v3.26.3
Investments
 9 Months Ended
Sep. 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 the composition of investments at fair value and amortized cost as of the following periods:
September 30, 2026December 31, 2025
Amortized CostFair ValueAmortized CostFair Value
First-lien senior secured debt investments
$11,738,092 $11,555,643 $10,983,810 $10,979,070 
Second-lien senior secured debt investments608,898 502,234 601,494 568,641 
Unsecured debt investments474,595 478,830 467,464 477,128 
Specialty finance debt investments42,563 42,568 37,449 37,452 
Preferred equity investments
1,167,252 990,315 1,127,105 1,072,481 
Common equity investments
542,607 688,504 504,733 722,100 
Specialty finance equity investments478,684 504,789 351,675 375,812 
Joint ventures54,622 51,941 53,483 53,355 
Total Investments$15,107,313 $14,814,824 $14,127,213 $14,286,039 
The Company uses the 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:
September 30, 2026December 31, 2025
Aerospace & Defense 2.1 %2.7 %
Airlines 0.3 0.3 
Air Freight & Logistics0.6 — 
Application Software 14.8 13.6 
Asset Based Lending and Fund Finance (6)
0.7 0.4 
Banks — 0.3 
Beverages (1)
0.0 0.0 
Building Products 0.3 0.5 
Buildings & Real Estate 1.3 1.3 
Capital Markets 1.9 0.8 
Commercial Services & Supplies 0.2 0.2 
Construction & Engineering
0.2 0.2 
Consumer Finance 0.4 0.5 
Diversified Consumer Services 2.7 3.3 
Diversified Financial Services (2)
9.8 9.8 
Diversified Support Services 0.2 0.2 
Entertainment 1.4 1.4 
Equity Real Estate Investment Trusts (REITs) 0.8 0.8 
Food & Staples Retailing 1.3 1.3 
Health Care Equipment & Supplies 2.0 2.0 
Health Care Providers & Services 3.0 3.4 
Health Care Technology 12.3 13.9 
Hotels, Restaurants & Leisure — 0.8 
Household Durables 0.5 0.6 
Industrial Conglomerates 0.7 0.7 
Insurance (3)
3.9 4.4 
Internet & Direct Marketing Retail 1.8 2.2 
IT Services 5.4 4.2 
Joint Ventures(4)
0.4 0.4 
September 30, 2026December 31, 2025
Life Sciences Tools & Services 1.1 2.1 
Media 0.9 0.9 
Metals & Mining (1)
0.0 — 
Multiline Retail 0.2 0.2 
Pharmaceuticals (5)
1.7 1.0 
Professional Services 6.5 6.1 
Real Estate Management & Development 1.6 0.2 
Road & Rail 0.1 0.1 
Specialty Retail 0.9 0.8 
Systems Software 17.5 17.9 
Thrifts & Mortgage Finance (1)
0.0 0.0 
Wireless Telecommunication Services 0.5 0.5 
Total100.0 %100.0 %
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(1)As of September 30, 2026 or December 31, 2025, the Company’s investment rounds to less than 0.1% of the fair value of the portfolio, as applicable.
(2)Includes debt and equity investment in Amergin.
(3)Includes equity investment in Fifth Season.
(4)Includes equity investments in Credit SLF, Blue Owl Leasing, and as of December 31, 2025, in Stripe Blue Owl Holdings LLC (“Stripe Blue Owl”). See below, within Note 4, for more information about Credit SLF and Blue Owl Leasing.
(5)Includes equity investments in LSI Financing DAC and LSI Financing LLC.
(6)Includes equity investment in BOCSO.
The table below presents the geographic composition of investments based on fair value as of the following periods:
September 30, 2026December 31, 2025
United States:
Midwest 16.4 %16.3 %
Northeast 19.3 21.8 
South 25.7 24.2 
West 26.9 27.8 
United Kingdom 6.0 5.5 
Other international 5.7 4.4 
Total100.0 %100.0 %
Joint Ventures
Blue Owl Credit SLF LLC
Credit SLF, is a joint venture among the Company, Blue Owl Capital Corporation, Blue Owl Capital Corporation II, Blue Owl Credit Income Corp., Blue Owl Technology Income Corp. and State Teachers Retirement System of Ohio (each, a “Credit SLF Member” and collectively, the “Credit SLF Members”).
Credit SLF makes investments primarily in senior secured broadly syndicated loans to U.S. middle market companies. It was formed in May 2024 and made its first portfolio company investment in July 2024.
