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Fair Value of Investments
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Investments Fair Value of Investments
Investments
The tables below present the fair value hierarchy of investments as of the following periods:
Fair Value Hierarchy as of June 30, 2026
Level 1Level 2Level 3Total
Cash (including restricted and foreign cash)$238,049 $— $— $238,049 
Investments:
First-lien senior secured debt investments
$— $44,279 $10,893,570 $10,937,849 
Second-lien senior secured debt investments— — 674,223 674,223 
Unsecured debt investments— — 377,224 377,224 
Specialty finance debt investments
— — 171,254 171,254 
Preferred equity investments
— — 262,536 262,536 
Common equity investments
23,906 4,320 556,928 585,154 
Specialty finance equity investments— — 1,011,942 1,011,942 
Subtotal23,906 48,599 13,947,677 14,020,182 
Investments measured at NAV(1)
— — — 934,867 
Total Investments at Fair Value$23,906 $48,599 $13,947,677 $14,955,049 
Derivatives:
Derivative assets
$— $5,918 $— $5,918 
Derivative liabilities
$— $6,772 $— $6,772 
___________
(1)Includes investments in Credit SLF, LSI Financing LLC, BOCSO, Blue Owl Leasing and Owl-HP Finance which are measured at fair value using the NAV per share (or its equivalent) as a practical expedient and has 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.
Fair Value Hierarchy as of December 31, 2025
Level 1Level 2Level 3Total
Cash (including restricted and foreign cash)$568,542 $— $— $568,542 
Investments:
First-lien senior secured debt investments
$— $39,027 $12,009,907 $12,048,934 
Second-lien senior secured debt investments— 47,294 801,281 848,575 
Unsecured debt investments— — 399,962 399,962 
Specialty finance debt investments
— — 157,297 157,297 
Preferred equity investments
— — 568,977 568,977 
Common equity investments
— 6,555 520,542 527,097 
Specialty finance equity investments— — 1,114,178 1,114,178 
Subtotal— 92,876 15,572,144 15,665,020 
Investments measured at NAV(1)
— — — 805,873 
Total Investments at fair value$— $92,876 $15,572,144 $16,470,893 
Derivatives:
Derivative assets$— $3,123 $— $3,123 
Derivative liabilities
$— $793 $— $793 
_______________
(1)Includes investments in Credit SLF, LSI Financing LLC, BOCSO and Blue Owl Leasing which are measured at fair value using the NAV per share (or its equivalent) as a practical expedient and has 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.
The tables below present the 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 June 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$11,003,920 $730,176 $369,374 $159,598 $536,853 $537,854 $1,011,324 $14,349,099 
Purchases of investments, net454,452 — — 11,887 — 3,154 5,389 474,882 
Payment-in-kind15,911 2,030 10,220 327 13,583 287 — 42,358 
Proceeds from investments, net(532,518)(24,953)(2,044)(558)(255,892)(353)(1,485)(817,803)
Net change in unrealized gain (loss)(47,395)(68,508)(648)(11)(35,397)33,099 (3,286)(122,146)
Net realized gain (loss)(2,859)(8,648)216 — (50)(2,377)— (13,718)
Net amortization/accretion of discount/premium on investments11,026 945 106 11 3,439 — — 15,527 
Transfers between investment types— — — — — — — — 
Transfers into (out of) Level 3(1)
(8,967)43,181 — — — (14,736)— 19,478 
Fair Value, End of Period
$10,893,570 $674,223 $377,224 $171,254 $262,536 $556,928 $1,011,942 $13,947,677 
_______________
(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended June 30, 2026, transfers into/(out of) Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.
The tables below present the 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 Six Months Ended June 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$12,009,907 $801,281 $399,962 $157,297 $568,977 $520,542 $1,114,178 $15,572,144 
Purchases of investments, net804,632 1 — 11,887 976 15,222 8,117 840,835 
Payment-in-kind32,258 4,047 21,853 2,913 23,331 565 — 84,967 
Proceeds from investments, net(1,819,971)(41,676)(41,400)(843)(292,441)(1,416)(102,542)(2,300,289)
Net change in unrealized gain (loss)(101,368)(130,487)(5,859)(23)(22,270)69,681 (7,811)(198,137)
Net realized gain (loss)(58,263)(8,503)2,471 — (20,027)(26,145)— (110,467)
Net amortization/accretion of discount/premium on investments26,920 2,266 197 23 3,990 — — 33,396 
Transfers between investment types(158)— — — — 158 — — 
Transfers into (out of) Level 3(1)
(387)47,294 — — — (21,679)— 25,228 
Fair Value, End of Period$10,893,570 $674,223 $377,224 $171,254 $262,536 $556,928 $1,011,942 $13,947,677 
_______________
(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the six months ended June 30, 2026, transfers into/(out of) Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.
