Fair Value of Investments (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Fair Value Hierarchy 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.

Schedule of Changes in the Fair Value of Investments

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

______________

(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, 2025, transfers out of Level 3 into Level 2 were a result of changes in the observability of significant inputs for certain portfolio companies.

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

Schedule of Quantitative Information About Significant Unobservable Inputs of Level 3 Investments

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

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

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

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

Option Pricing Model

Volatility

70%

Increase

Specialty finance equity investments

$2,623

Yield Analysis

Market Yield

11.5%

Decrease

Schedule of Carrying Values and Fair Values of the Company’s Debt Obligations

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

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details