v3.25.2
Unaudited Consolidated Statements of Operations - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Investment income        
Paid-in-kind interest income     $ 116.0 $ 63.0
Total investment income $ 398.0 $ 439.0 798.0 873.0
Operating expenses        
Management fees 53.0 54.0 105.0 109.0
Subordinated income incentive fees [1] 36.0 45.0 75.0 88.0
Administrative services expenses 2.0 2.0 5.0 5.0
Accounting and administrative fees 1.0 1.0 2.0 2.0
Interest expense [2] 125.0 115.0 238.0 231.0
Other general and administrative expenses 8.0 7.0 13.0 11.0
Total operating expenses 225.0 224.0 438.0 446.0
Net investment income 173.0 215.0 360.0 427.0
Realized and unrealized gain/loss        
Net realized gain (loss) on investments:     (153.0) (307.0)
Net realized gain (loss) on foreign currency forward contracts (3.0) 19.0 (3.0) 19.0
Net realized gain (loss) on foreign currency (6.0) 0.0 (5.0) (3.0)
Net change in unrealized appreciation (depreciation) on investments:     (169.0) 138.0
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts (10.0) (21.0) (20.0) (13.0)
Net change in unrealized gain (loss) on foreign currency (59.0) 4.0 (85.0) 17.0
Total net realized and unrealized gain (loss) (368.0) (110.0) (435.0) (149.0)
Provision for taxes on investments (11.0) 0.0 (11.0) 0.0
Realized loss on extinguishment of debt (3.0) 0.0 (3.0) 0.0
Net increase (decrease) in net assets resulting from operations $ (209.0) $ 105.0 $ (89.0) $ 278.0
Per share information—basic and diluted        
Net increase (decrease) in net assets resulting from operations (Earnings (Losses) per Share) - basic (in dollars per share) $ (0.75) $ 0.37 $ (0.32) $ 0.99
Net increase (decrease) in net assets resulting from operations (Earnings (Losses) per Share) - diluted (in dollars per share) $ (0.75) $ 0.37 $ (0.32) $ 0.99
Weighted average shares outstanding - basic (in shares) 280,066,433 280,066,433 280,066,433 280,066,433
Weighted average shares outstanding - diluted (in shares) 280,066,433 280,066,433 280,066,433 280,066,433
Non-controlled/unaffiliated        
Investment income        
Interest income $ 224.0 $ 276.0 $ 441.0 $ 564.0
Paid-in-kind interest income 15.0 17.0 31.0 34.0
Fee income 9.0 9.0 23.0 26.0
Dividend and other income 12.0 7.0 24.0 13.0
Realized and unrealized gain/loss        
Net realized gain (loss) on investments: (66.0) (65.0) (106.0) (290.0)
Net change in unrealized appreciation (depreciation) on investments: 58.0 (5.0) 116.0 167.0
Non-controlled/affiliated        
Investment income        
Interest income 8.0 7.0 16.0 13.0
Paid-in-kind interest income 18.0 10.0 36.2 [3] 20.0
Fee income 0.0 0.0 3.4 [3] 0.0
Dividend and other income 6.0 5.0 15.3 [3] 9.0
Realized and unrealized gain/loss        
Net realized gain (loss) on investments: (1.0) 2.0 8.4 (8.0)
Net change in unrealized appreciation (depreciation) on investments: (62.0) 0.0 (81.7) 20.0
Controlled/affiliated        
Investment income        
Interest income 13.0 27.0 28.0 48.0
Paid-in-kind interest income 20.0 16.0 48.0 [4] 24.0
Fee income 0.0 9.0 0.0 [4] 9.0
Dividend and other income 73.0 56.0 133.3 [4] 113.0
Realized and unrealized gain/loss        
Net realized gain (loss) on investments: (68.0) (1.0) (54.7) (9.0)
Net change in unrealized appreciation (depreciation) on investments: $ (151.0) $ (43.0) $ (203.0) $ (49.0)
[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 six months ended June 30, 2025.
[4] Interest, PIK, Fee and Dividend and Other income presented for the six months ended June 30, 2025.