v3.26.3
Fair Value of Financial Instruments (Tables)
 9 Months Ended
Sep. 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:
Fair Value Hierarchy as of September 30, 2026
Level 1Level 2Level 3Total
Cash (including foreign cash)
$220,796 $— $— $220,796 
Investments:
First-lien senior secured debt investments$— $274,172 $11,281,471 $11,555,643 
Second-lien senior secured debt investments— 111,282 390,952 502,234 
Unsecured debt investments— — 478,830 478,830 
Specialty finance debt investments— — 42,568 42,568 
Preferred equity investments— — 990,315 990,315 
Common equity investments125,369 30,241 490,196 645,806 
Specialty finance equity investments— — 170,769 170,769 
Subtotal$125,369 $415,695 $13,845,101 $14,386,165 
Investments measured at NAV(1)
— — — 428,659 
Total Investments at fair value$125,369 $415,695 $13,845,101 $14,814,824 
Derivatives(2):
Derivative assets$— $6,687 $— $6,687 
Cash collateral received
— — — — 
Derivative liabilities— 54,979 — 54,979 
Cash collateral posted
21,690 — — 21,690 
_______________
(1)Includes equity investments in Credit SLF, LSI Financing LLC, BOCSO, Blue Owl Leasing, and Stripe Blue Owl 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.
(2)Refer to “Note 7 — Derivative Instruments” for additional details on the Company’s interest rate swaps and foreign currency forward contracts.
Fair Value Hierarchy as of December 31, 2025
Level 1Level 2Level 3Total
Cash (including foreign cash)
$282,924 $— $— $282,924 
Investments:
First-lien senior secured debt investments$— $318,098 $10,660,972 $10,979,070 
Second-lien senior secured debt investments— 125,924 442,717 568,641 
Unsecured debt investments— — 477,128 477,128 
Specialty finance debt investments— — 37,452 37,452 
Preferred equity investments— — 1,072,481 1,072,481 
Common equity investments706 37,364 684,030 722,100 
Specialty finance equity investments— — 215,864 215,864 
Subtotal$706 $481,386 $13,590,644 $14,072,736 
Investments measured at NAV(1)
— — — 213,303 
Total Investments at fair value$706 $481,386 $13,590,644 $14,286,039 
Derivatives(2):
Derivative assets$— $26,732 $— $26,732 
Cash collateral received
— — — — 
Derivative liabilities — 1,941 — 1,941 
Cash collateral posted
— — — — 
_______________
(1)Includes equity investments in Credit SLF and LSI Financing LLC, BOCSO, Blue Owl Leasing and Stripe Blue Owl, 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.
(2)Refer to “Note 7 — Derivative Instruments” for additional details on the Company’s interest rate swaps and foreign currency forward contracts.
Schedule of Changes in the Fair Value of Investments
The following tables 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 September 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$11,167,671 $433,144 $464,478 $40,774 $951,696 $455,042 $169,280 $13,682,085 
Purchases of investments, net304,364 — — 1,712 — 17,201 2,711 325,988 
Payment-in-kind13,839 2,605 9,180 104 11,393 — — 37,121 
Proceeds from investments, net(248,241)— — (22)— (9,909)— (258,172)
Net change in unrealized gain (loss)38,438 4,889 (204)1 26,967 20,884 (1,222)89,753 
Net realized gain (loss)6 — — — — 6,978 — 6,984 
Net amortization/accretion of discount/premium on investments5,394 588 5,376 (1)259 — — 11,616 
Transfers into (out of) Level 3(1)
— (50,274)— — — — — (50,274)
Fair Value, End of Period$11,281,471 $390,952 $478,830 $42,568 $990,315 $490,196 $170,769 $13,845,101 
_______________
(1)Transfers between levels, if any, are recognized at the beginning of the period noted. For the three months ended September 30, 2026, transfers between Level 2 and Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.
As of and for the Three Months Ended September 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$9,517,297 $310,288 $451,319 $31,470 $1,015,942 $556,568 $193,445 $12,076,329 
Purchases of investments, net557,660 — 4,694 4,859 13,061 9,992 9,500 599,766 
Payment-in-kind18,949 4,054 8,033 428 12,150 — — 43,614 
Proceeds from investments, net(571,306)— — — (8,568)(4,695)— (584,569)
Net change in unrealized gain (loss)(4,125)1,817 (1,293)1 63,880 36,159 3,692 100,131 
Net realized gains (losses)3,801 — — — 149 (2,306)— 1,644 
Net amortization of discount on investments8,193 479 5,375 (3)767 — — 14,811 
Transfers between investment types— — 759 — (759)— — — 
Transfers into (out of) Level 3(1)
612 — — — — — — 612 
Fair Value, End of Period$9,531,081 $316,638 $468,887 $36,755 $1,096,622 $595,718 $206,637 $12,252,338 
_______________
(1)Transfers between levels, if any, are recognized at the beginning of the period noted. For the three months ended September 30, 2025, transfers between Level 2 and 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 Nine Months Ended September 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$10,660,972 $442,717 $477,128 $37,452 $1,072,481 $684,030 $215,864 $13,590,644 
Purchases of investments, net1,940,747 659 631 4,541 58,989 51,353 4,749 2,061,669 
Payment-in-kind41,735 7,535 21,037 798 49,058 — — 120,163 
Proceeds from investments, net(1,194,253)— (32,980)(223)(58,354)(174,954)(47,722)(1,508,486)
Net change in unrealized gain (loss)(156,782)(61,652)(5,431)2 (122,310)(189,288)(2,122)(537,583)
Net realized gain (loss)(15,439)— 2,335 — (10,549)119,055 — 95,402 
Net amortization/accretion of discount/premium on investments18,788 1,693 16,110 (2)1,000 — — 37,589 
Transfers into (out of) Level 3(1)
(14,297)— — — — — — (14,297)
Fair Value, End of Period$11,281,471 $390,952 $478,830 $42,568 $990,315 $490,196 $170,769 $13,845,101 
_______________
(1)Transfers between levels, if any, are recognized at the beginning of the period noted. For the nine months ended September 30, 2026, transfers between Level 2 and Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.
