Fair Value of Investments (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2026
	Level 1		Level 2		Level 3		Total
Cash	$	108,640	$	—	$	—	$	108,640

Investments:
First-lien senior secured debt investments	—		348,713		4,057,524		4,406,237
Second-lien senior secured debt investments	—		65,731		131,763		197,494
Unsecured debt investments	—		—		63,452		63,452

Preferred equity investments	—		—		164,403		164,403
Common equity investments	12,910		7,201		73,949		94,060
Specialty finance equity investments	—		—		2,064		2,064
Subtotal	12,910		421,645		4,493,155		4,927,710
Investments measured at NAV(1)	—		—		—		129,203
Total Investments at Fair Value	$	12,910	$	421,645	$	4,493,155	$	5,056,913
Derivatives:
Derivative assets	$	—	$	1,005	$	—	$	1,005
Derivative liabilities	—		—		—		—

_______________

(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) as a 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:
Derivative assets	$	—	$	—	$	—	$	—
Derivative liabilities	—		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) as a 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 June 30, 2026

	Debt Investments						Equity Investments
	First-Lien Senior Secured		Second-Lien Senior Secured		Unsecured		Preferred		Common		Specialty Finance		Total
Fair value, beginning of period	$	4,142,341	$	117,845	$	62,454	$	171,367	$	82,255	$	2,662	$	4,578,924
Purchases of investments, net	84,466		—		—		—		1,222		—		85,688
Payment-in-kind	5,376		1,149		972		6,435		—		—		13,932
Proceeds from investments, net	(164,093)		—		—		(96)		(25,877)		(586)		(190,652)
Net change in unrealized gain (loss)	(4,393)		(6,252)		19		(13,452)		5,632		(12)		(18,458)
Net realized gains (losses)	2,423		—		—		96		10,717		—		13,236
Net accretion/amortization of discount/premium on investments	2,513		49		7		53		—		—		2,622
Transfers into (out of) Level 3(1)	(11,109)		18,972		—		—		—		—		7,863
Fair Value, End of Period	$	4,057,524	$	131,763	$	63,452	$	164,403	$	73,949	$	2,064	$	4,493,155

_______________

(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the period ended June 30, 2026, transfers into(out of) Level were a result of changes in the observability of significant inputs for certain portfolio companies.


	As of and for the Six Months Ended June 30, 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	129,530		33		—			4,000		4,052		—		137,615
Payment-in-kind	10,808		2,290		2,003			8,876		—		—		23,977
Proceeds from investments, net	(799,749)		—		(4,780)			(1,181)		(25,877)		(586)		(832,173)
Net change in unrealized gain (loss)	(78,818)		(13,957)		(344)			(20,775)		(3,529)		27		(117,396)
Net realized gains (losses)	3,263		—		29			96		10,717		—		14,105
Net accretion/amortization of discount/premium on investments	5,709		70		13			157		—		—		5,949

Transfers into (out of) Level 3(1)	(16,120)		(17,927)		—			—		—		—		(34,047)
Fair Value, End of Period	$	4,057,524	$	131,763	$	63,452		$	164,403	$	73,949	$	2,064	$	4,493,155

______________

(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the period ended June 30, 2026, transfers into/(out of) Level 3 were a result of changes in the observability of significant inputs for certain portfolio companies.


	As of and for the Three Months Ended June 30, 2025

	Debt Investments						Equity Investments
	First-Lien Senior Secured		Second-Lien Senior Secured		Unsecured			Preferred		Common		Specialty Finance		Total
Fair value, beginning of period	$	3,830,095	$	135,061	$	60,284		$	148,221	$	54,917	$	3,048	$	4,231,626
Purchases of investments, net	428,468		56,928		—			13,390		904		—		499,690
Payment-in-kind	4,103		3,004		995			5,887		—		—		13,989
Proceeds from investments, net	(77,554)		(57,609)		—			(3,142)		—		(394)		(138,699)
Net change in unrealized gain (loss)	8,421		(2,223)		(6)			2,224		2,410		(209)		10,617
Net realized gains (losses)	1,536		—		—			31		—		—		1,567
Net accretion/amortization of discount/premium on investments	3,013		559		6			150		—		—		3,728
Transfers into (out of) Level 3(1)	(98,310)		(12,438)		—			—		—		—		(110,748)
Fair Value, End of Period	$	4,099,772	$	123,282	$	61,279		$	166,761	$	58,231	$	2,445	$	4,511,770

______________

(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the period ended June 30, 2025, transfers into/(out of) Level 3 were a result of changes in the observability of significant inputs for certain portfolio companies.


