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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements of Cash and Cash Equivalents, Restricted Cash, Investments, Derivatives, and Unfunded Revolving and Delayed Draw Loan Commitments

The following table presents fair value measurements of cash and cash equivalents, restricted cash, investments, derivatives and unfunded revolving and delayed draw loan commitments as of December 31, 2023:

			Fair Value Measurements Using
			Total						Level 1						Level 2						Level 3
Cash and cash equivalents			$	535					$	535					$	—					$	—
Restricted cash			$	29					$	29					$	—					$	—
Investments not measured at net asset value			$	22,868					$	48					$	736					$	22,084
Investments measured at net asset value(1)			6
Total investments			$	22,874
Derivatives:
Foreign currency forward contracts			$	(24)					$	—					$	(24)					$	—
Interest rate swaps			$	15					$	—					$	15					$	—
Unfunded revolving and delayed draw loan commitments(2)			$	(32)					$	—					$	—					$	(32)

________________________________________

(1)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

(2)The fair value of unfunded revolving and delayed draw loan commitments is included in “accounts payable and other liabilities” in the accompanying consolidated balance sheet.

The following table presents fair value measurements of cash and cash equivalents, restricted cash, investments, derivatives and unfunded revolving and delayed draw loan commitments as of December 31, 2022:

			Fair Value Measurements Using
			Total						Level 1						Level 2						Level 3
Cash and cash equivalents			$	303					$	303					$	—					$	—
Restricted cash			$	34					$	34					$	—					$	—
Investments not measured at net asset value			$	21,775					$	54					$	360					$	21,361
Investments measured at net asset value(1)			5
Total investments			$	21,780
Derivatives - Foreign currency forward contracts			$	(21)					$	—					$	(21)					$	—
Unfunded revolving and delayed draw loan commitments(2)			$	(57)					$	—					$	—					$	(57)

________________________________________

(1)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

(2)The fair value of unfunded revolving and delayed draw loan commitments is included in “accounts payable and other liabilities” in the accompanying consolidated balance sheet.

Schedule of Significant Unobservable Inputs

The following tables summarize the significant unobservable inputs the Company’s investment adviser used to value the majority of the Company’s investments categorized within Level 3 as of December 31, 2023 and 2022. The tables are not intended to be all-inclusive, but instead to capture the significant unobservable inputs relevant to the Company’s investment adviser’s determination of fair values.

As of December 31, 2023

Unobservable Input

Asset Category

Fair Value

Primary Valuation Techniques

Input

Estimated Range

Weighted Average(1)

First lien senior secured loans

$

9,584

Yield analysis

Market yield

6.4% - 35.0%

12.7%

Second lien senior secured loans

3,536

Yield analysis

Market yield

10.0% - 37.3%

14.8%

Subordinated certificates of the SDLP

1,288

Discounted cash flow analysis

Discount rate

12.3% - 14.6%

13.3%

Senior subordinated loans

1,073

Yield analysis

Market yield

8.0% - 19.2%

14.6%

Preferred equity

2,456

EV market multiple analysis

EBITDA multiple

4.3x - 35.0x

16.4

x

Ivy Hill Asset Management, L.P.(2)

1,987

Discounted cash flow analysis

Discount rate

11.6% - 32.6%

14.2%

Other equity

2,160

EV market multiple analysis

EBITDA multiple

5.3x - 33.8x

14.8x

Total investments

$

22,084

________________________________________

(1)Unobservable inputs were weighted by the relative fair value of the investments.

(2)Includes the Company’s subordinated loan and equity investments in IHAM, as applicable.

As of December 31, 2022

Unobservable Input

Asset Category

Fair Value

Primary Valuation Techniques

Input

Estimated Range

Weighted Average(1)

First lien senior secured loans

$

9,165

Yield analysis

Market yield

7.6% - 26.1%

12.3%

Second lien senior secured loans

3,841

Yield analysis

Market yield

11.0% - 32.4%

14.9%

Subordinated certificates of the SDLP

1,249

Discounted cash flow analysis

Discount rate

12.4% - 14.8%

13.5%

Senior subordinated loans

1,021

Yield analysis

Market yield

8.0% - 16.3%

12.9%

Preferred equity

2,023

EV market multiple analysis

EBITDA multiple

2.6x - 40.6x

15.7x

Ivy Hill Asset Management, L.P.(2)

2,201

Discounted cash flow analysis

Discount rate

12.9% - 25.7%

14.2%

Other equity

1,861

EV market multiple analysis

EBITDA multiple

2.1x - 52.1x

15.6x

Total investments

$

21,361

________________________________________

(1)Unobservable inputs were weighted by the relative fair value of the investments.

