v3.26.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
OPERATING ACTIVITIES:    
Net increase in stockholders’ equity resulting from operations $ 582 $ 1,006
Adjustments to reconcile net increase in stockholders’ equity resulting from operations:    
Net realized gains on investments, foreign currency and other transactions (51) (135)
Net unrealized losses on investments, foreign currency and other transactions 552 174
Realized loss on extinguishment of debt 2 0
Net (gain) loss on interest rate swaps accounted for as hedge instruments and the related hedged items 1 (2)
Net accretion of discount on investments (12) (12)
PIK interest (168) (165)
Collections of PIK interest 71 124
PIK dividends (194) (205)
Collections of PIK dividends 50 128
Amortization of debt issuance costs 26 26
Net amortization of discount/premium on notes payable 6 (1)
Proceeds from sales and repayments of investments and other transactions 8,974 7,079
Purchases of investments (8,033) (9,263)
Changes in operating assets and liabilities:    
Interest receivable 20 46
Other assets 17 (16)
Base management fee payable (2) 8
Income based fee payable 77 (3)
Capital gains incentive fee payable (82) (8)
Interest and facility fees payable (23) (41)
Payable to participants (71) (51)
Interest rate swap collateral payable (155) 44
Accounts payable and other liabilities (15) (23)
Net cash provided by (used in) operating activities 1,572 (1,290)
FINANCING ACTIVITIES:    
Borrowings on debt 10,530 9,383
Repayments and repurchases of debt (11,094) (7,583)
Debt issuance costs (36) (45)
Net proceeds from issuance of common stock 82 906
Dividends paid (1,036) (945)
Secured borrowings, net 0 (32)
Net cash (used in) provided by financing activities (1,554) 1,684
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 18 394
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 924 860
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD 942 1,254
Supplemental Information:    
Interest paid during the period 603 560
Taxes, including excise taxes, paid during the period 40 42
Dividends declared and payable during the period $ 1,036 $ 1,007