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DEBT (Tables) | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Long-term Debt | The Company’s outstanding debt as of September 30, 2024 and December 31, 2023 was as follows:
| As of |
| September 30, 2024 |  | December 31, 2023 |
| Total Aggregate Principal Amount Committed/ Outstanding (1) |  | Principal Amount Outstanding |  | Carrying Value |  | Total Aggregate Principal Amount Committed/ Outstanding (1) |  | Principal Amount Outstanding |  | Carrying Value |
Revolving Credit Facility | $ | 4,513 |  | (2) | $ | 1,713 |  |  | $ | 1,713 |  |  | $ | 4,758 |  | (2) | $ | 1,413 |  |  | $ | 1,413 |  |
Revolving Funding Facility | 1,775 |  |  | 822 |  |  | 822 |  |  | 1,775 |  |  | 863 |  |  | 863 |  |
SMBC Funding Facility | 800 |  | (3) | 492 |  |  | 492 |  |  | 800 |  | (3) | 401 |  |  | 401 |  |
BNP Funding Facility | 1,265 |  |  | 784 |  |  | 784 |  |  | 865 |  |  | 575 |  |  | 575 |  |
2024-1 CLO Notes(4) | 476 |  |  | 476 |  |  | 473 |  | (5) | — |  |  | — |  |  | — |  |
2024 Convertible Notes | — |  |  | — |  |  | — |  | (5) | 403 |  |  | 403 |  |  | 402 |  | (5)
June 2024 Notes | — |  |  | — |  |  | — |  | (5) | 900 |  |  | 900 |  |  | 899 |  | (5)
March 2025 Notes | 600 |  |  | 600 |  |  | 600 |  | (5) | 600 |  |  | 600 |  |  | 599 |  | (5)
July 2025 Notes | 1,250 |  |  | 1,250 |  |  | 1,252 |  | (5) | 1,250 |  |  | 1,250 |  |  | 1,255 |  | (5)
January 2026 Notes | 1,150 |  |  | 1,150 |  |  | 1,148 |  | (5) | 1,150 |  |  | 1,150 |  |  | 1,146 |  | (5)
July 2026 Notes | 1,000 |  |  | 1,000 |  |  | 995 |  | (5) | 1,000 |  |  | 1,000 |  |  | 993 |  | (5)
January 2027 Notes | 900 |  |  | 900 |  |  | 909 |  | (5)(6) | 900 |  |  | 900 |  |  | 905 |  | (5)(6)
June 2027 Notes | 500 |  |  | 500 |  |  | 496 |  | (5) | 500 |  |  | 500 |  |  | 495 |  | (5)
June 2028 Notes | 1,250 |  |  | 1,250 |  |  | 1,248 |  | (5) | 1,250 |  |  | 1,250 |  |  | 1,247 |  | (5)
March 2029 Notes | 1,000 |  |  | 1,000 |  |  | 1,005 |  | (5)(6) | — |  |  | — |  |  | — |  |
July 2029 Notes | 850 |  |  | 850 |  |  | 871 |  | (5)(6) | — |  |  | — |  |  | — |  |
November 2031 Notes | 700 |  |  | 700 |  |  | 692 |  | (5) | 700 |  |  | 700 |  |  | 691 |  | (5)
Total | $ | 18,029 |  |  | $ | 13,487 |  |  | $ | 13,500 |  |  | $ | 16,851 |  |  | $ | 11,905 |  |  | $ | 11,884 |  |
________________________________________ (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 to a maximum of $6,732 and $7,137, as of September 30, 2024 and December 31, 2023, respectively. (3)Provides for a feature that allows ACJB (as defined below), under certain circumstances, to increase the size of the SMBC Funding Facility to a maximum of $1,000. (4)Excludes the CLO Subordinated Notes (as defined below), which were retained by the Company and, as such, are eliminated in consolidation. See “Debt Securitization” below for more information. (5)Represents the aggregate principal amount outstanding, less unamortized debt issuance costs and the net unaccreted/amortized discount or premium recorded upon issuance. In March 2024, the Company repaid in full the 2024 Convertible Notes (as defined below) upon their maturity. In June 2024, the Company repaid in full the June 2024 Notes (as defined below) upon their maturity. (6)The carrying value of the January 2027 Notes, the March 2029 Notes and the July 2029 