0001628280-22-028670 | 10-Q | XBRL Viewer

$ (3,842,700,000)

$ (3,206,200,000)

£ (2.6)

Liabilities in excess of other assets percentage

$ (7,100,000)

$ (14,900,000)

£ (2.5)

$ (1,259,700,000)

3.10%

(0.40%)

Non Investment Assets Less Non Investment Liabilities

$ 8,631,800,000

^[7]

$ 8,371,500,000

^[8]

Net assets, end of period

$ 1,675,500,000

$ 7,487,000,000

1,595,600,000

$ 7,736,000,000

$ 7,653,000,000

$ 3,096,000,000

Net Assets

^[8]

$ 7,730,000,000

216.30%

204.30%

Previously Reported

Senior Secured Loans - First Lien

^[9]

$ (16,101,500,000)

$ (2,661,000,000)

(2,134,500,000)

$ (2,529,400,000)

$ (2,157,500,000)

Senior Secured Loans - First Lien | Previously Reported

151.00%

135.20%

Funded - Senior Secured Loans -First Lien

^[8]

$ (9,765,700,000)

$ (2,663,800,000)

(2,136,400,000)

Unfunded - Senior Secured Loans - First Lien

(2,532,200,000)

(2,159,400,000)

(2,800,000)

(1,900,000)

Senior Secured Loans—Second Lien

(2,800,000)

(1,900,000)

(452,500,000)

(491,300,000)

$ (393,200,000)

$ (502,400,000)

Funded - Senior Secured Loans - Second Lien

23.40%

31.50%

$ (1,360,500,000)

$ (1,571,600,000)

Unfunded - Senior Secured Loans - Second Lien

(1,247,600,000)

^[7]

(1,563,700,000)

^[8]

(3,100,000)

(7,200,000)

Other Senior Secured Debt

(3,100,000)

^[7]

(7,200,000)

^[8]

(150,700,000)

(148,600,000)

$ (110,400,000)

^[7]

$ (119,700,000)

^[8]

1.50%

^[10]

1.50%

^[10]

1.50%

^[10]

1.50%

^[10]

1.50%

^[10]

1.50%

^[10]

1.50%

^[10]

1.60%

^[9]

1.60%

^[9]

1.60%

^[9]

1.60%

^[9]

1.60%

^[9]

1.60%

^[9]

Subordinated Debt

$ (4,800,000)

$ (188,300,000)

$ (4,400,000)

$ (111,300,000)

^[8]

0.20%

1.40%

^[9]

1.40%

^[9]

1.40%

^[9]

1.40%

^[9]

1.40%

^[9]

1.40%

^[9]

Asset Based Finance

$ (511,600,000)

$ (473,600,000)

$ (502,300,000)

$ (494,500,000)

Funded - Asset Based Finance

30.00%

31.00%

$ (2,044,400,000)

$ (2,380,900,000)

Unfunded - Asset Based Finance

(1,928,300,000)

^[7]

(2,493,900,000)

^[8]

(102,600,000)

(248,900,000)

Credit Opportunities Partners JV, LLC

(102,600,000)

^[7]

(248,900,000)

^[8]

(1,571,700,000)

(1,396,700,000)

$ (1,466,100,000)

^[7]

$ (1,396,200,000)

^[8]

20.50%

^[10]

20.50%

^[10]

20.50%

^[10]

20.50%

^[10]

20.50%

^[10]

20.50%

^[10]

20.50%

^[10]

18.10%

Equity/Other

$ (1,253,300,000)

^[11]

$ (931,600,000)

^[12]

$ (1,109,300,000)

^[11]

$ (907,100,000)

^[12]

Derivative Assets Subject to Master Netting Agreement

15.50%

^[10]

15.50%

^[10]

15.50%

^[10]

15.50%

^[10]

15.50%

^[10]

15.50%

^[10]

15.50%

^[10]

11.70%

^[9]

11.70%

^[9]

11.70%

^[9]

11.70%

^[9]

11.70%

^[9]

11.70%

^[9]

[1]

Certain variable rate securities in the Company’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of September 30, 2022, the three-month London Interbank Offered Rate, or LIBOR or “L”, was 3.75%, the Euro Interbank Offered Rate, or EURIBOR, was 1.17%, Canadian Dollar Offer Rate, or CDOR was 4.20%, the Australian Bank Bill Swap Bid Rate, or BBSY, or “B”, was 3.11%, the Reykjavik Interbank Offered Rate, or REIBOR or "R", was 6.30%, the Stockholm Interbank Offered Rate, or STIBOR or "SR", was 1.73%, the Sterling Interbank Offered Rate, or SONIA or "SA", was 2.19%, the Secured Overnight Financing Rate, or SOFR, was 3.59% and the U.S. Prime Lending Rate, or Prime, was 6.25%. PIK means paid-in-kind. PIK income accruals may be adjusted based on the fair value of the underlying investment. Variable rate securities with no floor rate use the respective benchmark rate in all cases.

[2]

Security is an unfunded commitment. Reflects the stated spread at the time of commitment, but may not be the actual rate received upon funding

[3]

Under the Investment Company Act of 1940, as amended, the Company generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of December 31, 2021, the Company held investments in one portfolio company of which it is deemed to be an “affiliated person” and deemed to “control”. During the year ended December 31, 2021, the Company disposed of investments in one portfolio of which it was deemed to be an "affiliated person" and deemed to "control". The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person and deemed to control for the year ended December 31, 2021:


Portfolio Company	Fair Value at December 31, 2020		Gross Additions(1)		Gross Reductions(2)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value at December 31, 2021		Interest Income(3)		PIK Income(3)		Fee Income(3)		Dividend Income(3)
Senior Secured Loans—First Lien
Advanced Lighting Technologies Inc	$	12.0	$	4.1	$	(15.9)	$	(4.6)	$	4.4	$	—	$	—	$	—	$	—	$	—
Amtek Global Technology Pte Ltd	59.7		2.4		—		—		(27.3)		34.8		1.1		1.4		—		—
ATX Networks Corp	—		46.8		—		—		—		46.8		1.3		—		—		—
HM Dunn Co Inc(4)	—		49.2		(7.1)		(8.5)		—		33.6		0.5		—		—		—
HM Dunn Co Inc(4)	—		14.0		(19.0)		7.0		—		2.0		0.4		0.8		—		—
One Call Care Management Inc	—		9.7		(5.1)		0.1		0.3		5.0		0.3		—		0.1		—
Production Resource Group LLC	—		124.9		—		—		8.4		133.3		5.4		3.8		—		—
Production Resource Group LLC	—		0.1		—		—		—		0.1		—		—		—		—
Production Resource Group LLC	—		60.6		(0.4)		—		4.2		64.4		2.8		0.8		0.4		—
Production Resource Group LLC	—		20.2		(0.1)		—		0.1		20.2		0.4		—		0.1		—
Sound United LLC	14.9		—		(15.0)		—		0.1		—		0.4		—		—		—
Warren Resources Inc(4)	—		19.3		(2.0)		0.1		1.3		18.7		1.3		0.1		—		—
Senior Secured Loans—Second Lien
Amtek Global Technology Pte Ltd	0.1		(1.8)		—		(10.4)		12.1		—		(1.9)		—		—		—
Sound United LLC	20.9		1.7		(22.6)		—		—		—		—		1.0		—		—
Other Senior Secured Debt
Advanced Lighting Technologies Inc	—		—		(0.7)		(22.9)		23.6		—		—		—		—		—
JW Aluminum Co(4)	—		75.5		—		—		5.5		81.0		6.2		—		—		—
One Call Care Management Inc(4)	—		43.5		(21.9)		—		1.9		23.5		0.4		1.6		—		—
Subordinated Debt
ATX Networks Corp	—		4.8		—		—		2.3		7.1		—		—		—		—
Hilding Anders	32.4		—		—		—		14.2		46.6		—		—		—		—
Hilding Anders	—		—		—		—		—		—		—		—		—		—
Hilding Anders	30.3		—		—		—		(30.3)		—		—		—		—		—
Asset Based Finance
801 5th Ave, Seattle, Structure Mezzanine	29.4		25.7		—		—		2.1		57.2		3.6		1.3		—		—
801 5th Ave, Seattle, Private Equity	10.3		9.6		—		—		3.2		23.1		—		—		—		—
Avida Holding AB, Common Stock	38.3		9.1		—		—		4.9		52.3		—		—		—		—
Kilter Finance, Preferred Stock	0.2		34.4		—		—		1.5		36.1		1.3		1.2		—		—
Kilter Finance, Private Equity	0.2		0.3		—		—		—		0.5		—		—		—		—
KKR Rocket Loans Aggregator LLC, Partnership Interest	—		1.4		—		—		—		1.4		—		—		—		0.1
My Community Homes SFR PropCo 2, Private Equity	—		33.0		—		—		—		33.0		—		—		—		—
Prime St LLC, Private Equity	3.9		4.6		—		—		0.6		9.1		—		—		—		—
Prime St LLC, Structured Mezzanine	22.8		27.6		—		—		2.0		52.4		0.9		2.2		—		—


Portfolio Company	Fair Value at December 31, 2020		Gross Additions(1)		Gross Reductions(2)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value at December 31, 2021		Interest Income(3)		PIK Income(3)		Fee Income(3)		Dividend Income(3)
Toorak Capital Funding LLC, Membership Interest	$	6.6	$	1.3	$	(4.9)	$	—	$	(1.3)	$	1.7	$	—	$	—	$	—	$	—
Toorak Capital LLC, Membership Interest	235.9		2.3		(50.2)		10.2		1.1		199.3		—		—		—		18.7
Toorak Capital Partners LLC, Structured Mezzanine	—		73.0		(51.0)		—		—		22.0		0.2		—		—		—
Credit Opportunities Partners JV, LLC
Credit Opportunities Partners JV, LLC	712.5		586.4		—		—		97.3		1,396.2		—		—		—		126.9
Equity/Other
Advanced Lighting Technologies Inc, Common Stock	—		—		—		(16.5)		16.5		—		—		—		—		—
Advanced Lighting Technologies Inc, Warrant	—		—		—		(0.1)		0.1		—		—		—		—		—
Amtek Global Technology Pte Ltd, Common Stock	—		—		—		—		—		—		—		—		—		—
Amtek Global Technology Pte Ltd, Ordinary Shares	—		—		—		—		—		—		—		—		—		—
Amtek Global Technology Pte Ltd, Trade Claim	—		—		(1.4)		0.4		1.0		—		—		—		—		—
Amtek Global Technology Pte Ltd, Private Equity	—		—		—		—		—		—		—		—		—		—
ATX Networks Corp, Common Stock	—		—		—		—		—		—		—		—		—		—
Hilding Anders, Class A Common Stock	—		—		—		—		—		—		—		—		—		—
Hilding Anders, Class B Common Stock	—		—		—		—		—		—		—		—		—		—
Hilding Anders, Class C Common Stock	—		—		—		—		—		—		—		—		—		—
Hilding Anders, Equity Options	—		—		—		—		—		—		—		—		—		—
HM Dunn Co Inc, Preferred Stock, Series A(4)	—		7.1		—		—		—		7.1		—		—		—		—
HM Dunn Co Inc, Preferred Stock, Series B(4)	—		—		—		—		—		—		—		—		—		—
JW Aluminum Co, Common Stock(4)	—		—		—		—		—		—		—		—		—		—
JW Aluminum Co, Preferred Stock(4)	—		177.9		—		—		(55.3)		122.6		0.4		20.9		—		—
One Call Care Management Inc, Common Stock(4)	—		4.5		(2.2)		(0.2)		0.3		2.4		—		—		—		—
One Call Care Management Inc, Preferred Stock A(4)	—		48.6		(23.7)		(2.1)		3.3		26.1		—		—		—		—
One Call Care Management Inc, Preferred Stock B(4)	—		15.7		(8.8)		1.1		1.2		9.2		—		0.8		—		—
Production Resource Group LLC, Preferred Stock, Series A PIK	—		18.1		—		—		(0.7)		17.4		—		—		—		—
Production Resource Group LLC, Preferred Stock, Series B PIK	—		—		—		—		—		—		—		—		—		—
Sound United LLC, Class A Units	—		—		—		(1.1)		1.1		—		—		—		—		—
Sound United LLC, Common Stock	29.3		—		—		—		48.2		77.5		—		—		—		20.0
Sound United LLC, Series I Units	—		—		—		(0.5)		0.5		—		—		—		—		—
Sound United LLC, Series II Units	—		—		—		(0.5)		0.5		—		—		—		—		—
Warren Resources Inc, Common Stock	—		12.8		—		—		7.6		20.4		—		—		—		—
Total	$	1,259.7	$	1,568.4	$	(252.0)	$	(48.5)	$	156.5	$	2,684.1	$	25.0	$	35.9	$	0.6	$	165.7

______________

(1)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

(2)Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

(3)Interest, PIK, fee and dividend income presented for the full year ended December 31, 2021.

(4)The Company held this investment as of December 31, 2020 but it was not deemed to be an “control” of the portfolio company as of December 31, 2020. Transfers in or out have been presented at amortized cost.

[4]

Certain variable rate securities in the Company’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of December 31, 2021, the three-month London Interbank Offered Rate, or LIBOR or “L”, was 0.21%, the Euro Interbank Offered Rate, or EURIBOR, was (0.57)%, Canadian Dollar Offer Rate, or CDOR was 0.52%, the Bank Bill Swap Bid Rate, or BBSY was 0.12%, the Reykjavik Interbank Offered Rate, or REIBOR, was 2.65%, the Stockholm Interbank Offered Rate, or STIBOR, was (0.05)%, the Sterling Overnight Index Average, or SONIA, was .19%, the Secured Overnight Financing Rate, or SOFR, was .05%, and the U.S. Prime Lending Rate, or Prime, was 3.25%. PIK means paid-in-kind. PIK income accruals may be adjusted based on the fair value of the underlying investment.

[5]

Security or portion thereof is pledged as collateral supporting the amounts outstanding under the Senior Secured Revolving Credit Facility (see Note 9).

[6]

The investment is not a qualifying asset under the Investment Company Act of 1940, as amended. A business development company may not acquire any asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company’s total assets. As of December 31, 2021, 75.1% of the Company’s total assets represented qualifying assets.

[7]

See Note 8 for additional information regarding the fair value of the Company's financial instruments

[8]

Fair value determined by the Company’s board of directors (see Note 8).

[9]

Security may be an obligation of one or more entities affiliated with the named company.

[10]

Security may be an obligation of one or more entities affiliated with the named company

[11]

Listed investments may be treated as debt for GAAP or tax purposes.

[12]

Listed investments may be treated as debt for GAAP or tax purposes.

Consolidated Schedule of Investments (Parenthetical)
€ in Millions, £ in Millions, kr in Millions, kr in Millions, $ in Millions, $ in Millions, $ in Millions

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2022

USD ($)

Sep. 30, 2022

USD ($)

Dec. 31, 2021

USD ($)

Sep. 30, 2022

SEK (kr)

Sep. 30, 2022

EUR (€)

Sep. 30, 2022

GBP (£)

Sep. 30, 2022

AUD ($)

Sep. 30, 2022

CAD ($)

Sep. 30, 2022

NOK (kr)

Dec. 31, 2021

SEK (kr)

Dec. 31, 2021

EUR (€)

Dec. 31, 2021

GBP (£)

Dec. 31, 2021

AUD ($)

Dec. 31, 2021

CAD ($)

Dec. 31, 2021

NOK (kr)

Derivative [Line Items]

Value at Settlement

$ 231.3

$ 269.6

kr 250.0

€ 13.0

£ 6.2

$ 2.2

$ 1.4

kr 45.0

kr 27.8

€ 1.9

£ 6.2

$ 2.2

$ 4.0

kr 11.4

Current Value

192.8

261.2

3.5

0.2

Derivatives Available for Offset

0.0

(1.0)

Derivative asset

$ 38.5

$ 8.4

Qualifying assets, percent of total assets

76.50%

75.10%

76.50%

75.10%

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

Fair Value, beginning balance

$ 14.9

$ 1,259.7

Gross Additions

579.2

^[1]

1,568.4

^[2]

Gross Reductions

(203.8)

^[3]

(252.0)

^[4]

Net realized gain (loss) on investments:

$ (4.0)

(42.5)

(48.5)

Net change in unrealized appreciation (depreciation) on investments:

(69.0)

(215.7)

156.5

Fair Value, ending balance

7.1

14.9

Investment Income

37.0

^[5]

25.0

^[6]

Dividend and other income

$ 58.0

$ 168.2

^[5]

$ 165.7

^[6]

[1]	Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
[2]	Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
[3]	Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.
[4]	Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.
[5]	Interest, PIK, fee and dividend income presented for the full nine months ended September 30, 2022.
[6]	Interest, PIK, fee and dividend income presented for the full year ended December 31, 2021.

Consolidated Balance Sheets (Parenthetical) £ in Millions, $ in Millions	Sep. 30, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2021 GBP (£) shares
Amortized cost	$ 3,842.7	$ 3,206.2	£ 2.6
Debt financing costs \| $	$ 38.0	$ 36.0
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.001	$ 0.001
Preferred stock, shares authorized	50,000,000	50,000,000	50,000,000
Preferred stock, shares issued	0	0	0
Preferred stock, shares outstanding	0	0	0
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001	$ 0.001
Common stock, shares authorized	750,000,000	750,000,000	750,000,000
Common stock, shares issued	282,978,008	284,543,091	284,543,091
Common stock, shares outstanding	282,978,008	284,543,091	284,543,091

Principal Business and Organization	9 Months Ended
Principal Business and Organization	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principal Business and Organization	Principal Business and Organization FS KKR Capital Corp. (NYSE: FSK), or the Company, was incorporated under the general corporation laws of the State of Maryland on December 21, 2007 and formally commenced investment operations on January 2, 2009. The Company is an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a business development company, or BDC, under the Investment Company Act of 1940, as amended, or the 1940 Act. In addition, the Company has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a regulated investment company, or RIC, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code. The Company has various wholly-owned subsidiaries, including special-purpose financing subsidiaries and subsidiaries through which it holds interests in portfolio companies. The unaudited consolidated financial statements include both the Company’s accounts and the accounts of its wholly-owned subsidiaries as of September 30, 2022. All intercompany transactions have been eliminated in consolidation. Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state income taxes. The Company’s investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. The Company's portfolio is comprised primarily of investments in senior secured loans and second lien secured loans of private middle-market U.S. companies and, to a lesser extent, subordinated loans and certain asset-based financing loans of private U.S. companies. In addition, a portion of the Company’s portfolio may be comprised of equity and equity-related securities, corporate bonds, structured products, other debt securities and derivatives, including total return swaps and credit default swaps. The Company is externally managed by FS/KKR Advisor, LLC, or the Advisor, pursuant to an investment advisory agreement, dated as of June 16, 2021, or the investment advisory agreement. Prior to entering into the investment advisory agreement, the Company was a party to an investment advisory agreement, dated as of December 20, 2018, with the Advisor, or the prior investment advisory agreement, which remained in effect until June 16, 2021. On June 16, 2021, the Company completed its acquisition, or the 2021 Merger, of FS KKR Capital Corp. II, or FSKR, pursuant to that certain Agreement and Plan of Merger, or the 2020 Merger Agreement, dated as of November 23, 2020, by and among the Company, FSKR, Rocky Merger Sub, Inc., a former wholly-owned subsidiary of the Company, or Merger Sub, and the Advisor. See Note 12 for a discussion of the 2021 Merger.

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation: The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For a more complete discussion of significant accounting policies and certain other information, the Company’s interim unaudited consolidated financial statements should be read in conjunction with its audited consolidated financial statements as of and for the year ended December 31, 2021 included in the Company’s annual report on Form 10-K for the year ended December 31, 2021. Operating results for the nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The December 31, 2021 consolidated balance sheet and consolidated schedule of investments are derived from the Company’s audited consolidated financial statements as of and for the year ended December 31, 2021. The Company is considered an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies under Financial Accounting Standards Board, or the FASB, Accounting Standards Codification Topic 946, Financial Services—Investment Companies. Use of Estimates: The preparation of the unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Capital Gains Incentive Fee: Pursuant to the terms of the investment advisory agreement, the incentive fee on capital gains is determined and payable in arrears as of the end of each calendar year (or upon termination of the investment advisory agreement). This fee equals 20.0% of the Company’s incentive fee capital gains, which shall equal the realized capital gains of Corporate Capital Trust, Inc., or CCT, (as predecessor-by-merger to the Company), FSKR (as predecessor-by-merger to the Company) and the Company (without duplication) on a cumulative basis from inception, calculated as of the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation (without duplication) on a cumulative basis, less the aggregate amount of any capital gain incentive fees previously paid by CCT, FSKR and the Company. On a quarterly basis, the Company accrues for the capital gains incentive fee by calculating such fee as if it were due and payable as of the end of such period. The Company includes unrealized gains in the calculation of the capital gains incentive fee expense and related accrued capital gains incentive fee. This accrual reflects the incentive fees that would be payable to the Advisor if the Company’s entire portfolio was liquidated at its fair value as of the balance sheet date even though the Advisor is not entitled to an incentive fee with respect to unrealized gains unless and until such gains are actually realized. Subordinated Income Incentive Fee: Pursuant to the terms of the investment advisory agreement, the Advisor may also be entitled to receive a subordinated incentive fee on income. The subordinated incentive fee on income under the investment advisory agreement, which is calculated and payable quarterly in arrears, equals 17.5% of the Company’s “pre-incentive fee net investment income” for the immediately preceding quarter and is subject to a hurdle rate, expressed as a rate of return on the value of the Company’s net assets, equal to 1.75% per quarter, or an annualized hurdle rate of 7.0%. As a result, the Advisor will not earn this incentive fee for any quarter until the Company’s pre-incentive fee net investment income for such quarter exceeds the hurdle rate of 1.75%. Once the Company’s pre-incentive fee net investment income in any quarter exceeds the hurdle rate, the Advisor will be entitled to a “catch-up” fee equal to the amount of the pre-incentive fee net investment income in excess of the hurdle rate, until the Company’s pre-incentive fee net investment income for such quarter equals 2.12%, or 8.48% annually, of net assets. Thereafter, the Advisor will be entitled to receive 17.5% of pre-incentive fee net investment income. See Note 4 for a discussion of the subordinated incentive fee on income under the prior investment advisory agreement. Reclassifications: Certain amounts in the unaudited consolidated financial statements as of and for the three and nine months ended September 30, 2021 and the audited consolidated financial statements as of and for the year ended December 31, 2021 may have been reclassified to conform to the classifications used to prepare the unaudited consolidated financial statements as of and for the three and nine months ended September 30, 2022. Revenue Recognition: Security transactions are accounted for on the trade date. The Company records interest income on an accrual basis to the extent that it expects to collect such amounts. The Company records dividend income on the ex-dividend date. Distributions received from limited liability company ("LLC") and limited partnership ("LP") investments are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. The Company does not accrue as a receivable interest or dividends on loans and securities if it has reason to doubt its ability to collect such income. The Company's policy is to place investments on non-accrual status when there is reasonable doubt that interest income will be collected. The Company considers many factors relevant to an investment when placing it on or removing it from non-accrual status including, but not limited to, the delinquency status of the investment, economic and business conditions, the overall financial condition of the underlying investment, the value of the underlying collateral, bankruptcy status, if any, and any other facts or circumstances relevant to the investment. If there is reasonable doubt that the Company will receive any previously accrued interest, then the accrued interest will be written-off. Payments received on non-accrual investments may be recognized as income or applied to principal depending upon the collectability of the remaining principal and interest. Non-accrual investments may be restored to accrual status when principal and interest become current and are likely to remain current based on the Company's judgment. Loan origination fees, original issue discount and market discount are capitalized and the Company amortizes such amounts as interest income over the respective term of the loan or security. Upon the prepayment of a loan or security, any unamortized loan origination fees and original issue discount are recorded as interest income. Structuring and other non-recurring upfront fees are recorded as fee income when earned. For the nine months ended September 30, 2022 and 2021, the Company recognized $29 and $34, respectively, in structuring fee revenue. The Company records prepayment premiums on loans and securities as fee income when it receives such amounts. Derivative Instruments: The Company's derivative instruments include foreign currency forward contracts and cross currency swaps. The Company recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial statements. Derivative contracts entered into by the Company are not designated as hedging instruments, and as a result, the Company presents changes in fair value through net change in unrealized appreciation (depreciation) on derivative instruments in the consolidated statements of operations. Realized gains and losses of the derivative instruments are included in net realized gains (losses) on derivative instruments in the consolidated statements of operations. Recent Accounting Pronouncements: In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848),” which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848), which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. ASU 2020-04 and ASU 2021-01 are effective for all entities through December 31, 2022. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company is currently evaluating the impact of the adoption of ASU 2020-04 and 2021-01 on its consolidated financial statements.

Share Transactions

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Share Transactions

Below is a summary of transactions with respect to shares of the Company’s common stock during the nine months ended September 30, 2022 and 2021:


	Nine Months Ended September 30,
	2022			2021
	Shares	Amount		Shares	Amount





Share Repurchase Program	(1,565,083)	$	(33)	(53,374)	$	(1)

Issuance of Common Stock(1)	—	—		161,374,028	3,642
Net Proceeds from Share Transactions	(1,565,083)	$	(33)	161,320,654	$	3,641

_____________

(1)Issuance of common stock for the 2021 Merger. Shares were issued at fair value of FSK common stock at the merger date.

During the nine months ended September 30, 2022, the administrator for the Company's distribution reinvestment plan, or DRP, purchased 1,816,180 shares of common stock in the open market at an average price per share of $21.67 (totaling $39) pursuant to the DRP, and distributed such shares to participants in the DRP. During the nine months ended September 30, 2021, the administrator for the DRP purchased 707,727 shares of common stock in the open market at an average price per share of $19.69 (totaling $14) pursuant to the DRP, and distributed such shares to participants in the DRP. During the period from October 1, 2022 to October 31, 2022, the administrator for the DRP purchased 747,844 shares of common stock in the open market at an average price per share of $18.26 (totaling $14) pursuant to the DRP, and distributed such shares to participants in the DRP. For additional information regarding the terms of the DRP, see Note 5.

Share Repurchase Program

On October 31, 2022, the board of directors approved a renewal of the previously approved stock repurchase program. The program will provide for aggregate purchases of the Company’s common stock in an amount up to $54, which is the aggregate amount remaining of the $100 amount originally approved by the board of directors. The timing, manner, price and amount of any share repurchases is determined by the Company based upon the evaluation of economic and market conditions, the Company’s stock price, applicable legal and regulatory requirements and other factors. The program does not require the Company to repurchase any specific number of shares and the Company cannot assure stockholders that any shares will be repurchased under the program. The program may be suspended, extended, modified or discontinued at any time.

During the nine months ended September 30, 2022, the Company repurchased 1,565,083 shares of common stock pursuant to the share repurchase program at an average price per share (inclusive of commissions paid) of $21.12 (totaling $33). During the nine months ended September 30, 2021, the Company repurchased 53,374 shares of common stock pursuant to the share repurchase program at an average price per share (inclusive of commissions paid) of $22.32 (totaling $1).

Acquisition of FSKR

In accordance with the terms of the 2020 Merger Agreement, at the time of the transactions contemplated by the 2020 Merger Agreement, each outstanding share of FSKR common stock was converted into the right to receive 0.9498 shares of the Company's common stock. As a result, the Company issued an aggregate of approximately 161,374,028 shares of its common stock to former FSKR stockholders.

Related Party Transactions

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Related Party Transactions

9 Months Ended

Sep. 30, 2022

Compensation of the Investment Adviser

Pursuant to the investment advisory agreement, the Advisor is entitled to a base management fee calculated at an annual rate of 1.50% of the average weekly value of the Company’s gross assets excluding cash and cash equivalents (gross assets equal the total assets of the Company as set forth on the Company's consolidated balance sheets) and an incentive fee based on the Company’s performance. Effective June 15, 2019, in connection with stockholder approval of the modification of the asset coverage requirement applicable to senior securities from 200% to 150%, the Advisor reduced (by permanent waiver) the annual base management fee payable under the investment advisory agreement from 1.5% to 1.0% on all assets financed using leverage over 1.0x debt-to-equity. The base management fee is payable quarterly in arrears. All or any part of the base management fee not taken as to any quarter will be deferred without interest and may be taken in such other quarter as the Advisor determines. The prior investment advisory agreement had substantially similar terms as the investment advisory agreement, except that the investment advisory agreement amended the prior investment advisory agreement to (i) reduce the Company’s income incentive fee rate from 20% to 17.5%; and (ii) remove the total return lookback provision applicable to the subordinated incentive fee on income from the prior investment advisory agreement. Under the prior investment advisory agreement, the subordinated incentive fee on income was subject to a cap equal to (i) 20.0% of the “per share pre-incentive fee return” for the then-current and eleven preceding calendar quarters minus the cumulative “per share incentive fees” accrued and/or payable for the eleven preceding calendar quarters multiplied by (ii) the weighted average number of shares outstanding during the calendar quarter (or any portion thereof) for which the subordinated incentive fee on income was being calculated. The definitions of “per share pre-incentive fee return” and “per share incentive fees” under the prior investment advisory agreement took into account the historic per share pre-incentive fee return of both the Company and CCT, together with the historic per share incentive fees paid by both the Company and CCT. For the purpose of calculating the “per share pre-incentive fee return,” any unrealized appreciation or depreciation recognized as a result of the purchase accounting for the Company’s acquisition of CCT was excluded. See Note 2 for a discussion of the capital gains and subordinated income incentive fees that the Advisor may be entitled to under the investment advisory agreement.

