Fair Value of Financial Instruments (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Fair Value Hierarchy of Investments |
The tables below present the fair value hierarchy of investments as of the following periods: | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Hierarchy as of March 31, 2026 | | Level 1 | | Level 2 | | Level 3 | | Total | | Cash (including restricted and foreign cash) | $ | 488,163 | | | $ | — | | | $ | — | | | $ | 488,163 | | | Investments: | | | | | | | | | First-lien senior secured debt investments | $ | — | | | $ | 300,333 | | | $ | 10,616,855 | | | $ | 10,917,188 | | | Second-lien senior secured debt investments | — | | | 120,520 | | | 377,601 | | | 498,121 | | | Unsecured debt investments | — | | | — | | | 456,403 | | | 456,403 | | | Specialty finance debt investments | — | | | — | | | 38,000 | | | 38,000 | | | Preferred equity investments | — | | | — | | | 982,150 | | | 982,150 | | | Common equity investments | 419 | | | 29,186 | | | 564,590 | | | 594,195 | | | Specialty finance equity investments | — | | | — | | | 169,497 | | | 169,497 | | | Subtotal | $ | 419 | | | $ | 450,039 | | | $ | 13,205,096 | | | $ | 13,655,554 | | Investments measured at NAV(1) | — | | | — | | | — | | | 412,685 | | | Total Investments at fair value | $ | 419 | | | $ | 450,039 | | | $ | 13,205,096 | | | $ | 14,068,239 | | | Derivatives: | | | | | | | | Assets | | | | | | | | | Interest rate swaps | $ | — | | | $ | 15,744 | | | $ | — | | | $ | 15,744 | | | Foreign currency forward contracts | — | | | 9,886 | | | — | | | 9,886 | | Liabilities | | | | | | | | | Interest rate swaps | $ | — | | | $ | 938 | | | $ | — | | | $ | 938 | | | | | | | | | |
_______________ (1)Includes equity investments in Credit SLF, LSI Financing LLC, BOCSO, Blue Owl Leasing, and Stripe Blue Owl Holdings LLC (“Stripe Blue Owl”) which are measured at fair value using the net asset value per share (or its equivalent) practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities. | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Hierarchy as of December 31, 2025 | | Level 1 | | Level 2 | | Level 3 | | Total | | Cash (including restricted and foreign cash) | $ | 282,924 | | | $ | — | | | $ | — | | | $ | 282,924 | | | Investments: | | | | | | | | First-lien senior secured debt investments | $ | — | | | $ | 318,098 | | | $ | 10,660,972 | | | $ | 10,979,070 | | | Second-lien senior secured debt investments | — | | | 125,924 | | | 442,717 | | | 568,641 | | | Unsecured debt investments | — | | | — | | | 477,128 | | | 477,128 | | Specialty finance debt investments | — | | | — | | | 37,452 | | | 37,452 | | Preferred equity investments | — | | | — | | | 1,072,481 | | | 1,072,481 | | Common equity investments | 706 | | | 37,364 | | | 684,030 | | | 722,100 | | | Specialty finance equity investments | — | | | — | | | 215,864 | | | 215,864 | | | Subtotal | $ | 706 | | | $ | 481,386 | | | $ | 13,590,644 | | | $ | 14,072,736 | | Investments measured at NAV(1) | — | | | — | | | — | | | 213,303 | | | Total Investments at fair value | $ | 706 | | | $ | 481,386 | | | $ | 13,590,644 | | | $ | 14,286,039 | | | Derivatives: | | | | | | | | Assets | | | | | | | | | Interest rate swaps | $ | — | | | $ | 26,732 | | | $ | — | | | $ | 26,732 | | Liabilities | | | | | | | | Foreign currency forward contracts | $ | — | | | $ | 1,941 | | | $ | — | | | $ | 1,941 | |
_______________ (1)Includes equity investments in Credit SLF and LSI Financing LLC, BOCSO, Blue Owl Leasing and Stripe Blue Owl, which are measured at fair value using the net asset value per share (or its equivalent) practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.
