
Class and Period	Total Amount Outstanding Exclusive of Treasury Securities(1) ($ in millions)		Asset Coverage per Unit(2)		Involuntary Liquidating Preference per Unit(3)	Average Market Value per Unit(4)
Revolving Credit Facility
March 31, 2026 (Unaudited)	$	301.3	$	2,169.5	—	N/A
December 31, 2025	294.6		2,234.4		—	N/A
December 31, 2024	500.0		2,277.1		—	N/A
December 31, 2023	541.4		2,353.7		—	N/A
December 31, 2022	415.2		1,958.8		—	N/A
December 31, 2021	—		—		—	N/A
SPV Asset Facility I
March 31, 2026 (Unaudited)	$	474.0	$	2,169.5	—	N/A
December 31, 2025	497.0		2,234.4		—	N/A
December 31, 2024	445.0		2,277.1		—	N/A
December 31, 2023	550.0		2,353.7		—	N/A
December 31, 2022	614.0		1,958.8		—	N/A
December 31, 2021	—		—		—	N/A
SPV Asset Facility II
March 31, 2026 (Unaudited)	$	270.3	$	2,169.5	—	N/A
December 31, 2025	320.3		2,234.4		—	N/A
December 31, 2024	475.0		2,277.1		—	N/A
December 31, 2023	—		2,353.7		—	N/A
SPV Asset Facility III
March 31, 2026 (Unaudited)	$	350.0	$	2,169.5	—	N/A
December 31, 2025	550.0		2,234.4		—	N/A
December 31, 2024	315.0		2,277.1		—	N/A
SPV Asset Facility IV
March 31, 2026 (Unaudited)	$	461.5	$	2,169.5	—	N/A
December 31, 2025	629.5		2,234.4		—	N/A
Athena CLO III
March 31, 2026 (Unaudited)	$	270.0	$	2,169.5	—	N/A
December 31, 2025	270.0		2,234.4		—	N/A
December 31, 2024	270.0		2,277.1		—	N/A

Series 2023A Notes


March 31, 2026 (Unaudited)	$	100.0	$	2,169.5	—	N/A
December 31, 2025	100.0		2,234.4		—	N/A
December 31, 2024	100.0		2,277.1		—	N/A
December 31, 2023	100.0		2,353.7		—	N/A
Series 2023B-A Notes
March 31, 2026 (Unaudited)	$	100.0	$	2,169.5	—	N/A
December 31, 2025	100.0		2,234.4		—	N/A
December 31, 2024	100.0		2,277.1		—	N/A
December 31, 2023	100.0		2,353.7		—	N/A
Series 2023B-B Notes
March 31, 2026 (Unaudited)	$	75.0	$	2,169.5	—	N/A
December 31, 2025	75.0		2,234.4		—	N/A
December 31, 2024	75.0		2,277.1		—	N/A
December 31, 2023	75.0		2,353.7		—	N/A
Promissory Note(5)
December 31, 2021	$	—	$	—	—	N/A

Senior Securities Averaging Method, Note [Text Block]

Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.

Senior Securities Headings, Note [Text Block]

Total amount of each class of senior securities outstanding at the end of the period presented.

(2)Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.

(3)The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. The “—” in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.

(4)Not applicable because the senior securities are not registered for public trading.

(5)The promissory note was terminated in June 2022.

General Description of Registrant [Abstract]

Investment Objectives and Practices [Text Block]

Our Investment Framework

We are a Maryland corporation formed primarily to originate and make loans to and make debt and equity investments in, technology-related companies based primarily in the United States, with an emphasis on enterprise software investments. We originate and invest in senior secured or unsecured loans, subordinated loans or mezzanine loans, and equity-related securities including common equity, warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company’s common equity. Our investment objective is to maximize total return by generating current income from debt investments and other income producing securities, and capital appreciation from our equity and equity-linked investments. We may hold our investments directly or through special purpose vehicles. Since our Adviser’s affiliates began investment activities in April 2016 through March 31, 2026, the Blue Owl Credit Advisers have originated $193.98 billion aggregate principal amount of investments across multiple industries, of which $189.83 billion of aggregate principal amount of investments prior to any subsequent exits or repayments was retained by either us or a corporation or fund advised by our Adviser or its affiliates.

