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Investments - Schedule of Financial Information for OBDC SLF (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Dec. 31, 2022
Assets                
Amortized Cost $ 13,314,048 [1],[2],[3],[4],[5]   $ 13,314,048 [1],[2],[3],[4],[5]     $ 12,632,202 [6],[7],[8],[9],[10],[11]    
Investments at fair value 13,341,982 [3],[4],[5]   13,341,982 [3],[4],[5]     12,713,348 [6],[9],[10],[11]    
Interest receivable 109,300   109,300     112,260    
Prepaid expenses and other assets 5,000   5,000     3,152    
Total Assets 13,866,620   13,866,620     13,511,396    
Liabilities                
Unamortized debt issuance costs 84,433   84,433     81,492    
Debt 7,414,920   7,414,920     7,077,088    
Distributions payable 144,380   144,380     136,407    
Payable for investments purchased 9,130   9,130     0    
Accrued expenses and other liabilities 208,469   208,469     182,745    
Total Liabilities 7,872,336   7,872,336     7,490,003    
Members' Equity                
Members' Equity 5,994,284 $ 5,948,964 5,994,284 $ 5,948,964 $ 6,028,530 6,021,393 $ 5,917,370 $ 5,882,403
Total Liabilities and Net Assets 13,866,620   13,866,620     13,511,396    
Investment Income                
Total Investment Income 396,760 394,223 796,337 771,845        
Expenses                
Interest expense 109,125 110,017 228,254 213,972        
Professional fees 4,113 4,131 7,709 7,804        
Total Operating Expenses 205,216 205,167 416,788 401,544        
Net Investment Income (Loss) Before Taxes 191,544 189,056 379,549 370,301        
Tax expense (benefit) 2,410 2,380 7,650 5,765        
Net Investment Income (Loss) After Taxes 189,134 186,676 371,899 364,536        
Net Realized and Change in Unrealized Gain (Loss) on Investments                
Net change in unrealized gain (loss) on investments (59,897) 8,937 (53,252) 85,542        
Net realized gain on investments (7,017) (51) (13,910) (52,673)        
Total Net Realized and Change in Unrealized Gain (Loss) (66,914) 8,886 (67,162) 32,869        
Net Increase (Decrease) in Net Assets Resulting from Operations 122,220 195,562 304,737 397,405        
OBDC Senior Loan Fund                
Assets                
Amortized Cost 1,150,663   1,150,663     1,101,110    
Investments at fair value 1,133,222   1,133,222     1,087,898    
Cash 62,763   62,763     37,617    
Interest receivable 8,149   8,149     7,734    
Prepaid expenses and other assets 32,223   32,223     6,992    
Total Assets 1,236,357   1,236,357     1,140,241    
Liabilities                
Unamortized debt issuance costs 4,260   4,260     4,930    
Debt 696,289   696,289     721,953    
Distributions payable 16,387   16,387     14,832    
Payable for investments purchased 74,871   74,871     0    
Accrued expenses and other liabilities 10,885   10,885     11,701    
Total Liabilities 798,432   798,432     748,486    
Members' Equity                
Members' Equity 437,925   437,925     391,755    
Total Liabilities and Net Assets 1,236,357   1,236,357     $ 1,140,241    
Investment Income                
Interest income 29,390 26,866 61,198 50,509        
Other income 931 66 1,031 130        
Total Investment Income 30,321 26,932 62,229 50,639        
Expenses                
Interest expense 13,429 12,737 27,356 24,056        
Professional fees 275 246 489 488        
Total Operating Expenses 13,704 12,983 27,845 24,544        
Net Investment Income (Loss) Before Taxes 16,617 13,949 34,384 26,095        
Tax expense (benefit) 110 482 284 1,191        
Net Investment Income (Loss) After Taxes 16,507 13,467 34,100 24,904        
Net Realized and Change in Unrealized Gain (Loss) on Investments                
Net change in unrealized gain (loss) on investments (3,699) 1,903 (4,229) 10,578        
Net realized gain on investments 8 (1,668) (564) (1,645)        
Total Net Realized and Change in Unrealized Gain (Loss) (3,691) 235 (4,793) 8,933        
Net Increase (Decrease) in Net Assets Resulting from Operations $ 12,816 $ 13,702 $ 29,307 $ 33,837        
[1] As of June 30, 2024, the net estimated unrealized loss for U.S. federal income tax purposes was $60.9 million based on a tax cost basis of $13.4 billion. As of June 30, 2024, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $434.6 million and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $373.7 million.
[2] The amortized cost represents the original cost adjusted for the amortization or accretion of premium or discount, as applicable, on debt investments using the effective interest method.
[3] Unless otherwise indicated, all investments are considered Level 3 investments.
[4] Unless otherwise indicated, the Company’s portfolio companies are pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility, SPV Asset Facility and CLOs. See Note 5 “Debt.”
[5] Certain portfolio company investments are subject to contractual restrictions on sales. Refer to footnote 28 for additional information on our restricted securities.
[6] Unless otherwise indicated, loan contains a variable rate structure and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the Secured Overnight Financing Rate (“SOFR” or “S,” which can include one-, three- or six- month SOFR), Euro Interbank Offered Rate (“EURIBOR”), Great Britain Pound London Interbank Offered Rate (“GBPLIBOR” or “G”, which can include three- or six-month GBPLIBOR), SONIA (“SONIA” or “SA”) or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate), at the borrower’s option, and which reset periodically based on the terms of the loan agreement.
[7] As of December 31, 2023, the net estimated unrealized loss for U.S. federal income tax purposes was $0.4 million based on a tax cost basis of $12.7 billion. As of December 31, 2023, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $325.3 million and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $324.9 million.
[8] The amortized cost represents the original cost adjusted for the amortization or accretion of premium or discount, as applicable, on debt investments using the effective interest method.
[9] Unless otherwise indicated, all investments are considered Level 3 investments.
[10] Unless otherwise indicated, the Company’s portfolio companies are pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility, SPV Asset Facility and CLOs. See Note 5 “Debt”.
[11] Certain portfolio company investments are subject to contractual restrictions on sales. Refer to footnote 26 for additional information on our restricted securities.