Notes (each as defined below) as of September 30, 2024 includes adjustments as a result of effective hedge accounting relationships. The carrying value of the January 2027 Notes as of December 31, 2023 includes an adjustment as a result of an effective hedge accounting relationship. See Note 6 for more information on the interest rate swaps. For the three and nine months ended September 30, 2024 and 2023, 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 September 30, |  | For the Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Stated interest expense | $ | 33 |  |  | $ | 26 |  |  | $ | 78 |  |  | $ | 94 |
Credit facility fees | 3 |  |  | 3 |  |  | 10 |  |  | 9 |
Amortization of debt issuance costs | 2 |  |  | 2 |  |  | 7 |  |  | 6 |
Total interest and credit facility fees expense | $ | 38 |  |  | $ | 31 |  |  | $ | 95 |  |  | $ | 109 |
Cash paid for interest expense | $ | 31 |  |  | $ | 28 |  |  | $ | 92 |  |  | $ | 103 |
Average stated interest rate | 7.22 | % |  | 7.25 | % |  | 7.33 | % |  | 6.64 | %
Average outstanding balance | $ | 1,818 |  |  | $ | 1,479 |  |  | $ | 1,420 |  |  | $ | 1,885 |
For the three and nine months ended September 30, 2024 and 2023, 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 September 30, |  | For the Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Stated interest expense | $ | 17 |  |  | $ | 16 |  |  | $ | 41 |  |  | $ | 44 |
Credit facility fees | 1 |  |  | 1 |  |  | 5 |  |  | 4 |
Amortization of debt issuance costs | 1 |  |  | 1 |  |  | 3 |  |  | 3 |
Total interest and credit facility fees expense | $ | 19 |  |  | $ | 18 |  |  | $ | 49 |  |  | $ | 51 |
Cash paid for interest expense | $ | 16 |  |  | $ | 16 |  |  | $ | 42 |  |  | $ | 43 |
Average stated interest rate | 7.34 | % |  | 7.46 | % |  | 7.42 | % |  | 6.96 | %
Average outstanding balance | $ | 872 |  |  | $ | 863 |  |  | $ | 721 |  |  | $ | 847 |
For the three and nine months ended September 30, 2024 and 2023, 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 September 30, |  | For the Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Stated interest expense | $ | 10 |  |  | $ | 7 |  |  | $ | 22 |  |  | $ | 21 |
Credit facility fees | — |  |  | 1 |  |  | 2 |  |  | 2 |
Amortization of debt issuance costs | 1 |  |  | 1 |  |  | 2 |  |  | 2 |
Total interest and credit facility fees expense | $ | 11 |  |  | $ | 9 |  |  | $ | 26 |  |  | $ | 25 |
Cash paid for interest expense | $ | 9 |  |  | $ | 7 |  |  | $ | 21 |  |  | $ | 21 |
Average stated interest rate | 7.80 | % |  | 7.34 | % |  | 8.11 | % |  | 6.78 | %
Average outstanding balance | $ | 482 |  |  | $ | 401 |  |  | $ | 356 |  |  | $ | 414 |
For the three and nine months ended September 30, 2024 and 2023, 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 September 30, |  | For the Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Stated interest expense | $ | 12 |  |  | $ | 10 |  |  | $ | 35 |  |  | $ | 23 |
Credit facility fees | 1 |  |  | — |  |  | 1 |  |  | 1 |
Amortization of debt issuance costs | 1 |  |  | — |  |  | 1 |  |  | 1 |
Total interest and credit facility fees expense | $ | 14 |  |  | $ | 10 |  |  | $ | 37 |  |  | $ | 25 |
Cash paid for interest expense | $ | 11 |  |  | $ | 10 |  |  | $ | 34 |  |  | $ | 22 |
Average stated interest rate | 7.52 | % |  | 8.32 | % |  | 7.76 | % |  | 7.75 | %
