| Fair Value of Investments |
Fair Value of Investments The tables below present the fair value hierarchy of investments as of the following periods: | | | | | | | | | | | | | | | | | | | | | | | | | | | As of March 31, 2026 | | Level 1 | | Level 2 | | Level 3 | | Total | | Cash | $ | 149,087 | | | $ | — | | | $ | — | | | $ | 149,087 | | | | | | | | | | | Investments: | | | | | | | | | First-lien senior secured debt investments | — | | | 415,552 | | | 4,142,341 | | | 4,557,893 | | | Second-lien senior secured debt investments | — | | | 83,280 | | | 117,845 | | | 201,125 | | | Unsecured debt investments | — | | | — | | | 62,454 | | | 62,454 | | | | | | | | | | Preferred equity investments | — | | | — | | | 171,367 | | | 171,367 | | | Common equity investments | — | | | 6,512 | | | 82,255 | | | 88,767 | | Specialty finance equity investments | — | | | — | | | 2,662 | | | 2,662 | | | Subtotal | — | | | 505,344 | | | 4,578,924 | | | 5,084,268 | | Investments measured at NAV(1) | — | | | — | | | — | | | 133,101 | | | Total Investments at Fair Value | $ | — | | | $ | 505,344 | | | $ | 4,578,924 | | | $ | 5,217,369 | | | Derivatives: | | | | | | | | Assets | | | | | | | | | | | | | | | | | Foreign currency forward contracts | $ | — | | | $ | 265 | | | $ | — | | | $ | 265 | |
_______________(1)Includes but not limited to investments in BOCSO, Credit SLF, LSI Financing LLC, 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 has 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. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2025 | | | Level 1 | | Level 2 | | Level 3 | | Total | | | Cash | $ | 153,225 | | | $ | — | | | $ | — | | | $ | 153,225 | | | | | | | | | | | | | Investments: | | | | | | | | | | First-lien senior secured debt investments | — | | | 681,894 | | | 4,802,901 | | | 5,484,795 | | | | Second-lien senior secured debt investments | — | | | 106,187 | | | 161,254 | | | 267,441 | | | | Unsecured debt investments | — | | | — | | | 66,531 | | | 66,531 | | | | | | | | | | | | Preferred equity investments | — | | | — | | | 173,230 | | | 173,230 | | | | Common equity investments | — | | | 10,925 | | | 88,586 | | | 99,511 | | | | Specialty finance equity investments | — | | | — | | | 2,623 | | | 2,623 | | | | Subtotal | — | | | 799,006 | | | 5,295,125 | | | 6,094,131 | | | Investments measured at Net Asset Value (“NAV”)(1) | — | | | — | | | — | | | 113,005 | | | | Total Investments at Fair Value | $ | — | | | $ | 799,006 | | | $ | 5,295,125 | | | $ | 6,207,136 | | | | Derivatives: | | | | | | | | | | | | | | | | | | Liabilities | | | | | | | | | | Foreign currency forward contracts | $ | — | | | $ | 429 | | | $ | — | | | $ | 429 | | |
_______________(1)Includes investments in Credit SLF, LSI Financing LLC, BOCSO, Blue Owl Leasing and Stripe Blue Owl which are measured at fair value using the NAV per share (or its equivalent) practical expedient and has 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. The tables below present changes in 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 | | | | Preferred | | Common | | Specialty finance | | Total | | Fair value, beginning of period | $ | 4,802,901 | | | $ | 161,254 | | | $ | 66,531 | | | | | $ | 173,230 | | | $ | 88,586 | | | $ | 2,623 | | | $ | 5,295,125 | | | Purchases of investments, net | 44,676 | | | 33 | | | — | | | | | 4,000 | | | 2,827 | | | — | | | 51,536 | | | Payment-in-kind | 5,432 | | | 1,141 | | | 1,031 | | | | | 2,441 | | | — | | | — | | | 10,045 | | | Proceeds from investments, net | (635,381) | | | — | | | (4,780) | | | | | (1,085) | | | — | | | — | | | (641,246) | | | Net change in unrealized gain (loss) | (75,174) | | | (4,092) | | | (363) | | | | | (7,327) | | | (9,158) | | | 39 | | | (96,075) | | | Net realized gains (losses) | 861 | | | — | | | 29 | | | | | — | | | — | | | — | | | 890 | | | Net accretion/amortization of discount/premium on investments | 3,192 | | | 18 | | | 6 | | | | | 108 | | | — | | | — | | | 3,324 | | Transfers into (out of) Level 3(1) | (4,166) | | | (40,509) | | | — | | | | | — | | | — | | | — | | | (44,675) | | Fair Value, End of Period | $ | 4,142,341 | | | $ | 117,845 | | | $ | 62,454 | | | | | $ | 171,367 | | | $ | 82,255 | | | $ | 2,662 | | | $ | 4,578,924 | |
_______________(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the period ended March 31, 2026, transfers out of Level 3 into Level 2 were 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 | | | | Preferred | | Common | | Specialty finance | | Total | | Fair value, beginning of period | $ | 3,601,677 | | | $ | 122,347 | | | $ | 59,333 | | | | | $ | 171,478 | | | $ | 52,144 | | | $ | 3,102 | | | $ | 4,010,081 | | | Purchases of investments, net | 479,306 | | | 12,438 | | | — | | | | | — | | | 