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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2025

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, unfunded revolving and delayed draw loan commitments and derivatives as of September 30, 2025:

			Fair Value Measurements Using
			Total						Level 1						Level 2						Level 3
Cash and cash equivalents			$	1,036					$	1,036					$	—					$	—
Restricted cash			$	218					$	218					$	—					$	—
Investments not measured at net asset value			$	28,676					$	21					$	800					$	27,855
Investments measured at net asset value(1)			17
Total investments			$	28,693
Unfunded revolving and delayed draw loan commitments(2)			$	(28)					$	—					$	—					$	(28)
Derivatives:
Foreign currency forward contracts			$	1					$	—					$	1					$	—
Interest rate swaps			$	92					$	—					$	92					$	—

________________________________________

(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, unfunded revolving and delayed draw loan commitments and derivatives as of December 31, 2024:

			Fair Value Measurements Using
			Total						Level 1						Level 2						Level 3
Cash and cash equivalents			$	635					$	635					$	—					$	—
Restricted cash			$	225					$	225					$	—					$	—
Investments not measured at net asset value			$	26,711					$	33					$	587					$	26,091
Investments measured at net asset value(1)			9
Total investments			$	26,720
Unfunded revolving and delayed draw loan commitments(2)			$	(29)					$	—					$	—					$	(29)
Derivatives:
Foreign currency forward contracts			$	24					$	—					$	24					$	—
Interest rate swaps			$	2					$	—					$	2					$	—

________________________________________

(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 September 30, 2025 and December 31, 2024. The tables are not intended to be all-inclusive, but instead to capture the significant unobservable inputs relevant to the Valuation Designee’s determination of fair values.

						As of September 30, 2025
																		Unobservable Input
Asset Category						Fair Value						Primary Valuation Techniques						Input						Estimated Range						Weighted Average(1)
First lien senior secured loans						$	17,331					Yield analysis						Market yield						4.5% - 20.8%						9.8		%
Second lien senior secured loans						1,226						Yield analysis						Market yield						10.0% - 20.2%						13.9		%
Subordinated certificates of the SDLP						1,042						Discounted cash flow analysis						Discount rate						9.7% - 12.8%						11.3		%
Senior subordinated loans						1,391						Yield analysis						Market yield						7.0% - 24.7%						13.4		%
Preferred equity						2,461						Yield analysis						Market yield						7.0% - 20.3%						13.1		%
												EV market multiple analysis						EBITDA multiple						3.4x - 27.3x						14.9x
Ivy Hill Asset Management, L.P.(2)						2,018						Discounted cash flow analysis						Discount rate						9.3% - 16.7%						10.3		%
Other equity						2,386						EV market multiple analysis						EBITDA multiple						5.0x - 34.0x						15.7x
Total investments						$	27,855

________________________________________

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

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

						As of December 31, 2024
																		Unobservable Input
Asset Category						Fair Value						Primary Valuation Techniques						Input						Estimated Range						Weighted Average(1)
First lien senior secured loans						$	14,722					Yield analysis						Market yield						3.8% - 22.9%						10.4		%
Second lien senior secured loans						1,724						Yield analysis						Market yield						9.6% - 23.2%						14.2		%
Subordinated certificates of the SDLP						1,192						Discounted cash flow analysis						Discount rate						10.0% - 13.0%						12.0		%
Senior subordinated loans						1,343						Yield analysis						Market yield						8.4% - 21.9%						12.8		%
Preferred equity						2,649						Yield analysis						Market yield						7.0% - 19.0%						13.3		%
												EV market multiple analysis						EBITDA multiple						2.6x - 25.1x						15.4x
Ivy Hill Asset Management, L.P.(2)						1,915						Discounted cash flow analysis						Discount rate						9.9% - 19.0%						11.4		%
Other equity						2,546						EV market multiple analysis						EBITDA multiple						5.6x - 49.7x						18.1x
Total investments						$	26,091

________________________________________

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

(2)Includes the Company’s subordinated loan to 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 three and nine months ended September 30, 2025:

			As of and For the Three Months Ended September 30, 2025
Balance as of June 30, 2025			$	27,126
Net realized gains			245
Net unrealized losses			(188)
Purchases			3,379
Sales			(687)
Repayments			(2,130)
PIK interest and dividends			108
Net accretion of discount on investments			2
Transfers into Level 3			—
Transfers out of Level 3			—
Balance as of September 30, 2025			$	27,855