	As of and for the Six Months Ended June 30, 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	848,024		56,928		—			13,390		9,657		—		927,999
Payment-in-kind	6,875		5,117		1,945			8,471		—		—		22,408
Proceeds from investments, net	(311,437)		(57,609)		—			(29,054)		—		(394)		(398,494)
Net change in unrealized gain (loss)	10,560		(4,122)		(11)			1,552		4,159		(263)		11,875
Net realized gains (losses)	1,543		—		—			288		—		—		1,831
Net accretion/amortization of discount/premium on investments	8,224		621		12			636		—		—		9,493
Transfers into (out of) Level 3(1)	(65,694)		—		—			—		(7,729)		—		(73,423)
Fair Value, End of Period	$	4,099,772	$	123,282	$	61,279		$	166,761	$	58,231	$	2,445	$	4,511,770

______________

(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfer occur. For the period ended June 30, 2025, transfers into/(out of) Level 3 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 June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
First-lien senior secured debt investments	$	(3,271)	$	10,122	$	(74,989)	$	14,679
Second-lien senior secured debt investments	(6,252)		(1,724)		(13,957)		(4,153)
Unsecured debt investments	19		(6)		(344)		(11)

Preferred equity investments	(13,452)		2,225		(20,775)		1,554
Common equity investments	4,756		2,410		(3,537)		4,159
Specialty finance equity investments	(12)		(210)		27		(265)
Total Investments	$	(18,212)	$	12,817	$	(113,575)	$	15,963

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 June 30, 2026

Fair Value

Valuation Technique

Unobservable Input

Range (Weighted Average)

Impact to Valuation from an Increase in Input

First-lien senior secured debt investments

$4,037,587

Yield Analysis

Market Yield

7.1% - 23.8% (10.2%)

Decrease

11,580

Recovery Analysis

Recovery Rate

53.5% - 100.0% (55.1%)

Increase

8,357

Transaction

Transaction Price

99.0% - 99.6% (99.5%)

Increase

Second-lien senior secured debt investments

$131,763

Yield Analysis

Market Yield

13.6% - 32.9% (17.4%)

Decrease

Unsecured debt investments(1)

$60,624

Yield Analysis

Market Yield

11.5% - 14.7% (13.0%)

Decrease

Preferred equity investments

$112,735

Yield Analysis

Market Yield

12.9% - 38.6% (19.8%)

Decrease

38,185

Market Approach

Revenue Multiple

4.4x - 41.3x (13.7x)

Increase

9,728

Market Approach

EBITDA Multiple

9.50x - 9.50x (9.50x)

Increase

3,755

Recovery Analysis

Recovery Rate

24.8% - 24.8% (24.8%)

Increase

Common equity investments

$38,782

Market Approach

EBITDA Multiple

9.0x - 27.8x (12.9x)

Increase

29,401

Market Approach

Revenue Multiple

4.3x - 47.5x (12.8x)

Increase

5,460

Market Approach

Market Adjustment Factor

(13.1)% - 26.3% (6.0%)

Increase

225

Transaction

Transaction Price

100.0% - 100.0% (100.0%)

Increase

Option Pricing Model

Volatility

70.0% - 70.0% (70.0%)

Increase

Specialty finance equity investments

$2,064

Yield Analysis

Market Yield

11.8% - 11.8% (11.8%)

Decrease

______________

(1)Excludes $2.8 million of unsecured level 3 investments based on indicative quotes.

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 June 30, 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	$	437,131	$	(6,734)	$	437,131	$	286,830	$	(7,735)	$	286,830
SPV Asset Facility I	424,203		(4,797)		424,203		491,374		(5,626)		491,374
SPV Asset Facility II	222,126		(3,124)		222,126		316,661		(3,589)		316,661
SPV Asset Facility III	343,395		(6,605)		343,395		543,071		(6,929)		543,071
SPV Asset Facility IV	436,845		(4,655)		436,845		623,660		(5,840)		623,660
Athena CLO III	267,948		(2,052)		267,948		267,812		(2,188)		267,812
Series 2023A Notes	—		—		—		99,793		(207)		100,000
Series 2023B-A Notes	99,538		(462)		100,000		99,448		(552)		100,000
Series 2023B-B Notes	74,846		(154)		75,000		74,707		(293)		75,000
Total Debt	$	2,306,032	$	(28,583)	$	2,306,648	$	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 June 30, 2026		As of December 31, 2025
Level 1	$	—	$	—
Level 2	—		—
Level 3	2,306,648		2,804,408
Total Debt	$	2,306,648	$	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