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DEBT (Tables)
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
The Company’s outstanding debt as of March 31, 2023 and December 31, 2022 was as follows:

 As of 
 March 31, 2023 December 31, 2022 
Total Aggregate Principal Amount Committed/ Outstanding (1)Principal Amount OutstandingCarrying ValueTotal Aggregate Principal Amount Committed/ Outstanding (1)Principal Amount OutstandingCarrying Value
Revolving Credit Facility$4,843 (2)$1,872 $1,872 $4,843 (2)$2,246 $2,246 
Revolving Funding Facility1,775 850 850 1,775 800 800 
SMBC Funding Facility800 (3)401 401 800 (3)451 451 
BNP Funding Facility500 320 320 300 245 245 
2024 Convertible Notes403 403 400 (4)403 403 399 (4)
2023 Notes— — — 750 750 750 (5)
2024 Notes900 900 899 (6)900 900 898 (6)
March 2025 Notes600 600 598 (7)600 600 597 (7)
July 2025 Notes1,250 1,250 1,257 (8)1,250 1,250 1,258 (8)
January 2026 Notes1,150 1,150 1,145 (9)1,150 1,150 1,144 (9)
July 2026 Notes1,000 1,000 991 (10)1,000 1,000 991 (10)
2027 Notes500 500 494 (11)500 500 494 (11)
2028 Notes1,250 1,250 1,247 (12)1,250 1,250 1,247 (12)
2031 Notes700 700 690 (13)700 700 690 (13)
Total$15,671 $11,196 $11,164 $16,221 $12,245 $12,210 

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(1)Represents the total aggregate amount committed or outstanding, as applicable, under such instrument. Borrowings under the committed 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 a feature that allows the Company, under certain circumstances, to increase the size of the Revolving Credit Facility (as defined below) to a maximum of $7,265.

(3)Provides for a feature that allows ACJB (as defined below), under certain circumstances, to increase the size of the SMBC Funding Facility (as defined below) to a maximum of $1,000.

(4)Represents the aggregate principal amount outstanding of the 2024 Convertible Notes (as defined below). As of March 31, 2023 and December 31, 2022, the total unamortized debt issuance costs and the unamortized discount for the 2024 Convertible Notes (as defined below) was $3 and $4, respectively.

(5)Represents the aggregate principal amount outstanding of the 2023 Notes (as defined below), less unamortized debt issuance costs and the unamortized discount recorded upon the issuance of the 2023 Notes. As of December 31, 2022, the total unamortized debt issuance costs and the unamortized discount was $0. In February 2023, the Company repaid in full the 2023 Notes (as defined below) upon their maturity.

(6)Represents the aggregate principal amount outstanding of the 2024 Notes (as defined below), less unamortized debt issuance costs and the net unamortized discount recorded upon the issuance of the 2024 Notes. As of March 31, 2023
and December 31, 2022, the total unamortized debt issuance costs and the net unamortized discount was $1 and $2, respectively.

(7)Represents the aggregate principal amount outstanding of the March 2025 Notes (as defined below), less unamortized debt issuance costs and the unamortized discount recorded upon the issuance of the March 2025 Notes. As of March 31, 2023 and December 31, 2022, the total unamortized debt issuance costs and the unamortized discount was $2 and $3, respectively.

(8)Represents the aggregate principal amount outstanding of the July 2025 Notes (as defined below), less unamortized debt issuance costs and the net unaccreted premium recorded upon the issuance of the July 2025 Notes. As of March 31, 2023 and December 31, 2022, the total unamortized debt issuance costs and the net unaccreted premium was $7 and $8, respectively.

(9)Represents the aggregate principal amount outstanding of the January 2026 Notes (as defined below), less unamortized debt issuance costs and the unamortized discount recorded upon the issuance of the January 2026 Notes. As of March 31, 2023 and December 31, 2022, the total unamortized debt issuance costs and the unamortized discount was $5 and $6, respectively.

(10)Represents the aggregate principal amount outstanding of the July 2026 Notes (as defined below), less unamortized debt issuance costs and the unamortized discount recorded upon the issuance of the July 2026 Notes. As of March 31, 2023 and December 31, 2022, the total unamortized debt issuance costs and the unamortized discount was $9 and $9, respectively.

(11)Represents the aggregate principal amount outstanding of the 2027 Notes (as defined below), less unamortized debt issuance costs and the net unamortized discount recorded upon the issuance of the 2027 Notes. As of March 31, 2023 and December 31, 2022, the total unamortized debt issuance costs and the net unamortized discount was $6 and $6, respectively.