In connection with the entry into the investment advisory agreement, the Advisor has agreed to waive income incentive fees in the amount of $15 per quarter for the first six full fiscal quarters of operations following the closing of the 2021 Merger, commencing on July 1, 2021, for a total waiver of $90. In addition, the Advisor has agreed to exclude from the calculation of the subordinated incentive fee on income and the incentive fee on capital gains any changes to the fair value recorded for the assets and liabilities of FSKR resulting solely from the new cost basis of the acquired FSKR investments determined in accordance with Accounting Standards Codification Topic 805-50, Business Combinations—Related Issues as a result of the 2021 Merger.

On April 9, 2018, the Company entered into an administration agreement with the Advisor, or the administration agreement. Pursuant to the administration agreement, the Advisor oversees the Company’s day-to-day operations, including the provision of general ledger accounting, fund accounting, legal services, investor relations, certain government and regulatory affairs activities, and other administrative services. The Advisor also performs, or oversees the performance of, the Company’s corporate operations and required administrative services, which includes being responsible for the financial records that the Company is required to maintain and preparing reports for the Company’s stockholders and reports filed with the U.S. Securities and Exchange Commission, or the SEC. In addition, the Advisor assists the Company in calculating its net asset value, overseeing the preparation and filing of tax returns and the printing and dissemination of reports to the Company’s stockholders, and generally overseeing the payment of the Company’s expenses and the performance of administrative and professional services rendered to the Company by others.

Pursuant to the administration agreement, the Company reimburses the Advisor for expenses necessary to perform services related to its administration and operations, including the Advisor’s allocable portion of the compensation and related expenses of certain personnel of Franklin Square Holdings, L.P., which does business as FS Investments, or FS Investments, and KKR Credit Advisors (US), LLC, or KKR Credit, providing administrative services to the Company on behalf of the Advisor. The Company reimburses the Advisor no less than quarterly for all costs and expenses incurred by the Advisor in performing its obligations and providing personnel and facilities under the administration agreement. The Advisor allocates the cost of such services to the Company based on factors such as total assets, revenues, time allocations and/or other reasonable metrics. The Company’s board of directors reviews the methodology employed in determining how the expenses are allocated to the Company and the proposed allocation of administrative expenses among the Company and certain affiliates of the Advisor. The Company’s board of directors then assesses the reasonableness of such reimbursements for expenses allocated to it based on the breadth, depth and quality of such services as compared to the estimated cost to the Company of obtaining similar services from third-party service providers known to be available. In addition, the Company’s board of directors considers whether any single third-party service provider would be capable of providing all such services at comparable cost and quality. Finally, the Company’s board of directors compares the total amount paid to the Advisor for such services as a percentage of the Company’s net assets to the same ratio as reported by other comparable BDCs.

The following table describes the fees and expenses accrued under the investment advisory agreement, the prior investment advisory agreement and the administration agreement, as applicable, during the three and nine months ended September 30, 2022 and 2021:


			Three Months Ended				Nine Months Ended
Related Party			September 30,				September 30,
	Source Agreement	Description	2022		2021		2022		2021
The Advisor	Investment advisory agreement and prior investment advisory agreement	Base Management Fee(1)	$	61	$	58	$	186	$	113

The Advisor	Investment advisory agreement and prior investment advisory agreement	Subordinated Incentive Fee on Income(2)	$	25	$	20	$	72	$	28
The Advisor	Administration agreement	Administrative Services Expenses(3)	$	4	$	5	$	12	$	9

________________

(1)During the nine months ended September 30, 2022 and 2021, $185 and $104, respectively, in base management fees were paid to the Advisor. As of September 30, 2022, $61 in base management fees were payable to the Advisor.

(2)The Advisor agreed, effective July 1, 2021, to waive up to $15 per quarter of the subordinated incentive fee on income to which it is entitled to under the investment advisory agreement. During the three and nine months ended September 30, 2022, the amount shown is net of waivers of $15 and $45, respectively. During the three and nine months ended September 30, 2021, the amount shown is net of waivers of $15 and $15, respectively. During the nine months ended September 30, 2022 and 2021, $66 and $29, respectively, of subordinated incentive fees on income were paid to the Advisor. As of September 30, 2022, subordinated incentive fees on income of $25 were payable to the Advisor.

(3)During the nine months ended September 30, 2022 and 2021, $10 and $7, respectively, of administrative services expenses related to the allocation of costs of administrative personnel for services rendered to the Company by the Advisor and the remainder related to other reimbursable expenses, including reimbursement of fees related to transactional expenses for prospective investments, such as fees and expenses associated with performing due diligence reviews of investments that do not close, often referred to as "broken deal" costs. Broken deal costs were $1.1 for the nine months ended September 30, 2022. The Company paid $10 and $7, respectively, in administrative services expenses to the Advisor during the nine months ended September 30, 2022 and 2021.

Potential Conflicts of Interest

The members of the senior management and investment teams of the Advisor serve or may serve as officers, directors or principals of entities that operate in the same or a related line of business as the Company does, or of investment vehicles managed by the same personnel. The officers, managers and other personnel of the Advisor may serve in similar or other capacities for the investment advisers to future investment vehicles affiliated with FS Investments or KKR Credit. In serving in these multiple and other capacities, they may have obligations to other clients or investors in those entities, the fulfillment of which may not be in the Company’s best interests or in the best interest of the Company’s stockholders. The Company’s investment objectives may overlap with the investment objectives of such investment funds, accounts or other investment vehicles. For additional information regarding potential conflicts of interest, see the Company’s annual report on Form 10-K for the year ended December 31, 2021.

Exemptive Relief

As a BDC, the Company is subject to certain regulatory restrictions in making its investments. For example, BDCs generally are not permitted to co-invest with certain affiliated entities in transactions originated by the BDC or its affiliates in the absence of an exemptive order from the SEC. However, BDCs are permitted to, and may, simultaneously co-invest in transactions where price is the only negotiated term.

In an order dated June 4, 2013, or the FS Order, the SEC granted exemptive relief permitting the Company, subject to the satisfaction of certain conditions, to co-invest in certain privately negotiated investment transactions with certain affiliates of its former investment adviser, including FS Energy and Power Fund and any future BDCs that are advised by its former investment adviser or its affiliated investment advisers. However, in connection with the investment advisory relationship with the Advisor, and in an effort to mitigate potential future conflicts of interest, the Company's board of directors authorized and directed that the Company (i) withdraw from the FS Order, except with respect to any transaction in which the Company participated in reliance on the FS Order prior to April 9, 2018, and (ii) rely on an exemptive relief order, dated January 5, 2021, that permits the Company, subject to the satisfaction of certain conditions, to co-invest in certain privately negotiated investment transactions, including investments originated and directly negotiated by the Advisor or KKR Credit, with certain affiliates of the Advisor.

Affiliated Purchaser Program

As previously disclosed, certain affiliates of the owners of the Advisor committed $100 to a $350 investment vehicle that may invest from time to time in shares of the Company's common stock. In September 2021 and December 2021, that investment vehicle entered into a written trading plan with a third party broker in accordance with Rule 10b5-1 and Rule 10b-18 promulgated under the Exchange Act to facilitate the purchase of shares of the Company’s common stock pursuant to the terms and conditions of such plan. The Company is not a party to any transaction with the investment vehicle.

Distributions

9 Months Ended

Sep. 30, 2022

Distributions

The following table reflects the cash distributions per share that the Company has declared on its common stock during the nine months ended September 30, 2022 and 2021:


	Distribution
For the Three Months Ended	Per Share		Amount
Fiscal 2021
March 31, 2021	$	0.60	$	74
June 30, 2021	0.60		75
September 30, 2021	0.65		186
Total	$	1.85	$	335
Fiscal 2022
March 31, 2022	$	0.63	$	179
June 30, 2022	0.68		193
September 30, 2022	0.67		190
Total	$	1.98	$	562

On November 4, 2022, the Company’s board of directors declared a regular quarterly cash distribution of $0.68 per share, which will be paid on or about January 3, 2023 to stockholders of record as of the close of business on December 14, 2022. The timing and amount of any future distributions to stockholders are subject to applicable legal restrictions and the sole discretion of the Company’s board of directors.

Pursuant to the DRP, the Company will reinvest all cash dividends or distributions declared by the Company’s board of directors on behalf of stockholders who do not elect to receive their distributions in cash. As a result, if the Company’s board of directors declares a distribution, then stockholders who have not elected to “opt out” of the DRP will have their distributions automatically reinvested in additional shares of the Company’s common stock.

With respect to each distribution pursuant to the DRP, the Company reserves the right to either issue new shares of common stock or purchase shares of common stock in the open market in connection with implementation of the DRP. Unless the Company, in its sole discretion, otherwise directs the plan administrator, (A) if the per share market price (as defined in the DRP) is equal to or greater than the estimated net asset value per share (rounded up to the nearest whole cent) of the Company’s common stock on the payment date for the distribution, then the Company will issue shares of common stock at the greater of (i) net asset value per share of common stock or (ii) 95% of the market price; or (B) if the market price is less than the net asset value per share, then, in the sole discretion of the Company, (i) shares of common stock will be purchased in open market transactions for the accounts of participants to the extent practicable, or (ii) the Company will issue shares of common stock at net asset value per share. Pursuant to the terms of the DRP, the number of shares of common stock to be issued to a participant will be determined by dividing the total dollar amount of the distribution payable to a participant by the price per share at which the Company issues such shares; provided, however, that shares purchased in open market transactions by the plan administrator will be allocated to a participant based on the average purchase price, excluding any brokerage charges or other charges, of all shares of common stock purchased in the open market.

If a stockholder receives distributions in the form of common stock pursuant to the DRP, such stockholder generally will be subject to the same federal, state and local tax consequences as if it elected to receive distributions in cash. If the Company’s common stock is trading at or below net asset value, a stockholder receiving distributions in the form of additional common stock will be treated as receiving a distribution in the amount of cash that they would have received if they had elected to receive the distribution in cash. If the Company’s common stock is trading above net asset value, a stockholder receiving distributions in the form of additional common stock will be treated as receiving a distribution in the amount of the fair market value of the Company’s common stock. The stockholder’s basis for determining gain or loss upon the sale of common stock received in a distribution will be equal to the total

dollar amount of the distribution payable to the stockholder. Any stock received in a distribution will have a holding period for tax purposes commencing on the day following the day on which the shares of common stock are credited to the stockholder’s account.

The Company may fund its cash distributions to stockholders from any sources of funds legally available to it, including proceeds from the sale of shares of the Company’s common stock, borrowings, net investment income from operations, capital gains proceeds from the sale of assets, non-capital gains proceeds from the sale of assets, and dividends or other distributions paid to the Company on account of preferred and common equity investments in portfolio companies. The Company has not established limits on the amount of funds it may use from available sources to make distributions. During certain periods, the Company’s distributions may exceed its earnings. As a result, it is possible that a portion of the distributions the Company makes may represent a return of capital. A return of capital generally is a return of a stockholder’s investment rather than a return of earnings or gains derived from the Company’s investment activities. Each year a statement on Form 1099-DIV identifying the sources of the distributions (i.e., paid from ordinary income, paid from net capital gains on the sale of securities, and/or a return of capital, which is a nontaxable distribution) will be mailed to the Company’s stockholders. There can be no assurance that the Company will be able to pay distributions at a specific rate or at all.

The following table reflects the sources of the cash distributions on a tax basis that the Company has paid on its common stock during the nine months ended September 30, 2022 and 2021:


	Nine Months Ended September 30,
	2022				2021
Source of Distribution	Distribution Amount		Percentage		Distribution Amount		Percentage
Return of capital	$	—	—		$	—	—

Net investment income(1)	562		100	%	335		100	%
Short-term capital gains proceeds from the sale of assets	—		—		—		—
Long-term capital gains proceeds from the sale of assets	—		—		—		—


Total	$	562	100	%	$	335	100	%

________________

(1)During the nine months ended September 30, 2022 and 2021, 84.8% and 85.5%, respectively, of the Company’s gross investment income was attributable to cash income earned, 4.9% and 4.7%, respectively, was attributable to non-cash accretion of discount and 10.3% and 9.8%, respectively, was attributable to PIK interest.

The determination of the tax attributes of the Company’s distributions is made annually as of the end of the Company’s fiscal year based upon the Company’s taxable income for the full year and distributions paid for the full year. Therefore, a determination made on a quarterly basis may not be representative of the actual tax attributes of the Company’s distributions for a full year. The actual tax characteristics of distributions to stockholders are reported to stockholders annually on Form 1099-DIV.

Net capital losses may be carried forward indefinitely, and their character is retained as short-term or long-term losses. As of September 30, 2022, the Company had capital loss carryforwards available to offset future realized capital gains of approximately $1,877. Because of the loss limitation rules of the Code, some of the tax basis losses may be limited in their use. Any unused balances resulting from such limitations may be carried forward into future years indefinitely.

As of September 30, 2022 and December 31, 2021, the Company's gross unrealized appreciation on a tax basis was $1,321 and $1,665, respectively. As of September 30, 2022 and December 31, 2021, the Company's gross unrealized depreciation on a tax basis was $2,348 and $1,995, respectively.

The aggregate cost of the Company’s investments for U.S. federal income tax purposes totaled $17,638 and $17,167 as of September 30, 2022 and December 31, 2021, respectively. The aggregate net unrealized appreciation (depreciation) on investments on a tax basis was $(1,846) and $(1,066) as of September 30, 2022 and December 31, 2021, respectively. The aggregate net unrealized appreciation (depreciation) on investments on a tax basis excludes net unrealized appreciation (depreciation) from merger accounting, foreign currency forward contracts and foreign currency transactions.

As of September 30, 2022, the Company had a deferred tax liability of $14 resulting from unrealized appreciation on investments held by the Company’s wholly-owned taxable subsidiaries and a deferred tax asset of $60 resulting from net operating losses, capital losses, and interest expense limitation carryforwards of the Company’s wholly-owned taxable subsidiaries and unrealized depreciation on investments held by the Company’s wholly-owned taxable subsidiaries. As of September 30, 2022, certain

wholly-owned taxable subsidiaries anticipated that they would be unable to fully utilize their generated net operating losses and capital losses, therefore the deferred tax asset was offset by a valuation allowance of $48. For the nine months ended September 30, 2022, the Company recorded a provision for taxes related to wholly-owned taxable subsidiaries of $2 related to the deferred tax liability and $1 related to current taxes. Each were as a result of the sale of investments, during the second quarter, held in wholly-owned taxable subsidiaries.

Investment Portfolio

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Investment Portfolio

The following table summarizes the composition of the Company’s investment portfolio at cost and fair value as of September 30, 2022 and December 31, 2021:


	September 30, 2022
	(Unaudited)						December 31, 2021
	Amortized Cost(1)		Fair Value		Percentage of Portfolio		Amortized Cost(1)		Fair Value		Percentage of Portfolio
Senior Secured Loans—First Lien	$	10,023	$	9,781	61.9	%	$	9,695	$	9,765	60.7	%
Senior Secured Loans—Second Lien	1,357		1,245		7.9	%	1,564		1,557		9.7	%
Other Senior Secured Debt	151		110		0.7	%	149		120		0.7	%
Subordinated Debt	380		255		1.6	%	188		111		0.7	%
Asset Based Finance	1,942		1,826		11.6	%	2,132		2,245		13.9	%
Credit Opportunities Partners JV, LLC	1,572		1,466		9.3	%	1,397		1,396		8.7	%
Equity/Other	1,253		1,109		7.0	%	932		907		5.6	%
Total	$	16,678	$	15,792	100.0	%	$	16,057	$	16,101	100.0	%

________________

(1)Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on investments.

In general, under the 1940 Act, the Company would be presumed to “control” a portfolio company if it owned more than 25% of its voting securities or it had the power to exercise control over the management or policies of such portfolio company, and would be an “affiliated person” of a portfolio company if it owned 5% or more of its voting securities.

As of September 30, 2022, the Company held investments in seventeen portfolio companies of which it is deemed to “control.” As of September 30, 2022, the Company held investments in ten portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to "control." For additional information with respect to such portfolio companies, see footnotes (ac) and (ad) to the unaudited consolidated schedule of investments as of September 30, 2022 in this quarterly report on Form 10-Q.

As of December 31, 2021, the Company held investments in seventeen portfolio companies of which it is deemed to “control.” As of December 31, 2021, the Company held investments in sixteen portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to "control." For additional information with respect to such portfolio companies, see footnotes (ac) and (ad) to the consolidated schedule of investments as of December 31, 2021 in this quarterly report on Form 10-Q.

The Company’s investment portfolio may contain loans and other unfunded arrangements that are in the form of lines of credit, revolving credit facilities, delayed draw credit facilities or other investments, which require the Company to provide funding when requested by portfolio companies in accordance with the terms of the underlying agreements. As of September 30, 2022, the Company had unfunded debt investments with aggregate unfunded commitments of $1,042.4, unfunded equity/other commitments of $362.8 and unfunded commitments of $560.2 to Credit Opportunities Partners JV, LLC. As of December 31, 2021, the Company had unfunded debt investments with aggregate unfunded commitments of $1,724.1, unfunded equity commitments of $576.9 and unfunded commitments of $350.2 to Credit Opportunities Partners JV, LLC. The Company maintains sufficient cash on hand and available borrowings to fund such unfunded commitments should the need arise. For additional details regarding the Company’s unfunded debt investments, see the Company’s unaudited consolidated schedule of investments as of September 30, 2022 and the Company’s audited consolidated schedule of investments as of December 31, 2021.

The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets in such industries as of September 30, 2022 and December 31, 2021:


	September 30, 2022
	(Unaudited)				December 31, 2021
Industry Classification	Fair Value		Percentage of Portfolio		Fair Value		Percentage of Portfolio
Automobiles & Components	$	36	0.2	%	$	89	0.5	%
Banks	—		—		15		0.1	%
Capital Goods	2,224		14.1	%	2,281		14.2	%
Commercial & Professional Services	1,673		10.6	%	1,615		10.0	%
Consumer Durables & Apparel	290		1.8	%	551		3.4	%
Consumer Services	200		1.3	%	393		2.4	%
Credit Opportunities Partners JV, LLC	1,466		9.3	%	1,396		8.7	%
Diversified Financials	634		4.0	%	672		4.2	%
Energy	288		1.8	%	241		1.5	%
Food & Staples Retailing	268		1.7	%	296		1.8	%
Food, Beverage & Tobacco	189		1.2	%	256		1.6	%
Health Care Equipment & Services	1,976		12.5	%	1,613		10.0	%
Household & Personal Products	246		1.6	%	227		1.4	%
Insurance	950		6.0	%	898		5.6	%
Materials	190		1.2	%	211		1.3	%
Media & Entertainment	627		4.0	%	720		4.5	%
Pharmaceuticals, Biotechnology & Life Sciences	202		1.3	%	235		1.5	%
Real Estate	818		5.2	%	876		5.4	%
Retailing	287		1.8	%	288		1.8	%

Software & Services	2,847		18.0	%	2,698		16.8	%
Technology Hardware & Equipment	5		0.0	%	42		0.3	%
Telecommunication Services	79		0.5	%	128		0.8	%
Transportation	297		1.9	%	360		2.2	%

Total	$	15,792	100.0	%	$	16,101	100.0	%

Credit Opportunities Partners JV, LLC

Credit Opportunities Partners JV, LLC (formerly known as Strategic Credit Opportunities Partners, LLC), or COPJV, is a joint venture between the Company and South Carolina Retirement Systems Group Trust, or SCRS. SCRS purchased its interests in COPJV from Conway Capital, LLC, an affiliate of Guggenheim Life and Annuity Company and Delaware Life Insurance Company, in June 2019, which had no impact on the significant terms governing COPJV other than an increase in the aggregate capital commitment (but not the percentage of the aggregate capital committed by each member) to COPJV. Effective as of June 18, 2021, Credit Opportunities Partners, LLC, or COP, merged with and into COPJV, with COPJV surviving the merger, or the COPJV Merger. As of June 18, 2021, COPJV assumed all of COP's obligations under its credit facilities, and COP's wholly-owned special purpose financing subsidiaries became wholly-owned special purpose financing subsidiaries of COPJV, in each case, as a result of the consummation of the COPJV Merger. COPJV’s second amended and restated limited liability company agreement, or the COPJV Agreement, requires the Company and SCRS to provide capital to COPJV of up to $2,440 in the aggregate where the Company and SCRS would provide 87.5% and 12.5%, respectively, of the committed capital. Pursuant to the terms of the COPJV Agreement, the Company and SCRS each have 50% voting control of COPJV and are required to agree on all investment decisions as well as certain other significant actions for COPJV. COPJV invests its capital in a range of investments, including senior secured loans (both first lien and second lien) to middle market companies, broadly syndicated loans, equity, warrants and other investments. As administrative agent of COPJV, the Company performs certain day-to-day management responsibilities on behalf of COPJV and is entitled to a fee of 0.25% of COPJV's assets under administration, calculated and payable quarterly in arrears. As of June 28, 2022, the Company and SCRS increased their commitment by $440, of which $385 was committed by the Company. As of September 30, 2022, the Company and SCRS have funded approximately $1,799.8 to COPJV, of which $1,574.8 was from the Company.

COPJV was in compliance with all covenants required by its financing arrangements as of September 30, 2022 and December 31, 2021.

During the nine months ended September 30, 2022, the Company sold investments with a cost of $943.5 for proceeds of $941.2 to COPJV and recognized a net realized gain (loss) of $(2.3) in connection with the transactions. As of September 30, 2022, $398.2 of these sales to COPJV are included in receivable for investments sold in the consolidated statements of assets and liabilities.

As of September 30, 2022 and December 31, 2021, COPJV had total investments with a fair value of $3,624.5 and $3,260.0, respectively. As of September 30, 2022 and December 31, 2021, COPJV had one and zero investments on non-accrual status, respectively.

Below is a summary of COPJV’s portfolio, followed by a listing of the individual loans in COPJV’s portfolio as of September 30, 2022 and December 31, 2021:



	As of
	September 30, 2022 (Unaudited)			December 31, 2021
Total debt investments(1)	$	3,455.9		$	2,954.2
Weighted average annual yield on accruing debt investments(2)	10.0		%	8.1		%
Number of portfolio companies in COPJV	125			95
Largest investment in a single portfolio company(1)	$	131.9		$	131.5
Unfunded commitments(1)	$	2.8		$	1.9

____________

(1)"Debt Investments" means investments that pay or are expected to pay a stated interest rate, stated dividend rate or other similar stated return.

(2)The Weighted Average Annual Yield on Accruing Debt Investments is computed as (i) the sum of (a) the stated annual interest rate, dividend rate or other similar stated return of each accruing Debt Investment, multiplied by its par amount, adjusted to U.S. dollars and for any partial income accrual when necessary, as of the end of the applicable reporting period, plus (b) the annual amortization of the purchase or original issue discount or premium of each accruing Debt Investment; divided by (ii) the total amortized cost of Debt Investments included in the calculated group as of the end of the applicable reporting period. Stated annual interest rate for floating rate Debt Investments assumes the greater of (a) the respective base rate in effect as of September 30, 2022, and (b) the stated base rate floor. The base rate utilized in this calculation may not be indicative of the base rates for specific contracts as of September 30, 2022.

Credit Opportunities Partners JV, LLC Portfolio

As of September 30, 2022 (in millions)

(Unaudited)


Company(a)	Footnotes	Industry	Interest Rate(b)	Base Rate Floor	Maturity Date	No. Shares/Principal Amount(c)		Cost		Fair Value(d)
Senior Secured Loans—First Lien—151.0%
48Forty Solutions LLC	(e)(o)	Commercial & Professional Services	SF+550	1.0%	11/30/2026	$	19.4	$	19.2	$	19.0
Accuride Corp	(i)(j)	Capital Goods	L+525	1.0%	11/17/2023	20.8		20.3		18.1
Advania Sverige AB	(e)(o)	Software & Services	SR+610, 0.0% PIK (3.3% Max PIK)	0.0%	4/28/2028	SEK	588.0	66.6		51.3
Advania Sverige AB	(e)(o)	Software & Services	R+610, 0.0% PIK (3.3% Max PIK)	0.0%	4/28/2028	ISK	1,644.9	12.8		11.1
Affordable Care Inc	(e)(h)(i)(o)	Health Care Equipment & Services	L+550, 0.0% PIK (1.3% Max PIK)	0.8%	8/2/2028	$	76.3	76.0		75.6
Alacrity Solutions Group LLC	(e)(j)(o)	Insurance	L+525	0.8%	12/22/2028	40.6		39.9		39.6
Alera Group Intermediate Holdings Inc	(e)(k)(o)	Insurance	SF+600	0.8%	10/2/2028	32.3		31.9		31.1
Alstom SA	(k)	Transportation	L+550, 2.5% PIK (2.5% Max PIK)	1.0%	8/29/2023	6.2		5.7		3.5
American Airlines Group Inc		Transportation	L+175	0.0%	6/27/2025	2.5		2.3		2.3
American Vision Partners	(e)(o)	Health Care Equipment & Services	L+575	0.8%	9/30/2027	19.6		19.4		19.1
Ammeraal Beltech Holding BV	(h)(k)	Capital Goods	E+375	0.0%	7/30/2025	€	4.8	4.8		4.1
Apex Group Limited	(h)	Diversified Financials	L+375	0.5%	7/27/2028	$	4.2	4.2		4.0
Apex Group Limited	(h)	Diversified Financials	E+400	0.0%	7/27/2028	€	1.6	1.9		1.5
Arcfield Acquisition Corp	(e)(o)	Capital Goods	L+575	0.8%	3/10/2028	$	8.1	8.0		7.9


Company(a)	Footnotes	Industry	Interest Rate(b)	Base Rate Floor	Maturity Date	No. Shares/Principal Amount(c)		Cost		Fair Value(d)
Arcos LLC/VA	(e)(h)(j)	Software & Services	L+575	1.0%	3/31/2028	$	22.3	$	22.1	$	21.2
Ardonagh Group Ltd	(e)(i)	Insurance	SA+700	0.8%	7/14/2026	£	3.8	4.7		4.2
Ardonagh Group Ltd	(e)(i)	Insurance	E+700	1.0%	7/14/2026	€	0.5	0.5		0.5
Ardonagh Group Ltd	(e)(j)(k)(o)	Insurance	L+575	0.8%	7/14/2026	$	54.8	54.2		52.8
Arrotex Australia Group Pty Ltd	(e)(j)(k)(o)	Pharmaceuticals, Biotechnology & Life Sciences	B+525	1.0%	7/10/2024	A$	109.4	73.9		70.1
Arrotex Australia Group Pty Ltd	(e)(j)(k)(o)	Pharmaceuticals, Biotechnology & Life Sciences	B+525	1.0%	7/10/2024	8.0		5.7		5.1
athenahealth Inc	(k)	Health Care Equipment & Services	SF+350	0.5%	2/15/2029	$	6.8	6.2		6.1
athenahealth Inc	(k)	Health Care Equipment & Services	SF+350	0.5%	2/15/2029	1.2		1.1		1.0
Barbri Inc	(e)(h)(i)	Consumer Services	L+575	0.8%	4/28/2028	47.4		47.4		47.4
BearCom Acquisition Corp	(e)(j)	Technology Hardware & Equipment	L+650	1.0%	7/5/2024	2.2		2.2		2.1
BearCom Acquisition Corp	(e)(j)	Technology Hardware & Equipment	C+550	1.0%	7/5/2024	C$	14.3	10.6		10.1
BearCom Acquisition Corp	(e)(f)	Technology Hardware & Equipment	C+550	1.0%	1/5/2024	1.3		1.0		0.9
Belk Inc		Retailing	L+750	1.0%	7/31/2025	$	0.6	0.6		0.6
Belk Inc	(g)(p)	Retailing	5.0%, 8.0% PIK (8.0 Max PIK)		7/31/2025	3.0		1.7		0.6
BGB Group LLC	(e)(h)(i)(o)	Media & Entertainment	L+575	1.0%	8/16/2027	54.5		54.1		53.7
Big Bus Tours Ltd	(e)(j)	Consumer Services	L+850 PIK (L+850 Max PIK)	1.0%	3/15/2024	17.6		17.6		14.4
Big Bus Tours Ltd	(e)(j)	Consumer Services	E+850 PIK (E+850 Max PIK)	1.0%	3/15/2024	€	12.4	13.8		9.9
Bugaboo International BV	(e)(h)(i)	Consumer Durables & Apparel	E+700, 0.0% PIK (7.8% Max PIK)	0.0%	3/20/2025	30.1		35.5		29.4
Bugaboo International BV	(e)(h)	Consumer Durables & Apparel	E+700, 0.0% PIK (7.8% Max PIK)	0.0%	3/20/2025	4.9		5.4		4.8
Cision Ltd		Software & Services	L+375	0.0%	1/29/2027	$	3.8	3.4		3.1
ClubCorp Club Operations Inc	(j)(k)	Consumer Services	L+275	0.0%	9/18/2024	32.0		29.9		29.6
Creation Technologies Inc		Technology Hardware & Equipment	L+550	0.5%	10/5/2028	2.3		2.1		1.9
CSafe Global	(e)(h)(i)(k)	Capital Goods	L+625	0.8%	12/23/2027	59.5		59.4		59.5
CSafe Global	(e)(h)	Capital Goods	L+625	0.8%	8/13/2028	17.3		17.3		17.3
Cubic Corp	(i)	Software & Services	L+425	0.8%	5/25/2028	9.1		9.1		8.0
EIF Van Hook Holdings LLC	(i)(k)	Energy	SF+525	0.0%	9/5/2024	7.7		7.4		7.4
Emerald Expositions Holding Inc		Media & Entertainment	L+275	0.0%	5/22/2024	1.7		1.6		1.7
Encora Digital Inc	(e)(o)	Software & Services	L+550, 0.0% PIK (2.4% Max PIK)	0.8%	12/13/2028	16.3		15.9		15.5
Envirotainer Ltd	(e)(k)	Transportation	E+600, 0.0% PIK (3.0% Max PIK)	0.0%	7/29/2029	€	14.9	13.9		14.3
Envirotainer Ltd	(e)(k)	Transportation	SF+600, 0.0% PIK (3.0% Max PIK)	0.8%	7/29/2029	$	7.6	7.4		7.4
Excelitas Technologies Corp	(e)(j)(k)	Technology Hardware & Equipment	SF+575	0.8%	8/12/2029	24.5		23.5		24.3
Follett Software Co	(e)(h)(i)	Software & Services	L+575	0.8%	8/31/2028	37.6		37.3		36.8
Frontline Technologies Group LLC	(e)(i)(o)	Software & Services	L+575	1.0%	9/18/2023	35.8		35.8		35.8
Galaxy Universal LLC	(e)(h)	Consumer Durables & Apparel	SF+500	1.0%	11/12/2026	8.8		8.8		8.8
Galway Partners Holdings LLC	(e)(k)(o)	Insurance	L+525, 0.0% PIK (1.3% Max PIK)	0.8%	9/29/2028	37.0		36.2		36.4
General Datatech LP	(e)(j)	Software & Services	L+625	1.0%	6/18/2027	18.4		17.8		17.4
Greystone Equity Member Corp	(e)	Diversified Financials	L+725	3.8%	4/1/2026	30.2		30.0		29.3
HealthChannels LLC	(j)	Health Care Equipment & Services	L+450	0.0%	4/3/2025	15.5		15.4		13.1
Hermes UK Ltd	(e)(k)	Transportation	SA+650	0.0%	11/30/2027	£	14.7	19.5		15.3
Higginbotham Insurance Agency Inc	(e)(h)(i)	Insurance	L+525	0.8%	11/25/2026	$	37.7	38.1		37.8
Industria Chimica Emiliana Srl	(e)(j)(k)(o)	Pharmaceuticals, Biotechnology & Life Sciences	E+725	0.0%	9/27/2026	€	113.9	125.3		109.9


