False2026Q1000174777712/31xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:pureiso4217:GBPiso4217:EURiso4217:CADiso4217:AUDortf:component00017477772026-01-012026-03-3100017477772026-04-290001747777us-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001747777us-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001747777us-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-3100017477772026-03-3100017477772025-12-3100017477772025-01-012025-12-310001747777srt:AffiliatedEntityMember2026-03-310001747777srt:AffiliatedEntityMember2025-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMember2026-01-012026-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-03-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-01-012026-03-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-03-310001747777us-gaap:InvestmentAffiliatedIssuerControlledMember2026-01-012026-03-310001747777us-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-03-3100017477772025-01-012025-03-3100017477772024-12-3100017477772025-03-310001747777Jeppesen Holdings, LLC | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777ManTech International Corporation | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Peraton Corp. | Second lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777us-gaap:DebtSecuritiesMemberus-gaap:AerospaceSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777Accommodations Plus Technologies LLC | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777us-gaap:DebtSecuritiesMemberortf:AirlinesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777AI Titan Parent, Inc. (dba Prometheus Group) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777AlphaSense, Inc. | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Anaplan, Inc. | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Armstrong Bidco Limited | First lien senior secured GBP term loan | Non-Affiliated Issuer2026-03-310001747777Arrow Borrower 2025, Inc. (dba AvidXchange) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Artifact Bidco, Inc. (dba Avetta) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Avalara, Inc. | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Boxer Parent Company Inc. (f/k/a BMC) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777BusinessSolver.com, Inc. | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777CALABRIO, INC. | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777CivicPlus, LLC | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Coupa Holdings, LLC | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC) | Unsecured notes | Non-Affiliated Issuer2026-03-310001747777Dawn Bidco, LLC (dba Dayforce) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Einstein Parent, Inc. (dba Smartsheet) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Gainsight, Inc. | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Granicus, Inc. | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Granicus, Inc. | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2026-03-310001747777GS Acquisitionco, Inc. (dba insightsoftware) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Gusto, Inc. | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777IGT Holding IV AB (dba IFS) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Infobip Inc. | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Jawbreaker Parent, Inc. | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777JS Parent, Inc. (dba Jama Software) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Lighthouse Buyer, Inc. (dba Harbor Compliance) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Magnet Forensics, LLC (f/k/a Grayshift, LLC) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Ministry Brands Holdings, LLC | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Ministry Brands Holdings, LLC | First lien senior secured revolving loan 1 | Non-Affiliated Issuer2026-03-310001747777Simpler Postage, Inc. (dba Easypost) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Tamarack Intermediate, L.L.C. (dba Verisk 3E) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777VCI Asset Holdings 1 LLC | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Velocity HoldCo III Inc. (dba VelocityEHS) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777XPLOR T1, LLC | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Zendesk, Inc. | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777us-gaap:DebtSecuritiesMemberortf:ApplicationSoftwareMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777Innovation Ventures HoldCo, LLC (dba 5 Hour Energy) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777us-gaap:DebtSecuritiesMemberortf:BeveragesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777EET Buyer, Inc. (dba e-Emphasys) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777us-gaap:DebtSecuritiesMemberortf:BuildingProductsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777Associations, Inc. | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Associations Finance, Inc. | Unsecured notes | Non-Affiliated Issuer2026-03-310001747777us-gaap:DebtSecuritiesMemberortf:BuildingsRealEstateMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777CCM Midco, LLC (f/k/a Cresset Capital Management, LLC) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Denali Intermediate Holdings, Inc. (dba Dun & Bradstreet) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777us-gaap:DebtSecuritiesMemberortf:CapitalMarketsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777Sentinel Buyer Corp. (dba SimpliSafe) | First lien senior secured loan | Non-Affiliated Issuer 2026-03-310001747777us-gaap:DebtSecuritiesMemberortf:CommercialServicesSuppliesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777Dodge Construction Network LLC | First lien senior secured loan 1 | Non-Affiliated Issuer2026-03-310001747777Dodge Construction Network LLC | First lien senior secured loan 2 | Non-Affiliated Issuer2026-03-310001747777Pike Corp. | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777us-gaap:DebtSecuritiesMemberus-gaap:ConstructionSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777Klarna Holding AB | Subordinated floating rate notes | Non-Affiliated Issuer2026-03-310001747777us-gaap:DebtSecuritiesMemberortf:ConsumerFinanceMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777Eagan Parent, Inc. (dba Elite) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Icefall Parent, Inc. (dba EngageSmart) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Litera Bidco LLC | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Themis Solutions Inc. (dba Clio) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777us-gaap:DebtSecuritiesMemberortf:DiversifiedConsumerServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777Blackhawk Network Holdings, Inc. | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777BTRS Holdings Inc. (dba Billtrust) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Computer Services, Inc. (dba CSI) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Deerfield Dakota Holdings | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Deerfield Dakota Holdings | First lien senior secured revolving loan 1 | Non-Affiliated Issuer2026-03-310001747777Hg Genesis 8 Sumoco Limited | Unsecured facility | Non-Affiliated Issuer2026-03-310001747777Hg Genesis 9 SumoCo Limited | Unsecured facility | Non-Affiliated Issuer2026-03-310001747777Hg Saturn Luchaco Limited | Unsecured facility | Non-Affiliated Issuer2026-03-310001747777Minotaur Acquisition, Inc. (dba Inspira Financial) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777ML Holdco, Inc. (dba Meridian Link) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777NMI Acquisitionco, Inc. (dba Network Merchants) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Smarsh Inc. | First lien senior secured revolving loan 1 | Non-Affiliated Issuer2026-03-310001747777us-gaap:DebtSecuritiesMemberortf:DiversifiedFinancialServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777CoreTrust Purchasing Group LLC | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777us-gaap:DebtSecuritiesMemberortf:DiversifiedSupportServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777Aerosmith Bidco 1 Limited (dba Audiotonix) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777us-gaap:DebtSecuritiesMemberus-gaap:EntertainmentSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777Storable, Inc. | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Storable Intermediate Holdings, LLC | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777us-gaap:DebtSecuritiesMemberortf:EquityRealEstateInvestmentTrustsREITsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.)) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777us-gaap:DebtSecuritiesMemberortf:FoodStaplesRetailingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777Cambrex Corporation | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Packaging Coordinators Midco, Inc. | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Packaging Coordinators Midco, Inc. | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2026-03-310001747777PerkinElmer U.S. LLC | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777us-gaap:DebtSecuritiesMemberortf:HealthCareEquipmentSuppliesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777Bristol Hospice L.L.C. | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Covetrus, Inc. | Second lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777dentalcorp Health Services Ltd. (fka Aryeh Bidco Investment Ltd.) | First lien senior secured delayed draw term loan 1 | Non-Affiliated Issuer2026-03-310001747777Engage Debtco Limited | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777KWOL Acquisition, Inc. (dba Worldwide Clinical Trials) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Natural Partners, LLC | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777PetVet Care Centers, LLC | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777PetVet Care Centers, LLC | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Valeris, Inc. (fka Phantom Purchaser, Inc.) | First lien senior secured loan 1 | Non-Affiliated Issuer2026-03-310001747777Valeris, Inc. (fka Phantom Purchaser, Inc.) | First lien senior secured loan 2 | Non-Affiliated Issuer2026-03-310001747777Vermont Aus Pty Ltd | First lien senior secured AUD term loan | Non-Affiliated Issuer2026-03-310001747777us-gaap:DebtSecuritiesMemberortf:HealthCareProvidersServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777BCPE Osprey Buyer, Inc. (dba PartsSource) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777BCPE Osprey Buyer, Inc. (dba PartsSource) | First lien senior secured revolving loan 1 | Non-Affiliated Issuer2026-03-310001747777Color Intermediate, LLC (dba ClaimsXten) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2026-03-310001747777GI Ranger Intermediate, LLC (dba Rectangle Health) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Greenway Health, LLC | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777GI Ranger Intermediate, LLC (dba Rectangle Health) | First lien senior secured revolving loan 1 | Non-Affiliated Issuer2026-03-310001747777Himalaya Topco LLC (dba HealthEdge) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Himalaya Topco LLC (dba HealthEdge) | First lien senior secured revolving loan 1 | Non-Affiliated Issuer2026-03-310001747777Hyland Software, Inc. | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Indikami Bidco, LLC (dba IntegriChain) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Indikami Bidco, LLC (dba IntegriChain) | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2026-03-310001747777Indikami Bidco, LLC (dba IntegriChain) | First lien senior secured revolving loan 1 | Non-Affiliated Issuer2026-03-310001747777Inovalon Holdings, Inc. | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Inovalon Holdings, Inc. | Second lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Interoperability Bidco, Inc. (dba Lyniate) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Modernizing Medicine, Inc. (dba ModMed) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Neptune Holdings, Inc. (dba NexTech) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777RL Datix Holdings (USA), Inc. | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777RL Datix Holdings (USA), Inc. | First lien senior secured GBP term loan | Non-Affiliated Issuer2026-03-310001747777Salinger Bidco Inc. (dba Surgical Information Systems) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777us-gaap:DebtSecuritiesMemberortf:HealthcareTechnologyMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777BCTO BSI Buyer, Inc. (dba Buildertrend) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777us-gaap:DebtSecuritiesMemberortf:HouseholdDurablesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777Aptean Acquiror, Inc. (dba Aptean) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777QAD, Inc. | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777us-gaap:DebtSecuritiesMemberortf:IndustrialConglomeratesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777AmeriLife Holdings LLC | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777AmeriLife Holdings LLC | First lien senior secured revolving loan 1 | Non-Affiliated Issuer2026-03-310001747777Diamond Insure Bidco (dba Acturis) | First lien senior secured EUR term loan | Non-Affiliated Issuer2026-03-310001747777Diamond Insure Bidco (dba Acturis) | First lien senior secured GBP term loan | Non-Affiliated Issuer2026-03-310001747777Galway Borrower LLC | First lien senior secured delayed draw term loan 1 | Non-Affiliated Issuer2026-03-310001747777Integrity Marketing Acquisition, LLC | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777One, Inc. Software Corporation | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Simplicity Financial Marketing Group Holdings, Inc. | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Trucordia Insurance Holdings, LLC | Second lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777us-gaap:DebtSecuritiesMemberus-gaap:InsuranceSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777Aurelia Netherlands B.V. | First lien senior secured EUR term loan | Non-Affiliated Issuer2026-03-310001747777us-gaap:DebtSecuritiesMemberortf:InternetDirectMarketingRetailMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777Flexera Software LLC | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Flexera Software LLC | First lien senior secured EUR term loan | Non-Affiliated Issuer2026-03-310001747777Kaseya Inc. | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Kaseya Inc. | Second lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777NSCALE SERVICES UK LTD | First lien senior secured delayed draw term loan 1 | Non-Affiliated Issuer2026-03-310001747777Severin Acquisition, LLC (dba PowerSchool) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Severin Acquisition, LLC (dba PowerSchool) | First lien senior secured delayed draw term loan 1 | Non-Affiliated Issuer2026-03-310001747777Severin Acquisition, LLC (dba PowerSchool) | First lien senior secured revolving loan 1 | Non-Affiliated Issuer2026-03-310001747777Spaceship Purchaser, Inc. (dba Squarespace) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777us-gaap:DebtSecuritiesMemberus-gaap:TechnologySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777Bamboo US BidCo LLC | First lien senior secured EUR term loan | Non-Affiliated Issuer2026-03-310001747777Bamboo US BidCo LLC | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2026-03-310001747777Bracket Intermediate Holding Corp. | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Commander Buyer, Inc. (dba CenExel) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Creek Parent, Inc. (dba Catalent) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777us-gaap:DebtSecuritiesMemberortf:LifeSciencesToolsServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777Monotype Imaging Holdings Inc. | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777us-gaap:DebtSecuritiesMemberortf:MediaMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777PDI TA Holdings, Inc. | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777PDI TA Holdings, Inc. | First lien senior secured revolving loan 1 | Non-Affiliated Issuer2026-03-310001747777us-gaap:DebtSecuritiesMemberortf:MultilineRetailMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777Foundation Consumer Brands, LLC | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Pacific BidCo Inc. | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2026-03-310001747777us-gaap:DebtSecuritiesMemberortf:PharmaceuticalsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777BCTO WIW Holdings, Inc. (dba When I Work) | Senior convertible notes | Non-Affiliated Issuer2026-03-310001747777Certinia Inc. | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777CloudPay, Inc. | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Cornerstone OnDemand, Inc. | Second lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Gerson Lehrman Group, Inc. | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Proofpoint, Inc. | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Proofpoint, Inc. | Second lien senior secured loan 1 | Non-Affiliated Issuer2026-03-310001747777Proofpoint, Inc. | Second lien senior secured loan 2 | Non-Affiliated Issuer2026-03-310001747777Sensor Technology Topco, Inc. (dba Humanetics) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Sensor Technology Topco, Inc. (dba Humanetics) | First lien senior secured EUR term loan | Non-Affiliated Issuer2026-03-310001747777Sensor Technology Topco, Inc. (dba Humanetics) | First lien senior secured revolving loan 1 | Non-Affiliated Issuer2026-03-310001747777Sovos Compliance, LLC | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Thunder Purchaser, Inc. (dba Vector Solutions) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777TK Operations Ltd (dba Travelperk, Inc.) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Vestwell Holdings Inc. | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777us-gaap:DebtSecuritiesMemberortf:ProfessionalServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777Conservice Midco, LLC | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777RealPage, Inc. | First lien senior secured loan 1 | Non-Affiliated Issuer2026-03-310001747777RealPage, Inc. | First lien senior secured loan 2 | Non-Affiliated Issuer2026-03-310001747777us-gaap:DebtSecuritiesMemberortf:RealEstateManagementDevelopmentMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777McQueen Bidco PTY LTD. (dba Infomedia) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777OECONNECTION LLC | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777us-gaap:DebtSecuritiesMemberortf:SpecialtyRetailMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777Acquia Inc. | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Activate Holdings (US) Corp. (dba Absolute Software) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Appfire Technologies, LLC | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Arctic Wolf Networks, Inc. | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Arctic Wolf Networks, Inc. | Senior convertible notes | Non-Affiliated Issuer2026-03-310001747777Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Barracuda Parent, LLC | First lien senior secured loan 1 | Non-Affiliated Issuer2026-03-310001747777Barracuda Parent, LLC | Second lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Barracuda Parent, LLC | First lien senior secured loan 2 | Non-Affiliated Issuer2026-03-310001747777Bayshore Intermediate #2, L.P. (dba Boomi) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Bayshore Intermediate #2, L.P. (dba Boomi) | First lien senior secured revolving loan 1 | Non-Affiliated Issuer2026-03-310001747777Circle Internet Services, Inc. | Subordinated convertible security | Non-Affiliated Issuer2026-03-310001747777Clover Holdings 2, LLC (dba Cohesity) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777ConnectWise, LLC | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Crewline Buyer, Inc. (dba New Relic) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Databricks, Inc. | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Delinea Buyer, Inc. (f/k/a Centrify) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Delta TopCo, Inc. (dba Infoblox, Inc.) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Delta TopCo, Inc. (dba Infoblox, Inc.) | Second lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Forescout Technologies, Inc. | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777H&F Opportunities LUX III S.À R.L (dba Checkmarx) | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777LogRhythm, Inc. | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Matterhorn Finco, Inc. | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Securonix, Inc. | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Sitecore Holding III A/S | First lien senior secured EUR term loan | Non-Affiliated Issuer2026-03-310001747777Sitecore Holding III A/S | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Sitecore USA, Inc. | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Sophos Holdings, LLC | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Talon MidCo 2 Limited | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777Tricentis Operations Holdings, Inc. | First lien senior secured loan | Non-Affiliated Issuer2026-03-310001747777us-gaap:DebtSecuritiesMemberortf:SystemsSoftwareMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777CCI BUYER, INC. (dba Consumer Cellular) | Non-Affiliated Issuer2026-03-310001747777us-gaap:DebtSecuritiesMemberortf:WirelessTelecommunicationServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2026-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:MiscellaneousDebtCommitmentsNettingMember2026-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:TotalCompanyInvestmentsIncludingMiscellaneousDebtCommitmentsBeforeNettingMember2026-03-310001747777Space Exploration Technologies Corp. | Class A Common Stock | Non-Affiliated Issuer2026-03-310001747777Space Exploration Technologies Corp. | Class C Common Stock | Non-Affiliated Issuer2026-03-310001747777us-gaap:EquitySecuritiesMemberus-gaap:AerospaceSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-3100017477776Sense Insights, Inc. | Series E-1 Preferred Stock | Non-Affiliated Issuer2026-03-310001747777Alpha Partners Technology Merger Corp | Common stock | Non-Affiliated Issuer2026-03-310001747777Alpha Partners Technology Merger Corp | Warrants | Non-Affiliated Issuer2026-03-310001747777AlphaSense, LLC | Series E Preferred Shares | Non-Affiliated Issuer2026-03-310001747777Bird Holding B.V. (fka MessageBird Holding B.V.) | Extended Series C Warrants | Non-Affiliated Issuer2026-03-310001747777Diligent Preferred Issuer, Inc. (dba Diligent Corporation) | Preferred Stock | Non-Affiliated Issuer2026-03-310001747777EShares, Inc. (dba Carta) | Series E Preferred Stock | Non-Affiliated Issuer2026-03-310001747777Harvey AI Corporation | Series F Preferred Stock | Non-Affiliated Issuer2026-03-310001747777Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC) | LP Interest | Non-Affiliated Issuer2026-03-310001747777Nylas, Inc. | Series C Preferred Stock | Non-Affiliated Issuer2026-03-310001747777Project Alpine Co-Invest Fund, LP | LP Interest | Non-Affiliated Issuer2026-03-310001747777Saturn Ultimate, Inc. | Common stock | Non-Affiliated Issuer2026-03-310001747777Simpler Postage, Inc. (dba Easypost) | Warrants | Non-Affiliated Issuer2026-03-310001747777Valor Cl Blocker Feeder LP | LP Interest 1 | Non-Affiliated Issuer2026-03-310001747777VCI Intermediate TopCo 1 LLC | Class B Units | Non-Affiliated Issuer2026-03-310001747777Zoro TopCo, L.P. | Class A Common Units | Non-Affiliated Issuer2026-03-310001747777Zoro TopCo, Inc. | Series A Preferred Equity | Non-Affiliated Issuer2026-03-310001747777us-gaap:EquitySecuritiesMemberortf:ApplicationSoftwareMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777Acorns Grow Incorporated | Series F Preferred Stock | Non-Affiliated Issuer2026-03-310001747777us-gaap:EquitySecuritiesMemberortf:CapitalMarketsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777Rome Topco Holdings, LLC (dba SimpliSafe) | Class A Units | Non-Affiliated Issuer2026-03-310001747777Rome Topco Holdings, LLC (dba SimpliSafe) | Class B Units | Non-Affiliated Issuer2026-03-310001747777us-gaap:EquitySecuritiesMemberortf:CommercialServicesSuppliesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777Dodge Construction Network Holdings, L.P. | Class A-2 Common Units | Non-Affiliated Issuer2026-03-310001747777Dodge Construction Network Holdings, L.P. | Series A Preferred Units | Non-Affiliated Issuer2026-03-310001747777us-gaap:EquitySecuritiesMemberus-gaap:ConstructionSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777Capital Integration Systems LLC (dba CAIS) | Class D Common Units | Non-Affiliated Issuer2026-03-310001747777SLA Eclipse Co-Invest, L.P. | LP Interest | Non-Affiliated Issuer2026-03-310001747777us-gaap:EquitySecuritiesMemberortf:DiversifiedConsumerServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777Amergin Asset Management, LLC | Specialty finance equity investment | Non-Affiliated Issuer2026-03-310001747777Brex, Inc. | Class A Units | Non-Affiliated Issuer2026-03-310001747777Brex, Inc. | Preferred Stock | Non-Affiliated Issuer2026-03-310001747777Juniper Square, Inc. | Warrants | Non-Affiliated Issuer2026-03-310001747777Plaid | Class A Common Stock | Non-Affiliated Issuer2026-03-310001747777us-gaap:EquitySecuritiesMemberortf:DiversifiedFinancialServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777KPCI Co-Invest 2, L.P. | Class A Units | Non-Affiliated Issuer2026-03-310001747777us-gaap:EquitySecuritiesMemberortf:HealthCareEquipmentSuppliesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777BEHP Co-Investor II, L.P. | LP Interest | Non-Affiliated Issuer2026-03-310001747777Minerva Holdco, Inc. | Senior A Preferred Stock | Non-Affiliated Issuer2026-03-310001747777ModMed Software Midco Holdings, Inc. (dba ModMed) | Series A Preferred Units | Non-Affiliated Issuer2026-03-310001747777Orange Blossom Parent, Inc. | Common Units | Non-Affiliated Issuer2026-03-310001747777WP Irving Co-Invest, L.P. | Partnership Units | Non-Affiliated Issuer2026-03-310001747777us-gaap:EquitySecuritiesMemberortf:HealthcareTechnologyMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777KWOL Acquisition, Inc. (dba Worldwide Clinical Trials) | Class A Interest | Non-Affiliated Issuer2026-03-310001747777Polar Investors LP (dba Dentalcorp) 1 | Common Equity | Non-Affiliated Issuer2026-03-310001747777Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers) | Series A Preferred Stock | Non-Affiliated Issuer2026-03-310001747777us-gaap:EquitySecuritiesMemberortf:HealthCareProvidersServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777Accelerate Topco Holdings, LLC | Common Units | Non-Affiliated Issuer2026-03-310001747777us-gaap:EquitySecuritiesMemberus-gaap:InsuranceSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777Kajabi Holdings, LLC | Senior Preferred Class D Units | Non-Affiliated Issuer2026-03-310001747777Linked Store Cayman Ltd. (dba Nuvemshop) | Series E Preferred Stock | Non-Affiliated Issuer2026-03-310001747777us-gaap:EquitySecuritiesMemberortf:InternetDirectMarketingRetailMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777JumpCloud, Inc. | Series B Preferred Stock | Non-Affiliated Issuer2026-03-310001747777JumpCloud, Inc. | Series F Preferred Stock | Non-Affiliated Issuer2026-03-310001747777Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.) | Perpetual Preferred Stock | Non-Affiliated Issuer2026-03-310001747777Nscale Global Holdings Limited | Preferred equity | Non-Affiliated Issuer2026-03-310001747777Nscale Global Holdings Limited | Series B Preferred Shares | Non-Affiliated Issuer2026-03-310001747777Replicated, Inc. | Series C Preferred Stock | Non-Affiliated Issuer2026-03-310001747777WMC Bidco, Inc. (dba West Monroe) | Senior Preferred Stock | Non-Affiliated Issuer2026-03-310001747777us-gaap:EquitySecuritiesMemberus-gaap:TechnologySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777Baypine Commander Co-Invest, LP | LP Interest | Non-Affiliated Issuer2026-03-310001747777us-gaap:EquitySecuritiesMemberortf:LifeSciencesToolsServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777XOMA Corporation | Warrants | Non-Affiliated Issuer2026-03-310001747777us-gaap:EquitySecuritiesMemberortf:PharmaceuticalsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777CloudPay, Inc. | Series E Preferred Stock | Non-Affiliated Issuer2026-03-310001747777Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.) | Series A Preferred Stock | Non-Affiliated Issuer2026-03-310001747777Thunder Topco L.P. (dba Vector Solutions) | Common Units | Non-Affiliated Issuer2026-03-310001747777TravelPerk, Inc. | Warrants | Non-Affiliated Issuer2026-03-310001747777Vestwell Holdings Inc. | Series D Preferred Stock | Non-Affiliated Issuer2026-03-310001747777Vestwell Holdings Inc. | Series E Preferred Stock | Non-Affiliated Issuer2026-03-310001747777Vestwell Holdings Inc. | Warrants | Non-Affiliated Issuer2026-03-310001747777us-gaap:EquitySecuritiesMemberortf:ProfessionalServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777Bolt Technology OÜ | Preferred Stock | Non-Affiliated Issuer2026-03-310001747777us-gaap:EquitySecuritiesMemberortf:RoadRailMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777Algolia, Inc. | Series C Preferred Stock | Non-Affiliated Issuer2026-03-310001747777Algolia, Inc. | Series D Preferred Stock | Non-Affiliated Issuer2026-03-310001747777Arctic Wolf Networks, Inc. | Preferred Stock | Non-Affiliated Issuer2026-03-310001747777Axonius, Inc. | Series E Preferred Stock | Non-Affiliated Issuer2026-03-310001747777Brooklyn Lender Co-Invest 2, L.P. (dba Boomi) | Common Units | Non-Affiliated Issuer2026-03-310001747777Chrome Investors LP 1 | LP Interest | Non-Affiliated Issuer2026-03-310001747777Circle Internet Services, Inc. | Warrants | Non-Affiliated Issuer2026-03-310001747777Circle Internet Services, Inc. | Series D Preferred Stock | Non-Affiliated Issuer2026-03-310001747777Circle Internet Services, Inc. | Series E Preferred Stock | Non-Affiliated Issuer2026-03-310001747777Circle Internet Services, Inc. | Series F Preferred Stock | Non-Affiliated Issuer2026-03-310001747777Elliott Alto Co-Investor Aggregator L.P. | LP Interest | Non-Affiliated Issuer2026-03-310001747777Excalibur CombineCo, L.P. | Class A Units | Non-Affiliated Issuer2026-03-310001747777Halo Purchaser, LLC | Class B PIK Preferred Equity | Non-Affiliated Issuer2026-03-310001747777Halo Purchaser, LLC | Class E Warrant Units | Non-Affiliated Issuer2026-03-310001747777HARNESS INC. | Series D Preferred Stock | Non-Affiliated Issuer2026-03-310001747777Illumio, Inc. | Common stock | Non-Affiliated Issuer2026-03-310001747777Illumio, Inc. | Series F Preferred Stock | Non-Affiliated Issuer2026-03-310001747777Project Hotel California Co-Invest Fund, L.P. | LP Interest | Non-Affiliated Issuer2026-03-310001747777Veeam Software Group | Series C Preferred Shares | Non-Affiliated Issuer2026-03-310001747777VEPF VIII Co-Invest 8-A, L.P. | Limited Partner Interest | Non-Affiliated Issuer2026-03-310001747777us-gaap:EquitySecuritiesMemberortf:SystemsSoftwareMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777Blend Labs, Inc. | Warrants | Non-Affiliated Issuer2026-03-310001747777us-gaap:EquitySecuritiesMemberortf:ThriftsMortgageFinanceMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2026-03-310001747777AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC | Specialty finance debt investment | Affiliated Issuer2026-03-310001747777AAM Series 2.1 Aviation Feeder, LLC | Specialty finance debt investment | Affiliated Issuer2026-03-310001747777us-gaap:DebtSecuritiesMemberortf:DiversifiedFinancialServicesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001747777Coherent Group Inc. | Convertible notes | Affiliated Issuer2026-03-310001747777us-gaap:DebtSecuritiesMemberus-gaap:InsuranceSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001747777Walker Edison Furniture Company LLC | First lien senior secured loan | Affiliated Issuer2026-03-310001747777Walker Edison Furniture Company LLC | First lien senior secured delayed draw term loan | Affiliated Issuer2026-03-310001747777us-gaap:DebtSecuritiesMemberortf:InternetDirectMarketingRetailMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001747777Pluralsight, LLC | First lien senior secured loan 1 | Affiliated Issuer2026-03-310001747777Pluralsight, LLC | First lien senior secured loan 2 | Affiliated Issuer2026-03-310001747777Pluralsight, LLC | First lien senior secured loan 3 | Affiliated Issuer2026-03-310001747777us-gaap:DebtSecuritiesMemberus-gaap:TechnologySectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:DebtSecuritiesMember2026-03-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberortf:MiscellaneousDebtCommitmentsNettingMember2026-03-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberortf:TotalCompanyInvestmentsIncludingMiscellaneousDebtCommitmentsBeforeNettingMember2026-03-310001747777Blue Owl Cross-Strategy Opportunities 2025-1 LLC (fka Blue Owl Cross-Strategy Opportunities LLC) | Specialty finance equity investment | Affiliated Issuer2026-03-310001747777us-gaap:EquitySecuritiesMemberortf:AssetBasedLendingAndFundFinanceMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001747777AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC | Specialty finance equity investment | Affiliated Issuer2026-03-310001747777AAM Series 2.1 Aviation Feeder, LLC | Specialty finance equity investment | Affiliated Issuer2026-03-310001747777us-gaap:EquitySecuritiesMemberortf:DiversifiedFinancialServicesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001747777Coherent Group Inc. | Series B Preferred Shares | Affiliated Issuer2026-03-310001747777Fifth Season Investments LLC | Specialty finance equity investment | Affiliated Issuer2026-03-310001747777us-gaap:EquitySecuritiesMemberus-gaap:InsuranceSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001747777Signifyd Inc. | Preferred equity | Affiliated Issuer2026-03-310001747777us-gaap:EquitySecuritiesMemberortf:InternetDirectMarketingRetailMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001747777Paradigmatic Holdco LLC (dba Pluralsight) | Common stock | Affiliated Issuer2026-03-310001747777us-gaap:EquitySecuritiesMemberus-gaap:TechnologySectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001747777LSI Financing 1 DAC | Specialty finance equity investment | Affiliated Issuer2026-03-310001747777LSI Financing LLC | Specialty finance equity investment | Affiliated