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v3.26.1

Investments (Tables) | 6 Months Ended
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Jun. 30, 2026
Schedule of Investments [Abstract] |
Schedule of Investments | The table below presents the composition of investments at fair value and amortized cost as of the following periods:
|  | As of June 30, 2026 |  | As of December 31, 2025
|  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
First-lien senior secured debt investments |  | $ | 11,202,149 |  |  | $ | 10,937,849 |  |  | $ | 12,215,994 |  |  | $ | 12,048,934 |
Second-lien senior secured debt investments |  | 931,923 |  |  | 674,223 |  |  | 975,790 |  |  | 848,575 |
Unsecured debt investments |  | 367,689 |  |  | 377,224 |  |  | 384,569 |  |  | 399,962 |
Specialty finance debt investments |  | 170,984 |  |  | 171,254 |  |  | 157,004 |  |  | 157,297 |
Preferred equity investments |  | 308,544 |  |  | 262,536 |  |  | 592,714 |  |  | 568,977 |
Common equity investments |  | 460,949 |  |  | 714,693 |  |  | 473,881 |  |  | 644,304 |
Specialty finance equity investments |  | 1,238,485 |  |  | 1,426,590 |  |  | 1,195,614 |  |  | 1,386,739 |
Joint ventures |  | 432,793 |  |  | 390,680 |  |  | 422,213 |  |  | 416,105 |
Total Investments |  | $ | 15,113,516 |  |  | $ | 14,955,049 |  |  | $ | 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 June 30, 2026 |  | As of December 31, 2025 |
Advertising and media |  | 2.6 | % |  | 2.4 | % |
Aerospace and defense |  | 1.5 |  |  | 1.4 |  |
Asset based lending and fund finance(1) |  | 7.4 |  |  | 6.5 |  |
Automotive services |  | 2.1 |  |  | 3.3 |  |
Buildings and real estate(5) |  | 4.4 |  |  | 4.6 |  |
Business services |  | 2.9 |  |  | 2.7 |  |
Chemicals |  | 3.7 |  |  | 3.3 |  |
Consumer products |  | 2.5 |  |  | 2.3 |  |
Containers and packaging |  | 3.0 |  |  | 2.8 |  |
Distribution |  | 1.3 |  |  | 1.3 |  |
Education |  | 0.2 |  |  | 0.3 |  |
Energy equipment and services |  | 0.5 |  |  | 0.5 |  |
Financial services |  | 3.7 |  |  | 3.8 |  |
Food and beverage |  | 5.2 |  |  | 5.0 |  |
Healthcare equipment and services |  | 4.8 |  |  | 4.4 |  |
Healthcare providers and services |  | 8.5 |  |  | 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 |  | 3.0 |  |  | 2.3 |  |
Insurance(3) |  | 6.1 |  |  | 6.3 |  |
Internet software and services |  | 11.6 |  |  | 11.1 |  |
Joint ventures(2) |  | 2.6 |  |  | 2.5 |  |
Leisure and entertainment |  | 2.3 |  |  | 2.0 |  |
Manufacturing |  | 3.8 |  |  | 5.3 |  |
Pharmaceuticals(4) |  | 1.9 |  |  | 1.3 |  |
Professional services |  | 2.4 |  |  | 2.9 |  |
Specialty retail |  | 2.3 |  |  | 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 investment 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 investments in Owl-HP Finance. The table below presents the geographic composition of investments based on fair value as of the following periods:
|  | As of June 30, 2026 |  | As of December 31, 2025 |
United States: |  |  |  |  |
Midwest |  | 21.2 | % |  | 20.6 | % |
Northeast |  | 18.7 |  |  | 21.2 |  |
South |  | 37.5 |  |  | 36.8 |  |
West |  | 15.4 |  |  | 14.8 |  |
International |  | 7.2 |  |  | 6.6 |  |
Total |  | 100.0 | % |  | 100.0 | % |
Schedule of Capital Commitment and Economic Ownership | As of June 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 |  |  | $ | 431,928 |  |  | 64.4 | %
Blue Owl Capital Corporation II(2) |  |  |  | 244 |  |  | 244 |  |  | 0.0 | %
Blue Owl Credit Income Corp. |  |  |  | 136,419 |  |  | 99,482 |  |  | 14.8 | %
Blue Owl Technology Finance Corp. |  |  |  | 53,812 |  |  | 39,656 |  |  | 5.9 | %
Blue Owl Technology Income Corp. |  |  |  | 16,161 |  |  | 16,161 |  |  | 2.4 | %
State Teachers Retirement System of Ohio |  |  |  | 93,299 |  |  | 83,924 |  |  | 12.5 | %
Total |  |  |  | $ | 746,395 |  |  | $ | 671,395 |  |  | 100.0 | %
_______________ (1) This represents each equity holder’s ownership percentage at June 30, 2026 based on net contributed capital. (2) Economic ownership interest for Blue Owl Capital Corporation II is 0.04%. As of June 30, 2026, the capital commitment, called 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 June 30, 2026, based on net contributed capital.