Company(a)	Footnotes	Industry	Interest Rate(b)	Base Rate Floor	Maturity Date	No. Shares/Principal Amount(c)		Cost		Fair Value(d)
Insight Global LLC	(e)(h)(i)(o)	Commercial & Professional Services	L+600	0.8%	9/22/2028	$	63.9	$	63.1	$	62.9
KBP Investments LLC	(e)(h)(i)	Food & Staples Retailing	L+550	0.8%	5/26/2027	23.6		23.5		22.3
Kellermeyer Bergensons Services LLC	(e)(i)(j)	Commercial & Professional Services	L+600	1.0%	11/7/2026	29.2		28.1		27.9
Kettle Cuisine LLC	(j)	Food, Beverage & Tobacco	L+375	1.0%	8/25/2025	16.3		16.3		15.2
Lakefield Veterinary Group	(e)(o)	Health Care Equipment & Services	L+550	0.8%	11/23/2028	27.1		26.8		26.4
Lakeview Farms Inc	(e)(j)	Food, Beverage & Tobacco	L+625	1.0%	6/10/2027	15.6		15.5		14.9
Lexitas Inc	(e)(h)	Commercial & Professional Services	SF+625	1.0%	5/18/2029	18.5		18.5		18.2
Lionbridge Technologies Inc	(e)(i)(j)	Media & Entertainment	SF+700	1.0%	12/29/2025	27.2		26.7		27.4
Lipari Foods LLC	(e)(k)	Food & Staples Retailing	SF+575	1.0%	1/6/2025	42.8		42.8		42.8
Lipari Foods LLC	(e)(k)	Food & Staples Retailing	SF+575	1.0%	1/6/2025	21.7		21.7		21.7
Lrqa Ltd	(e)(i)(o)	Consumer Services	E+600, 0.0% PIK (6.3% Max PIK)	0.0%	12/2/2028	€	44.3	48.7		42.4
MB2 Dental Solutions LLC	(e)(i)	Health Care Equipment & Services	SF+600	1.0%	1/29/2027	$	12.0	11.8		11.8
Med-Metrix	(e)(o)	Software & Services	L+600	1.0%	9/15/2027	11.9		11.9		11.9
Misys Ltd		Software & Services	L+350	1.0%	6/13/2024	2.3		2.1		2.0
Monitronics International Inc	(h)(i)(k)	Commercial & Professional Services	L+600	1.5%	7/3/2024	35.5		33.5		34.2
Motion Recruitment Partners LLC	(e)(h)(j)	Commercial & Professional Services	L+650	1.0%	12/22/2025	24.8		24.6		24.8
New Era Technology Inc	(e)(h)(j)(k)	Software & Services	L+625	1.0%	10/31/2026	34.4		33.9		33.8
Novotech Pty Ltd	(e)(k)(o)	Health Care Equipment & Services	SF+525	0.5%	1/13/2028	24.4		23.9		23.9
Novotech Pty Ltd	(e)(k)(o)	Health Care Equipment & Services	B+525	0.5%	1/13/2028	A$	33.7	24.8		21.0
One Call Care Management Inc	(h)	Health Care Equipment & Services	L+550	0.8%	4/22/2027	$	4.9	5.0		3.7
Ontic Engineering & Manufacturing Inc	(h)	Capital Goods	L+400	0.0%	10/30/2026	2.1		1.9		2.1
Pantherx Specialty LLC	(e)(j)	Pharmaceuticals, Biotechnology & Life Sciences	SF+550	0.5%	7/16/2029	15.9		14.8		14.9
Parts Town LLC	(e)(h)(k)(o)	Retailing	L+550	0.8%	11/1/2028	49.6		48.5		48.0
Peraton Corp	(j)	Capital Goods	L+375	0.8%	2/1/2028	8.8		8.4		8.4
Plaskolite, LLC		Materials	L+400	0.8%	12/15/2025	1.1		1.1		1.0
Precision Global Corp	(e)(j)	Materials	L+475	1.0%	8/3/2024	8.9		8.7		8.8
Premium Credit Ltd	(e)(h)(i)(k)	Diversified Financials	SA+650	0.0%	1/16/2026	£	49.4	64.1		55.0
Pretium Packaging LLC	(j)	Household & Personal Products	L+400	0.5%	10/2/2028	$	1.6	1.6		1.5
Project Marron	(e)(h)(j)(k)	Consumer Services	B+625	0.5%	7/2/2025	A$	81.8	56.3		50.4
Project Marron	(e)(i)(j)	Consumer Services	C+625	0.5%	7/2/2025	C$	52.5	40.0		36.4
Pure Fishing Inc	(i)	Consumer Durables & Apparel	L+450	0.0%	12/22/2025	$	9.8	9.7		8.2
Qdoba Restaurant Corp	(h)(k)	Consumer Services	L+700	1.0%	3/21/2025	3.5		3.3		3.4
Reliant Rehab Hospital Cincinnati LLC	(e)(j)(o)	Health Care Equipment & Services	L+625	0.0%	2/28/2026	33.8		32.8		28.4
Revere Superior Holdings Inc	(e)(k)	Software & Services	L+575	1.0%	9/30/2026	19.6		19.6		19.6
Rise Baking Company	(e)(k)	Food, Beverage & Tobacco	L+650	1.0%	8/13/2027	1.4		1.3		1.3
Rise Baking Company	(e)(j)(k)	Food, Beverage & Tobacco	L+650	1.0%	8/13/2027	30.5		29.9		28.4
Rise Baking Company	(e)(f)	Food, Beverage & Tobacco	L+650	1.0%	8/13/2027	0.6		0.6		0.5
RSC Insurance Brokerage Inc	(e)(k)	Insurance	SF+550	0.8%	10/30/2026	18.9		18.8		18.7
Sabre Inc		Software & Services	L+200	0.0%	2/22/2024	2.1		2.1		2.1
Safe-Guard Products International LLC	(e)(i)(j)(k)	Diversified Financials	L+500	0.5%	1/27/2027	71.7		72.1		71.7
SAMBA Safety Inc	(e)(h)(j)	Software & Services	L+525	1.0%	9/1/2027	27.2		26.9		26.9
SavATree LLC	(e)(j)(k)	Consumer Services	L+550	0.8%	10/12/2028	39.7		39.4		39.2
Sequa Corp	(h)(j)(k)	Capital Goods	L+675, 0.0% PIK (1.0% Max PIK)	1.0%	11/28/2023	23.4		22.9		23.4
SI Group Inc		Materials	SF+475	0.0%	10/15/2025	1.5		1.5		1.3
SIRVA Worldwide Inc	(i)	Commercial & Professional Services	L+550	0.0%	8/4/2025	6.9		6.6		6.3
SitusAMC Holdings Corp	(e)(j)(o)	Real Estate	L+575	0.8%	12/22/2027	39.6		38.7		38.3


Company(a)	Footnotes	Industry	Interest Rate(b)	Base Rate Floor	Maturity Date	No. Shares/Principal Amount(c)		Cost		Fair Value(d)
Sorenson Communications LLC	(j)	Telecommunication Services	L+550	0.8%	3/17/2026	$	20.6	$	19.9	$	19.8
Staples Canada	(e)(h)(i)(j)(k)	Retailing	C+700	1.0%	9/12/2024	C$	77.4	59.5		57.3
Summit Interconnect Inc	(e)(o)	Capital Goods	SF+600	1.0%	9/22/2028	$	19.6	19.3		18.7
Time Manufacturing Co	(e)(h)(i)	Capital Goods	E+650	0.8%	12/1/2027	€	29.3	32.5		27.2
Total Safety US Inc	(h)(i)	Capital Goods	L+600	1.0%	8/18/2025	$	11.3	10.1		10.9
Transaction Services Group Ltd	(e)(j)(k)(n)(o)	Software & Services	B+650	0.0%	10/15/2026	A$	124.1	85.2		79.1
Unifrax I LLC / Unifrax Holding Co		Capital Goods	L+375	0.0%	12/12/2025	$	2.8	2.7		2.6
Varsity Brands Inc		Consumer Durables & Apparel	L+350	1.0%	12/16/2024	4.0		3.8		3.7
West Corp	(i)	Software & Services	L+400	1.0%	10/10/2024	12.1		12.0		10.5
West Corp	(i)	Software & Services	L+350	1.0%	10/10/2024	2.5		2.5		2.1
Woolpert Inc	(e)(h)(i)(j)	Capital Goods	L+600	1.0%	4/5/2028	53.1		52.7		51.2
Worldwise Inc	(e)(h)(i)(j)(k)(o)	Household & Personal Products	SF+625	1.0%	3/29/2028	64.8		61.8		61.5
Yak Access LLC	(n)	Capital Goods	L+500	0.0%	7/11/2025	0.8		0.6		0.5




Total Senior Secured Loans—First Lien								2,663.8		2,532.2
Unfunded Loan Commitments								(2.8)		(2.8)
Net Senior Secured Loans—First Lien								2,661.0		2,529.4

Senior Secured Loans—Second Lien—23.4%
Access CIG LLC	(h)(i)	Commercial & Professional Services	L+775	0.0%	2/27/2026	2.5		2.3		2.4
Ammeraal Beltech Holding BV	(e)(h)(k)(o)	Capital Goods	L+775	0.0%	9/12/2026	42.8		42.0		42.0
Apex Group Limited	(e)(h)(i)(o)	Diversified Financials	L+675	0.5%	7/27/2029	40.0		39.7		38.8
Cubic Corp	(e)(k)	Software & Services	L+763	0.8%	5/25/2029	10.0		9.7		9.2
EaglePicher Technologies LLC	(h)	Capital Goods	L+725	0.0%	3/8/2026	0.4		0.4		0.3
Element Materials Technology Group US Holdings Inc	(e)(h)(i)	Commercial & Professional Services	SA+725	0.5%	6/24/2030	£	16.0	17.1		17.2
Misys Ltd	(h)(i)(k)(o)	Software & Services	L+725	1.0%	6/13/2025	$	46.6	44.6		38.4
NEP Broadcasting LLC	(i)	Media & Entertainment	L+700	0.0%	10/19/2026	6.8		6.7		6.3
OEConnection LLC	(e)(h)(i)(j)	Software & Services	L+700	0.5%	9/25/2027	50.0		50.0		48.5
Paradigm Acquisition Corp	(h)(k)	Health Care Equipment & Services	L+750	0.0%	10/26/2026	2.5		2.5		2.5
Peraton Corp	(e)(h)(i)	Capital Goods	L+775	0.8%	2/1/2029	21.5		21.3		21.3
Pretium Packaging LLC	(e)(h)(i)(j)	Household & Personal Products	L+675	0.5%	10/1/2029	39.9		39.7		36.2
Pure Fishing Inc	(e)(h)	Consumer Durables & Apparel	L+838	1.0%	12/21/2026	26.5		24.1		22.9
SIRVA Worldwide Inc	(i)(j)	Commercial & Professional Services	L+950	0.0%	8/3/2026	10.3		8.7		9.0
Valeo Foods Group Ltd	(e)(h)	Food, Beverage & Tobacco	SA+800	0.0%	9/28/2029	£	9.3	11.8		9.7
Wittur Holding GmbH	(e)(j)(k)(n)	Capital Goods	E+850, 0.5% PIK (0.5% Max PIK)	0.0%	9/23/2027	€	120.8	131.9		88.5





Total Senior Secured Loans—Second Lien								452.5		393.2



Other Senior Secured Debt—1.3%
One Call Care Management Inc	(e)	Health Care Equipment & Services	8.5% PIK (8.5% Max PIK)		11/1/2028	$	24.5	24.0		21.2
Total Other Senior Secured Debt								24.0		21.2

Subordinated Debt—0.2%
athenahealth Inc		Health Care Equipment & Services	6.5%		2/15/2030	5.5		4.8		4.4
Total Subordinated Debt								4.8		4.4

Asset Based Finance—30.0%
Abacus JV, Private Equity	(e)	Insurance				31,400,804		32.2		33.4


Company(a)	Footnotes	Industry	Interest Rate(b)	Base Rate Floor	Maturity Date	No. Shares/Principal Amount(c)		Cost		Fair Value(d)
Altavair AirFinance, Private Equity	(e)	Capital Goods				36,500,000		$	43.0	$	41.5
Connecticut Avenue Securities Trust 2022-R08, Structured Mezzanine		Real Estate	SF+560	0.0%	7/25/2042	$	2.3	2.3		2.2
GA Capital Specialty Lending Fund, Limited Partnership Interest	(e)(n)	Diversified Financials				$	1.0	—		4.8
Global Lending Services LLC, Private Equity	(e)(n)	Diversified Financials				2,577,072		2.6		2.7
Global Lending Services LLC, Private Equity	(e)	Diversified Financials				19,329,296		25.4		20.3
KKR Chord IP Aggregator LP, Partnership Interest	(e)	Media & Entertainment				19,625,000		22.9		21.6
KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest	(e)(n)(p)	Capital Goods				19,642,734		24.4		16.3
Lenovo Group Ltd, Structured Mezzanine	(e)	Technology Hardware & Equipment	SF+1,075	1.0%	9/30/2024	$	4.7	4.7		4.7
Lenovo Group Ltd, Structured Mezzanine	(e)	Technology Hardware & Equipment	E+1,075	1.0%	9/30/2024	€	3.6	3.6		3.5
Lenovo Group Ltd, Structured Mezzanine	(e)	Technology Hardware & Equipment	E+675	1.0%	9/30/2024	€	5.0	5.0		4.9
Lenovo Group Ltd, Structured Mezzanine	(e)	Technology Hardware & Equipment	SA+675	1.0%	9/30/2024	£	1.1	1.3		1.3
Lenovo Group Ltd, Structured Mezzanine	(e)	Technology Hardware & Equipment	SF+675	1.0%	9/30/2024	$	6.5	6.5		6.5
Lenovo Group Ltd, Structured Mezzanine	(e)	Technology Hardware & Equipment	SA+1,075	1.0%	9/30/2024	£	0.8	0.9		0.9
Luxembourg Life Fund - Absolute Return Fund I, 1L Term Loan	(e)(h)(n)	Insurance	L+750	1.5%	2/27/2025	$	21.4	21.4		21.3
Luxembourg Life Fund - Absolute Return Fund III, Term Loan	(e)(h)(k)(n)	Insurance	L+925	0.0%	5/27/2026	$	56.6	56.2		57.6
Luxembourg Life Fund - Long Term Growth Fund, Term Loan	(e)(h)(i)(k)(n)	Insurance	L+925	0.0%	4/1/2023	$	90.1	89.9		91.0
My Community Homes PropCo 2, Private Equity	(e)(p)	Real Estate				35,000,000		35.0		35.0
NewStar Clarendon 2014-1A Class D	(e)(k)(n)	Diversified Financials	18.2%		1/25/2027	$	30.0	9.3		12.6
Pretium Partners LLC P1, Structured Mezzanine	(e)(h)(i)	Real Estate	2.8%, 5.3% PIK (5.3% Max PIK)		10/22/2026	$	29.4	28.5		29.2
Pretium Partners LLC P2, Private Equity	(e)	Real Estate				16,772,368		16.2		14.4
Roemanu LLC (FKA Toorak Capital Partners LLC), Private Equity	(e)	Real Estate				40,000,000		50.2		47.1
Sealane Trade Finance	(e)(m)(p)	Banks				1,254,327		1.3		0.5
SG Residential Mortgage Trust 2022-2, Structured Mezzanine		Real Estate	5.4%		9/25/2067	$	4.6	3.8		3.7
Star Mountain Strategic Credit Income Fund IV LP, Private Equity	(e)	Diversified Financials				25,000,000		25.0		25.3







Total Asset Based Finance								511.6		502.3



Equity/Other—10.4%
Ascent Resources Utica Holdings LLC / ARU Finance Corp, Common Stock	(e)(l)(p)	Energy				13,556		3.6		3.7
Ascent Resources Utica Holdings LLC / ARU Finance Corp, Trade Claim	(e)(l)(p)	Energy				115,178,571		30.5		31.2
athenahealth Inc, Preferred Stock	(e)	Health Care Equipment & Services	10.8% PIK (10.8% Max PIK)			50,000		47.5		42.8


Company(a)	Footnotes	Industry	Interest Rate(b)	Base Rate Floor	Maturity Date	No. Shares/Principal Amount(c)	Cost		Fair Value(d)
Belk Inc, Common Stock	(e)(p)	Retailing				381	$	—	$	—
Misys Ltd, Preferred Stock	(e)	Software & Services	L+1,025 PIK (L+1,025 Max PIK)	0.0%		24,436,083	24.0		21.7
One Call Care Management Inc, Common Stock	(e)(p)	Health Care Equipment & Services				34,873	2.2		2.1
One Call Care Management Inc, Preferred Stock A	(e)(p)	Health Care Equipment & Services				371,993	23.7		22.5
One Call Care Management Inc, Preferred Stock B	(e)	Health Care Equipment & Services	9.0% PIK (9.0% Max PIK)		10/25/2029	7,672,346	8.7		7.7
Pure Gym Ltd, Private Equity	(e)(p)	Consumer Services				30,218,000	39.4		35.2
Zeta Interactive Holdings Corp, Common Stock	(k)(p)	Software & Services				1,080,789	9.2		7.1

Total Equity/Other							188.8		174.0
TOTAL INVESTMENTS—216.3%							$	3,842.7	$	3,624.5

Derivative Instruments—3.1%
Foreign currency forward contracts									$	52.2

____________

(a)Security may be an obligation of one or more entities affiliated with the named company.

(b)Certain variable rate securities in the Company’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of September 30, 2022, the three-month London Interbank Offered Rate, or LIBOR or “L”, was 3.75%, the Euro Interbank Offered Rate, or EURIBOR, was 1.17%, Canadian Dollar Offer Rate, or CDOR was 4.20%, the Australian Bank Bill Swap Bid Rate, or BBSY, or “B”, was 3.11%, the Reykjavik Interbank Offered Rate, or REIBOR or "R", was 6.30%, the Stockholm Interbank Offered Rate, or STIBOR or "SR", was 1.73%, the Sterling Overnight Index Average, or SONIA, was 2.19%, the Secured Overnight Financing Rate, or SOFR, was 3.59% and the U.S. Prime Lending Rate, or Prime, was 6.25%. PIK means paid-in-kind. PIK income accruals may be adjusted based on the fair value of the underlying investment.

(c)Denominated in U.S. dollars unless otherwise noted.

(d)Fair value is determined in accordance with the Company's valuation process.

(e)Investments classified as Level 3.

(f)Security is an unfunded commitment. The stated rate reflects the spread disclosed at the time of commitment and may not indicate the actual rate received upon funding.

(g)Asset is on non-accrual status.

(h)Security or portion thereof held within Big Cedar Creek LLC and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with BNP Paribas.

(i)Security or portion thereof held within Boxwood Drive Funding and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with BNP Paribas.

(j)Security or portion thereof held within Chestnut Street Funding LLC and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with Citibank.

(k)Security or portion thereof held within Green Creek LLC and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with Goldman Sachs Bank.

(l)Security or portion thereof held within IC II American Energy Investment, Inc., a wholly-owned subsidiary of the company.

(m)Security or portion thereof held within JCF Cayman Ltd and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with Goldman Sachs Bank.

(n)Security or portion thereof held within Jersey City Funding LLC and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with Goldman Sachs Bank.

(o)Security or portion thereof held within Magnolia Funding LLC.

(p)Security is non-income producing.

Credit Opportunities Partners JV, LLC Portfolio

As of December 31, 2021 (in millions)


Company(a)	Footnotes	Industry	Interest Rate(b)	Base Rate Floor	Maturity Date	No. Shares/Principal Amount(c)		Cost		Fair Value(d)
Senior Secured Loans—First Lien—135.2%
ABB CONCISE Optical Group LLC	(j)(k)	Retailing	L+500	1.0%	6/15/23	$	16.2	$	14.5	$	15.7
Accuride Corp	(i)(j)	Capital Goods	L+525	1.0%	11/17/23	21.0		20.3		20.3
Advania Sverige AB	(e)	Software & Services	SR+610, 0.0% PIK (3.3% Max PIK)	0.0%	4/28/28	SEK	588.0	66.4		64.3
Advania Sverige AB	(e)	Software & Services	R+610, 0.0% PIK (3.3% Max PIK)	0.0%	4/28/28	ISK	1,644.9	12.8		12.5
Affordable Care Inc	(e)(h)(i)	Health Care Equipment & Services	L+550, 0.0% PIK (1.3% Max PIK)	0.8%	8/2/28	$	55.9	55.6		55.6
Alera Group Intermediate Holdings Inc	(e)(k)	Insurance	L+550	0.8%	10/2/28	20.2		20.0		20.0
Alstom SA	(k)	Transportation	L+550, 2.5% PIK (2.5% Max PIK)	1.0%	8/29/23	6.1		5.3		5.0
Ammeraal Beltech Holding BV	(h)(k)	Capital Goods	E+350	0.0%	7/30/25	€	4.8	4.7		5.4
Apex Group Limited	(h)	Diversified Financials	L+375	0.5%	7/27/28	$	4.2	4.2		4.2
Apex Group Limited	(h)	Diversified Financials	E+400	0.0%	7/27/28	€	1.6	1.9		1.8
Arcos LLC/VA	(e)(h)(j)	Software & Services	L+575	1.0%	3/31/28	$	22.4	22.2		22.3
Ardonagh Group Ltd	(e)(i)	Insurance	L+675	0.8%	7/14/26	£	3.8	4.7		5.2
Ardonagh Group Ltd	(e)(i)	Insurance	E+675	1.0%	7/14/26	€	0.5	0.5		0.6
Ardonagh Group Ltd	(e)(j)(k)	Insurance	L+550	0.8%	7/14/26	$	40.7	40.3		40.3
Arrotex Australia Group Pty Ltd	(e)(j)(k)(n)	Pharmaceuticals, Biotechnology & Life Sciences	B+525	1.0%	7/10/24	A$	109.4	73.6		79.7
Arrotex Australia Group Pty Ltd	(e)(j)(k)(n)	Pharmaceuticals, Biotechnology & Life Sciences	B+525	1.0%	7/10/24	8.0		5.7		5.8
Barbri Inc	(e)(h)(i)	Consumer Services	L+575	0.8%	4/28/28	$	47.7	47.7		47.7
BearCom Acquisition Corp	(e)(j)	Technology Hardware & Equipment	L+600	1.0%	7/5/24	2.2		2.2		2.1
BearCom Acquisition Corp	(e)(j)	Technology Hardware & Equipment	C+550	1.0%	7/5/24	C$	14.4	10.5		11.0
BearCom Acquisition Corp	(e)(f)	Technology Hardware & Equipment	C+550	1.0%	1/5/24	1.3		1.0		1.0
Belk Inc		Retailing	L+750	1.0%	7/31/25	$	0.6	0.6		0.6
Belk Inc		Retailing	5.0%, 8.0% PIK (8.0% Max PIK)		7/31/25	2.9		1.5		2.1
BGB Group LLC	(e)(h)(i)	Media & Entertainment	L+575	1.0%	8/16/27	48.5		48.2		48.3
Big Bus Tours Ltd	(e)(j)	Consumer Services	L+850 PIK (L+850 Max PIK)	1.0%	3/15/24	16.4		16.4		10.3
Big Bus Tours Ltd	(e)(j)	Consumer Services	E+850 PIK (E+850 Max PIK)	1.0%	3/15/24	€	11.5	12.9		8.3
Bugaboo International BV	(e)(h)(i)(n)	Consumer Durables & Apparel	E+700, 0.0% PIK (7.8% Max PIK)	0.0%	3/20/25	35.0		40.8		39.8
Caprock Midstream LLC	(i)	Energy	L+475	0.0%	11/3/25	$	13.3	13.0		13.2
CSafe Global	(e)(h)(i)(k)	Capital Goods	L+625	0.8%	12/23/27	60.0		59.9		60.0
CSafe Global	(e)(h)	Capital Goods	L+625	0.8%	8/13/28	17.5		17.5		17.5
Cubic Corp	(i)	Software & Services	L+425	0.8%	5/25/28	9.2		9.2		9.2
Eagleclaw Midstream Ventures LLC	(k)	Energy	L+425	1.0%	6/24/24	11.1		10.6		11.1
EIF Van Hook Holdings LLC	(i)(k)	Energy	L+525	0.0%	9/5/24	8.1		7.8		7.8
Entertainment Benefits Group LLC	(e)(k)	Media & Entertainment	L+575, 2.5% PIK (2.5% Max PIK)	1.0%	9/30/25	2.6		2.6		2.5
Follett Software Co	(e)(h)(i)	Software & Services	L+575	0.8%	8/31/28	37.9		37.5		37.7
Frontline Technologies Group LLC	(e)(i)	Software & Services	L+525	1.0%	9/18/23	19.7		19.8		19.7
Galway Partners Holdings LLC	(e)(k)	Insurance	L+525, 0.0% PIK (1.3% Max PIK)	0.8%	9/29/28	20.3		20.0		20.0
General Datatech LP	(e)(j)	Software & Services	L+625	1.0%	6/18/27	10.2		10.0		10.0
Greystone Equity Member Corp	(e)	Diversified Financials	L+725	3.8%	4/1/26	30.2		30.0		29.9
HealthChannels LLC	(j)	Health Care Equipment & Services	L+450	0.0%	4/3/25	15.6		15.5		14.3
Hermes UK Ltd	(e)	Transportation	SA+650	0.0%	11/30/27	£	14.7	19.5		19.3


