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 investments at fair value and amortized cost as of the following periods:
As of September 30, 2026As of December 31, 2025
Amortized CostFair ValueAmortized CostFair Value
First-lien senior secured debt investments
$495,017 $462,875 $1,251,162 $1,221,372 
Second-lien senior secured debt investments82,928 37,214 159,446 131,054 
Unsecured debt investments20,841 21,422 37,347 38,673 
Specialty finance debt investments
8,518 8,526 7,483 7,491 
Preferred equity investments
19,878 16,087 67,578 67,143 
Common equity investments
28,970 33,576 55,486 80,120 
Specialty finance equity investments
13,855 17,180 25,571 30,360 
Joint ventures
334 314 334 337 
Total Investments$670,341 $597,194 $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 September 30, 2026As of December 31, 2025
Advertising and media5.5 %2.8 %
Aerospace and defense2.4 1.2 
Asset Based Lending and Fund Finance(1)
5.3 2.3 
Automotive Services0.7 3.0 
Buildings and real estate2.4 5.1 
Business services2.2 2.0 
Chemicals7.7 4.7 
Consumer products1.6 2.7 
Containers and packaging1.5 2.4 
Distribution2.0 1.8 
Education0.5 0.5 
Energy equipment and services— 0.6 
Financial services2.8 4.4 
Food and beverage4.2 6.0 
Healthcare equipment and services1.6 2.7 
Healthcare providers and services13.2 9.8 
Healthcare technology10.2 7.8 
Household products6.2 2.4 
Human resource support services2.5 2.0 
Infrastructure and environmental services0.6 1.2 
Insurance1.4 2.0 
(3)
Internet software and services11.2 10.9 
Joint ventures(4)
0.1 0.0 
(5)
Leisure and entertainment0.5 2.5 
Manufacturing5.6 9.8 
Pharmaceuticals(2)
0.2 0.8 
Professional services2.5 3.2 
Specialty retail3.2 3.7 
Telecommunications0.5 0.2 
Transportation1.7 1.5 
Total100.0 %100.0 %
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(1)Includes investments in Amergin AssetCo and BOCSO 2025.
(2)Includes investment in LSI Financing DAC as of September 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 September 30, 2026As of December 31, 2025
United States:
Midwest20.2 %22.3 %
Northeast14.1 18.3 
South41.2 38.4 
West19.5 15.3 
International5.0 5.7 
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 Credit Income Corp., Blue Owl Technology Finance 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.
On May 15, 2025, the Credit SLF Members modified their capital commitments to Credit SLF. In the first quarter of 2026, certain Credit SLF Members further increased their capital commitments to Credit SLF. The Company’s commitment of $244 thousand did not change and was fully funded as of March 31, 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 %
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(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$6 $7 $17 $20 
Blue Owl Leasing LLC
Blue Owl Leasing is a joint venture among the Company, Blue Owl Capital Corporation, Blue Owl Credit Income Corp., Blue Owl Technology Finance Corp., Blue Owl Technology Income Corp., Blue Owl Alternative Credit Fund and California State Teachers Retirement System (each, a “Blue Owl Leasing Member” and collectively, the “Blue Owl Leasing Members”).
Blue Owl Leasing makes investments primarily in secured fixed-rate equipment leases and loans.
Blue Owl Leasing is managed by the Blue Owl Leasing Members who must unanimously approve investment decisions. Blue Owl Leasing Members coinvest through Blue Owl Leasing, or its wholly owned subsidiaries.
Other than for purposes of the 1940 Act, the Company does not believe it has control over Blue Owl Leasing. Accordingly, the Company does not consolidate its non-controlling interest in Blue Owl Leasing.
Blue Owl Leasing’s investments at fair value are determined in accordance with ASC 820, as amended; however, such fair value is not included in the Company’s valuation process.
As of September 30, 2026, the capital commitment and economic ownership of each Blue Owl Leasing Member is as follows:
MembersCapital CommitmentNet Contributed Capital
Economic Ownership Interest(1)
($ in thousands)
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.
Three Months Ended September 30,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 $780 
Tax expense (benefit)88
Net investment income (loss) after taxes341772
Total net realized and unrealized gain (loss)(344)(450)
Net Increase (Decrease) in Blue Owl Leasing Members’ Equity Resulting From Operations$(3)$322 
The Company’s proportional shares of Blue Owl Leasing’s distributions were insignificant to disclose for the three and nine months ended September 30, 2026.
Asset Sale
In February 2026, the Company sold a portion of its portfolio company investments with aggregate fair value of $538.3 million equivalent to 99.8% of par value to certain purchasers. Each investment sold represented a partial amount of the Company’s exposure to the respective portfolio company. The investments sold consisted of 92.0% first-lien investments, 4.5% second-lien investments and 3.5% unsecured investments, and included investments in 96 portfolio companies across 25 industries. 98.2% of investments sold were floating rate. The investments sold had an average investment size of $5.6 million and a weighted average spread of 5.5% and consist of partial sales representing approximately 59.0% of the Company’s exposure to each underlying portfolio company as of December 31, 2025. As a result of the sale, the Company recognized a $1.9 million gain on the sale in the first quarter of 2026. The Company used the proceeds from the sale to repay indebtedness and to make a special cash distribution to its shareholders. See “Note 8 — Net Assets” for additional details on the special cash distribution.