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:
As of September 30, 2026
Level 1Level 2Level 3Total
Cash$21,241 $— $— $21,241 
Investments:
First-lien senior secured debt investments
$— $321 $462,554 $462,875 
Second-lien senior secured debt investments— 10,823 26,391 37,214 
Unsecured debt investments— — 21,422 21,422 
Specialty finance debt investments
— — 8,526 8,526 
Preferred equity investments
— — 16,087 16,087 
Common equity investments
— — 29,567 29,567 
Specialty finance equity investments
— — 6,938 6,938 
Subtotal— 11,144 571,485 582,629 
Investments measured at NAV(1)
— — — 14,565 
Total Investments$— $11,144 $571,485 $597,194 
_______________
(1)     Includes investments in Credit SLF, BOCSO 2025 and Blue Owl Leasing LLC, 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.
As of December 31, 2025
Level 1Level 2Level 3Total
Cash$59,362 $— $— $59,362 
Investments:
First-lien senior secured debt investments
$— $2,756 $1,218,616 $1,221,372 
Second-lien senior secured debt investments— 11,351 119,703 131,054 
Unsecured debt investments— — 38,673 38,673 
Specialty finance debt investments
— — 7,491 7,491 
Preferred equity investments
— — 67,143 67,143 
Common equity investments
— — 77,020 77,020 
Specialty finance equity investments
— — 13,303 13,303 
Subtotal— 14,107 1,541,949 1,556,056 
Investments measured at NAV(1)
— — — 20,494 
Total Investments$— $14,107 $1,541,949 $1,576,550 
_______________
(1)     Includes investments in Credit SLF, BOCSO 2025 and LSI Financing LLC, 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.
Schedule of Changes in the Fair Value of Investments
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 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$490,304 $57,555 $20,644 $8,156 $14,936 $76,791 $6,743 $675,129 
Purchases of investments, net4,320 — — 344 — — 208 4,872 
Payment-in-kind1,193 262 819 30 248 46 — 2,598 
Proceeds from investments, net(54,601)— — (4)— (46,263)— (100,868)
Net change in unrealized gain (loss) on investments(563)642 (43)— 892 (27,101)(13)(26,186)
Net realized gain (loss) on investments(760)— — — — 26,094 — 25,334 
Net accretion/amortization of discount/premium on investments392 143 2 — 11 — — 548 
Transfers between investment types22,500 (22,500)— — — — — — 
Transfers into (out of) Level 3(1)
(231)(9,711)— — — — — (9,942)
Fair Value, End of Period$462,554 $26,391 $21,422 $8,526 $16,087 $29,567 $6,938 $571,485 
_______________
(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended September 30, 2026, transfers out of 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$1,218,616 $119,703 $38,673 $7,491 $67,143 $77,020 $13,303 $1,541,949 
Purchases of investments, net22,720 — — 911 — 288 339 24,258 
Payment-in-kind4,298 759 2,255 168 2,201 134 — 9,815 
Proceeds from investments, net(797,194)(47,425)(19,465)(44)(51,568)(47,166)(6,504)(969,366)
Net change in unrealized gain (loss) on investments(8,098)(17,434)(745)— (3,359)(20,810)(683)(51,129)
Net realized gain (loss) on investments(4,694)(7,676)690 — 1,090 20,057 483 9,950 
Net accretion/amortization of discount/premium on investments1,887 312 14 — 580 — — 2,793 
Transfers between investment types22,500 (22,500)— — — — — — 
Transfers into (out of) Level 3(1)
2,519 652 — — — 44 — 3,215 
Fair Value, End of Period$462,554 $26,391 $21,422 $8,526 $16,087 $29,567 $6,938 $571,485 
_______________
(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the nine months ended September 30, 2026, transfers into Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies and an investment measured at net asset value which is no longer categorized within the fair value hierarchy.
