Investments (Tables)

3 Months Ended

Mar. 31, 2026

The table below presents the composition of investments at fair value and amortized cost as of the following periods:


	As of March 31, 2026				As of December 31, 2025
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First-lien senior secured debt investments	$	11,255,827	$	11,035,403	$	12,215,994	$	12,048,934
Second-lien senior secured debt investments	962,550		773,357		975,790		848,575
Unsecured debt investments	359,188		369,374		384,569		399,962
Specialty finance debt investments	159,315		159,598		157,004		157,297
Preferred equity investments	547,459		536,853		592,714		568,977
Common equity investments	460,319		665,746		473,881		644,304
Specialty finance equity investments	1,227,623		1,414,987		1,195,614		1,386,739
Joint ventures	427,949		388,883		422,213		416,105
Total Investments	$	15,400,230	$	15,344,201	$	16,417,779	$	16,470,893

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


	As of March 31, 2026		As of December 31, 2025
Advertising and media	2.5	%	2.4	%
Aerospace and defense	1.4		1.4
Asset based lending and fund finance(1)	7.1		6.5
Automotive services	3.7		3.3
Buildings and real estate(5)	4.9		4.6
Business services	2.8		2.7
Chemicals	3.4		3.3
Consumer products	2.6		2.3
Containers and packaging	2.9		2.8
Distribution	1.3		1.3
Education	0.2		0.3
Energy equipment and services	0.5		0.5
Financial services	3.8		3.8
Food and beverage	5.1		5.0
Healthcare equipment and services	4.6		4.4
Healthcare providers and services	9.1		9.0
Healthcare technology	5.6		6.3
Household products	1.9		1.7
Human resource support services	1.7		2.0
Infrastructure and environmental services	2.6		2.3
Insurance(3)	6.0		6.3
Internet software and services	10.3		11.1
Joint ventures(2)	2.5		2.5
Leisure and entertainment	2.1		2.0
Manufacturing	4.4		5.3

Pharmaceuticals(4)	2.0		1.3
Professional services	2.3		2.9
Specialty retail	2.2		2.1
Telecommunications	0.1		0.1
Transportation	0.4		0.5
Total	100.0	%	100.0	%

_______________

(1)Includes investments in Wingspire, BOCSO and Amergin AssetCo.

(2)Includes investment in Credit SLF and Blue Owl Leasing. See below, within Note 4, for more information.

(3)Includes investment in Fifth Season.

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

(5)Includes investments in Owl-HP Finance.

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

As of March 31, 2026, the capital commitment and economic ownership of each Credit SLF Member is as follows:


Members	Capital Commitment		Net Contributed Capital		Economic Ownership Interest(1)
Blue Owl Capital Corporation	$	446,460	$	427,085	66.1	%
Blue Owl Capital Corporation II(2)	244		244		0.0	%
Blue Owl Credit Income Corp.	136,419		87,169		13.5	%
Blue Owl Technology Finance Corp.	53,812		34,937		5.4	%
Blue Owl Technology Income Corp.	16,161		16,161		2.5	%
State Teachers Retirement System of Ohio	93,299		80,799		12.5	%
Total	$	746,395	$	646,395	100.0	%

_______________

(1) This represents each equity holder’s ownership percentage at March 31, 2026 based on net contributed capital.

(2) Economic ownership interest for Blue Owl Capital Corporation II is 0.04%.

As of March 31, 2026, the capital commitment, called capital and economic ownership of each Blue Owl Leasing Member is as follows:


Members	Capital Commitment		Net Contributed Capital		Economic Ownership Interest(1)
Blue Owl Capital Corporation	$	860	$	860	2.2	%
Blue Owl Capital Corporation II	90		90		0.2	%
Blue Owl Credit Income Corp.	30,952		1,900		4.7	%
Blue Owl Technology Finance Corp.	8,955		800		2.0	%
Blue Owl Technology Income Corp.	3,918		350		0.9	%
Blue Owl Alternative Credit Fund	31,000		31,000		77.5	%
California State Teachers Retirement System	10,825		5,000		12.5	%
Total	$	86,600	$	40,000	100.0	%

_______________

(1) This represents each equity holder’s ownership percentage at March 31, 2026, based on net contributed capital.

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


	As of March 31, 2026		As of December 31, 2025
Consolidated Balance Sheet Data
Cash	$	167,235	$	124,718
Investments at fair value	2,417,836		2,343,367
Total Assets	2,616,236		2,477,523
Total Debt (net of unamortized debt issuance costs)	1,831,178		1,728,363
Total Liabilities	2,026,448		1,863,454
Total Credit SLF Members’ Equity	$	589,788	$	614,069


	For the Three Months Ended March 31,
	2026		2025
Consolidated Statement of Operations Data
Income
Investment income	$	41,005	$	23,696
Expenses
Net operating expenses	25,030		13,659
Net investment income (loss)	$	15,975	$	10,037


Total net realized and unrealized gain (loss)	(51,991)		(16,103)
Net increase (decrease) in Credit SLF Members’ Equity resulting from operations	$	(36,016)	$	(6,066)

The Company’s proportional share of Credit SLF’s distributions for the following periods:


	For the Three Months Ended March 31,
	2026		2025
Dividend income	$	8,861	$	8,517

The table below sets forth Blue Owl Leasing’s consolidated financial data as of and for the following period:


	As of March 31, 2026		As of December 31, 2025(1)
Consolidated Balance Sheet Data
Cash	$	9,981	$	34,555
Investments at fair value	39,363		39,628
Total Assets	49,650		74,531
Total Debt (net of unamortized debt issuance costs)	9,374		9,754
Total Liabilities	9,861		10,076
Total Blue Owl Leasing Members’ Equity	$	39,789	$	64,455

_______________

(1) The Company’s date of inception was June 30, 2025.


	For the Three Months Ended March 31,
	2026
Consolidated Statement of Operations Data
Income
Investment income	$	1,043
Expenses
Net operating expenses	871
Net investment income (loss)	$	172


Total net realized and unrealized gain (loss)	(239)
Net Increase (Decrease) in Blue Owl Leasing Members’ Equity Resulting From Operations	$	(67)