As of and for the Three Months Ended June 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$13,534,635 $846,978 $377,711 $121,603 $543,191 $634,300 $937,195 $16,995,613 
Purchases of investments, net478,573 148,500 — 9,813 2,909 4,401 68,832 713,028 
Payment-in-kind16,011 8,974 10,918 729 16,928 265 — 53,825 
Proceeds from investments, net(1,379,333)(122,716)(24,233)— (4,982)(77,386)(2,395)(1,611,045)
Net change in unrealized gain (loss)(86,522)(13,996)9,168 21 (4,974)(18,953)29,045 (86,211)
Net realized gains (losses)4,410 — 641 — 49 22,218 — 27,318 
Net amortization/accretion of discount/premium on investments
35,042 3,547 488 7 666 — — 39,750 
Transfers into (out of) Level 3(1)
(3,847)(7,620)— — — — — (11,467)
Fair Value, End of Period
$12,598,969 $863,667 $374,693 $132,173 $553,787 $564,845 $1,032,677 $16,120,811 
_______________
(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended June 30, 2025, transfers into/(out of) Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.
As of and for the Six Months Ended June 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$9,796,885 $660,060 $301,956 $90,735 $366,973 $550,886 $799,766 $12,567,261 
Purchases of investments, net1,202,373 141,009 — 25,594 46,930 4,386 119,215 1,539,507 
Payment-in-kind40,649 15,504 23,469 743 26,153 522 — 107,040 
Proceeds from investments, net(1,883,856)(129,182)(33,743)— (15,358)(77,371)(5,464)(2,144,974)
Net change in unrealized gain (loss)(23,419)87,300 17,431 309 (1,254)(16,295)42,804 106,876 
Net realized gains (losses)(6,545)(102,791)(1,212)— 152 22,218 1,119 (87,059)
Net amortization of discount on investments51,130 4,486 628 13 1,309 — — 57,566 
Transfers into (out of) Level 3(1)
(29,148)9,746 — — — (3,091)— (22,493)
Transfers in from the OBDE Mergers3,450,900 177,535 66,164 14,779 128,882 83,590 75,237 3,997,087 
Fair Value, End of Period
$12,598,969 $863,667 $374,693 $132,173 $553,787 $564,845 $1,032,677 $16,120,811 
_______________
(1)Transfers into (out of) Level 3 were a result of an investment measured at net asset value which is no longer categorized within the fair value hierarchy.
The tables below present the net change in unrealized gains on investments for which Level 3 inputs were used in determining the fair value that are still held by the Company for the following periods:
Net Change in Unrealized Gain (Loss) for the Three Months Ended June 30, 2026 on Investments Held at June 30, 2026
Net Change in Unrealized Gain (Loss) for the Three Months Ended June 30, 2025 on Investments Held at June 30, 2025
First-lien senior secured debt investments$(49,105)$(91,669)
Second-lien senior secured debt investments(68,508)(34,067)
Unsecured debt investments(648)9,168 
Specialty finance debt investments
(11)21 
Preferred equity investments(11,918)(4,973)
Common equity investments31,234 (18,939)
Specialty finance equity investments(3,286)29,029 
Total Investments$(102,242)$(111,430)
Net Change in Unrealized Gain (Loss) for the Six Months Ended June 30, 2026 on Investments Held at June 30, 2026
Net Change in Unrealized Gain (Loss) for the Six Months Ended June 30, 2025 on Investments Held at June 30, 2025
First-lien senior secured debt investments$(150,437)$(40,510)
Second-lien senior secured debt investments(130,487)(16,898)
Unsecured debt investments(5,859)17,431 
Specialty finance debt investments
(23)311 
Preferred equity investments(40,677)(1,254)
Common equity investments44,314 15,269 
Specialty finance equity investments(7,811)42,788 
Total Investments$(290,980)$17,137 
The following tables 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 June 30, 2026
Fair ValueValuation TechniqueUnobservable InputRange (Weighted Average)Impact to Valuation from an Increase in Input