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| Schedule of Changes in the Fair Value of Investments |
The following tables present changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the following periods: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of and for the Three Months Ended March 31, 2026 | | Debt Investments | | Equity Investments | | | | First-lien senior secured | | Second-lien senior secured | | Unsecured | | Specialty finance | | Preferred | | Common | | Specialty finance | | Total | | Fair value, beginning of period | $ | 10,660,972 | | | $ | 442,717 | | | $ | 477,128 | | | $ | 37,452 | | | $ | 1,072,481 | | | $ | 684,030 | | | $ | 215,864 | | | $ | 13,590,644 | | | Purchases of investments, net | 922,371 | | | — | | | 629 | | | — | | | 58,989 | | | 21,176 | | | 649 | | | 1,003,814 | | | Payment-in-kind | 13,739 | | | 2,457 | | | 7,145 | | | 616 | | | 12,219 | | | — | | | — | | | 36,176 | | | Proceeds from investments, net | (778,940) | | | — | | | (30,590) | | | (68) | | | (51,141) | | | (134,272) | | | (46,236) | | | (1,041,247) | | | Net change in unrealized gain (loss) | (180,026) | | | (27,178) | | | (5,397) | | | 1 | | | (118,212) | | | (114,113) | | | (780) | | | (445,705) | | | Net realized gain (loss) | (13,660) | | | — | | | 2,131 | | | — | | | 7,328 | | | 107,769 | | | — | | | 103,568 | | | Net amortization/accretion of discount/premium on investments | 6,696 | | | 114 | | | 5,357 | | | (1) | | | 486 | | | — | | | — | | | 12,652 | | | | | | | | | | | | | | | | | | Transfers into (out of) Level 3(1) | (14,297) | | | (40,509) | | | — | | | — | | | — | | | — | | | — | | | (54,806) | | Fair Value, End of Period | $ | 10,616,855 | | | $ | 377,601 | | | $ | 456,403 | | | $ | 38,000 | | | $ | 982,150 | | | $ | 564,590 | | | $ | 169,497 | | | $ | 13,205,096 | |
_______________ (1)Transfers between levels, if any, are recognized at the beginning of the period noted. For the three months ended March 31, 2026, transfers between Level 2 and Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of and for the Three Months Ended March 31, 2025 | | Debt Investments | Equity Investments | | | | First-lien senior secured | | Second-lien senior secured | | Unsecured | | Specialty finance | | Preferred | | Common | | Specialty finance | | Total | | Fair value, beginning of period | $ | 4,341,268 | | | $ | 166,159 | | | $ | 336,635 | | | $ | 5,041 | | | $ | 686,858 | | | $ | 468,725 | | | $ | 69,836 | | | $ | 6,074,522 | | | Purchases of investments, net | 389,439 | | | 2,884 | | | — | | | 3,266 | | | — | | | 9,517 | | | 6,882 | | | 411,988 | | | Payment-in-kind | 7,221 | | | 3,705 | | | 7,505 | | | — | | | 9,865 | | | — | | | — | | | 28,296 | | | Proceeds from investments, net | (240,157) | | | (8,400) | | | (2,697) | | | — | | | (3,891) | | | — | | | (76) | | | (255,221) | | | Net change in unrealized gain (loss) | (4,994) | | | 7,477 | | | 2,941 | | | (17) | | | (6,151) | | | 6,908 | | | (1,674) | | | 4,490 | | | Net realized gains (losses) | 33 | | | (12,198) | | | (625) | | | — | | | 38 | | | — | | | — | | | (12,752) | | | Net amortization of discount on investments | 4,493 | | | 61 | | | 4,600 | | | — | | | 238 | | | — | | | — | | | 9,392 | | | | | | | | | | | | | | | | | | Transfers into (out of) Level 3(1) | — | | | — | | | — | | | — | | | — | | | (3,092) | | | — | | | (3,092) | | Transfers in from the Mergers | 4,594,651 | | | 131,529 | | | 111,857 | | | 20,671 | | | 261,633 | | | 65,525 | | | 91,382 | | | 5,277,248 | | Fair Value, End of Period | $ | 9,091,954 | | | $ | 291,217 | | | $ | 460,216 | | | $ | 28,961 | | | $ | 948,590 | | | $ | 547,583 | | | $ | 166,350 | | | $ | 11,534,871 | |
_______________ (1)Transfers between levels, if any, are recognized at the beginning of the period noted. For the three months ended March 31, 2025, transfers between Level 2 and Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies. The following table present information with respect to net change in unrealized gains (losses) on investments for which Level 3 inputs were used in determining the fair value that are still held by the Company for the following periods: | | | | | | | | | | | | | Net Change in Unrealized Gain (Loss) for the Three Months Ended March 31, 2026 on Investments Held at March 31, 2026 | | Net Change in Unrealized Gain (Loss) for the Three Months Ended March 31, 2025 on Investments Held at March 31, 2025 | | First-lien senior secured debt investments | $ | (184,623) | | | $ | (2,622) | | | Second-lien senior secured debt investments | (27,178) | | | (1,606) | | | Unsecured debt investments | (5,397) | | | 2,398 | | | Specialty finance debt investments | 1 | | | (17) | | | Preferred equity investments | (113,884) | | | (6,151) | | | Common equity investments | (123,312) | | | 7,008 | | | Specialty finance equity investments | (781) | | | (1,674) | | | Total Investments | $ | (455,174) | | | $ | (2,664) | |
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| Schedule of Quantitative Information About Significant Unobservable Inputs of Level 3 Investments |
The tables below present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of the following periods. The weighted average range of unobservable inputs is based on fair value of investments. The tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | Fair Value | | Valuation Technique | | Unobservable Input | | Range (Weighted Average) | | Impact to Valuation from an Increase in Input | | First-lien senior secured debt investments | $ | 589,666 | | | Recent Transaction | | Transaction Price | | 98.5% - 99.8% (99.6%) | | Increase | | 10,008,854 | | | Yield Analysis | | Market Yield | | 7.4% - 27.2% (10.2%) | | Decrease | | 18,335 | | | Collateral Analysis | | Recovery Rate | | 3.0% - 100.0% (52.7%) | | Increase | | | | | | | | | | | | Second-lien senior secured debt investments | $ | 377,601 | | | Yield Analysis | | Market Yield | | 11.0% - 32.3% (16.1%) | | Decrease | | Unsecured debt investments | $ | 451,682 | | | Yield Analysis | | Market Yield | | 5.6% - 17.5% (12.6%) | | Decrease | | | | | | | | | | | 4,721 | | | Market Approach | | Revenue Multiple | | 3.0x - 3.8x (3.6x) | | Increase | | Specialty finance debt investments | $ | 38,000 | | | Yield Analysis | | Market Yield | | 12.2% - 12.2% (12.2%) | | Decrease | | | | | | | | | | | | Preferred equity investments | $ | 42,598 | | | Recent Transaction | | Transaction Price | | 90.0% - 289.9% (165.8%) | | Increase | | 430,431 | | | Yield Analysis | | Market Yield | | 12.8% - 43.6% (17.7%) | | Decrease | | | | | | | | | | | 509,121 | | | Market Approach | | Revenue Multiple | | 0.6x - 21.0x (6.8x) | | Increase | | Common equity investments | $ | 339,105 | | | Recent Transaction | | Transaction Price | | 94.2% - 1253.5% (593.9%) | | Increase | | 30,372 | | | Yield Analysis | | Market Yield | | 32.5% - 32.5% (32.5%) | | Decrease | | 92,307 | | | Market Approach | | EBITDA Multiple | | 0.0x - 21.5x (10.9x) | | Increase | | 9,504 | | | Market Approach | | Market Adjustment Factor | | (3.2)% - (3.2)% ((3.2)%) | | Decrease | | | | | | | | | | | 141 | | | Market Approach | | Gross Profit Multiple | | 7.0x - 7.0x (7.0x) | | Increase | | 92,868 | | | Market Approach | | Revenue Multiple | | 3x - 47.0x (7.8x) | | Increase | | 293 | | | Option Pricing Model | | Volatility | | 60.0% - 70.0% (69.9%) | | Increase | | | | | | | | | | | | Specialty finance equity investments | $ | 138,710 | | | Market Approach | | AUM Multiple | | 1.0x - 1.0x (1.0x) | | Increase | | 22,061 | | | Market Approach | | N/A(1) | | N/A | | N/A | | 6,757 | | | Yield Analysis | | Market Yield | | 11.8% - 11.8% (11.8%) | | Decrease | | 1,969 | | | Discounted Cash Flow Analysis | | Discounted Factor | | 20.0% - 20.0% (20.0%) | | Decrease | | | | | | | | | | |
_______________(1)Fair value based on a weighting of the appraised value of the portfolio company’s underlying assets and their cost. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Fair Value | | Valuation Technique | | Unobservable Input | | Range (Weighted Average) | | Impact to Valuation from an Increase in Input | | First-lien senior secured debt investments | $ | 9,346,910 | | | Yield Analysis | | Market Yield | | 6.0% - 23.6% (9.4%) | | Decrease | | 1,280,482 | | | Recent Transaction | | Transaction Price | | 95.0% - 100.0% (99.4%) | | Increase | | 33,580 | | | Collateral Analysis | | Recovery Rate | | 0.0% - 107.2% (84.0%) | | Increase | | Second-lien senior secured debt investments | $ | 442,717 | | | Yield Analysis | | Market Yield | | 8.4% - 32.5% (14.4%) | | Decrease | | | | | | | | | | | | | | | | | | | | | | Unsecured debt investments | $ | 473,340 | | | Yield Analysis | | Market Yield | | 5.5% - 14.9% (11.9%) | | Decrease | | 3,788 | | | Market Approach | | Revenue Multiple | | 4.3x - 5.0x (4.8x) | | Increase | | | | | | | | | | | | Specialty finance debt investments | $ | 37,452 | | | Yield Analysis | | Market Yield | | 11.6% - 11.6% (11.6%) | | Decrease | | Preferred equity investments | $ | 451,265 | | | Yield Analysis | | Market Yield | | 11.6% - 35.3% (14.0%) | | Decrease | | 498,387 | | | Market Approach | | Revenue Multiple | | 2.0x - 25.2x (7.3x) | | Increase | | 122,829 | | | Recent Transaction | | Transaction Price | | 62.8% - 100.0% (86.5%) | | Increase | | | | | | | | | | | | Common equity investments | $ | 421,309 | | | Recent Transaction | | Transaction Price | | 54.2% - 813.7% (444.3%) | | Increase | | 110,029 | | | Market Approach | | EBITDA Multiple | | 0.0x - 25.5x (11.9x) | | Increase | | 82,784 | | | Market Approach | | Revenue Multiple | | 4.25x - 13.0x (10.1x) | | Increase | | 61,131 | | | Yield Analysis | | Market Yield | | 27.5% - 27.5% (27.5%) | | Decrease | | 8,330 | | | Market Approach | | Market Adjustment Factor | | 0.0% - 0.0% (0.0%) | | Decrease | | 233 | | | Option Pricing Model | | Volatility | | 60.0% - 70.0% (69.9%) | | Increase | | 214 | | | Market Approach | | Gross Profit Multiple | | 9.0x - 9.0x (9.0x) | | Increase | | | | | | | | | | | | | | | | | | | | | | Specialty finance equity investments | $ | 184,468 | | | Market Approach | | AUM Multiple | | 1.1x - 1.1x (1.1x) | | Increase | | 22,602 | | | Market Approach | | N/A(1) | | N/A | | N/A | | 6,657 | | | Yield Analysis | | Market Yield | | 11.5% - 11.5% (11.5%) | | Decrease | | 2,137 | | | Discounted Cash Flow Analysis | | Discounted Factor | | 20.0% - 20.0% (20.0%) | | Decrease |
_______________ (1)Fair value based on a weighting of the appraised value of the portfolio company’s underlying assets and their cost.
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| Schedule of Carrying Values and Fair Values of the Company’s Debt Obligations |
The table below presents the carrying and fair values of the Company’s debt obligations as of the following periods: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | December 31, 2025 | | Net Carrying Value | | Debt Issuance Costs | | Fair Value | | Net Carrying Value | | Debt Issuance Costs | | Fair Value | | Revolving Credit Facility | $ | 1,617,704 | | | $ | (22,296) | | | $ | 1,617,704 | | | $ | 1,456,282 | | | $ | (23,718) | | | $ | 1,456,282 | | | SPV Asset Facility I | 691,812 | | | (8,188) | | | 691,812 | | | 691,602 | | | (8,398) | | | 691,602 | | | SPV Asset Facility II | 320,852 | | | (4,148) | | | 320,852 | | | 320,464 | | | (4,536) | | | 320,464 | | | SPV Asset Facility III | 614,536 | | | (9,964) | | | 614,536 | | | 613,087 | | | (11,413) | | | 613,087 | | | SPV Asset Facility IV | 264,838 | | | (5,162) | | | 264,838 | | | 194,346 | | | (5,654) | | | 194,346 | | | Athena CLO II | 370,993 | | | (4,007) | | | 370,993 | | | 371,068 | | | (3,932) | | | 371,068 | | | Athena CLO IV | 237,704 | | | (2,296) | | | 237,704 | | | 237,654 | | | (2,346) | | | 237,654 | | | Athena CLO V | 298,171 | | | (1,829) | | | 298,171 | | | 298,072 | | | (1,928) | | | 298,072 | | | June 2026 Notes | 374,671 | | | (329) | | | 373,125 | | | 374,287 | | | (713) | | | 373,125 | | | January 2027 Notes | 298,763 | | | (1,237) | | | 291,000 | | | 298,379 | | | (1,621) | | | 291,750 | | | March 2028 Notes | 650,515 | | | (6,977) | | | 643,500 | | | 654,890 | | | (7,811) | | | 653,250 | | | September 2028 Notes | 74,550 | | | (450) | | | 75,000 | | | 74,505 | | | (495) | | | 75,000 | | | April 2029 Notes | 698,743 | | | (10,729) | | | 689,500 | | | 703,564 | | | (11,558) | | | 715,750 | | | January 2031 Notes | 390,480 | | | (8,585) | | | 377,000 | | | — | | | — | | | — | | | Total Debt | $ | 6,904,332 | | | $ | (86,197) | | | $ | 6,865,735 | | | $ | 6,288,200 | | | $ | (84,123) | | | $ | 6,291,450 | |
The table below presents fair value measurements of the Company’s debt obligations as of the following periods: | | | | | | | | | | | | | March 31, 2026 | | December 31, 2025 | | Level 1 | $ | — | | | $ | — | | | Level 2 | 2,449,125 | | | 2,108,875 | | | Level 3 | 4,416,610 | | | 4,182,575 | | | Total Debt | $ | 6,865,735 | | | $ | 6,291,450 | |
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