v3.26.3
INVESTMENTS - IHAM Selected Balance Sheet Information (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Assets    
Investments at fair value $ 29,212.6 [1] $ 29,484.8 [2]
Cash and cash equivalents 722.0 638.0
Other assets 136.0 138.0
Total assets 30,596.0 31,235.0
Liabilities    
Total liabilities 16,650.0 16,917.0
Equity    
Accumulated earnings 504.0 958.0
Total liabilities and stockholders’ equity 30,596.0 31,235.0
Amortized Cost 29,477.5 [1] 29,249.9 [2]
Unrealized losses (1,500.0) (1,000.0)
Unrealized depreciation (100.0) (300.0)
Ivy Hill Asset Management, L.P.    
Assets    
Investments at fair value 13,910.0 11,599.0
Cash and cash equivalents 689.0 607.0
Other assets 147.0 157.0
Total assets 14,746.0 12,363.0
Liabilities    
Debt 11,546.0 9,515.0
Subordinated note from ARCC 1,000.0 531.0
Subordinated notes 333.0 336.0
Other liabilities 188.0 314.0
Total liabilities 13,067.0 10,696.0
Equity    
Contributed capital 1,886.0 1,700.0
Accumulated earnings 143.0 148.0
Net unrealized gains (losses) on investments and foreign currency transactions (144.0) (82.0)
Non-controlling interests in Consolidated IHAM Vehicles (206.0) (99.0)
Total equity 1,679.0 1,667.0
Total liabilities and stockholders’ equity 14,746.0 12,363.0
Amortized Cost 3,863.0 3,190.0
Ivy Hill Asset Management, L.P. | Eliminations    
Assets    
Investments at fair value (3,634.0) (3,013.0)
Cash and cash equivalents 0.0 0.0
Other assets (59.0) (82.0)
Total assets (3,693.0) (3,095.0)
Liabilities    
Debt 0.0 0.0
Subordinated note from ARCC 0.0 0.0
Subordinated notes (2,086.0) (941.0)
Other liabilities (28.0) (18.0)
Total liabilities (2,114.0) (959.0)
Equity    
Contributed capital 0.0 0.0
Accumulated earnings 0.0 0.0
Net unrealized gains (losses) on investments and foreign currency transactions 0.0 0.0
Non-controlling interests in Consolidated IHAM Vehicles (1,579.0) (2,136.0)
Total equity (1,579.0) (2,136.0)
Total liabilities and stockholders’ equity (3,693.0) (3,095.0)
Ivy Hill Asset Management, L.P. | Ivy Hill Asset Management, L.P. | Ivy Hill Asset Management, L.P.    
Assets    
Investments at fair value 3,720.0 3,108.0
Cash and cash equivalents 10.0 10.0
Other assets 67.0 93.0
Total assets 3,797.0 3,211.0
Liabilities    
Debt 894.0 893.0
Subordinated note from ARCC 1,000.0 531.0
Subordinated notes 0.0 0.0
Other liabilities 18.0 21.0
Total liabilities 1,912.0 1,445.0
Equity    
Contributed capital 1,886.0 1,700.0
Accumulated earnings 143.0 148.0
Net unrealized gains (losses) on investments and foreign currency transactions (144.0) (82.0)
Non-controlling interests in Consolidated IHAM Vehicles 0.0 0.0
Total equity 1,885.0 1,766.0
Total liabilities and stockholders’ equity 3,797.0 3,211.0
Amortized Cost 14,247.0 11,766.0
Ivy Hill Asset Management, L.P. | Consolidated IHAM Vehicles | Ivy Hill Asset Management, L.P.    
Assets    
Investments at fair value 13,824.0 11,504.0
Cash and cash equivalents 679.0 597.0
Other assets 139.0 146.0
Total assets 14,642.0 12,247.0
Liabilities    
Debt 10,652.0 8,622.0
Subordinated note from ARCC 0.0 0.0
Subordinated notes 2,419.0 1,277.0
Other liabilities 198.0 311.0
Total liabilities 13,269.0 10,210.0
Equity    
Contributed capital 0.0 0.0
Accumulated earnings 0.0 0.0
Net unrealized gains (losses) on investments and foreign currency transactions 0.0 0.0
Non-controlling interests in Consolidated IHAM Vehicles 1,373.0 2,037.0
Total equity 1,373.0 2,037.0
Total liabilities and stockholders’ equity 14,642.0 12,247.0
Unrealized depreciation (336.0) 167.0
Ivy Hill Asset Management, L.P. | Consolidated IHAM Vehicles | Eliminations    
Equity    
Unrealized losses $ (139.0) $ 85.0
[1] As of September 30, 2026, the estimated net unrealized gain for federal tax purposes was approximately $0.1 billion based on a tax cost basis of approximately $29.3 billion. As of September 30, 2026, the estimated aggregate gross unrealized gain for federal income tax purposes was approximately $1.6 billion and the estimated aggregate gross unrealized loss for federal income tax purposes was approximately $1.5 billion.     
[2] As of December 31, 2025, the estimated net unrealized gain for federal tax purposes was approximately $300 million based on a tax cost basis of $29.2 billion. As of December 31, 2025, the estimated aggregate gross unrealized gain for federal income tax purposes was approximately $1.3 billion and the estimated aggregate gross unrealized loss for federal income tax purposes was approximately $1.0 billion.