Average outstanding balance | $ | 623 |  |  | $ | 493 |  |  | $ | 587 |  |  | $ | 401 |
The following table presents information on the 2024-1 CLO Notes as of September 30, 2024:
Class |  | Type |  | Principal Outstanding |  | Maturity Date |  | Interest Rate |  | Credit Rating
Class A CLO Notes |  | Senior Secured Floating Rate |  | $ | 406 |  |  | April 25, 2036 |  | SOFR+1.80% |  | AAA(sf)
Class B CLO Notes |  | Senior Secured Floating Rate |  | 70 |  |  | April 25, 2036 |  | SOFR+2.20% |  | AA(sf)
Total CLO Secured Notes |  |  |  | 476 |  |  |  |  |  |  |
CLO Subordinated Notes |  | Subordinated |  | 226 |  |  | April 25, 2036 |  | None |  | Not Rated
Total 2024-1 CLO Notes |  |  |  | $ | 702 |  |  |  |  |  |  |
For the three and nine months ended September 30, 2024, the components of interest expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the CLO Secured Notes were as follows.
|  | For the Three Months Ended September 30, 2024 |  |  |  | For the Nine Months Ended September 30, 2024
Stated interest expense |  | $ | 9 |  |  |  |  | $ | 13 |  |  |
Amortization of debt issuance costs |  | — |  |  |  |  | — |  |  |
Total interest expense |  | $ | 9 |  |  |  |  | $ | 13 |  |  |
Cash paid for interest expense |  | $ | — |  |  |  |  | $ | — |  |  |
Average stated interest rate |  | 7.32 | % |  |  |  | 7.26 | % |  |
Average outstanding balance |  | $ | 476 |  |  |  |  | $ | 226 |  |  |
For the three and nine months ended September 30, 2024 and 2023, the components of interest expense and cash paid for interest expense for the 2024 Convertible Notes were as follows.
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Stated interest expense | $ | — |  |  | $ | 5 |  |  | $ | 3 |  |  | $ | 14 |  |  |
Accretion of original issue discount | — |  |  | 1 |  |  | — |  |  | 2 |  |  |
Total interest expense | $ | — |  |  | $ | 6 |  |  | $ | 3 |  |  | $ | 16 |  |  |
Cash paid for interest expense | $ | — |  |  | $ | — |  |  | $ | 9 |  |  | $ | 9 |  |  |
Certain key terms related to the features for the Unsecured Notes as of September 30, 2024 are listed below.
Unsecured Notes | Aggregate Principal Amount Issued |  | Effective Stated Interest Rate |  | Original Issuance Date |  | Maturity Date
March 2025 Notes | $ | 600 |  |  | 4.250% |  | January 11, 2018 |  | March 1, 2025
July 2025 Notes | $ | 1,250 |  |  | 3.250% |  | January 15, 2020 |  | July 15, 2025
January 2026 Notes | $ | 1,150 |  |  | 3.875% |  | July 15, 2020 |  | January 15, 2026
July 2026 Notes | $ | 1,000 |  |  | 2.150% |  | January 13, 2021 |  | July 15, 2026
January 2027 Notes(1) | $ | 900 |  |  | 7.678% |  | August 3, 2023 |  | January 15, 2027
June 2027 Notes | $ | 500 |  |  | 2.875% |  | January 13, 2022 |  | June 15, 2027
June 2028 Notes | $ | 1,250 |  |  | 2.875% |  | June 10, 2021 |  | June 15, 2028
March 2029 Notes(1) | $ | 1,000 |  |  | 7.223% |  | January 23, 2024 |  | March 1, 2029
July 2029 Notes(1) | $ | 850 |  |  | 6.740% |  | May 13, 2024 |  | July 15, 2029
November 2031 Notes | $ | 700 |  |  | 3.200% |  | November 4, 2021 |  | November 15, 2031
________________________________________ (1)The effective stated interest rates for the January 2027 Notes, the March 2029 Notes and the July 2029 Notes include the impact of interest rate swaps. For the three and nine months ended September 30, 2024 and 2023, 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 were as follows.
