v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Cash Flows from Operating Activities      
Net Increase (Decrease) in Net Assets Resulting from Operations $ (24,382) $ 242,635  
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 (541,229) (958,467)  
Proceeds from investments and investment repayments, net 1,537,542 719,664  
Net amortization/accretion of premium/discount on investments (18,168) (20,318)  
PIK interest and dividends (42,830) (29,428)  
Net change in unrealized (gain) loss on investments 98,231 (192,434)  
Net change in interest rate swap attributed to unsecured notes 2,556 18,364  
Net change in unrealized (gain) loss on foreign currency forward contracts (8,280) 0  
Net change in unrealized (gain) loss on translation of assets and liabilities in foreign currencies 11,549 (3,943)  
Net realized (gain) loss on investments 84,905 151,932  
Net realized (gain) loss on foreign currency transactions relating to investments (2,671) 1,898  
Amortization of debt issuance costs 12,387 9,802  
Cash acquired in the OBDE Mergers 0 125,621  
Changes in operating assets and liabilities:      
(Increase) decrease in interest and dividend receivable 4,109 29,024  
(Increase) decrease in receivable from a controlled affiliate 1,674 (2,732)  
(Increase) decrease in prepaid expenses and other assets (70,943) 18,689  
Increase (decrease) in management fee payable (2,450) 12,228  
Increase (decrease) in incentive fee payable (6,488) 1,648  
Increase (decrease) in payables to affiliate (2,254) 2,410  
Increase (decrease) in accrued expenses and other liabilities (65,873) (87,645)  
Net cash provided by (used in) operating activities 967,385 38,948  
Cash Flows from Financing Activities      
Borrowings on debt 1,708,000 1,299,775  
Payments on debt (2,554,015) (1,167,955)  
Debt issuance costs (14,445) (3,851)  
Repurchases of common stock (35,190) 0  
Shares issued under the "at the market" offering 0 3,070  
Cash distributions paid to shareholders (184,877) (169,931)  
Net cash provided by (used in) financing activities (1,080,527) (38,892)  
Net increase (decrease) in cash and restricted cash, including foreign cash (restricted cash of $(33,929) and $(6,832), respectively) (113,142) 56  
Cash and restricted cash, including foreign cash, beginning of period (restricted cash of $47,448 and $82,387, respectively) 568,542 514,156 $ 514,156
Cash and restricted cash, including foreign cash, end of period (restricted cash of $13,519 and $75,555, respectively) 455,400 514,212 $ 568,542
Supplemental and Non-Cash Information      
Interest paid during the period 169,446 198,153  
Distributions declared during the period 183,707 214,638  
Distributions payable 183,707 189,088  
Issuance of shares in connection with the OBDE Mergers [1] 0 1,755,181  
Receivable for investments sold 750 0  
Taxes, including excise tax, paid during the period $ 6,506 $ 1,567  
[1] On January 13, 2025, in connection with the OBDE Mergers, the Company acquired net assets of $1.85 billion for the total stock consideration of $1.76 billion, inclusive of $7.0 million of transaction costs. Refer to “Note 13 — Merger with Blue Owl Capital Corporation III” (“OBDE”) for additional information on the OBDE Mergers.