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Financing Arrangements (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Summary of Outstanding Financing Arrangements

The following tables present summary information with respect to the Company’s outstanding financing arrangements as of December 31, 2025 and 2024:

						As of December 31, 2025
Arrangement						Type of Arrangement						Rate						Amount Outstanding						Amount Available						Maturity Date
Callowhill Credit Facility(2)						Revolving Credit Facility						SOFR+1.75%(1)						$	284					$	116					June 2, 2030
CCT Tokyo Funding Credit Facility(2)						Revolving Credit Facility						SOFR+1.90% - 2.05%(1)(3)						45						—						June 2, 2026
Meadowbrook Run Credit Facility(2)						Revolving Credit Facility						SOFR+1.95%(1)						265						35						November 22, 2028
Senior Secured Revolving Credit Facility(2)						Revolving Credit Facility						SOFR+1.75% - 1.88%(1)(4)						1,533(5)						3,117(6)						July 16, 2030
3.400% Notes due 2026(7)						Unsecured Notes						3.40%						1,000						—						January 15, 2026
2.625% Notes due 2027(7)						Unsecured Notes						2.63%						400						—						January 15, 2027
3.250% Notes due 2027(7)						Unsecured Notes						3.25%						500						—						July 15, 2027
3.125% Notes due 2028(7)						Unsecured Notes						3.13%						750						—						October 12, 2028
7.875% Notes due 2029(7)						Unsecured Notes						7.88%						400						—						January 15, 2029
6.875% Notes due 2029(7)(8)						Unsecured Notes						6.88%						600						—						August 15, 2029
6.125% Notes due 2030(7)(8)						Unsecured Notes						6.13%						700						—						January 15, 2030
6.125% Notes due 2031(7)(8)						Unsecured Notes						6.13%						400						—						January 15, 2031
CLO-2 Notes(2)(9)						Collateralized Loan Obligation						SOFR+1.48% - 2.15%(1)						380						—						April 15, 2037
CLO-3 Notes(2)(10)						Collateralized Loan Obligation						SOFR+1.47% - 2.10%(1)						363						—						January 15, 2038
Total																		$	7,620					$	3,268

___________

(1)The benchmark rate is subject to a 0% floor.

(2)The carrying amount outstanding under the facility approximates its fair value.

(3)As of December 31, 2025, there was $30 term loan outstanding at SOFR+1.90% and $15 revolving commitment outstanding at SOFR+2.05%.

(4)The spread over the benchmark rate is determined by reference to the ratio of the value of the borrowing base to the aggregate amount of certain outstanding indebtedness of the Company. In addition to the spread over the benchmark rate, a credit spread adjustment of 0.10% and 0.0326% is applicable to borrowings in U.S. dollars and pounds sterling, respectively.

(5)Amount includes borrowing in Euros, pounds sterling and Australian dollars. Euro balance outstanding of €361 has been converted to U.S. dollars at an exchange rate of €1.00 to $1.17 as of December 31, 2025 to reflect total amount outstanding in U.S. dollars. Pounds sterling balance outstanding of £180 has been converted to U.S dollars at an exchange rate of £1.00 to $1.34 as of December 31, 2025 to reflect total amount outstanding in U.S. dollars. Australian dollar balance outstanding of AUD3 has been converted to U.S dollars at an exchange rate of AUD1.00 to $0.67 as of December 31, 2025 to reflect total amount outstanding in U.S. dollars.

(6)The amount available for borrowing under the Senior Secured Revolving Credit Facility is reduced by any standby letters of credit issued under the Senior Secured Revolving Credit Facility. As of December 31, 2025, $50 of such letters of credit have been issued.

(7)As of December 31, 2025, the fair value of the 3.400% Notes due 2026, the 2.625% Notes due 2027, the 3.250% Notes due 2027, the 3.125% Notes due 2028, the 7.875% Notes due 2029, the 6.875% Notes due 2029, the 6.125% Notes due 2030 and the 6.125% Notes due 2031 was approximately $1,000, $389, $483, $692, $414, $624, $732 and $403, respectively. These valuations are considered Level 2 valuations within the fair value hierarchy.

(8)As of December 31, 2025, the carrying values of the 6.875% Notes due 2029, the 6.125% Notes due 2030 and the 6.125% due 2031 include a $24, $32 and $3 increase, respectively, as a result of an effective hedge accounting relationship. See Note 7 for additional information.