8,754 | | | — | | | 500,498 | | | Payment-in-kind | 2,772 | | | 2,113 | | | 950 | | | | | 2,585 | | | — | | | — | | | 8,420 | | | Proceeds from investments, net | (233,940) | | | — | | | — | | | | | (25,912) | | | — | | | — | | | (259,852) | | | Net change in unrealized gain (loss) | 1,804 | | | (1,898) | | | (6) | | | | | (674) | | | 1,748 | | | (54) | | | 920 | | | Net realized gains (losses) | 7 | | | — | | | — | | | | | 257 | | | — | | | — | | | 264 | | | Net accretion/amortization of discount/premium on investments | 5,282 | | | 61 | | | 7 | | | | | 487 | | | — | | | — | | | 5,837 | | Transfers into (out of) Level 3(1) | (26,813) | | | — | | | — | | | | | — | | | (7,729) | | | — | | | (34,542) | | Fair Value, End of Period | $ | 3,830,095 | | | $ | 135,061 | | | $ | 60,284 | | | | | $ | 148,221 | | | $ | 54,917 | | | $ | 3,048 | | | $ | 4,231,626 | |
______________The table below presents information with respect to net change in unrealized gains (loss) 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: | | | | | | | | | | | | | | | | | | | For the Three Months Ended March 31, | | | | 2026 | | 2025 | | | | | | | | First-lien senior secured debt investments | $ | (71,957) | | | $ | 5,594 | | | | | | | | | Second-lien senior secured debt investments | (4,092) | | | (1,898) | | | | | | | | | Unsecured debt investments | (363) | | | (6) | | | | | | | | | | | | | | | | | | | Preferred equity investments | (7,327) | | | (670) | | | | | | | | | Common equity investments | (9,158) | | | 1,746 | | | | | | | | | Specialty finance equity investments | 39 | | | (54) | | | | | | | | | Total Investments | $ | (92,858) | | | $ | 4,712 | | | | | | | |
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. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of 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 | $4,121,888 | | Yield Analysis | | Market Yield | | 7.0% - 37.3% (9.9%) | | Decrease | | 11,682 | | Collateral Analysis | | Recovery Rate | | 57.0% | | Increase | | 8,771 | | Recent Transaction | | Transaction Price | | 97.2% - 99.5% (99.5%) | | Increase | | Second-lien senior secured debt investments | $117,845 | | Yield Analysis | | Market Yield | | 11.0% - 19.1% (14.1%) | | Decrease | | | | | | | | | | | Unsecured debt investments | $59,488 | | Yield Analysis | | Market Yield | | 11.3% - 14.4% (12.7%) | | Decrease | | 2,966 | | Quote | | Quote | | 98.9% | | Increase | | | | | | | | | | | | Preferred equity investments | $126,330 | | Yield Analysis | | Market Yield | | 12.8% - 27.6% (18.0%) | | Decrease | | 30,855 | | Market Approach | | Revenue Multiple | | 4.0x - 21.0x (10.2x) | | Increase | | 14,182 | | Recent Transaction | | Transaction Price | | 100.0% - 289.9% (189.5%) | | Increase | | | | | | | | | | | | | | | | | | | | Common equity investments | $35,433 | | Market Approach | | EBITDA Multiple | | 8.0x - 21.5x (12.3x) | | Increase | | 26,167 | | Market Approach | | Revenue Multiple | | 3.9x - 7.5x (7.2x) | | Increase | | 16,369 | | Recent Transaction | | Transaction Price | | 94.2% - 100.0% (95.0%) | | Increase | | 4,235 | | Market Approach | | Market Adjustment Factor | | (3.2)% | | Increase | | 51 | | Option Pricing Model | | Volatility | | 70.0% | | Increase | Specialty finance equity investments | $2,662 | | Yield Analysis | | Market Yield | | 11.8% | | Decrease |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of 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 | $4,114,791 | | Yield Analysis | | Market Yield | | 6.0% - 23.6% (9.0%) | | Decrease | | 672,593 | | Recent Transaction | | Transaction Price | | 95.0% - 99.8% (99.4%) | | Increase | | 15,517 | | Collateral Analysis | | Recovery Rate | | 77.5% | | Increase | Second-lien senior secured debt investments | $161,254 | | Yield Analysis | | Market Yield | | 8.4% - 32.5% (17.4%) | | Decrease | | | | | | | | | | | Unsecured debt investments | $63,400 | | Yield Analysis | | Market Yield | | 10.8% - 14.2% (12.4%) | | Decrease | | 3,131 | | Quote | | Quote | | 104.4% | | Increase | | | | | | | | | | | | Preferred equity investments | $127,154 | | Yield Analysis | | Market Yield | | 11.6% - 22.5% (13.6%) | | Decrease | | 22,950 | | Recent Transaction | | Transaction Price | | 62.8% - 100.0% (85.0%) | | Increase | | 17,550 | | Market Approach | | Revenue Multiple | | 4.8x - 14.8x (8.9x) | | Increase | | 5,576 | | Market Approach | | EBITDA Multiple | | 128.9x | | Increase | | | | | | | | | | | Common equity investments | $37,806 | | Market Approach | | EBITDA Multiple | | 8.75x - 25.50x (13.12x) | | Increase | | 26,777 | | Market Approach | | Revenue Multiple | | 5.3x - 13.0x (9.9x) | | Increase | | 20,251 | | Recent Transaction | | Transaction Price | | 100.0% - 173.2% (106.2%) | | Increase | | 