v3.26.1
Fair Value of Investments (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
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 1Level 2Level 3Total
Cash$34,247 $— $— $34,247 
Investments:
First-lien senior secured debt investments
$— $— $490,304 $490,304 
Second-lien senior secured debt investments— — 57,555 57,555 
Unsecured debt investments— — 20,644 20,644 
Specialty finance debt investments
— — 8,156 8,156 
Preferred equity investments
— — 14,936 14,936 
Common equity investments
— — 76,791 76,791 
Specialty finance equity investments
— — 6,743 6,743 
Subtotal— — 675,129 675,129 
Investments measured at NAV(1)
— — — 15,840 
Total Investments$— $— $675,129 $690,969 
_______________
(1)     Includes investments in Credit SLF, BOCSO and Blue Owl Leasing LLC, which are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and have 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 1Level 2Level 3Total
Cash$59,362 $— $— $59,362 
Investments:
First-lien senior secured debt investments
$— $2,756 $1,218,616 $1,221,372 
Second-lien senior secured debt investments— 11,351 119,703 131,054 
Unsecured debt investments— — 38,673 38,673 
Specialty finance debt investments
— — 7,491 7,491 
Preferred equity investments
— — 67,143 67,143 
Common equity investments
— — 77,020 77,020 
Specialty finance equity investments
— — 13,303 13,303 
Subtotal— 14,107 1,541,949 1,556,056 
Investments measured at NAV(1)
— — — 20,494 
Total Investments$— $14,107 $1,541,949 $1,576,550 
_______________
(1)     Includes investments in Credit SLF, BOCSO and LSI Financing LLC, which are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and have 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 the 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 InvestmentsEquity Investments
First-Lien Senior Secured
Second-Lien Senior Secured
Unsecured
Specialty Finance
PreferredCommon
Specialty Finance
Total
Fair value, beginning of period$577,401 $86,941 $20,162 $7,604 $63,382 $76,354 $6,586 $838,430 
Purchases of investments, net9,791 — — 566 — 161 — 10,518 
Payment-in-kind1,479 249 484 15 801 45 — 3,073 
Proceeds from investments, net(95,001)(23,145)(18)(29)(45,424)(812)(44)(164,473)
Net change in unrealized gain (loss) on investments(3,918)(9,001)12 — (4,344)2,398 201 (14,652)
Net realized gain (loss) on investments(64)(7,893)2 — (9)(1,355)— (9,319)
Net accretion/amortization of discount/premium on investments379 41 2 — 530 — — 952 
Transfers into (out of) Level 3(1)
237 10,363 — — — — — 10,600 
Fair Value, End of Period$490,304 $57,555 $20,644 $8,156 $14,936 $76,791 $6,743 $675,129 
_______________
(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended, June 30, 2026, transfers into/(out of) Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.
The tables below present changes in the 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 Six Months Ended June 30, 2026
Debt Investments
Equity Investments
First-Lien Senior Secured
Second-Lien Senior Secured
Unsecured
Specialty Finance
PreferredCommon
Specialty Finance
Total
Fair value, beginning of period$1,218,616 $119,703 $38,673 $7,491 $67,143 $77,020 $13,303 $1,541,949 
Purchases of investments, net18,068 — — 566 — 289 130 19,053 
Payment-in-kind3,106 496 1,436 138 1,952 88 — 7,216 
Proceeds from investments, net(742,262)(47,424)(19,465)(39)(51,568)(835)(6,503)(868,096)
Net change in unrealized gain (loss) on investments(7,535)(18,076)(702)— (4,251)6,291 (670)(24,943)
Net realized gain (loss) on investments(3,934)(7,676)690 — 1,090 (6,106)483 (15,453)
Net accretion/amortization of discount/premium on investments1,495 169 12 — 570 — — 2,246 
Transfers between investment types— — — — — — — — 
Transfers into (out of) Level 3(1)
2,750 10,363 — — — 44 — 13,157 
Fair Value, End of Period$490,304 $57,555 $20,644 $8,156 $14,936 $76,791 $6,743 $675,129 
_______________
(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the six months ended June 30, 2026, transfers out of Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies and an investment measured at net asset value which is no longer categorized within the fair value hierarchy.