(9)As of December 31, 2025, there were $160.0 of Class A-1 notes outstanding at SOFR+1.48%, $100.0 of Class A-1L notes outstanding at SOFR+1.48%, $30.0 of Class A-1W notes outstanding at SOFR+1.48%, $20.0 of Class A-2L notes outstanding at SOFR+1.60%, $30.0 of Class B notes outstanding at SOFR+1.75% and $40.0 of Class C notes outstanding at SOFR+2.15%.

(10)As of December 31, 2025, there were $125.5 of Class A-1 Notes outstanding at SOFR+1.47%, $150.0 of Class A-1 Loans outstanding at SOFR+1.47%, $19.0 of Class A-2 Notes outstanding at SOFR+1.65%, $35.6 of Class B Notes outstanding at SOFR+1.80% and $33.2 of Class C Notes outstanding at SOFR+2.10%.

						As of December 31, 2024
Arrangement						Type of Arrangement						Rate						Amount Outstanding						Amount Available						Maturity Date
Ambler Credit Facility(2)						Revolving Credit Facility						SOFR+2.25%(1)						$	133					$	67					November 13, 2029
CCT Tokyo Funding Credit Facility(2)						Revolving Credit Facility						SOFR+1.90% - 2.05%(1)(3)						147						—						June 2, 2026
Darby Creek Credit Facility(2)						Revolving Credit Facility						SOFR+2.65%(1)						500						250						February 26, 2027
Meadowbrook Run Credit Facility(2)						Revolving Credit Facility						SOFR+2.70%(1)						200						100						November 22, 2026
Senior Secured Revolving Credit Facility(2)						Revolving Credit Facility						SOFR+1.75% - 1.88%(1)(4)						628(5)						3,946(6)						October 31, 2028
4.125% Notes due 2025(7)						Unsecured Notes						4.13%						470						—						February 1, 2025
4.250% Notes due 2025(7)						Unsecured Notes						4.25%						475						—						February 14, 2025
8.625% Notes due 2025(7)						Unsecured Notes						8.63%						250						—						May 15, 2025
3.400% Notes due 2026(7)						Unsecured Notes						3.40%						1,000						—						January 15, 2026
2.625% Notes due 2027(7)						Unsecured Notes						2.63%						400						—						January 15, 2027
3.250% Notes due 2027(7)						Unsecured Notes						3.25%						500						—						July 15, 2027
3.125% Notes due 2028(7)						Unsecured Notes						3.13%						750						—						October 12, 2028
7.875% Notes due 2029(7)						Unsecured Notes						7.88%						400						—						January 15, 2029
6.875% Notes due 2029(7)(8)						Unsecured Notes						6.88%						600						—						August 15, 2029
6.125% Notes due 2030(7)(8)						Unsecured Notes						6.13%						700						—						January 15, 2030
CLO-1 Notes(2)(9)						Collateralized Loan Obligation						3.01% - SOFR+1.85%(1)						232						—						January 15, 2031
Total																		$	7,385					$	4,363

____________

(1)The benchmark rate is subject to a 0% floor.

(2)The carrying amount outstanding under the facility approximates its fair value.

(3)As of December 31, 2024, there was $98 term loan outstanding at SOFR+1.90% and $49 revolving commitment outstanding at SOFR+2.05%.

(4)The spread over the benchmark rate is determined by reference to the ratio of the value of the borrowing base to the aggregate amount of certain outstanding indebtedness of the Company. In addition to the spread over the benchmark rate, a credit spread adjustment of 0.10% and 0.0326% is applicable to borrowings in U.S. dollars and pounds sterling, respectively.

(5)Amount includes borrowing in Euros, Canadian dollars, pounds sterling and Australian dollars. Euro balance outstanding of €455 has been converted to U.S. dollars at an exchange rate of €1.00 to $1.04 as of December 31, 2024 to reflect total amount outstanding in U.S. dollars. Canadian dollar balance outstanding of CAD3 has been converted to U.S dollars at an exchange rate of CAD1.00 to $0.69 as of December 31, 2024 to reflect total amount outstanding in U.S. dollars. Pounds sterling balance outstanding of £165 has been converted to U.S dollars at an exchange rate of £1.00 to $1.25 as of December 31, 2024 to reflect total amount outstanding in U.S. dollars. Australian dollar balance outstanding of AUD4 has been converted to U.S dollars at an exchange rate of AUD1.00 to $0.62 as of December 31, 2024 to reflect total amount outstanding in U.S. dollars.