Schedule of Financial Information | The table below sets forth Credit SLF’s consolidated financial data as of and for the following periods:
|  | As of June 30, 2026 |  | As of December 31, 2025
Consolidated Balance Sheet Data |  |  |  |
Cash |  | $ | 258,490 |  |  | $ | 124,718 |
Investments at fair value |  | 2,624,338 |  |  | 2,343,367 |
Total Assets |  | 2,903,962 |  |  | 2,477,523 |
Total Debt (net of unamortized debt issuance costs) |  | 2,069,196 |  |  | 1,728,363 |
Total Liabilities |  | 2,296,807 |  |  | 1,863,454 |
Total Credit SLF Members’ Equity |  | $ | 607,155 |  |  | $ | 614,069 |
|  | For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
|  | 2026 |  | 2025 |  | 2026 |  | 2025
Consolidated Statement of Operations Data |  |  |  |  |  |  |  |
Income |  |  |  |  |  |  |  |
Investment income |  | $ | 42,053 |  |  | $ | 31,420 |  |  | $ | 83,057 |  |  | $ | 55,117 |
Expenses |  |  |  |  |  |  |  |
Net operating expenses |  | 26,186 |  |  | 18,482 |  |  | 51,216 |  |  | 32,139 |
Net investment income (loss) |  | $ | 15,867 |  |  | $ | 12,938 |  |  | $ | 31,841 |  |  | $ | 22,978 |
Total net realized and unrealized gain (loss) |  | (7,626) |  |  | 9,319 |  |  | (59,616) |  |  | (6,785) |
Net increase (decrease) in Credit SLF Members’ Equity resulting from operations |  | $ | 8,241 |  |  | $ | 22,257 |  |  | $ | (27,775) |  |  | $ | 16,193 |
The Company’s proportional share of Credit SLF’s distributions for the following periods:
|  | For the Three Months Ended June 30, |  |  |  |  |  | For the Six Months Ended June 30, |
|  | 2026 |  | 2025 |  |  |  |  |  | 2026 |  | 2025 |
Dividend income |  | $ | 10,390 |  |  | $ | 10,034 |  |  |  |  |  |  | $ | 19,253 |  |  | $ | 18,687 |  |
The table below sets forth Blue Owl Leasing’s consolidated financial data as of and for the following periods:
|  | As of June 30, 2026 |  | As of December 31, 2025(1)
Consolidated Balance Sheet Data |  |  |  |
Cash |  | $ | 3,344 |  |  | $ | 34,555 |
Investments at fair value |  | 39,680 |  |  | 39,628 |
Total Assets |  | 43,407 |  |  | 74,531 |
Total Debt (net of unamortized debt issuance costs) |  | 2,512 |  |  | 9,754 |
Total Liabilities |  | 3,486 |  |  | 10,076 |
Total Blue Owl Leasing Members’ Equity |  | $ | 39,921 |  |  | $ | 64,455 |
_______________ (1) Blue Owl Leasing’s date of inception was June 30, 2025.
|  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30,
|  | 2026 |  |  |  |  | 2026 |  |  |
Consolidated Statement of Operations Data |  |  |  |  |  |  |  |  |  |
Income |  |  |  |  |  |  |  |  |  |
Investment income |  | $ | 1,044 |  |  |  |  |  | $ | 2,087 |  |  |  |
Expenses |  |  |  |  |  |  |  |  |  |
Net operating expenses |  | 785 |  |  |  |  |  | 1,656 |  |  |  |
Net investment income (loss) |  | $ | 259 |  |  |  |  |  | $ | 431 |  |  |  |
Total net realized and unrealized gain (loss) |  | 132 |  |  |  |  |  | (107) |  |  |  |
Net Increase (Decrease) in Blue Owl Leasing Members’ Equity Resulting From Operations |  | $ | 391 |  |  |  |  |  | $ | 324 |  |  |  |
The Company’s proportional shares of Blue Owl Leasing’s distributions for the following periods:
|  | For the Three Months Ended June 30, |  |  |  |  |  | For the Six Months Ended June 30,
|  | 2026 |  |  |  |  |  |  |  | 2026 |  |
Dividend income |  | $ | 4 |  |  |  |  |  |  |  |  | $ | 4 |  |  |

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