As of and for the Three Months Ended September 30, 2025
Debt InvestmentsEquity Investments
First-Lien Senior Secured
Second-Lien Senior Secured
Unsecured
Specialty Finance
PreferredCommon
Specialty Finance
Total
Fair value, beginning of period$1,303,172 $132,864 $36,411 $6,294 $63,693 $91,791 $10,493 $1,644,718 
Purchases of investments, net97,420 — 759 973 1,015 1,343 517 102,027 
Payment-in-kind503 408 1,483 85 1,111 43 — 3,633 
Proceeds from investments, net(70,693)— (557)— (49)(201)— (71,500)
Net change in unrealized gain (loss) on investments(5,982)(7,873)(112)— 268 (1,740)608 (14,831)
Net realized gain (loss) on investments(12)— — — — (99)— (111)
Net accretion/amortization of discount/premium on investments1,430 126 6 — 39 — — 1,601 
Transfers between investment types(41)— — — — 41 — — 
Fair Value, End of Period$1,325,797 $125,525 $37,990 $7,352 $66,077 $91,178 $11,618 $1,665,537 
_______________
(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur.
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$1,495,835 $139,322 $33,594 $5,040 $59,385 $101,868 $8,219 $1,843,263 
Purchases of investments, net159,303 — 758 2,192 2,147 1,931 1,368 167,699 
Payment-in-kind5,345 3,230 3,689 136 3,697 124 — 16,221 
Proceeds from investments, net(315,659)(27,098)(1,253)— (257)(10,822)(170)(355,259)
Net change in unrealized gain (loss) on investments(19,103)7,493 1,231 (16)982 (3,323)2,201 (10,535)
Net realized gain (loss) on investments(75)(20,066)(56)— 3 1,359 — (18,835)
Net accretion/amortization of discount/premium on investments5,851 715 27 — 120 — — 6,713 
Transfers between investment types(41)— — — — 41 — — 
Transfers into (out of) Level 3(1)
(5,659)21,929 — — — — — 16,270 
Fair Value, End of Period$1,325,797 $125,525 $37,990 $7,352 $66,077 $91,178 $11,618 $1,665,537 
_______________
(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the nine months ended September 30, 2025, transfers into/ (out of) Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies and an investment measured at net asset value which is no longer categorized within the fair value hierarchy.
The table below presents information with respect to the net change in unrealized gains (losses) on investments for which Level 3 inputs were used in determining the fair value that are still held by the Company for the following periods:
For the Three Months Ended September 30,
For the Nine Months Ended September 30,
2026202520262025
First-lien senior secured debt investments$(1,237)$(5,982)$(13,980)$(20,449)
Second-lien senior secured debt investments(1,141)(7,874)(35,978)(12,767)
Unsecured debt investments(43)(111)(745)1,231 
Specialty finance debt investments
— 1 — (17)
Preferred equity investments892 269 (2,161)982 
Common equity investments(975)(1,739)(845)82 
Specialty finance equity investments
(13)609 (215)1,180 
Total Investments$(2,517)$(14,827)$(53,924)$(29,758)
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.
As of September 30, 2026
Fair ValueValuation TechniqueUnobservable InputRange (Weighted Average)Impact to Valuation from an Increase in Input
First-lien senior secured debt investments$445,674 Yield AnalysisMarket Yield
8.1% - 27.9% (11.9%)
Decrease
16,880 Recovery AnalysisRecovery Rate
0.0% - 100.0% (52.6%)
Increase
Second-lien senior secured debt investments$25,310 Yield AnalysisMarket Yield
11.2% - 55.0% (34.5%)
Decrease
1,081Recovery AnalysisRecovery Rate
3.3% - 3.3% (3.3%)
Increase
Unsecured debt investments$19,953 Yield AnalysisMarket Yield
5.5% -18.7% (13.9%)
Decrease
1,268 Market ApproachEBITDA Multiple
12.0x - 12.0x (12.0x)
Increase
201 Recovery AnalysisRecovery Rate