We invest at least 80% of the value of our total assets in “technology-related” companies. We define technology-related companies as those that (i) operate directly in the technology industry, which includes, but is not limited to, application software, systems software, healthcare technology, information technology, technology services and infrastructure, financial technology and internet and digital media, (ii) operate indirectly through their reliance on technology (i.e., utilizing scientific knowledge or technology-enabled techniques, skills, methods, devices or processes to deliver goods and/or services) or (iii) seek to grow through technological advancements and innovations. We invest in a broad range of established and high growth technology-related companies with a focus on large, established enterprise software companies across a variety of end-markets that are capitalizing on the large and growing demand for software products and services. Within enterprise software we currently focus on investing in application software, which represents the operating layer for core business functions; systems and infrastructure software, which is the defense layer that protects enterprise data and networks and of which cybersecurity is a large component; and fintech and payments software, which provide critical means for the global movement of capital.

The companies in which we invest use our capital primarily to support their growth, acquisitions, market or product expansion, refinancings and/or recapitalizations. The debt in which we invest is generally not rated by any rating agency, but if these instruments were rated, they would likely receive a rating of below investment grade (that is, below BBB- or Baa3), which is often referred to as “high yield” or “junk”.

We leverage Blue Owl’s relationships and existing origination capabilities to focus our investments in companies with an enterprise value of at least $250 million and that are typically backed by institutional investors that are active investors in and have an expertise in technology companies and technology-related industries. We expect that our target investments will typically have maturities between three and ten years and generally range in size between $50 million and $500 million. Our expected portfolio composition will be majority debt or income producing securities, in particular directly originated debt investments, with a lesser allocation to equity related opportunities. On these investments, we typically invest at a low loan-to-value ratio, which we consider to be 50% or below. We anticipate that generally any equity related securities we hold will be minority positions. We expect that our investment size will vary with the size of our capital base and that our average investment size will be 0.5-1.5% of our entire portfolio with no investment size greater than 5%; however, from time to time, certain of our investments may comprise greater than 5%. As of March 31, 2026, our average investment size in each of our portfolio companies was approximately $29.8 million based on fair value.

We expect that our portfolio composition will be comprised predominantly of directly originated debt and income producing securities, with a lesser allocation to equity or equity-linked opportunities. Our debt investments may be structured as annualized recurring revenue (“ARR”) loans, which are loans made to a company that may not currently be EBITDA positive because they have strategically determined to postpone profitability in favor of acquiring customers that will generate a high lifetime value over time. Generally, our ARR loans are made to high growth technology companies with a stable base of existing customers, providing strong revenue visibility. We believe the recurring revenue market to be underserved and find that ARR loans often have attractive risk adjusted return profiles, in the form of pricing, credit documentation, and /or loan-to-values, relative to the broader market. Our ARR loans, as a percentage of our portfolio, have decreased from its peak, and as we seek to originate additional loans we expect to increase our exposure to ARR loans.

We may also invest a portion of our portfolio in opportunistic investments and publicly traded debt investments and we may evaluate and enter into strategic portfolio transactions that may result in additional portfolio companies that we are considered to

control. These types of investments are intended to supplement our core strategy and further enhance returns to our shareholders. These investments may include high-yield bonds and broadly syndicated loans, including “covenant lite” loans (as defined below), and other publicly traded debt instruments, typically originated and structured by banks on behalf of large corporate borrowers with employee counts, revenues, EBITDAs and enterprise values larger than those of middle-market companies, and equity investments in portfolio companies that make senior secured loans or invest in broadly syndicated loans, structured products, asset-based solutions or other forms of specialty finance, which may include, but is not limited to, investments such as life settlements, royalty interests and equipment finance.

Covenants are contractual restrictions that lenders place on companies to limit the corporate actions a company may pursue. The loans in which we expect to invest may have financial maintenance covenants, which are used to proactively address materially adverse changes in a portfolio company’s financial performance, or may take the form of “covenant-lite” loans, which generally refers to loans that do not have a complete set of financial maintenance covenants. Generally, “covenant-lite” loans provide borrowers more freedom to negatively impact lenders because their covenants are incurrence-based, which means they are only tested and can only be breached following an affirmative action of the borrower, rather than by a deterioration in the borrower’s financial condition. Accordingly, to the extent we invest in “covenant-lite” loans, we may have fewer rights against a borrower and may have a greater risk of loss on such investments as compared to investments in or exposure to loans with financial maintenance covenants.

Revolving Credit Facility [Member]