(12)Represents the aggregate principal amount outstanding of the 2028 Notes (as defined below), less unamortized debt issuance costs and the net unamortized discount recorded upon the issuance of the 2028 Notes. As of March 31, 2023 and December 31, 2022, the total unamortized debt issuance costs and the net unamortized discount was $3 and $3, respectively.

(13)Represents the aggregate principal amount outstanding of the 2031 Notes (as defined below), less unamortized debt issuance costs and the unamortized discount recorded upon the issuance of the 2031 Notes. As of March 31, 2023 and December 31, 2022, the total unamortized debt issuance costs and the unamortized discount was $10 and $10, respectively.
For the three months ended March 31, 2023 and 2022, 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 March 31,
 20232022
Stated interest expense$34 $6 
Credit facility fees3 2 
Amortization of debt issuance costs2 1 
Total interest and credit facility fees expense$39 $9 
Cash paid for interest expense$32 $9 
Average stated interest rate6.35 %2.36 %
Average outstanding balance$2,117 $1,078 
For the three months ended March 31, 2023 and 2022, 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 March 31,
 20232022
Stated interest expense$13 $3 
Credit facility fees1 1 
Amortization of debt issuance costs1 1 
Total interest and credit facility fees expense$15 $5 
Cash paid for interest expense$12 $3 
Average stated interest rate6.46 %2.01 %
Average outstanding balance$812 $766 
For the three months ended March 31, 2023 and 2022, 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 March 31,
 20232022
Stated interest expense$7 $2 
Credit facility fees1 — 
Amortization of debt issuance costs1 1 
Total interest and credit facility fees expense$9 $3 
Cash paid for interest expense$7 $2 
Average stated interest rate6.27 %2.26 %
Average outstanding balance$427 $405 
For the three months ended March 31, 2023 and 2022, 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 March 31,
 20232022
Stated interest expense$5 $— 
Credit facility fees— — 
Amortization of debt issuance costs— — 
Total interest and credit facility fees expense$5 $— 
Cash paid for interest expense$5 $— 
Average stated interest rate6.80 %1.94 %
Average outstanding balance$314 $46 
Certain key terms related to the convertible features for the 2024 Convertible Notes as of March 31, 2023 are listed below.
2024 Convertible Notes
Conversion premium15.0 %
Closing stock price at issuance$17.29 
Closing stock price dateMarch 5, 2019
Conversion price (1)$19.62 
Conversion rate (shares per one thousand dollar principal amount)(1)50.9784 
Conversion dateDecember 1, 2023
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(1)Represents conversion price and conversion rate, as applicable, as of March 31, 2023, taking into account any applicable de minimis adjustments that will be made on the conversion date.
As of March 31, 2023, the components of the carrying value of the 2024 Convertible Notes, the stated interest rate and the effective interest rate were as follows:
2024 Convertible Notes
Principal amount of debt$403 
Original issue discount, net of accretion— 
Debt issuance costs, net of amortization(3)
Carrying value of debt$400 
Stated interest rate4.625 %
Effective interest rate(1)5.10 %
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(1)The effective interest rate of the 2024 Convertible Notes is equal to the stated interest rate plus the accretion of original issue discount and amortization of debt issuance costs.
For the three months ended March 31, 2023 and 2022, the components of interest expense and cash paid for interest expense for the 2024 Convertible Notes, as well as any other convertible notes outstanding during the periods presented were as follows.
 For the Three Months Ended March 31,
 20232022
Stated interest expense$5 $6 
Accretion of original issue discount1 1 
Total interest expense$6 $7 
Cash paid for interest expense$9 $17 
Certain key terms related to the features for the Unsecured Notes as of March 31, 2023 are listed below.

Unsecured Notes		Aggregate Principal Amount IssuedInterest RateOriginal Issuance DateMaturity Date
2024 Notes$900 4.200%June 10, 2019June 10, 2024
March 2025 Notes$600 4.250%January 11, 2018March 1, 2025
July 2025 Notes$1,250 3.250%January 15, 2020July 15, 2025
January 2026 Notes$1,150 3.875%July 15, 2020January 15, 2026
July 2026 Notes$1,000 2.150%January 13, 2021July 15, 2026
2027 Notes $500 2.875%January 13, 2022June 15, 2027
2028 Notes$1,250 2.875%June 10, 2021June 15, 2028
2031 Notes$700 3.200%November 4, 2021November 15, 2031
For the three months ended March 31, 2023 and 2022, 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 are listed below.
 For the Three Months Ended March 31,
 20232022
Stated interest expense$64 $67 
Amortization of debt issuance costs3 4 
Net amortization of original issue premium/discount(2)(2)
Total interest expense$65 $69 
Cash paid for interest expense$79 $79