| Schedule of Investments |
The table below presents the composition of investments at fair value and amortized cost as of the following periods: | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | | ($ in thousands) | Amortized Cost | | Fair Value | | Amortized Cost | | Fair 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 investments | 462,530 | | | 426,937 | | | 292,835 | | | 258,538 | | | Unsecured debt investments | 440,200 | | | 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, 2025 | | December 31, 2024 | | Aerospace & Defense | 1.7 | % | | 2.6 | % | | Airlines | 0.4 | | | — | | | Application Software | 13.1 | | | 13.6 | | | Banks | 1.2 | | | 1.2 | | Beverages(5) | — | | | — | | | Building Products | 0.5 | | | 0.9 | | | Buildings & Real Estate | 1.2 | | | 1.1 | | | | | | | Capital Markets | 0.2 | | | — | | | Commercial Services & Supplies | 0.5 | | | 0.3 | | | Construction & Engineering | 0.1 | | | — | | | Consumer Finance | 0.5 | | | 0.5 | | | Diversified Consumer Services | 3.0 | | | 3.9 | | Diversified Financial Services(1) | 8.3 | | | 6.7 | | | Diversified Support Services | 0.2 | | | — | | | | | | | Entertainment | 1.5 | | | 1.9 | | | Equity Real Estate Investment Trusts (REITs) | 0.9 | | | 0.1 | | | Food & Staples Retailing | 1.4 | | | 0.4 | | | Health Care Equipment & Supplies | 1.8 | | | — | | | Health Care Technology | 14.5 | | | 16.0 | | | Health Care Providers & Services | 3.1 | | | 1.0 | | | Hotels, Restaurants & Leisure | 0.8 | | | 1.9 | | | Household Durables | 0.7 | | | 1.3 | | | Industrial Conglomerates | 0.8 | | | 1.4 | | Insurance(2) | 4.1 | | | 2.0 | | | Internet & Direct Marketing Retail | 2.4 | | | 4.4 | | | IT Services | 5.1 | | | 5.5 | | Joint Ventures(3) | 0.1 | | | — | | | Life Sciences Tools & Services | 2.3 | | | 1.4 | | | Media | 1.0 | | | 0.9 | | | Multiline Retail | 0.2 | | | 0.2 | | Pharmaceuticals(4) | 1.2 | | | 1.0 | | | Professional Services | 4.9 | | | 5.8 | | | Real Estate Management & Development | 0.6 | | | 0.6 | | | Road & Rail | 0.1 | | | 0.2 | | | | | | | Systems Software | 21.0 | | | 23.2 | | | | | | Thrifts & Mortgage Finance(5) | — | | | — | | | Wireless Telecommunication Services | 0.6 | | | — | | | Total | 100.0 | % | | 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, 2025 | | December 31, 2024 | | United States: | | | | | Midwest | 17.0 | % | | 20.9 | % | | Northeast | 19.9 | | | 15.9 | | | South | 24.7 | | | 19.8 | | | West | 26.6 | | | 28.7 | | | | | | | Australia | 0.1 | | | — | | | Brazil | 0.3 | | | 0.6 | | | Canada | 2.0 | | | 3.0 | | | | | | | Estonia | 0.1 | | | 0.2 | | | | | | | Guernsey | — | | | 1.2 | | | Ireland | — | | | 1.0 | | | Israel | 1.2 | | | 2.3 | | Netherlands(1) | — | | | — | | | Norway | 0.6 | | | 0.4 | | | Spain | 0.4 | | | 0.3 | | | Sweden | 0.5 | | | 0.5 | | | Switzerland | 0.1 | | | — | | | United Kingdom | 6.5 | | | 5.2 | | | Total | 100.0 | % | | 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. As of June 30, 2025, the capital commitment and economic ownership of each Credit SLF Member is as follows: | | | | | | | | | | | | | | | | | | Members | | | | Capital Commitment | | Economic Ownership Interest(1) | | ($ in thousands) | | | | | | | | Blue Owl Capital Corporation | | | | $ | 404,139 | | | 79.1 | % | | Blue Owl Capital Corporation II | | | | 244 | | | 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 Ohio | | | | 68,299 | | | 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, 2025 | | December 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 expenses | | 18,482 | | | | | 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 | |
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