Company(a)	Footnotes	Industry	Interest Rate(b)	Base Rate Floor	Maturity Date	No. Shares/Principal Amount(c)		Cost		Fair Value(d)
Higginbotham Insurance Agency Inc	(e)(h)(i)	Insurance	L+550	0.8%	11/25/26	$	38.0	$	38.4	$	38.8
Industria Chimica Emiliana Srl	(e)(j)(k)(n)	Pharmaceuticals, Biotechnology & Life Sciences	E+725	0.0%	9/27/26	€	113.9	125.0		133.3
Insight Global LLC	(e)(h)(i)	Commercial & Professional Services	L+600	0.8%	9/22/28	$	37.9	37.5		37.4
KBP Investments LLC	(e)(h)(i)	Food & Staples Retailing	L+500	0.8%	5/26/27	23.7		23.6		23.5
Kellermeyer Bergensons Services LLC	(e)(i)(j)	Commercial & Professional Services	L+575	1.0%	11/7/26	29.5		28.1		29.6
Kettle Cuisine LLC	(j)	Food, Beverage & Tobacco	L+375	1.0%	8/25/25	16.4		16.4		15.6
Lakeview Farms Inc	(e)(j)	Food, Beverage & Tobacco	L+625	1.0%	6/10/27	15.7		15.6		15.6
Lexitas Inc	(e)(h)	Commercial & Professional Services	L+600	1.0%	11/14/25	8.0		7.9		8.1
Lexitas Inc	(e)(h)	Commercial & Professional Services	L+600	1.0%	11/14/25	10.7		10.7		10.8
Lionbridge Technologies Inc	(e)(i)(j)	Consumer Services	L+700	1.0%	12/29/25	28.3		27.7		28.9
Lipari Foods LLC	(e)(k)	Food & Staples Retailing	L+575	1.0%	1/6/25	65.3		65.2		65.4
Lloyd's Register Quality Assurance Ltd	(e)(i)(k)	Consumer Services	E+600, 0.0% PIK (6.3% Max PIK)	0.0%	12/2/28	€	44.3	48.6		48.9
Monitronics International Inc	(h)(i)(k)	Commercial & Professional Services	L+500	1.5%	7/3/24	$	35.5	32.9		35.6
Motion Recruitment Partners LLC	(e)(h)(j)	Commercial & Professional Services	L+650	1.0%	12/22/25	25.0		24.7		24.7
New Era Technology Inc	(e)(j)	Software & Services	L+625	1.0%	10/31/26	10.0		10.0		10.0
One Call Care Management Inc	(h)	Health Care Equipment & Services	L+550	0.8%	4/22/27	5.0		5.0		5.0
Ontic Engineering & Manufacturing Inc	(h)	Capital Goods	L+400	0.0%	10/30/26	2.1		1.9		2.1
Parata Systems	(e)(h)(i)	Health Care Equipment & Services	L+575	1.0%	6/30/27	57.9		57.7		58.0
Precision Global Corp	(e)(j)	Materials	L+475	1.0%	8/3/24	9.0		8.7		8.7
Premium Credit Ltd	(e)(h)(i)	Diversified Financials	L+650	0.0%	1/16/26	£	49.4	63.9		67.0
Pretium Packaging LLC	(j)	Household & Personal Products	L+400	0.5%	10/2/28	$	1.6	1.6		1.6
Project Marron	(e)(h)(j)	Consumer Services	B+625	0.0%	7/2/25	A$	63.6	43.9		43.6
Project Marron	(e)(i)(j)	Consumer Services	C+625	0.0%	7/2/25	C$	52.5	39.9		39.1
Project Marron	(e)(h)	Consumer Services	B+575	0.0%	7/2/25	A$	3.2	2.3		2.2
Pure Fishing Inc	(i)	Consumer Durables & Apparel	L+450	0.0%	12/22/25	$	9.9	9.8		9.6
Qdoba Restaurant Corp	(h)(k)	Consumer Services	L+700	1.0%	3/21/25	3.5		3.3		3.4
Reliant Rehab Hospital Cincinnati LLC	(e)(j)	Health Care Equipment & Services	L+625	0.0%	2/28/26	15.6		15.2		15.3
Revere Superior Holdings Inc	(e)(k)	Software & Services	L+575	1.0%	9/30/26	19.8		19.8		19.9
Rise Baking Company	(e)(k)	Food, Beverage & Tobacco	L+625	1.0%	8/13/27	1.0		1.0		1.0
Rise Baking Company	(e)(j)(k)	Food, Beverage & Tobacco	L+625	1.0%	8/13/27	30.7		30.0		30.1
Rise Baking Company	(e)(f)	Food, Beverage & Tobacco	L+625	1.0%	8/13/27	0.9		0.9		0.9
RSC Insurance Brokerage Inc	(e)(k)	Insurance	L+550	0.8%	10/30/26	19.0		19.0		19.2
Safe-Guard Products International LLC	(e)(i)(j)(k)	Diversified Financials	L+500	0.5%	1/27/27	75.5		76.0		75.5
SAMBA Safety Inc	(e)(h)(j)	Software & Services	L+575	1.0%	9/1/27	27.4		27.1		27.2
SavATree LLC	(e)(j)(k)	Consumer Services	L+550	0.8%	10/12/28	40.0		39.7		39.7
Sequa Corp	(h)(j)(k)	Capital Goods	L+675, 0.0% PIK (1.0% Max PIK)	1.0%	11/28/23	45.4		43.9		45.8
SIRVA Worldwide Inc	(i)	Commercial & Professional Services	L+550	0.0%	8/4/25	7.1		6.7		6.4
Staples Canada	(e)(h)(i)(j)(k)(n)	Retailing	C+700	1.0%	9/12/24	C$	87.0	67.1		70.8
Summit Interconnect Inc	(e)(j)	Capital Goods	L+600	1.0%	9/22/28	$	10.1	10.0		10.0
Time Manufacturing Co	(e)(h)(i)	Capital Goods	E+650	0.8%	12/1/27	€	29.5	32.7		32.9
Total Safety US Inc	(h)(i)	Capital Goods	L+600	1.0%	8/18/25	$	11.8	10.4		11.7
Transaction Services Group Ltd	(e)(j)(k)(n)	Software & Services	B+650	0.0%	10/15/26	A$	162.0	110.9		115.2
West Corp	(i)	Software & Services	L+400	1.0%	10/10/24	$	12.4	12.2		11.8
West Corp	(i)	Software & Services	L+350	1.0%	10/10/24	2.6		2.5		2.4
Woolpert Inc	(e)(h)(i)(j)	Capital Goods	L+600	1.0%	4/5/28	53.5		53.0		54.3
Yak Access LLC	(n)	Capital Goods	L+500	0.0%	7/11/25	0.8		0.6		0.7




Total Senior Secured Loans—First Lien								2,136.4		2,159.4


Company(a)	Footnotes	Industry	Interest Rate(b)	Base Rate Floor	Maturity Date	No. Shares/Principal Amount(c)		Cost		Fair Value(d)
Unfunded Loan Commitments								$	(1.9)	$	(1.9)
Net Senior Secured Loans—First Lien								2,134.5		2,157.5

Senior Secured Loans—Second Lien—31.5%
Access CIG LLC	(h)(i)	Commercial & Professional Services	L+775	0.0%	2/27/26	2.5		2.2		2.5
Ammeraal Beltech Holding BV	(e)(k)(n)	Capital Goods	L+775	0.0%	9/12/26	81.5		79.8		80.3
Apex Group Limited	(e)(h)(i)	Diversified Financials	L+675	0.5%	7/27/29	32.0		31.7		32.0
EaglePicher Technologies LLC	(h)	Capital Goods	L+725	0.0%	3/8/26	0.4		0.4		0.4
Excelitas Technologies Corp	(h)(i)(j)	Technology Hardware & Equipment	L+750	1.0%	12/1/25	22.6		19.7		22.7
Misys Ltd	(h)(i)(k)	Software & Services	L+725	1.0%	6/13/25	41.2		38.8		41.2
NEP Broadcasting LLC	(i)	Media & Entertainment	L+700	0.0%	10/19/26	6.8		6.7		6.7
OEConnection LLC	(e)(h)(i)(j)	Software & Services	L+825	0.0%	9/25/27	50.0		50.0		49.1
Paradigm Acquisition Corp	(h)(k)	Health Care Equipment & Services	L+750	0.0%	10/26/26	2.5		2.5		2.5
Pretium Packaging LLC	(e)(h)(i)(j)	Household & Personal Products	L+675	0.5%	10/1/29	39.9		39.7		39.5
Pure Fishing Inc	(e)(k)	Consumer Durables & Apparel	L+838	1.0%	12/21/26	46.8		42.0		44.5
Sequa Corp	(i)(k)	Capital Goods	L+1,075, 0.0% PIK (6.8% Max PIK)	1.0%	4/28/24	39.1		33.9		39.1
SIRVA Worldwide Inc	(j)	Commercial & Professional Services	L+950	0.0%	8/3/26	3.8		3.1		3.3
Watchfire Enterprises Inc	(e)(j)	Technology Hardware & Equipment	L+825	1.0%	10/2/24	9.3		9.3		9.3
Wittur Holding GmbH	(e)(j)(k)(n)	Capital Goods	E+850, 0.5% PIK (0.5% Max PIK)	0.0%	9/23/27	€	120.5	131.5		129.3



Total Senior Secured Loans—Second Lien								491.3		502.4

Other Senior Secured Debt—1.5%
One Call Care Management Inc	(e)	Health Care Equipment & Services	8.5% PIK (8.5% Max PIK)		11/1/28	$	23.5	22.9		23.5
Total Other Senior Secured Debt								22.9		23.5





Asset Based Finance—31.0%
Abacus JV, Private Equity	(e)	Insurance				31,916,927		32.7		34.2
Altavair AirFinance, Private Equity	(e)	Capital Goods				36,500,000		43.0		44.1
GA Capital Specialty Lending Fund, Limited Partnership Interest	(e)(n)	Diversified Financials				1		—		4.5
Global Lending Services LLC, Private Equity	(e)(n)	Diversified Financials				3,653,142		3.7		4.6
Home Partners JV, Common Stock	(e)(o)	Real Estate				15,249,687		22.9		37.6
Home Partners JV, Structured Mezzanine	(e)	Real Estate	11.0% PIK (11.0% Max PIK)		3/25/29	$	38.4	38.4		38.4
KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest	(e)(n)(o)	Capital Goods				19,642,734		24.4		15.9
Lenovo Group Ltd, Structured Mezzanine	(e)(n)	Technology Hardware & Equipment	7.8%		9/22/24	€	6.9	8.1		7.9
Lenovo Group Ltd, Structured Mezzanine	(e)(n)	Technology Hardware & Equipment	7.8%		9/22/24	$	10.7	10.7		10.7
Lenovo Group Ltd, Structured Mezzanine	(e)(n)	Technology Hardware & Equipment	11.8%		9/22/24	€	4.8	5.6		5.4
Lenovo Group Ltd, Structured Mezzanine	(e)(n)	Technology Hardware & Equipment	11.8%		9/22/24	£	1.3	1.8		1.7
Lenovo Group Ltd, Structured Mezzanine	(e)(n)	Technology Hardware & Equipment	7.8%		9/22/24	£	1.9	2.6		2.5
Lenovo Group Ltd, Structured Mezzanine	(e)(n)	Technology Hardware & Equipment	11.8%		9/22/24	$	7.4	7.4		7.4
Luxembourg Life Fund - Absolute Return Fund I, 1L Term Loan	(e)(h)(n)	Insurance	L+750	1.5%	2/27/25	$	26.8	26.9		27.1
Luxembourg Life Fund - Absolute Return Fund III, Term Loan	(e)(h)(k)(n)	Insurance	L+925	0.0%	5/27/26	$	57.5	57.0		57.0


Company(a)	Footnotes	Industry	Interest Rate(b)	Base Rate Floor	Maturity Date	No. Shares/Principal Amount(c)		Cost		Fair Value(d)
Luxembourg Life Fund - Long Term Growth Fund, Term Loan	(e)(h)(i)(k)(n)	Insurance	L+925	0.0%	4/1/23	$	94.6	$	94.1	$	94.5
NewStar Clarendon 2014-1A Class D	(e)(k)(n)	Diversified Financials	18.3%		1/25/27	$	30.0	9.3		15.3
Pretium Partners LLC P1, Structured Mezzanine	(e)(h)(i)	Real Estate	2.8%, 5.3% PIK (5.3% Max PIK)		10/22/26	$	18.9	18.6		19.1
Sealane Trade Finance	(e)(m)	Banks	L+375	0.0%	5/8/23	$	5.0	5.0		5.0
Sealane Trade Finance	(e)(m)	Banks	L+963	0.0%	5/8/23	$	11.2	11.2		11.2
Toorak Capital Partners LLC, Private Equity	(e)	Real Estate				40,000,000		50.2		50.4












Total Asset Based Finance								473.6		494.5

Equity/Other—5.1%
Ascent Resources Utica Holdings LLC / ARU Finance Corp, Common Stock	(e)(l)(o)	Energy				13,556		3.6		3.1
Ascent Resources Utica Holdings LLC / ARU Finance Corp, Trade Claim	(e)(l)(o)	Energy				115,178,571		30.5		26.4
Belk Inc, Common Stock	(e)(o)	Retailing				381		—		—
One Call Care Management Inc, Common Stock	(e)(o)	Health Care Equipment & Services				34,873		2.2		2.4
One Call Care Management Inc, Preferred Stock A	(e)(o)	Health Care Equipment & Services				371,993		23.7		26.1
One Call Care Management Inc, Preferred Stock B	(e)	Health Care Equipment & Services	9.0% PIK (9.0% Max PIK)		10/25/29	7,672,346		8.8		9.2
Zeta Interactive Holdings Corp, Common Stock	(k)(o)	Software & Services				1,766,696		15.1		14.9

Total Equity/Other								83.9		82.1
TOTAL INVESTMENTS—204.3%								$	3,206.2	$	3,260.0

Derivative Instruments—(0.4)%
Foreign currency forward contracts										$	(6.7)

____________

(a)Security may be an obligation of one or more entities affiliated with the named company.

(b)Certain variable rate securities in the Company’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of December 31, 2021, the three-month London Interbank Offered Rate, or LIBOR or “L”, was 0.21%, the Euro Interbank Offered Rate, or EURIBOR, was (0.57)%, Canadian Dollar Offer Rate, or CDOR was 0.52%, the Bank Bill Swap Bid Rate, or BBSY was 0.12%, the Reykjavik Interbank Offered Rate, or REIBOR, was 2.65%, the Stockholm Interbank Offered Rate, or STIBOR, was (0.05)%, the Sterling Overnight Index Average, or SONIA, was 0.19%, and

the U.S. Prime Lending Rate, or Prime, was 3.25%. PIK means paid-in-kind. PIK income accruals may be adjusted based on the fair value of the underlying investment.

(c)Denominated in U.S. dollars unless otherwise noted.

(d)Fair value determined by the Company’s board of directors (see Note 8).

(e)Investments classified as Level 3.

(f)Security is an unfunded commitment. The stated rate reflects the spread disclosed at the time of commitment and may not indicate the actual rate received upon funding.

(g)Not used.

(h)Security or portion thereof held within Big Cedar Creek LLC and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with BNP Paribas.

(i)Security or portion thereof held within Boxwood Drive Funding and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with BNP Paribas

(j)Security or portion thereof held within Chestnut Street Funding LLC and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with Citibank, N.A.

(k)Security or portion thereof held within Green Creek LLC and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with Goldman Sachs Bank.

(l)Security or portion thereof held within IC II American Energy Investment, Inc., a wholly-owned subsidiary of the company.

(m)Security or portion thereof held within JCF Cayman Ltd and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with Goldman Sachs.

(n)Security or portion thereof held within Jersey City Funding LLC and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with Goldman Sachs.

(o)Security is non-income producing.

Below is selected balance sheet information for COPJV as of September 30, 2022 and December 31, 2021:



	As of
	September 30, 2022 (Unaudited)		December 31, 2021
Selected Balance Sheet Information
Total investments, at fair value	$	3,624.5	$	3,260.0
Cash and other assets	350.1		414.3
Total assets	3,974.6		3,674.3
Debt	1,806.3		1,442.0
Other liabilities	492.8		636.7
Total liabilities	2,299.1		2,078.7
Member's equity	$	1,675.5	$	1,595.6

Below is selected statement of operations information for COPJV for the three and nine months ended September 30, 2022 and 2021:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Selected Statement of Operations Information
Total investment income	$	76.7	$	56.6	$	213.4	$	128.8
Expenses
Interest expense	19.9		12.7		44.8		27.0
Custodian and accounting fees	0.3		0.5		1.2		0.7
Administrative services	2.8		2.7		7.4		4.5
Professional services	0.0		0.2		0.2		0.5
Other	0.0		0.2		0.1		0.3
Total expenses	23.0		16.3		53.7		33.0
Net investment income	53.7		40.3		159.7		95.8
Net realized and unrealized gain (loss)	(49.4)		(10.1)		(112.8)		56.6
Net increase in net assets resulting from operations	$	4.3	$	30.2	$	46.9	$	152.4

Financial Instruments

9 Months Ended

Sep. 30, 2022

Financial Instruments

The following is a summary of the fair value and location of the Company’s derivative instruments in the consolidated balance sheets held as of September 30, 2022 and December 31, 2021:


		Fair Value
Derivative Instrument	Statement Location	September 30, 2022 (Unaudited)		December 31, 2021

Foreign currency forward contracts	Unrealized appreciation on foreign currency forward contracts	$	39	$	9
Foreign currency forward contracts	Unrealized depreciation on foreign currency forward contracts	—		(1)
Total		$	39	$	8

Net realized and unrealized gains and losses on derivative instruments recorded by the Company for the nine months ended September 30, 2022 and 2021 are in the following locations in the consolidated statements of operations:


		Net Realized Gains (Losses)
		Nine Months Ended September 30,
Derivative Instrument	Statement Location	2022		2021

Foreign currency forward contracts	Net realized gain (loss) on foreign currency forward contracts	$	9	$	0
Total		$	9	$	0


		Net Unrealized Gains (Losses)
		Nine Months Ended September 30,
Derivative Instrument	Statement Location	2022		2021

Foreign currency forward contracts	Net change in unrealized appreciation (depreciation) on foreign currency forward contracts	$	31	$	8
Total		$	31	$	8

Offsetting of Derivative Instruments

The Company has derivative instruments that are subject to master netting agreements. These agreements include provisions to offset positions with the same counterparty in the event of default by one of the parties. The Company’s unrealized appreciation and depreciation on derivative instruments are reported as gross assets and liabilities, respectively, in the consolidated balance sheets. The following tables present the Company’s assets and liabilities related to derivatives by counterparty, net of amounts available for offset under a master netting arrangement and net of any collateral received or pledged by the Company for such assets and liabilities as of September 30, 2022 and December 31, 2021:


	As of September 30, 2022 (Unaudited)
Counterparty	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Received(1)		Cash Collateral Received(1)		Net Amount of Derivative Assets(2)
JP Morgan Chase Bank	$	39	$	—	$	—	$	—	$	39

Total	$	39	$	—	$	—	$	—	$	39
Counterparty	Derivative Liabilities Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Pledged(1)		Cash Collateral Pledged(1)		Net Amount of Derivative Liabilities(3)
JP Morgan Chase Bank	$	—	$	—	$	—	$	—	$	—

Total	$	—	$	—	$	—	$	—	$	—


	As of December 31, 2021
Counterparty	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Received(1)		Cash Collateral Received(1)		Net Amount of Derivative Assets(2)
JP Morgan Chase Bank	$	9	$	(1)	$	—	$	—	$	8

Total	$	9	$	(1)	$	—	$	—	$	8
Counterparty	Derivative Liabilities Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Pledged(1)		Cash Collateral Pledged(1)		Net Amount of Derivative Liabilities(3)
JP Morgan Chase Bank	$	(1)	$	1	$	—	$	—	$	—

Total	$	(1)	$	1	$	—	$	—	$	—

___________

(1)In some instances, the actual amount of the collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(2)Net amount of derivative assets represents the net amount due from the counterparty to the Company.

(3)Net amount of derivative liabilities represents the net amount due from the Company to the counterparty.

Foreign Currency Forward Contracts and Cross Currency Swaps:

The Company may enter into foreign currency forward contracts and cross currency swaps from time to time to facilitate settlement of purchases and sales of investments denominated in foreign currencies and to economically hedge the impact that an adverse change in foreign exchange rates would have on the value of the Company’s investments denominated in foreign currencies. A foreign currency forward contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. These contracts are marked-to-market by recognizing the difference between the contract forward exchange rate and the forward market exchange rate on the last day of the period presented as unrealized appreciation or depreciation. Realized gains or losses are recognized when forward contracts are settled. Risks arise as a result of the potential inability of the counterparties to meet the terms of their contracts. The Company attempts to limit counterparty risk by only dealing with well-known counterparties.

Cross currency swaps are interest rate swaps in which interest cash flows are exchanged between two parties based on the notional amounts of two different currencies. These swaps are marked-to-market by recognizing the difference between the present value of cash flows of each leg of the swaps as unrealized appreciation or depreciation. Realized gain or loss is recognized when periodic payments are received or paid and the swaps are terminated. The entire notional value of a cross currency swap is subject to the risk that the counterparty to the swap will default on its contractual delivery obligations. The Company attempts to limit counterparty risk by only dealing with well-known counterparties. The Company utilizes cross currency swaps from time to time in order to hedge a portion of its investments in foreign currency.

The average notional balance for foreign currency forward contracts during the nine months ended September 30, 2022 and 2021 was $241.8 and $129.0, respectively.

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Under existing accounting guidance, fair value is defined as the price that the Company would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment. This accounting guidance emphasizes valuation techniques that maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances. The Company classifies the inputs used to measure these fair values into the following hierarchy as defined by current accounting guidance:

Level 1: Inputs that are quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Inputs that are quoted prices for similar assets or liabilities in active markets.

Level 3: Inputs that are unobservable for an asset or liability.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

As of September 30, 2022 and December 31, 2021, the Company’s investments were categorized as follows in the fair value hierarchy:



	September 30, 2022
Valuation Inputs	(Unaudited)		December 31, 2021

Level 1—Price quotations in active markets	$	15	$	30
Level 2—Significant other observable inputs	600		703
Level 3—Significant unobservable inputs	13,711		13,972
Investments measured at net asset value(1)	1,466		1,396
	$	15,792	$	16,101

____________

(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.

In addition, the Company had foreign currency forward contracts, as described in Note 7, which were categorized as Level 2 in the fair value hierarchy as of September 30, 2022 and December 31, 2021.

The Company’s board of directors is responsible for overseeing the valuation of the Company's portfolio investments at fair value as determined in good faith pursuant to the Advisor's valuation policy. The Company's board of directors has designated the Advisor with day-to-day responsibility for implementing the portfolio valuation process set forth in the Advisor's valuation policy.

The Company’s investments consist primarily of debt investments that were acquired directly from the issuer. Debt investments, for which broker quotes are not available, are valued by independent valuation firms, which determine the fair value of such investments by considering, among other factors, the borrower’s ability to adequately service its debt, prevailing interest rates for like investments, expected cash flows, call features, anticipated repayments and other relevant terms of the investments. Except as described below, all of the Company’s equity/other investments are also valued by independent valuation firms, which determine the fair value of such investments by considering, among other factors, contractual rights ascribed to such investments, as well as various income scenarios and multiples of earnings before interest, taxes, depreciation and amortization, or EBITDA, cash flows, net income, revenues or, in limited instances, book value or liquidation value. An investment that is newly issued and purchased near the date of the financial statements is valued at cost if the Advisor determines that the cost of such investment is the best indication of its fair value. Such investments described above are typically classified as Level 3 within the fair value hierarchy. Investments that are traded on an active public market are valued at their closing price as of the date of the financial statements and are classified as Level 1 within the fair value hierarchy. Except as described above, the Advisor typically values the Company's other investments by using the midpoint of the prevailing bid and ask prices from dealers on the date of the relevant period end, which are provided by independent

third-party pricing services and screened for validity by such services and are typically classified as Level 2 within the fair value hierarchy.

The Advisor periodically benchmarks the bid and ask prices it receives from the third-party pricing services and/or dealers and independent valuation firms as applicable, against the actual prices at which the Company purchases and sells its investments. Based on the results of the benchmark analysis and the experience of the Company’s management in purchasing and selling these investments, the Advisor believes that these prices are reliable indicators of fair value. The Advisor reviewed and approved the valuation determinations made with respect to these investments in a manner consistent with the Advisor’s valuation policy.

The following is a reconciliation for the nine months ended September 30, 2022 and 2021 of investments for which significant unobservable inputs (Level 3) were used in determining fair value:


	For the Nine Months Ended September 30, 2022
	Senior Secured Loans—First Lien		Senior Secured Loans—Second Lien		Other Senior Secured Debt		Subordinated Debt		Asset Based Finance		Equity/Other		Total
Fair value at beginning of period	$	9,542	$	1,205	$	29	$	74	$	2,245	$	877	$	13,972
Accretion of discount (amortization of premium)	52		5		—		1		4		1		63
Net realized gain (loss)	(61)		(41)		—		—		113		211		222
Net change in unrealized appreciation (depreciation)	(252)		(90)		(8)		(47)		(229)		(121)		(747)
Purchases	2,297		67		—		223		779		475		3,841
Paid-in-kind interest	36		2		1		3		20		24		86
Sales and repayments	(2,017)		(225)		—		—		(1,106)		(378)		(3,726)
Transfers into Level 3	—		—		—		—		—		—		—
Transfers out of Level 3	—		—		—		—		—		—		—
Fair value at end of period	$	9,597	$	923	$	22	$	254	$	1,826	$	1,089	$	13,711
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	$	(326)	$	(136)	$	(8)	$	(45)	$	(177)	$	(62)	$	(754)


	For the Nine Months Ended September 30, 2021
	Senior Secured Loans—First Lien		Senior Secured Loans—Second Lien		Other Senior Secured Debt		Subordinated Debt		Asset Based Finance		Equity/Other		Total
Fair value at beginning of period	$	3,276	$	862	$	36	$	152	$	951	$	530	$	5,807
Accretion of discount (amortization of premium)	28		8		—		—		2		1		39
Net realized gain (loss)	35		(93)		(21)		(7)		9		191		114
Net change in unrealized appreciation (depreciation)	280		158		25		(4)		126		31		616
Purchases	7,907		974		52		8		1,217		451		10,609
Paid-in-kind interest	12		4		—		—		29		21		66
Sales and repayments	(2,197)		(628)		(48)		(93)		(335)		(410)		(3,711)
Transfers into Level 3	—		—		—		—		—		3		3
Transfers out of Level 3	—		—		—		—		—		—		—
Fair value at end of period	$	9,341	$	1,285	$	44	$	56	$	1,999	$	818	$	13,543
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	$	290	$	84	$	(1)	$	19	$	125	$	84	$	601

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements as of September 30, 2022 and December 31, 2021 were as follows:

Type of Investment

Fair Value at

September 30, 2022

(Unaudited)

Valuation

Technique(1)

Unobservable
Input

Range (Weighted Average)

Impact to Valuation from an Increase in Input(2)

Senior Debt

9,513

Discounted Cash Flow

Discount Rate

5.5% - 21.1% (11.0%)

Decrease

580

Waterfall

EBITDA Multiple

0.3x - 21.3x (6.7x)

Increase

341

Cost

108

Other(3)

Subordinated Debt

237

Discounted Cash Flow

Discount Rate

10.9% - 15.5% (12.6%)

Decrease

Waterfall

EBITDA Multiple

5.8x - 5.8x (5.8x)

Increase

Asset Based Finance

859

Discounted Cash Flow

Discount Rate

4.8% - 44.1% (10.3%)

Decrease

686

Waterfall

EBITDA Multiple

1.0x - 21.8x (3.4x)

Increase

197

Other(3)

Cost

Indicative Dealer Quotes

41.8% - 41.8% (41.8%)

Increase

Equity/Other

599

Waterfall

EBITDA Multiple

0.0x - 15.0x (7.6x)

Increase

352

Discounted Cash Flow

Discount Rate

9.8% - 25.0% (14.6%)

Decrease

127

Cost

Other(3)

Option Pricing Model

Equity Illiquidity Discount

65.0% - 65.0% (65.0%)

Decrease

Total

13,711

Type of Investment

Fair Value at
December 31, 2021

Valuation

Technique(1)

Unobservable
Input

Range

Impact to Valuation from an Increase in Input(2)

Senior Debt

8,746

Discounted Cash Flow

Discount Rate

5.3% - 30.3% (8.5%)

Decrease

1,242

Cost

737

Waterfall

EBITDA Multiple

0.1x - 11.0x (7.0x)

Increase

Other(3)

Subordinated Debt

Waterfall

EBITDA Multiple

7.0x - 7.8x (7.8x)

Increase

Cost

Asset Based Finance

1,021

Waterfall

EBITDA Multiple

1.0x - 23.1x (4.1x)

Increase

744

Discounted Cash Flow

Discount Rate

4.2% - 16.2% (10.1%)

Decrease

359

Cost

117

Other(3)

Indicative Dealer Quotes

50.8% - 50.8% (50.8%)

Increase

Equity/Other

737

Waterfall

EBITDA Multiple

0.1x - 16.0x (6.1x)

Increase

111

Discounted Cash Flow

Discount Rate

7.3% - 25.0% (9.8%)

Decrease

Option Pricing Model

Equity Illiquidity Discount

65.0% - 65.0% (65.0%)

Decrease

Other(3)

Cost

Total

13,972

_______________

(1)Investments using a market quotes valuation technique were primarily valued by using the midpoint of the prevailing bid and ask prices from dealers on the date of the relevant period end, which were provided by independent third-party pricing services and screened for validity by such services. Investments valued using an EBITDA multiple or a revenue multiple pursuant to the market comparables valuation technique may be conducted using an enterprise valuation waterfall analysis.

(2)Represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements.

(3)Fair value based on expected outcome of proposed corporate transactions and/or other factors.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Financing Arrangements

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Financing Arrangements

Prior to June 14, 2019, in accordance with the 1940 Act, the Company was allowed to borrow amounts such that its asset coverage, calculated pursuant to the 1940 Act, was at least 200% after such borrowing. Effective June 15, 2019, the Company’s asset coverage requirement applicable to senior securities was reduced from 200% to 150%. As of September 30, 2022, the aggregate amount outstanding of the senior securities issued by the Company was $9,176. As of September 30, 2022, the Company’s asset coverage was 178%.

The following tables present summary information with respect to the Company’s outstanding financing arrangements as of September 30, 2022 and December 31, 2021. For additional information regarding these financing arrangements, see the notes to the Company’s audited consolidated financial statements contained in its annual report on Form 10-K for the year ended December 31, 2021. Any significant changes to the Company's financing arrangements during the nine months ended September 30, 2022 are discussed below.