As of and for the Nine Months Ended September 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$4,341,268 $166,159 $336,635 $5,041 $686,858 $468,725 $69,836 $6,074,522 
Purchases of investments, net1,617,352 61,325 4,692 10,461 44,622 21,318 25,214 1,784,984 
Payment-in-kind39,124 13,119 21,748 600 45,308 — — 119,899 
Proceeds from investments, net(1,043,413)(41,117)(33,358)— (20,147)(5,527)13,310 (1,130,252)
Net change in unrealized gain (loss)18,213 10,317 10,580 (16)76,867 51,074 6,895 173,930 
Net realized gains (losses)7,329 (12,198)85 — 264 (2,306)— (6,826)
Net amortization of discount on investments19,023 2,043 15,889 (2)1,976 — — 38,929 
Transfers between investment types— — 759 — (759)— — — 
Transfers into (out of) Level 3(1)
— — — — — (3,092)— (3,092)
Transfers in from the Mergers4,532,185 116,990 111,857 20,671 261,633 65,526 91,382 5,200,244 
Fair Value, End of Period$9,531,081 $316,638 $468,887 $36,755 $1,096,622 $595,718 $206,637 $12,252,338 
_______________
(1)Transfers between levels, if any, are recognized at the beginning of the period noted. For the nine months ended September 30, 2025, transfers into (out of) Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.
The following table presents information with respect to 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 September 30,For the Nine Months Ended September 30,
2026202520262025
First-lien senior secured debt investments$36,940 $2,150 $(164,103)$21,436 
Second-lien senior secured debt investments(1,634)1,817 (58,419)1,371 
Unsecured debt investments(204)(1,293)(5,431)10,037 
Specialty finance debt investments1 1 2 (16)
Preferred equity investments13,388 63,880 (133,570)76,867 
Common equity investments21,150 32,916 (32,858)47,998 
Specialty finance equity investments(1,222)3,692 (2,122)6,895 
Total Investments$68,419 $103,163 $(396,501)$164,588 
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.
September 30, 2026
Fair ValueValuation TechniqueUnobservable InputRange (Weighted Average)Impact to Valuation from an Increase in Input
First-lien senior secured debt investments$93,403 Recovery AnalysisRecovery Rate
0.0% - 88.3% (83.9%)
Increase
78,221TransactionTransaction Price
97.8% - 100.0% (98.0%)
Increase
11,109,847Yield AnalysisMarket Yield
6.9% - 36.5% (10.8%)
Decrease
Second-lien senior secured debt investments$390,952 Yield AnalysisMarket Yield
10.4% - 78.7% (22.1%)
Decrease
Unsecured debt investments$473,942 Yield AnalysisMarket Yield
5.5% - 18.7% (12.9%)
Decrease
4,888 Market ApproachRevenue Multiple
3.0x - 3.0x (3.0x)
Increase
Specialty finance debt investments$42,568 Yield AnalysisMarket Yield
12.7% - 12.7% (12.7%)
Decrease
Preferred equity investments$39,855 Market ApproachEBITDA Multiple
12.8x - 12.8x (12.8x)
Increase
122,927Market ApproachGross Profit Multiple
2.6x - 2.6x (2.6x)
Increase
425,676Market ApproachRevenue Multiple
0.6x - 40.0x (9.5x)
Increase
376,340Yield AnalysisMarket Yield
13.5% - 60.0% (19.3%)
Decrease
25,517Recovery AnalysisRecovery Rate
22.8% - 73.0% (41.8%)
Increase
Common equity investments$8,358 Recovery AnalysisRecovery Rate
8.4% - 8.4% (8.4%)
Increase
107,640Market ApproachRevenue Multiple
2.5x - 47.5x (8.5x)
Increase
263
 
Market ApproachGross Profit Multiple
10.0x - 10.0x (10.0x)
Increase
273,930TransactionTransaction Price
100.0% - 343.8% (329.6%)
Increase
87,245Market ApproachEBITDA Multiple
5.5x - 27.8x (14.3x)
Increase
12,760Discounted Cash Flow AnalysisMarket Yield
8.6% - 12.1% (10.4%)
Decrease
Specialty finance equity investments$2,157 Discounted Cash Flow AnalysisMarket Yield
20.0% - 20.0% (20.0%)
Decrease
5,628Yield AnalysisMarket Yield
12.1% - 12.1% (12.1%)
