Investments (Tables)

9 Months Ended

Sep. 30, 2026

The table below presents the composition of investments at fair value and amortized cost as of the following periods:


	As of September 30, 2026				As of December 31, 2025
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First-lien senior secured debt investments	$	11,268,653	$	11,017,777	$	12,215,994	$	12,048,934
Second-lien senior secured debt investments	950,007		699,233		975,790		848,575
Unsecured debt investments	381,459		389,154		384,569		399,962
Specialty finance debt investments	178,706		178,964		157,004		157,297
Preferred equity investments	313,843		275,703		592,714		568,977
Common equity investments	468,282		713,998		473,881		644,304
Specialty finance equity investments	1,225,497		1,407,540		1,195,614		1,386,739
Joint ventures	447,324		413,558		422,213		416,105
Total Investments	$	15,233,771	$	15,095,927	$	16,417,779	$	16,470,893

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


	As of September 30, 2026		As of December 31, 2025
Advertising and media	2.6	%	2.4	%
Aerospace and defense	1.3		1.4
Asset based lending and fund finance(1)	7.5		6.5
Automotive services	2.5		3.3
Buildings and real estate(5)	4.4		4.6
Business services	2.9		2.7
Chemicals	3.7		3.3
Consumer products	2.4		2.3
Containers and packaging	3.0		2.8
Distribution	1.6		1.3
Education	0.1		0.3
Energy equipment and services	—		0.5
Financial services	3.9		3.8
Food and beverage	4.8		5.0
Healthcare equipment and services	4.3		4.4
Healthcare providers and services	8.4		9.0
Healthcare technology	5.8		6.3
Household products	1.8		1.7
Human resource support services	1.6		2.0
Infrastructure and environmental services	3.4		2.3
Insurance(3)	6.4		6.3
Internet software and services	11.8		11.1
Joint ventures(2)	2.7		2.5
Leisure and entertainment	2.8		2.0
Manufacturing	3.8		5.3

Pharmaceuticals(4)	1.9		1.3
Professional services	2.4		2.9
Specialty retail	1.7		2.1
Telecommunications	0.1		0.1
Transportation	0.4		0.5
Total	100.0	%	100.0	%

_______________

(1)Includes investments in Wingspire, BOCSO and Amergin AssetCo.

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

(3)Includes investment in Fifth Season.

(4)Includes investments in LSI Financing DAC and LSI Financing LLC.

(5)Includes investment in Owl-HP Finance.

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

As of September 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	$	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 Ohio	93,299		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%.

As of September 30, 2026, the capital commitment, contributed capital and economic ownership of each Blue Owl Leasing Member is as follows:


Members	Capital Commitment		Net Contributed Capital		Economic Ownership Interest(1)
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 September 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:


	As of September 30, 2026		As of December 31, 2025
Consolidated Balance Sheet Data
Cash	$	280,819	$	124,718
Investments at fair value	3,233,925		2,343,367
Total Assets	3,563,987		2,477,523
Total Debt (net of unamortized debt issuance costs)	2,536,069		1,728,363
Total Liabilities	2,868,241		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,
	2026		2025		2026		2025
Consolidated Statement of Operations Data
Income
Investment income	$	49,699	$	38,037	$	132,756	$	93,154
Expenses
Net operating expenses	32,238		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,
	2026		2025		2026		2025
Dividend income	$	10,606	$	11,983	$	29,859	$	30,670

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 value	55,215		39,628
Total Assets	60,801		74,531
Total Debt (net of unamortized debt issuance costs)	20,151		9,754
Total Liabilities	21,224		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,
	2026			2026
Consolidated Statement of Operations Data
Income
Investment income	$	1,136		$	3,223
Expenses
Net operating expenses	787			2,443
Net investment income (loss) before taxes	$	349		$	780
Tax expense (benefit)	8			8
Net investment income (loss) after taxes	341			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,
	2026			2026
Dividend income	$	8		$	12