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:
ClassificationNumber of SharesPar Value
Class S Shares1,000,000,000$0.01 
Class D Shares1,000,000,000$0.01 
Class I Shares1,000,000,000$0.01 
Total3,000,000,000 
The Company’s Class S shares are not subject to upfront selling commissions; however, if Class S shares are purchased through certain financial intermediaries, those financial intermediaries may directly charge transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that the selling agents limit such charge to 3.5% of the net offering price per share for each Class S share. 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 not subject to upfront selling commissions; however, if Class D shares are purchased through certain financial intermediaries, those financial intermediaries may directly charge transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that the selling agents limit such charge to 1.5% of the net offering price per share of each Class D share. 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 or annual ongoing service fees.
Common Stock Activity
The tables below present transactions with respect to shares of the Company’s common stock for the following periods:
For the Three Months Ended March 31, 2026
S
D
I
Total
SharesAmountSharesAmountSharesAmountSharesAmount
Shares/gross proceeds from the continuous public offering1,632,193$16,671 16,885$175 2,883,115$29,648 4,532,193$46,494 
Shares/gross proceeds from the private placements—— —— 4,942,54950,238 4,942,54950,238 
Share transfer between classes(1)
(909,415)(9,141)—— 909,4159,141 —— 
Reinvestment of distributions909,7699,282 13,503138 2,055,40320,987 2,978,67530,407 
Repurchased shares(13,988,101)(143,159)(1,032,371)(10,691)(53,592,440)(548,692)(68,612,912)(702,542)
Total shares/gross proceeds(12,355,554)(126,347)(1,001,983)(10,378)(42,801,958)(438,678)(56,159,495)(575,403)
Sales load—(86)—————(86)
Total Shares/Net Proceeds(12,355,554)$(126,433)(1,001,983)$(10,378)(42,801,958)$(438,678)(56,159,495)$(575,489)
_______________
(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 offering8,768,122$91,689 158,487$1,650 4,020,978$41,861 12,947,587$135,200 
Shares/gross proceeds from the private placements—— —— 18,583,085193,393 18,583,085193,393 
Share transfer between classes(1)
(297,139)(3,097)—— 297,1393,097 —— 
Reinvestment of distributions892,5659,295 9,14096 2,324,38824,206 3,226,09333,597 
Repurchased shares(1,514,802)(15,662)(14,197)(147)(8,000,727)(82,728)(9,529,726)(98,537)
Total shares/gross proceeds7,848,74682,225153,4301,59917,224,863179,82925,227,039263,653
Sales load—(405)—————(405)
Total Shares/Net Proceeds7,848,746$81,820 153,430$1,599 17,224,863$179,829 25,227,039$263,248 
_______________
(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 since the commencement of the Company’s initial continuous public offering and associated effective dates of such changes were as follows:
For the Three Months Ended March 31, 2026
S
D
I
Effective DateNet Offering Price (per share)
Maximum Upfront Sales Load (per share)(1)
Maximum Offering Price (per share)Net Offering Price (per share)
Maximum Upfront Sales Load (per share)(2)
Maximum Offering Price (per share)Net Offering Price (per share)Maximum Upfront Sales Load (per share)Maximum Offering Price (per share)
January 2, 2026$10.38 $— $10.38 $10.38 $— $10.38 $10.38 $— $10.38 
February 2, 202610.27 — 10.27 10.27 — 10.27 10.27 — 10.27 
March 2, 20269.97 — 9.97 9.97 — 9.97 9.97 — 9.97 
_______________
(1)Maximum potential upfront sales load per share on Class S shares that can be charged by financial intermediaries is 3.5% of the net offering price.
(2)Maximum potential upfront sales load per share on Class D shares that can be charged by financial intermediaries is 1.5% of the net offering price.
For the Three Months Ended March 31, 2025
S
D
I
Effective DateNet Offering Price (per share)
Maximum Upfront Sales Load (per share)(1)
Maximum Offering Price (per share)Net Offering Price (per share)
Maximum Upfront Sales Load (per share)(2)
Maximum Offering Price (per share)Net Offering Price (per share)Maximum Upfront Sales Load (per share)Maximum Offering Price (per share)
January 2, 2025$10.42 $— $10.42 $10.42 $— $10.42 $10.42 $— $10.42 
February 3, 202510.43 — 10.43 10.43 — 10.43 10.43 — 10.43 
March 3, 202510.39 — 10.39 10.39 — 10.39 10.39 — 10.39 
_______________
(1)Maximum potential upfront sales load per share on Class S shares that can be charged by financial intermediaries is 3.5% of the net offering price.
