Investments (Tables)

3 Months Ended

Mar. 31, 2025

Investments at fair value and amortized cost consisted of the below as of the following periods:


	March 31, 2025				December 31, 2024
($ in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First-lien senior secured debt investments(1)	$	26,774,518	$	26,699,852	$	23,703,828	$	23,665,142
Second-lien senior secured debt investments	806,343		766,222		802,519		767,392
Unsecured debt investments	453,036		457,391		447,930		440,633
Preferred equity investments(2)	438,367		436,093		367,924		364,672
Common equity investments(3)	706,478		803,269		742,386		825,152
Joint ventures(4)	320,310		297,582		319,078		315,903
Total Investments	$	29,499,052	$	29,460,409	$	26,383,665	$	26,378,894

(1)Includes debt investment in Amergin AssetCo.

(2)Includes equity investment in LSI Financing DAC.

(3)Includes equity investments in Amergin AssetCo, Fifth Season and LSI Financing LLC.

(4)Includes equity investments in OCIC SLF and Credit SLF. See below, within Note 4, for more information regarding OCIC SLF and Credit SLF.

The industry composition of investments based on fair value consisted of the below as of the following periods:


	March 31, 2025		December 31, 2024
Advertising and media	1.5	%	1.8	%
Aerospace and defense	0.8		0.8
Asset based lending and fund finance(1)	1.1		1.1
Automotive services	0.6		0.7
Automotive aftermarket	0.1		0.1
Buildings and real estate	2.5		2.6
Business services	5.7		6.0
Chemicals	2.6		2.9
Consumer products	1.4		1.5
Containers and packaging	3.4		2.4
Distribution	2.2		2.3
Education	0.9		0.9
Energy equipment and services	0.3		0.3
Financial services	5.0		5.1
Food and beverage	5.9		6.3
Healthcare equipment and services	7.3		6.0
Healthcare providers and services	13.2		12.0
Healthcare technology	5.3		5.7
Household products	1.1		1.3
Human resource support services	0.7		0.8
Infrastructure and environmental services	1.4		1.5
Insurance(2)	9.7		9.4
Internet software and services	11.0		11.6
Joint ventures(3)	1.0		1.2
Leisure and entertainment	2.7		3.0
Manufacturing	3.7		3.5
Pharmaceuticals(4)	1.4		1.1
Professional services	4.2		4.6
Specialty retail	1.6		1.8
Telecommunications	1.1		1.1
Transportation	0.6		0.6
Total	100.0	%	100.0	%

(1)Includes investment in Amergin AssetCo.

(2)Includes equity investment in Fifth Season Investments LLC.

(3)Includes equity investments in OCIC SLF and Credit SLF. See below, within Note 4, for more information regarding OCIC SLF and Credit SLF.

(4)Includes equity investments in LSI Financing DAC and LSI Financing LLC.

The geographic composition of investments based on fair value consisted of the below as of the following periods:

The table below sets forth OCIC SLF’s consolidated financial data as of and for the following periods:


	As of
($ in thousands)	March 31, 2025		December 31, 2024
Consolidated Balance Sheet Data
Cash	$	68,791	$	85,850
Investments at fair value	$	1,647,569	$	1,647,003
Total Assets	$	1,759,492	$	1,761,468
Total Debt (net of unamortized debt issuance costs)	$	1,311,590	$	1,311,414
Total Liabilities	$	1,425,487	$	1,405,344
Total OCIC SLF Members' Equity	$	334,005	$	356,124


	For the Three Months Ended March 31,
($ in thousands)	2025		2024
Consolidated Statement of Operations Data

Investment income	$	34,149	$	31,768

Net operating expenses	21,958		19,738
Net investment income (loss)	$	12,191	$	12,030


Total net realized and unrealized gain (loss)	(23,351)		(2,845)
Net increase (decrease) in OCIC SLF Members' Equity resulting from operations	$	(11,160)	$	9,185

The table below sets forth Credit SLF's consolidated financial data as of and for the following periods:


	As of
($ in thousands)	March 31, 2025		December 31, 2024
Consolidated Balance Sheet Data
Cash	$	231,574	$	17,354
Investments at fair value	$	1,542,540	$	1,164,473
Total Assets	$	1,793,067	$	1,196,367
Total Debt (net of unamortized debt issuance costs)	$	1,123,081	$	750,610
Total Liabilities	$	1,360,268	$	847,556
Total Credit SLF Members' Equity	$	432,799	$	348,811


	For the Three Months Ended March 31,
($ in thousands)	2025
Consolidated Statement of Operations Data

Investment income	$	23,696

Net operating expenses	13,659
Net investment income (loss)	$	10,037


Total net realized and unrealized gain (loss)	$	(16,103)
Net increase (decrease) in Credit SLF Members' Equity resulting from operations	$	(6,066)

As of March 31, 2025, the capital commitment and economic ownership of each Credit SLF Member is as follows:


Members	Capital Commitment		Economic Ownership Interest
($ in thousands)
Blue Owl Capital Corporation	$	780,468	85.4	%
Blue Owl Capital Corporation II	500		0.1	%
Blue Owl Credit Income Corp.	11,250		1.2	%
Blue Owl Technology Finance Corp.	5,000		0.5	%
Blue Owl Technology Income Corp.	2,500		0.3	%
State Teachers Retirement System of Ohio	114,245		12.5	%
Total	$	913,963	100.0	%

The Company's proportional share of Credit SLF's generated distributions for the following period:


	For the Three Months Ended March 31,
($ in thousands)	2025
Dividend Income	$	123