v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
OPERATING ACTIVITIES:    
Net increase in stockholders’ equity resulting from operations $ 263 $ 602
Adjustments to reconcile net increase in stockholders’ equity resulting from operations:    
Net realized (gains) losses on investments, foreign currency and other transactions (101) 27
Net unrealized losses on investments, foreign currency and other transactions 595 78
Net gain on interest rate swaps accounted for as hedge instruments and the related hedged items 0 (2)
Net accretion of discount on investments (8) (8)
PIK interest (110) (106)
Collections of PIK interest 70 41
PIK dividends (127) (143)
Collections of PIK dividends 50 52
Amortization of debt issuance costs 17 18
Net amortization of discount/premium on notes payable 3 (2)
Proceeds from sales and repayments of investments and other transactions 6,368 4,709
Purchases of investments (6,295) (5,755)
Changes in operating assets and liabilities:    
Interest receivable (11) 11
Other assets 11 (27)
Base management fee payable (1) 4
Income based fee payable (5) (5)
Capital gains incentive fee payable (82) (21)
Interest and facility fees payable 6 23
Payable to participants (27) (89)
Interest rate swap collateral payable (58) 81
Accounts payable and other liabilities (38) (5)
Net cash provided by (used in) operating activities 520 (517)
FINANCING ACTIVITIES:    
Borrowings on debt 6,982 4,603
Repayments and repurchases of debt (7,083) (4,297)
Debt issuance costs (29) (30)
Net proceeds from issuance of common stock 0 702
Dividends paid (690) (625)
Secured borrowings, net 0 (32)
Net cash (used in) provided by financing activities (820) 321
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (300) (196)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 924 860
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD 624 664
Supplemental Information:    
Interest paid during the period 424 339
Taxes, including excise taxes, paid during the period 40 38
Dividends declared and payable during the period $ 690 $ 665