six months ended June 30, 2025 and 2024, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the BNP Funding Facility were as follows:

For the Three Months Ended June 30,For the Six Months Ended June 30,
 2025202420252024
Stated interest expense$11 $10 $22 $23 
Credit facility fees1 — 1 — 
Amortization of debt issuance costs— — 1 — 
Total interest and credit facility fees expense$12 $10 $24 $23 
Cash paid for interest expense$13 $11 $25 $23 
Average stated interest rate6.20 %7.93 %6.31 %8.03 %
Average outstanding balance$664 $537 $687 $555 
The following table presents information on the April 2036 CLO Notes as of June 30, 2025:
ClassTypePrincipal OutstandingMaturity DateInterest Rate
April 2036 Class A CLO NotesSenior Secured Floating Rate$406 April 25, 2036
SOFR+1.80%
April 2036 Class B CLO NotesSenior Secured Floating Rate70 April 25, 2036
SOFR+2.20%
Total April 2036 CLO Secured Notes476 
April 2036 CLO Subordinated NotesSubordinated226 April 25, 2036None
Total April 2036 CLO Notes$702 
The following table presents information on the October 2036 CLO Secured Loans as of June 30, 2025:
ClassTypePrincipal OutstandingMaturity DateInterest Rate
October 2036 Class A CLO Loans
Senior Secured Floating Rate$464 October 24, 2036
SOFR+1.54%
October 2036 Class B CLO Loans
Senior Secured Floating Rate80 October 24, 2036
SOFR+1.83%
Total October 2036 CLO Secured Loans$544 
For the three and six months ended June 30, 2025, the components of interest expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the April 2036 CLO Secured Notes and the October 2036 CLO Secured Loans were as follows.
 For the Three Months Ended June 30, 2025For the Six Months Ended June 30, 2025
Stated interest expense$15 $31 
Amortization of debt issuance costs1 1 
Total interest expense$16 $32 
Cash paid for interest expense$21 $29 
Average stated interest rate5.90 %6.04 %
Average outstanding balance$1,020 $1,020 
, the components of interest expense and cash paid for interest expense for the 2024 Convertible Notes were as follows.
 For the Three Months Ended June 30, 2024For the Six Months Ended June 30, 2024
Stated interest expense$— $3 
Total interest expense$— $3 
Cash paid for interest expense$— $9 
Certain key terms related to the features for the Unsecured Notes as of June 30, 2025 are listed below.

Unsecured Notes		Aggregate Principal Amount IssuedEffective Stated Interest RateOriginal Issuance DateMaturity Date
July 2025 Notes$1,250 3.250%January 15, 2020July 15, 2025
January 2026 Notes$1,150 3.875%July 15, 2020January 15, 2026
July 2026 Notes$1,000 2.150%January 13, 2021July 15, 2026
January 2027 Notes(1)$900 6.893%August 3, 2023January 15, 2027
June 2027 Notes $500 2.875%January 13, 2022June 15, 2027
June 2028 Notes$1,250 2.875%June 10, 2021June 15, 2028
March 2029 Notes(1)$1,000 6.347%January 23, 2024March 1, 2029
July 2029 Notes(1)$850 5.955%May 13, 2024July 15, 2029
September 2030 Notes(1)$750 6.093%June 3, 2025September 1, 2030
November 2031 Notes$700 3.200%November 4, 2021November 15, 2031
March 2032 Notes$1,000 5.800%January 8, 2025March 8, 2032
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(1)The effective stated interest rates for the January 2027 Notes, the March 2029 Notes, the July 2029 Notes and the September 2030 Notes include the impact of interest rate swaps.
For the three and six months ended June 30, 2025 and 2024, the components of interest expense and cash paid for interest expense for the Unsecured Notes, as well as any other unsecured notes outstanding during the periods presented were as follows.
 For the Three Months Ended June 30,For the Six Months Ended June 30,
 2025202420252024
Stated interest expense(1)$108 $103 $215 $196 
Amortization of debt issuance costs4 4 8 8 
Net amortization of original issue premium/discount(1)(1)(2)(3)
Net gain on interest rate swaps accounted for as hedge instruments and the related hedged items(1)— (2)— 
Total interest expense$110 $106 $219 $201 
Cash paid for interest expense(1)$81 $59 $192 $157 
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(1)Includes the impact of the interest rate swaps.
Schedule of Revolving and Term Loan As of June 30, 2025, the end of the revolving periods and the stated maturity dates of the various revolving and term loan tranches of the Revolving Credit Facility were as follows:
Total Aggregate Principal Amount Committed/ OutstandingEnd of Revolving PeriodMaturity Date
Revolving tranche$3,958 April 15, 2029April 15, 2030
246March 31, 2026March 31, 2027
45April 12, 2028April 12, 2029
4,249 
Term loan tranche1,035 April 15, 2030
45April 12, 2029
40April 19, 2028
24March 31, 2027
1,144 
$5,393 
Schedule of Interest Rate Swap Instruments Certain information related to the Company’s interest rate swaps as of June 30, 2025 is presented below.
DescriptionHedged ItemCompany ReceivesCompany PaysMaturity DateNotional Amount
Interest rate swap January 2027 Notes7.000 %
SOFR +2.5810%
January 15, 2027$900 
Interest rate swapMarch 2029 Notes5.875 %
SOFR +2.0230%
March 1, 2029$1,000 
Interest rate swapJuly 2029 Notes5.950 %
SOFR +1.6430%
July 15, 2029$850 
Interest rate swapSeptember 2030 Notes5.500 %
SOFR +1.7705%
September 1, 2030$750 
Interest rate swap(1)March 2032 Notes5.800 %
SOFR +1.6995%
March 8, 2032$1,000 
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(1)In connection with the issuance of the March 2032 Notes, the Company entered into a forward-starting interest rate swap with an effective date of January 8, 2026.
As of June 30, 2025 and December 31, 2024, the counterparty to all of the Company’s interest rate swaps was Wells Fargo Bank, N.A. Certain information related to the Company’s interest rate swaps as of June 30, 2025 is presented below.
DescriptionHedged ItemCompany ReceivesCompany PaysMaturity DateNotional Amount
Interest rate swap January 2027 Notes7.000 %
SOFR +2.5810%
January 15, 2027$900 
Interest rate swapMarch 2029 Notes5.875 %
SOFR +2.0230%
March 1, 2029$1,000 
Interest rate swapJuly 2029 Notes5.950 %
SOFR +1.6430%
July 15, 2029$850 
Interest rate swapSeptember 2030 Notes5.500 %
SOFR +1.7705%
September 1, 2030$750 
Interest rate swap(1)March 2032 Notes5.800 %
SOFR +1.6995%
March 8, 2032$1,000 
________________________________________

(1)In connection with the issuance of the March 2032 Notes, the Company entered into a forward-starting interest rate swap with an effective date of January 8, 2026.