(2)Includes the Company’s subordinated loan and equity investments in IHAM, as applicable.

Schedule of Changes in Investments that use Level 3 Inputs

The following tables present changes in investments that use Level 3 inputs as of and for the year ended December 31, 2023:

			As of and For the Year Ended December 31, 2023
Balance as of December 31, 2022			$	21,361
Net realized losses			(173)
Net unrealized gains			457
Purchases			5,585
Sales			(1,532)
Repayments			(3,707)
PIK interest and dividends			354
Net accretion of discount on securities			10
Net transfers in and/or out of Level 3			(271)
Balance as of December 31, 2023			$	22,084

The following tables present changes in investments that use Level 3 inputs as of and for the year ended December 31, 2022:

			As of and For the Year Ended December 31, 2022
Balance as of December 31, 2021			$	19,908
Net realized gains			24
Net unrealized losses			(461)
Purchases			9,341
Sales			(4,685)
Repayments			(3,009)
PIK interest and dividends			312
Net accretion of discount on securities			12
Net transfers in and/or out of Level 3			(81)
Balance as of December 31, 2022			$	21,361

Schedule of Carrying and Fair Values of Debt Obligations

The following are the carrying and fair values of the Company’s debt obligations as of December 31, 2023 and 2022. Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings, or market quotes, if available.

			As of December 31,
			December 31, 2023												December 31, 2022
			Carrying Value(1)						Fair Value(5)						Carrying Value(1)						Fair Value(5)
Revolving Credit Facility			$	1,413					$	1,413					$	2,246					$	2,246
Revolving Funding Facility			863						863						800						800
SMBC Funding Facility			401						401						451						451
BNP Funding Facility			575						575						245						245
2024 Convertible Notes (principal amount outstanding of $403)			402			(2)			417						399			(2)			428
2023 Notes (principal amount outstanding of $0 and $750, respectively)			—						—						750			(2)			749
2024 Notes (principal amount outstanding of $900)			899			(2)			893						898			(2)			873
March 2025 Notes (principal amount outstanding of $600)			599			(2)			587						597			(2)			570
July 2025 Notes (principal amount outstanding of $1,250)			1,255			(2)			1,198						1,258			(2)			1,157
January 2026 Notes (principal amount outstanding of $1,150)			1,146			(2)			1,107						1,144			(2)			1,059
July 2026 Notes (principal amount outstanding of $1,000)			993			(2)			913						991			(2)			850
January 2027 Notes (principal amount outstanding of $900 and $0, respectively)			905			(2)(3)			927						—						—
June 2027 Notes (principal amount outstanding of $500)			495			(2)			458						494			(2)			427
2028 Notes (principal amount outstanding of $1,250)			1,247			(2)			1,109						1,247			(2)			1,007
2031 Notes (principal amount outstanding of $700)			691			(2)			586						690			(2)			516
Total			$	11,884		(4)			$	11,447					$	12,210		(4)			$	11,378

________________________________________

(1)The Revolving Credit Facility, the Revolving Funding Facility, the SMBC Funding Facility and the BNP Funding Facility carrying values are the same as the principal amounts outstanding.

(2)Represents the aggregate principal amount outstanding, less unamortized debt issuance costs and the net unaccreted/amortized discount or premium recorded upon issuance.

(3)The carrying value of the January 2027 Notes as of December 31, 2023 includes a $15 increase as a result of an effective hedge accounting relationship. See Note 6 for additional information.

(4)Total principal amount of debt outstanding totaled $11,905 and $12,245 as of December 31, 2023 and 2022, respectively.

(5)The fair value of these debt obligations would be categorized as Level 2 under ASC 820-10.

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- Definition

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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