v3.26.1
Net Assets
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Net Assets Net Assets
Authorized Capital and Share Class Description
In connection with its formation, the Company has the authority to issue the following shares:

Classification
Number of Shares
(in thousands)
Par Value
Class S Shares1,500,000$0.01 
Class D Shares1,000,000$0.01 
Class I Shares2,000,000$0.01 
Total4,500,000
The Company’s Class S shares are subject to upfront selling commissions of up to 3.50% of the offering price. Pursuant to a distribution plan adopted by the Company in compliance with Rules 12b-1 and 17d-3 under the 1940 Act, as if those rules applied to the Company, the Company’s Class S shares are subject to annual ongoing services fees of 0.85% of the current net asset value of such shares, as determined in accordance with FINRA rules.
The Company’s Class D shares are subject to upfront selling commissions of up to 1.50% of the offering price. Pursuant to a distribution plan adopted by the Company in compliance with Rules 12b-1 and 17d-3 under the 1940 Act, as if those rules applied to the Company, the Company’s Class D shares are subject to annual ongoing services fees of 0.25% of the current net asset value of such shares, as determined in accordance with FINRA rules.
The Company’s Class I shares are not subject to upfront selling commissions. The Company’s Class I shares are not subject to annual ongoing servicing fees.
Share Issuances
On September 30, 2020, the Company issued 100 Class I common shares for $1.0 thousand to the Adviser.
On November 12, 2020, the Company issued 700,000 Class I common shares for $7.0 million to an entity affiliated with the Adviser, and met the minimum offering requirement for the Company’s continuous public offering of $2.5 million.
On June 25, 2024, the Company filed Articles of Amendment with the State Department of Assessments and Taxation of Maryland for the purpose of amending the Company’s Second Articles of Amendment and Restatement to increase the number of authorized shares of the Company’s common stock, $0.01 par value per share, and preferred stock, $0.01 par value per share, to 4,500,000,000 Shares, consisting of 1,500,000,000 Class S Shares, 1,000,000,000 Class D Shares, 2,000,000,000 Class I Shares, and no shares of preferred stock. The Articles of Amendment became immediately effective upon filing.
The following table summarizes transactions with respect to shares of the Company’s common stock during the following periods:
For the Three Months Ended March 31, 2026
SDITotal
SharesAmountSharesAmountSharesAmountSharesAmount
Shares/gross proceeds from the continuous public offering17,186,533$160,803 484,852$4,495 46,158,273$506,932 63,829,658$672,230 
Shares/gross proceeds from the private placements—— —— 8,484,254— 8,484,254— 
Share transfer between classes(3,017,228)(28,011)(6,355)(58)3,016,29628,069 (7,287)— 
Reinvestment of distributions7,226,84566,700 438,8074,055 13,817,236127,870 21,482,888198,625 
Repurchased shares(21,371,701)(194,086)(4,893,111)(44,477)(79,537,341)(724,544)(105,802,153)(963,107)
Total shares/gross proceeds24,4495,406(3,975,807)(35,985)(8,061,282)(61,673)(12,012,640)(92,252)
Sales load— (1,827)— — — — — (1,827)
Total Shares/Net Proceeds24,449$3,579 (3,975,807)$(35,985)(8,061,282)$(61,673)(12,012,640)$(94,079)
(1)In certain cases, and subject to Blue Owl Securities LLC’s (d/b/a Blue Owl Securities) (the “Dealer Manager”) approval, including in situations where a holder of Class S or Class D shares exits a relationship with a participating broker-dealer for this offering and does not enter into a new relationship with a participating broker-dealer for this offering, such holder’s shares may be exchanged into an equivalent net asset value amount of Class I shares.
