v3.26.1
Investments (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investments
Investments at fair value and amortized cost consisted of the below as of the following periods:
June 30, 2026December 31, 2025
Amortized CostFair ValueAmortized CostFair Value
First-lien senior secured debt investments$31,522,055 $31,053,486 $31,727,075 $31,597,264 
Second-lien senior secured debt investments1,487,237 1,320,759 1,554,896 1,500,498 
Unsecured debt investments439,632 441,892 463,745 479,850 
Specialty finance debt investments
146,790 146,790 134,800 134,800 
Preferred equity investments
524,734 491,965 508,942 496,312 
Common equity investments
414,912 491,911 370,541 435,238 
Specialty finance equity investments
1,294,004 1,390,072 814,147 900,635 
Joint ventures
429,322 353,272 409,012 374,351 
Total Investments$36,258,686 $35,690,147 $35,983,158 $35,918,948 
The industry composition of investments based on fair value consisted of the below as of the following periods:
June 30, 2026December 31, 2025
Advertising and media1.4 %1.3 %
Aerospace and defense0.9 0.9 
Asset based lending and fund finance(1)
1.8 1.5 
Automotive aftermarket(2)
0.0 0.0 
Automotive services2.3 2.1 
Buildings and real estate(3)
3.3 2.9 
Business services3.8 3.9 
Chemicals2.2 2.1 
Consumer products1.3 1.6 
Containers and packaging2.4 2.7 
Distribution2.0 2.5 
Education0.5 0.6 
Energy equipment and services0.2 0.2 
Financial services6.3 6.5 
Food and beverage4.4 4.7 
Healthcare equipment and services7.0 7.0 
Healthcare providers and services13.9 13.9 
Healthcare technology5.7 5.6 
Household products1.4 1.5 
Human resource support services0.6 0.7 
Infrastructure and environmental services2.1 2.3 
Insurance(4)
8.7 8.8 
Internet software and services13.6 11.6 
Joint ventures(5)
1.0 1.0 
Leisure and entertainment2.7 2.8 
Manufacturing0.8 2.0 
Pharmaceuticals(6)
2.2 1.4 
Professional services4.7 4.8 
Specialty retail0.9 0.9 
Telecommunications1.4 1.7 
Transportation0.5 0.5 
Total100.0 %100.0 %
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(1)Includes investments in Amergin AssetCo, BOCSO and Wingspire.
(2)Rounds to less than 0.1%.
(3)Includes investment in Owl-HP Finance.
(4)Includes equity investment in Fifth Season.
(5)Includes equity investments in OCIC SLF, Credit SLF and Blue Owl Leasing. See below, within Note 4, for more information regarding OCIC SLF, Credit SLF and Blue Owl Leasing.
(6)Includes equity investments in LSI Financing DAC and LSI Financing LLC.
The geographic composition of investments based on fair value consisted of the below as of the following periods:
As of June 30, 2026
As of December 31, 2025
United States:
Midwest17.1 %17.5 %
Northeast20.8 21.9 
South33.3 32.8 
West20.1 19.2 
International8.7 8.6 
Total100.0 %100.0 %
Schedule of Consolidated Financial Data
The table below sets forth OCIC SLF’s consolidated financial data as of and for the following periods:
As of June 30, 2026
As of December 31, 2025
Consolidated Balance Sheet Data
Cash$60,791 $58,827 
Investments at fair value1,602,176 1,626,107 
Total Assets1,680,676 1,704,149 
Total Debt (net of unamortized debt issuance costs)1,313,194 1,312,107 
Total Liabilities1,382,586 1,383,769 
Total OCIC SLF Members' Equity$298,090 $320,380 
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2026202520262025
Consolidated Statement of Operations Data
Income
Investment income$28,304 $31,826 $56,455 $65,975 
Expenses
Net operating expenses20,290 21,970 41,188 43,929 
Net investment income (loss)$8,014 $9,856 $15,267 $22,046 
Total net realized and unrealized gain (loss)1,177 370 (37,291)(22,980)
Net Increase (Decrease) in OCIC SLF Members' Equity Resulting from Operations$9,191 $10,226 $(22,024)$(934)
The table below sets forth Credit SLF’s consolidated financial data as of and for the following periods:
As of June 30, 2026
As of December 31, 2025