71.0% - 71.0% (71.0%)
Increase
Specialty finance debt investments$8,526 Yield AnalysisMarket Yield
12.7% - 12.7% (12.7%)
Decrease
Preferred equity investments$10,976 Yield AnalysisMarket Yield
13.5% - 60.0% (31.5%)
Decrease
3,229 Market ApproachEBITDA Multiple
12.8x - 12.8x (12.8x)
Increase
1,882Recovery AnalysisRecovery Rate
73.0% - 73.0% (73.0%)
Increase
Common equity investments$23,336 Market ApproachEBITDA Multiple
 5.5x - 19.0x (9.6x)
Increase
3,451Market ApproachRevenue Multiple
 7.0x - 11.0x (11.0x)
Increase
2,329 Yield AnalysisMarket Yield
8.4% - 8.4% (8.4%)
Decrease
416Discounted Cash Flow AnalysisMarket Yield
8.6% - 8.6% (8.6%)
Decrease
35Market ApproachGross Profit Multiple
10.0x - 10.0x (10.0x)
Increase
Specialty finance equity investments$2,158 Discounted Cash Flow AnalysisMarket Yield
20.0% - 20.0% (20.0%)
Decrease
4,616Market ApproachRecovery Rate
110.0% - 150.0% (140.0%)
Increase
164Yield AnalysisMarket Yield
12.1% - 12.1% (12.1%)
Decrease
As of December 31, 2025
Fair ValueValuation TechniqueUnobservable InputRange (Weighted Average)Impact to Valuation from an Increase in Input
First-lien senior secured debt investments$1,155,122 Yield AnalysisMarket Yield
6.3% - 20.1% (9.6)%
 Decrease
43,696 Recent TransactionTransaction Price
99.0% - 99.7% (99.3)%
 Increase
19,798 Collateral AnalysisRecovery Rate
0.0% - 107.2% (60.1)%
Increase
Second-lien senior secured debt investments
$119,703 Yield AnalysisMarket Yield
10.0% - 62.4% (22.5)%
 Decrease
Unsecured debt investments$37,466 Yield AnalysisMarket Yield
5.5% - 17.6% (12.9)%
Decrease
1,207 Market ApproachEBITDA Multiple
12.0x - 12.0x (12.0x)
Increase
Specialty finance debt investments
$7,491 Yield AnalysisMarket Yield
11.6% - 11.6% (11.6%)
Decrease
Preferred equity investments
$66,129 Yield AnalysisMarket Yield
11.6% - 35.3% (16.4)%
 Decrease
1,014 Market ApproachEBITDA Multiple
128.9x - 128.9x (128.9x)
 Increase
Common equity investments
$64,531 Market ApproachEBITDA Multiple
4.0x - 17.8x (5.5)x
 Increase
5,967 Recent TransactionTransaction Price
100% - 100% (100%)
Increase
3,612 Market ApproachRevenue Multiple
8.3x - 13.0x (12.5x)
 Increase
2,190 Yield AnalysisMarket Yield
8.5% - 8.5% (8.5%)
Decrease
675 Market ApproachMarket Adjustment Factor
0.0% - 0.0% (0.0%)
Increase
28 Market ApproachGross Profit Multiple
9.0x - 9.0x (9.0x)
Increase
17 Option Pricing ModelVolatility
70.0% - 70.0% (70.0%)
Increase
Specialty finance equity investments
$6,444 Market ApproachAUM Multiple
1.1x - 1.1x (1.1x)
Decrease
4,520 Market ApproachTransaction Price
N/A
Increase
2,137 Discounted Cash Flow AnalysisDiscounted Factor
20.0% - 20.0% (20.0%)
Decrease
202 Yield AnalysisMarket Yield
11.5% - 11.5% (11.5%)
Increase
Schedule of Carrying Values and Fair Values of the Company’s Debt Obligations The table below presents the carrying and fair values of the Company’s debt obligations as of the following periods:
As of September 30, 2026As of December 31, 2025
Net Carrying Value(1)
Unamortized Debt Issuance Costs
Fair Value
Net Carrying Value(1)
Unamortized Debt Issuance Costs
Fair Value
Revolving Credit Facility$(1,203)$(1,203)$(1,203)$9,284$(2,314)$9,284
SPV Asset Facility I126,908(1,592)126,908311,673(3,327)311,673
2026 Notes———347,850(2,150)359,625
Total Debt$125,705$(2,795)$125,705$668,807$(7,791)$680,582
_______________
(1)The carrying values are presented net of debt issuance costs.
The table below presents fair value measurements of the Company’s debt obligations as of the following periods:
As of September 30, 2026As of December 31, 2025
Level 1$— $— 
Level 2— 359,625 
Level 3125,705 320,957 
Total Debt$125,705 $680,582