			As of and For the Nine Months Ended September 30, 2025
Balance as of December 31, 2024			$	26,091
Net realized gains			252
Net unrealized losses			(245)
Purchases			8,788
Sales			(2,151)
Repayments			(5,038)
PIK interest and dividends			363
Net accretion of discount on investments			7
Transfers into Level 3			—
Transfers out of Level 3			(212)
Balance as of September 30, 2025			$	27,855

The following tables present changes in investments that use Level 3 inputs as of and for the three and nine months ended September 30, 2024:

			As of and For the Three Months Ended September 30, 2024
Balance as of June 30, 2024			$	24,302
Net realized losses			(20)
Net unrealized gains			73
Purchases			3,279
Sales			(846)
Repayments			(1,663)
PIK interest and dividends			111
Net accretion of discount on investments			3
Transfers into Level 3			—
Transfers out of Level 3			(83)
Balance as of September 30, 2024			$	25,156

			As of and For the Nine Months Ended September 30, 2024
Balance as of December 31, 2023			$	22,084
Net realized losses			(33)
Net unrealized gains			132
Purchases			9,395
Sales			(1,957)
Repayments			(4,718)
PIK interest and dividends			329
Net accretion of discount on investments			7
Transfers into Level 3			—
Transfers out of Level 3			(83)
Balance as of September 30, 2024			$	25,156

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 September 30, 2025 and December 31, 2024. 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
			September 30, 2025												December 31, 2024
			Carrying Value(1)						Fair Value(6)						Carrying Value(1)						Fair Value(6)
Revolving Credit Facility			$	2,293					$	2,293					$	1,113					$	1,113
Revolving Funding Facility			1,239						1,239						1,065						1,065
SMBC Funding Facility			539						539						502						502
BNP Funding Facility			774						774						889						889
April 2036 CLO Notes (principal amount outstanding of $476)(2)			474			(3)			474						473			(3)			476
October 2036 CLO Secured Loans (principal amount outstanding of $544)(2)			541			(3)			541						541			(3)			544
March 2025 Notes (principal amount outstanding of $0 and $600, respectively)			—						—						600			(3)			599
July 2025 Notes (principal amount outstanding of $0 and $1,250, respectively)			—						—						1,252			(3)			1,238
January 2026 Notes (principal amount outstanding of $1,150)			1,149			(3)			1,148						1,148			(3)			1,137
July 2026 Notes (principal amount outstanding of $1,000)			998			(3)			983						996			(3)			957
January 2027 Notes (principal amount outstanding of $900)			901			(3)(4)			927						891			(3)(4)			933
June 2027 Notes (principal amount outstanding of $500)			498			(3)			488						497			(3)			475
June 2028 Notes (principal amount outstanding of $1,250)			1,248			(3)			1,195						1,248			(3)			1,151
March 2029 Notes (principal amount outstanding of $1,000)			1,000			(3)(4)			1,029						985			(3)(4)			1,010
July 2029 Notes (principal amount outstanding of $850)			862			(3)(4)			878						835			(3)(4)			861
September 2030 Notes (principal amount outstanding of $750 and $0, respectively)			744			(3)(4)			760						—						—
January 2031 Notes (principal amount outstanding of $650 and $0, respectively)			636			(3)(4)			645						—						—
November 2031 Notes (principal amount outstanding of $700)			693			(3)			627						692			(3)			602
March 2032 Notes (principal amount outstanding of $1,000 and $0, respectively)			1,016			(3)(4)			1,020						—						—
Total			$	15,605		(5)			$	15,560					$	13,727		(5)			$	13,552

________________________________________

(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)Excludes the April 2036 CLO Subordinated Notes and October 2036 CLO Subordinated Notes, which were retained by the Company and, as such, eliminated in consolidation. See Note 5 for more information on the Debt Securitizations.

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

(4)The carrying value of the January 2027 Notes, the March 2029 Notes, the July 2029 Notes, the September 2030 Notes, the January 2031 Notes and the March 2032 Notes as of September 30, 2025 includes adjustments as a result of effective hedge accounting relationships. The carrying value of the January 2027 Notes, the March 2029 Notes and the

July 2029 Notes as of December 31, 2024 includes adjustments as a result of effective hedge accounting relationships. See Notes 5 and 6 for more information.

(5)Total principal amount of outstanding debt totaled $15,615 and $13,789 as of September 30, 2025 and December 31, 2024, respectively.

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

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- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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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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