Consolidated Balance Sheet Data
Cash$258,490 $124,718 
Investments at fair value2,624,338 2,343,367 
Total Assets2,903,962 2,477,523 
Total Debt (net of unamortized debt issuance costs)2,069,196 1,728,363 
Total Liabilities2,296,807 1,863,454 
Total Credit SLF Members’ Equity$607,155 $614,069 
For the Three Months Ended June 30,For the Six Months Ended June 30,
2026
2025
2026
2025(1)
Consolidated Statement of Operations Data
Investment income$42,053 $31,420 $83,057 $55,117 
Net operating expenses26,186 18,482 51,216 32,139 
Net investment income (loss)$15,867 $12,938 $31,841 $22,978 
Total net realized and unrealized gain (loss)(7,626)9,319 (59,616)(6,785)
Net Increase (Decrease) in Credit SLF Members’ Equity Resulting from Operations
$8,241 $22,257 $(27,775)$16,193 
The table below sets forth Blue Owl Leasing’s consolidated financial data as of and for the following periods:
As of June 30, 2026
As of December 31, 2025(1)
Consolidated Balance Sheet Data
Cash$3,344 $34,555 
Investments at fair value39,680 39,628 
Total Assets43,407 74,531 
Total Debt (net of unamortized debt issuance costs)2,512 9,754 
Total Liabilities3,486 10,076 
Total Blue Owl Leasing Members’ Equity$39,921 $64,455 
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(1)     Blue Owl Leasing’s date of inception was June 30, 2025.
For the Three Months Ended June 30,For the Six Months Ended June 30,
2026
2026
Consolidated Statement of Operations Data
Income
Investment income$1,044 $2,087 
Expenses
Net operating expenses785 1,656 
Net investment income (loss)$259 $431 
Total net realized and unrealized gain (loss)132 (107)
Net Increase (Decrease) in Blue Owl Leasing Members’ Equity Resulting From Operations$391 $324 
Schedule of Proportional Share of Generated Distributions
The Company’s proportional share of OCIC SLF’s distributions for the following periods:
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2026202520262025
Dividend income
$7,012 $9,399 $13,358 $18,989 
The Company’s proportional share of Credit SLF’s distributions for the following periods:
For the Three Months Ended June 30,For the Six Months Ended June 30,
202620252026
2025
Dividend income
$2,211 $330 $3,939 $453 
The Company’s proportional shares of Blue Owl Leasing’s distributions for the following periods:
For the Three Months Ended June 30,
For the Six Months Ended June 30,
20262026
Dividend income$41 $41 
Schedule of Capital Commitment and Economic Ownership
As of June 30, 2026, the capital commitment and economic ownership of each Credit SLF Member is as follows:
MembersCapital CommitmentNet Contributed Capital
Economic Ownership Interest(1)
Blue Owl Capital Corporation$446,460 $431,928 64.4 %
Blue Owl Capital Corporation II(2)
244 244 0.0 %
Blue Owl Credit Income Corp.136,419 99,482 14.8 %
Blue Owl Technology Finance Corp.53,812 39,656 5.9 %
Blue Owl Technology Income Corp.16,161 16,161 2.4 %
State Teachers Retirement System of Ohio93,299 83,924 12.5 %
Total$746,395 $671,395 100.0 %
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(1)    This represents each equity holder’s ownership percentage at June 30, 2026 based on net contributed capital.
(2)    Economic ownership interest for Blue Owl Capital Corporation II is 0.04%.
Schedule of Capital Commitment and Economic Ownership
As of June 30, 2026, the capital commitment, called capital and economic ownership of each Blue Owl Leasing Member is as follows:
MembersCapital CommitmentNet Contributed Capital
Economic Ownership Interest(1)
Blue Owl Capital Corporation$860 $860 2.2 %
Blue Owl Capital Corporation II90 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 Fund31,000 31,000 77.5 %
California State Teachers Retirement System10,825 5,000 12.5 %
Total$86,600 $40,000 100.0 %
_______________
(1)     This represents each equity holder’s ownership percentage at June 30, 2026, based on net contributed capital.