(2)Maximum potential upfront sales load per share on Class D shares that can be charged by financial intermediaries is 1.5% of the net offering price.
Distributions
The Board intends to authorize and declare monthly distribution amounts per share of common stock, payable monthly in arrears.
The tables below present cash distributions per share that were recorded for the following periods:
For the Three Months Ended March 31, 2026
Declaration Date(1)
Record DatePayment Date
Distribution Per Share(2)
Distribution Amount(3)
SDI
November 4, 2025January 30, 2026February 25, 2026$0.074775 $5,481 $79 $16,003 
February 18, 2026February 27, 2026March 30, 20260.074775 5,570 80 16,392 
February 18, 2026March 31, 2026April 28, 20260.074775 5,286 78 15,635 
Total$0.224325 $16,337 $237 $48,030 
_______________
(1)On February 18, 2026, the Company’s board of directors declared a distribution of $0.074775 per share, payable on or before May 31, 2026, to the shareholders of record as of April 30, 2026.
(2)Distributions per share are gross of shareholder servicing fees.
(3)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)
S
D
I
November 5, 2024January 31, 2025February 25, 2025$0.074775 $4,907 $116 $16,780 
February 18, 2025February 28, 2025March 25, 20250.074775 5,136 117 17,249 
February 18, 2025March 31, 2025April 24, 20250.074775 5,219 120 17,539 
February 18, 2025March 31, 2025April 24, 20250.020000 1,555 33 4,691 
Total$0.244325 $16,817 $386 $56,259 
_______________
(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 reinvestment of any 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 distribution automatically reinvested in additional shares of the Company's 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 it, 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 and expense support from the Adviser, which is subject to recoupment. 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. Prior to the termination of the Expense Support Agreement on March 7, 2023, a portion of the Company’s distributions resulted from expense support from the Adviser. The purpose of this arrangement was to avoid distributions being characterized as a return of capital for U.S. federal income tax purposes.
Sources of distributions, other than net investment income and realized gains on a U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions.
The tables below presents the source of cash distributions on a U.S. GAAP basis that the Company has declared on its shares of common stock for the following periods:
For the Three Months Ended March 31, 2026
S
D
I
Total
Source of Distribution
Per Share(1)
Amount
Per Share(1)
Amount
Per Share(1)
Amount
Per Share(1)
Amount
Net investment income(2)(3)
$0.216403 $16,069 $0.192516 $218 $0.213157 $47,077 $0.213956 $63,364 
Net realized gain on investments(3)
— — — — — — — — 
Excess (undistributed)0.007922 268 0.031809 19 0.011168 953 0.010369 1,240 
Total$0.224325 $16,337 $0.224325 $237 $0.224325 $48,030 $0.224325 $64,604 
______________
(1)Distributions per share are gross of shareholder servicing fees.
(2)Net investment income per share is gross of shareholder servicing fees.
(3)The per share data was derived using actual shares outstanding at the date of the relevant transaction.
For the Three Months Ended March 31, 2025
Source of Distribution(2)
Per Share(1)
AmountPercentage
Net investment income$0.242969 $74,975 102.0 %
Net realized gain (loss) on investments— — — %
Excess (undistributed)
0.001356 (1,513)(2.0)%
Total$0.244325 $73,462 100.0 %
___________
(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 our Board, the Company may use cash on hand, cash available from borrowings, and cash from the sale of our 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.
The tables below present the share repurchase activity of the Company:
For the Three Months Ended March 31, 2026
Offer DateClassTender Offer ExpirationTender OfferPurchase Price per ShareShares Repurchased
November 26, 2025IJanuary 8, 2026$415,464 $10.38 40,025,443 
November 26, 2025SJanuary 8, 2026107,456 10.38 10,352,290 
November 26, 2025DJanuary 8, 202610,259 10.38 988,298 
February 27, 2026
I
March 31, 2026133,228 9.82 13,566,997 
February 27, 2026
S
March 31, 202635,703 9.82 3,635,811 
February 27, 2026
D
March 31, 2026432 9.82 44,073 
Total
$702,542 68,612,912 
For the Three Months Ended March 31, 2025
Offer DateClassTender Offer ExpirationTender OfferPurchase Price per ShareShares Repurchased
February 26, 2025IMarch 31, 2025$82,728 $10.34 $8,000,727 
February 26, 2025SMarch 31, 202515,662 10.34 1,514,802
February 26, 2025DMarch 31, 2025147 10.34 14,197
Total
$98,537 9,529,726