v3.25.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Cash Flows from Operating Activities          
Net Increase (Decrease) in Net Assets Resulting from Operations $ 201,487 $ 8,115 $ 279,619 $ 98,989  
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:          
Purchases of investments, net     (1,272,908) (939,670)  
Proceeds from investments and investment repayments, net     692,311 904,318  
Net amortization of discount on investments     (25,529) (22,036)  
Net change in unrealized (gain) loss on investments     (32,466) 71,012  
Net change in unrealized gain (loss) on interest rate swap attributed to unsecured notes     20,992 0  
Net change in unrealized gain (loss) on forward contracts     (11,400) 0  
Net change in unrealized (gains) losses on translation of assets and liabilities in foreign currencies     (25,968) 129  
Net realized (gain) loss on investments     10,259 22,472  
Net realized (gain) loss on foreign currency transactions relating to investments     (3,581) 14,377  
Net realized (gain) loss on foreign currency transactions relating to debt     29,674 0  
Paid-in-kind interest     (43,270) (49,064)  
Paid-in-kind dividends     (33,016) (18,803)  
Amortization of debt issuance costs 7,544 2,126 11,058 4,420  
Cash acquired in the Mergers     647,248 0  
Changes in operating assets and liabilities:          
(Increase) decrease in interest receivable     37,902 (3,386)  
(Increase) decrease in dividend income receivable     (3,991) (500)  
(Increase) decrease in paid-in-kind interest receivable     0 (3,152)  
(Increase) decrease in prepaid expenses and other assets     3,227 (3,221)  
Increase (decrease) in management fee payable     6,033 (295)  
Increase (decrease) in incentive fee payable     6,236 (7,337)  
Increase (decrease) in payables to affiliates     (1,842) 1,199  
Increase (decrease) in payable for investments purchased     (52,796) (8,304)  
Increase (decrease) in accrued expenses and other liabilities     (105,734) (5,145)  
Net cash provided by (used in) operating activities     132,058 56,003  
Cash Flows from Financing Activities          
Borrowings on debt     1,030,000 76,828  
Payments on debt     (1,129,340) (157,700)  
Debt issuance costs     (13,636) (562)  
Distributions paid     (105,559) (112,385)  
Net cash provided by (used in) financing activities     (218,535) (193,819)  
Net increase (decrease) in cash and restricted cash, including foreign cash (restricted cash of $— and $—, respectively)     (86,477) (137,816)  
Cash and restricted cash, including foreign cash, beginning of period (restricted cash of $— and $—, respectively)     257,000 469,017 $ 469,017
Cash and restricted cash, including foreign cash, end of period (restricted cash of $— and $—, respectively) 170,523 331,201 170,523 331,201 257,000
Supplemental and Non-Cash Information          
Interest paid during the period     138,677 92,704  
Distributions declared during the period     235,299 159,483  
Reinvestment of distributions 0 20,352 37,945 40,857  
Distributions Payable $ 162,793 $ 83,124 162,793 83,124 $ 70,998
Issuance of shares in connection with the Mergers [1]     4,278,003 0  
Taxes, including excise tax, paid during the period     $ 11,550 $ 10,155  
[1] Refer to Note 13. Merger with Blue Owl Technology Finance Corp. II (“OTF II”) for additional information on the merger between the Company and OTF II (the “Mergers”).