First-lien senior secured debt investments$10,556,228 Yield AnalysisMarket Yield
7.1% - 23.8% (10.4%)
Decrease
179,499TransactionTransaction Price
98.5% - 99.6% (99.3%)
Increase
157,843 Recovery AnalysisRecovery Rate
0.0% - 100.0% (46.0%)
Increase
Second-lien senior secured debt investments$667,573 Yield AnalysisMarket Yield
10.5% - 47.0% (22.6%)
Decrease
6,650 Recovery AnalysisRecovery Rate
5.0% - 5.0% (5.0%)
Increase
Unsecured debt investments$367,642 Yield AnalysisMarket Yield
5.4% - 22.5% (13.8%)
Decrease
9,582 Market ApproachEBITDA Multiple
12.0x - 12.0x (12.0x)
Decrease
Specialty finance debt investments$171,254 Yield AnalysisMarket Yield
12.3% - 12.3% (12.3%)
Decrease
Preferred equity investments$246,278 Yield AnalysisMarket Yield
12.9% - 53.5% (23.8%)
Decrease
16,000Market ApproachEBITDA Multiple
9.5x - 9.5x (9.5x)
Decrease
258 Market ApproachRevenue Multiple
13.3x - 13.3x (13.3x)
Increase
Common equity investments$478,092 Market ApproachEBITDA Multiple
4.0x - 27.8x (7.9x)
Decrease
45,892 Market ApproachRevenue Multiple
5.0x - 47.5x (11.1x)
Increase
8,485TransactionTransaction Price
18.0% - 200.2% (149.2%)
Increase
14,618Yield AnalysisMarket Yield
8.4% - 8.4% (8.4%)
Decrease
8,979Market ApproachMarket Adjustment Factor
(13.1)% - 26.3% (6.0%)
Increase
694Option Pricing ModelVolatility
60.0% - 70.0% (70.0%)
Increase
168Market ApproachGross Profit Multiple
9.3x - 9.3x (9.3x)
Increase
Specialty finance equity investments$607,054 Market ApproachBook Multiple
1.2x - 1.2x (1.2x)
Increase
302,656Market ApproachAUM Multiple
1.0x - 1.0x (1.0x)
Increase
94,975 Market ApproachRecovery Rate
120.0% - 150.0% (140.0%)
Increase
5,196 Yield AnalysisMarket Yield
11.8% - 11.8% (11.8%)
Decrease
2,061Discounted Cash Flow AnalysisMarket Yield
20.0% - 20.0% (20.0%)
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$11,273,964 Yield AnalysisMarket Yield
6.3% - 20.1% (9.6%)
Decrease
536,599 Recent TransactionTransaction Price
99.0% - 99.8% (99.3%)
Increase
199,344 Collateral AnalysisRecovery Rate
0.0% - 107.2% (59.5%)
Increase
Second-lien senior secured debt investments
$801,281 Yield AnalysisMarket Yield
9.7% - 62.4% (18.9%)
Decrease
Unsecured debt investments$390,845 Yield AnalysisMarket Yield
5.5% - 17.6% (12.6%)
Decrease
9,117 Market ApproachEBITDA Multiple
12.0x - 12.0x (12.0x)
Increase
Specialty finance debt investments$157,297 Yield AnalysisMarket Yield
11.6% - 11.6% (11.6%)
Decrease
Preferred equity investments
$559,595 Yield AnalysisMarket Yield
11.6% - 35.3% (16.1%)
Decrease
9,171 Market ApproachEBITDA Multiple
128.9x - 128.9x (128.9x)
Increase
211 Market ApproachRevenue Multiple
11.3x - 11.3x (11.3x)
Increase
Common equity investments
$388,838 Market ApproachEBITDA Multiple
4.0x - 17.9x (7.7x)
Increase
45,461 Market ApproachRevenue Multiple
6.3x - 13.0x (10.7x)
Increase
43,926 Recent TransactionTransaction Price
100.0% - 100.0% (100.0%)
Increase
21,679 Market ApproachTransaction Price
$96.84 - $96.84 ($96.84)
Increase
14,020 Yield AnalysisMarket Yield
8.5% - 8.5% (8.5%)
Decrease
6,105 Market ApproachMarket Adjustment Factor
0.0% - 0.0%
(0.0%)
Increase
347 Option Pricing ModelVolatility
60.0% - 70.0% (70.0%)
Increase
166 Market ApproachGross Profit Multiple
9.0x - 9.0x (9.0x)
Increase
Specialty finance equity investments$607,284 Market ApproachEBITDA Multiple
1.3x - 1.3x (1.3x)
Increase
403,170 Market ApproachAUM Multiple
1.1x - 1.1x (1.1x)
Increase
94,930 Market Approach
N/A(1)
N/AN/A
6,657 Yield AnalysisMarket Yield
11.5% - 11.5% (11.5%)
Decrease
2,137 
Discounted Cash Flow Analysis
Discounted Factor
20.0% - 20.0% (20.0%)
Decrease
_____________
(1)Fair value based on a weighting of the appraised value of the portfolio company’s underlying assets and their cost.
