v3.26.1
DEBT (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
The Company’s outstanding debt as of June 30, 2026 and December 31, 2025 was as follows:

 As of 
June 30, 2026December 31, 2025
Total Aggregate Principal Amount Committed/ Outstanding (1)Principal Amount OutstandingCarrying ValueTotal Aggregate Principal Amount Committed/ Outstanding (1)Principal Amount OutstandingCarrying Value
Revolving Credit Facility$5,481 (2)$1,566 $1,563 $5,493 (2)$2,028 $2,031 
Revolving Funding Facility2,250 1,086 1,086 2,250 1,234 1,234 
SMBC Funding Facility1,600 (3)728 728 1,100 (3)563 563 
BNP Funding Facility1,465 674 674 1,265 717 717 
April 2036 CLO Notes(4)476 476 474 (5)476 476 473 (5)
October 2036 CLO Secured Loans(4)544 544 541 (5)544 544 541 (5)
January 2038 CLO Notes (4)700700 697 (5)700700 697 (5)
January 2026 Notes— — — 1,150 1,150 1,150 (5)
July 2026 Notes1,000 1,000 1,000 (5)1,000 1,000 999 (5)
January 2027 Notes900 900 894 (5)(6)900 900 900 (5)(6)
June 2027 Notes500 500 499 (5)500 500 498 (5)
June 2028 Notes1,250 1,250 1,249 (5)1,250 1,250 1,248 (5)
March 2029 Notes1,000 1,000 982 (5)(6)1,000 1,000 999 (5)(6)
July 2029 Notes850 850 844 (5)(6)850 850 861 (5)(6)
January 2030 Notes800 800 784 (5)(6)— — — 
September 2030 Notes750 750 730 (5)(6)750 750 743 (5)(6)
January 2031 Notes650 650 623 (5)(6)650 650 634 (5)(6)
April 2031 Notes750 750 721 (5)(6)— — — 
November 2031 Notes700 700 694 (5)700 700 693 (5)
March 2032 Notes1,000 1,000 990 (5)(6)1,000 1,000 1,010 (5)(6)
Total$22,666 $15,924 $15,773 $21,578 $16,012 $15,991 
________________________________________

(1)Represents the total aggregate amount committed or outstanding, as applicable, under such instrument. Borrowings under the 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 $8,222 and $7,925 as of June 30, 2026 and December 31, 2025, 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 $2,500 and $1,300 as of June 30, 2026 and December 31, 2025, respectively.

(4)Excludes the April 2036 CLO Subordinated Notes, the October 2036 CLO Subordinated Notes and the January 2038 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 January 2026, the Company repaid in full the January 2026 Notes (as defined below) upon their maturity. See Note 15 for a subsequent event relating to the July 2026 Notes (as defined below).
(6)The carrying value of the January 2027 Notes, the March 2029 Notes, the July 2029 Notes, the January 2030 Notes, the September 2030 Notes, the January 2031 Notes, the April 2031 Notes and the March 2032 Notes (each as defined below) includes adjustments as a result of effective hedge accounting relationships, as applicable. 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, 2026 and 2025, 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,
 2026202520262025
Stated interest expense$26 $18 $62 $35 
Credit facility fees3 4 5 7 
Amortization of debt issuance costs2 2 5 4 
Total interest and credit facility fees expense$31 $24 $72 $46 
Cash paid for interest expense$31 $22 $69 $43 
Average stated interest rate5.10 %6.01 %5.19 %6.10 %
Average outstanding balance$1,984 $1,183 $2,378 $1,151 
For the three and six months ended June 30, 2026 and 2025, 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,
 2026202520262025
Stated interest expense$16 $14 $31 $30 
Credit facility fees2 2 3 4 
Amortization of debt issuance costs1 2 2 3 
Total interest and credit facility fees expense$19 $18 $36 $37 
Cash paid for interest expense$17 $18 $34 $35 
Average stated interest rate5.47 %6.31 %5.44 %6.32 %
Average outstanding balance$1,185 $921 $1,139 $954 
For the three and six months ended June 30, 2026 and 2025, 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,
 2026202520262025
Stated interest expense$10 $7 $18 $14 
Credit facility fees1 1 2 1 
Amortization of debt issuance costs2 — 2 1 
Total interest and credit facility fees expense$13 $8 $22 $16 
Cash paid for interest expense$10 $8 $18 $15 
Average stated interest rate5.39 %6.32 %5.42 %6.32 %
Average outstanding balance$715 $449 $638 $432 
For the three and six months ended June 30, 2026 and 2025, 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,
 2026202520262025
Stated interest expense$10 $11 $19 $22 
Credit facility fees— 1 1 1 
Amortization of debt issuance costs— — 1 1 
Total interest and credit facility fees expense$10 $12 $21 $24 
Cash paid for interest expense$10 $13 $21 $25 
Average stated interest rate5.55 %6.20 %5.56 %6.31 %
Average outstanding balance$717 $664 $693 $687 
The following table presents information on the ADL CLO 1 Debt Securitization as of June 30, 2026:

ClassTypePrincipal OutstandingMaturity DateInterest Rate
April 2036 Class A CLO Notes(1)Senior Secured Floating Rate$406 April 25, 2036
SOFR+1.80%
April 2036 Class B CLO Notes(1)
Senior Secured Floating Rate70 April 25, 2036
SOFR+2.20%
Total April 2036 CLO Secured Notes476 
SOFR+1.86%
April 2036 CLO Subordinated Notes(2)
Subordinated226 April 25, 2036None
Total April 2036 CLO Notes$702 
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(1)The April 2036 Class A CLO Notes and the April 2036 Class B CLO Notes are referred to collectively as the April 2036 CLO Secured Notes and are the secured obligations of ADL CLO 1 and are backed by a diversified portfolio of first lien senior secured loans contributed by the Company to ADL CLO 1.

