v3.26.1
Investments
 6 Months Ended
Jun. 30, 2026
Schedule of Investments [Abstract]  
Investments Investments
The information in the tables below is presented on an aggregate portfolio basis, without regard to whether they are non-controlled non-affiliated, non-controlled affiliated or controlled affiliated investments.
The table below presents our investments at amortized cost and fair value as of the following periods:
As of June 30, 2026As of December 31, 2025
Amortized CostFair ValueAmortized CostFair Value
First-lien senior secured debt investments$4,553,371 $4,406,237 $5,488,669 $5,484,795 
Second-lien senior secured debt investments254,383 197,494 283,730 267,441 
Unsecured debt investments63,512 63,452 66,248 66,531 
Preferred equity investments
189,122 164,403 177,173 173,230 
Common equity investments
100,274 113,200 80,256 101,617 
Specialty finance equity investments93,025 97,207 86,202 89,389 
Joint Ventures
16,512 14,920 24,325 24,133 
Total Investments$5,270,199 $5,056,913 $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 June 30, 2026As of December 31, 2025
Aerospace & Defense1.3 %1.3 %
Airlines0.2 0.3 
Application Software16.5 15.6 
Asset Based Lending and Fund Finance(2)
0.9 0.4 
Banks0.7 0.7 
As of June 30, 2026As of December 31, 2025
Beverages0.2 0.2 
Buildings & Real Estate2.1 1.9 
Building Products0.1 0.1 
Capital Markets1.1 1.0 
Commercial Services & Supplies1.5 1.4 
Construction & Engineering0.1 0.2 
Consumer Finance0.6 0.5 
Containers & Packaging0.3 0.4 
Diversified Consumer Services2.4 2.9 
Diversified Financial Services6.9 7.8 
Diversified Telecommunication Services(1)
— 0.0 
Entertainment1.0 1.1 
Equity Real Estate Investment Trusts (REITs)1.4 1.6 
Food & Staples Retailing2.7 2.3 
Food Products0.3 0.3 
Health Care Equipment & Supplies3.5 3.0 
Health Care Providers & Services4.3 6.1 
Health Care Technology13.3 12.4 
Hotels, Restaurants & Leisure0.7 0.7 
Household Products0.1 0.3 
Industrial Conglomerates0.8 0.8 
Insurance5.1 5.4 
Internet & Direct Marketing Retail0.6 0.5 
IT Services5.2 5.0 
Joint Ventures(4)
0.3 0.4 
Life Sciences Tools & Services2.5 2.1 
Machinery— 0.6 
Media0.6 0.6 
Multiline Retail0.3 0.3 
Pharmaceuticals(3)
1.2 1.2 
Professional Services5.9 5.7 
Real Estate Management & Development— 0.8 
Specialty Retail1.0 0.8 
Systems Software13.5 12.6 
Water Utilities0.3 0.2 
Wireless Telecommunication Services0.5 0.5 
Total100.0 %100.0 %
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(1)As of June 30, 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 June 30, 2026As of December 31, 2025
United States:
Midwest12.2 %13.7 %
Northeast21.2 21.0 
South32.0 31.4 
West24.7 24.2 
Canada
3.2 3.0 
United Kingdom3.3 4.1 
Other international
3.4 2.6 
Total100.0 %100.0 %
Blue Owl Credit SLF LLC
Credit SLF, a Delaware limited liability company, is a joint venture among the Company, Blue Owl Capital Corporation ("OBDC"), Blue Owl Capital Corporation II ("OBDC II"), Blue Owl Credit Income Corp. ("OCIC"), Blue Owl Technology Finance Corp. ("OTF"), and State Teachers Retirement System of Ohio (each, a “Credit SLF Member” and collectively, the “Credit SLF Members”). Credit SLF’s principal purpose is to make investments primarily in senior secured loans to middle market companies, broadly syndicated loans and in senior and subordinated notes issued by collateralized loan obligations. Credit SLF is managed by a board of directors comprised of an equal number of directors appointed by each Credit SLF Member and which acts unanimously. Investment decisions must be approved by Credit SLF’s board. The Credit SLF Members coinvest through Credit SLF, or its wholly owned subsidiaries. Credit SLF’s date of inception was May 6, 2024 and Credit SLF made its first portfolio company investment on July 23, 2024.
Credit SLF’s investments at fair value are determined in accordance with FASB ASC 820, as amended; however, determination of such fair value is not included in the Company’s valuation process.
Other than for purposes of the 1940 Act, the Company does not believe it has control over this portfolio company. Accordingly, the Company does not consolidate its non-controlling interest in Credit SLF.
The Company’s initial capital commitment to and economic ownership in Credit SLF was $2.5 million and 4.4%, respectively. On May 15, 2025, the Credit SLF Members modified their capital commitments to Credit SLF and the Company's capital commitment was increased to $8.7 million. On September 4, 2025, certain Credit SLF Members increased their capital commitments to Credit SLF and the Company’s capital commitment was increased to $16.2 million. In the first quarter of 2026, certain Credit SLF Members further increased their capital commitments to Credit SLF. The Company’s commitment of $16.2 million did not change and was fully funded as of June 30, 2026.
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%
The table below sets forth Credit SLF’s consolidated financial data as of and for the following periods:
June 30, 2026December 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’ Equity607,155 614,069 
For the Three Months Ended June 30,For the Six Months Ended June 30,
2026202520262025
Consolidated Statement of Operations Data
Income
Investment income$42,053 $31,420 $83,057 $55,117 
Expenses
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 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,
2026202520262025
Dividend income
$391 $66 $712 $93 
Blue Owl Leasing LLC
Blue Owl Leasing, a Delaware limited liability company, is a joint venture among the Company, OBDC, OBDC II, OCIC, OTF and Blue Owl Alternative Credit Fund and California State Teachers Retirement System (each, a “Blue Owl Leasing Member” and collectively, the “Blue Owl Leasing Members”). Blue Owl Leasing’s principal purpose is to make investments, either directly or indirectly through financing subsidiaries or other persons, primarily in leases and loans. Investment decisions must be approved by Blue Owl Leasing. The Blue Owl Leasing Members coinvest through Blue Owl Leasing, or its wholly owned subsidiaries. Blue Owl Leasing’s date of inception was June 30, 2025 and Blue Owl Leasing made its first portfolio company investment on October 23, 2025.
Blue Owl Leasing’s investments at fair value are determined in accordance with FASB ASC 820, as amended; however, such fair value is not included in the Company’s valuation process.
Other than for purposes of the 1940 Act, the Company does not believe it has control over this portfolio company. Accordingly, the Company does not consolidate its non-controlling interest in Blue Owl Leasing.
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.
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’ Equity39,921 64,455 
______________
(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,
20262026
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 

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$6 $6 
Asset Sale
In February 2026, the Company sold a portion of its portfolio company investments with aggregate fair value of $344.0 million equivalent to 99.6% of par value to certain purchasers. The investments sold consisted of 98.6% first-lien investments and 1.4% unsecured investments and included investments in 60 portfolio companies across 26 industries. 98.6% of the investments sold were
floating rate. The sold assets had an average investment size of $5.7 million and a weighted average spread of 5.0% and consisted of partial sales representing approximately 13.0% of our investments in each underlying portfolio company as of December 31, 2025. As a result of the sale, the Company recognized a $0.5 million gain on the sale in the first quarter of 2026. The Company used the proceeds from the loan sale agreements to repay indebtedness.