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Stated interest expense(1) | $ | 102 |  |  | $ | 69 |  |  | $ | 298 |  |  | $ | 193 |
Amortization of debt issuance costs | 4 |  |  | 4 |  |  | 12 |  |  | 11 |
Net amortization of original issue premium/discount | (2) |  |  | (2) |  |  | (5) |  |  | (5) |
Total interest expense | $ | 104 |  |  | $ | 71 |  |  | $ | 305 |  |  | $ | 199 |
Cash paid for interest expense(1) | $ | 162 |  |  | $ | 80 |  |  | $ | 315 |  |  | $ | 214 |
________________________________________ (1)Includes the impact of the interest rate swaps.
Schedule of Revolving and Term Loan | As of September 30, 2024, the end of the revolving periods and the stated maturity dates of the various revolving and term loan tranches of the Revolving Credit Facility were as follows:
| Total Aggregate Principal Amount Committed/ Outstanding |  | End of Revolving Period |  | Maturity Date |  |  |
Revolving tranche | $ | 3,024 |  |  | April 12, 2028 |  | April 12, 2029 |  |  |
| 269 |  | March 31, 2026 |  | March 31, 2027 |  |  |
| 107 |  | March 31, 2025 |  | March 31, 2026 |  |  |
| 3,400 |  |  |  |  |  |  |  |
Term loan tranche | 974 |  |  |  |  | April 12, 2029 |  |  |
| 70 |  |  |  | April 19, 2028 |  |  |
| 41 |  |  |  | March 31, 2027 |  |  |
| 28 |  |  |  | March 31, 2026 |  |  |
| 1,113 |  |  |  |  |  |  |  |
| $ | 4,513 |  |  |  |  |  |  |  |
Schedule of Interest Rate Swap Instruments | Certain information related to the Company’s interest rate swap instruments as of September 30, 2024 is presented below.
Description |  | Hedged Item |  | Company Receives |  | Company Pays |  |  |  | Maturity Date |  | Notional Amount |  |  |  |
Interest rate swap |  | January 2027 Notes |  | 7.000 | % |  | SOFR +2.581% |  |  |  | January 15, 2027 |  | $ | 900 |  |  |  |  |
Interest rate swap |  | March 2029 Notes |  | 5.875 | % |  | SOFR +2.023% |  |  |  | March 1, 2029 |  | $ | 1,000 |  |  |  |  |
Interest rate swap |  | July 2029 Notes |  | 5.950 | % |  | SOFR +1.643% |  |  |  | July 15, 2029 |  | $ | 850 |  |  |  |  |
As of September 30, 2024 and December 31, 2023, the counterparty to all of the Company’s interest rate swap agreements was Wells Fargo Bank, N.A. Certain information related to the Company’s interest rate swap instruments as of September 30, 2024 is presented below.
Description |  | Hedged Item |  | Company Receives |  | Company Pays |  |  |  | Maturity Date |  | Notional Amount |  |  |  |
Interest rate swap |  | January 2027 Notes |  | 7.000 | % |  | SOFR +2.581% |  |  |  | January 15, 2027 |  | $ | 900 |  |  |  |  |
Interest rate swap |  | March 2029 Notes |  | 5.875 | % |  | SOFR +2.023% |  |  |  | March 1, 2029 |  | $ | 1,000 |  |  |  |  |
Interest rate swap |  | July 2029 Notes |  | 5.950 | % |  | SOFR +1.643% |  |  |  | July 15, 2029 |  | $ | 850 |  |  |  |  |

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