(2)The Company retained all of the April 2036 CLO Subordinated Notes, as such, the April 2036 CLO Subordinated Notes are eliminated in consolidation.
The following table presents information on the ADL CLO 4 Debt Securitization as of June 30, 2026:

ClassTypePrincipal OutstandingMaturity DateInterest Rate
October 2036 Class A CLO Loans(1)
Senior Secured Floating Rate$464 October 24, 2036
SOFR+1.54%
October 2036 Class B CLO Loans(1)
Senior Secured Floating Rate80 October 24, 2036
SOFR+1.83%
Total October 2036 CLO Secured Loans544 
SOFR+1.58%
October 2036 CLO Subordinated Notes(2)
Subordinated260 October 24, 2036None
Total October 2036 CLO Notes$804 
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(1)The October 2036 Class A CLO Loans and the October 2036 Class B CLO Loans are referred to collectively as the October 2036 CLO Secured Loans and are the secured obligations of ADL CLO 4 and are backed by a diversified portfolio of first lien senior secured loans contributed by the Company to ADL CLO 4.
(2)The Company retained all of the October 2036 CLO Subordinated Notes, as such, the October 2036 CLO Subordinated Notes are eliminated in consolidation.
The following table presents information on the ADL CLO 7 Debt Securitization as of June 30, 2026:

ClassTypePrincipal OutstandingMaturity DateInterest Rate
January 2038 Class A-1 CLO Notes(1)Senior Secured Floating Rate$570 January 20, 2038
SOFR+1.40%
January 2038 Class A-2 CLO Notes(1)Senior Secured Floating Rate50 January 20, 2038
SOFR+1.65%
January 2038 Class B CLO Notes(1)
Senior Secured Floating Rate80 January 20, 2038
SOFR+1.85%
Total January 2038 CLO Secured Notes700 
SOFR+1.47%
January 2038 CLO Subordinated Notes(2)
Subordinated303 January 20, 2038None
Total January 2038 CLO Notes$1,003 
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(1)The January 2038 Class A-1 CLO Notes, the January 2038 Class A-2 CLO Notes and the January 2038 Class B CLO Notes are referred to collectively as the January 2038 CLO Secured Notes and are the secured obligations of ADL CLO 7 and are backed by a diversified portfolio of first lien senior secured loans contributed by the Company to ADL CLO 7.

(2)The Company retained all of the January 2038 CLO Subordinated Notes, as such, the January 2038 CLO Subordinated Notes are eliminated in consolidation.
For the three and six months ended June 30, 2026 and 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, the October 2036 CLO Secured Loans and the January 2038 CLO Secured Notes were as follows.
 For the Three Months Ended June 30,For the Six Months Ended June 30,
 2026202520262025
Stated interest expense$24 $15 $47 $31 
Amortization of debt issuance costs— 1 — 1 
Total interest expense$24 $16 $47 $32 
Cash paid for interest expense$28 $21 $43 $29 
Average stated interest rate5.29 %5.90 %5.31 %6.04 %
Average outstanding balance$1,720 $1,020 $1,720 $1,020 
Certain key terms related to the features of the Unsecured Notes as of June 30, 2026 are listed below.

Unsecured Notes		Aggregate Principal Amount IssuedEffective Stated Interest RateOriginal Issuance DateMaturity Date
July 2026 Notes$1,000 2.150%January 13, 2021July 15, 2026
January 2027 Notes(1)$900 6.206%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 5.643%January 23, 2024March 1, 2029
July 2029 Notes(1)$850 5.268%May 13, 2024July 15, 2029
January 2030 Notes(1)$800 5.324%May 11, 2026January 15, 2030
September 2030 Notes(1)$750 5.391%June 3, 2025September 1, 2030
January 2031 Notes$650 5.100%September 9, 2025January 15, 2031
April 2031 Notes(1)$750 5.343%January 12, 2026April 12, 2031
November 2031 Notes$700 3.200%November 4, 2021November 15, 2031
March 2032 Notes(1)$1,000 5.313%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, the January 2030 Notes, the September 2030 Notes, the April 2031 Notes and the March 2032 Notes include the impact of interest rate swaps.
For the three and six months ended June 30, 2026 and 2025, 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,
 2026202520262025
Stated interest expense(1)$112 $108 $217 $215 
Amortization of debt issuance costs4 4 7 8 
Net amortization of original issue discount/premium1 (1)3 (2)
Net gain on interest rate swaps accounted for as hedge instruments and the related hedged items— (1)— (2)
Total interest expense$117 $110 $227 $219 
Cash paid for interest expense(1)$109 $81 $239 $192 
________________________________________

(1)Includes the impact of the interest rate swaps.
Schedule of Revolving and Term Loan As of June 30, 2026, 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 CommittedEnd of Revolving PeriodMaturity Date
Revolving tranche$4,151 May 21, 2030May 21, 2031
131April 15, 2029April 15, 2030
37April 12, 2028April 12, 2029
4,319 
Term loan tranche1,039 May 21, 2031
70April 15, 2030
13April 12, 2029
40April 19, 2028
1,162 
$5,481