As of and for the Three Months Ended June 30, 2025
Debt InvestmentsEquity Investments
First-Lien Senior Secured
Second-Lien Senior Secured
Unsecured
Specialty Finance
PreferredCommon
Specialty Finance
Total
Fair value, beginning of period$1,481,331 $160,441 $35,134 $5,792 $61,264 $102,015 $9,210 $1,855,187 
Purchases of investments, net69,316 6,567 — 468 165 589 560 77,665 
Payment-in-kind1,603 1,623 854 51 1,550 41 — 5,722 
Proceeds from investments, net(241,346)(32,702)(468)— — (10,432)(97)(285,045)
Net change in unrealized gain (loss) on investments(10,928)(3,532)865 (17)675 (4,479)820 (16,596)
Net realized gain (loss) on investments1 — 14 — — 4,057 — 4,072 
Net accretion/amortization of discount/premium on investments3,195 467 12 — 39 — — 3,713 
Transfers between investment types— — — — — — — — 
Transfers into (out of) Level 3(1)
— — — — — — — — 
Fair Value, End of Period$1,303,172 $132,864 $36,411 $6,294 $63,693 $91,791 $10,493 $1,644,718 
_______________
(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended June 30, 2025, transfers into/(out of) Level 3 were as 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
Specialty Finance
PreferredCommon
Specialty Finance
Total
Fair value, beginning of period$1,495,835 $139,322 $33,594 $5,040 $59,385 $101,868 $8,219 $1,843,263 
Purchases of investments, net87,924 — — 1,219 1,133 589 851 91,716 
Payment-in-kind4,842 2,822 2,206 51 2,586 81 — 12,588 
Proceeds from investments, net(271,008)(27,098)(696)— (208)(10,433)(170)(309,613)
Net change in unrealized gain (loss) on investments(13,120)15,367 1,342 (16)714 (2,746)1,593 3,134 
Net realized gain (loss) on investments(63)(20,066)(56)— 2 2,432 — (17,751)
Net accretion/amortization of discount/premium on investments4,421 588 21 — 81 — — 5,111 
Transfers between investment types— — — — — — — — 
Transfers into (out of) Level 3(1)
(5,659)21,929 — — — — — 16,270 
Fair Value, End of Period$1,303,172 $132,864 $36,411 $6,294 $63,693 $91,791 $10,493 $1,644,718 
_______________
(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the six months ended June 30, 2025, transfers out of Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies and an investment measured at net asset value which is no longer categorized within the fair value hierarchy.
The table below presents information with respect to the net change in unrealized gains (losses) on investments for which Level 3 inputs were used in determining the fair value that are still held by the Company for the following periods:
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2026202520262025
First-lien senior secured debt investments$(4,284)$(9,600)$(12,539)$(14,364)
Second-lien senior secured debt investments(21,263)(3,187)(36,008)(4,893)
Unsecured debt investments12 866 (702)1,342 
Specialty finance debt investments
— (17)— (16)
Preferred equity investments(559)676 (3,053)714 
Common equity investments858 (254)147 388 
Specialty finance equity investments
201 820 (202)1,593 
Total Investments$(25,035)$(10,696)$(52,357)$(15,236)
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 ValueValuation TechniqueUnobservable InputRange (Weighted Average)Impact to Valuation from an Increase in Input
First-lien senior secured debt investments$475,853 Yield AnalysisMarket Yield
7.9% - 23.8% (11.1%)
Decrease
14,451 Recovery AnalysisRecovery Rate
0.0% - 100.0% (44.5%)
Increase
Second-lien senior secured debt investments$55,893 Yield AnalysisMarket Yield
10.5% - 47.0% (27.8%)
Decrease
1,662Recovery AnalysisRecovery Rate
5.0% - 5.0% (5.0%)
Increase
Unsecured debt investments$19,375 Yield AnalysisMarket Yield
5.4% - 22.5% (13.9%)
Decrease
