v3.26.1
Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Cash flows from operating activities      
Net increase (decrease) in net assets resulting from operations $ (441) $ 120  
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:      
Purchases of investments (505) (1,704)  
Paid-in-kind interest (38) (64)  
Proceeds from sales and repayments of investments 760 1,113  
Net realized (gain) loss on investments 195 18  
Net change in unrealized (appreciation) depreciation on investments 377 14  
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts (9) 10  
Accretion of discount (5) (9)  
Amortization of deferred financing costs and discount 5 5  
Net change in unrealized (appreciation) depreciation on foreign currency translation (10) 25  
(Increase) decrease in receivable for investments sold and repaid 0 121  
(Increase) decrease in income receivable 0 7  
(Increase) decrease in prepaid expenses and other assets 3 (5)  
Increase (decrease) in payable for investments purchased 0 1  
Increase (decrease) in management fees payable (2) (1)  
Increase (decrease) in subordinated income incentive fees payable (3) 4  
Increase (decrease) in administrative services expense payable 1 2  
Increase (decrease) in interest payable (21) (43)  
Increase (decrease) in other accrued expenses and liabilities (62) (32)  
Net cash provided by (used in) operating activities 245 (418)  
Cash flows from financing activities      
Stockholder distributions 0 0  
Borrowings under financing arrangements 1,241 2,831  
Repayments of financing arrangements (1,561) (2,232)  
Deferred financing costs paid 0 (5)  
Net cash provided by (used in) financing activities (320) 594  
Effect of exchange rate changes on cash 0 0  
Total increase (decrease) in cash, cash equivalents, restricted cash and foreign currency (75) 176  
Cash, cash equivalents, restricted cash and foreign currency at beginning of period 208 296 $ 296
Cash, cash equivalents, restricted cash and foreign currency at end of period 133 [1] 472 [1] $ 208
Supplemental disclosure      
Federal income taxes paid during the period 0 0  
Interest paid during the period $ 121 $ 151  
[1] As of March 31, 2026, includes cash and cash equivalents of $124, restricted cash of $4 and foreign currency of $5. Restricted cash is the cash collateral required to be posted pursuant to the Fund’s derivative contracts.