Investments (Tables)

3 Months Ended

Mar. 31, 2026

The table below presents our investments at amortized cost and fair value as of the following periods:



	As of March 31, 2026				As of December 31, 2025
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First-lien senior secured debt investments	$	4,677,079	$	4,557,893	$	5,488,669	$	5,484,795
Second-lien senior secured debt investments	253,123		201,125		283,730		267,441
Unsecured debt investments	62,534		62,454		66,248		66,531

Preferred equity investments	182,633		171,367		177,173		173,230
Common equity investments	90,882		100,585		80,256		101,617
Specialty finance equity investments	105,282		108,651		86,202		89,389
Joint Ventures	16,512		15,294		24,325		24,133
Total Investments	$	5,388,045	$	5,217,369	$	6,206,603	$	6,207,136

The Company uses Global Industry Classification Standard (“GICS”) for classifying the industry groupings of its portfolio companies. The table below presents the industry composition of investments based on fair value as of the following periods:


	As of March 31, 2026		As of December 31, 2025
Aerospace & Defense	1.3	%	1.3	%
Airlines	0.2		0.3
Application Software	16.1		15.6
Asset Based Lending and Fund Finance(2)	0.9		0.4
Banks	0.4		0.7
Beverages	0.2		0.2
Buildings & Real Estate	1.9		1.9
Building Products	0.1		0.1
Capital Markets	1.0		1.0
Commercial Services & Supplies	1.4		1.4
Construction & Engineering	0.2		0.2
Consumer Finance	0.6		0.5
Containers & Packaging	0.3		0.4
Diversified Consumer Services	2.3		2.9
Diversified Financial Services	7.4		7.8
Diversified Telecommunication Services(1)	—		0.0
Entertainment	1.2		1.1
Equity Real Estate Investment Trusts (REITs)	1.8		1.6
Food & Staples Retailing	2.6		2.3
Food Products	0.3		0.3
Health Care Equipment & Supplies	3.4		3.0
Health Care Providers & Services	4.2		6.1
Health Care Technology	12.8		12.4
Hotels, Restaurants & Leisure	0.7		0.7
Household Products	0.1		0.3
Industrial Conglomerates	0.8		0.8
Insurance	5.0		5.4
Internet & Direct Marketing Retail	0.6		0.5
IT Services	5.4		5.0


	As of March 31, 2026		As of December 31, 2025
Joint Ventures(4)	0.3		0.4
Life Sciences Tools & Services	2.4		2.1
Machinery	0.3		0.6
Media	0.5		0.6
Multiline Retail	0.3		0.3
Pharmaceuticals(3)	1.4		1.2
Professional Services	6.0		5.7
Real Estate Management & Development	0.7		0.8
Specialty Retail	1.0		0.8
Systems Software	13.1		12.6
Water Utilities	0.3		0.2
Wireless Telecommunication Services	0.5		0.5
Total	100.0	%	100.0	%

_______________

(1)As of March 31, 2026 and December 31, 2025, our investment balance is insignificant (if applicable).

(2)Includes investment in BOCSO.

(3)Includes investments in LSI Financing DAC and LSI Financing LLC.

(4)Includes investments in Credit SLF and Blue Owl Leasing. See below, within Note 4, for more information.

The table below presents investments by geographic composition based on fair value as of the following periods:



	As of March 31, 2026		As of December 31, 2025
United States:
Midwest	12.8	%	13.7	%
Northeast	21.6		21.0
South	30.6		31.4
West	24.5		24.2
Canada	3.1		3.0
United Kingdom	4.3		4.1
Other international	3.1		2.6











Total	100.0	%	100.0	%

Schedule of Capital Commitment and Economic Ownership

As of March 31, 2026, the capital commitment and economic ownership of each Credit SLF Member is as follows:


Members	Capital Commitment		Net 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 Ohio	93,299		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%.

As of March 31, 2026, the capital commitment, called capital and economic ownership of each Blue Owl Leasing Member is as follows:


Members	Capital Commitment		Net Contributed Capital		Economic Ownership Interest(1)
Blue Owl Capital Corporation	$	860	$	860	2.2	%
Blue Owl Capital Corporation II	90		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 Fund	31,000		31,000		77.5	%
California State Teachers Retirement System	10,825		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.

Schedule of Summarized Financial Data

The table below sets forth Credit SLF’s consolidated financial data as of and for the following periods:


	March 31, 2026		December 31, 2025
Consolidated Balance Sheet Data
Cash	$	167,235	$	124,718
Investments at fair value	2,417,836		2,343,367
Total Assets	2,616,236		2,477,523
Total Debt (net of unamortized debt issuance costs)	1,831,178		1,728,363
Total Liabilities	2,026,448		1,863,454
Total Credit SLF Members’ Equity	589,788		614,069


	For the Three Months Ended March 31,
	2026		2025
Consolidated Statement of Operations Data

Investment income	$	41,005	$	23,696

Net operating expenses	25,030		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:


	For the Three Months Ended March 31,
	2026		2025
Dividend income	$	321	$	27

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 value	39,363		39,628
Total Assets	49,650		74,531
Total Debt (net of unamortized debt issuance costs)	9,374		9,754
Total Liabilities	9,861		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 expenses	871
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)