Net Assets (Tables)

3 Months Ended

Mar. 31, 2026

In connection with its formation, the Company has the authority to issue the following shares:


Classification	Number of Shares	Par Value
Class S Shares	1,000,000,000	$	0.01
Class D Shares	1,000,000,000	$	0.01
Class I Shares	1,000,000,000	$	0.01
Total	3,000,000,000

Schedule of Investment Company, Changes in Net Assets

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
	Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount
Shares/gross proceeds from the continuous public offering	1,632,193	$	16,671	16,885	$	175	2,883,115	$	29,648	4,532,193	$	46,494
Shares/gross proceeds from the private placements	—	—		—	—		4,942,549	50,238		4,942,549	50,238
Share transfer between classes(1)	(909,415)	(9,141)		—	—		909,415	9,141		—	—
Reinvestment of distributions	909,769	9,282		13,503	138		2,055,403	20,987		2,978,675	30,407
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
	S			D			I			Total
	Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount
Shares/gross proceeds from the continuous public offering	8,768,122	$	91,689	158,487	$	1,650	4,020,978	$	41,861	12,947,587	$	135,200
Shares/gross proceeds from the private placements	—	—		—	—		18,583,085	193,393		18,583,085	193,393
Share transfer between classes(1)	(297,139)	(3,097)		—	—		297,139	3,097		—	—
Reinvestment of distributions	892,565	9,295		9,140	96		2,324,388	24,206		3,226,093	33,597
Repurchased shares	(1,514,802)	(15,662)		(14,197)	(147)		(8,000,727)	(82,728)		(9,529,726)	(98,537)
Total shares/gross proceeds	7,848,746	82,225		153,430	1,599		17,224,863	179,829		25,227,039	263,653
Sales load	—	(405)		—	—		—	—		—	(405)
Total Shares/Net Proceeds	7,848,746	$	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.

Schedule of Sale of Stock by Initial Continuous Public Offering and Associated Effective Dates

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 Date	Net 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, 2026	10.27		—		10.27		10.27		—		10.27		10.27		—		10.27
March 2, 2026	9.97		—		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 Date	Net 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, 2025	10.43		—		10.43		10.43		—		10.43		10.43		—		10.43
March 3, 2025	10.39		—		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.

Schedule of Distributions Declared

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 Date	Payment Date	Distribution Per Share(2)		Distribution Amount(3)
					S		D		I
November 4, 2025	January 30, 2026	February 25, 2026	$	0.074775	$	5,481	$	79	$	16,003
February 18, 2026	February 27, 2026	March 30, 2026	0.074775		5,570		80		16,392
February 18, 2026	March 31, 2026	April 28, 2026	0.074775		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 Date	Record Date	Payment Date	Distribution Per Share(1)		Distribution Amount(2)
					S		D		I















November 5, 2024	January 31, 2025	February 25, 2025	$	0.074775	$	4,907	$	116	$	16,780
February 18, 2025	February 28, 2025	March 25, 2025	0.074775		5,136		117		17,249
February 18, 2025	March 31, 2025	April 24, 2025	0.074775		5,219		120		17,539
February 18, 2025	March 31, 2025	April 24, 2025	0.020000		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 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)		Amount		Percentage
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.

Schedule of Common Stock Purchase Pursuant to Repurchase Plan

The tables below present the share repurchase activity of the Company:


For the Three Months Ended March 31, 2026
Offer Date	Class	Tender Offer Expiration	Tender Offer		Purchase Price per Share		Shares Repurchased

























November 26, 2025	I	January 8, 2026	$	415,464	$	10.38	40,025,443
November 26, 2025	S	January 8, 2026	107,456		10.38		10,352,290
November 26, 2025	D	January 8, 2026	10,259		10.38		988,298
February 27, 2026	I	March 31, 2026	133,228		9.82		13,566,997
February 27, 2026	S	March 31, 2026	35,703		9.82		3,635,811
February 27, 2026	D	March 31, 2026	432		9.82		44,073






Total			$	702,542			68,612,912


For the Three Months Ended March 31, 2025
Offer Date	Class	Tender Offer Expiration	Tender Offer		Purchase Price per Share		Shares Repurchased

























February 26, 2025	I	March 31, 2025	$	82,728	$	10.34	$	8,000,727
February 26, 2025	S	March 31, 2025	15,662		10.34		1,514,802
February 26, 2025	D	March 31, 2025	147		10.34		14,197








Total			$	98,537			9,529,726

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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