v3.26.1
Investments
 3 Months Ended
Mar. 31, 2026
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:
March 31, 2026December 31, 2025
Amortized CostFair ValueAmortized CostFair Value
First-lien senior secured debt investments
$11,120,112 $10,917,188 $10,983,810 $10,979,070 
Second-lien senior secured debt investments593,785 498,121 601,494 568,641 
Unsecured debt investments452,138 456,403 467,464 477,128 
Specialty finance debt investments37,999 38,000 37,449 37,452 
Preferred equity investments
1,154,990 982,150 1,127,105 1,072,481 
Common equity investments
516,899 615,910 504,733 722,100 
Specialty finance equity investments503,939 527,414 351,675 375,812 
Joint ventures35,747 33,053 53,483 53,355 
Total Investments$14,415,609 $14,068,239 $14,127,213 $14,286,039 
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:
March 31, 2026December 31, 2025
Aerospace & Defense 2.3 %2.7 %
Airlines 0.3 0.3 
Application Software 14.1 13.6 
Asset based lending and fund finance (6)
0.7 0.4 
Banks — 0.3 
Beverages (1)
0.0 0.0 
Building Products 0.5 0.5 
Buildings & Real Estate 1.4 1.3 
Capital Markets 0.8 0.8 
Commercial Services & Supplies 0.2 0.2 
Construction & Engineering
0.2 0.2 
Consumer Finance 0.5 0.5 
Diversified Consumer Services 2.4 3.3 
Diversified Financial Services (2)
10.0 9.8 
Diversified Support Services 0.2 0.2 
Entertainment 1.4 1.4 
Equity Real Estate Investment Trusts (REITs) 0.8 0.8 
Food & Staples Retailing 1.3 1.3 
Health Care Equipment & Supplies 2.0 2.0 
Health Care Providers & Services 3.0 3.4 
Health Care Technology 12.9 13.9 
Hotels, Restaurants & Leisure — 0.8 
Household Durables 0.5 0.6 
Industrial Conglomerates 0.7 0.7 
Insurance (3)
3.9 4.4 
Internet & Direct Marketing Retail 1.9 2.2 
IT Services 4.1 4.2 
Joint Ventures(4)
0.2 0.4 
Life Sciences Tools & Services 2.1 2.1 
Media 0.9 0.9 
Multiline Retail 0.2 0.2 
Pharmaceuticals (5)
2.1 1.0 
Professional Services 6.7 6.1 
Real Estate Management & Development 1.8 0.2 
Road & Rail 0.1 0.1 
Specialty Retail 0.8 0.8 
Systems Software 18.5 17.9 
Thrifts & Mortgage Finance (1)
0.0 0.0 
Wireless Telecommunication Services 0.5 0.5 
Total100.0 %100.0 %
_______________
(1)As of March 31, 2026 or December 31, 2025, the Company’s investment rounds to less than 0.1% of the fair value of the portfolio.
(2)Includes debt and equity investment in Amergin AssetCo.
(3)Includes equity investment in Fifth Season.
(4)Includes equity investment in Credit SLF, Blue Owl Leasing, and as of December 31, 2025, in Stripe Blue Owl. See below, within Note 4, for more information about Credit SLF and Blue Owl Leasing.
(5)Includes equity investment in LSI Financing DAC and LSI Financing LLC.
(6)Includes equity investment in BOCSO.
The table below presents the geographic composition of investments based on fair value as of the following periods:
March 31, 2026December 31, 2025
United States:
Midwest 15.8 %16.3 %
Northeast 23.1 21.8 
South 23.3 24.2 
West 27.5 27.8 
United Kingdom 5.2 5.5 
Canada 2.6 2.3 
Other international 2.5 2.1 
Total100.0 %100.0 %
Blue Owl Credit SLF LLC
Credit SLF, a Delaware limited liability company, is a joint venture among the Credit SLF 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, determination of 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 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. On September 4, 2025, certain Credit SLF Members increased their capital commitments to Credit SLF and the Company’s capital commitment was increased to $34.9 million. In the first quarter of 2026, certain Credit SLF Members further increased their capital commitments to Credit SLF and the Company’s capital commitment was increased to $53.8 million of which $18.9 million was unfunded as of March 31, 2026.
As of March 31, 2026, the capital commitment and economic ownership of each Credit SLF Member is as follows:
MembersCapital CommitmentNet 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 Ohio93,299 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%.
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 value2,417,836 2,343,367 
Total Assets2,616,236 2,477,523 
Total Debt (net of unamortized debt issuance costs)1,831,178 1,728,363 
Total Liabilities2,026,448 1,863,454 
Total Credit SLF Members’ Equity$589,788 $614,069 
For the Three Months Ended March 31,
20262025
Consolidated Statement of Operations Data
Income
Investment income$41,005 $23,696 
Expenses
Net operating expenses25,030 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:
Three Months Ended March 31,
20262025
Dividend income
$693 $55 
Blue Owl Leasing LLC
Blue Owl Leasing, 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. Blue Owl Alternative Credit Fund and California State Teachers Retirement System (each, a “Blue Owl Leasing Member” and collectively, the “Blue Owl Leasing Members”). Blue Owl Leasing’s principal purpose is to make investments, either directly or indirectly through financing subsidiaries or other persons, primarily in leases and loans. Investment decisions must be approved by Blue Owl Leasing. The Blue Owl Leasing Members coinvest through Blue Owl Leasing, or its wholly owned subsidiaries. Blue Owl Leasing’s date of inception was June 30, 2025 and Blue Owl Leasing made its first portfolio company investment on October 23, 2025.
Blue Owl Leasing’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 Blue Owl Leasing.
As of March 31, 2026, the capital commitment, called capital and economic ownership of each Blue Owl Leasing Member is as follows:
MembersCapital CommitmentNet Contributed Capital
Economic Ownership Interest(1)
Blue Owl Capital Corporation$860 $860 2.2 %
Blue Owl Capital Corporation II90 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 Fund31,000 31,000 77.5 %
California State Teachers Retirement System10,825 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 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 value39,363 39,628 
Total Assets49,650 74,531 
Total Debt (net of unamortized debt issuance costs)9,374 9,754 
Total Liabilities9,861 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 expenses871 
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)

Blue Owl Leasing did not distribute any dividends to the Company for the period ended March 31, 2026.