(6)The amount available for borrowing under the Senior Secured Revolving Credit Facility is reduced by any standby letters of credit issued under the Senior Secured Revolving Credit Facility. As of December 31, 2024, $21 of such letters of credit have been issued.

(7)As of December 31, 2024, the fair value of the 4.125% Notes due 2025, the 4.250% Notes due 2025, the 8.625% Notes due 2025, the 3.400% Notes due 2026, the 2.625% Notes due 2027, the 3.250% Notes due 2027, the 3.125% Notes due 2028, the 7.875% Notes due 2029, the 6.875% Notes due 2029 and the 6.125% Notes due 2030 was approximately $469, $474, $251, $981, $379, $474, $680, $426, $615 and $700, respectively. These valuations are considered Level 2 valuations within the fair value hierarchy.

(8)As of December 31, 2024, the carrying values of the 6.875% Notes due 2029 and 6.125% Notes due 2030 include a $15 and $0 increase, respectively, as a result of an effective hedge accounting relationship. See Note 7 for additional information.

(9)As of December 31, 2024, there were $161.8 of Class A-1R Notes outstanding at SOFR+1.85%, $20.5 of Class A-2R Notes outstanding at SOFR+2.25%, $32.4 of Class B-1R Notes outstanding at SOFR+2.60% and $17.4 of Class B-2R Notes outstanding at 3.011%.

Summary of Interest Expense

For the years ended December 31, 2025, 2024 and 2023, the components of total interest expense for the Company’s financing arrangements were as follows:

						Year Ended December 31,
						2025																		2024																		2023
Arrangement(1)						Direct Interest Expense						Amortization of Deferred Financing Costs and Discount / Premium						Total Interest Expense						Direct Interest Expense						Amortization of Deferred Financing Costs and Discount / Premium						Total Interest Expense						Direct Interest Expense						Amortization of Deferred Financing Costs and Discount / Premium						Total Interest Expense
Ambler Credit Facility(2)						$	12					$	0					$	12					$	14					$	0					$	14					$	11					$	1					$	12
Burholme Prime Brokerage Facility(2)						—						—						—						—						—						—						—						—						—
Callowhill Credit Facility(2)						13						0						13						—						—						—						—						—						—
CCT Tokyo Funding Credit Facility(2)						6						1						7						18						0						18						19						0						19
Darby Creek Credit Facility(2)						16						1						17						57						2						59						43						1						44
Dunlap Credit Facility(2)						—						—						—						—						—						—						10						0						10
Meadowbrook Run Credit Facility(2)						18						1						19						22						0						22						20						1						21
Senior Secured Revolving Credit Facility(2)						128						5						133						91						5						96						147						3						150
4.625% Notes due 2024						—						—						—						10						1						11						19						1						20
1.650% Notes due 2024						—						—						—						6						3						9						8						2						10
4.125% Notes due 2025						2						0						2						19						2						21						19						1						20
4.250% Notes due 2025						2						(1)						1						20						(7)						13						20						(7)						13
8.625% Notes due 2025						4						1						5						22						1						23						22						1						23
3.400% Notes due 2026						34						6						40						34						4						38						34						4						38
2.625% Notes due 2027						11						0						11						11						1						12						11						2						13
3.250% Notes due 2027						16						1						17						16						2						18						16						2						18
3.125% Notes due 2028						23						1						24						23						1						24						23						3						26
7.875% Notes due 2029						32						1						33						32						2						34						4						0						4
6.875% Notes due 2029(3)						43						4						47						27						1						28						—						—						—
6.125% Notes due 2030(3)						46						1						47						4						0						4						—						—						—
6.125% Notes due 2031(3)						7						1						8						—						—						—						—						—						—
CLO-1 Notes						9						1						10						20						1						21						25						1						26
CLO-2 Notes						17						0						17						—						—						—						—						—						—
CLO-3 Notes						1						0						1						—						—						—						—						—						—
Total						$	440					$	24					$	464					$	446					$	19					$	465					$	451					$	16					$	467

___________

(1)Borrowings of each of the Company’s wholly-owned, special-purpose financing subsidiaries are considered borrowings of the Company for purposes of complying with the asset coverage requirements applicable to BDCs under the 1940 Act.

(2)Direct interest expense includes the effect of non-usage fees.

(3)Direct interest expense includes the impact of interest rate swaps.

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