Decrease
23,080Market ApproachRecovery Rate
111.3% - 151.8% (137.0%)
Increase
139,904Market ApproachAUM Multiple
1.0x - 1.0x (1.0x)
Increase
December 31, 2025
Fair ValueValuation TechniqueUnobservable InputRange (Weighted Average)Impact to Valuation from an Increase in Input
First-lien senior secured debt investments$9,346,910 Yield AnalysisMarket Yield
6.0% - 23.6% (9.4%)
Decrease
1,280,482 Recent TransactionTransaction Price
95.0% - 100.0% (99.4%)
Increase
33,580 Collateral AnalysisRecovery Rate
0.0% - 107.2% (84.0%)
Increase
Second-lien senior secured debt investments$442,717 Yield AnalysisMarket Yield
8.4% - 32.5% (14.4%)
Decrease
Unsecured debt investments$473,340 Yield AnalysisMarket Yield
5.5% - 14.9% (11.9%)
Decrease
3,788 Market ApproachRevenue Multiple
4.3x - 5.0x (4.8x)
Increase
Specialty finance debt investments$37,452 Yield AnalysisMarket Yield
11.6% - 11.6% (11.6%)
Decrease
Preferred equity investments$451,265 Yield AnalysisMarket Yield
11.6% - 35.3% (14.0%)
Decrease
498,387 Market ApproachRevenue Multiple
2.0x - 25.2x (7.3x)
Increase
122,829 Recent TransactionTransaction Price
62.8% - 100.0% (86.5%)
Increase
Common equity investments$421,309 Recent TransactionTransaction Price
54.2% - 813.7% (444.3%)
Increase
110,029 Market ApproachEBITDA Multiple
0.0x - 25.5x (11.9x)
Increase
82,784 Market ApproachRevenue Multiple
4.3x - 13.0x (10.1x)
Increase
61,131 Yield AnalysisMarket Yield
27.5% - 27.5% (27.5%)
Decrease
8,330 Market ApproachMarket Adjustment Factor
0.0% - 0.0% (0.0%)
Decrease
233 Option Pricing ModelVolatility
60.0% - 70.0% (69.9%)
Increase
214 Market ApproachGross Profit Multiple
9.0x - 9.0x (9.0x)
Increase
Specialty finance equity investments$184,468 Market ApproachAUM Multiple
1.1x - 1.1x (1.1x)
Increase
22,602 Market Approach
N/A(1)
N/AN/A
6,657 Yield AnalysisMarket Yield
11.5% - 11.5% (11.5%)
Decrease
2,137 Discounted Cash Flow AnalysisDiscounted Factor
20.0% - 20.0% (20.0%)
Decrease
_______________
(1)Fair value based on a weighting of the appraised value of the portfolio company’s underlying assets and their cost.
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:
September 30, 2026December 31, 2025
Net Carrying Value
Debt Issuance CostsFair Value
Net Carrying Value
Debt Issuance CostsFair Value
Revolving Credit Facility$987,783 $(27,217)$987,783 $1,456,282 $(23,718)$1,456,282 
SPV Asset Facility I692,240 (7,760)692,240 691,602 (8,398)691,602 
SPV Asset Facility II321,642 (3,358)321,642 320,464 (4,536)320,464 
SPV Asset Facility III692,936 (7,064)692,936 613,087 (11,413)613,087 
SPV Asset Facility IV365,839 (4,161)365,839 194,346 (5,654)194,346 
SPV Asset Facility V74,121 (879)74,121 — — — 
SPV Asset Facility VI47,232 (2,768)47,232 — — — 
Athena CLO II371,411 (3,589)371,411 371,068 (3,932)371,068 
Athena CLO IV237,804 (2,196)237,804 237,654 (2,346)237,654 
Athena CLO V298,093 (1,907)298,093 298,072 (1,928)298,072 
June 2026 Notes— — — 374,287 (713)373,125 
January 2027 Notes299,547 (453)297,000 298,379 (1,621)291,750 
March 2028 Notes641,091 (5,228)646,750 654,890 (7,811)653,250 
September 2028 Notes74,640 (360)75,000 74,505 (495)75,000 
April 2029 Notes679,457 (9,028)693,000 703,564 (11,558)715,750 
October 2029 Notes872,739 (8,034)879,750 — — — 
January 2031 Notes372,726 (8,348)380,000 — — — 
September 2032 Notes144,932 (854)147,375 — — — 
Total Debt$7,174,233 $(93,204)$7,207,976 $6,288,200 $(84,123)$6,291,450 

The table below presents fair value measurements of the Company’s debt obligations as of the following periods:
September 30, 2026December 31, 2025
Level 1$— $— 
Level 23,118,875 2,108,875 
Level 34,089,101 4,182,575 
Total Debt$7,207,976 $6,291,450