For the Three Months Ended March 31, 2025
SDITotal
SharesAmountSharesAmountSharesAmountSharesAmount
Shares/gross proceeds from the continuous public offering56,793,287$545,712 5,939,949$57,107 104,898,800$1,002,790 167,632,036$1,605,609 
Shares/gross proceeds from the private placements—— —— 34,115,615325,637 34,115,615325,637 
Share transfer between classes(1)
(2,370,300)(22,590)2,73324 2,360,14822,566 (7,419)— 
Reinvestment of distributions5,831,53155,580 426,4874,069 11,063,342105,776 17,321,360165,425 
Repurchased shares(5,655,204)(53,498)(201,862)(1,912)(15,652,202)(148,539)(21,509,268)(203,949)
Total shares/gross proceeds54,599,314525,2046,167,30759,288136,785,7031,308,230197,552,3241,892,722
Sales load— (4,574)— (430)— — — (5,004)
Total Shares/Net Proceeds54,599,314$520,630 6,167,307$58,858 136,785,703$1,308,230 197,552,324$1,887,718 
(1)In certain cases, and subject to Blue Owl Securities LLC’s (d/b/a Blue Owl Securities) (the “Dealer Manager”) approval, including in situations where a holder of Class S or Class D shares exits a relationship with a participating broker-dealer for this offering and does not enter into a new relationship with a participating broker-dealer for this offering, such holder’s shares may be exchanged into an equivalent net asset value amount of Class I shares.
In accordance with the Company’s share pricing policy, the Company will modify its public offering prices to the extent necessary to comply with the requirements of the 1940 Act, including the requirement that it not sell shares at a net offering price below the net asset value per share unless the Company obtains the requisite approval from its shareholders.
The changes to the Company’s offering price per share for the three months ended March 31, 2026 and 2025 were as follows:
S
Effective DateNet Offering Price
(per share)		Maximum Upfront Sales Load
(per share)		Maximum Offering Price
(per share)
January 1, 2025$9.54 $0.33 $9.87 
February 1, 20259.54 0.33 9.87 
March 1, 20259.51 0.33 9.84 
January 1, 20269.32 0.33 9.65 
February 1, 20269.25 0.32 9.57 
March 1, 20269.11 0.32 9.43 
D
Effective DateNet Offering Price
(per share)		Maximum Upfront Sales Load
(per share)		Maximum Offering Price
(per share)
January 1, 2025$9.55 $0.14 $9.69 
February 1, 20259.55 0.14 9.69 
March 1, 20259.52 0.14 9.66 
January 1, 20269.33 0.14 9.47 
February 1, 20269.26 0.14 9.40 
March 1, 20269.12 0.14 9.26 
I
Effective DateNet Offering Price
(per share)		Maximum Upfront Sales Load
(per share)		Maximum Offering Price
(per share)
January 1, 2025$9.57 $— $9.57 
February 1, 20259.57 — 9.57 
March 1, 20259.54 — 9.54 
January 1, 20269.34 — 9.34 
February 1, 20269.28 — 9.28 
March 1, 20269.13 — 9.13 
Distributions
The Board authorizes and declares monthly distribution amounts per share of common stock, payable monthly in arrears. The following table presents cash distributions per share that were recorded during the following periods:
For the Three Months Ended March 31, 2026
Declaration DateRecord DatePayment Date
Distribution Per Share(1)
Distribution Amount(2)
SDI
November 4, 2025January 30, 2026February 25, 2026$0.07010 $43,232 $4,123 $99,296 
February 18, 2026February 27, 2026March 30, 20260.07010 44,082 4,158 100,913 
February 18, 2026March 31, 2026April 28, 20260.07010 42,572 3,817 96,488 
Total$0.21030 $129,886 $12,098 $296,697 
(1)Distributions per share are gross of shareholder servicing fees.
(2)Distribution amounts are net of shareholder servicing fees.
For the Three Months Ended March 31, 2025
Declaration DateRecord DatePayment Date
Distribution Per Share(1)
Distribution Amount(2)
SDI
November 5, 2024January 31, 2025February 25, 2025$0.07010 $33,890 $3,499 $69,929 
February 18, 2025February 28, 2025March 25, 20250.07010 35,308 3,794 72,626 
February 18, 2025March 31, 2025April 24, 20250.10280 54,669 5,767 111,979 
Total$0.24300 $123,867 $13,060 $254,534 
(1)Distributions per share are gross of shareholder servicing fees.