	As of September 30, 2022 (Unaudited)
Arrangement	Type of Arrangement	Rate	Amount Outstanding		Amount Available		Maturity Date
Ambler Credit Facility(2)(9)	Revolving Credit Facility	SOFR+2.15%(1)	$	144	$	56	November 22, 2025
Burholme Prime Brokerage Facility(2)(9)	Prime Brokerage Facility	L+1.25%(1)	—		—		March 28, 2023
CCT Tokyo Funding Credit Facility(2)	Revolving Credit Facility	L+1.75% - 2.00%(1)(3)	290		10		June 2, 2025
Darby Creek Credit Facility(2)(9)	Revolving Credit Facility	L+1.85%(1)	243		7		February 26, 2025
Dunlap Credit Facility(2)(9)	Revolving Credit Facility	L+1.85%(1)	478		22		February 26, 2025
Meadowbrook Run Credit Facility(2)(9)	Revolving Credit Facility	SOFR+2.05%(1)	259		41		November 22, 2024
Senior Secured Revolving Credit Facility(2)	Revolving Credit Facility	SOFR+1.75% - 1.88%(1)(4)	2,665(5)		1,978(6)		May 17, 2027
4.625% Notes due 2024(7)	Unsecured Notes	4.63%	400		—		July 15, 2024
1.650% Notes due 2024(7)	Unsecured Notes	1.65%	500		—		October 12, 2024
4.125% Notes due 2025(7)	Unsecured Notes	4.13%	470		—		February 1, 2025
4.250% Notes due 2025(7)(9)	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
CLO-1 Notes(2)(8)	Collateralized Loan Obligation	L+1.85% - 3.01%(1)	352		—		January 15, 2031
Total			$	9,176	$	2,114

___________

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

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

(3)The spread over the benchmark rate is determined by reference to the amount outstanding under the facility.

(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 €201 has been converted to U.S. dollars at an exchange rate of €1.00 to $0.98 as of September 30, 2022 to reflect total amount outstanding in U.S. dollars. Canadian dollar balance outstanding of CAD34 has been converted to U.S dollars at an exchange rate of CAD1.00 to $0.73 as of September 30, 2022 to reflect total amount outstanding in U.S. dollars. Pounds sterling balance outstanding of £96 has been converted to U.S dollars at an exchange rate of £1.00 to $1.11 as of September 30, 2022 to reflect total amount outstanding in U.S. dollars. Australian dollar balance outstanding of AUD80 has been converted to U.S dollars at an exchange rate of AUD1.00 to $0.64 as of September 30, 2022 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 September 30, 2022, $12 of such letters of credit have been issued.

(7)As of September 30, 2022, the fair value of the 4.625% notes, the 1.650% notes, the 4.125% notes, the 4.250% notes, the 8.625% notes, the 3.400% notes, the 2.625% notes, the 3.250% notes and the 3.125% notes was approximately $392, $457, $445, $441, $258, $883, $323, $413 and $583, respectively. These valuations are considered Level 2 valuations within the fair value hierarchy.

(8)As of September 30, 2022, there were $281.4 of Class A-1R notes outstanding at L+1.85%, $20.5 of Class A-2R notes outstanding at L+2.25%, $32.4 of Class B-1R notes outstanding at L+2.60% and $17.4 of Class B-2R notes outstanding at 3.011%.

(9)As of June 16, 2021, the Company assumed all of FSKR's obligations under its notes, credit facilities, and FSKR's wholly-owned special purpose financing subsidiaries became wholly-owned special purpose financing subsidiaries of the Company, in each case, as a result of the consummation of the 2021 Merger.


	As of December 31, 2021
Arrangement	Type of Arrangement	Rate	Amount Outstanding		Amount Available		Maturity Date

Ambler Credit Facility(2)(9)	Revolving Credit Facility	SOFR+2.15%(1)	$	150	$	50	November 22, 2025
Burholme Prime Brokerage Facility(2)(9)	Prime Brokerage Facility	L+1.25%(1)	—		—		June 28, 2022
CCT Tokyo Funding Credit Facility(2)	Revolving Credit Facility	L+1.75% - 2.00%(1)(3)	300		—		January 2, 2025
Darby Creek Credit Facility(2)(9)	Revolving Credit Facility	L+1.85%(1)	250		—		February 26, 2025
Dunlap Credit Facility(2)(9)	Revolving Credit Facility	L+1.85%(1)	485		15		February 26, 2025
Meadowbrook Run Credit Facility(2)(9)	Revolving Credit Facility	SOFR+2.05%(1)	300		—		November 22, 2024
Senior Secured Revolving Credit Facility(2)	Revolving Credit Facility	L+1.75% - 2.00%(1)(4) SONIA+0.0326%(1)(4)	2,647(5)		1,544(6)		December 23, 2025
4.750% Notes due 2022(7)	Unsecured Notes	4.75%	450		—		May 15, 2022
4.625% Notes due 2024(7)	Unsecured Notes	4.63%	400		—		July 15, 2024
1.650% Notes due 2024(7)	Unsecured Notes	1.65%	500		—		October 12, 2024
4.125% Notes due 2025(7)	Unsecured Notes	4.13%	470		—		February 1, 2025
4.250% Notes due 2025(7)(9)	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
3.125% Notes due 2028(7)	Unsecured Notes	3.13%	750		—		October 12, 2028
CLO-1 Notes(2)(8)	Collateralized Loan Obligation	L+1.85% - 3.01%(1)	352		—		January 15, 2031
Total			$	9,179	$	1,609

___________

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

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

(3)The spread over the benchmark rate is determined by reference to the amount outstanding under the facility.

(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.

(5)Amount includes borrowing in Euros, Canadian dollars, pounds sterling and Australian dollars. Euro balance outstanding of €260 has been converted to U.S. dollars at an exchange rate of €1.00 to $1.14 as of December 31, 2021 to reflect total amount outstanding in U.S. dollars. Canadian dollar balance outstanding of CAD40 has been converted to U.S dollars at an exchange rate of CAD1.00 to $0.79 as of December 31, 2021 to reflect total amount outstanding in U.S. dollars. Pounds sterling balance outstanding of £130 has been converted to U.S dollars at an exchange rate of £1.00 to $1.35 as of December 31, 2021 to reflect total amount outstanding in U.S. dollars. Australian dollar balance outstanding of AUD116 has been converted to U.S dollars at an exchange rate of AUD1.00 to $0.73 as of December 31, 2021 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, 2021, $9 of such letters of credit have been issued.

(7)As of December 31, 2021, the fair value of the 4.750% notes, the 4.625% notes, the 1.650% notes, the 4.125% notes, the 4.250% notes, the 8.625% notes, the 3.400% notes, the 2.625% notes and the 3.125% notes was approximately $455, $421, $491, $492, $497, $276, $1,016, $395 and $747, respectively. These valuations are considered Level 2 valuations within the fair value hierarchy.

(8)As of December 31, 2021, there were $281.4 of Class A-1R notes outstanding at L+1.85%, $20.5 of Class A-2R notes outstanding at L+2.25%, $32.4 of Class B-1R notes outstanding at L+2.60% and $17.4 of Class B-2R notes outstanding at 3.011%.

(9)As of June 16, 2021, the Company assumed all of FSKR’s obligations under its notes and credit facilities, and FSKR’s wholly-owned special purpose financing subsidiaries became wholly-owned special purpose financing subsidiaries of the Company, in each case, as a result of the consummation of the 2021 Merger.

For the nine months ended September 30, 2022 and 2021, the components of total interest expense for the Company's financing arrangements were as follows:



	Nine Months Ended September 30,
	2022						2021
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
Ambler Credit Facility(2)	$	4	$	0	$	4	$	1	$	0	$	1
Burholme Prime Brokerage Facility(2)	—		—		—		—		—		—
CCT Tokyo Funding Credit Facility(2)	7		1		8		3		0		3
Darby Creek Credit Facility(2)	6		0		6		2		—		2
Dunlap Credit Facility(2)	12		0		12		3		—		3
Juniata River Credit Facility(2)	—		—		—		6		—		6
Meadowbrook Run Credit Facility(2)	6		0		6		3		—		3
Senior Secured Revolving Credit Facility(2)	69		3		72		23		2		25
4.750% Notes due 2022	6		0		6		16		0		16
5.000% Notes due 2022	—		—		—		9		—		9
4.625% Notes due 2024	14		1		15		14		1		15
1.650% Notes due 2024	6		2		8		—		—		—
4.125% Notes due 2025	15		1		16		15		1		16
4.250% Notes due 2025	15		(5)		10		6		(2)		4
8.625% Notes due 2025	16		1		17		16		1		17
3.400% Notes due 2026	25		4		29		25		4		29
2.625% Notes due 2027	7		1		8		3		0		3
3.250% Notes due 2027	11		1		12		—		—		—
3.125% Notes due 2028	18		1		19		—		—		—
CLO-1 Notes	8		0		8		6		0		6
Total	$	245	$	11	$	256	$	151	$	7	$	158

______________________

(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.

The Company’s average borrowings and weighted average interest rate, including the effect of non-usage fees, for the nine months ended September 30, 2022 were $9,553 and 3.43%, respectively. As of September 30, 2022, the Company’s weighted average effective interest rate on borrowings, including the effect of non-usage fees, was 4.21%.

The Company’s average borrowings and weighted average interest rate, including the effect of non-usage fees, for the nine months ended September 30, 2021 were $5,502 and 3.59%, respectively. As of September 30, 2021, the Company’s weighted average effective interest rate on borrowings, including the effect of non-usage fees, was 3.22%.

Under its financing arrangements, the Company has made certain representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar financing arrangements. The Company was in compliance with all covenants required by its financing arrangements as of September 30, 2022 and December 31, 2021.

Senior Secured Revolving Credit Facility

On May 17, 2022, the Company entered into Amendment No. 2 to the Second Amended and Restated Senior Secured Revolving Credit Agreement originally entered into on December 23, 2020, which was subsequently amended on September 27, 2021, or the

Credit Agreement, among the Company, as borrower, JPMorgan, as administrative agent, ING, as collateral agent, and the lenders party thereto.

The amendment provides for, among other things, (a) an upsize of the aggregate principal amount of the revolving credit commitments under the Credit Agreement from $4,025 to $4,640, (b) an upsize of the Company’s option to request, at one or more times, that existing and(a)/or new lenders, at their election, provide additional commitments from an amount of up to $2,013 of additional commitments to up to $2,320 of additional commitments, (c) an extension of the revolving period from December 23, 2024 to May 17, 2026, (d) an extension of the scheduled maturity date from December 23, 2025 to May 17, 2027, (e) a reduction of the applicable margin from 2.00% to 1.875% for term SOFR loans (or from 1.00% to 0.875% if the Company elects the base rate option), with a step down to 1.75% for term SOFR loans (or to 0.75% if the Company elects the base rate option) if the value of the gross borrowing base is equal to or greater than 1.60 times the aggregate amount of certain outstanding indebtedness of the Company, (f) a reduction of the commitment fee from up to 0.50% per annum (based on the immediately preceding quarter’s average usage) to 0.375% per annum, in each case, on the unused portion of its sublimit under the Credit Agreement during the revolving period, (g) the replacement of the LIBOR benchmark provisions with SOFR benchmark provisions, including applicable credit spread adjustments, (h) the availability of a swingline subfacility of up to $100, (i) the deletion of the requirement that the Company make mandatory prepayment of interest and principal upon certain events at certain times when the Company’s adjusted asset coverage ratio is less than 185%, and (j) a reset of the minimum shareholders’ equity that must be maintained, measured as of each fiscal quarter end.

On June 29, 2022, the Company entered into a commitment increase agreement with a new lender, pursuant to which the aggregate principal amount of the revolving credit commitments under the Credit Agreement increased from $4,640 to $4,655.

4.750% Notes due 2022

On March 15, 2022 the Company issued a notice of redemption providing for the redemption of its 4.750% senior notes due 2022, or the 4.750% Notes, in full on April 15, 2022 for 100% of the aggregate principal amount of the 4.750% Notes, plus the accrued and unpaid interest through, but excluding, April 15, 2022. On April 15, 2022, all of the 4.750% Notes were redeemed.

3.250% Notes due 2027

On January 18, 2022, the Company and U.S. Bank National Association, or the Trustee, entered into an Eleventh Supplemental Indenture, or the Eleventh Supplemental Indenture, to the Indenture, dated July 14, 2014, between the Company and the Trustee, or the Base Indenture, and together with the Eleventh Supplemental Indenture, the Indenture. The Eleventh Supplemental Indenture relates to the Company’s issuance of $500 aggregate principal amount of its 3.250% notes due 2027, or the 3.250% Notes.

The 3.250% Notes will mature on July 15, 2027 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the Indenture. The 3.250% Notes bear interest at a rate of 3.250% per year payable semi-annually on January 15th and July 15th of each year, commencing on July 15, 2022. The 3.250% Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the 3.250% Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

The Indenture contains certain covenants, including covenants requiring the Company to comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the Investment Company Act of 1940, as amended, whether or not it is subject to those requirements, and to provide financial information to the holders of the 3.250% Notes and the Trustee if the Company is no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended. These covenants are subject to important limitations and exceptions that are described in the Indenture.

In addition, on the occurrence of a “change of control repurchase event,” as defined in the Indenture, the Company will generally be required to make an offer to purchase the outstanding 3.250% Notes at a price equal to 100% of the principal amount of such 3.250% Notes plus accrued and unpaid interest to the repurchase date.

Commitments and Contingencies Disclosure [Abstract]

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Commitment and Contingencies

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies

The Company enters into contracts that contain a variety of indemnification provisions. The Company’s maximum exposure under these arrangements is unknown; however, the Company has not had prior claims or losses pursuant to these contracts. The Advisor has reviewed the Company’s existing contracts and expects the risk of loss to the Company to be remote.

The Company is not currently subject to any material legal proceedings and, to the Company’s knowledge, no material legal proceedings are threatened against the Company. From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company’s rights under contracts with its portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, the Company does not expect that any such proceedings will have a material effect upon its financial condition or results of operations.

Unfunded commitments to provide funds to portfolio companies are not recorded in the Company’s consolidated balance sheets. Since these commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. The Company has sufficient liquidity to fund these commitments. As of September 30, 2022, the Company’s unfunded commitments consisted of the following:


Category / Company(1)	Commitment Amount
Senior Secured Loans—First Lien
3Pillar Global Inc	$	9.2
3Pillar Global Inc	24.9
48Forty Solutions LLC	3.2
Advanced Dermatology & Cosmetic Surgery	3.6
Advanced Dermatology & Cosmetic Surgery	2.2
Affordable Care Inc	12.8
Affordable Care Inc	33.2
Alacrity Solutions Group LLC	7.7
Alera Group Intermediate Holdings Inc	5.6
American Vision Partners	7.8
Amerivet Partners Management Inc	7.6
Amerivet Partners Management Inc	61.4
Arcfield Acquisition Corp	7.1
Arcos LLC/VA	4.5
Ardonagh Group Ltd	22.8
AxiomSL Ltd	2.4
AxiomSL Ltd	2.3
Barbri Inc	9.1
BGB Group LLC	19.9
CFC Underwriting Ltd	5.7
Clarience Technologies LLC	23.6
Community Brands Inc	3.8
Community Brands Inc	1.9
Corsearch Intermediate Inc	4.4
CSafe Global	34.9
Dental Care Alliance Inc	6.1
Encora Digital Inc	19.4
Envirotainer Ltd	2.7
Excelitas Technologies Corp	1.4
Excelitas Technologies Corp	4.7
Follett Software Co	9.9
Foundation Consumer Brands LLC	6.6
Foundation Risk Partners Corp	6.6
Galway Partners Holdings LLC	11.8
Galway Partners Holdings LLC	7.1
Gigamon Inc	9.3


Category / Company(1)	Commitment Amount
Heniff Transportation Systems LLC	$	11.3
Higginbotham Insurance Agency Inc	8.9
HKA	1.1
HM Dunn Co Inc	2.0
Individual FoodService	4.7
Individual FoodService	1.8
Insight Global LLC	21.1
Insight Global LLC	26.8
J S Held LLC	12.4
J S Held LLC	21.0
Karman Space Inc	0.3
Lakefield Veterinary Group	40.0
Lakeview Farms Inc	10.8
Lakeview Farms Inc	1.8
Lexitas Inc	8.4
Lexitas Inc	5.9
Lrqa Ltd	12.6
Med-Metrix	25.0
Med-Metrix	7.8
Monitronics International Inc	11.6
Motion Recruitment Partners LLC	59.6
Net Documents	7.3
Net Documents	0.9
New Era Technology Inc	2.6
Novotech Pty Ltd	5.6
NPD Group Inc/The	1.0
Oxford Global Resources LLC	15.3
Oxford Global Resources LLC	4.4
P2 Energy Solutions Inc.	11.4
PartsSource Inc	4.2
PartsSource Inc	22.6
Revere Superior Holdings Inc	1.7
Rise Baking Company	1.6
RSC Insurance Brokerage Inc	7.6
SAMBA Safety Inc	1.8
SavATree LLC	6.3
SavATree LLC	6.3
Source Code LLC	15.0
Spins LLC	16.5
Spins LLC	7.9
Summit Interconnect Inc	9.4
Sungard Availability Services Capital Inc	1.7
Sweeping Corp of America Inc	5.7
Time Manufacturing Co	16.4
Version1 Software Ltd	2.4
VetCor Professional Practices LLC	18.0
VetCor Professional Practices LLC	6.6
Wealth Enhancement Group LLC	5.7
Wealth Enhancement Group LLC	2.1
Woolpert Inc	3.7


Category / Company(1)	Commitment Amount
Worldwise Inc	$	15.5
Worldwise Inc	7.4






Senior Secured Loans—Second Lien
Valeo Foods Group Ltd	3.1




Asset Based Finance
Byrider Finance LLC, Structured Mezzanine	12.4
Callodine Commercial Finance LLC, 2L Term Loan B	36.1
Jet Edge International LLC, Term Loan	0.7
Opendoor Labs Inc, Structured Mezzanine	53.4


Total	$	1,042.4
Unfunded Asset Based Finance/Other commitments	$	362.8

_____________

(1)May be commitments to one or more entities affiliated with the named company.

As of September 30, 2022, the Company’s debt commitments are comprised of $402.0 revolving credit facilities and $640.4 delayed draw term loans, which generally are used for acquisitions or capital expenditures and are subject to certain performance tests. Such unfunded debt commitments have a fair value representing unrealized appreciation (depreciation) of $(18.2). The Company’s unfunded Asset Based Finance/Other commitments generally require certain conditions to be met or actual approval from the Advisor prior to funding.

The Senior Secured Revolving Credit Facility provides for the issuance of letters of credit in an initial aggregate face amount of up to $175, subject to increase or reduction from time to time pursuant to the terms of the Senior Secured Revolving Credit Facility. As of September 30, 2022, $12 of such letters of credit have been issued.

As of September 30, 2022, the Company also has an unfunded commitment to provide $560.2 of capital to COPJV. The capital commitment can be satisfied with contributions of cash and/or investments. The capital commitments cannot be drawn without an affirmative vote by both the Company’s and SCRS’s representatives on COPJV’s board of managers.

While the Company does not expect to fund all of its unfunded commitments, there can be no assurance that it will not be required to do so.

In the normal course of business, the Company may enter into guarantees on behalf of portfolio companies. Under such arrangements, the Company would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations. The Company has no such guarantees outstanding at September 30, 2022 and December 31, 2021.

Financial Highlights

9 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Financial Highlights

The following is a schedule of financial highlights of the Company for the nine months ended September 30, 2022 and the year ended December 31, 2021:


	Nine Months Ended September 30, 2022			Year Ended December 31, 2021
	(Unaudited)
Per Share Data:(1)
Net asset value, beginning of period	$	27.17		$	25.02
Results of operations(2)
Net investment income (loss)	2.25			2.76
Net realized gain (loss) and unrealized appreciation (depreciation)	(2.17)			4.28
Net increase (decrease) in net assets resulting from operations	0.08			7.04
Stockholder distributions(3)
Distributions from net investment income	(1.98)			(2.47)
Distributions from net realized gain on investments	—			—
Net decrease in net assets resulting from stockholder distributions	(1.98)			(2.47)
Capital share transactions
Issuance of common stock(4)	—			(2.20)
Repurchases of common stock(5)	0.03			0.01



Deduction of deferred costs(6)	—			(0.23)
Net increase (decrease) in net assets resulting from capital share transactions	0.03			(2.42)
Net asset value, end of period	$	25.30		$	27.17
Per share market value, end of period	$	16.95		$	20.94
Shares outstanding, end of period	282,978,008			284,543,091
Total return based on net asset value(7)	0.40		%	18.47		%
Total return based on market value(8)	(10.94)		%	41.45		%
Ratio/Supplemental Data:
Net assets, end of period	$	7,160		$	7,730
Ratio of net investment income to average net assets(9)	11.08		%	10.36		%



Ratio of total operating expenses to average net assets(9)	10.27		%	9.35		%

Ratio of net operating expenses to average net assets(9)	9.49		%	8.82		%
Portfolio turnover(10)	21.48		%	49.82		%
Total amount of senior securities outstanding, exclusive of treasury securities	$	9,176		$	9,179
Asset coverage per unit(11)	1.78			1.84

_______________

(1)Per share data may be rounded in order to recompute the ending net asset value per share.

(2)The per share data was derived by using the weighted average shares outstanding during the applicable period.

(3)The per share data for distributions reflect the actual amount of distributions paid per share during the applicable period.

(4)For the year ended December 31, 2021, the issuance of common stock on a per share basis reflects the incremental net asset value changes as a result of the issuance of shares of common stock pursuant to the 2021 Merger at the fair value of FSK's common stock issued based on the shares outstanding resulting from the 2021 Merger.

(5)Represents the incremental impact of the Company's share repurchase program by buying shares in the open market at a price lower than net asset value per share.

(6)For the year ended December 31, 2021, represents the impact on NAV of merger accounting by the permanent write-off of the Company's deferred merger costs and FSKR's deferred costs and prepaid assets as well as the mark-to-market of FSKR's 4.25% Notes.

(7)The total return based on net asset value for each period presented was calculated by taking the net asset value per share as of the end of the applicable period, adding the cash distributions per share that were declared during the period and dividing the total by the net asset value per share at the beginning of the period. Total return based on net asset value does not consider the effect of any sales commissions or charges that may be incurred in connection with the sale of shares of the Company’s common stock. The historical calculation of total return based on net asset value in the table should not be considered a representation of the Company’s future total return based on net asset value, which may be greater or less than the return shown in the table due to a number of factors, including the Company’s ability or

inability to make investments in companies that meet its investment criteria, the interest rates payable on the debt securities the Company acquires, the level of the Company’s expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Company encounters competition in its markets and general economic conditions. As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods. The total return calculations set forth above represent the total return on the Company’s investment portfolio during the applicable period and do not represent an actual return to stockholders.

(8)The total return based on market value for each period presented was calculated based on the change in market price during the applicable period, including the impact of distributions reinvested in accordance with the Company’s DRP. Total return based on market value does not consider the effect of any sales commissions or charges that may be incurred in connection with the sale of shares of the Company’s common stock. The historical calculation of total return based on market value in the table should not be considered a representation of the Company’s future total return based on market value, which may be greater or less than the return shown in the table due to a number of factors, including the Company’s ability or inability to make investments in companies that meet its investment criteria, the interest rates payable on the debt securities the Company acquires, the level of the Company’s expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Company encounters competition in its markets, general economic conditions and fluctuations in per share market value. As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods.

(9)Weighted average net assets during the applicable period are used for this calculation. Ratios for the nine months ended September 30, 2022 are annualized. Annualized ratios for the nine months ended September 30, 2022 are not necessarily indicative of the ratios that may be expected for the year ending December 31, 2022. The following is a schedule of supplemental ratios for the nine months ended September 30, 2022 and year ended December 31, 2021:


	Nine Months Ended September 30, 2022		Year Ended December 31, 2021
	(Unaudited)

Ratio of net subordinated income incentive fees to average net assets	1.25	%	0.83	%
Ratio of interest expense to average net assets	4.44	%	4.10	%
Ratio of excise taxes to average net assets	0.02	%	0.21	%

(10)Portfolio turnover for the nine months ended September 30, 2022 is not annualized.

(11)Asset coverage per unit is the ratio of the carrying value of the Company’s total consolidated assets, less liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness.

Acquisition of FSKR

9 Months Ended

Sep. 30, 2022

Acquisition of FSKR

On June 16, 2021, the Company completed its acquisition of FSKR, pursuant the 2020 Merger Agreement. Pursuant to the 2020 Merger Agreement, Merger Sub merged with and into FSKR, with FSKR continuing as the surviving company and as a wholly-owned subsidiary of the Company, or the First Merger, and, immediately thereafter, FSKR merged with and into the Company, with the Company continuing as the surviving company, or together with the First Merger, the 2021 Merger.

In accordance with the terms of the 2020 Merger Agreement, each outstanding share of FSKR common stock was converted into the right to receive 0.9498 shares of the Company’s common stock. This exchange ratio was determined based on the closing net asset value, or NAV, per share of $26.77 and $25.42 for the Company and FSKR, respectively, as of June 14, 2021, to ensure that the NAV of shares investors would receive in FSK was equal to the NAV of the shares they held in FSKR. As a result, the Company issued an aggregate of approximately 161,374,028 shares of its common stock to former FSKR stockholders.

The 2021 Merger was considered a tax-free reorganization. The 2021 Merger was accounted for in accordance with the asset acquisition method of accounting as detailed in Accounting Standards Codification 805-50, Business Combinations—Related Issues. The fair value of the consideration paid by the Company in the 2021 Merger was allocated to the assets acquired and liabilities assumed based on their relative fair values as of the date of acquisition and did not give rise to goodwill.

The following table summarized the allocation of the purchase price to the assets acquired and liabilities assumed as a result of the 2021 Merger:


Common stock purchased			$3,650
Total purchase price			$3,650
Assets acquired, at fair value:
Investments			$7,227
Cash and cash equivalents			293
Other assets			221
Total assets acquired			$7,741
Debt			3,794
Distributions payable			93
Other liabilities assumed			204
Total purchase price			$3,650

The company incurred $8 of professional fees and other costs associated with the 2021 Merger. Such costs were capitalized by the Company and included in the purchase price of the 2021 Merger. Deferred costs and prepaid assets of $19 were permanently written off. Additionally, the Company marked-to-market the fair value of FSKR's 4.25% Notes, which was $26 greater than its carrying amount.

