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Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Amortized cost $ 13,169,390 [1],[2],[3],[4],[5],[6] $ 12,632,202 [7],[8],[9],[10],[11],[12]
Restricted cash 82,387 87,067
Foreign cash, cost 8,539 946
Unamortized debt issuance costs $ 84,363 $ 81,492
Common stock, par value (in usd per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 1,000,000,000 1,000,000,000
Common stock, shares issued (in shares) 390,217,304 389,732,868
Common stock, shares outstanding (in shares) 390,217,304 389,732,868
Investment income from non-controlled, non-affiliated investments:    
Amortized cost $ 11,511,987 $ 11,271,962
Non-controlled, affiliated investments    
Amortized cost 233,105 [2],[3] 19,004 [8],[9]
Investment income from controlled, affiliated investments:    
Amortized cost $ 1,424,298 [2],[3],[13] $ 1,341,236
[1] Non-income producing.
[2] As of December 31, 2024, the net estimated unrealized loss for U.S. federal income tax purposes was $146.1 million based on a tax cost basis of $13.3 billion. As of December 31, 2024, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $560.6 million and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $414.5 million.
[3] 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.
[4] Unless otherwise indicated, all investments are considered Level 3 investments.
[5] 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.”
[6] Certain portfolio company investments are subject to contractual restrictions on sales. Refer to footnote 27 for additional information on our restricted securities.
[7] 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.
[8] 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 $324.9 million.
[9] The amortized cost represents the original cost adjusted for the amortization or accretion of premium or discount, as applicable, on debt investments using the effective interest method.
[10] Unless otherwise indicated, all investments are considered Level 3 investments.
[11] Unless otherwise indicated, the Company’s portfolio companies are pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility, SPV Asset Facility and CLOs. See Note 5 “Debt”.
[12] Certain portfolio company investments are subject to contractual restrictions on sales. Refer to footnote 26 for additional information on our restricted securities.
[13] As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” and has “Control” of this portfolio company as the Company owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company, including through a management agreement (“controlled affiliate”). The Company’s investment in controlled affiliates for the period ended December 31, 2024, were as follows:
($ in thousands)Fair value
as of December 31, 2023
Gross Additions
(a)
Gross Reductions(b)Net Change in Unrealized Gains (Losses)Fair value
as of December 31, 2024
Interest and PIK IncomeDividend IncomeOther Income
Controlled Affiliates
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(d)$64,839 $7,797 $(733)$3,208 $75,111 $3,930 $— $— 
AAM Series 2.1 Aviation Feeder, LLC(d)78,476 33,466 (40,675)6,413 77,680 6,065 — — 
Blue Owl Credit SLF LLC(c)— 812,719 (519,317)2,074 295,476 — 5,318 — 
Eagle Infrastructure Super LLC111,103 271 (398)825 111,801 11,674 3,465 50 
Fifth Season Investments LLC (fka Chapford SMA Partnership, L.P.)156,794 115,651 (70,093)20,922 223,274 — 23,831 — 
OBDC SLF LLC(c)342,786 122,153 (475,116)10,177 — — 43,878 — 
PS Operating Company LLC (fka QC Supply, LLC)15,809 1,327 (669)(13,551)2,916 (17)— — 
Swipe Acquisition Corporation (dba PLI)160,036 47,004 (1,336)(5,232)200,472 10,322 2,046 612 
Walker Edison Furniture Company, LLC37,499 7,751 — (32,839)12,411 — — 
Wingspire Capital Holdings LLC461,062 94,260 (51,000)4,565 508,887 — 40,000 — 
Total Controlled Affiliates$1,428,404 $1,242,399 $(1,159,337)$(3,438)$1,508,028 $31,974 $118,538 $671 
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(a)Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to payment-in-kind (“PIK”) interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement at fair value of an existing portfolio company into this controlled affiliated category from a different category.
(b)Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, return of capital, the amortization of premiums and the exchange of one or more existing securities for one or more new securities.
(c)For further description of the Company's investment in Blue Owl Credit SLF LLC (“Credit SLF”), see Note 4 “Investments.”
(d)In connection with its investment in AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC and AAM Series 2.1 Aviation Feeder, LLC (collectively, “Amergin Assetco”) the Company made a minority investment in Amergin Asset Management, LLC, which has entered into a Servicing Agreement with Amergin Assetco.