v3.25.2
Investments
 6 Months Ended
Jun. 30, 2025
Schedule of Investments [Abstract]  
Investments Investments
The information in the tables below is presented on an aggregate portfolio basis, without regard to whether they are non-controlled non-affiliated, non-controlled affiliated or controlled affiliated investments.
The table below presents the composition of investments at fair value and amortized cost as of the following periods:
June 30, 2025December 31, 2024
($ in thousands)Amortized CostFair ValueAmortized CostFair Value
First-lien senior secured debt investments(1)
$9,909,503 $9,924,118 $4,462,489 $4,456,838 
Second-lien senior secured debt investments462,530 426,937 292,835 258,538 
Unsecured debt investments440,200 451,319 337,386 336,635 
Preferred equity investments(2)
1,087,962 1,022,197 767,932 689,952 
Common equity investments(3)
767,156 893,578 571,530 664,556 
Joint ventures(4)
10,576 10,493 949 947 
Total Investments$12,677,927 $12,728,642 $6,433,121 $6,407,466 
(1)Includes 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 investment in Credit SLF.
The Company uses the Global Industry Classification Standard (“GICS”) for classifying the industry groupings of its portfolio companies. The table below presents the industry composition of investments based on fair value as of the following periods:
June 30, 2025December 31, 2024
Aerospace & Defense1.7 %2.6 %
Airlines0.4 — 
Application Software13.1 13.6 
Banks1.2 1.2 
Beverages(5)
— — 
Building Products0.5 0.9 
Buildings & Real Estate1.2 1.1 
Capital Markets0.2 — 
Commercial Services & Supplies0.5 0.3 
Construction & Engineering0.1 — 
Consumer Finance0.5 0.5 
Diversified Consumer Services3.0 3.9 
Diversified Financial Services(1)
8.3 6.7 
Diversified Support Services0.2 — 
Entertainment1.5 1.9 
Equity Real Estate Investment Trusts (REITs)0.9 0.1 
Food & Staples Retailing1.4 0.4 
Health Care Equipment & Supplies1.8 — 
Health Care Technology14.5 16.0 
Health Care Providers & Services3.1 1.0 
Hotels, Restaurants & Leisure0.8 1.9 
Household Durables0.7 1.3 
Industrial Conglomerates0.8 1.4 
Insurance(2)
4.1 2.0 
Internet & Direct Marketing Retail2.4 4.4 
IT Services5.1 5.5 
Joint Ventures(3)
0.1 — 
Life Sciences Tools & Services2.3 1.4 
Media1.0 0.9 
Multiline Retail0.2 0.2 
Pharmaceuticals(4)
1.2 1.0 
Professional Services4.9 5.8 
Real Estate Management & Development0.6 0.6 
Road & Rail0.1 0.2 
Systems Software21.0 23.2 
Thrifts & Mortgage Finance(5)
— — 
Wireless Telecommunication Services0.6 — 
Total100.0 %100.0 %
(1)Includes investment in Amergin AssetCo.
(2)Includes investment in Fifth Season.
(3)Includes equity investment in Credit SLF.
(4)Includes equity investment in LSI Financing DAC and LSI Financing LLC.
(5)As of June 30, 2025 and December 31, 2024 our investment rounds to less than 0.1% of the fair value of the portfolio.
The table below presents the geographic composition of investments based on fair value as of the following periods:
June 30, 2025December 31, 2024
United States:
Midwest17.0 %20.9 %
Northeast19.9 15.9 
South24.7 19.8 
West26.6 28.7 
Australia0.1 — 
Brazil0.3 0.6 
Canada2.0 3.0 
Estonia0.1 0.2 
Guernsey— 1.2 
Ireland— 1.0 
Israel1.2 2.3 
Netherlands(1)
— — 
Norway0.6 0.4 
Spain0.4 0.3 
Sweden0.5 0.5 
Switzerland0.1 — 
United Kingdom6.5 5.2 
Total100.0 %100.0 %
(1)As of June 30, 2025 and December 31, 2024, our investment rounds to less than 0.1% of the fair value of the portfolio.