Issuer2026-03-310001747777us-gaap:EquitySecuritiesMemberortf:PharmaceuticalsMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001747777Help HP SCF Investor, LP | LP Interest | Affiliated Issuer2026-03-310001747777us-gaap:EquitySecuritiesMemberortf:SystemsSoftwareMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:EquitySecuritiesMember2026-03-310001747777Stripe Blue Owl Holdings LLC | LLC Interest | Affiliated Issuer2026-03-310001747777Revolut Ribbit Holdings, LLC | LLC Interest | Affiliated Issuer2026-03-310001747777us-gaap:EquitySecuritiesMemberortf:DiversifiedFinancialServicesMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001747777Blue Owl Credit SLF LLC | LLC Interest | Affiliated Issuer2026-03-310001747777Blue Owl Leasing LLC | LLC Interest | Affiliated Issuer2026-03-310001747777us-gaap:EquitySecuritiesMemberortf:JointVenturesMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001747777us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:EquitySecuritiesMember2026-03-310001747777us-gaap:InterestRateSwapMemberortf:April2029NotesMemberus-gaap:UnsecuredDebtMember2026-03-310001747777us-gaap:InterestRateSwapMemberortf:March2030NotesMemberus-gaap:UnsecuredDebtMember2026-03-310001747777us-gaap:InterestRateSwapMemberortf:January2031NotesMemberus-gaap:UnsecuredDebtMember2026-03-310001747777us-gaap:InterestRateSwapMemberus-gaap:UnsecuredDebtMember2026-03-310001747777ortf:PoundSterlingForeignCurrencyForwardContract1202026Memberortf:GoldmanSachsBankUSAMemberus-gaap:LongMember2026-03-310001747777ortf:PoundSterlingForeignCurrencyForwardContract1202026Memberortf:GoldmanSachsBankUSAMemberus-gaap:ShortMember2026-03-310001747777ortf:GoldmanSachsBankUSAMemberortf:PoundSterlingForeignCurrencyForwardContract1202026Member2026-03-310001747777ortf:PoundSterlingForeignCurrencyForwardContract1202026Memberortf:SMBCCapitalMarketsInc.Memberus-gaap:LongMember2026-03-310001747777ortf:PoundSterlingForeignCurrencyForwardContract1202026Memberortf:SMBCCapitalMarketsInc.Memberus-gaap:ShortMember2026-03-310001747777ortf:SMBCCapitalMarketsInc.Memberortf:PoundSterlingForeignCurrencyForwardContract1202026Member2026-03-310001747777ortf:EuroForeignCurrencyForwardContract7172026Memberortf:SMBCCapitalMarketsInc.Memberus-gaap:LongMember2026-03-310001747777ortf:EuroForeignCurrencyForwardContract7172026Memberortf:SMBCCapitalMarketsInc.Memberus-gaap:ShortMember2026-03-310001747777ortf:SMBCCapitalMarketsInc.Memberortf:EuroForeignCurrencyForwardContract7172026Member2026-03-310001747777ortf:EuroForeignCurrencyForwardContract7172026Memberortf:GoldmanSachsBankUSAMemberus-gaap:LongMember2026-03-310001747777ortf:EuroForeignCurrencyForwardContract7172026Memberortf:GoldmanSachsBankUSAMemberus-gaap:ShortMember2026-03-310001747777ortf:GoldmanSachsBankUSAMemberortf:EuroForeignCurrencyForwardContract7172026Member2026-03-310001747777ortf:EuroForeignCurrencyForwardContract71720261Memberortf:SMBCCapitalMarketsInc.Memberus-gaap:LongMember2026-03-310001747777ortf:EuroForeignCurrencyForwardContract71720261Memberortf:SMBCCapitalMarketsInc.Memberus-gaap:ShortMember2026-03-310001747777ortf:SMBCCapitalMarketsInc.Memberortf:EuroForeignCurrencyForwardContract71720261Member2026-03-310001747777ortf:AustralianDollarForeignCurrencyForwardContract1202026Memberortf:GoldmanSachsBankUSAMemberus-gaap:LongMember2026-03-310001747777ortf:AustralianDollarForeignCurrencyForwardContract1202026Memberortf:GoldmanSachsBankUSAMemberus-gaap:ShortMember2026-03-310001747777ortf:GoldmanSachsBankUSAMemberortf:AustralianDollarForeignCurrencyForwardContract1202026Member2026-03-310001747777ortf:CanadianDollarForeignCurrencyForwardContract10132026Memberortf:GoldmanSachsBankUSAMemberus-gaap:LongMember2026-03-310001747777ortf:CanadianDollarForeignCurrencyForwardContract10132026Memberortf:GoldmanSachsBankUSAMemberus-gaap:ShortMember2026-03-310001747777ortf:GoldmanSachsBankUSAMemberortf:CanadianDollarForeignCurrencyForwardContract10132026Member2026-03-310001747777ortf:CanadianDollarForeignCurrencyForwardContract101320261Memberortf:GoldmanSachsBankUSAMemberus-gaap:LongMember2026-03-310001747777ortf:CanadianDollarForeignCurrencyForwardContract101320261Memberortf:GoldmanSachsBankUSAMemberus-gaap:ShortMember2026-03-310001747777ortf:GoldmanSachsBankUSAMemberortf:CanadianDollarForeignCurrencyForwardContract101320261Member2026-03-310001747777us-gaap:ForeignExchangeForwardMember2026-03-310001747777Aerosmith Bidco 1 Limited (dba Audiotonix) | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2026-03-310001747777AI Titan Parent, Inc. (dba Prometheus Group) | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2026-03-310001747777AlphaSense, Inc. | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2026-03-310001747777AmeriLife Holdings LLC | First lien senior secured delayed draw term loan 1 | Non-Affiliated Issuer2026-03-310001747777AmeriLife Holdings LLC | First lien senior secured delayed draw term loan 2 | Non-Affiliated Issuer2026-03-310001747777Appfire Technologies, LLC | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2026-03-310001747777Aptean Acquiror, Inc. (dba Aptean) | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2026-03-310001747777Artifact Bidco, Inc. (dba Avetta) | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2026-03-310001747777Associations, Inc. | First lien senior secured delayed draw term loan 1 | Non-Affiliated Issuer2026-03-310001747777Associations, Inc. | First lien senior secured delayed draw term loan 2 | Non-Affiliated Issuer2026-03-310001747777BCTO BSI Buyer, Inc. (dba Buildertrend) | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2026-03-310001747777Bracket Intermediate Holding Corp. | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2026-03-310001747777BusinessSolver.com, Inc. | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2026-03-310001747777CCM Midco, LLC (f/k/a Cresset Capital Management, LLC) | First lien senior secured delayed draw term loan 1 | Non-Affiliated Issuer2026-03-310001747777CCM Midco, LLC (f/k/a Cresset Capital Management, LLC) | First lien senior secured delayed draw term loan 2 | Non-Affiliated Issuer2026-03-310001747777CivicPlus, LLC | First lien senior secured delayed draw term loan 1 | Non-Affiliated Issuer2026-03-310001747777CivicPlus, LLC | First lien senior secured delayed draw term loan 2 | Non-Affiliated Issuer2026-03-310001747777Commander Buyer, Inc. (dba CenExel) | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2026-03-310001747777Computer Services, Inc. (dba CSI) | First lien senior secured delayed draw term loan 1 | Non-Affiliated Issuer2026-03-310001747777Computer Services, Inc. (dba CSI) | First lien senior secured delayed draw term loan 2 | Non-Affiliated Issuer2026-03-310001747777CoreTrust Purchasing Group LLC | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2026-03-310001747777Coupa Holdings, LLC | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2026-03-310001747777CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) | First lien senior secured delayed draw term loan 1 | Non-Affiliated Issuer2026-03-310001747777CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) | First lien senior secured delayed draw term loan 2 | Non-Affiliated Issuer2026-03-310001747777CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) | First lien senior secured delayed draw term loan 3 | Non-Affiliated Issuer2026-03-310001747777Databricks, Inc. | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2026-03-310001747777Eagan Parent, Inc. (dba Elite) | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2026-03-310001747777dentalcorp Health Services Ltd. (fka Aryeh Bidco Investment Ltd.) | First lien senior secured delayed draw term loan 2 | Non-Affiliated Issuer2026-03-310001747777EET Buyer, Inc. (dba e-Emphasys) | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2026-03-310001747777Galway Borrower LLC | First lien senior secured delayed draw term loan 2 | Non-Affiliated Issuer2026-03-310001747777GS Acquisitionco, Inc. (dba insightsoftware) | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2026-03-310001747777Gusto, Inc. | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2026-03-310001747777Himalaya Topco LLC (dba HealthEdge) | First lien senior secured delayed draw term loan 1 | Non-Affiliated Issuer2026-03-310001747777Himalaya Topco LLC (dba HealthEdge) | First lien senior secured delayed draw term loan 2 | Non-Affiliated Issuer2026-03-310001747777Integrity Marketing Acquisition, LLC | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2026-03-310001747777Interoperability Bidco, Inc. (dba Lyniate) | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2026-03-310001747777Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages) | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2026-03-310001747777Jawbreaker Parent, Inc. | First lien senior secured delayed draw term loan 1 | Non-Affiliated Issuer2026-03-310001747777Jawbreaker Parent, Inc. | First lien senior secured delayed draw term loan 2 | Non-Affiliated Issuer2026-03-310001747777Lighthouse Buyer, Inc. (dba Harbor Compliance) | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2026-03-310001747777Litera Bidco LLC | First lien senior secured delayed draw term loan 1 | Non-Affiliated Issuer2026-03-310001747777Litera Bidco LLC | First lien senior secured delayed draw term loan 2 | Non-Affiliated Issuer2026-03-310001747777ML Holdco, Inc. (dba Meridian Link) | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2026-03-310001747777NSCALE SERVICES UK LTD | First lien senior secured delayed draw term loan 2 | Non-Affiliated Issuer2026-03-310001747777OECONNECTION LLC | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2026-03-310001747777One, Inc. Software Corporation | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2026-03-310001747777Packaging Coordinators Midco, Inc. | First lien senior secured delayed draw term loan 1 | Non-Affiliated Issuer2026-03-310001747777Packaging Coordinators Midco, Inc. | First lien senior secured delayed draw term loan 2 | Non-Affiliated Issuer2026-03-310001747777PerkinElmer U.S. LLC | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2026-03-310001747777Pike Corp. | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2026-03-310001747777RL Datix Holdings (USA), Inc. | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2026-03-310001747777Salinger Bidco Inc. (dba Surgical Information Systems) | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2026-03-310001747777Sentinel Buyer Corp. (dba SimpliSafe) | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2026-03-310001747777Severin Acquisition, LLC (dba PowerSchool) | First lien senior secured delayed draw term loan 2 | Non-Affiliated Issuer2026-03-310001747777Simpler Postage, Inc. (dba Easypost) | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2026-03-310001747777Simplicity Financial Marketing Group Holdings, Inc. | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2026-03-310001747777Smarsh Inc. | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2026-03-310001747777Spaceship Purchaser, Inc. (dba Squarespace) | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2026-03-310001747777Tamarack Intermediate, L.L.C. (dba Verisk 3E) | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2026-03-310001747777Themis Solutions Inc. (dba Clio) | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2026-03-310001747777Tricentis Operations Holdings, Inc. | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2026-03-310001747777Unit4 Group Holding B.V. | First lien senior secured EUR delayed draw term loan | Non-Affiliated Issuer2026-03-310001747777Unit4 Group Holding B.V. | First lien senior secured EUR term loan | Non-Affiliated Issuer2026-03-310001747777Vestwell Holdings Inc. | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2026-03-310001747777Accommodations Plus Technologies LLC | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Activate Holdings (US) Corp. (dba Absolute Software) | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Acquia Inc. | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Aerosmith Bidco 1 Limited (dba Audiotonix) | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777AI Titan Parent, Inc. (dba Prometheus Group) | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777AmeriLife Holdings LLC | First lien senior secured revolving loan 2 | Non-Affiliated Issuer2026-03-310001747777Anaplan, Inc. | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Appfire Technologies, LLC | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Aptean Acquiror, Inc. (dba Aptean) | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Arrow Borrower 2025, Inc. (dba AvidXchange) | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Artifact Bidco, Inc. (dba Avetta) | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Associations, Inc. | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.) | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Bamboo US BidCo LLC | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Bayshore Intermediate #2, L.P. (dba Boomi) | First lien senior secured revolving loan 2 | Non-Affiliated Issuer2026-03-310001747777BCPE Osprey Buyer, Inc. (dba PartsSource) | First lien senior secured revolving loan 2 | Non-Affiliated Issuer2026-03-310001747777BCTO BSI Buyer, Inc. (dba Buildertrend) | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Bracket Intermediate Holding Corp. | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Bristol Hospice L.L.C. | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777BTRS Holdings Inc. (dba Billtrust) | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777BusinessSolver.com, Inc. | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Cambrex Corporation | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.) | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777CCI BUYER, INC. (dba Consumer Cellular) | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777CCM Midco, LLC (f/k/a Cresset Capital Management, LLC) | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Certinia Inc. | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777CivicPlus, LLC | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Commander Buyer, Inc. (dba CenExel) | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Conservice Midco, LLC | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777CoreTrust Purchasing Group LLC | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Coupa Holdings, LLC | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Creek Parent, Inc. (dba Catalent) | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Crewline Buyer, Inc. (dba New Relic) | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Deerfield Dakota Holdings | First lien senior secured revolving loan 2 | Non-Affiliated Issuer2026-03-310001747777Delinea Buyer, Inc. (f/k/a Centrify) | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Denali Intermediate Holdings, Inc. (dba Dun & Bradstreet) | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777dentalcorp Health Services Ltd. (fka Aryeh Bidco Investment Ltd.) | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Eagan Parent, Inc. (dba Elite) | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777EET Buyer, Inc. (dba e-Emphasys) | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Einstein Parent, Inc. (dba Smartsheet) | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Flexera Software LLC | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Forescout Technologies, Inc. | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Foundation Consumer Brands, LLC | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Gainsight, Inc. | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Galway Borrower LLC | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Gerson Lehrman Group, Inc. | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777GI Ranger Intermediate, LLC (dba Rectangle Health) | First lien senior secured revolving loan 2 | Non-Affiliated Issuer2026-03-310001747777Granicus, Inc. | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777GS Acquisitionco, Inc. (dba insightsoftware) | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777H&F Opportunities LUX III S.