v3.25.2
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
OPERATING ACTIVITIES:    
Net increase in stockholders' equity resulting from operations $ 602 $ 771
Adjustments to reconcile net increase in stockholders’ equity resulting from operations:    
Net realized losses on investments, foreign currency and other transactions 27 35
Net unrealized (gains) losses on investments, foreign currency and other transactions 78 (108)
Realized loss on extinguishment of debt 0 14
Net (gain) loss on interest rate swaps accounted for as hedge instruments and the related hedged items (2) 0
Net accretion of discount on investments (8) (9)
PIK interest (106) (99)
Collections of PIK interest 41 26
PIK dividends (143) (121)
Collections of PIK dividends 52 0
Amortization of debt issuance costs 18 16
Net amortization of premium on notes payable (2) (3)
Proceeds from sales and repayments of investments and other transactions 4,709 4,347
Purchases of investments (5,755) (6,221)
Changes in operating assets and liabilities:    
Interest receivable 11 (38)
Other assets (27) (2)
Base management fee payable 4 7
Income based fee payable (5) 3
Capital gains incentive fee (21) 12
Interest and facility fees payable 23 21
Payable to participants (89) 8
Interest rate swap collateral payable 81 44
Accounts payable and other liabilities (5) (42)
Net cash used in operating activities (517) (1,339)
FINANCING ACTIVITIES:    
Borrowings on debt 4,603 7,790
Repayments and repurchases of debt (4,297) (6,275)
Debt issuance costs (30) (33)
Repayment of 2024 Convertible Notes 0 (10)
Net proceeds from issuance of common stock 702 534
Dividends paid (625) (549)
Secured borrowings, net (32) (1)
Net cash provided by financing activities 321 1,456
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (196) 117
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 860 564
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD 664 681
Supplemental Information:    
Interest paid during the period 339 288
Taxes, including excise taxes, paid during the period 38 32
Dividends declared and payable during the period $ 665 $ 591