(2)Distribution amounts are net of shareholder servicing fees.
The Company has adopted a distribution reinvestment plan which was amended and restated on May 6, 2024. The amended and restated distribution reinvestment plan provides for the reinvestment of cash distributions on behalf of shareholders who have enrolled in the distribution reinvestment plan. As a result, if the Board authorizes and declares a cash distribution, then the shareholders who have enrolled in the distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares of our common stock, rather than receiving the cash distribution. The Company expects to use newly issued shares to implement the distribution reinvestment plan. The Company may fund its cash distributions to shareholders from any source of funds available to the Company, including but not limited to offering proceeds, net investment income from operations, capital gains proceeds from the sale of assets, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies. In no event, however, will funds be advanced or borrowed for the purpose of distributions, if the amount of such distributions would exceed the Company’s accrued and received revenues for the previous four quarters, less paid and accrued operating expenses with respect to such revenues and costs. The following tables reflect the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its shares of common stock during the following periods:

For the Three Months Ended March 31, 2026
SDITotal
Source of Distribution
Per Share(1)
Amount
Per Share(1)
Amount
Per Share(1)
Amount
Per Share(1)
Amount
Net investment income
$0.20295 $125,851 $0.19944 $11,745 $0.20144 $288,512 $0.20186 $426,108 
Net realized gain on investments
— — — — — — — — 
Distributions in excess of net investment income
0.00735 4,035 0.01086 353 0.00886 8,185 0.00844 12,573 
Total$0.21030 $129,886 $0.21030 $12,098 $0.21030 $296,697 $0.21030 $438,681 
(1)Distributions per share are gross of shareholder servicing fees. Net investment income per share includes shareholder servicing fees.
For the Three Months Ended March 31, 2025
Source of Distribution(2)
Per Share(1)
Amount
Percentage
Net investment income
$0.22900 $368,726 94.2%
Distributions in excess of net investment income(3)
0.01400 22,735 5.8
Total$0.24300 $391,461 100.0%
(1)Distributions per share are gross of shareholder servicing fees.
(2)Data in this table is presented on a consolidated basis. Refer to “Note 12 — Financial Highlights” for amounts by share class.
Share Repurchases
The Board has complete discretion to determine whether the Company will engage in any share repurchase, and if so, the terms of such repurchase. At the discretion of the Board, the Company may use cash on hand, cash available from borrowings, and cash from the sale of its investments as of the end of the applicable period to repurchase shares. The Company has commenced a share repurchase program pursuant to which the Company intends to conduct quarterly repurchase offers to allow its shareholders to tender their shares at a price equal to the net offering price per share for the applicable class of shares on each date of repurchase. All shares purchased by the Company pursuant to the terms of each offer to repurchase will be retired and thereafter will be authorized and unissued shares. The Company intends to limit the number of shares to be repurchased in each quarter to no more than 5.00% of its outstanding shares of common stock. Any periodic repurchase offers are subject in part to the Company’s available cash and compliance with the BDC and RIC qualification and diversification rules promulgated under the 1940 Act and the Code, respectively. While the Company intends to continue to conduct quarterly tender offers as described above, the Company is not required to do so and may suspend or terminate the share repurchase program at any time.

Offer Date

Class
Tender Offer
Expiration
Tender Offer
(in thousands)
Purchase Price
per Share
Shares
Repurchased
February 26, 2025SMarch 31, 2025$53,498 $9.46 5,655,204 
February 26, 2025DMarch 31, 20251,912 9.47 201,862 
February 26, 2025IMarch 31, 2025148,539 9.49 15,652,202 
February 27, 2026SMarch 31, 2026194,086 9.08 21,371,701 
February 27, 2026DMarch 31, 202644,477 9.09 4,893,111 
February 27, 2026IMarch 31, 2026724,544 9.11 79,537,341