Investments (Tables)

6 Months Ended

Jun. 30, 2026

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



	As of June 30, 2026				As of December 31, 2025
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First-lien senior secured debt investments	$	4,553,371	$	4,406,237	$	5,488,669	$	5,484,795
Second-lien senior secured debt investments	254,383		197,494		283,730		267,441
Unsecured debt investments	63,512		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 investments	93,025		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, 2026		As of December 31, 2025
Aerospace & Defense	1.3	%	1.3	%
Airlines	0.2		0.3
Application Software	16.5		15.6
Asset Based Lending and Fund Finance(2)	0.9		0.4
Banks	0.7		0.7


	As of June 30, 2026		As of December 31, 2025
Beverages	0.2		0.2
Buildings & Real Estate	2.1		1.9
Building Products	0.1		0.1
Capital Markets	1.1		1.0
Commercial Services & Supplies	1.5		1.4
Construction & Engineering	0.1		0.2
Consumer Finance	0.6		0.5
Containers & Packaging	0.3		0.4
Diversified Consumer Services	2.4		2.9
Diversified Financial Services	6.9		7.8
Diversified Telecommunication Services(1)	—		0.0
Entertainment	1.0		1.1
Equity Real Estate Investment Trusts (REITs)	1.4		1.6
Food & Staples Retailing	2.7		2.3
Food Products	0.3		0.3
Health Care Equipment & Supplies	3.5		3.0
Health Care Providers & Services	4.3		6.1
Health Care Technology	13.3		12.4
Hotels, Restaurants & Leisure	0.7		0.7
Household Products	0.1		0.3
Industrial Conglomerates	0.8		0.8
Insurance	5.1		5.4
Internet & Direct Marketing Retail	0.6		0.5
IT Services	5.2		5.0
Joint Ventures(4)	0.3		0.4
Life Sciences Tools & Services	2.5		2.1
Machinery	—		0.6
Media	0.6		0.6
Multiline Retail	0.3		0.3
Pharmaceuticals(3)	1.2		1.2
Professional Services	5.9		5.7
Real Estate Management & Development	—		0.8
Specialty Retail	1.0		0.8
Systems Software	13.5		12.6
Water Utilities	0.3		0.2
Wireless Telecommunication Services	0.5		0.5
Total	100.0	%	100.0	%

_______________

(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, 2026		As of December 31, 2025
United States:
Midwest	12.2	%	13.7	%
Northeast	21.2		21.0
South	32.0		31.4
West	24.7		24.2
Canada	3.2		3.0
United Kingdom	3.3		4.1
Other international	3.4		2.6











Total	100.0	%	100.0	%

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:


Members	Capital Commitment		Net 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 Ohio	93,299		83,924		12.5
Total	$	746,395	$	671,395	100.0	%

_______________

(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%

As of June 30, 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 June 30, 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:


	June 30, 2026		December 31, 2025
Consolidated Balance Sheet Data
Cash	$	258,490	$	124,718
Investments at fair value	2,624,338		2,343,367
Total Assets	2,903,962		2,477,523
Total Debt (net of unamortized debt issuance costs)	2,069,196		1,728,363
Total Liabilities	2,296,807		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
Consolidated Statement of Operations Data
Income
Investment income	$	42,053	$	31,420		$	83,057	$	55,117
Expenses
Net operating expenses	26,186		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,
	2026		2025			2026		2025
Dividend income	$	391	$	66		$	712	$	93

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 value	39,680		39,628
Total Assets	43,407		74,531
Total Debt (net of unamortized debt issuance costs)	2,512		9,754
Total Liabilities	3,486		10,076
Total Blue Owl Leasing Members’ Equity	39,921		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,
	2026			2026
Consolidated Statement of Operations Data
Income
Investment income	$	1,044		$	2,087
Expenses
Net operating expenses	785			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,
	2026			2026
Dividend income	$	6		$	6