v3.26.1
Investments
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
Investments at fair value and amortized cost consisted of the below as of the following periods:
March 31, 2026December 31, 2025
Amortized CostFair ValueAmortized CostFair Value
First-lien senior secured debt investments$31,431,207 $30,985,887 $31,727,075 $31,597,264 
Second-lien senior secured debt investments1,482,929 1,342,673 1,554,896 1,500,498 
Unsecured debt investments433,479 439,084 463,745 479,850 
Specialty finance debt investments
136,796 136,796 134,800 134,800 
Preferred equity investments
517,490 506,595 508,942 496,312 
Common equity investments
399,883 457,746 370,541 435,238 
Specialty finance equity investments
1,209,838 1,293,753 814,147 900,635 
Joint ventures
412,634 337,916 409,012 374,351 
Total Investments$36,024,256 $35,500,450 $35,983,158 $35,918,948 
The industry composition of investments based on fair value consisted of the below as of the following periods:

March 31, 2026December 31, 2025
Advertising and media1.4 %1.3 %
Aerospace and defense0.8 0.9 
Asset based lending and fund finance(1)
1.7 1.5 
Automotive services2.2 2.1 
Automotive aftermarket(5)
0.0 0.0 
Buildings and real estate(6)
3.1 2.9 
Business services4.1 3.9 
Chemicals2.2 2.1 
Consumer products1.4 1.6 
Containers and packaging2.5 2.7 
Distribution2.2 2.5 
Education0.5 0.6 
Energy equipment and services0.2 0.2 
Financial services6.4 6.5 
Food and beverage4.6 4.7 
Healthcare equipment and services6.9 7.0 
Healthcare providers and services13.2 13.9 
Healthcare technology5.8 5.6 
Household products1.6 1.5 
Human resource support services0.7 0.7 
Infrastructure and environmental services2.3 2.3 
Insurance(2)
8.7 8.8 
Internet software and services12.5 11.6 
Joint ventures(3)
1.0 1.0 
Leisure and entertainment2.7 2.8 
Manufacturing1.4 2.0 
Pharmaceuticals(4)
2.3 1.4 
Professional services4.7 4.8 
Specialty retail0.9 0.9 
Telecommunications1.5 1.7 
Transportation0.5 0.5 
Total100.0 %100.0 %
(1)Includes investments in Amergin AssetCo, BOCSO and Wingspire.
(2)Includes equity investment in Fifth Season.
(3)Includes equity investments in OCIC SLF, Credit SLF and Blue Owl Leasing. See below, within Note 4, for more information regarding OCIC SLF, Credit SLF and Blue Owl Leasing.
(4)Includes equity investments in LSI Financing DAC and LSI Financing LLC.
(5)Rounds to less than 0.1%.
(6)Includes investments in Owl-HP Finance.
The geographic composition of investments based on fair value consisted of the below as of the following periods:

March 31, 2026December 31, 2025
United States:
Midwest17.9 %17.5 %
Northeast22.1 21.9 
South32.0 32.8 
West19.2 19.2 
International8.8 8.6 
Total100.0 %100.0 %
OCIC SLF LLC
OCIC SLF LLC (f/k/a Blue Owl Credit Income Senior Loan Fund LLC) (“OCIC SLF”), a Delaware limited liability company, was formed as a wholly-owned subsidiary of the Company and commenced operations on February 14, 2022. On November 2, 2022 (“OCIC SLF Effective Date”), the Company and State Teachers Retirement System of Ohio (“OSTRS” and together with the Company, the “Members” and each, a “Member”) entered into an Amended and Restated Limited Liability Company Agreement to co-manage OCIC SLF as a joint-venture. OCIC SLF’s principal purpose is to make investments, primarily in senior secured loans that are made to middle-market companies, broadly syndicated loans and in senior and subordinated notes issued by collateralized loan obligations. The Company and OSTRS have agreed to contribute $437.5 million and $62.5 million, respectively, to OCIC SLF. The Company and OSTRS have a 87.5% and 12.5% economic ownership, respectively, in OCIC SLF. Except under certain circumstances, contributions to OCIC SLF cannot be redeemed. OCIC SLF is managed by a board consisting of an equal number of representatives appointed by each Member and which acts unanimously. Investment decisions must be approved unanimously by an investment committee consisting of an equal number of representative appointed by each Member.
Prior to the OCIC SLF Effective Date, OCIC SLF’s wholly owned subsidiaries, ORCIC JV WH LLC and ORCIC JV WH II entered into revolving loan facilities (the “OCIC SLF Debt Facilities”) and in connection therewith entered into master sale and participation agreements pursuant to which we contributed certain collateral assets to the Subsidiaries and such collateral assets became collateral under the OCIC SLF Debt Facilities (the “OCIC SLF Debt Facility Assets”).
On the OCIC SLF Effective Date, the Company was deemed to have made a capital contribution of approximately $108.9 million and OSTRS acquired a 12.5% interest in OCIC SLF from the Company for approximately $15.6 million. The amount of the Company’s deemed contribution, and OSTRS’ purchase from the Company, were based on the fair value of the OCIC SLF SPV Debt Facility Assets less certain amounts that had been distributed to the Company and subject to certain adjustments. In connection therewith, the Company and OSTRS agreed and acknowledged that OCIC SLF SPV Debt Facility Assets were assets of OCIC SLF as if they had been acquired pursuant to the terms of the LLC Agreement.
The Company has determined that OCIC SLF is an investment company under Accounting Standards Codification 946, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a wholly owned investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company does not consolidate its non-controlling interest in OCIC SLF.
The table below sets forth OCIC 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$104,543 $58,827 
Investments at fair value1,586,262 1,626,107 
Total Assets1,715,337 1,704,149 
Total Debt (net of unamortized debt issuance costs)1,312,638 1,312,107 
Total Liabilities1,423,425 1,383,769 
Total OCIC SLF Members' Equity291,912 320,380 
For the Three Months Ended March 31,
20262025
Consolidated Statement of Operations Data
Income
Investment income$28,150 $34,149 
Expenses
Net operating expenses20,898 21,958 
Net investment income (loss)$7,252 $12,191 
Total net realized and unrealized gain (loss)(38,467)(23,351)
Net Increase (Decrease) in OCIC SLF Members' Equity Resulting from Operations
$(31,215)$(11,160)
The Company’s proportional share of OCIC SLF’s distributions for the following period:
For the Three Months Ended March 31,
2026
2025
Dividend income
$6,346 $9,590 
Blue Owl Credit SLF LLC
Credit SLF, a Delaware limited liability company, is a joint venture among the Company, Blue Owl Capital Corporation, Blue Owl Capital Corporation II, Blue Owl Technology Finance Corp., Blue Owl Technology Income Corp., and State Teachers Retirement System of Ohio (each, a “Credit SLF Member” and collectively, 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 SLF 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.
On May 15, 2025 the Credit SLF Members modified their capital commitments to Credit SLF and the Company’s capital commitment was increased to $46.3 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 $87.2 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 $136.4 million of which $49.3 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 
Three Months Ended March 31,
2026
2025
Consolidated Statement of Operations Data
Investment income$41,005 $23,696 
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
$1,728 $123 
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 Technology Finance 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.