À R.L (dba Checkmarx) | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Himalaya Topco LLC (dba HealthEdge) | First lien senior secured revolving loan 2 | Non-Affiliated Issuer2026-03-310001747777Hyland Software, Inc. | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Icefall Parent, Inc. (dba EngageSmart) | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Indikami Bidco, LLC (dba IntegriChain) | First lien senior secured revolving loan 2 | Non-Affiliated Issuer2026-03-310001747777Integrity Marketing Acquisition, LLC | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Interoperability Bidco, Inc. (dba Lyniate) | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.)) | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages) | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Jawbreaker Parent, Inc. | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Jeppesen Holdings, LLC | First lien senior secured multi-currency revolving loan | Non-Affiliated Issuer2026-03-310001747777JS Parent, Inc. (dba Jama Software) | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777KWOL Acquisition, Inc. (dba Worldwide Clinical Trials) | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Lighthouse Buyer, Inc. (dba Harbor Compliance) | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Litera Bidco LLC | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777LogRhythm, Inc. | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Magnet Forensics, LLC (f/k/a Grayshift, LLC) | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777ManTech International Corporation | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Matterhorn Finco, Inc. | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777McQueen Bidco PTY LTD. (dba Infomedia) | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Ministry Brands Holdings, LLC | First lien senior secured revolving loan 2 | Non-Affiliated Issuer2026-03-310001747777Minotaur Acquisition, Inc. (dba Inspira Financial) | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Modernizing Medicine, Inc. (dba ModMed) | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Monotype Imaging Holdings Inc. | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Natural Partners, LLC | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Neptune Holdings, Inc. (dba NexTech) | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777NMI Acquisitionco, Inc. (dba Network Merchants) | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777OECONNECTION LLC | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777One, Inc. Software Corporation | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Packaging Coordinators Midco, Inc. | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777PDI TA Holdings, Inc. | First lien senior secured revolving loan 2 | Non-Affiliated Issuer2026-03-310001747777PetVet Care Centers, LLC | First lien senior secured revolving loan | Non-Affiliated Issuer, 11/20292026-03-310001747777Pike Corp. | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777QAD, Inc. | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777RL Datix Holdings (USA), Inc. | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Salinger Bidco Inc. (dba Surgical Information Systems) | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Securonix, Inc. | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Sensor Technology Topco, Inc. (dba Humanetics) | First lien senior secured revolving loan 2 | Non-Affiliated Issuer2026-03-310001747777Severin Acquisition, LLC (dba PowerSchool) | First lien senior secured revolving loan 2 | Non-Affiliated Issuer2026-03-310001747777Simplicity Financial Marketing Group Holdings, Inc. | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Smarsh Inc. | First lien senior secured revolving loan 2 | Non-Affiliated Issuer2026-03-310001747777Spaceship Purchaser, Inc. (dba Squarespace) | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Talon MidCo 2 Limited | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Tamarack Intermediate, L.L.C. (dba Verisk 3E) | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Themis Solutions Inc. (dba Clio) | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Thunder Purchaser, Inc. (dba Vector Solutions) | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Tricentis Operations Holdings, Inc. | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Unit4 Group Holding B.V. | First lien senior secured EUR revolving loan | Non-Affiliated Issuer2026-03-310001747777Valeris, Inc. (fka Phantom Purchaser, Inc.) | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Velocity HoldCo III Inc. (dba VelocityEHS) | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Vestwell Holdings Inc. | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Zendesk, Inc. | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Total non-controlled/non-affiliated - debt commitments2026-03-310001747777Chrome Investors LP 2 | LP Interest | Non-Affiliated Issuer2026-03-310001747777Polar Investors LP (dba Dentalcorp) 2 | Common Equity | Non-Affiliated Issuer2026-03-310001747777Valor Cl Blocker Feeder LP | LP Interest 2 | Non-Affiliated Issuer2026-03-310001747777Total non-controlled/non-affiliated - equity commitments2026-03-310001747777Pluralsight, LLC | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2026-03-310001747777Walker Edison Furniture Company LLC | First lien senior secured delayed draw term loan 1 | Non-Affiliated Issuer2026-03-310001747777Walker Edison Furniture Company LLC | First lien senior secured delayed draw term loan 2 | Non-Affiliated Issuer2026-03-310001747777Pluralsight, LLC | First lien senior secured revolving loan | Non-Affiliated Issuer2026-03-310001747777Total non-controlled/affiliated - debt commitments2026-03-310001747777AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC | Specialty finance equity investment | Non-Affiliated Issuer2026-03-310001747777LSI Financing LLC | Specialty finance equity investment | Non-Affiliated Issuer2026-03-310001747777Total non-controlled/affiliated - equity commitments2026-03-310001747777Total Portfolio Company Commitments2026-03-310001747777AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC | Affiliated Issuer2025-12-310001747777AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC | Affiliated Issuer2026-01-012026-03-310001747777AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC | Affiliated Issuer2026-03-310001747777AAM Series 2.1 Aviation Feeder, LLC | Affiliated Issuer2025-12-310001747777AAM Series 2.1 Aviation Feeder, LLC | Affiliated Issuer2026-01-012026-03-310001747777AAM Series 2.1 Aviation Feeder, LLC | Affiliated Issuer2026-03-310001747777Blue Owl Cross-Strategy Opportunities 2025-1 LLC | Affiliated Issuer2025-12-310001747777Blue Owl Cross-Strategy Opportunities 2025-1 LLC | Affiliated Issuer2026-01-012026-03-310001747777Blue Owl Cross-Strategy Opportunities 2025-1 LLC | Affiliated Issuer2026-03-310001747777Coherent Group Inc. | Affiliated Issuer2025-12-310001747777Coherent Group Inc. | Affiliated Issuer2026-01-012026-03-310001747777Coherent Group Inc. | Affiliated Issuer2026-03-310001747777Fifth Season Investments LLC | Affiliated Issuer2025-12-310001747777Fifth Season Investments LLC | Affiliated Issuer2026-01-012026-03-310001747777Fifth Season Investments LLC | Affiliated Issuer2026-03-310001747777Help HP SCF Investor, LP | Affiliated Issuer2025-12-310001747777Help HP SCF Investor, LP | Affiliated Issuer2026-01-012026-03-310001747777Help HP SCF Investor, LP | Affiliated Issuer2026-03-310001747777LSI Financing 1 DAC | Affiliated Issuer2025-12-310001747777LSI Financing 1 DAC | Affiliated Issuer2026-01-012026-03-310001747777LSI Financing 1 DAC | Affiliated Issuer2026-03-310001747777LSI Financing LLC | Affiliated Issuer2025-12-310001747777LSI Financing LLC | Affiliated Issuer2026-01-012026-03-310001747777LSI Financing LLC | Affiliated Issuer2026-03-310001747777Pluralsight, LLC | Affiliated Issuer2025-12-310001747777Pluralsight, LLC | Affiliated Issuer2026-01-012026-03-310001747777Pluralsight, LLC | Affiliated Issuer2026-03-310001747777Signifyd Inc. | Affiliated Issuer2025-12-310001747777Signifyd Inc. | Affiliated Issuer2026-01-012026-03-310001747777Signifyd Inc. | Affiliated Issuer2026-03-310001747777Walker Edison Furniture Company LLC | Affiliated Issuer2025-12-310001747777Walker Edison Furniture Company LLC | Affiliated Issuer2026-01-012026-03-310001747777Walker Edison Furniture Company LLC | Affiliated Issuer2026-03-310001747777Blue Owl Credit SLF LLC | Affiliated Issuer2025-12-310001747777Blue Owl Credit SLF LLC | Affiliated Issuer2026-01-012026-03-310001747777Blue Owl Credit SLF LLC | Affiliated Issuer2026-03-310001747777Blue Owl Leasing LLC | Affiliated Issuer2025-12-310001747777Blue Owl Leasing LLC | Affiliated Issuer2026-01-012026-03-310001747777Blue Owl Leasing LLC | Affiliated Issuer2026-03-310001747777Stripe Blue Owl Holdings LLC | Affiliated Issuer2025-12-310001747777Stripe Blue Owl Holdings LLC | Affiliated Issuer2026-01-012026-03-310001747777Stripe Blue Owl Holdings LLC | Affiliated Issuer2026-03-310001747777Revolut Ribbit Holdings, LLC | Affiliated Issuer2025-12-310001747777Revolut Ribbit Holdings, LLC | Affiliated Issuer2026-01-012026-03-310001747777Revolut Ribbit Holdings, LLC | Affiliated Issuer2026-03-310001747777us-gaap:RetainedInvestmentInBusinessMemberortf:HarnessInc.Member2026-03-310001747777Blue Owl Cross-Strategy Opportunities LLC2026-03-310001747777srt:MinimumMemberBlue Owl Cross-Strategy Opportunities LLC2026-03-310001747777srt:MaximumMemberBlue Owl Cross-Strategy Opportunities LLC2026-03-310001747777ortf:TotalCostOfBOCSOsPortfolioMember2026-03-310001747777ortf:ABFSpecialtyFinanceMember2026-03-310001747777ortf:ABFLeasingMember2026-03-310001747777ortf:ABFCommercialRealEstateMember2026-03-310001747777Jeppesen Holdings, LLC | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777ManTech International Corporation | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Peraton Corp. | Second lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777us-gaap:DebtSecuritiesMemberus-gaap:AerospaceSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777Accommodations Plus Technologies LLC | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777us-gaap:DebtSecuritiesMemberortf:AirlinesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777AI Titan Parent, Inc. (dba Prometheus Group) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777AlphaSense, Inc. | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Anaplan, Inc. | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Armstrong Bidco Limited | First lien senior secured GBP term loan | Non-Affiliated Issuer2025-12-310001747777Arrow Borrower 2025, Inc. (dba AvidXchange) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Artifact Bidco, Inc. (dba Avetta) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Boxer Parent Company Inc. (f/k/a BMC) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777BusinessSolver.com, Inc. | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777CALABRIO, INC. | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777CivicPlus, LLC | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777CivicPlus, LLC | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2025-12-310001747777Coupa Holdings, LLC | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC) | Unsecured notes | Non-Affiliated Issuer2025-12-310001747777Einstein Parent, Inc. (dba Smartsheet) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Gainsight, Inc. | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Granicus, Inc. | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Granicus, Inc. | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2025-12-310001747777GS Acquisitionco, Inc. (dba insightsoftware) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Gusto, Inc. | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Infobip Inc. | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777JS Parent, Inc. (dba Jama Software) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Lighthouse Buyer, Inc. (dba Harbor Compliance) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Magnet Forensics, LLC (f/k/a Grayshift, LLC) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Ministry Brands Holdings, LLC | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Ministry Brands Holdings, LLC | First lien senior secured revolving loan | Non-Affiliated Issuer2025-12-310001747777Simpler Postage, Inc. (dba Easypost) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Tamarack Intermediate, L.L.C. (dba Verisk 3E) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777VCI Asset Holdings 1 LLC | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Velocity HoldCo III Inc. (dba VelocityEHS) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777XPLOR T1, LLC | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Zendesk, Inc. | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777us-gaap:DebtSecuritiesMemberortf:ApplicationSoftwareMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777Finastra USA, Inc. | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777us-gaap:DebtSecuritiesMemberortf:BanksMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777Innovation Ventures HoldCo, LLC (dba 5 Hour Energy) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777us-gaap:DebtSecuritiesMemberortf:BeveragesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777EET Buyer, Inc. (dba e-Emphasys) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777us-gaap:DebtSecuritiesMemberortf:BuildingProductsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777Associations, Inc. | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Associations Finance, Inc. | Unsecured notes | Non-Affiliated Issuer2025-12-310001747777us-gaap:DebtSecuritiesMemberortf:BuildingsRealEstateMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777CCM Midco, LLC (f/k/a Cresset Capital Management, LLC) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Denali Intermediate Holdings, Inc. (dba Dun & Bradstreet) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777us-gaap:DebtSecuritiesMemberortf:CapitalMarketsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777Sentinel Buyer Corp. (dba SimpliSafe) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777us-gaap:DebtSecuritiesMemberortf:CommercialServicesSuppliesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777Dodge Construction Network LLC | First lien senior secured loan 1 | Non-Affiliated Issuer2025-12-310001747777Dodge Construction Network LLC | First lien senior secured loan 2 | Non-Affiliated Issuer2025-12-310001747777Pike Corp. | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777us-gaap:DebtSecuritiesMemberus-gaap:ConstructionSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777Klarna Holding AB | Subordinated Floating Rate Notes | Non-Affiliated Issuer2025-12-310001747777us-gaap:DebtSecuritiesMemberortf:ConsumerFinanceMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777Eagan Parent, Inc. (dba Elite) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Icefall Parent, Inc. (dba EngageSmart) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Litera Bidco LLC | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Relativity ODA LLC | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Themis Solutions Inc. (dba Clio) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777us-gaap:DebtSecuritiesMemberortf:DiversifiedConsumerServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777Blackhawk Network Holdings, Inc. | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777BTRS Holdings Inc. (dba Billtrust) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Computer Services, Inc. (dba CSI) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Deerfield Dakota Holdings | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Hg Genesis 8 Sumoco Limited | Unsecured facility | Non-Affiliated Issuer2025-12-310001747777Hg Genesis 9 SumoCo Limited | Unsecured facility | Non-Affiliated Issuer2025-12-310001747777Hg Saturn Luchaco Limited | Unsecured facility | Non-Affiliated Issuer2025-12-310001747777Minotaur Acquisition, Inc. (dba Inspira Financial) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777ML Holdco, Inc. (dba Meridian Link) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777NMI Acquisitionco, Inc. (dba Network Merchants) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Smarsh Inc. | First lien senior secured revolving loan | Non-Affiliated Issuer2025-12-310001747777us-gaap:DebtSecuritiesMemberortf:DiversifiedFinancialServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777CoreTrust Purchasing Group LLC | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777us-gaap:DebtSecuritiesMemberortf:DiversifiedSupportServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777Aerosmith Bidco 1 Limited (dba Audiotonix) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777us-gaap:DebtSecuritiesMemberus-gaap:EntertainmentSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777Storable, Inc. | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Storable Intermediate Holdings, LLC | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777us-gaap:DebtSecuritiesMemberortf:EquityRealEstateInvestmentTrustsREITsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.)) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777us-gaap:DebtSecuritiesMemberortf:FoodStaplesRetailingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777Cambrex Corporation | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Packaging Coordinators Midco, Inc. | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Packaging Coordinators Midco, Inc. | First lien senior secured delayed draw term loan 1 | Non-Affiliated Issuer2025-12-310001747777Packaging Coordinators Midco, Inc. | First lien senior secured delayed draw term loan 2 | Non-Affiliated Issuer2025-12-310001747777PerkinElmer U.S. LLC | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777us-gaap:DebtSecuritiesMemberortf:HealthCareEquipmentSuppliesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777Bristol Hospice L.L.C. | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Covetrus, Inc. | Second lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Engage Debtco Limited | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Engage Debtco Limited | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2025-12-310001747777EresearchTechnology, Inc. (dba Clario) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777KWOL Acquisition, Inc. (dba Worldwide Clinical Trials) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Natural Partners, LLC | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777OneOncology, LLC | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777OneOncology, LLC | First lien senior secured delayed draw term loan 1 | Non-Affiliated Issuer2025-12-310001747777OneOncology, LLC | First lien senior secured delayed draw term loan 2 | Non-Affiliated Issuer2025-12-310001747777PetVet Care Centers, LLC | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777PetVet Care Centers, LLC | First lien senior secured revolving loan | Non-Affiliated Issuer2025-12-310001747777Valeris, Inc. (fka Phantom Purchaser, Inc.) | First lien senior secured loan 1 | Non-Affiliated Issuer2025-12-310001747777Valeris, Inc. (fka Phantom Purchaser, Inc.) | First lien senior secured loan 2 | Non-Affiliated Issuer2025-12-310001747777Vermont Aus Pty Ltd | First lien senior secured AUD term loan | Non-Affiliated Issuer2025-12-310001747777us-gaap:DebtSecuritiesMemberortf:HealthCareProvidersServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777Athenahealth Group Inc. | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777BCPE Osprey Buyer, Inc. (dba PartsSource) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777BCPE Osprey Buyer, Inc. (dba PartsSource) | First lien senior secured revolving loan | Non-Affiliated Issuer2025-12-310001747777BCPE Osprey Buyer, Inc. (dba PartsSource) | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2025-12-310001747777Color Intermediate, LLC (dba ClaimsXten) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2025-12-310001747777GI Ranger Intermediate, LLC (dba Rectangle Health) | First lien senior secured revolving loan | Non-Affiliated Issuer2025-12-310001747777GI Ranger Intermediate, LLC (dba Rectangle Health) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Greenway Health, LLC | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Himalaya Topco LLC (dba HealthEdge) | First lien senior secured loan 1 | Non-Affiliated Issuer2025-12-310001747777Hyland Software, Inc. | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Indikami Bidco, LLC (dba IntegriChain) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Indikami Bidco, LLC (dba IntegriChain) | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2025-12-310001747777Indikami Bidco, LLC (dba IntegriChain) | First lien senior secured revolving loan | Non-Affiliated Issuer2025-12-310001747777Inovalon Holdings, Inc. | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Inovalon Holdings, Inc. | Second lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Interoperability Bidco, Inc. (dba Lyniate) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Modernizing Medicine, Inc. (dba ModMed) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Neptune Holdings, Inc. (dba NexTech) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777RL Datix Holdings (USA), Inc. | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777RL Datix Holdings (USA), Inc. | First lien senior secured GBP term loan | Non-Affiliated Issuer2025-12-310001747777Salinger Bidco Inc. (dba Surgical Information Systems) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Salinger Bidco Inc. (dba Surgical Information Systems) | First lien senior secured revolving loan | Non-Affiliated Issuer2025-12-310001747777us-gaap:DebtSecuritiesMemberortf:HealthcareTechnologyMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777MINDBODY, Inc. | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777us-gaap:DebtSecuritiesMemberortf:HotelsRestaurantsLeisureMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777BCTO BSI Buyer, Inc. (dba Buildertrend) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777us-gaap:DebtSecuritiesMemberortf:HouseholdDurablesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777Aptean Acquiror, Inc. (dba Aptean) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Aptean Acquiror, Inc. (dba Aptean) | First lien senior secured revolving loan | Non-Affiliated Issuer2025-12-310001747777QAD, Inc. | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777us-gaap:DebtSecuritiesMemberortf:IndustrialConglomeratesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777AmeriLife Holdings LLC | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777AmeriLife Holdings LLC | First lien senior secured revolving loan | Non-Affiliated Issuer2025-12-310001747777Asurion, LLC | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Asurion, LLC | Second lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Diamond Insure Bidco (dba Acturis) | First lien senior secured EUR term loan | Non-Affiliated Issuer2025-12-310001747777Diamond Insure Bidco (dba Acturis) | First lien senior secured GBP term loan | Non-Affiliated Issuer2025-12-310001747777Galway Borrower LLC | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2025-12-310001747777Integrity Marketing Acquisition, LLC | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777One, Inc. Software Corporation | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Simplicity Financial Marketing Group Holdings, Inc. | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Trucordia Insurance Holdings, LLC | Second lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777us-gaap:DebtSecuritiesMemberus-gaap:InsuranceSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777Aurelia Netherlands B.V. | First lien senior secured EUR term loan | Non-Affiliated Issuer2025-12-310001747777us-gaap:DebtSecuritiesMemberortf:InternetDirectMarketingRetailMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777Flexera Software LLC | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Flexera Software LLC | First lien senior secured EUR term loan | Non-Affiliated Issuer2025-12-310001747777Kaseya Inc. | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Kaseya Inc. | Second lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Severin Acquisition, LLC (dba PowerSchool) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Severin Acquisition, LLC (dba PowerSchool) | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2025-12-310001747777Spaceship Purchaser, Inc. (dba Squarespace) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777us-gaap:DebtSecuritiesMemberus-gaap:TechnologySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777Bamboo US BidCo LLC | First lien senior secured EUR term loan | Non-Affiliated Issuer2025-12-310001747777Bamboo US BidCo LLC | First lien senior secured delayed draw term loan 1 | Non-Affiliated Issuer2025-12-310001747777Bamboo US BidCo LLC | First lien senior secured delayed draw term loan 2 | Non-Affiliated Issuer2025-12-310001747777Bracket Intermediate Holding Corp. | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Commander Buyer, Inc. (dba CenExel) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Creek Parent, Inc. (dba Catalent) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777us-gaap:DebtSecuritiesMemberortf:LifeSciencesToolsServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777Monotype Imaging Holdings Inc. | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777us-gaap:DebtSecuritiesMemberortf:MediaMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777PDI TA Holdings, Inc. | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777us-gaap:DebtSecuritiesMemberortf:MultilineRetailMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777Foundation Consumer Brands, LLC | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Pacific BidCo Inc. | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2025-12-310001747777us-gaap:DebtSecuritiesMemberortf:PharmaceuticalsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777BCTO WIW Holdings, Inc. (dba When I Work) | Senior convertible notes | Non-Affiliated Issuer2025-12-310001747777Certinia Inc. | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777CloudPay, Inc. | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Cornerstone OnDemand, Inc. | Second lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Gerson Lehrman Group, Inc. | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Proofpoint, Inc. | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Proofpoint, Inc. | Second lien senior secured loan 1 | Non-Affiliated Issuer2025-12-310001747777Proofpoint, Inc. | Second lien senior secured loan 2 | Non-Affiliated Issuer2025-12-310001747777Sensor Technology Topco, Inc. (dba Humanetics) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Sensor Technology Topco, Inc. (dba Humanetics) | First lien senior secured EUR term loan | Non-Affiliated Issuer2025-12-310001747777Sensor Technology Topco, Inc. (dba Humanetics) | First lien senior secured EUR delayed draw term loan | Non-Affiliated Issuer2025-12-310001747777Sensor Technology Topco, Inc. (dba Humanetics) | First lien senior secured delayed draw term loan | Non-Affiliated Issuer2025-12-310001747777Sensor Technology Topco, Inc. (dba Humanetics) | First lien senior secured revolving loan | Non-Affiliated Issuer2025-12-310001747777Sovos Compliance, LLC | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Thunder Purchaser, Inc. (dba Vector Solutions) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777TK Operations Ltd (dba Travelperk, Inc.) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777us-gaap:DebtSecuritiesMemberortf:ProfessionalServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777RealPage, Inc. | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777us-gaap:DebtSecuritiesMemberortf:RealEstateManagementDevelopmentMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777McQueen Bidco PTY LTD. (dba Infomedia) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777OECONNECTION LLC | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777us-gaap:DebtSecuritiesMemberortf:SpecialtyRetailMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777Acquia Inc. | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Activate Holdings (US) Corp. (dba Absolute Software) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Appfire Technologies, LLC | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Arctic Wolf Networks, Inc. | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Arctic Wolf Networks, Inc. | Senior convertible notes | Non-Affiliated Issuer2025-12-310001747777Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Barracuda Parent, LLC | First lien senior secured loan 1 | Non-Affiliated Issuer2025-12-310001747777Barracuda Parent, LLC | Second lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Barracuda Parent, LLC | First lien senior secured loan 2 | Non-Affiliated Issuer2025-12-310001747777Bayshore Intermediate #2, L.P. (dba Boomi) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Bayshore Intermediate #2, L.P. (dba Boomi) | First lien senior secured revolving loan | Non-Affiliated Issuer2025-12-310001747777Circle Internet Services, Inc. | Subordinated Convertible Security | Non-Affiliated Issuer2025-12-310001747777ConnectWise, LLC | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Crewline Buyer, Inc. (dba New Relic) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Databricks, Inc. | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Delinea Buyer, Inc. (f/k/a Centrify) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Delta TopCo, Inc. (dba Infoblox, Inc.) | Second lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Forescout Technologies, Inc. | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777H&F Opportunities LUX III S.À R.L (dba Checkmarx) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777LogRhythm, Inc. | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Securonix, Inc. | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Sitecore Holding III A/S | First lien senior secured EUR term loan | Non-Affiliated Issuer2025-12-310001747777Sitecore Holding III A/S | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Sitecore USA, Inc. | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Sophos Holdings, LLC | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Talon MidCo 2 Limited | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777Tricentis Operations Holdings, Inc. | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777us-gaap:DebtSecuritiesMemberortf:SystemsSoftwareMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777CCI BUYER, INC. (dba Consumer Cellular) | First lien senior secured loan | Non-Affiliated Issuer2025-12-310001747777us-gaap:DebtSecuritiesMemberortf:WirelessTelecommunicationServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:MiscellaneousDebtCommitmentsNettingMember2025-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:TotalCompanyInvestmentsIncludingMiscellaneousDebtCommitmentsBeforeNettingMember2025-12-310001747777Space Exploration Technologies Corp. | Class A Common Stock | Non-Affiliated Issuer2025-12-310001747777Space Exploration Technologies Corp. | Class C Common Stock | Non-Affiliated Issuer2025-12-310001747777us-gaap:EquitySecuritiesMemberus-gaap:AerospaceSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-3100017477776Sense Insights, Inc. | Series E-1 Preferred Stock | Non-Affiliated Issuer2025-12-310001747777Alpha Partners Technology Merger Corp | Common stock | Non-Affiliated Issuer2025-12-310001747777Alpha Partners Technology Merger Corp | Warrants | Non-Affiliated Issuer2025-12-310001747777AlphaSense, LLC | Series E Preferred Shares | Non-Affiliated Issuer2025-12-310001747777Bird Holding B.V. (fka MessageBird Holding B.V.) | Extended Series C Warrants | Non-Affiliated Issuer2025-12-310001747777Diligent Preferred Issuer, Inc. (dba Diligent Corporation) | Preferred Stock | Non-Affiliated Issuer2025-12-310001747777EShares, Inc. (dba Carta) | Series E Preferred Stock | Non-Affiliated Issuer2025-12-310001747777Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC) | LP Interest | Non-Affiliated Issuer2025-12-310001747777Nylas, Inc. | Series C Preferred Stock | Non-Affiliated Issuer2025-12-310001747777Project Alpine Co-Invest Fund, LP | LP Interest | Non-Affiliated Issuer2025-12-310001747777Saturn Ultimate, Inc. | Common stock | Non-Affiliated Issuer2025-12-310001747777Simpler Postage, Inc. (dba Easypost) | Warrants | Non-Affiliated Issuer2025-12-310001747777Valor Compute Infrastructure L.P. | LP Interest | Non-Affiliated Issuer2025-12-310001747777VCI Intermediate TopCo 1 LLC | Class B Units | Non-Affiliated Issuer2025-12-310001747777Zoro TopCo, L.P. | Class A Common Units | Non-Affiliated Issuer2025-12-310001747777Zoro TopCo, Inc. | Series A Preferred Equity | Non-Affiliated Issuer2025-12-310001747777us-gaap:EquitySecuritiesMemberortf:ApplicationSoftwareMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777Acorns Grow Incorporated | Series F Preferred Stock | Non-Affiliated Issuer2025-12-310001747777us-gaap:EquitySecuritiesMemberortf:CapitalMarketsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777Rome Topco Holdings, LLC (dba SimpliSafe) | Class A Units | Non-Affiliated Issuer2025-12-310001747777Rome Topco Holdings, LLC (dba SimpliSafe) | Class B Units | Non-Affiliated Issuer2025-12-310001747777us-gaap:EquitySecuritiesMemberortf:CommercialServicesSuppliesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777Dodge Construction Network Holdings, L.P. | Class A-2 Common Units | Non-Affiliated Issuer2025-12-310001747777Dodge Construction Network Holdings, L.P. | Series A Preferred Units | Non-Affiliated Issuer2025-12-310001747777us-gaap:EquitySecuritiesMemberus-gaap:ConstructionSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777SLA Eclipse Co-Invest, L.P. | LP Interest | Non-Affiliated Issuer2025-12-310001747777us-gaap:EquitySecuritiesMemberortf:DiversifiedConsumerServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777Amergin Asset Management, LLC | Specialty finance equity investment | Non-Affiliated Issuer2025-12-310001747777Brex, Inc. | Class A Units | Non-Affiliated Issuer2025-12-310001747777Brex, Inc. | Preferred Stock | Non-Affiliated Issuer2025-12-310001747777Juniper Square, Inc. | Warrants | Non-Affiliated Issuer2025-12-310001747777us-gaap:EquitySecuritiesMemberortf:DiversifiedFinancialServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777KPCI Co-Invest 2, L.P. | Class A Units | Non-Affiliated Issuer2025-12-310001747777us-gaap:EquitySecuritiesMemberortf:HealthCareEquipmentSuppliesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777BEHP Co-Investor II, L.P. | LP Interest | Non-Affiliated Issuer2025-12-310001747777Minerva Holdco, Inc. | Senior A Preferred Stock | Non-Affiliated Issuer2025-12-310001747777ModMed Software Midco Holdings, Inc. (dba ModMed) | Series A Preferred Units | Non-Affiliated Issuer2025-12-310001747777Orange Blossom Parent, Inc. | Common Units | Non-Affiliated Issuer2025-12-310001747777WP Irving Co-Invest, L.P. | Partnership Units | Non-Affiliated Issuer2025-12-310001747777us-gaap:EquitySecuritiesMemberortf:HealthcareTechnologyMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777KWOL Acquisition, Inc. (dba Worldwide Clinical Trials) | Class A Interest | Non-Affiliated Issuer2025-12-310001747777Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers) | Series A Preferred Stock | Non-Affiliated Issuer2025-12-310001747777us-gaap:EquitySecuritiesMemberortf:HealthCareProvidersServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.) | Series A Preferred Stock | Non-Affiliated Issuer2025-12-310001747777us-gaap:EquitySecuritiesMemberortf:HotelsRestaurantsLeisureMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777Accelerate Topco Holdings, LLC | Common Units | Non-Affiliated