1,269 Market ApproachEBITDA Multiple
12.0x - 12.0x (12.0x)
Increase
Specialty finance debt investments$8,156 Yield AnalysisMarket Yield
12.3% -12.3% (12.3%)
Decrease
Preferred equity investments$13,168 Yield AnalysisMarket Yield
12.9% - 53.5% (29.0%)
Decrease
1,768 Market ApproachEBITDA Multiple
9.5x - 9.5x (9.5x)
Increase
Common equity investments$70,695 Market ApproachEBITDA Multiple
4.0x - 18.5x (5.9x)
Increase
3,266Market ApproachRevenue Multiple
7.0x - 10.8x (10.2x)
Increase
2,283Yield AnalysisMarket Yield
8.4% - 8.4% (8.4%)
Decrease
483Market ApproachMarket Adjustment Factor
 30.0% - 30.0% (30.0%)
Increase
35 Option Pricing Model Volatility
 70.0% - 70.0% (70.0%)
Increase
29Market ApproachGross Profit Multiple
9.3x - 9.3x (9.3x)
Increase
Specialty finance equity investments$4,524 Market ApproachRecovery Rate
120.0% - 150.0% (140.0%)
Increase
2,060 Discounted Cash Flow AnalysisMarket Yield
20.0% - 20.0% (20.0%)
Decrease
159Yield AnalysisMarket Yield
11.8% - 11.8% (11.8%)
Decrease
As of December 31, 2025
Fair ValueValuation TechniqueUnobservable InputRange (Weighted Average)Impact to Valuation from an Increase in Input
First-lien senior secured debt investments$1,155,122 Yield AnalysisMarket Yield
6.3% - 20.1% (9.6)%
 Decrease
43,696 Recent TransactionTransaction Price
99.0% - 99.7% (99.3)%
 Increase
19,798 Collateral AnalysisRecovery Rate
0.0% - 107.2% (60.1)%
Increase
Second-lien senior secured debt investments
$119,703 Yield AnalysisMarket Yield
10.0% - 62.4% (22.5)%
 Decrease
Unsecured debt investments$37,466 Yield AnalysisMarket Yield
5.5% - 17.6% (12.9)%
Decrease
1,207 Market ApproachEBITDA Multiple
12.0x - 12.0x (12.0x)
Increase
Specialty finance debt investments
$7,491 Yield AnalysisMarket Yield
11.6% - 11.6% (11.6%)
Decrease
Preferred equity investments
$66,129 Yield AnalysisMarket Yield
11.6% - 35.3% (16.4)%
 Decrease
1,014 Market ApproachEBITDA Multiple
128.9x - 128.9x (128.9x)
 Increase
Common equity investments
$64,531 Market ApproachEBITDA Multiple
4.0x - 17.8x (5.5)x
 Increase
5,967 Recent TransactionTransaction Price
100% - 100% (100%)
Increase
3,612 Market ApproachRevenue Multiple
8.3x - 13.0x (12.5x)
 Increase
2,190 Yield AnalysisMarket Yield
8.5% - 8.5% (8.5%)
Decrease
675 Market ApproachMarket Adjustment Factor
0.0% - 0.0% (0.0%)
Increase
28 Market ApproachGross Profit Multiple
9.0x - 9.0x (9.0x)
Increase
17 Option Pricing ModelVolatility
70.0% - 70.0% (70.0%)
Increase
Specialty finance equity investments
$6,444 Market ApproachAUM Multiple
1.1x - 1.1x (1.1x)
Decrease
4,520 Market ApproachTransaction Price
N/A
Increase
2,137 Discounted Cash Flow AnalysisDiscounted Factor
20.0% - 20.0% (20.0%)
Decrease
202 Yield AnalysisMarket Yield
11.5% - 11.5% (11.5%)
Increase
Schedule of Carrying Values and Fair Values of the Company’s Debt Obligations The table below presents the carrying and fair values of the Company’s debt obligations as of the following periods:
As of June 30, 2026As of December 31, 2025
Net Carrying Value(1)
Unamortized Debt Issuance Costs
Fair Value
Net Carrying Value(1)
Unamortized Debt Issuance Costs
Fair Value
Revolving Credit Facility$(1,330)$(1,330)$(1,330)$9,284$(2,314)$9,284
SPV Asset Facility I148,812(1,688)148,812311,673(3,327)311,673
2026 Notes———347,850(2,150)359,625
Total Debt$147,482$(3,018)$147,482$668,807$(7,791)$680,582
_______________
(1)The carrying values are presented net of debt issuance costs.
The table below presents fair value measurements of the Company’s debt obligations as of the following periods:
As of June 30, 2026As of December 31, 2025
Level 1$— $— 
Level 2— 359,625 
Level 3147,482 320,957 
Total Debt$147,482 $680,582