v3.26.1
Net Assets
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Net Assets Net Assets
Equity Issuances
The Company has the authority to issue 1,000,000,000 common shares at $0.01 per share par value.
There were no sales of the Company’s common stock during the three months ended March 31, 2026 and 2025. See “Note 13 — Merger with Blue Owl Technology Finance Corp. II” for information related to the issuance of shares of the Company’s common stock in connection with the Mergers.
Distributions
The table below reflects the distributions declared on shares of the Company’s common stock during the following periods:
For the Three Months Ended March 31, 2026
Date DeclaredRecord DatePayment DateDistribution per Share
February 18, 2026(1)
March 31, 2026April 15, 2026$0.35 
_______________
(1)Expected to be paid or was partially paid from sources other than ordinary income, including long-term capital gains.
For the Three Months Ended March 31, 2025
Date DeclaredRecord DatePayment DateDistribution per Share
March 14, 2025March 17, 2025March 18, 2025$0.34
Dividend Reinvestment
With respect to distributions, the Company has adopted an “opt out” dividend reinvestment plan for common shareholders. As a result, in the event of a declared distribution, each shareholder that has not “opted out” of the dividend reinvestment plan will have their dividends or distributions automatically reinvested in additional shares of the Company’s common stock rather than receiving cash distributions. The Company has entered into an amended and restated dividend reinvestment plan, pursuant to which, if newly issued shares are used to implement the dividend reinvestment plan, the number of shares to be issued to a shareholder will be determined by dividing the total dollar amount of the cash dividend or distribution payable to a shareholder by the market price per share of the Company’s common stock at the close of regular trading on the NYSE on the payment date of a distribution, or if no sale is reported for such day, the average of the reported bid and ask prices. However, if the market price per share on the payment date of a cash dividend or distribution exceeds the most recently computed net asset value per share, the Company will issue shares at the greater of (i) the most recently computed net asset value per share and (ii) 95% of the current market price per share (or such lesser discount to the current market price per share that still exceeded the most recently computed net asset value per share). If shares are purchased in the open market to implement the dividend reinvestment plan, the number of shares to be issued to a shareholder shall be determined by dividing the dollar amount of the cash dividend payable to such shareholder by the weighted average price per share for all shares purchased by the plan administrator in the open market in connection with the dividend. Shareholders who receive distributions in the form of shares of common stock will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.
The table below reflects the common stock issued pursuant to the dividend reinvestment plan during the following periods:
For the Three Months Ended March 31, 2026
Date DeclaredRecord DatePayment DateShares
November 5, 2025December 31, 2025January 15, 20261,114,799 
June 2, 2025December 23, 2025January 7, 2026167,569 
For the Three Months Ended March 31, 2025
Date DeclaredRecord DatePayment DateShares
March 14, 2025March 17, 2025March 18, 20251,131,018 
October 1, 2024December 31, 2024January 31, 20251,098,294 
2025 Stock Repurchase Program
On May 27, 2025, the Board approved a repurchase program (the “2025 Stock Repurchase Program”) under which the Company could repurchase up to $200 million of its outstanding common stock. Under the 2025 Stock Repurchase Program, purchases were made at management's discretion from time to time in open-market transactions, in accordance with applicable securities laws and regulations. The 2025 Stock Repurchase Program terminated in connection with the entry into the 2026 Stock Repurchase Program, as defined below. As of the program termination date, 5,192,408 shares of the Company’s common stock have been repurchased pursuant to the 2025 Stock Repurchase Program for approximately $73.4 million since the 2025 Stock Repurchase Program’s inception. No shares were repurchased in 2026 under the 2025 Stock Repurchase Program.
2026 Stock Repurchase Program
On February 17, 2026, the Board approved a repurchase program (the “2026 Stock Repurchase Program”) under which the Company may repurchase up to $300 million of its common stock. Under the 2026 Repurchase Program, purchases may be made at management’s discretion from time to time in open-market transactions, including pursuant to trading plans with investment banks pursuant to Rule 10b5-1 of the Exchange Act, in accordance with all applicable rules and regulations. Unless extended by the Board, the 2026 Stock Repurchase Program will terminate 18-months from the date it was approved.

For the three months ended March 31, 2026, repurchases under the 2026 Stock Repurchase Program were as follows:
Period
Total Number of Shares RepurchasedAverage Price Paid per ShareApproximate Dollar Value of Shares that have been Purchased Under the PlansApproximate Dollar Value of Shares that May Yet Be Purchased Under the Plan
February 1, 2026 to February 28, 2026651,123$11.32$7,373$292,627
March 1, 2026 to March 31, 20263,555,17512.0442,811249,816
4,206,298 $50,184 
There were no repurchases made in the three months ended March 31, 2025.