Issuer2025-12-310001747777us-gaap:EquitySecuritiesMemberus-gaap:InsuranceSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777Kajabi Holdings, LLC | Senior Preferred Class D Units | Non-Affiliated Issuer2025-12-310001747777Linked Store Cayman Ltd. (dba Nuvemshop) | Series E Preferred Stock | Non-Affiliated Issuer2025-12-310001747777us-gaap:EquitySecuritiesMemberortf:InternetDirectMarketingRetailMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777JumpCloud, Inc. | Series B Preferred Stock | Non-Affiliated Issuer2025-12-310001747777JumpCloud, Inc. | Series F Preferred Stock | Non-Affiliated Issuer2025-12-310001747777Nscale Global Holdings Limited | Preferred equity | Non-Affiliated Issuer2025-12-310001747777Nscale Global Holdings Limited | Series B Preferred Shares | Non-Affiliated Issuer2025-12-310001747777Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.) | Perpetual Preferred Stock | Non-Affiliated Issuer2025-12-310001747777Replicated, Inc. | Series C Preferred Stock | Non-Affiliated Issuer2025-12-310001747777WMC Bidco, Inc. (dba West Monroe) | Senior Preferred Stock | Non-Affiliated Issuer2025-12-310001747777us-gaap:EquitySecuritiesMemberus-gaap:TechnologySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777Baypine Commander Co-Invest, LP | LP Interest | Non-Affiliated Issuer2025-12-310001747777us-gaap:EquitySecuritiesMemberortf:LifeSciencesToolsServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777XOMA Corporation | Warrants | Non-Affiliated Issuer2025-12-310001747777us-gaap:EquitySecuritiesMemberortf:PharmaceuticalsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777CloudPay, Inc. | Series E Preferred Stock | Non-Affiliated Issuer2025-12-310001747777Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.) | Series A Preferred Stock | Non-Affiliated Issuer2025-12-310001747777Thunder Topco L.P. (dba Vector Solutions) | Common Units | Non-Affiliated Issuer2025-12-310001747777TravelPerk, Inc. | Warrants | Non-Affiliated Issuer2025-12-310001747777Vestwell Holdings Inc. | Series D Preferred Stock | Non-Affiliated Issuer2025-12-310001747777us-gaap:EquitySecuritiesMemberortf:ProfessionalServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777Bolt Technology OÜ | Preferred Stock | Non-Affiliated Issuer2025-12-310001747777us-gaap:EquitySecuritiesMemberortf:RoadRailMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777Algolia, Inc. | Series C Preferred Stock | Non-Affiliated Issuer2025-12-310001747777Algolia, Inc. | Series D Preferred Stock | Non-Affiliated Issuer2025-12-310001747777Arctic Wolf Networks, Inc. | Preferred Stock | Non-Affiliated Issuer2025-12-310001747777Axonius, Inc. | Series E Preferred Stock | Non-Affiliated Issuer2025-12-310001747777Brooklyn Lender Co-Invest 2, L.P. (dba Boomi) | Common Units | Non-Affiliated Issuer2025-12-310001747777Chrome Investors LP | LP Interest | Non-Affiliated Issuer2025-12-310001747777Circle Internet Services, Inc. | Warrants | Non-Affiliated Issuer2025-12-310001747777Circle Internet Services, Inc. | Series D Preferred Stock | Non-Affiliated Issuer2025-12-310001747777Circle Internet Services, Inc. | Series E Preferred Stock | Non-Affiliated Issuer2025-12-310001747777Circle Internet Services, Inc. | Series F Preferred Stock | Non-Affiliated Issuer2025-12-310001747777Elliott Alto Co-Investor Aggregator L.P. | LP Interest | Non-Affiliated Issuer2025-12-310001747777Excalibur CombineCo, L.P. | Class A Units | Non-Affiliated Issuer2025-12-310001747777Halo Purchaser, LLC | Class B PIK Preferred Equity | Non-Affiliated Issuer2025-12-310001747777Halo Purchaser, LLC | Class H Warrant Units | Non-Affiliated Issuer2025-12-310001747777HARNESS INC. | Series D Preferred Stock | Non-Affiliated Issuer2025-12-310001747777Illumio, Inc. | Common stock | Non-Affiliated Issuer2025-12-310001747777Illumio, Inc. | Series F Preferred Stock | Non-Affiliated Issuer2025-12-310001747777Project Hotel California Co-Invest Fund, L.P. | LP Interest | Non-Affiliated Issuer2025-12-310001747777Veeam Software Group | Series C Preferred Shares | Non-Affiliated Issuer2025-12-310001747777us-gaap:EquitySecuritiesMemberortf:SystemsSoftwareMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777Blend Labs, Inc. | Warrants | Non-Affiliated Issuer2025-12-310001747777us-gaap:EquitySecuritiesMemberortf:ThriftsMortgageFinanceMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-12-310001747777AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC | Specialty finance debt investment | Affiliated Issuer2025-12-310001747777AAM Series 2.1 Aviation Feeder, LLC | Specialty finance debt investment | Affiliated Issuer2025-12-310001747777us-gaap:DebtSecuritiesMemberortf:DiversifiedFinancialServicesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001747777Coherent Group Inc. | Convertible notes | Affiliated Issuer2025-12-310001747777us-gaap:DebtSecuritiesMemberus-gaap:InsuranceSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001747777Walker Edison Furniture Company LLC | First lien senior secured loan 1 | Affiliated Issuer2025-12-310001747777Walker Edison Furniture Company LLC | First lien senior secured loan 2 | Affiliated Issuer2025-12-310001747777Walker Edison Furniture Company LLC | First lien senior secured revolving loan | Affiliated Issuer2025-12-310001747777us-gaap:DebtSecuritiesMemberortf:InternetDirectMarketingRetailMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001747777Pluralsight, LLC | First lien senior secured loan 1 | Affiliated Issuer2025-12-310001747777Pluralsight, LLC | First lien senior secured loan 2 | Affiliated Issuer2025-12-310001747777us-gaap:DebtSecuritiesMemberus-gaap:TechnologySectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:DebtSecuritiesMember2025-12-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberortf:MiscellaneousDebtCommitmentsNettingMember2025-12-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberortf:TotalCompanyInvestmentsIncludingMiscellaneousDebtCommitmentsBeforeNettingMember2025-12-310001747777Blue Owl Cross-Strategy Opportunities 2025-1 LLC (fka Blue Owl Cross-Strategy Opportunities LLC) | Specialty finance equity investment | Affiliated Issuer2025-12-310001747777us-gaap:EquitySecuritiesMemberortf:AssetBasedLendingAndFundFinanceMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001747777AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC | Specialty finance equity investment | Affiliated Issuer2025-12-310001747777AAM Series 2.1 Aviation Feeder, LLC | Specialty finance equity investment | Affiliated Issuer2025-12-310001747777us-gaap:EquitySecuritiesMemberortf:DiversifiedFinancialServicesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001747777Coherent Group Inc. | Series B Preferred Shares | Affiliated Issuer2025-12-310001747777Fifth Season Investments LLC | Specialty finance equity investment | Affiliated Issuer2025-12-310001747777us-gaap:EquitySecuritiesMemberus-gaap:InsuranceSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001747777Signifyd Inc. | Preferred equity | Affiliated Issuer2025-12-310001747777Walker Edison Holdco LLC | Common Units | Affiliated Issuer2025-12-310001747777us-gaap:EquitySecuritiesMemberortf:InternetDirectMarketingRetailMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001747777Paradigmatic Holdco LLC (dba Pluralsight) | Common stock | Affiliated Issuer2025-12-310001747777us-gaap:EquitySecuritiesMemberus-gaap:TechnologySectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001747777LSI Financing 1 DAC | Specialty finance equity investment | Affiliated Issuer2025-12-310001747777LSI Financing LLC | Specialty finance equity investment | Affiliated Issuer2025-12-310001747777us-gaap:EquitySecuritiesMemberortf:PharmaceuticalsMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001747777Help HP SCF Investor, LP | LP Interest | Affiliated Issuer2025-12-310001747777us-gaap:EquitySecuritiesMemberortf:SystemsSoftwareMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:EquitySecuritiesMember2025-12-310001747777Revolut Ribbit Holdings, LLC | LLC Interest | Affiliated Issuer2025-12-310001747777us-gaap:EquitySecuritiesMemberortf:DiversifiedFinancialServicesMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001747777Blue Owl Credit SLF LLC | LLC Interest | Affiliated Issuer2025-12-310001747777Blue Owl Leasing LLC | LLC Interest | Affiliated Issuer2025-12-310001747777Stripe Blue Owl Holdings LLC | LLC Interest | Affiliated 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Bidco 1 Limited (dba Audiotonix) | First lien senior secured delayed draw term loan2025-12-310001747777AI Titan Parent, Inc. (dba Prometheus Group) | ` | First lien senior secured delayed draw term loan2025-12-310001747777AlphaSense, Inc. | ` | First lien senior secured delayed draw term loan2025-12-310001747777AmeriLife Holdings LLC | ` | First lien senior secured delayed draw term loan 12025-12-310001747777AmeriLife Holdings LLC | ` | First lien senior secured delayed draw term loan 22025-12-310001747777Appfire Technologies, LLC | ` | First lien senior secured delayed draw term loan2025-12-310001747777Aptean Acquiror, Inc. (dba Aptean) | ` | First lien senior secured delayed draw term loan2025-12-310001747777Artifact Bidco, Inc. (dba Avetta) | ` | First lien senior secured delayed draw term loan2025-12-310001747777Associations, Inc. | ` | First lien senior secured delayed draw term loan 12025-12-310001747777Associations, Inc. | ` | First lien senior secured delayed draw term loan 22025-12-310001747777Bamboo US BidCo LLC | ` | First lien senior secured delayed draw term loan2025-12-310001747777Bracket Intermediate Holding Corp. | ` | First lien senior secured delayed draw term loan2025-12-310001747777BusinessSolver.com, Inc. | ` | First lien senior secured delayed draw term loan2025-12-310001747777Cambrex Corporation | First lien senior secured delayed draw term loan 12025-12-310001747777Cambrex Corporation | First lien senior secured delayed draw term loan 22025-12-310001747777CCM Midco, LLC (f/k/a Cresset Capital Management, LLC) | First lien senior secured delayed draw term loan 12025-12-310001747777CCM Midco, LLC (f/k/a Cresset Capital Management, LLC) | First lien senior secured delayed draw term loan 22025-12-310001747777CivicPlus, LLC | First lien senior secured delayed draw term loan 12025-12-310001747777CivicPlus, LLC | First lien senior secured delayed draw term loan 22025-12-310001747777Commander Buyer, Inc. (dba CenExel) | First lien senior secured delayed draw term loan2025-12-310001747777Computer Services, Inc. (dba CSI) | First lien senior secured delayed draw term loan2025-12-310001747777CoreTrust Purchasing Group LLC | First lien senior secured delayed draw term loan2025-12-310001747777Coupa Holdings, LLC | First lien senior secured delayed draw term loan2025-12-310001747777CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) | First lien senior secured delayed draw term loan 12025-12-310001747777CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) | First lien senior secured delayed draw term loan 22025-12-310001747777Databricks, Inc. | First lien senior secured delayed draw term loan 12025-12-310001747777Eagan Parent, Inc. (dba Elite) | First lien senior secured delayed draw term loan2025-12-310001747777Databricks, Inc. | First lien senior secured delayed draw term loan 22025-12-310001747777EET Buyer, Inc. (dba e-Emphasys) | First lien senior secured delayed draw term loan2025-12-310001747777EresearchTechnology, Inc. (dba Clario) | First lien senior secured delayed draw term loan2025-12-310001747777Galway Borrower LLC | First lien senior secured delayed draw term loan2025-12-310001747777GS Acquisitionco, Inc. (dba insightsoftware) | First lien senior secured delayed draw term loan 12025-12-310001747777GS Acquisitionco, Inc. (dba insightsoftware) | First lien senior secured delayed draw term loan 22025-12-310001747777Gusto, Inc. | First lien senior secured delayed draw term loan2025-12-310001747777Himalaya Topco LLC (dba HealthEdge) | First lien senior secured delayed draw term loan 12025-12-310001747777Himalaya Topco LLC (dba HealthEdge) | First lien senior secured delayed draw term loan 22025-12-310001747777Integrity Marketing Acquisition, LLC | First lien senior secured delayed draw term loan2025-12-310001747777Interoperability Bidco, Inc. (dba Lyniate) | First lien senior secured delayed draw term loan2025-12-310001747777Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages) | First lien senior secured delayed draw term loan2025-12-310001747777KWOL Acquisition, Inc. (dba Worldwide Clinical Trials) | First lien senior secured delayed draw term loan 12025-12-310001747777KWOL Acquisition, Inc. (dba Worldwide Clinical Trials) | First lien senior secured delayed draw term loan 22025-12-310001747777Lighthouse Buyer, Inc. (dba Harbor Compliance) | First lien senior secured delayed draw term loan2025-12-310001747777Litera Bidco LLC | First lien senior secured delayed draw term loan 12025-12-310001747777Litera Bidco LLC | First lien senior secured delayed draw term loan 22025-12-310001747777ManTech International Corporation | First lien senior secured delayed draw term loan2025-12-310001747777ML Holdco, Inc. (dba Meridian Link) | First lien senior secured delayed draw term loan2025-12-310001747777Monotype Imaging Holdings Inc. | First lien senior secured delayed draw term loan2025-12-310001747777OECONNECTION LLC | First lien senior secured delayed draw term loan2025-12-310001747777One, Inc. Software Corporation | First lien senior secured delayed draw term loan2025-12-310001747777OneOncology, LLC | First lien senior secured delayed draw term loan2025-12-310001747777Packaging Coordinators Midco, Inc. | First lien senior secured delayed draw term loan 12025-12-310001747777Packaging Coordinators Midco, Inc. | First lien senior secured delayed draw term loan 22025-12-310001747777PerkinElmer U.S. LLC | First lien senior secured delayed draw term loan2025-12-310001747777Pike Corp. | First lien senior secured delayed draw term loan2025-12-310001747777RL Datix Holdings (USA), Inc. | First lien senior secured delayed draw term loan2025-12-310001747777Salinger Bidco Inc. (dba Surgical Information Systems) | First lien senior secured delayed draw term loan2025-12-310001747777Sentinel Buyer Corp. (dba SimpliSafe) | First lien senior secured delayed draw term loan2025-12-310001747777Severin Acquisition, LLC (dba PowerSchool) | First lien senior secured delayed draw term loan2025-12-310001747777Simpler Postage, Inc. (dba Easypost) | First lien senior secured delayed draw term loan2025-12-310001747777Simplicity Financial Marketing Group Holdings, Inc. | First lien senior secured delayed draw term loan2025-12-310001747777Smarsh Inc. | First lien senior secured delayed draw term loan2025-12-310001747777Spaceship Purchaser, Inc. (dba Squarespace) | First lien senior secured delayed draw term loan2025-12-310001747777Tamarack Intermediate, L.L.C. (dba Verisk 3E) | First lien senior secured delayed draw term loan2025-12-310001747777Themis Solutions Inc. (dba Clio) | First lien senior secured delayed draw term loan2025-12-310001747777Tricentis Operations Holdings, Inc. | First lien senior secured delayed draw term loan2025-12-310001747777Unit4 Group Holding B.V. | First lien senior secured EUR delayed draw term loan2025-12-310001747777Unit4 Group Holding B.V. | First lien senior secured EUR term loan2025-12-310001747777Zendesk, Inc. | First lien senior secured delayed draw term loan2025-12-310001747777Accommodations Plus Technologies LLC | First lien senior secured revolving loan2025-12-310001747777Acquia Inc. | First lien senior secured revolving loan2025-12-310001747777Activate Holdings (US) Corp. (dba Absolute Software) | First lien senior secured revolving loan2025-12-310001747777Aerosmith Bidco 1 Limited (dba Audiotonix) | First lien senior secured revolving loan2025-12-310001747777AI Titan Parent, Inc. (dba Prometheus Group) | First lien senior secured revolving loan2025-12-310001747777AmeriLife Holdings LLC | First lien senior secured revolving loan2025-12-310001747777Anaplan, Inc. | First lien senior secured revolving loan2025-12-310001747777Appfire Technologies, LLC | First lien senior secured revolving loan2025-12-310001747777Aptean Acquiror, Inc. (dba Aptean) | First lien senior secured revolving loan2025-12-310001747777Arrow Borrower 2025, Inc. (dba AvidXchange) | First lien senior secured revolving loan2025-12-310001747777Artifact Bidco, Inc. (dba Avetta) | First lien senior secured revolving loan2025-12-310001747777Associations, Inc. | First lien senior secured revolving loan2025-12-310001747777Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.) | First lien senior secured revolving loan2025-12-310001747777Bamboo US BidCo LLC | First lien senior secured revolving loan2025-12-310001747777Bayshore Intermediate #2, L.P. (dba Boomi) | First lien senior secured revolving loan2025-12-310001747777BCPE Osprey Buyer, Inc. (dba PartsSource) | First lien senior secured revolving loan2025-12-310001747777BCTO BSI Buyer, Inc. (dba Buildertrend) | First lien senior secured revolving loan2025-12-310001747777Bracket Intermediate Holding Corp. | First lien senior secured revolving loan2025-12-310001747777Bristol Hospice L.L.C. | First lien senior secured revolving loan2025-12-310001747777BTRS Holdings Inc. (dba Billtrust) | First lien senior secured revolving loan2025-12-310001747777BusinessSolver.com, Inc. | First lien senior secured revolving loan2025-12-310001747777Cambrex