The Company typically determines the fair value of its performing Level 3 debt investments utilizing a yield analysis. In a yield analysis, a price is ascribed for each investment based upon an assessment of current and expected market yields for similar investments and risk profiles. Additional consideration is given to the expected life, portfolio company performance since close, and other terms and risks associated with an investment. Among other factors, a determinant of risk is the amount of leverage used by the portfolio company relative to its total enterprise value, and the rights and remedies of the Company’s investment within the portfolio company’s capital structure.
When the debtor is not performing or when there is insufficient value to cover the investment, the Company may utilize a net recovery approach to determine the fair value of debt investments in subject companies. A net recovery analysis typically consists of two steps. First, the total enterprise value for the subject company is estimated using standard valuation approaches, most commonly the market approach. Second, the fair value for each investment in the subject company is then estimated by allocating the subject company’s total enterprise value to the outstanding securities in the capital structure based upon various factors, including seniority, preferences, and other features if deemed relevant to each security in the capital structure.
Significant unobservable quantitative inputs typically used in the fair value measurement of the Company’s Level 3 debt investments primarily include current market yields, including relevant market indices, but may also include quotes from brokers, dealers, and pricing services as indicated by comparable investments. For the Company’s Level 3 equity investments, a market approach, based on comparable financial performance multiples such as publicly-traded company and comparable market transaction multiples of revenues, earnings before income taxes, depreciation and amortization (“EBITDA”), or some combination thereof and comparable market transactions typically would be used.
Debt Not Carried at Fair Value
Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings, or market quotes, if available. The table below presents the carrying and fair values of the Company’s debt obligations as of the following periods:
As of June 30, 2026As of December 31, 2025
Net Carrying Value
Debt Issuance CostsFair Value
Net Carrying Value
Debt Issuance CostsFair Value
Revolving Credit Facility$71,376 $(34,124)$71,376 $984,069 $(27,931)$984,069 
SPV Asset Facility II250,905 (5,295)250,905 156,138 (5,562)156,138 
SPV Asset Facility V426,088 (4,412)426,088 378,999 (5,001)378,999 
SPV Asset Facility VI306,470 (3,530)306,470 295,959 (4,041)295,959 
SPV Asset Facility VII— — — 208,399 (1,601)208,399 
CLO I— — — 386,511 (3,489)386,511 
CLO III258,362 (1,638)258,362 258,273 (1,727)258,273 
CLO IV217,166 (2,782)217,166 272,117 (3,346)272,117 
CLO V507,686 (1,939)507,686 507,563 (2,062)507,563 
CLO VII328,459 (2,041)328,459 328,373 (2,127)328,373 
CLO X270,167 (1,833)270,167 270,203 (1,797)270,203 
CLO XIV— — — 258,422 (1,578)258,422 
2026 Notes— — — 499,909 (91)498,750 
July 2026 Notes999,803 (197)1,000,000 997,283 (2,717)992,500 
2027 Notes489,826 (9,073)492,500 483,987 (2,117)488,750 
April 2027 Notes324,335 (665)320,125 323,922 (1,078)317,688 
July 2027 Notes249,038 (962)250,000 248,611 (1,389)250,000 
2028 Notes844,749 (5,251)805,375 843,451 (6,549)803,250 
June 2028 Notes99,531 (469)100,000 99,415 (585)100,000 
September 2028 Notes393,582 (2,861)404,000 — — — 
2029 Notes986,672 (6,965)1,000,000 1,002,667 (8,373)1,010,000 
2030 Notes486,848 (9,041)498,750 495,805 (10,025)506,250 
2031 Notes392,470 (8,694)398,000 — — — 
Total Debt$7,903,533 $(101,772)$7,905,429 $9,300,076 $(93,186)$9,272,214 
The below table presents the fair value measurements of the Company’s debt obligations as of the following periods:
As of June 30, 2026As of December 31, 2025
Level 1$— $— 
Level 25,268,750 4,967,188 
Level 32,636,679 4,305,026 
Total Debt$7,905,429 $9,272,214 
Financial Instruments Not Carried at Fair Value
As of June 30, 2026 and December 31, 2025, the carrying amounts of the Company’s other assets and liabilities approximate fair value due to their short maturities. These financial instruments would be categorized as Level 3 within the hierarchy.