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CONSOLIDATED STATEMENT OF CASH FLOWS
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
OPERATING ACTIVITIES:    
Net increase in stockholders' equity resulting from operations $ 241 $ 449
Adjustments to reconcile net increase in stockholders’ equity resulting from operations:    
Net realized losses on investments, foreign currency and other transactions 61 18
Net unrealized losses (gains) on investments, foreign currency and other transactions 63 (156)
Realized loss on extinguishment of debt 0 14
Net (gain) loss on interest rate swaps accounted for as hedge instruments and the related hedged items (1) 0
Net accretion of discount on investments (4) (4)
PIK interest (50) (48)
Collections of PIK interest 38 3
PIK dividends (67) (56)
Collections of PIK dividends 22 0
Amortization of debt issuance costs 9 8
Net amortization of premium on notes payable (1) (2)
Proceeds from sales and repayments of investments and other transactions 2,534 2,705
Purchases of investments (3,015) (2,947)
Changes in operating assets and liabilities:    
Interest receivable 66 10
Other assets 22 5
Base management fee payable 2 3
Income based fee payable (6) (2)
Capital gains incentive fee payable (25) 24
Interest and facility fees payable (40) (25)
Payable to participants (136) 39
Accounts payable and other liabilities (12) (59)
Net cash used in operating activities (299) (21)
FINANCING ACTIVITIES:    
Borrowings on debt 2,595 2,417
Repayments and repurchases of debt (2,447) (2,173)
Debt issuance costs (11) (15)
Repayment of 2024 Convertible Notes 0 (10)
Net proceeds from issuance of common stock 384 85
Dividends paid (308) (270)
Secured borrowings, net (32) 0
Net cash provided by financing activities 181 34
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (118) 13
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 860 564
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD 742 577
Supplemental Information:    
Interest paid during the period 176 176
Taxes, including excise tax, paid during the period 37 25
Dividends declared and payable during the period $ 328 $ 291