Blue Owl Credit SLF LLC
Blue Owl Credit SLF LLC (“Credit SLF”), a Delaware limited liability company, is a joint venture among the Company, Blue Owl Capital Corporation, Blue Owl Capital Corporation II, Blue Owl Credit Income Corp., Blue Owl Technology Income Corp. and State Teachers Retirement System of Ohio (“OSTRS”) (each, a “Credit Member” and collectively, the “Credit Members”). Credit SLF’s principal purpose is to make investments primarily in senior secured loans to middle market companies, broadly syndicated loans and in senior and subordinated notes issued by collateralized loan obligations. Credit SLF is managed by a board of directors comprised of an equal number of directors appointed by each Credit Member and which acts unanimously. Investment decisions must be approved by Credit SLF’s board. The Credit SLF Members coinvest through Credit SLF, or its wholly owned subsidiaries. Credit SLF’s date of inception was May 6, 2024 and Credit SLF made its first portfolio company investment on July 23, 2024.
Credit SLF’s investments at fair value are determined in accordance with FASB ASC 820, as amended; however, such fair value is not included in the Company's valuation process.
Other than for purposes of the 1940 Act, the Company does not believe it has control over this portfolio company. Accordingly, the Company does not consolidate its non-controlling interest in Credit SLF.
The Company’s initial capital commitment to and economic ownership in Credit SLF was $2.5 million and 4.4%, respectively. On November 1, 2024 the Company's capital commitment in Credit SLF capital remained at $2.5 million and economic ownership decreased to 0.3%. On March 24, 2025, in connection with the Mergers, the Company assumed OTF II’s capital commitment to and economic ownership in Credit SLF of approximately $2.5 million and 0.3% respectively. On May 15, 2025, the Credit SLF Members modified their capital commitments to Credit SLF and the Company’s capital commitment was increased to $18.7 million of which $16.2 million was unfunded.
As of June 30, 2025, the capital commitment and economic ownership of each Credit SLF Member is as follows:
MembersCapital Commitment
Economic Ownership Interest(1)
($ in thousands)
Blue Owl Capital Corporation$404,139 79.1 %
Blue Owl Capital Corporation II244 0.1 %
Blue Owl Credit Income Corp.46,332 5.2 %
Blue Owl Technology Finance Corp.18,690 2.1 %
Blue Owl Technology Income Corp.8,691 1.0 %
State Teachers Retirement System of Ohio68,299 12.5 %
Total$546,395 100.0 %
(1) Economic Ownership Interest based on funded capital to date.

The table below sets forth Credit SLF's consolidated financial data as of and for the following periods:
As of
($ in thousands)June 30, 2025December 31, 2024
Consolidated Balance Sheet Data
Cash$118,041 $17,354 
Investments at fair value$1,790,366 $1,164,473 
Total Assets$1,939,737 $1,196,367 
Total Debt (net of unamortized debt issuance costs)$1,285,621 $750,610 
Total Liabilities$1,446,788 $847,556 
Total Credit SLF Members' Equity$492,949 $348,811 
For the Three Months Ended June 30,For the Six Months Ended June 30,
($ in thousands)
2025
2025
Consolidated Statement of Operations Data
Investment income$31,420 $55,117 
Net operating expenses18,482 32,139 
Net investment income (loss)$12,938 $22,978 
Total net realized and unrealized gain (loss)9,319 (6,785)
Net increase (decrease) in Credit SLF Members' Equity resulting from operations$22,257 $16,193 
The Company's proportional share of Credit SLF's generated distributions for the following period:
For the Three Months Ended June 30,For the Six Months Ended June 30,
($ in thousands)
2025
2025
Dividend Income
$138 $193