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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024:

			Fair Value Measurements Using
			Total						Level 1						Level 2						Level 3
Cash and cash equivalents			$	509					$	509					$	—					$	—
Restricted cash			$	68					$	68					$	—					$	—
Investments not measured at net asset value			$	23,116					$	42					$	721					$	22,353
Investments measured at net asset value(1)			8
Total investments			$	23,124
Derivatives:
Foreign currency forward contracts			$	4					$	—					$	4					$	—
Interest rate swaps			$	(8)					$	—					$	(8)					$	—
Unfunded revolving and delayed draw loan commitments(2)			$	(24)					$	—					$	—					$	(24)

________________________________________

(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, 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.

Schedule of Significant Unobservable Inputs

The following tables summarize the significant unobservable inputs the Valuation Designee used to value the majority of the Company’s investments categorized within Level 3 as of March 31, 2024 and December 31, 2023. 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 March 31, 2024
																		Unobservable Input
Asset Category						Fair Value						Primary Valuation Techniques						Input						Estimated Range						Weighted Average(1)
First lien senior secured loans						$	10,185					Yield analysis						Market yield						6.1% - 31.2%						12.5		%
Second lien senior secured loans						2,934						Yield analysis						Market yield						10.0% - 19.8%						14.3		%
Subordinated certificates of the SDLP						1,262						Discounted cash flow analysis						Discount rate						11.9% - 14.1%						13.3		%
Senior subordinated loans						1,192						Yield analysis						Market yield						8.8% - 19.2%						14.1		%
Preferred equity						2,526						Yield analysis						Market yield						6.0% - 19.3%						13.6		%
												EV market multiple analysis						EBITDA multiple						3.8x - 35.3x						15.3x
Ivy Hill Asset Management, L.P.(2)						1,991						Discounted cash flow analysis						Discount rate						11.0% - 26.7%						13.1		%
Other equity						2,263						EV market multiple analysis						EBITDA multiple						5.8x - 33.5x						14.4x
Total investments						$	22,353

________________________________________

(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, 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						Yield analysis						Market yield						7.0% - 20.0%						14.5		%
												EV market multiple analysis						EBITDA multiple						4.3x - 32.5x						15.2x
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.

Schedule of Changes in Investments that use Level 3 Inputs

The following table presents changes in investments that use Level 3 inputs as of and for the three months ended March 31, 2024:

			As of and For the Three Months Ended March 31, 2024
Balance as of December 31, 2023			22,084
Net realized gains			2
Net unrealized gains			110
Purchases			2,871
Sales			(1,051)
Repayments			(1,754)
PIK interest and dividends			90
Net accretion of discount on investments			1
Net transfers in and/or out of Level 3			—
Balance as of March 31, 2024			$	22,353

The following table presents changes in investments that use Level 3 inputs as of and for the three months ended March 31, 2023:

			As of and For the Three Months Ended March 31, 2023
Balance as of December 31, 2022			$	21,361
Net realized losses			(20)
Net unrealized losses			(11)
Purchases			1,072
Sales			(697)
Repayments			(1,063)
PIK interest and dividends			81
Net accretion of discount on investments			4
Net transfers in and/or out of Level 3			(44)
Balance as of March 31, 2023			$	20,683

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 March 31, 2024 and December 31, 2023. 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
			March 31, 2024												December 31, 2023
			Carrying Value(1)						Fair Value(5)						Carrying Value(1)						Fair Value(5)
Revolving Credit Facility			$	1,102					$	1,102					$	1,413					$	1,413
Revolving Funding Facility			651						651						863						863
SMBC Funding Facility			176						176						401						401
BNP Funding Facility			575						575						575						575
2024 Convertible Notes (principal amount outstanding of $0 and $403, respectively)			—						—						402			(2)			417
2024 Notes (principal amount outstanding of $900)			900			(2)			896						899			(2)			893
March 2025 Notes (principal amount outstanding of $600)			599			(2)			590						599			(2)			587
July 2025 Notes (principal amount outstanding of $1,250)			1,254			(2)			1,208						1,255			(2)			1,198
January 2026 Notes (principal amount outstanding of $1,150)			1,147			(2)			1,113						1,146			(2)			1,107
July 2026 Notes (principal amount outstanding of $1,000)			993			(2)			922						993			(2)			913
January 2027 Notes (principal amount outstanding of $900)			890			(2)(3)			926						905			(2)(3)			927
June 2027 Notes (principal amount outstanding of $500)			496			(2)			460						495			(2)			458
2028 Notes (principal amount outstanding of $1,250)			1,247			(2)			1,115						1,247			(2)			1,109
2029 Notes (principal amount outstanding of $1,000 and $0, respectively)			974			(2)(3)			997						—						—
2031 Notes (principal amount outstanding of $700)			691			(2)			584						691			(2)			586
Total			$	11,695		(4)			$	11,315					$	11,884		(4)			$	11,447

________________________________________

(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 and 2029 Notes as of March 31, 2024 includes a $1 increase and $9 decrease, respectively, as a result of an effective hedge accounting relationship. 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 $11,754 and $11,905 as of March 31, 2024 and December 31, 2023, respectively.

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

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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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