v3.26.3
Investments (Tables)
 9 Months Ended
Sep. 30, 2026
Schedule of Investments [Abstract]  
Schedule of Investments at Fair Value and Amortized Cost
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 %
_______________
(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 %
Schedule of Capital Commitment and Economic Ownership
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 $746,395 100.0 %
_______________
(1)    This represents each equity holder’s ownership percentage at September 30, 2026 based on net contributed capital.
(2)    Economic ownership interest for Blue Owl Capital Corporation II is 0.03%.
As of September 30, 2026, the capital commitment and economic ownership of each Blue Owl Leasing Member is as follows:
MembersCapital CommitmentNet Contributed Capital
Economic Ownership Interest(1)
($ 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.
Schedule of Consolidated Financial Data
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 
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