3,712 | | Market Approach | | Market Adjustment Factor | | —% | | Increase | | 40 | | Option Pricing Model | | Volatility | | 70% | | Increase | Specialty finance equity investments | $2,623 | | Yield Analysis | | Market Yield | | 11.5% | | Decrease | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The Adviser, as valuation designee, typically determines the fair value of the Company's performing Level 3 debt investments utilizing a yield analysis. In a yield analysis, a price is ascribed for each investment based upon an assessment of current and expected market yields for similar investments and risk profiles. Additional consideration is given to the expected life, portfolio company performance since close, and other terms and risks associated with an investment. Among other factors, a determinant of risk is the amount of leverage used by the portfolio company relative to its total enterprise value, and the rights and remedies of the Company’s investment within the portfolio company’s capital structure. When the debtor is not performing or when there is insufficient value to cover the investment, the Company may utilize a net recovery approach to determine the fair value of debt investments in subject companies. A net recovery analysis typically consists of two steps. First, the total enterprise value for the subject company is estimated using standard valuation approaches, most commonly the market approach. Second, the fair value for each investment in the subject company is then estimated by allocating the subject company’s total enterprise value to the outstanding securities in the capital structure based upon various factors, including seniority, preferences, and other features if deemed relevant to each security in the capital structure. Significant unobservable quantitative inputs typically used in the fair value measurement of the Company’s Level 3 debt investments primarily include current market yields, including relevant market indices, but may also include quotes from brokers, dealers, and pricing services as indicated by comparable investments. For the Company’s Level 3 equity investments, a market approach, based on comparable financial performance multiples such as publicly-traded company and comparable market transaction multiples of revenues, EBITDA, or some combination thereof and comparable market transactions typically would be used. Debt Not Carried at Fair Value Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings, or market quotes, if available. The tables below present the carrying and fair values of the Company’s debt obligations as of the following periods: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of March 31, 2026 | | As of December 31, 2025 | | Net Carrying Value(1) | | Debt Issuance Costs | | Fair Value | | Net Carrying Value(1) | | Debt Issuance Costs | | Fair Value | | Revolving Credit Facility | $ | 294,065 | | | $ | (7,239) | | | $ | 294,065 | | | $ | 286,830 | | | $ | (7,735) | | | $ | 286,830 | | | SPV Asset Facility I | 468,784 | | | (5,216) | | | 468,784 | | | 491,374 | | | (5,626) | | | 491,374 | | | SPV Asset Facility II | 266,892 | | | (3,358) | | | 266,892 | | | 316,661 | | | (3,589) | | | 316,661 | | | SPV Asset Facility III | 343,248 | | | (6,752) | | | 343,248 | | | 543,071 | | | (6,929) | | | 543,071 | | | SPV Asset Facility IV | 456,239 | | | (5,261) | | | 456,239 | | | 623,660 | | | (5,840) | | | 623,660 | | | Athena CLO III | 267,887 | | | (2,113) | | | 267,887 | | | 267,812 | | | (2,188) | | | 267,812 | | | Series 2023A Notes | 99,893 | | | (107) | | | 100,000 | | | 99,793 | | | (207) | | | 100,000 | | | Series 2023B-A Notes | 99,493 | | | (507) | | | 100,000 | | | 99,448 | | | (552) | | | 100,000 | | | Series 2023B-B Notes | 74,776 | | | (224) | | | 75,000 | | | 74,707 | | | (293) | | | 75,000 | | | Total Debt | $ | 2,371,277 | | | $ | (30,777) | | | $ | 2,372,115 | | | $ | 2,803,356 | | | $ | (32,959) | | | $ | 2,804,408 | |
______________ (1)Carrying values are presented net of debt issuance costs. The table below presents fair value measurements of the Company’s debt obligations as of the following periods: | | | | | | | | | | | | | | | As of March 31, 2026 | | As of December 31, 2025 | | Level 1 | $ | — | | | $ | — | | | Level 2 | — | | | — | | | Level 3 | 2,372,115 | | | 2,804,408 | | | Total Debt | $ | 2,372,115 | | | $ | 2,804,408 | |
Financial Instruments Not Carried at Fair Value As of March 31, 2026 and December 31, 2025, the carrying amounts of the Company’s other assets and liabilities approximate fair value due to their short term maturities. These financial instruments would be categorized as Level 3 within the fair value hierarchy.
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