N-2	9 Months Ended
N-2	Sep. 30, 2022
Cover [Abstract]
Entity Central Index Key	0001422183
Amendment Flag	false
Securities Act File Number	814-00757
Document Type	10-Q
Entity Registrant Name	FS KKR Capital Corp.
Entity Address, Address Line One	201 Rouse Boulevard
Entity Address, City or Town	Philadelphia
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19112
City Area Code	215
Local Phone Number	495-1150
Entity Emerging Growth Company	false
General Description of Registrant [Abstract]
Investment Objectives and Practices [Text Block]	Our investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. We seek to meet our investment objectives by: •utilizing the experience and expertise of the management team of the Advisor; •employing a defensive investment approach focused on long-term credit performance and principal protection; •focusing primarily on debt investments in a broad array of private U.S. companies, including middle-market companies, which we define as companies with annual EBITDA of $25 million to $100 million at the time of investment; •investing primarily in established, stable enterprises with positive cash flows; and •maintaining rigorous portfolio monitoring in an attempt to anticipate and pre-empt negative credit events within our portfolio, such as an event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company. We pursue our investment objective by investing primarily in the debt of middle market U.S. companies with a focus on originated transactions sourced through the network of the Advisor and its affiliates. We define direct originations as any investment where the Company's investment adviser, sub-adviser or their affiliates had negotiated the terms of the transaction beyond just the price, which, for example, may include negotiating financial covenants, maturity dates or interest rate terms. These directly originated transactions include participation in other originated transactions where there may be third parties involved, or a bank acting as an intermediary, for a closely held club, or similar transactions. These direct originations include investments originated by our former investment adviser, our former investment sub-adviser or their affiliates. Our portfolio is comprised primarily of investments in senior secured loans and second lien secured loans of private middle market U.S. companies and, to a lesser extent, subordinated loans and certain asset-based financing loans of private U.S. companies. Although we do not expect a significant portion of our portfolio to be comprised of subordinated loans, there is no limit on the amount of such loans in which we may invest. We may purchase interests in loans or make other debt investments, including investments in senior secured bonds, through secondary market transactions in the “over-the-counter” market or directly from our target companies as primary market or directly originated investments. In connection with our debt investments, we may on occasion receive equity interests such as warrants or options as additional consideration. We may also purchase or otherwise acquire interests in the form of common or preferred equity or equity-related securities, such as rights and warrants that may be converted into or exchanged for common stock or other equity or the cash value of common stock or other equity, including through a co-investment with a financial sponsor or possibly the restructuring of an investment. In addition, a portion of our portfolio may be comprised of corporate bonds, structured products, other debt securities and derivatives, including total return swaps and credit default swaps. The Advisor will seek to tailor our investment focus as market conditions evolve. Depending on market conditions, we may increase or decrease our exposure to less senior portions of the capital structures of our portfolio companies or otherwise make opportunistic investments, such as where the market price of loans, bonds or other securities reflects a lower value than deemed warranted by the Advisor's fundamental analysis. Such investment opportunities may occur due to general dislocations in the markets, a misunderstanding by the market of a particular company or an industry being out of favor with the broader investment community and may include event driven investments, anchor orders and structured products. The senior secured loans, second lien secured loans and senior secured bonds in which we invest generally have stated terms of three to seven years and subordinated debt investments that we make generally have stated terms of up to ten years, but the expected average life of such securities is generally three to four years. However, we may invest in loans and securities with any maturity or duration. Our debt investments may be rated by a NRSRO and, in such case, generally will carry a rating below investment grade (rated lower than “Baa3” by Moody’s or lower than “BBB-” by S&P). We may invest without limit in debt or other securities of any rating, as well as debt or other securities that have not been rated by a NRSRO.
Risk Factors [Table Text Block]	Risk Factors. In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the risk factors that appeared under Item 1A. “Risk Factors” in our most recent Annual Report on Form 10-K. There are no material changes from the risk factors included within our most recent Annual Report on Form 10-K other than the risks described below. The Russian invasion of Ukraine may have a material adverse impact on us and our portfolio companies. The conflict between Russia and Ukraine could lead to disruption, instability and volatility in global markets, economies and industries that could negatively impact our business, results of operations and financial condition. The conflict has already resulted in significant volatility in certain equity, debt and currency markets, material increases in certain commodity prices, and economic uncertainty. The conflict may escalate and its resolution is unclear. The U.S. government and other governments have imposed severe sanctions against Russia and Russian interests and threatened additional sanctions and controls. Sanctions and export control laws and regulations are complex, frequently changing, and increasing in number, and they may impose additional legal compliance costs or business risks associated with our operations.
Risk [Text Block]	The Russian invasion of Ukraine may have a material adverse impact on us and our portfolio companies. The conflict between Russia and Ukraine could lead to disruption, instability and volatility in global markets, economies and industries that could negatively impact our business, results of operations and financial condition. The conflict has already resulted in significant volatility in certain equity, debt and currency markets, material increases in certain commodity prices, and economic uncertainty. The conflict may escalate and its resolution is unclear. The U.S. government and other governments have imposed severe sanctions against Russia and Russian interests and threatened additional sanctions and controls. Sanctions and export control laws and regulations are complex, frequently changing, and increasing in number, and they may impose additional legal compliance costs or business risks associated with our operations.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For a more complete discussion of significant accounting policies and certain other information, the Company’s interim unaudited consolidated financial statements should be read in conjunction with its audited consolidated financial statements as of and for the year ended December 31, 2021 included in the Company’s annual report on Form 10-K for the year ended December 31, 2021. Operating results for the nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The December 31, 2021 consolidated balance sheet and consolidated schedule of investments are derived from the Company’s audited consolidated financial statements as of and for the year ended December 31, 2021. The Company is considered an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies under Financial Accounting Standards Board, or the FASB, Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
Use of Estimates	The preparation of the unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Capital Gains Incentive Fee	Pursuant to the terms of the investment advisory agreement, the incentive fee on capital gains is determined and payable in arrears as of the end of each calendar year (or upon termination of the investment advisory agreement). This fee equals 20.0% of the Company’s incentive fee capital gains, which shall equal the realized capital gains of Corporate Capital Trust, Inc., or CCT, (as predecessor-by-merger to the Company), FSKR (as predecessor-by-merger to the Company) and the Company (without duplication) on a cumulative basis from inception, calculated as of the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation (without duplication) on a cumulative basis, less the aggregate amount of any capital gain incentive fees previously paid by CCT, FSKR and the Company. On a quarterly basis, the Company accrues for the capital gains incentive fee by calculating such fee as if it were due and payable as of the end of such period. The Company includes unrealized gains in the calculation of the capital gains incentive fee expense and related accrued capital gains incentive fee. This accrual reflects the incentive fees that would be payable to the Advisor if the Company’s entire portfolio was liquidated at its fair value as of the balance sheet date even though the Advisor is not entitled to an incentive fee with respect to unrealized gains unless and until such gains are actually realized.
Subordinated Income Incentive Fee	Pursuant to the terms of the investment advisory agreement, the Advisor may also be entitled to receive a subordinated incentive fee on income. The subordinated incentive fee on income under the investment advisory agreement, which is calculated and payable quarterly in arrears, equals 17.5% of the Company’s “pre-incentive fee net investment income” for the immediately preceding quarter and is subject to a hurdle rate, expressed as a rate of return on the value of the Company’s net assets, equal to 1.75% per quarter, or an annualized hurdle rate of 7.0%. As a result, the Advisor will not earn this incentive fee for any quarter until the Company’s pre-incentive fee net investment income for such quarter exceeds the hurdle rate of 1.75%. Once the Company’s pre-incentive fee net investment income in any quarter exceeds the hurdle rate, the Advisor will be entitled to a “catch-up” fee equal to the amount of the pre-incentive fee net investment income in excess of the hurdle rate, until the Company’s pre-incentive fee net investment income for such quarter equals 2.12%, or 8.48% annually, of net assets. Thereafter, the Advisor will be entitled to receive 17.5% of pre-incentive fee net investment income. See Note 4 for a discussion of the subordinated incentive fee on income under the prior investment advisory agreement.
Reclassifications	Certain amounts in the unaudited consolidated financial statements as of and for the three and nine months ended September 30, 2021 and the audited consolidated financial statements as of and for the year ended December 31, 2021 may have been reclassified to conform to the classifications used to prepare the unaudited consolidated financial statements as of and for the three and nine months ended September 30, 2022.
Revenue Recognition	Security transactions are accounted for on the trade date. The Company records interest income on an accrual basis to the extent that it expects to collect such amounts. The Company records dividend income on the ex-dividend date. Distributions received from limited liability company ("LLC") and limited partnership ("LP") investments are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. The Company does not accrue as a receivable interest or dividends on loans and securities if it has reason to doubt its ability to collect such income. The Company's policy is to place investments on non-accrual status when there is reasonable doubt that interest income will be collected. The Company considers many factors relevant to an investment when placing it on or removing it from non-accrual status including, but not limited to, the delinquency status of the investment, economic and business conditions, the overall financial condition of the underlying investment, the value of the underlying collateral, bankruptcy status, if any, and any other facts or circumstances relevant to the investment. If there is reasonable doubt that the Company will receive any previously accrued interest, then the accrued interest will be written-off. Payments received on non-accrual investments may be recognized as income or applied to principal depending upon the collectability of the remaining principal and interest. Non-accrual investments may be restored to accrual status when principal and interest become current and are likely to remain current based on the Company's judgment. Loan origination fees, original issue discount and market discount are capitalized and the Company amortizes such amounts as interest income over the respective term of the loan or security. Upon the prepayment of a loan or security, any unamortized loan origination fees and original issue discount are recorded as interest income. Structuring and other non-recurring upfront fees are recorded as fee income when earned. For the nine months ended September 30, 2022 and 2021, the Company recognized $29 and $34, respectively, in structuring fee revenue. The Company records prepayment premiums on loans and securities as fee income when it receives such amounts.
Derivative Instruments	The Company's derivative instruments include foreign currency forward contracts and cross currency swaps. The Company recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial statements. Derivative contracts entered into by the Company are not designated as hedging instruments, and as a result, the Company presents changes in fair value through net change in unrealized appreciation (depreciation) on derivative instruments in the consolidated statements of operations. Realized gains and losses of the derivative instruments are included in net realized gains (losses) on derivative instruments in the consolidated statements of operations.
Recent Accounting Pronouncements	In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848),” which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848), which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. ASU 2020-04 and ASU 2021-01 are effective for all entities through December 31, 2022. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company is currently evaluating the impact of the adoption of ASU 2020-04 and 2021-01 on its consolidated financial statements.
Fair Value Measurement	Under existing accounting guidance, fair value is defined as the price that the Company would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment. This accounting guidance emphasizes valuation techniques that maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances. The Company classifies the inputs used to measure these fair values into the following hierarchy as defined by current accounting guidance: Level 1: Inputs that are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs that are quoted prices for similar assets or liabilities in active markets. Level 3: Inputs that are unobservable for an asset or liability. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

Share Transactions (Tables)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Summary of Common Stock Transactions

Below is a summary of transactions with respect to shares of the Company’s common stock during the nine months ended September 30, 2022 and 2021:


	Nine Months Ended September 30,
	2022			2021
	Shares	Amount		Shares	Amount





Share Repurchase Program	(1,565,083)	$	(33)	(53,374)	$	(1)

Issuance of Common Stock(1)	—	—		161,374,028	3,642
Net Proceeds from Share Transactions	(1,565,083)	$	(33)	161,320,654	$	3,641

_____________

(1)Issuance of common stock for the 2021 Merger. Shares were issued at fair value of FSK common stock at the merger date.

Summary of the Fees and Expenses Accrued

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 480
-SubTopic 10
-Section S99
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=122040564&loc=d3e177068-122764

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21488-112644

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21506-112644

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
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-Paragraph 1
-Subparagraph (SX 210.5-02(27))
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21484-112644

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21475-112644

+ Details

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2022


			Three Months Ended				Nine Months Ended
Related Party			September 30,				September 30,
	Source Agreement	Description	2022		2021		2022		2021
The Advisor	Investment advisory agreement and prior investment advisory agreement	Base Management Fee(1)	$	61	$	58	$	186	$	113

The Advisor	Investment advisory agreement and prior investment advisory agreement	Subordinated Incentive Fee on Income(2)	$	25	$	20	$	72	$	28
The Advisor	Administration agreement	Administrative Services Expenses(3)	$	4	$	5	$	12	$	9

________________

Distributions (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Cash Distributions on Common Stock

The following table reflects the cash distributions per share that the Company has declared on its common stock during the nine months ended September 30, 2022 and 2021:


	Distribution
For the Three Months Ended	Per Share		Amount
Fiscal 2021
March 31, 2021	$	0.60	$	74
June 30, 2021	0.60		75
September 30, 2021	0.65		186
Total	$	1.85	$	335
Fiscal 2022
March 31, 2022	$	0.63	$	179
June 30, 2022	0.68		193
September 30, 2022	0.67		190
Total	$	1.98	$	562

The following table reflects the sources of the cash distributions on a tax basis that the Company has paid on its common stock during the nine months ended September 30, 2022 and 2021:


	Nine Months Ended September 30,
	2022				2021
Source of Distribution	Distribution Amount		Percentage		Distribution Amount		Percentage
Return of capital	$	—	—		$	—	—

Net investment income(1)	562		100	%	335		100	%
Short-term capital gains proceeds from the sale of assets	—		—		—		—
Long-term capital gains proceeds from the sale of assets	—		—		—		—


Total	$	562	100	%	$	335	100	%

________________

Investment Portfolio (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Investments

The following table summarizes the composition of the Company’s investment portfolio at cost and fair value as of September 30, 2022 and December 31, 2021:


	September 30, 2022
	(Unaudited)						December 31, 2021
	Amortized Cost(1)		Fair Value		Percentage of Portfolio		Amortized Cost(1)		Fair Value		Percentage of Portfolio
Senior Secured Loans—First Lien	$	10,023	$	9,781	61.9	%	$	9,695	$	9,765	60.7	%
Senior Secured Loans—Second Lien	1,357		1,245		7.9	%	1,564		1,557		9.7	%
Other Senior Secured Debt	151		110		0.7	%	149		120		0.7	%
Subordinated Debt	380		255		1.6	%	188		111		0.7	%
Asset Based Finance	1,942		1,826		11.6	%	2,132		2,245		13.9	%
Credit Opportunities Partners JV, LLC	1,572		1,466		9.3	%	1,397		1,396		8.7	%
Equity/Other	1,253		1,109		7.0	%	932		907		5.6	%
Total	$	16,678	$	15,792	100.0	%	$	16,057	$	16,101	100.0	%

________________

(1)Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on investments.


	September 30, 2022
	(Unaudited)				December 31, 2021
Industry Classification	Fair Value		Percentage of Portfolio		Fair Value		Percentage of Portfolio
Automobiles & Components	$	36	0.2	%	$	89	0.5	%
Banks	—		—		15		0.1	%
Capital Goods	2,224		14.1	%	2,281		14.2	%
Commercial & Professional Services	1,673		10.6	%	1,615		10.0	%
Consumer Durables & Apparel	290		1.8	%	551		3.4	%
Consumer Services	200		1.3	%	393		2.4	%
Credit Opportunities Partners JV, LLC	1,466		9.3	%	1,396		8.7	%
Diversified Financials	634		4.0	%	672		4.2	%
Energy	288		1.8	%	241		1.5	%
Food & Staples Retailing	268		1.7	%	296		1.8	%
Food, Beverage & Tobacco	189		1.2	%	256		1.6	%
Health Care Equipment & Services	1,976		12.5	%	1,613		10.0	%
Household & Personal Products	246		1.6	%	227		1.4	%
Insurance	950		6.0	%	898		5.6	%
Materials	190		1.2	%	211		1.3	%
Media & Entertainment	627		4.0	%	720		4.5	%
Pharmaceuticals, Biotechnology & Life Sciences	202		1.3	%	235		1.5	%
Real Estate	818		5.2	%	876		5.4	%
Retailing	287		1.8	%	288		1.8	%

Software & Services	2,847		18.0	%	2,698		16.8	%
Technology Hardware & Equipment	5		0.0	%	42		0.3	%
Telecommunication Services	79		0.5	%	128		0.8	%
Transportation	297		1.9	%	360		2.2	%

Total	$	15,792	100.0	%	$	16,101	100.0	%

Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Summery Of The Fair Value And Balance Sheet Location of Company's Derivative Instruments

The following is a summary of the fair value and location of the Company’s derivative instruments in the consolidated balance sheets held as of September 30, 2022 and December 31, 2021:


		Fair Value
Derivative Instrument	Statement Location	September 30, 2022 (Unaudited)		December 31, 2021

Foreign currency forward contracts	Unrealized appreciation on foreign currency forward contracts	$	39	$	9
Foreign currency forward contracts	Unrealized depreciation on foreign currency forward contracts	—		(1)
Total		$	39	$	8

Net Realized and Unrealized Gain (Loss) on Derivative Instruments


		Net Realized Gains (Losses)
		Nine Months Ended September 30,
Derivative Instrument	Statement Location	2022		2021

Foreign currency forward contracts	Net realized gain (loss) on foreign currency forward contracts	$	9	$	0
Total		$	9	$	0


		Net Unrealized Gains (Losses)
		Nine Months Ended September 30,
Derivative Instrument	Statement Location	2022		2021

Foreign currency forward contracts	Net change in unrealized appreciation (depreciation) on foreign currency forward contracts	$	31	$	8
Total		$	31	$	8

Schedule Of Offsetting Assets

The Company’s unrealized appreciation and depreciation on derivative instruments are reported as gross assets and liabilities, respectively, in the consolidated balance sheets. The following tables present the Company’s assets and liabilities related to derivatives by counterparty, net of amounts available for offset under a master netting arrangement and net of any collateral received or pledged by the Company for such assets and liabilities as of September 30, 2022 and December 31, 2021:


	As of September 30, 2022 (Unaudited)
Counterparty	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Received(1)		Cash Collateral Received(1)		Net Amount of Derivative Assets(2)
JP Morgan Chase Bank	$	39	$	—	$	—	$	—	$	39

Total	$	39	$	—	$	—	$	—	$	39
Counterparty	Derivative Liabilities Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Pledged(1)		Cash Collateral Pledged(1)		Net Amount of Derivative Liabilities(3)
JP Morgan Chase Bank	$	—	$	—	$	—	$	—	$	—

Total	$	—	$	—	$	—	$	—	$	—


	As of December 31, 2021
Counterparty	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Received(1)		Cash Collateral Received(1)		Net Amount of Derivative Assets(2)
JP Morgan Chase Bank	$	9	$	(1)	$	—	$	—	$	8

Total	$	9	$	(1)	$	—	$	—	$	8
Counterparty	Derivative Liabilities Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Pledged(1)		Cash Collateral Pledged(1)		Net Amount of Derivative Liabilities(3)
JP Morgan Chase Bank	$	(1)	$	1	$	—	$	—	$	—

Total	$	(1)	$	1	$	—	$	—	$	—

___________

(1)In some instances, the actual amount of the collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(2)Net amount of derivative assets represents the net amount due from the counterparty to the Company.

(3)Net amount of derivative liabilities represents the net amount due from the Company to the counterparty.

Schedule Of Offsetting Liabilities


	As of September 30, 2022 (Unaudited)
Counterparty	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Received(1)		Cash Collateral Received(1)		Net Amount of Derivative Assets(2)
JP Morgan Chase Bank	$	39	$	—	$	—	$	—	$	39

Total	$	39	$	—	$	—	$	—	$	39
Counterparty	Derivative Liabilities Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Pledged(1)		Cash Collateral Pledged(1)		Net Amount of Derivative Liabilities(3)
JP Morgan Chase Bank	$	—	$	—	$	—	$	—	$	—

Total	$	—	$	—	$	—	$	—	$	—


	As of December 31, 2021
Counterparty	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Received(1)		Cash Collateral Received(1)		Net Amount of Derivative Assets(2)
JP Morgan Chase Bank	$	9	$	(1)	$	—	$	—	$	8

Total	$	9	$	(1)	$	—	$	—	$	8
Counterparty	Derivative Liabilities Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Pledged(1)		Cash Collateral Pledged(1)		Net Amount of Derivative Liabilities(3)
JP Morgan Chase Bank	$	(1)	$	1	$	—	$	—	$	—

Total	$	(1)	$	1	$	—	$	—	$	—

___________

(1)In some instances, the actual amount of the collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(2)Net amount of derivative assets represents the net amount due from the counterparty to the Company.

(3)Net amount of derivative liabilities represents the net amount due from the Company to the counterparty.

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value Hierarchy Investments

As of September 30, 2022 and December 31, 2021, the Company’s investments were categorized as follows in the fair value hierarchy:



	September 30, 2022
Valuation Inputs	(Unaudited)		December 31, 2021

Level 1—Price quotations in active markets	$	15	$	30
Level 2—Significant other observable inputs	600		703
Level 3—Significant unobservable inputs	13,711		13,972
Investments measured at net asset value(1)	1,466		1,396
	$	15,792	$	16,101

____________

Reconciliation Fair Value, Assets

The following is a reconciliation for the nine months ended September 30, 2022 and 2021 of investments for which significant unobservable inputs (Level 3) were used in determining fair value:


	For the Nine Months Ended September 30, 2022
	Senior Secured Loans—First Lien		Senior Secured Loans—Second Lien		Other Senior Secured Debt		Subordinated Debt		Asset Based Finance		Equity/Other		Total
Fair value at beginning of period	$	9,542	$	1,205	$	29	$	74	$	2,245	$	877	$	13,972
Accretion of discount (amortization of premium)	52		5		—		1		4		1		63
Net realized gain (loss)	(61)		(41)		—		—		113		211		222
Net change in unrealized appreciation (depreciation)	(252)		(90)		(8)		(47)		(229)		(121)		(747)
Purchases	2,297		67		—		223		779		475		3,841
Paid-in-kind interest	36		2		1		3		20		24		86
Sales and repayments	(2,017)		(225)		—		—		(1,106)		(378)		(3,726)
Transfers into Level 3	—		—		—		—		—		—		—
Transfers out of Level 3	—		—		—		—		—		—		—
Fair value at end of period	$	9,597	$	923	$	22	$	254	$	1,826	$	1,089	$	13,711
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	$	(326)	$	(136)	$	(8)	$	(45)	$	(177)	$	(62)	$	(754)


	For the Nine Months Ended September 30, 2021
	Senior Secured Loans—First Lien		Senior Secured Loans—Second Lien		Other Senior Secured Debt		Subordinated Debt		Asset Based Finance		Equity/Other		Total
Fair value at beginning of period	$	3,276	$	862	$	36	$	152	$	951	$	530	$	5,807
Accretion of discount (amortization of premium)	28		8		—		—		2		1		39
Net realized gain (loss)	35		(93)		(21)		(7)		9		191		114
Net change in unrealized appreciation (depreciation)	280		158		25		(4)		126		31		616
Purchases	7,907		974		52		8		1,217		451		10,609
Paid-in-kind interest	12		4		—		—		29		21		66
Sales and repayments	(2,197)		(628)		(48)		(93)		(335)		(410)		(3,711)
Transfers into Level 3	—		—		—		—		—		3		3
Transfers out of Level 3	—		—		—		—		—		—		—
Fair value at end of period	$	9,341	$	1,285	$	44	$	56	$	1,999	$	818	$	13,543
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	$	290	$	84	$	(1)	$	19	$	125	$	84	$	601

Schedule of Valuation Techniques and Significant Unobservable Inputs Used in Recurring Level 3 Fair Value

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements as of September 30, 2022 and December 31, 2021 were as follows:

Type of Investment

Fair Value at

September 30, 2022

(Unaudited)

Valuation

Technique(1)

Unobservable
Input

Range (Weighted Average)

Impact to Valuation from an Increase in Input(2)

Senior Debt

9,513

Discounted Cash Flow

Discount Rate

5.5% - 21.1% (11.0%)

Decrease

580

Waterfall

EBITDA Multiple

0.3x - 21.3x (6.7x)

Increase

341

Cost

108

Other(3)

Subordinated Debt

237

Discounted Cash Flow

Discount Rate

10.9% - 15.5% (12.6%)

Decrease

Waterfall

EBITDA Multiple

5.8x - 5.8x (5.8x)

Increase

Asset Based Finance

859

Discounted Cash Flow

Discount Rate

4.8% - 44.1% (10.3%)

Decrease

686

Waterfall

EBITDA Multiple

1.0x - 21.8x (3.4x)

Increase

197

Other(3)

Cost

Indicative Dealer Quotes

41.8% - 41.8% (41.8%)

Increase

Equity/Other

599

Waterfall

EBITDA Multiple

0.0x - 15.0x (7.6x)

Increase

352

Discounted Cash Flow

Discount Rate

9.8% - 25.0% (14.6%)

Decrease

127

Cost

Other(3)

Option Pricing Model

Equity Illiquidity Discount

65.0% - 65.0% (65.0%)

Decrease

Total

13,711

Type of Investment

Fair Value at
December 31, 2021

Valuation

Technique(1)

Unobservable
Input

Range

Impact to Valuation from an Increase in Input(2)

Senior Debt

8,746

Discounted Cash Flow

Discount Rate

5.3% - 30.3% (8.5%)

Decrease

1,242

Cost

737

Waterfall

EBITDA Multiple

0.1x - 11.0x (7.0x)

Increase

Other(3)

Subordinated Debt

Waterfall

EBITDA Multiple

7.0x - 7.8x (7.8x)

Increase

Cost

Asset Based Finance

1,021

Waterfall

EBITDA Multiple

1.0x - 23.1x (4.1x)

Increase

744

Discounted Cash Flow

Discount Rate

4.2% - 16.2% (10.1%)

Decrease

359

Cost

117

Other(3)

Indicative Dealer Quotes

50.8% - 50.8% (50.8%)

Increase

Equity/Other

737

Waterfall

EBITDA Multiple

0.1x - 16.0x (6.1x)

Increase

111

Discounted Cash Flow

Discount Rate

7.3% - 25.0% (9.8%)

Decrease

Option Pricing Model

Equity Illiquidity Discount

65.0% - 65.0% (65.0%)

Decrease

Other(3)

Cost

Total

13,972

_______________

(3)Fair value based on expected outcome of proposed corporate transactions and/or other factors.

Financing Arrangements (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Outstanding Financing Arrangements


	As of September 30, 2022 (Unaudited)
Arrangement	Type of Arrangement	Rate	Amount Outstanding		Amount Available		Maturity Date
Ambler Credit Facility(2)(9)	Revolving Credit Facility	SOFR+2.15%(1)	$	144	$	56	November 22, 2025
Burholme Prime Brokerage Facility(2)(9)	Prime Brokerage Facility	L+1.25%(1)	—		—		March 28, 2023
CCT Tokyo Funding Credit Facility(2)	Revolving Credit Facility	L+1.75% - 2.00%(1)(3)	290		10		June 2, 2025
Darby Creek Credit Facility(2)(9)	Revolving Credit Facility	L+1.85%(1)	243		7		February 26, 2025
Dunlap Credit Facility(2)(9)	Revolving Credit Facility	L+1.85%(1)	478		22		February 26, 2025
Meadowbrook Run Credit Facility(2)(9)	Revolving Credit Facility	SOFR+2.05%(1)	259		41		November 22, 2024
Senior Secured Revolving Credit Facility(2)	Revolving Credit Facility	SOFR+1.75% - 1.88%(1)(4)	2,665(5)		1,978(6)		May 17, 2027
4.625% Notes due 2024(7)	Unsecured Notes	4.63%	400		—		July 15, 2024
1.650% Notes due 2024(7)	Unsecured Notes	1.65%	500		—		October 12, 2024
4.125% Notes due 2025(7)	Unsecured Notes	4.13%	470		—		February 1, 2025
4.250% Notes due 2025(7)(9)	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
CLO-1 Notes(2)(8)	Collateralized Loan Obligation	L+1.85% - 3.01%(1)	352		—		January 15, 2031
Total			$	9,176	$	2,114

___________

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

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

(3)The spread over the benchmark rate is determined by reference to the amount outstanding under the facility.


	As of December 31, 2021
Arrangement	Type of Arrangement	Rate	Amount Outstanding		Amount Available		Maturity Date

Ambler Credit Facility(2)(9)	Revolving Credit Facility	SOFR+2.15%(1)	$	150	$	50	November 22, 2025
Burholme Prime Brokerage Facility(2)(9)	Prime Brokerage Facility	L+1.25%(1)	—		—		June 28, 2022
CCT Tokyo Funding Credit Facility(2)	Revolving Credit Facility	L+1.75% - 2.00%(1)(3)	300		—		January 2, 2025
Darby Creek Credit Facility(2)(9)	Revolving Credit Facility	L+1.85%(1)	250		—		February 26, 2025
Dunlap Credit Facility(2)(9)	Revolving Credit Facility	L+1.85%(1)	485		15		February 26, 2025
Meadowbrook Run Credit Facility(2)(9)	Revolving Credit Facility	SOFR+2.05%(1)	300		—		November 22, 2024
Senior Secured Revolving Credit Facility(2)	Revolving Credit Facility	L+1.75% - 2.00%(1)(4) SONIA+0.0326%(1)(4)	2,647(5)		1,544(6)		December 23, 2025
4.750% Notes due 2022(7)	Unsecured Notes	4.75%	450		—		May 15, 2022
4.625% Notes due 2024(7)	Unsecured Notes	4.63%	400		—		July 15, 2024
1.650% Notes due 2024(7)	Unsecured Notes	1.65%	500		—		October 12, 2024
4.125% Notes due 2025(7)	Unsecured Notes	4.13%	470		—		February 1, 2025
4.250% Notes due 2025(7)(9)	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
3.125% Notes due 2028(7)	Unsecured Notes	3.13%	750		—		October 12, 2028
CLO-1 Notes(2)(8)	Collateralized Loan Obligation	L+1.85% - 3.01%(1)	352		—		January 15, 2031
Total			$	9,179	$	1,609

___________

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

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

(3)The spread over the benchmark rate is determined by reference to the amount outstanding under the facility.

(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.

(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, 2021, $9 of such letters of credit have been issued.

Schedule of Interest Expense

For the nine months ended September 30, 2022 and 2021, the components of total interest expense for the Company's financing arrangements were as follows:



	Nine Months Ended September 30,
	2022						2021
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
Ambler Credit Facility(2)	$	4	$	0	$	4	$	1	$	0	$	1
Burholme Prime Brokerage Facility(2)	—		—		—		—		—		—
CCT Tokyo Funding Credit Facility(2)	7		1		8		3		0		3
Darby Creek Credit Facility(2)	6		0		6		2		—		2
Dunlap Credit Facility(2)	12		0		12		3		—		3
Juniata River Credit Facility(2)	—		—		—		6		—		6
Meadowbrook Run Credit Facility(2)	6		0		6		3		—		3
Senior Secured Revolving Credit Facility(2)	69		3		72		23		2		25
4.750% Notes due 2022	6		0		6		16		0		16
5.000% Notes due 2022	—		—		—		9		—		9
4.625% Notes due 2024	14		1		15		14		1		15
1.650% Notes due 2024	6		2		8		—		—		—
4.125% Notes due 2025	15		1		16		15		1		16
4.250% Notes due 2025	15		(5)		10		6		(2)		4
8.625% Notes due 2025	16		1		17		16		1		17
3.400% Notes due 2026	25		4		29		25		4		29
2.625% Notes due 2027	7		1		8		3		0		3
3.250% Notes due 2027	11		1		12		—		—		—
3.125% Notes due 2028	18		1		19		—		—		—
CLO-1 Notes	8		0		8		6		0		6
Total	$	245	$	11	$	256	$	151	$	7	$	158

______________________

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

Commitment and Contingencies (Tables)

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Unfunded Commitments

As of September 30, 2022, the Company’s unfunded commitments consisted of the following:


Category / Company(1)	Commitment Amount
Senior Secured Loans—First Lien
3Pillar Global Inc	$	9.2
3Pillar Global Inc	24.9
48Forty Solutions LLC	3.2
Advanced Dermatology & Cosmetic Surgery	3.6
Advanced Dermatology & Cosmetic Surgery	2.2
Affordable Care Inc	12.8
Affordable Care Inc	33.2
Alacrity Solutions Group LLC	7.7
Alera Group Intermediate Holdings Inc	5.6
American Vision Partners	7.8
Amerivet Partners Management Inc	7.6
Amerivet Partners Management Inc	61.4
Arcfield Acquisition Corp	7.1
Arcos LLC/VA	4.5
Ardonagh Group Ltd	22.8
AxiomSL Ltd	2.4
AxiomSL Ltd	2.3
Barbri Inc	9.1
BGB Group LLC	19.9
CFC Underwriting Ltd	5.7
Clarience Technologies LLC	23.6
Community Brands Inc	3.8
Community Brands Inc	1.9
Corsearch Intermediate Inc	4.4
CSafe Global	34.9
Dental Care Alliance Inc	6.1
Encora Digital Inc	19.4
Envirotainer Ltd	2.7
Excelitas Technologies Corp	1.4
Excelitas Technologies Corp	4.7
Follett Software Co	9.9
Foundation Consumer Brands LLC	6.6
Foundation Risk Partners Corp	6.6
Galway Partners Holdings LLC	11.8
Galway Partners Holdings LLC	7.1
Gigamon Inc	9.3


Category / Company(1)	Commitment Amount
Heniff Transportation Systems LLC	$	11.3
Higginbotham Insurance Agency Inc	8.9
HKA	1.1
HM Dunn Co Inc	2.0
Individual FoodService	4.7
Individual FoodService	1.8
Insight Global LLC	21.1
Insight Global LLC	26.8
J S Held LLC	12.4
J S Held LLC	21.0
Karman Space Inc	0.3
Lakefield Veterinary Group	40.0
Lakeview Farms Inc	10.8
Lakeview Farms Inc	1.8
Lexitas Inc	8.4
Lexitas Inc	5.9
Lrqa Ltd	12.6
Med-Metrix	25.0
Med-Metrix	7.8
Monitronics International Inc	11.6
Motion Recruitment Partners LLC	59.6
Net Documents	7.3
Net Documents	0.9
New Era Technology Inc	2.6
Novotech Pty Ltd	5.6
NPD Group Inc/The	1.0
Oxford Global Resources LLC	15.3
Oxford Global Resources LLC	4.4
P2 Energy Solutions Inc.	11.4
PartsSource Inc	4.2
PartsSource Inc	22.6
Revere Superior Holdings Inc	1.7
Rise Baking Company	1.6
RSC Insurance Brokerage Inc	7.6
SAMBA Safety Inc	1.8
SavATree LLC	6.3
SavATree LLC	6.3
Source Code LLC	15.0
Spins LLC	16.5
Spins LLC	7.9
Summit Interconnect Inc	9.4
Sungard Availability Services Capital Inc	1.7
Sweeping Corp of America Inc	5.7
Time Manufacturing Co	16.4
Version1 Software Ltd	2.4
VetCor Professional Practices LLC	18.0
VetCor Professional Practices LLC	6.6
Wealth Enhancement Group LLC	5.7
Wealth Enhancement Group LLC	2.1
Woolpert Inc	3.7


Category / Company(1)	Commitment Amount
Worldwise Inc	$	15.5
Worldwise Inc	7.4






Senior Secured Loans—Second Lien
Valeo Foods Group Ltd	3.1




Asset Based Finance
Byrider Finance LLC, Structured Mezzanine	12.4
Callodine Commercial Finance LLC, 2L Term Loan B	36.1
Jet Edge International LLC, Term Loan	0.7
Opendoor Labs Inc, Structured Mezzanine	53.4


Total	$	1,042.4
Unfunded Asset Based Finance/Other commitments	$	362.8

_____________

(1)May be commitments to one or more entities affiliated with the named company.