Corporation | First lien senior secured revolving loan2025-12-310001747777Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.) | First lien senior secured revolving loan2025-12-310001747777CCI BUYER, INC. (dba Consumer Cellular) | First lien senior secured revolving loan2025-12-310001747777CCM Midco, LLC (f/k/a Cresset Capital Management, LLC) | First lien senior secured revolving loan2025-12-310001747777Certinia Inc. | First lien senior secured revolving loan2025-12-310001747777CivicPlus, LLC | First lien senior secured revolving loan2025-12-310001747777Commander Buyer, Inc. (dba CenExel) | First lien senior secured revolving loan2025-12-310001747777CoreTrust Purchasing Group LLC | First lien senior secured revolving loan2025-12-310001747777Coupa Holdings, LLC | First lien senior secured revolving loan2025-12-310001747777Creek Parent, Inc. (dba Catalent) | First lien senior secured revolving loan2025-12-310001747777Crewline Buyer, Inc. (dba New Relic) | First lien senior secured revolving loan2025-12-310001747777CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) | First lien senior secured revolving loan2025-12-310001747777Deerfield Dakota Holdings | First lien senior secured revolving loan2025-12-310001747777Delinea Buyer, Inc. (f/k/a Centrify) | First lien senior secured revolving loan2025-12-310001747777Denali Intermediate Holdings, Inc. (dba Dun & Bradstreet) | First lien senior secured revolving loan2025-12-310001747777Eagan Parent, Inc. (dba Elite) | First lien senior secured revolving loan2025-12-310001747777EET Buyer, Inc. (dba e-Emphasys) | First lien senior secured revolving loan2025-12-310001747777Einstein Parent, Inc. (dba Smartsheet) | First lien senior secured revolving loan2025-12-310001747777EresearchTechnology, Inc. (dba Clario) | First lien senior secured revolving loan2025-12-310001747777Flexera Software LLC | First lien senior secured revolving loan2025-12-310001747777Forescout Technologies, Inc. | First lien senior secured revolving loan2025-12-310001747777Foundation Consumer Brands, LLC | First lien senior secured revolving loan2025-12-310001747777Gainsight, Inc. | First lien senior secured revolving loan2025-12-310001747777Galway Borrower LLC | First lien senior secured revolving loan2025-12-310001747777Gerson Lehrman Group, Inc. | First lien senior secured revolving loan2025-12-310001747777GI Ranger Intermediate, LLC (dba Rectangle Health) | First lien senior secured revolving loan2025-12-310001747777Granicus, Inc. | First lien senior secured revolving loan2025-12-310001747777GS Acquisitionco, Inc. (dba insightsoftware) | First lien senior secured revolving loan2025-12-310001747777H&F Opportunities LUX III S.À R.L (dba Checkmarx) | First lien senior secured revolving loan2025-12-310001747777Himalaya Topco LLC (dba HealthEdge) | First lien senior secured revolving loan2025-12-310001747777Hyland Software, Inc. | First lien senior secured revolving loan2025-12-310001747777Icefall Parent, Inc. (dba EngageSmart) | First lien senior secured revolving loan2025-12-310001747777Indikami Bidco, LLC (dba IntegriChain) | First lien senior secured revolving loan2025-12-310001747777Integrity Marketing Acquisition, LLC | First lien senior secured revolving loan2025-12-310001747777Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.) | First lien senior secured revolving loan2025-12-310001747777Interoperability Bidco, Inc. (dba Lyniate) | First lien senior secured revolving loan2025-12-310001747777IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.)) | First lien senior secured revolving loan2025-12-310001747777Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages) | First lien senior secured revolving loan2025-12-310001747777Jeppesen Holdings, LLC | First lien senior secured multi-currency revolving loan2025-12-310001747777JS Parent, Inc. (dba Jama Software) | First lien senior secured revolving loan2025-12-310001747777KWOL Acquisition, Inc. (dba Worldwide Clinical Trials) | First lien senior secured revolving loan2025-12-310001747777Lighthouse Buyer, Inc. (dba Harbor Compliance) | First lien senior secured revolving loan2025-12-310001747777Litera Bidco LLC | First lien senior secured revolving loan2025-12-310001747777LogRhythm, Inc. | First lien senior secured revolving loan2025-12-310001747777Magnet Forensics, LLC (f/k/a Grayshift, LLC) | First lien senior secured revolving loan2025-12-310001747777ManTech International Corporation | First lien senior secured revolving loan2025-12-310001747777McQueen Bidco PTY LTD. (dba Infomedia) | First lien senior secured revolving loan2025-12-310001747777MINDBODY, Inc. | First lien senior secured revolving loan2025-12-310001747777Ministry Brands Holdings, LLC | First lien senior secured revolving loan2025-12-310001747777Minotaur Acquisition, Inc. (dba Inspira Financial) | First lien senior secured revolving loan2025-12-310001747777Modernizing Medicine, Inc. (dba ModMed) | First lien senior secured revolving loan2025-12-310001747777Monotype Imaging Holdings Inc. | First lien senior secured revolving loan2025-12-310001747777Natural Partners, LLC | First lien senior secured revolving loan2025-12-310001747777Neptune Holdings, Inc. (dba NexTech) | First lien senior secured revolving loan2025-12-310001747777NMI Acquisitionco, Inc. (dba Network Merchants) | First lien senior secured revolving loan2025-12-310001747777OECONNECTION LLC | First lien senior secured revolving loan2025-12-310001747777OneOncology, LLC | First lien senior secured revolving loan2025-12-310001747777One, Inc. Software Corporation | First lien senior secured revolving loan2025-12-310001747777Packaging Coordinators Midco, Inc. | First lien senior secured revolving loan2025-12-310001747777PDI TA Holdings, Inc. | First lien senior secured revolving loan2025-12-310001747777PetVet Care Centers, LLC | First lien senior secured revolving loan2025-12-310001747777Pike Corp. | First lien senior secured revolving loan2025-12-310001747777QAD, Inc. | First lien senior secured revolving loan2025-12-310001747777Relativity ODA LLC | First lien senior secured revolving loan2025-12-310001747777RL Datix Holdings (USA), Inc. | First lien senior secured revolving loan2025-12-310001747777Salinger Bidco Inc. (dba Surgical Information Systems) | First lien senior secured revolving loan2025-12-310001747777Securonix, Inc. | First lien senior secured revolving loan2025-12-310001747777Sensor Technology Topco, Inc. (dba Humanetics) | First lien senior secured revolving loan2025-12-310001747777Severin Acquisition, LLC (dba PowerSchool) | First lien senior secured revolving loan2025-12-310001747777Simplicity Financial Marketing Group Holdings, Inc. | First lien senior secured revolving loan2025-12-310001747777Smarsh Inc. | First lien senior secured revolving loan2025-12-310001747777Spaceship Purchaser, Inc. (dba Squarespace) | First lien senior secured revolving loan2025-12-310001747777Talon MidCo 2 Limited | First lien senior secured revolving loan2025-12-310001747777Tamarack Intermediate, L.L.C. (dba Verisk 3E) | First lien senior secured revolving loan2025-12-310001747777Themis Solutions Inc. (dba Clio) | First lien senior secured revolving loan2025-12-310001747777Thunder Purchaser, Inc. (dba Vector Solutions) | First lien senior secured revolving loan2025-12-310001747777Tricentis Operations Holdings, Inc. | First lien senior secured revolving loan2025-12-310001747777Unit4 Group Holding B.V. | First lien senior secured EUR revolving loan2025-12-310001747777Valeris, Inc. (fka Phantom Purchaser, Inc.) | First lien senior secured revolving loan2025-12-310001747777Velocity HoldCo III Inc. (dba VelocityEHS) | First lien senior secured revolving loan2025-12-310001747777Zendesk, Inc. | First lien senior secured revolving loan2025-12-310001747777Total non-controlled/non-affiliated - debt commitments2025-12-310001747777Chrome Investors LP | LP Interest2025-12-310001747777Valor Compute Infrastructure L.P. | LP Interest2025-12-310001747777Total non-controlled/non-affiliated - equity commitments2025-12-310001747777Pluralsight, LLC | First lien senior secured delayed draw term loan2025-12-310001747777Walker Edison Furniture Company LLC | First lien senior secured delayed draw term loan 12025-12-310001747777Walker Edison Furniture Company LLC | First lien senior secured delayed draw term loan 22025-12-310001747777Pluralsight, LLC | First lien senior secured revolving loan2025-12-310001747777Walker Edison Furniture Company LLC | First lien senior secured revolving loan2025-12-310001747777Total non-controlled/affiliated - debt commitments2025-12-310001747777AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC | Specialty finance equity investment2025-12-310001747777LSI Financing LLC | Specialty finance equity investment2025-12-310001747777Total non-controlled/affiliated - equity commitments2025-12-310001747777Total Portfolio Company Commitments2025-12-310001747777AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC | Affiliated Issuer2024-12-310001747777AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC | Affiliated Issuer2025-01-012025-12-310001747777AAM Series 2.1 Aviation Feeder, LLC, | Affiliated Issuer2024-12-310001747777AAM Series 2.1 Aviation Feeder, LLC, | Affiliated Issuer2025-01-012025-12-310001747777AAM Series 2.1 Aviation Feeder, LLC, | Affiliated Issuer2025-12-310001747777Blue Owl Cross-Strategy Opportunities 2025-1 LLC(fka Blue Owl Cross-Strategy Opportunities LLC) | Affiliated Issuer2024-12-310001747777Blue Owl Cross-Strategy Opportunities 2025-1 LLC(fka Blue Owl Cross-Strategy Opportunities LLC) | Affiliated Issuer2025-01-012025-12-310001747777Blue Owl Cross-Strategy Opportunities 2025-1 LLC(fka Blue Owl Cross-Strategy Opportunities LLC) | Affiliated Issuer2025-12-310001747777Coherent Group Inc. | Affiliated Issuer2024-12-310001747777Coherent Group Inc. | Affiliated Issuer2025-01-012025-12-310001747777Fifth Season Investments LLC | Affiliated Issuer2024-12-310001747777Fifth Season Investments LLC | Affiliated Issuer2025-01-012025-12-310001747777Help HP SCF Investor, LP | Affiliated Issuer2024-12-310001747777Help HP SCF Investor, LP | Affiliated Issuer2025-01-012025-12-310001747777LSI Financing 1 DAC | Affiliated Issuer2024-12-310001747777LSI Financing 1 DAC | Affiliated Issuer2025-01-012025-12-310001747777LSI Financing LLC | Affiliated Issuer2024-12-310001747777LSI Financing LLC | Affiliated Issuer2025-01-012025-12-310001747777Pluralsight, LLC | Affiliated Issuer2024-12-310001747777Pluralsight, LLC | Affiliated Issuer2025-01-012025-12-310001747777Securiti, Inc. | Affiliated 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________________________________________________
FORM 10-Q
______________________________________________________________________________
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the period ended March 31, 2026
OR
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number 000-55977
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BLUE OWL TECHNOLOGY FINANCE CORP.
(Exact name of Registrant as specified in its Charter)
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Maryland
(State or other jurisdiction of
incorporation or organization)
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83-1273258
(I.R.S. Employer
Identification No.)
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399 Park Avenue, New York, New York
(Address of principal executive offices)
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10022
(Zip Code)
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Registrant’s telephone number, including area code: (212) 419-3000
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Securities registered pursuant to Section 12(b) of the Act:
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Trading Symbol(s) |
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Name of each exchange on which registered |
| Common Stock $0.01 par value per share |
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OTF |
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The New York Stock Exchange |
Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the Registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes x No o
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer x |
Emerging growth company ☐ |
Smaller reporting company ☐ |
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Non-accelerated filer o |
Accelerated filer o |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES o NO x
As of April 29, 2026, the registrant had 462,642,204 shares of common stock, $0.01 par value per share, outstanding.
Table of Contents
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FINANCIAL INFORMATION |
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OTHER INFORMATION |
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about Blue Owl Technology Finance Corp. (the “Company,” “we” or “our”), our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:
•an economic downturn could impair our portfolio companies’ ability to continue to operate, which could lead to the loss of some or all of our investments in such portfolio companies;
•an economic downturn could disproportionately impact the companies that we intend to target for investment, potentially causing us to experience a decrease in investment opportunities and diminished demand for capital from these companies;
•the impact of elevated inflation rates, fluctuating interest rates, ongoing supply chain and labor market disruptions, including those as a result of strikes, work stoppages or accidents, instability in the U.S. and international banking systems, changes in law or regulation, including the impact of tariff enactment and tax reductions, trade disputes with other countries, and the risk of recession or future government shutdowns could impact our business prospects and the prospects of our portfolio companies;
•an economic downturn could also impact availability and pricing of our financing and our ability to access the debt and equity capital markets;
•a contraction of available credit and/or an inability to access the equity markets could impair our lending and investment activities;
•changes in base interest rates and significant market volatility on our business and our portfolio companies (including our business prospects and the prospects of our portfolio companies including the ability to achieve our and their business objectives), our industry and the global economy including as a result of ongoing supply chain disruptions;
•interest rate volatility could adversely affect our results, particularly because we use leverage as part of our investment strategy;
•currency fluctuations could adversely affect the results of our investments in foreign companies, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;
•our future operating results;
•our contractual arrangements and relationships with third parties;
•the ability of our portfolio companies to achieve their objectives;
•competition with other entities and our affiliates for investment opportunities;
•risks related to the uncertainty of the value of our portfolio investments, particularly those having no liquid trading market;
•the use of borrowed money to finance a portion of our investments as well as any estimates regarding potential use of leverage;
•the adequacy of our financing sources and working capital;
•the loss of key personnel;
•the timing of cash flows, if any, from the operations of our portfolio companies;
•the ability of Blue Owl Technology Credit Advisors LLC (“the Adviser” or “our Adviser”) to locate suitable investments for us and to monitor and administer our investments;
•the ability of the Adviser to attract and retain highly talented professionals;
•our ability to qualify for and maintain our tax treatment as a regulated investment company (“RIC”) under subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”);
•the impact that environmental, social and governance matters could have on our brand and reputation and our portfolio companies;
•the effect of legal, tax and regulatory changes on our business and our portfolio companies;
•the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks, and the increasing use of artificial intelligence and machine learning technology;
•the impact of geo-political conditions, including revolution, insurgency, terrorism or war, including those arising out of the ongoing war between Russia and Ukraine, continued political unrest in various countries such as Venezuela, as well as political and social unrest in the Middle East and North Africa regions, uncertainty with respect to immigration, and general uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the European Union and China, on financial market volatility, global economic markets, and various markets for commodities globally such as oil and natural gas; and
•other risks, uncertainties and other factors previously identified in the reports and other documents we have filed with the Securities and Exchange Commission (“SEC”).
Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These forward-looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements. Because we are an investment company, the forward-looking statements and projections contained in this report are excluded from the safe harbor protection provided by Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”).
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Blue Owl Technology Finance Corp.
