v3.25.2
INVESTMENTS - IHAM Selected Balance Sheet Information (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Assets    
Investments at fair value $ 27,886.4 [1] $ 26,719.9 [2]
Cash and cash equivalents 447.0 635.0
Other assets 215.0 158.0
Total assets 29,071.0 28,254.0
Liabilities    
Total liabilities 15,037.0 14,899.0
Equity    
Accumulated earnings 789.0 852.0
Total liabilities and stockholders’ equity 29,071.0 28,254.0
Amortized Cost 27,580.7 [1] 26,374.0 [2]
Unrealized losses 1,800.0 1,700.0
Unrealized depreciation 300.0 200.0
Ivy Hill Asset Management, L.P.    
Assets    
Investments at fair value 9,841.0 8,172.0
Cash and cash equivalents 569.0 976.0
Other assets 86.0 128.0
Total assets 10,496.0 9,276.0
Liabilities    
Debt 8,135.0 6,956.0
Subordinated note from ARCC 155.0  
Subordinated notes 328.0 311.0
Other liabilities 182.0 269.0
Total liabilities 8,800.0 7,536.0
Equity    
Contributed capital 1,701.0 1,700.0
Accumulated earnings 146.0 186.0
Net unrealized losses on investments and foreign currency transactions (35.0) (79.0)
Non-controlling interests in Consolidated IHAM Vehicles (116.0) (67.0)
Total equity 1,696.0 1,740.0
Total liabilities and stockholders’ equity 10,496.0 9,276.0
Amortized Cost 2,652.0 2,237.0
Ivy Hill Asset Management, L.P. | Eliminations    
Assets    
Investments at fair value (2,511.0) (2,086.0)
Cash and cash equivalents 0.0 0.0
Other assets (61.0) (54.0)
Total assets (2,572.0) (2,140.0)
Liabilities    
Debt 0.0 0.0
Subordinated note from ARCC 0.0  
Subordinated notes (791.0) (714.0)
Other liabilities (13.0) (13.0)
Total liabilities (804.0) (727.0)
Equity    
Contributed capital 0.0 0.0
Accumulated earnings 0.0 0.0
Net unrealized losses on investments and foreign currency transactions 0.0 0.0
Non-controlling interests in Consolidated IHAM Vehicles (1,768.0) (1,413.0)
Total equity (1,768.0) (1,413.0)
Total liabilities and stockholders’ equity (2,572.0) (2,140.0)
Ivy Hill Asset Management, L.P. | Ivy Hill Asset Management, L.P. | Operating Segments    
Assets    
Investments at fair value 2,619.0 2,160.0
Cash and cash equivalents 7.0 9.0
Other assets 68.0 60.0
Total assets 2,694.0 2,229.0
Liabilities    
Debt 708.0 406.0
Subordinated note from ARCC 155.0  
Subordinated notes 0.0 0.0
Other liabilities 19.0 16.0
Total liabilities 882.0 422.0
Equity    
Contributed capital 1,701.0 1,700.0
Accumulated earnings 146.0 186.0
Net unrealized losses on investments and foreign currency transactions (35.0) (79.0)
Non-controlling interests in Consolidated IHAM Vehicles 0.0 0.0
Total equity 1,812.0 1,807.0
Total liabilities and stockholders’ equity 2,694.0 2,229.0
Amortized Cost 10,027.0 8,343.0
Ivy Hill Asset Management, L.P. | Consolidated IHAM Vehicles | Operating Segments    
Assets    
Investments at fair value 9,733.0 8,098.0
Cash and cash equivalents 562.0 967.0
Other assets 79.0 122.0
Total assets 10,374.0 9,187.0
Liabilities    
Debt 7,427.0 6,550.0
Subordinated note from ARCC 0.0  
Subordinated notes 1,119.0 1,025.0
Other liabilities 176.0 266.0
Total liabilities 8,722.0 7,841.0
Equity    
Contributed capital 0.0 0.0
Accumulated earnings 0.0 0.0
Net unrealized losses on investments and foreign currency transactions 0.0 0.0
Non-controlling interests in Consolidated IHAM Vehicles 1,652.0 1,346.0
Total equity 1,652.0 1,346.0
Total liabilities and stockholders’ equity 10,374.0 9,187.0
Unrealized depreciation 185.0 171.0
Ivy Hill Asset Management, L.P. | Consolidated IHAM Vehicles | Eliminations    
Equity    
Unrealized losses $ 49.0 $ 70.0
[1] As of June 30, 2025, the estimated net unrealized gain for federal tax purposes was approximately $0.3 billion based on a tax cost basis of $27.5 billion. As of June 30, 2025, the estimated aggregate gross unrealized gain for federal income tax purposes was approximately $1.8 billion and the estimated aggregate gross unrealized loss for federal income tax purposes was approximately $1.5 billion.
[2] As of December 31, 2024, the estimated net unrealized gain for federal tax purposes was $0.2 billion based on a tax cost basis of $26.5 billion. As of December 31, 2024, the estimated aggregate gross unrealized gain for federal income tax purposes was $1.7 billion and the estimated aggregate gross unrealized loss for federal income tax purposes was $1.5 billion.