Financial Highlights (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Financial Highlights

The following is a schedule of financial highlights of the Company for the nine months ended September 30, 2022 and the year ended December 31, 2021:


	Nine Months Ended September 30, 2022			Year Ended December 31, 2021
	(Unaudited)
Per Share Data:(1)
Net asset value, beginning of period	$	27.17		$	25.02
Results of operations(2)
Net investment income (loss)	2.25			2.76
Net realized gain (loss) and unrealized appreciation (depreciation)	(2.17)			4.28
Net increase (decrease) in net assets resulting from operations	0.08			7.04
Stockholder distributions(3)
Distributions from net investment income	(1.98)			(2.47)
Distributions from net realized gain on investments	—			—
Net decrease in net assets resulting from stockholder distributions	(1.98)			(2.47)
Capital share transactions
Issuance of common stock(4)	—			(2.20)
Repurchases of common stock(5)	0.03			0.01



Deduction of deferred costs(6)	—			(0.23)
Net increase (decrease) in net assets resulting from capital share transactions	0.03			(2.42)
Net asset value, end of period	$	25.30		$	27.17
Per share market value, end of period	$	16.95		$	20.94
Shares outstanding, end of period	282,978,008			284,543,091
Total return based on net asset value(7)	0.40		%	18.47		%
Total return based on market value(8)	(10.94)		%	41.45		%
Ratio/Supplemental Data:
Net assets, end of period	$	7,160		$	7,730
Ratio of net investment income to average net assets(9)	11.08		%	10.36		%



Ratio of total operating expenses to average net assets(9)	10.27		%	9.35		%

Ratio of net operating expenses to average net assets(9)	9.49		%	8.82		%
Portfolio turnover(10)	21.48		%	49.82		%
Total amount of senior securities outstanding, exclusive of treasury securities	$	9,176		$	9,179
Asset coverage per unit(11)	1.78			1.84

_______________

(1)Per share data may be rounded in order to recompute the ending net asset value per share.

(2)The per share data was derived by using the weighted average shares outstanding during the applicable period.

(3)The per share data for distributions reflect the actual amount of distributions paid per share during the applicable period.

(5)Represents the incremental impact of the Company's share repurchase program by buying shares in the open market at a price lower than net asset value per share.


	Nine Months Ended September 30, 2022		Year Ended December 31, 2021
	(Unaudited)

Ratio of net subordinated income incentive fees to average net assets	1.25	%	0.83	%
Ratio of interest expense to average net assets	4.44	%	4.10	%
Ratio of excise taxes to average net assets	0.02	%	0.21	%

(10)Portfolio turnover for the nine months ended September 30, 2022 is not annualized.

Schedule of Supplemental Ratios

The following is a schedule of supplemental ratios for the nine months ended September 30, 2022 and year ended December 31, 2021:


	Nine Months Ended September 30, 2022		Year Ended December 31, 2021
	(Unaudited)

Ratio of net subordinated income incentive fees to average net assets	1.25	%	0.83	%
Ratio of interest expense to average net assets	4.44	%	4.10	%
Ratio of excise taxes to average net assets	0.02	%	0.21	%

Acquisition of FSKR (Tables)

9 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of the Allocation of the Purchase Price to the Assets Acquired and Liabilities Assumed

The following table summarized the allocation of the purchase price to the assets acquired and liabilities assumed as a result of the 2021 Merger:


Common stock purchased			$3,650
Total purchase price			$3,650
Assets acquired, at fair value:
Investments			$7,227
Cash and cash equivalents			293
Other assets			221
Total assets acquired			$7,741
Debt			3,794
Distributions payable			93
Other liabilities assumed			204
Total purchase price			$3,650

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Structuring Fees
Related Party Transaction [Line Items]
Structuring fee revenue	$ 29	$ 34

Share Transactions - Shares Of The Company’s Common Stock (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Equity [Abstract]
Share Repurchase Program (in shares)	(1,565,083)	(53,374)
Share Repurchase Program	$ (33)	$ (1)
Issues of Common Stock (in shares)	0	161,374,028
Issues of common stock	$ 0	$ 3,642
Net Proceeds from Share Transactions (in shares)	(1,565,083)	161,320,654
Net Proceeds from Share Transactions	$ (33)	$ 3,641

Share Transactions - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	9 Months Ended
	Jun. 16, 2021	Oct. 31, 2022	Sep. 30, 2022	Sep. 30, 2021	Nov. 20, 2020
Class of Stock [Line Items]
Share Repurchased (in shares)			1,565,083	53,374
Shares repurchased			$ 33	$ 1
FSKR \| Common Stock
Class of Stock [Line Items]
Conversion price right to receive (in shares)	0.9498
Equity interest issued or issuable (in shares)	161,374,028
Distribution Reinvestment Plan
Class of Stock [Line Items]
Stock repurchased and distributed (in shares)			1,816,180	707,727
Average cost per share of stock repurchased and distributed (in USD per share)			$ 21.67	$ 19.69
Stock repurchased and distributed			$ 39	$ 14
Distribution Reinvestment Plan \| Subsequent Event
Class of Stock [Line Items]
Stock repurchased and distributed (in shares)		747,844
Average cost per share of stock repurchased and distributed (in USD per share)		$ 18.26
Stock repurchased and distributed		$ 14
Stock Repurchase Program
Class of Stock [Line Items]
Outstanding common stock					$ 100
Share Repurchased (in shares)			1,565,083	53,374
Average price per share (in USD per share)			$ 21.12	$ 22.32
Shares repurchased			$ 33	$ 1
Stock Repurchase Program \| Subsequent Event
Class of Stock [Line Items]
Outstanding common stock		$ 54

Related Party Transactions - Narrative (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

15 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

Sep. 30, 2022

Incentive fees waived

^[1]

$ 15

$ 45

$ 15

FS/KKR Advisor, LLC

Incentive fees waived quarterly

$ 15

FS/KKR Advisor, LLC | Investment Advisory Agreement

Incentive fees waived quarterly

Incentive fees waived

FS/KKR Advisor, LLC | Affiliated Purchaser Program

Commitment to investment vehicle

$ 100

Investment vehicle

$ 350

[1]	See Note 2 and 4 for a discussion of the methodology employed by the Company in calculating the subordinated income incentive fees.

Related Party Transactions - Fees And Expenses Accrued Under The Investment Advisory Agreement (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

15 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

Sep. 30, 2022

Base Management Fee

$ 61.0

$ 58.0

$ 186.0

$ 113.0

Subordinated Incentive Fee on Income

^[1]

40.0

35.0

117.0

43.0

Subordinated Incentive Fee on Income

2.0

1.0

4.0

2.0

FS/KKR Advisor, LLC

Base Management Fee

61.0

58.0

186.0

113.0

25.0

20.0

72.0

28.0

Incentive fees waived quarterly

4.0

5.0

12.0

9.0

Base management fees

185.0

104.0

$ 15.0

Incentive fee waiver

$ 15.0

45.0

15.0

Incentive fee paid

66.0

29.0

Allocation of costs of administrative personnel for services rendered

10.0

7.0

Broken deal cost

1.1

Payment for administrative services expenses

$ 10.0

$ 7.0

[1]	See Note 2 and 4 for a discussion of the methodology employed by the Company in calculating the subordinated income incentive fees.

Distributions - Cash Distributions (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Investment Company [Abstract]
Distributions declared per share (in USD per share)	$ 0.67	$ 0.68	$ 0.63	$ 0.65	$ 0.60	$ 0.60	$ 1.98	$ 1.85
Cash distributions declared	$ 190	$ 193	$ 179	$ 186	$ 75	$ 74	$ 562	$ 335

Distributions - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended						9 Months Ended
	Nov. 04, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Schedule of Distributions [Line Items]
Distributions declared per share (in USD per share)		$ 0.67	$ 0.68	$ 0.63	$ 0.65	$ 0.60	$ 0.60	$ 1.98	$ 1.85
Percent of market price								95.00%
Capital loss carryforwards		$ 1,877						$ 1,877
Unrealized appreciation		1,321						1,321		$ 1,665
Unrealized depreciation		2,348						2,348		1,995
Income tax purposes		17,638						17,638		17,167
Net unrealized appreciation (depreciation)		(1,846)						(1,846)		$ (1,066)
Subsidiaries
Schedule of Distributions [Line Items]
Deferred tax liability		14						14
Deferred tax asset		60						60
Deferred tax asset offset by valuation allowance		$ 48						48
Deferred income tax								2
Current income tax								$ 1
Subsequent Event
Schedule of Distributions [Line Items]
Distributions declared per share (in USD per share)	$ 0.68

Distributions - Cash Distributions on Common Stock (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Distribution Amount
Return of capital	$ 0	$ 0
Short-term capital gains proceeds from the sale of assets	0	0
Total	$ 562	$ 335
Percentage
Return of capital (in percent)	0.00%	0.00%
Net investment income (in percent)	100.00%	100.00%
Short-term capital gains proceeds from the sale of assets (in percent)	0.00%	0.00%
Long-term capital gains proceeds from the sale of assets (in percent)	0.00%	0.00%
Total (in percent)	100.00%	100.00%
Gross investment income attributable to cash income earned (in percent)	84.80%	85.50%
Gross investment income attributable to non-cash accretion of discount (in percent)	4.90%	4.70%
Gross investment income attributable to paid-in-kind interest (in percent)	10.30%	9.80%

Investment Portfolio - Schedule Of Investment Portfolio At Cost And Fair Value (Details)
£ in Millions, $ in Millions

9 Months Ended

12 Months Ended

Sep. 30, 2022

USD ($)

Dec. 31, 2021

USD ($)

Dec. 31, 2021

GBP (£)

Dec. 31, 2020

USD ($)

$ 3,842.7

$ 3,206.2

£ 2.6

Funded - Senior Secured Loans -First Lien

7.1

14.9

£ 2.5

$ 1,259.7

2,663.8

2,136.4

Senior Secured Loans—Second Lien

2,532.2

2,159.4

452.5

491.3

Other Senior Secured Debt

393.2

502.4

24.0

22.9

21.2

23.5

Subordinated Debt

4.8

188.3

4.4

111.3

^[1]

Asset Based Finance

511.6

473.6

Credit Opportunities Partners JV, LLC

502.3

494.5

1,571.7

1,396.7

1,466.1

^[2]

1,396.2

^[1]

Equity/Other

188.8

83.9

Senior Secured Loans - First Lien

174.0

82.1

2,661.0

2,134.5

Investment Owned, At Fair Value | Customer Concentration Risk

$ 2,529.4

$ 2,157.5

Investment Owned, At Fair Value | Customer Concentration Risk | Senior Secured Loans—Second Lien

100.00%

Investment Owned, At Fair Value | Customer Concentration Risk | Other Senior Secured Debt

7.90%

9.70%

Investment Owned, At Fair Value | Customer Concentration Risk | Subordinated Debt

0.70%

Investment Owned, At Fair Value | Customer Concentration Risk | Asset Based Finance

1.60%

0.70%

Investment Owned, At Fair Value | Customer Concentration Risk | Credit Opportunities Partners JV, LLC

11.60%

13.90%

Investment Owned, At Fair Value | Customer Concentration Risk | Equity/Other

9.30%

8.70%

Investment Owned, At Fair Value | Customer Concentration Risk | Senior Secured Loans - First Lien

7.00%

5.60%

Repayments of Long-Term Debt

61.90%

60.70%

[1]	Fair value determined by the Company’s board of directors (see Note 8).
[2]	See Note 8 for additional information regarding the fair value of the Company's financial instruments

Investment Portfolio - Narrative (Details) £ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
Investment Portfolio - Narrative (Details) £ in Millions	Sep. 30, 2022 USD ($) portfolio	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) portfolio	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) portfolio	Jun. 28, 2022 USD ($)	Dec. 31, 2021 GBP (£) portfolio	Dec. 31, 2020 USD ($)
Schedule of Investments [Line Items]
Number of investments in portfolio companies	10		10		16
Unfunded equity/other commitments	$ 53,400,000		$ 53,400,000
Aggregate credit opportunities partners			$ 2,440,000,000
Contributed capital to committed capital ratio			12.50%
Joint venture voting control, percentage			50.00%
Credit opportunities partners JV, LLC, entitled to a fee percentage			0.25%
Increase in commitment						$ 385,000,000
Amount funded to joint venture			$ 1,574,800,000
Net realized gain (loss) on investments:	(4,000,000)	$ (2,000,000)	(42,500,000)	$ 123,000,000	$ (48,500,000)
Fair value	$ 7,100,000		$ 7,100,000		$ 14,900,000		£ 2.5	$ 1,259,700,000
Number of investments owned in non-accrual status \| portfolio	1		1		0		0
FS/KKR Advisor, LLC
Schedule of Investments [Line Items]
Cost basis of investments sold			$ 943,500,000
Proceeds from sale of investments			941,200,000
Net realized gain (loss) on investments:			(2,300,000)
Debt Securities
Schedule of Investments [Line Items]
Unfunded equity/other commitments	$ 1,042,400,000		1,042,400,000		$ 1,900,000
Unfunded Asset Based Finance/Other commitments
Schedule of Investments [Line Items]
Unfunded equity/other commitments	362,800,000		362,800,000		576,900,000
Credit Opportunities Partners JV, LLC \| Partnership Interest
Schedule of Investments [Line Items]
Unfunded equity/other commitments	$ 560,200,000		$ 560,200,000		$ 350,200,000

Financial Instruments - Derivative Instruments Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Derivative Assets Subject to Master Netting Agreement	$ 3.5	$ 0.2
Derivative liabilities	0.0	(1.0)
Total	39.0	8.0
Foreign Exchange Forward \| Unrealized appreciation on foreign currency forward contracts
Derivative [Line Items]
Derivative Assets Subject to Master Netting Agreement	39.0	9.0
Foreign Exchange Forward \| Unrealized depreciation on foreign currency forward contracts
Derivative [Line Items]
Derivative liabilities	$ 0.0	$ (1.0)

Financial Instruments - Net Realized And Unrealized Gains And Losses On Derivative Instruments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Net realized gain (loss) on foreign currency forward contracts	$ 2	$ 0	$ 9	$ 0
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts	$ 15	$ 5	31	8
Foreign Exchange Forward
Derivative Instruments, Gain (Loss) [Line Items]
Net realized gain (loss) on foreign currency forward contracts			9	0
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts			$ 31	$ 8

Financial Instruments - Gross Assets And Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Derivative Asset [Abstract]
Derivative Assets Subject to Master Netting Agreement	$ 3.5	$ 0.2
Derivatives Available for Offset	0.0	1.0
Derivatives Available for Offset	0.0	0.0
Non-cash Collateral Received	0.0	0.0
Net Amount of Derivative Assets	39.0	8.0
Derivative Liability [Abstract]
Derivative Liabilities Subject to Master Netting Agreement	0.0	(1.0)
Derivatives Available for Offset	0.0	1.0
Non-cash Collateral Pledged	0.0	0.0
Cash Collateral Pledged	0.0	0.0
Net Amount of Derivative Liabilities	0.0	0.0
JP Morgan Chase Bank
Derivative Asset [Abstract]
Derivative Assets Subject to Master Netting Agreement	39.0	9.0
Derivatives Available for Offset	0.0	1.0
Derivatives Available for Offset	0.0	0.0
Non-cash Collateral Received	0.0	0.0
Net Amount of Derivative Assets	39.0	8.0
Derivative Liability [Abstract]
Derivative Liabilities Subject to Master Netting Agreement	0.0	(1.0)
Derivatives Available for Offset	0.0	1.0
Non-cash Collateral Pledged	0.0	0.0
Cash Collateral Pledged	0.0	0.0
Net Amount of Derivative Liabilities	$ 0.0	$ 0.0

Financial Instruments - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Foreign Exchange Forward
Derivative [Line Items]
Average notional balance	$ 241.8	$ 129.0

Fair Value of Financial Instruments - Fair Value Hierarchy (Details) £ in Millions, $ in Millions	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 GBP (£)	Dec. 31, 2020 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 7.1	$ 14.9	£ 2.5	$ 1,259.7
Level 1—Price quotations in active markets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	15.0	30.0
Level 2—Significant other observable inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	600.0	703.0
Level 3—Significant unobservable inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	13,711.0	13,972.0
Investments measured at net asset value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1,466.0	$ 1,396.0

Fair Value of Financial Instruments - Roll Forward Level III (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Accretion of discount (amortization of premium)	$ 69	$ 46
Total
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	13,972	5,807
Accretion of discount (amortization of premium)	63	39
Purchases	3,841	10,609
Paid-in-kind interest	86	66
Sales and repayments	(3,726)	(3,711)
Transfers into Level 3	0	3
Transfers out of Level 3	0	0
Fair value at end of period	13,711	13,543
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	(754)	601
Total \| Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	222	114
Total \| Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	(747)	616
Funded - Senior Secured Loans -First Lien
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	9,542	3,276
Accretion of discount (amortization of premium)	52	28
Purchases	2,297	7,907
Paid-in-kind interest	36	12
Sales and repayments	(2,017)	(2,197)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair value at end of period	9,597	9,341
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	(326)	290
Funded - Senior Secured Loans -First Lien \| Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	(61)	35
Funded - Senior Secured Loans -First Lien \| Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	(252)	280
Senior Secured Loans—Second Lien
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	1,205	862
Accretion of discount (amortization of premium)	5	8
Purchases	67	974
Paid-in-kind interest	2	4
Sales and repayments	(225)	(628)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair value at end of period	923	1,285
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	(136)	84
Senior Secured Loans—Second Lien \| Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	(41)	(93)
Senior Secured Loans—Second Lien \| Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	(90)	158
Other Senior Secured Debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	29	36
Accretion of discount (amortization of premium)	0	0
Purchases	0	52
Paid-in-kind interest	1	0
Sales and repayments	0	(48)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair value at end of period	22	44
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	(8)	(1)
Other Senior Secured Debt \| Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	0	(21)
Other Senior Secured Debt \| Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	(8)	25
Subordinated Debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	74	152
Accretion of discount (amortization of premium)	1	0
Purchases	223	8
Paid-in-kind interest	3	0
Sales and repayments	0	(93)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair value at end of period	254	56
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	(45)	19
Subordinated Debt \| Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	0	(7)
Subordinated Debt \| Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	(47)	(4)
Asset Based Finance
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	2,245	951
Accretion of discount (amortization of premium)	4	2
Purchases	779	1,217
Paid-in-kind interest	20	29
Sales and repayments	(1,106)	(335)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair value at end of period	1,826	1,999
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	(177)	125
Asset Based Finance \| Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	113	9
Asset Based Finance \| Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	(229)	126
Equity/Other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	877	530
Accretion of discount (amortization of premium)	1	1
Purchases	475	451
Paid-in-kind interest	24	21
Sales and repayments	(378)	(410)
Transfers into Level 3	0	3
Transfers out of Level 3	0	0
Fair value at end of period	1,089	818
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	(62)	84
Equity/Other \| Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	211	191
Equity/Other \| Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	$ (121)	$ 31

Financing Arrangements - Narrative (Details) € in Millions, £ in Millions, $ in Millions, $ in Millions				9 Months Ended
	May 17, 2022 USD ($)	Apr. 15, 2022	Jan. 18, 2022 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 EUR (€)	Sep. 30, 2022 GBP (£)	Sep. 30, 2022 AUD ($)	Sep. 30, 2022 CAD ($)	Jun. 30, 2022 USD ($)	Jun. 29, 2022 USD ($)	May 16, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 EUR (€)	Dec. 31, 2021 GBP (£)	Dec. 31, 2021 AUD ($)	Dec. 31, 2021 CAD ($)
Debt Instrument [Line Items]
Senior securities issued				$ 9,176,000,000									$ 9,179,000,000
Average outstanding amount				$ 9,553,000,000	$ 5,502,000,000
Weighted average interest rate				3.43%	3.59%	3.43%	3.43%	3.43%	3.43%
Effective interest rate percentage				4.21%	3.22%	4.21%	4.21%	4.21%	4.21%
Unsecured Notes
Debt Instrument [Line Items]
Stated interest rate				3.125%		3.125%	3.125%	3.125%	3.125%
Senior Secured Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum debt service coverage ratio	1.85
4.750% Notes due 2022 \| Unsecured Notes
Debt Instrument [Line Items]
Senior securities issued													$ 450,000,000
Stated interest rate		4.75%											4.75%	4.75%	4.75%	4.75%	4.75%
Redemption price, percentage		100.00%
3.250% Notes due 2027 \| Unsecured Notes
Debt Instrument [Line Items]
Senior securities issued				$ 500,000,000
Stated interest rate			3.25%	3.25%		3.25%	3.25%	3.25%	3.25%
Redemption price, percentage			100.00%
Debt instrument, face amount			$ 500,000,000
Revolving Credit Facility \| Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Senior securities issued														€ 260	£ 130	$ 116	$ 40
Revolving Credit Facility \| Senior Secured Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Senior securities issued				$ 2,665,000,000		€ 201	£ 96	$ 80	$ 34				$ 2,647,000,000
Maximum borrowing capacity	$ 4,640,000,000									$ 4,655,000,000	$ 4,640,000,000	$ 4,025,000,000
Accordion feature, increase limit	$ 2,320,000,000											$ 2,013,000,000
Revolving Credit Facility \| Senior Secured Revolving Credit Facility \| Line of Credit \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Revolving Credit Facility \| Senior Secured Revolving Credit Facility \| Line of Credit \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.75%
Revolving Credit Facility \| Senior Secured Revolving Credit Facility \| Line of Credit \| Minimum
Debt Instrument [Line Items]
Commitment fee percentage	0.50%
Revolving Credit Facility \| Senior Secured Revolving Credit Facility \| Line of Credit \| Minimum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%			1.75%
Revolving Credit Facility \| Senior Secured Revolving Credit Facility \| Line of Credit \| Minimum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Revolving Credit Facility \| Senior Secured Revolving Credit Facility \| Line of Credit \| Maximum
Debt Instrument [Line Items]
Commitment fee percentage	0.375%
Revolving Credit Facility \| Senior Secured Revolving Credit Facility \| Line of Credit \| Maximum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.875%			1.88%
Revolving Credit Facility \| Senior Secured Revolving Credit Facility \| Line of Credit \| Maximum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.875%
Bridge Loan \| Senior Secured Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 100,000,000

