Investments (Tables)

6 Months Ended

Jun. 30, 2026

The table below presents investments at fair value and amortized cost 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	$	521,864	$	490,304	$	1,251,162	$	1,221,372
Second-lien senior secured debt investments	105,014		57,555		159,446		131,054
Unsecured debt investments	20,019		20,644		37,347		38,673
Specialty finance debt investments	8,147		8,156		7,483		7,491
Preferred equity investments	19,621		14,936		67,578		67,143
Common equity investments	48,964		80,197		55,486		80,120
Specialty finance equity investments	15,558		18,866		25,571		30,360
Joint ventures	334		311		334		337
Total Investments	$	739,521	$	690,969	$	1,604,407	$	1,576,550

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
Advertising and media	4.7	%		2.8	%
Aerospace and defense	1.9			1.2
Asset Based Lending and Fund Finance(1)	4.7			2.3
Automotive Services	0.5			3.0
Buildings and real estate	2.0			5.1
Business services	1.9			2.0
Chemicals	6.3			4.7
Consumer products	1.4			2.7
Containers and packaging	1.3			2.4
Distribution	1.8			1.8
Education	0.6			0.5
Energy equipment and services	0.4			0.6
Financial services	2.4			4.4
Food and beverage	6.4			6.0
Healthcare equipment and services	1.4			2.7
Healthcare providers and services	11.5			9.8
Healthcare technology	8.7			7.8
Household products	5.4			2.4
Human resource support services	2.3			2.0
Infrastructure and environmental services	0.5			1.2
Insurance	1.2			2.0		(3)
Internet software and services	9.3			10.9
Joint ventures(4)	0.0		(5)	0.0		(5)
Leisure and entertainment	1.5			2.5
Manufacturing	11.6			9.8
Pharmaceuticals(2)	0.2			0.8
Professional services	2.1			3.2
Specialty retail	6.2			3.7
Telecommunications	0.4			0.2
Transportation	1.4			1.5
Total	100.0	%		100.0	%

_______________

(1)Includes investments in Amergin AssetCo and BOCSO.

(2)Includes investment in LSI Financing DAC as of June 30, 2026 and investments in LSI Financing DAC and LSI Financing LLC as of December 31, 2025.

(3)Includes investment in Fifth Season.

(4)Includes investments in Credit SLF and Blue Owl Leasing. See below, within Note 4, for more information.

(5)Rounds to less than 0.1%.

The table below presents the geographic composition of investments based on fair value as of the following periods:

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)
($ in thousands)
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.

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	$	6	$	8	$	11	$	13

The table below sets forth Blue Owl Leasing’s consolidated financial data as of and for the following periods:




	June 30, 2026		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.


	Three Months Ended June 30,		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