v3.26.1
INVESTMENTS - IHAM Selected Statement of Operations Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Mar. 31, 2026
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenues                
Total investment income $ 768       $ 745   $ 1,531 $ 1,477
Expenses                
Interest expense 214       188   427 374
Net realized losses on investments and foreign currency (5)       34   101 (27)
Net unrealized gains (losses) on investments, foreign currency and other transactions (183) $ (412) $ 78 $ (96) (15) $ (63) (595) (78)
Total net realized and unrealized gains (losses) on investments, foreign currency and other transactions (188)       19   (494) (105)
NET INCREASE IN STOCKHOLDERS’ EQUITY RESULTING FROM OPERATIONS 171       361   263 602
Ivy Hill Asset Management, L.P.                
Revenues                
Investment income 270       233   521 452
Management fees and other income 3       2   5 5
Total investment income 273       235   526 457
Expenses                
Interest expense 180       134   338 261
Distributions to subordinated notes 11       9   24 18
Management fees and other expenses 9       6   15 13
Total expenses 200       149   377 292
Net operating income 73       86   149 165
Net realized losses on investments and foreign currency (23)       (2)   (17) (66)
Net realized gain on extinguishment of debt         0     (1)
Net unrealized gains (losses) on investments, foreign currency and other transactions (22)       (25)   (146) 4
Total net realized and unrealized gains (losses) on investments, foreign currency and other transactions (45)       (27)   (163) (63)
Net income 28       59   (14) 102
Less: Net income (loss) attributable to non-controlling interests in Consolidated IHAM Vehicles (21)       (9)   (129) (48)
NET INCREASE IN STOCKHOLDERS’ EQUITY RESULTING FROM OPERATIONS 49       68   115 150
Ivy Hill Asset Management, L.P. | Eliminations                
Revenues                
Investment income (97)       (76)   (194) (141)
Management fees and other income (14)       (12)   (29) (23)
Total investment income (111)       (88)   (223) (164)
Expenses                
Interest expense 0       0   0 0
Distributions to subordinated notes (31)       (23)   (62) (46)
Management fees and other expenses (14)       (12)   (29) (23)
Total expenses (45)       (35)   (91) (69)
Net operating income (66)       (53)   (132) (95)
Net realized losses on investments and foreign currency 0       21   0 21
Net realized gain on extinguishment of debt         (23)     (23)
Net unrealized gains (losses) on investments, foreign currency and other transactions 23       (12)   40 (21)
Total net realized and unrealized gains (losses) on investments, foreign currency and other transactions 23       (14)   40 (23)
Net income (43)       (67)   (92) (118)
Less: Net income (loss) attributable to non-controlling interests in Consolidated IHAM Vehicles (43)       (67)   (92) (118)
NET INCREASE IN STOCKHOLDERS’ EQUITY RESULTING FROM OPERATIONS 0       0   0 0
Ivy Hill Asset Management, L.P. | Ivy Hill Asset Management, L.P. | Operating Segments                
Revenues                
Investment income 101       77   199 144
Management fees and other income 15       12   30 24
Total investment income 116       89   229 168
Expenses                
Interest expense 36       14   68 23
Distributions to subordinated notes 0       0   0 0
Management fees and other expenses 4       4   9 8
Total expenses 40       18   77 31
Net operating income 76       71   152 137
Net realized losses on investments and foreign currency (1)       (22)   (1) (31)
Net realized gain on extinguishment of debt         0     0
Net unrealized gains (losses) on investments, foreign currency and other transactions (26)       19   (36) 44
Total net realized and unrealized gains (losses) on investments, foreign currency and other transactions (27)       (3)   (37) 13
Net income 49       68   115 150
Less: Net income (loss) attributable to non-controlling interests in Consolidated IHAM Vehicles 0       0   0 0
NET INCREASE IN STOCKHOLDERS’ EQUITY RESULTING FROM OPERATIONS 49       68   115 150
Ivy Hill Asset Management, L.P. | Consolidated IHAM Vehicles | Operating Segments                
Revenues                
Investment income 266       232   516 449
Management fees and other income 2       2   4 4
Total investment income 268       234   520 453
Expenses                
Interest expense 144       120   270 238
Distributions to subordinated notes 42       32   86 64
Management fees and other expenses 19       14   35 28
Total expenses 205       166   391 330
Net operating income 63       68   129 123
Net realized losses on investments and foreign currency (22)       (1)   (16) (56)
Net realized gain on extinguishment of debt         23     22
Net unrealized gains (losses) on investments, foreign currency and other transactions (19)       (32)   (150) (19)
Total net realized and unrealized gains (losses) on investments, foreign currency and other transactions (41)       (10)   (166) (53)
Net income 22       58   (37) 70
Less: Net income (loss) attributable to non-controlling interests in Consolidated IHAM Vehicles 22       58   (37) 70
NET INCREASE IN STOCKHOLDERS’ EQUITY RESULTING FROM OPERATIONS $ 0       $ 0   $ 0 $ 0