Financing Arrangements - Outstanding Financing Arrangements (Details) € in Millions, £ in Millions, $ in Millions, $ in Millions, $ in Millions		9 Months Ended	12 Months Ended
	May 17, 2022	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2022 EUR (€)	Sep. 30, 2022 GBP (£)	Sep. 30, 2022 AUD ($)	Sep. 30, 2022 CAD ($)	Apr. 15, 2022	Jan. 18, 2022	Dec. 31, 2021 EUR (€)	Dec. 31, 2021 GBP (£)	Dec. 31, 2021 AUD ($)	Dec. 31, 2021 CAD ($)
Debt Instrument [Line Items]
Amount Outstanding		$ 9,176.0	$ 9,179.0
Amount Available		$ 2,114.0	1,609.0
Revolving Credit Facility \| Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Amount Outstanding										€ 260	£ 130	$ 116	$ 40
Long-term line of credit			$ 9.0
Revolving Credit Facility \| Senior Secured Revolving Credit Facility \| United States of America, Dollars
Debt Instrument [Line Items]
Exchange rate			1.14							1.14	1.14	1.14	1.14
Revolving Credit Facility \| Senior Secured Revolving Credit Facility \| EUR
Debt Instrument [Line Items]
Exchange rate			1.00							1.00	1.00	1.00	1.00
Revolving Credit Facility \| Senior Secured Revolving Credit Facility \| CAD
Debt Instrument [Line Items]
Exchange rate			0.79							0.79	0.79	0.79	0.79
Revolving Credit Facility \| Senior Secured Revolving Credit Facility \| GBP
Debt Instrument [Line Items]
Basis spread on variable rate, credit spread adjustment		0.0326%
Exchange rate			1.35							1.35	1.35	1.35	1.35
Revolving Credit Facility \| Senior Secured Revolving Credit Facility \| AUD
Debt Instrument [Line Items]
Exchange rate			0.73							0.73	0.73	0.73	0.73
Line of Credit \| Revolving Credit Facility \| Ambler Credit Facility
Debt Instrument [Line Items]
Amount Outstanding		$ 144.0	$ 150.0
Amount Available		$ 56.0	$ 50.0
Floor on benchmark rate		0.00%	0.00%
Line of Credit \| Revolving Credit Facility \| Ambler Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate		2.15%	2.15%
Line of Credit \| Revolving Credit Facility \| Burholme Prime Brokerage Facility
Debt Instrument [Line Items]
Floor on benchmark rate			0.00%
Line of Credit \| Revolving Credit Facility \| CCT Tokyo Funding Credit Facility
Debt Instrument [Line Items]
Amount Outstanding		$ 290.0	$ 300.0
Amount Available		$ 10.0	$ 0.0
Floor on benchmark rate		0.00%	0.00%
Line of Credit \| Revolving Credit Facility \| CCT Tokyo Funding Credit Facility \| LIBOR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		1.75%	1.75%
Line of Credit \| Revolving Credit Facility \| CCT Tokyo Funding Credit Facility \| LIBOR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		2.00%	2.00%
Line of Credit \| Revolving Credit Facility \| Darby Creek Credit Facility
Debt Instrument [Line Items]
Amount Outstanding		$ 243.0	$ 250.0
Amount Available		$ 7.0	$ 0.0
Floor on benchmark rate		0.00%	0.00%
Line of Credit \| Revolving Credit Facility \| Darby Creek Credit Facility \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		1.85%	1.85%
Line of Credit \| Revolving Credit Facility \| Dunlap Credit Facility
Debt Instrument [Line Items]
Amount Outstanding		$ 478.0	$ 485.0
Amount Available		$ 22.0	$ 15.0
Floor on benchmark rate		0.00%	0.00%
Line of Credit \| Revolving Credit Facility \| Dunlap Credit Facility \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		1.85%	1.85%
Line of Credit \| Revolving Credit Facility \| Meadowbrook Run Credit Facility
Debt Instrument [Line Items]
Amount Outstanding		$ 259.0	$ 300.0
Amount Available		$ 41.0	$ 0.0
Floor on benchmark rate		0.00%	0.00%
Line of Credit \| Revolving Credit Facility \| Meadowbrook Run Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate		2.05%	2.05%
Line of Credit \| Revolving Credit Facility \| Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Amount Outstanding		$ 2,665.0	$ 2,647.0	€ 201	£ 96	$ 80	$ 34
Amount Available		$ 1,978.0	$ 1,544.0
Floor on benchmark rate		0.00%	0.00%
Line of Credit \| Revolving Credit Facility \| Senior Secured Revolving Credit Facility \| United States of America, Dollars
Debt Instrument [Line Items]
Basis spread on variable rate, credit spread adjustment		0.10%
Line of Credit \| Revolving Credit Facility \| Senior Secured Revolving Credit Facility \| EUR
Debt Instrument [Line Items]
Exchange rate		0.98		0.98	0.98	0.98	0.98
Line of Credit \| Revolving Credit Facility \| Senior Secured Revolving Credit Facility \| CAD
Debt Instrument [Line Items]
Exchange rate		0.73		0.73	0.73	0.73	0.73
Line of Credit \| Revolving Credit Facility \| Senior Secured Revolving Credit Facility \| GBP
Debt Instrument [Line Items]
Exchange rate		1.11		1.11	1.11	1.11	1.11
Line of Credit \| Revolving Credit Facility \| Senior Secured Revolving Credit Facility \| AUD
Debt Instrument [Line Items]
Exchange rate		0.64		0.64	0.64	0.64	0.64
Line of Credit \| Revolving Credit Facility \| Senior Secured Revolving Credit Facility \| LIBOR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			1.75%
Line of Credit \| Revolving Credit Facility \| Senior Secured Revolving Credit Facility \| LIBOR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			2.00%
Line of Credit \| Revolving Credit Facility \| Senior Secured Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Line of Credit \| Revolving Credit Facility \| Senior Secured Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%	1.75%
Line of Credit \| Revolving Credit Facility \| Senior Secured Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.875%	1.88%
Line of Credit \| Revolving Credit Facility \| Senior Secured Revolving Credit Facility \| Sterling Interbank Offered Rate, SONIA
Debt Instrument [Line Items]
Basis spread on variable rate			0.0326%
Line of Credit \| Prime Brokerage Facility \| Burholme Prime Brokerage Facility
Debt Instrument [Line Items]
Amount Outstanding		$ 0.0	$ 0.0
Amount Available		$ 0.0	$ 0.0
Floor on benchmark rate		0.00%
Line of Credit \| Prime Brokerage Facility \| Burholme Prime Brokerage Facility \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		1.25%	1.25%
Line of Credit \| Standby Letters of Credit \| Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Long-term line of credit		$ 12.0
Unsecured Notes
Debt Instrument [Line Items]
Stated interest rate		3.125%		3.125%	3.125%	3.125%	3.125%
Unsecured Notes \| 4.750% Notes due 2022
Debt Instrument [Line Items]
Stated interest rate			4.75%					4.75%		4.75%	4.75%	4.75%	4.75%
Amount Outstanding			$ 450.0
Fair value			$ 455.0
Unsecured Notes \| 4.625% Notes due 2024
Debt Instrument [Line Items]
Stated interest rate		4.625%	4.625%	4.625%	4.625%	4.625%	4.625%			4.625%	4.625%	4.625%	4.625%
Amount Outstanding		$ 400.0	$ 400.0
Fair value		$ 392.0	$ 421.0
Unsecured Notes \| 1.650% Notes due 2024
Debt Instrument [Line Items]
Stated interest rate		1.65%	1.65%	1.65%	1.65%	1.65%	1.65%			1.65%	1.65%	1.65%	1.65%
Amount Outstanding		$ 500.0	$ 500.0
Fair value		$ 457.0	$ 491.0
Unsecured Notes \| 4.125% Notes due 2025
Debt Instrument [Line Items]
Stated interest rate		4.125%	4.125%	4.125%	4.125%	4.125%	4.125%			4.125%	4.125%	4.125%	4.125%
Amount Outstanding		$ 470.0	$ 470.0
Fair value		$ 445.0	$ 492.0
Unsecured Notes \| 4.250% Notes due 2025
Debt Instrument [Line Items]
Stated interest rate		4.25%	4.25%	4.25%	4.25%	4.25%	4.25%			4.25%	4.25%	4.25%	4.25%
Amount Outstanding		$ 475.0	$ 475.0
Fair value		$ 441.0	$ 497.0
Unsecured Notes \| 8.625% Notes due 2025
Debt Instrument [Line Items]
Stated interest rate		8.625%	8.625%	8.625%	8.625%	8.625%	8.625%			8.625%	8.625%	8.625%	8.625%
Amount Outstanding		$ 250.0	$ 250.0
Fair value		$ 258.0	$ 276.0
Unsecured Notes \| 3.400% Notes due 2026
Debt Instrument [Line Items]
Stated interest rate		3.40%	3.40%	3.40%	3.40%	3.40%	3.40%			3.40%	3.40%	3.40%	3.40%
Amount Outstanding		$ 1,000.0	$ 1,000.0
Fair value		$ 883.0	$ 1,016.0
Unsecured Notes \| 2.625% Notes due 2027
Debt Instrument [Line Items]
Stated interest rate		2.625%	2.625%	2.625%	2.625%	2.625%	2.625%			2.625%	2.625%	2.625%	2.625%
Amount Outstanding		$ 400.0	$ 400.0
Fair value		$ 323.0	$ 395.0
Unsecured Notes \| 3.250% Notes due 2027
Debt Instrument [Line Items]
Stated interest rate		3.25%		3.25%	3.25%	3.25%	3.25%		3.25%
Amount Outstanding		$ 500.0
Fair value		$ 413.0
Unsecured Notes \| 3.125% Notes due 2028
Debt Instrument [Line Items]
Stated interest rate		3.125%	3.125%	3.125%	3.125%	3.125%	3.125%			3.125%	3.125%	3.125%	3.125%
Amount Outstanding		$ 750.0	$ 750.0
Fair value		583.0	747.0
Unsecured Notes \| 1.85% Class A-1R Notes Outstanding
Debt Instrument [Line Items]
Amount Outstanding		$ 281.4
Unsecured Notes \| 1.85% Class A-1R Notes Outstanding \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		1.85%
Unsecured Notes \| 2.25% Class A-2R Notes Outstanding
Debt Instrument [Line Items]
Amount Outstanding		$ 20.5
Unsecured Notes \| 2.25% Class A-2R Notes Outstanding \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		2.25%
Unsecured Notes \| 2.60% Class B-1R Notes Outstanding
Debt Instrument [Line Items]
Amount Outstanding		$ 32.4
Unsecured Notes \| 2.60% Class B-1R Notes Outstanding \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		2.60%
Unsecured Notes \| 3.011% Class B-2R Notes Outstanding
Debt Instrument [Line Items]
Stated interest rate		3.011%		3.011%	3.011%	3.011%	3.011%
Amount Outstanding		$ 17.4
Collateralized Loan Obligation \| CLO-1 Notes
Debt Instrument [Line Items]
Amount Outstanding		$ 352.0	$ 352.0
Floor on benchmark rate		0.00%	0.00%
Collateralized Loan Obligation \| CLO-1 Notes \| LIBOR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		1.85%	1.85%
Collateralized Loan Obligation \| CLO-1 Notes \| LIBOR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		3.01%	3.01%
Collateralized Loan Obligation \| 1.85% Class A-1R Notes Outstanding
Debt Instrument [Line Items]
Amount Outstanding			$ 281.4
Collateralized Loan Obligation \| 1.85% Class A-1R Notes Outstanding \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			1.85%
Collateralized Loan Obligation \| 2.25% Class A-2R Notes Outstanding
Debt Instrument [Line Items]
Amount Outstanding			$ 20.5
Collateralized Loan Obligation \| 2.25% Class A-2R Notes Outstanding \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			2.25%
Collateralized Loan Obligation \| 2.60% Class B-1R Notes Outstanding
Debt Instrument [Line Items]
Amount Outstanding			$ 32.4
Collateralized Loan Obligation \| 2.60% Class B-1R Notes Outstanding \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			2.60%
Collateralized Loan Obligation \| 3.011% Class B-2R Notes Outstanding
Debt Instrument [Line Items]
Stated interest rate			3.011%							3.011%	3.011%	3.011%	3.011%
Amount Outstanding			$ 17.4

Financing Arrangements - Interest Expense (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Apr. 15, 2022	Jan. 18, 2022	Dec. 31, 2021
Short-Term Debt [Line Items]
Direct Interest Expense	$ 245	$ 151
Amortization of Deferred Financing Costs and Discount / Premium	11	7
Total Interest Expense	$ 256	158
Unsecured Notes
Short-Term Debt [Line Items]
Stated interest rate	3.125%
4.750% Notes due 2022 \| Unsecured Notes
Short-Term Debt [Line Items]
Stated interest rate			4.75%		4.75%
Direct Interest Expense	$ 6	16
Amortization of Deferred Financing Costs and Discount / Premium	0	0
Total Interest Expense	6	16
5.000% Notes due 2022 \| Unsecured Notes
Short-Term Debt [Line Items]
Stated interest rate					5.00%
Direct Interest Expense	0	9
Amortization of Deferred Financing Costs and Discount / Premium	0	0
Total Interest Expense	$ 0	9
4.625% Notes due 2024 \| Unsecured Notes
Short-Term Debt [Line Items]
Stated interest rate	4.625%				4.625%
Direct Interest Expense	$ 14	14
Amortization of Deferred Financing Costs and Discount / Premium	1	1
Total Interest Expense	$ 15	15
1.650% Notes due 2024 \| Unsecured Notes
Short-Term Debt [Line Items]
Stated interest rate	1.65%				1.65%
Direct Interest Expense	$ 6	0
Amortization of Deferred Financing Costs and Discount / Premium	2	0
Total Interest Expense	$ 8	0
4.125% Notes due 2025 \| Unsecured Notes
Short-Term Debt [Line Items]
Stated interest rate	4.125%				4.125%
Direct Interest Expense	$ 15	15
Amortization of Deferred Financing Costs and Discount / Premium	1	1
Total Interest Expense	$ 16	16
4.250% Notes due 2025 \| Unsecured Notes
Short-Term Debt [Line Items]
Stated interest rate	4.25%				4.25%
Direct Interest Expense	$ 15	6
Amortization of Deferred Financing Costs and Discount / Premium	(5)	(2)
Total Interest Expense	$ 10	4
8.625% Notes due 2025 \| Unsecured Notes
Short-Term Debt [Line Items]
Stated interest rate	8.625%				8.625%
Direct Interest Expense	$ 16	16
Amortization of Deferred Financing Costs and Discount / Premium	1	1
Total Interest Expense	$ 17	17
3.400% Notes due 2026 \| Unsecured Notes
Short-Term Debt [Line Items]
Stated interest rate	3.40%				3.40%
Direct Interest Expense	$ 25	25
Amortization of Deferred Financing Costs and Discount / Premium	4	4
Total Interest Expense	$ 29	29
2.625% Notes due 2027 \| Unsecured Notes
Short-Term Debt [Line Items]
Stated interest rate	2.625%				2.625%
Direct Interest Expense	$ 7	3
Amortization of Deferred Financing Costs and Discount / Premium	1	0
Total Interest Expense	$ 8	3
3.250% Notes due 2027 \| Unsecured Notes
Short-Term Debt [Line Items]
Stated interest rate	3.25%			3.25%
Direct Interest Expense	$ 11	0
Amortization of Deferred Financing Costs and Discount / Premium	1	0
Total Interest Expense	$ 12	0
3.125% Notes due 2028 \| Unsecured Notes
Short-Term Debt [Line Items]
Stated interest rate	3.125%				3.125%
Direct Interest Expense	$ 18	0
Amortization of Deferred Financing Costs and Discount / Premium	1	0
Total Interest Expense	19	0
CLO-1 Notes \| Collateralized Loan Obligation
Short-Term Debt [Line Items]
Direct Interest Expense	8	6
Amortization of Deferred Financing Costs and Discount / Premium	0	0
Total Interest Expense	8	6
Revolving Credit Facility \| Ambler Credit Facility \| Line of Credit
Short-Term Debt [Line Items]
Direct Interest Expense	4	1
Amortization of Deferred Financing Costs and Discount / Premium	0	0
Total Interest Expense	4	1
Revolving Credit Facility \| CCT Tokyo Funding Credit Facility \| Line of Credit
Short-Term Debt [Line Items]
Direct Interest Expense	7	3
Amortization of Deferred Financing Costs and Discount / Premium	1	0
Total Interest Expense	8	3
Revolving Credit Facility \| Darby Creek Credit Facility \| Line of Credit
Short-Term Debt [Line Items]
Direct Interest Expense	6	2
Amortization of Deferred Financing Costs and Discount / Premium	0	0
Total Interest Expense	6	2
Revolving Credit Facility \| Dunlap Credit Facility \| Line of Credit
Short-Term Debt [Line Items]
Direct Interest Expense	12	3
Amortization of Deferred Financing Costs and Discount / Premium	0	0
Total Interest Expense	12	3
Revolving Credit Facility \| Juniata River Credit Facility \| Line of Credit
Short-Term Debt [Line Items]
Direct Interest Expense	0	6
Amortization of Deferred Financing Costs and Discount / Premium	0	0
Total Interest Expense	0	6
Revolving Credit Facility \| Meadowbrook Run Credit Facility \| Line of Credit
Short-Term Debt [Line Items]
Direct Interest Expense	6	3
Amortization of Deferred Financing Costs and Discount / Premium	0	0
Total Interest Expense	6	3
Revolving Credit Facility \| Senior Secured Revolving Credit Facility \| Line of Credit
Short-Term Debt [Line Items]
Direct Interest Expense	69	23
Amortization of Deferred Financing Costs and Discount / Premium	3	2
Total Interest Expense	72	25
Prime Brokerage Facility \| Burholme Prime Brokerage Facility \| Line of Credit
Short-Term Debt [Line Items]
Direct Interest Expense	0	0
Amortization of Deferred Financing Costs and Discount / Premium	0	0
Total Interest Expense	$ 0	$ 0

Commitment and Contingencies - Unfunded Commitments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Other Commitments [Line Items]
Unfunded commitments	$ 53,400
Debt Securities
Other Commitments [Line Items]
Unfunded commitments	1,042,400	$ 1,900
Unfunded Asset Based Finance/Other commitments
Other Commitments [Line Items]
Unfunded commitments	$ 362,800	$ 576,900

Commitment and Contingencies - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Jun. 29, 2022	May 17, 2022	May 16, 2022	Dec. 31, 2021
Other Commitments [Line Items]
Unfunded commitments	$ 53,400
Debt Securities
Other Commitments [Line Items]
Unfunded commitments	1,042,400					$ 1,900
Unrealized appreciation (depreciation) on unfunded commitments	(18,200)
Debt Securities, Revolving Credit Facility
Other Commitments [Line Items]
Unfunded commitments	402,000
Debt Securities, Delayed Draw Term Loan
Other Commitments [Line Items]
Unfunded commitments	640,400
Partnership Interest \| Credit Opportunities Partners JV, LLC
Other Commitments [Line Items]
Unfunded commitments	560,200					350,200
Revolving Credit Facility \| Senior Secured Revolving Credit Facility
Other Commitments [Line Items]
Long-term line of credit						$ 9,000
Revolving Credit Facility \| Senior Secured Revolving Credit Facility \| Line of Credit
Other Commitments [Line Items]
Amount outstanding		$ 4,655,000	$ 4,640,000	$ 4,640,000	$ 4,025,000
Letter of Credit \| Senior Secured Revolving Credit Facility \| Line of Credit
Other Commitments [Line Items]
Amount outstanding	175,000
Standby Letters of Credit \| Senior Secured Revolving Credit Facility \| Line of Credit
Other Commitments [Line Items]
Long-term line of credit	$ 12,000

Financial Highlights - Schedule Of Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	Jun. 30, 2022	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Investment Company, Financial Highlights [Roll Forward]
Net asset value, beginning of period	$ 27.17	$ 25.02
Results of operation
Net investment income (loss)	2.25	2.76
Net realized gain (loss) and unrealized appreciation (depreciation)	(2.17)	4.28
Net increase (decrease) in net assets resulting from operations	0.08	7.04
Stockholder distributions
Distributions from net investment income	1.98	2.47
Distributions from net realized gain on investments	0	0
Net decrease in net assets resulting from stockholder distributions	(1.98)	(2.47)
Capital share transactions
Deduction of deferred costs	0	(0.23)
Net increase (decrease) in net assets resulting from capital share transactions	0.03	(2.42)
Net asset value, end of period	$ 25.30	$ 27.17
Common stock, shares outstanding (in shares)	282,978,008	284,543,091
Total return based on net asset value	0.40%	18.47%
Ratio/Supplemental Data:
Net assets, end of period	$ 1,675.5	$ 1,595.6	$ 7,487.0	$ 7,736.0	$ 7,653.0	$ 3,096.0
Ratio of net investment income to average net assets	11.08%	10.36%
Ratio of total operating expenses to average net assets	10.27%	9.35%
Ratio of net operating expenses to average net assets	9.49%	8.82%
Total amount of senior securities outstanding, exclusive of treasury securities	$ 9,176.0	$ 9,179.0
Unsecured Notes
Ratio/Supplemental Data:
Stated interest rate	3.125%
4.250% Notes due 2025 \| Unsecured Notes
Ratio/Supplemental Data:
Total amount of senior securities outstanding, exclusive of treasury securities	$ 475.0	$ 475.0
Stated interest rate	4.25%	4.25%

Financial Highlights - Schedule of Supplemental Ratios (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Investment Company [Abstract]
Ratio of net subordinated income incentive fees to average net assets	1.25%	0.83%
Ratio of interest expense to average net assets	4.44%	4.10%
Ratio of excise taxes to average net assets	0.02%	0.21%

Acquisition of FSKR - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Jun. 16, 2021	Sep. 30, 2022	Jun. 16, 2022	Dec. 31, 2021	Jun. 14, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Net asset value per share (in dollars per share)		$ 25.30		$ 27.17		$ 25.02
4.250% Notes due 2025 \| Senior Notes
Business Acquisition [Line Items]
Stated interest rate			4.25%
Fair value greater than carrying amount	$ 26
FSKR
Business Acquisition [Line Items]
Net asset value per share (in dollars per share)					$ 26.77
Professional fees and other costs			$ 8
Deferred costs and prepaid assets	$ 19
FSKR \| FSKR
Business Acquisition [Line Items]
Net asset value per share (in dollars per share)					$ 25.42
FSKR \| Common Stock
Business Acquisition [Line Items]
Conversion price right to receive (in shares)	0.9498
Equity interest issued or issuable (in shares)	161,374,028

Acquisition of FSKR - Allocation of Purchase Price (Details) - FSKR - USD ($) $ in Millions	Jun. 16, 2021	Sep. 30, 2021
Business Acquisition [Line Items]
Common stock purchased	$ 3,650
Total purchase price	3,650
Investments	7,227	$ 7,227
Cash and cash equivalents	293
Other assets	221
Total assets acquired	7,741
Debt	3,794	$ 3,794
Distributions payable	93
Other liabilities assumed	204
Total purchase price	$ 3,650

Label

Element

Value

us-gaap_RepaymentsOfLongTermDebt

$ 2,009,000,000

^[1]

Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents

us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents

241,000,000

Debt, Long-Term and Short-Term, Combined Amount

us-gaap_DebtLongtermAndShorttermCombinedAmount

1,806,300,000

Debt, Long-Term and Short-Term, Combined Amount

us-gaap_DebtLongtermAndShorttermCombinedAmount

1,442,000,000

Noninterest Expense Transfer Agent and Custodian Fees

us-gaap_NoninterestExpenseTransferAgentAndCustodianFees

300,000

Noninterest Expense Transfer Agent and Custodian Fees

us-gaap_NoninterestExpenseTransferAgentAndCustodianFees

500,000

Noninterest Expense Transfer Agent and Custodian Fees

us-gaap_NoninterestExpenseTransferAgentAndCustodianFees

1,200,000

Noninterest Expense Transfer Agent and Custodian Fees

us-gaap_NoninterestExpenseTransferAgentAndCustodianFees

700,000

Increase (Decrease) In Accrued Professional Fees

fsk_IncreaseDecreaseInAccruedProfessionalFees

4,000,000

Payments of Debt Issuance Costs

us-gaap_PaymentsOfDebtIssuanceCosts

7,000,000

fsk_AdministrativeServicesExpenses

2,800,000

fsk_AdministrativeServicesExpenses

2,700,000

fsk_AdministrativeServicesExpenses

7,400,000

fsk_AdministrativeServicesExpenses

4,500,000

us-gaap_Revenues

76,700,000

us-gaap_Revenues

56,600,000

us-gaap_Revenues

213,400,000

Increase (Decrease) in Interest Payable, Net

us-gaap_Revenues

128,800,000

us-gaap_IncreaseDecreaseInInterestPayableNet

30,000,000

Other Liabilities

us-gaap_OtherLiabilities

492,800,000

Other Liabilities

us-gaap_OtherLiabilities

636,700,000

Increase (Decrease) in Other Accrued Liabilities

us-gaap_IncreaseDecreaseInOtherAccruedLiabilities

(6,000,000)

Net Cash Provided by (Used in) Financing Activities

us-gaap_NetCashProvidedByUsedInFinancingActivities

356,000,000

Cash Acquired From Merger

fsk_CashAcquiredFromMerger

293,000,000

Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect

us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect

50,000,000

Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net

us-gaap_InvestmentOwnedUnrecognizedUnrealizedAppreciationDepreciationNet

52,200,000

Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net

us-gaap_InvestmentOwnedUnrecognizedUnrealizedAppreciationDepreciationNet

(6,700,000)

Other Assets Acquired From Merger Net Of Other Assets

fsk_OtherAssetsAcquiredFromMergerNetOfOtherAssets

17,000,000

us-gaap_OtherExpenses

0.0

us-gaap_OtherExpenses

200,000

us-gaap_OtherExpenses

100,000

Payments for Merger Related Costs

us-gaap_OtherExpenses

300,000

us-gaap_PaymentsForMergerRelatedCosts

8,000,000

Mark-To-Market Of Merged Debt

fsk_MarkToMarketOfMergedDebt

26,000,000

Noncash or Part Noncash Acquisition, Debt Assumed

us-gaap_NoncashOrPartNoncashAcquisitionDebtAssumed1

3,794,000,000

Transfer from Investments

us-gaap_TransferOfInvestments

198,000,000

Net Cash Provided by (Used in) Operating Activities

us-gaap_NetCashProvidedByUsedInOperatingActivities

(306,000,000)

Payments for Repurchase of Common Stock

us-gaap_PaymentsForRepurchaseOfCommonStock

1,000,000

Noncash or Part Noncash Acquisition, Other Assets Acquired

us-gaap_NoncashOrPartNoncashAcquisitionOtherAssetsAcquired1

221,000,000

Payments of Ordinary Dividends, Common Stock

us-gaap_PaymentsOfDividendsCommonStock

316,000,000

Cash and Cash Equivalents, at Carrying Value

us-gaap_CashAndCashEquivalentsAtCarryingValue

350,100,000

Cash and Cash Equivalents, at Carrying Value

us-gaap_CashAndCashEquivalentsAtCarryingValue

414,300,000

us-gaap_OperatingExpenses

23,000,000.0

us-gaap_OperatingExpenses

16,300,000

us-gaap_OperatingExpenses

53,700,000

Proceeds from Issuance of Long-Term Debt

us-gaap_OperatingExpenses

33,000,000.0

us-gaap_ProceedsFromIssuanceOfLongTermDebt

2,689,000,000

^[1]

Noncash or Part Noncash Acquisition, Other Liabilities Assumed

us-gaap_NoncashOrPartNoncashAcquisitionOtherLiabilitiesAssumed1

297,000,000

Income Taxes Paid

us-gaap_IncomeTaxesPaid

9,000,000

Stock Issued

us-gaap_StockIssued1

3,650,000,000

Unrealized Gain (Loss) on Derivatives Including Effects From Merger

fsk_UnrealizedGainLossOnDerivativesIncludingEffectsFromMerger

7,000,000

Amortization of Debt Issuance Costs and Discounts

us-gaap_AmortizationOfFinancingCostsAndDiscounts

7,000,000

Foreign Currency Transaction Gain (Loss), Unrealized Gain (Loss) On Borrowings

fsk_ForeignCurrencyTransactionGainLossUnrealizedGainLossOnBorrowings

$ 5,000,000

Investment Company, Number Of Portfolio Companies

fsk_InvestmentCompanyNumberOfPortfolioCompanies

125

Investment Company, Number Of Portfolio Companies

fsk_InvestmentCompanyNumberOfPortfolioCompanies

us-gaap_ForeignCurrencyTransactionGainLossRealized

$ 5,000,000

us-gaap_ForeignCurrencyTransactionGainLossRealized

(1,000,000)

us-gaap_ForeignCurrencyTransactionGainLossRealized

12,000,000

Increase (Decrease) in Interest and Dividends Receivable

us-gaap_ForeignCurrencyTransactionGainLossRealized

(4,000,000)

us-gaap_IncreaseDecreaseInInterestAndDividendsReceivable

91,000,000

Noncash Merger Related Costs

us-gaap_NoncashMergerRelatedCosts

1,000,000

Realized And Unrealized Gain (Loss), Investment, Derivative, And Foreign Currency Transaction, Before Tax

fsk_RealizedAndUnrealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionBeforeTax

(343,000,000)

Realized And Unrealized Gain (Loss), Investment, Derivative, And Foreign Currency Transaction, Before Tax

fsk_RealizedAndUnrealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionBeforeTax

69,000,000

Realized And Unrealized Gain (Loss), Investment, Derivative, And Foreign Currency Transaction, Before Tax

fsk_RealizedAndUnrealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionBeforeTax

(611,000,000)

Realized And Unrealized Gain (Loss), Investment, Derivative, And Foreign Currency Transaction, Before Tax

fsk_RealizedAndUnrealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionBeforeTax

939,000,000

Increase (Decrease) in Prepaid Expense and Other Assets

us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets

2,000,000

Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

us-gaap_ProfitLoss

4,300,000

Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

us-gaap_ProfitLoss

30,200,000

Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

us-gaap_ProfitLoss

46,900,000

Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

us-gaap_ProfitLoss

152,400,000

Transfer to Investments

us-gaap_TransferToInvestments

198,000,000

Noncash or Part Noncash Acquisition, Investments Acquired

us-gaap_NoncashOrPartNoncashAcquisitionInvestmentsAcquired1

$ 7,227,000,000

Equity/Other [Member]

us-gaap_InvestmentOwnedPercentOfNetAssets

10.40%

us-gaap_InvestmentOwnedPercentOfNetAssets

5.10%

Debt Securities [Member]

us-gaap_InvestmentOwnedBalancePrincipalAmount

$ 3,455,900,000

us-gaap_InvestmentOwnedBalancePrincipalAmount

2,954,200,000

us-gaap_InvestmentOwnedBalancePrincipalAmount

131,900,000

Debt Securities [Member] | Weighted Average [Member]

us-gaap_InvestmentOwnedBalancePrincipalAmount

$ 131,500,000

Investment Interest Rate

us-gaap_InvestmentInterestRate

10.00%

Investment Interest Rate

us-gaap_InvestmentInterestRate

8.10%

Debt Securities, Other Senior Secured Debt [Member]

us-gaap_InvestmentOwnedPercentOfNetAssets

1.30%

Commercial And Professional Services Sector [Member]

us-gaap_InvestmentOwnedPercentOfNetAssets

1.50%

us-gaap_InvestmentOwnedAtFairValue

$ 1,673,000,000

Retailing Sector [Member]

us-gaap_InvestmentOwnedAtFairValue

1,615,000,000

us-gaap_InvestmentOwnedAtFairValue

287,000,000

Diversified Financials Sector [Member]

us-gaap_InvestmentOwnedAtFairValue

288,000,000

us-gaap_InvestmentOwnedAtFairValue

634,000,000

Consumer Services Sector [Member]

us-gaap_InvestmentOwnedAtFairValue

672,000,000

us-gaap_InvestmentOwnedAtFairValue

200,000,000

Real Estate Sector [Member]

us-gaap_InvestmentOwnedAtFairValue

393,000,000

us-gaap_InvestmentOwnedAtFairValue

818,000,000

Credit Opportunities Partners JV, LLC [Member]

us-gaap_InvestmentOwnedAtFairValue

876,000,000

us-gaap_InvestmentOwnedAtFairValue

1,466,000,000

Household & Personal Products Sector [Member]

us-gaap_InvestmentOwnedAtFairValue

1,396,000,000

us-gaap_InvestmentOwnedAtFairValue

246,000,000

Capital Goods Sector [Member]

us-gaap_InvestmentOwnedAtFairValue

227,000,000

us-gaap_InvestmentOwnedAtFairValue

2,224,000,000

Food & Staples Retailing Sector [Member]

us-gaap_InvestmentOwnedAtFairValue

2,281,000,000

us-gaap_InvestmentOwnedAtFairValue

268,000,000

Technology Hardware & Equipment Sector [Member]

us-gaap_InvestmentOwnedAtFairValue

296,000,000

us-gaap_InvestmentOwnedAtFairValue

5,000,000

Food, Beverage & Tobacco Sector [Member]

us-gaap_InvestmentOwnedAtFairValue

42,000,000

us-gaap_InvestmentOwnedAtFairValue

189,000,000

Consumer Durables & Apparel Sector [Member]

us-gaap_InvestmentOwnedAtFairValue

256,000,000

us-gaap_InvestmentOwnedAtFairValue

290,000,000

Pharmaceuticals, Biotechnology & Life Sciences Sector [Member]

us-gaap_InvestmentOwnedAtFairValue

551,000,000

us-gaap_InvestmentOwnedAtFairValue

202,000,000

Health Care Equipment & Services Sector [Member]

us-gaap_InvestmentOwnedAtFairValue

235,000,000

us-gaap_InvestmentOwnedAtFairValue

1,976,000,000

us-gaap_InvestmentOwnedAtFairValue

1,613,000,000

Banks Sector [Member]

us-gaap_InvestmentOwnedAtFairValue

Telecommunication Services Sector [Member]

us-gaap_InvestmentOwnedAtFairValue

15,000,000

us-gaap_InvestmentOwnedAtFairValue

79,000,000

Software & Services Sector [Member]

us-gaap_InvestmentOwnedAtFairValue

128,000,000

us-gaap_InvestmentOwnedAtFairValue

2,847,000,000

Automobiles & Components Sector [Member]

us-gaap_InvestmentOwnedAtFairValue

2,698,000,000

us-gaap_InvestmentOwnedAtFairValue

36,000,000

Materials Sector [Member]

us-gaap_InvestmentOwnedAtFairValue

89,000,000

us-gaap_InvestmentOwnedAtFairValue

190,000,000

Media & Entertainment Sector [Member]

us-gaap_InvestmentOwnedAtFairValue

211,000,000

us-gaap_InvestmentOwnedAtFairValue

627,000,000