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.
Other than for purposes of the 1940 Act, the Company does not believe it has control over Credit SLF. 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 November 1, 2024 the Company’s capital commitment in Credit SLF remained at $2.5 million and economic ownership decreased to 0.3%. On March 24, 2025, in connection with the Mergers, the Company assumed OTF II’s capital commitment to and economic
ownership in Credit SLF of approximately $2.5 million and 0.3% 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 $18.7 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 $34.9 million. In the first quarter of 2026, certain Credit SLF Members further increased their capital commitments to Credit SLF and the Company’s capital commitment was increased to $53.8 million all of which was funded as of September 30, 2026.
As of September 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 $446,460 59.8 %
Blue Owl Capital Corporation II(2)
244 244 0.0 %
Blue Owl Credit Income Corp.136,419 136,419 18.3 %
Blue Owl Technology Finance Corp.53,812 53,812 7.2 %
Blue Owl Technology Income Corp.16,161 16,161 2.2 %
State Teachers Retirement System of Ohio93,299 93,299 12.5 %
Total$746,395 $746,395 100.0 %
_______________
(1)    This represents each equity holder’s ownership percentage at September 30, 2026 based on net contributed capital.
(2)     Economic ownership interest for Blue Owl Capital Corporation II is 0.03%.
The table below sets forth Credit SLF’s consolidated financial data as of and for the following periods:
As of September 30, 2026
As of December 31, 2025
Consolidated Balance Sheet Data
Cash$280,819 $124,718 
Investments at fair value3,233,925 2,343,367 
Total Assets3,563,987 2,477,523 
Total Debt (net of unamortized debt issuance costs)2,536,069 1,728,363 
Total Liabilities2,868,241 1,863,454 
Total Credit SLF Members’ Equity$695,746 $614,069 
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2026202520262025
Consolidated Statement of Operations Data
Income
Investment income$49,699 $38,037 $132,756 $93,154 
Expenses
Net operating expenses32,238 22,351 83,454 54,491 
Net investment income (loss)$17,461 $15,686 $49,302 $38,663 
Total net realized and unrealized gain (loss)13,584 (2,345)(46,032)(9,129)
Net Increase (Decrease) in Credit SLF Members’ Equity Resulting from Operations
$31,045 $13,341 $3,270 $29,534 
The Company’s proportional share of Credit SLF’s distributions for the following periods:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2026202520262025
Dividend income
$1,213 $432 $2,790 $625 
Blue Owl Leasing LLC
Blue Owl Leasing is a joint venture among the Company, Blue Owl Capital Corporation, Blue Owl Capital Corporation II, Blue Owl Credit Income Corp., Blue Owl Technology Income Corp. 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 makes investments primarily in secured fixed-rate equipment leases and loans.
Blue Owl Leasing is managed by the Blue Owl Leasing Members who must unanimously approve investment decisions. Blue Owl Leasing Members coinvest through Blue Owl Leasing, or its wholly owned subsidiaries.
Other than for purposes of the 1940 Act, the Company does not believe it has control over Blue Owl Leasing. Accordingly, the Company does not consolidate its non-controlling interest in Blue Owl Leasing.
Blue Owl Leasing’s investments at fair value are determined in accordance with ASC 820, as amended; however, such fair value is not included in the Company’s valuation process.
As of September 30, 2026, the capital commitment, contributed 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 September 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 September 30, 2026
As of December 31, 2025(1)
Consolidated Balance Sheet Data
Cash$5,073 $34,555 
Investments at fair value55,215 39,628 
Total Assets60,801 74,531 
Total Debt (net of unamortized debt issuance costs)20,151 9,754 
Total Liabilities21,224 10,076 
Total Blue Owl Leasing Members’ Equity$39,577 $64,455 
_______________
(1) Blue Owl Leasing’s date of inception was June 30, 2025.
For the Three Months Ended September 30,
For the Nine Months Ended September 30,
20262026
Consolidated Statement of Operations Data
Income
Investment income$1,136 $3,223 
Expenses
Net operating expenses787 2,443 
Net investment income (loss) before taxes$349 $780 
Tax expense (benefit)8 8
Net investment income (loss) after taxes341 772
Total net realized and unrealized gain (loss)(344)(450)
Net Increase (Decrease) in Blue Owl Leasing Members’ Equity Resulting From Operations$(3)$322 

The Company’s proportional share of Blue Owl Leasing’s distributions for the following periods:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
20262026
Dividend income$7 $20