Consolidated Statements of Assets and Liabilities
(Amounts in thousands, except share and per share amounts)
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As of March 31, 2026
(Unaudited)
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As of December 31, 2025 |
| Assets |
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| Investments at fair value |
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Non-controlled, non-affiliated investments (amortized cost of $13,420,277 and $13,262,010, respectively) |
$ |
13,057,271 |
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$ |
13,363,077 |
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Non-controlled, affiliated investments (amortized cost of $866,787 and $736,415, respectively) |
778,795 |
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692,202 |
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Controlled, affiliated investments (amortized cost of $128,545 and $128,788, respectively) |
232,173 |
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230,760 |
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Total investments at fair value (amortized cost of $14,415,609 and $14,127,213, respectively) |
14,068,239 |
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14,286,039 |
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Cash (restricted cash of $— and $—, respectively) |
487,336 |
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282,257 |
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Foreign cash (cost of $878 and $709, respectively) |
827 |
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667 |
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| Interest and dividend receivable |
99,571 |
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88,553 |
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| Receivable from a controlled affiliate |
693 |
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720 |
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| Prepaid expenses and other assets |
211,940 |
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56,775 |
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| Total Assets |
$ |
14,868,606 |
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$ |
14,715,011 |
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| Liabilities |
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Debt (net of unamortized debt issuance costs of $86,197 and $84,123, respectively) |
$ |
6,904,332 |
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$ |
6,288,200 |
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| Distribution payable |
184,579 |
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185,749 |
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| Management fee payable |
54,018 |
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48,556 |
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| Incentive fee payable |
28,119 |
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68,085 |
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| Payables to affiliates |
2 |
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64 |
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| Payable for investments purchased |
4,287 |
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3,006 |
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| Accrued expenses and other liabilities |
87,816 |
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79,753 |
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| Total Liabilities |
$ |
7,263,153 |
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$ |
6,673,413 |
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| Commitments and contingencies (Note 8) |
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| Net Assets |
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Common shares $0.01 par value, 1,000,000,000 shares authorized; 461,123,693 and 464,047,623 shares issued and outstanding, respectively |
$ |
4,611 |
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$ |
4,640 |
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| Additional paid-in-capital |
7,514,237 |
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7,573,712 |
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| Total accumulated undistributed earnings |
86,605 |
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463,246 |
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| Total Net Assets |
7,605,453 |
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8,041,598 |
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| Total Liabilities and Net Assets |
$ |
14,868,606 |
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$ |
14,715,011 |
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| Net Asset Value Per Share |
$ |
16.49 |
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$ |
17.33 |
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The accompanying notes are an integral part of these consolidated financial statements.
Blue Owl Technology Finance Corp.
Consolidated Statements of Operations
(Amounts in thousands, except share and per share amounts)
(Unaudited)
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Three Months Ended March 31, |
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2026 |
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2025 |
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| Investment Income |
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| Investment income from non-controlled, non-affiliated investments: |
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Interest income |
$ |
268,322 |
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$ |
143,358 |
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| Payment-in-kind ("PIK") interest income |
24,057 |
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15,281 |
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| Dividend income |
525 |
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— |
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| PIK dividend income |
14,344 |
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8,400 |
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| Other income |
3,176 |
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4,639 |
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| Total investment income from non-controlled, non-affiliated investments |
310,424 |
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171,678 |
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| Investment income from non-controlled, affiliated investments: |
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| Interest income |
1,029 |
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621 |
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| PIK interest income |
778 |
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1,176 |
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| Dividend income |
9,627 |
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6,153 |
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| PIK dividend income |
3,367 |
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3,083 |
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| Other income |
22 |
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51 |
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| Total investment income from non-controlled, affiliated investments |
14,823 |
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11,084 |
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| Investment income from controlled, affiliated investments: |
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| Dividend income |
693 |
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55 |
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| Total investment income from controlled, affiliated investments |
693 |
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55 |
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| Total Investment Income |
325,940 |
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182,817 |
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| Operating Expenses |
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| Interest expense |
$ |
103,825 |
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$ |
51,686 |
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Management fees, net(1) |
53,913 |
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|
15,876 |
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| Performance based incentive fees |
(10,685) |
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9,441 |
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| Professional fees |
2,741 |
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|
3,368 |
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| Directors' fees |
274 |
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|
259 |
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| Other general and administrative |
3,286 |
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|
1,503 |
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| Total Operating Expenses |
153,354 |
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|
82,133 |
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| Net Investment Income (Loss) Before Taxes |
172,586 |
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|
100,684 |
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| Income tax expense (benefit), including excise tax expense (benefit) |
1,275 |
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|
3,352 |
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| Net Investment Income (Loss) After Taxes |
171,311 |
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|
97,332 |
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| Net Realized and Change in Unrealized Gain (Loss) |
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|
| Net change in unrealized gain (loss): |
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|
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|
|
|
|
|
| Non-controlled, non-affiliated investments |
$ |
(448,584) |
|
|
$ |
(19,985) |
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|
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| Non-controlled, affiliated investments |
(43,775) |
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|
(759) |
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| Controlled, affiliated investments |
1,656 |
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2 |
|
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| Translation of assets and liabilities in foreign currencies and other transactions |
(3,659) |
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|
1,074 |
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| Income tax (provision) benefit |
79 |
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|
(795) |
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|
|
| Total Net Change in Unrealized Gain (Loss) |
(494,283) |
|
|
(20,463) |
|
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|
| Net realized gain (loss): |
|
|
|
|
|
|
|
|
|
| Non-controlled, non-affiliated investments |
$ |
123,823 |
|
|
$ |
1,847 |
|
|
|
|
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| Non-controlled, affiliated investments |
(23,156) |
|
|
— |
|
|
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| Foreign currency transactions |
2,414 |
|
|
(584) |
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|
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|
|
| Total Net Realized Gain (Loss) |
103,081 |
|
|
1,263 |
|
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|
| Total Net Realized and Change in Unrealized Gain (Loss) |
$ |
(391,202) |
|
|
$ |
(19,200) |
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|
| Net Increase (Decrease) in Net Assets Resulting from Operations |
$ |
(219,891) |
|
|
$ |
78,132 |
|
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|
| Earnings Per Share - Basic and Diluted |
$ |
(0.47) |
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$ |
0.33 |
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| Weighted Average Shares Outstanding - Basic and Diluted |
464,266,454 |
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|
235,351,119 |
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_______________
(1) Refer to “Note 3 — Agreements and Related Party Transactions” for additional details on management fee waiver.
The accompanying notes are an integral part of these consolidated financial statements.
Blue Owl Technology Finance Corp.
Consolidated Statements of Changes in Net Assets
(Amounts in thousands)
(Unaudited)
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|
Three Months Ended March 31, |
|
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|
2026 |
|
2025 |
|
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|
| Increase (Decrease) in Net Assets Resulting from Operations |
|
|
|
|
|
|
|
|
|
| Net investment income (loss) |
171,311 |
|
|
$ |
97,332 |
|
|
|
|
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|
|
| Net change in unrealized gain (loss) |
(494,283) |
|
|
(20,463) |
|
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|
|
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|
|
| Net realized gain (loss) |
103,081 |
|
|
1,263 |
|
|
|
|
|
|
|
| Net Increase (Decrease) in Net Assets Resulting from Operations |
(219,891) |
|
|
78,132 |
|
|
|
|
|
|
|
| Distributions |
|
|
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|
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|
Distributions declared from earnings |
(184,579) |
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|
(72,507) |
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| Net Decrease in Net Assets Resulting from Shareholders' Distributions |
(184,579) |
|
|
(72,507) |
|
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|
|
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|
|
| Capital Share Transactions |
|
|
|
|
|
|
|
|
|
Repurchase of common shares |
(50,184) |
|
|
— |
|
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|
|
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|
|
| Reinvestment of distributions |
18,509 |
|
|
37,945 |
|
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|
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|
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|
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|
|
|
|
|
|
|
Issuance of common shares in connection with the Mergers(1) |
— |
|
|
4,278,003 |
|
|
|
|
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|
|
| Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions |
(31,675) |
|
|
4,315,948 |
|
|
|
|
|
|
|
| Total Increase (Decrease) in Net Assets |
(436,145) |
|
|
4,321,573 |
|
|
|
|
|
|
|
| Net Assets, at beginning of period |
8,041,598 |
|
|
3,625,150 |
|
|
|
|
|
|
|
Net Assets, at End of Period |
$ |
7,605,453 |
|
|
$ |
7,946,723 |
|
|
|
|
|
|
|
_______________
(1)Refer to “Note 13 — Merger with Blue Owl Technology Finance Corp. II (“OTF II”)” for additional information on the merger between the Company and OTF II (the “Mergers”).
The accompanying notes are an integral part of these consolidated financial statements.
Blue Owl Technology Finance Corp.
Consolidated Statements of Cash Flows
(Amounts in thousands)
(Unaudited)
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|
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|
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|
For the Three Months Ended March 31, |
|
|
2026 |
|
2025 |
|
|
| Cash Flows from Operating Activities |
|
|
|
|
|
|
| Net Increase (Decrease) in Net Assets Resulting from Operations |
|
$ |
(219,891) |
|
|
$ |
78,132 |
|
|
|
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
| Purchases of investments, net |
|
(1,230,940) |
|
|
(454,124) |
|
|
|
| Proceeds from investments and investment repayments, net |
|
1,095,058 |
|
|
387,592 |
|
|
|
| Net accretion/amortization of discount/premium on investments |
|
(13,511) |
|
|
(10,598) |
|
|
|
| Net change in unrealized (gain) loss on investments |
|
490,703 |
|
|
20,742 |
|
|
|
| Net change in interest rate swaps attributed to unsecured notes |
|
9,221 |
|
|
12,689 |
|
|
|
| Net change in unrealized (gain) loss on foreign currency forward contracts |
|
(11,830) |
|
|
— |
|
|
|
| Net change in unrealized (gain) loss on translation of assets and liabilities in foreign currencies |
|
15,489 |
|
|
(1,074) |
|
|
|
| Net realized (gain) loss on investments |
|
(100,667) |
|
|
(1,847) |
|
|
|
| Net realized (gain) loss on foreign currency transactions relating to investments |
|
(2,160) |
|
|
624 |
|
|
|
|
|
|
|
|
|
|
| Payment-in-kind interest and dividends |
|
(36,176) |
|
|
(28,295) |
|
|
|
|
|
|
|
|
|
|
| Amortization of debt issuance costs |
|
8,005 |
|
|
3,514 |
|
|
|
|
|
|
|
|
|
|
| Cash acquired in the Merger |
|
— |
|
|
647,248 |
|
|
|
| Changes in operating assets and liabilities: |
|
|
|
|
|
|
| (Increase) decrease in interest receivable |
|
(7,218) |
|
|
34,096 |
|
|
|
| (Increase) decrease in dividend income receivable |
|
(3,773) |
|
|
(11,245) |
|
|
|
|
|
|
|
|
|
|
| (Increase) decrease in prepaid expenses and other assets |
|
(165,352) |
|
|
10,978 |
|
|
|
| Increase (decrease) in management fee payable |
|
5,462 |
|
|
1,189 |
|
|
|
| Increase (decrease) in incentive fee payable |
|
(39,966) |
|
|
(417) |
|
|
|
| Increase (decrease) in payables to affiliate |
|
(62) |
|
|
384 |
|
|
|
| Increase (decrease) in payable for investments purchased |
|
1,281 |
|
|
(42,075) |
|
|
|
| Increase (decrease) in accrued expenses and other liabilities |
|
9,069 |
|
|
(105,292) |
|
|
|
Net cash provided by (used in) operating activities |
|
(197,258) |
|
|
542,221 |
|
|
|
| Cash Flows from Financing Activities |
|
|
|
|
|
|
| Borrowings on debt |
|
1,600,001 |
|
|
675,000 |
|
|
|
| Payments on debt |
|
(970,001) |
|
|
(355,000) |
|
|
|
| Debt issuance costs |
|
(10,079) |
|
|
(12,646) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Repurchases of common stock |
|
(50,184) |
|
|
— |
|
|
|
| Cash distributions paid to shareholders |
|
(167,240) |
|
|
(105,560) |
|
|
|
Net cash provided by (used in) financing activities |
|
402,497 |
|
|
201,794 |
|
|
|
Net increase (decrease) in cash and restricted cash, including foreign cash |
|
205,239 |
|
|
744,015 |
|
|
|
Cash and restricted cash, including foreign cash, beginning of period(1) |
|
282,924 |
|
|
257,000 |
|
|
|
Cash and restricted cash, including foreign cash, end of period(1) |
|
$ |
488,163 |
|
|
$ |
1,001,015 |
|
|
|
Blue Owl Technology Finance Corp.
Consolidated Statements of Cash Flows
(Amounts in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
2026 |
|
2025 |
|
|
| Supplemental and Non-Cash Information |
|
|
|
|
|
|
| Interest paid during the period |
|
$ |
78,588 |
|
|
$ |
32,780 |
|
|
|
| Distributions declared during the period |
|
184,579 |
|
|
72,507 |
|
|
|
| Reinvestment of distributions during the period |
|
18,509 |
|
|
37,945 |
|
|
|
| Distributions payable |
|
184,579 |
|
|
— |
|
|
|
Issuance of shares in connection with the merger(2) |
|
— |
|
|
4,278,003 |
|
|
|
| Receivable for investments sold |
|
9,194 |
|
|
— |
|
|
|
| Taxes, including excise tax, paid during the period |
|
7,996 |
|
|
11,550 |
|
|
|
_______________
(1)The Company held no restricted cash in the periods presented.
(2)Refer to “Note 13 — Merger with Blue Owl Technology Finance Corp. II (“OTF II”)” for additional information on the Mergers.
The accompanying notes are an integral part of these consolidated financial statements.
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
| Company(1)(25) |
Investment |
Ref. Rate |
Cash |
PIK |
Maturity Date |
Par |
Shares/Units |
Amortized Cost(2)(27) |
|
Fair Value |
|
% of Net Assets |
|
| Non-controlled/non-affiliated portfolio company investments |
|
|
|
|
|
|
|
|
| Debt Investments(7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Aerospace & Defense |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Jeppesen Holdings, LLC(3)(4)(9) |
First lien senior secured loan |
S+ |
4.75% |
|
10/2032 |
$ |
44,089 |
|
— |
|
$ |
43,758 |
|
|
$ |
43,317 |
|
|
|
|
| ManTech International Corporation(3)(4)(9) |
First lien senior secured loan |
S+ |
4.50% |
|
9/2029 |
76,601 |
|
— |
|
76,646 |
|
|
75,644 |
|
|
|
|
| Peraton Corp.(3)(9) |
Second lien senior secured loan |
S+ |
7.75% |
|
2/2029 |
84,551 |
|
— |
|
83,969 |
|
|
60,454 |
|
|
|
|
|
|
|
|
|
|
|
|
204,373 |
|
|
179,415 |
|
|
2.4 |
% |
|
| Airlines |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accommodations Plus Technologies LLC(3)(4)(9) |
First lien senior secured loan |
S+ |
5.25% |
|
5/2032 |
48,722 |
|
— |
|
48,263 |
|
|
47,139 |
|
|
|
|
|
|
|
|
|
|
|
|
48,263 |
|
|
47,139 |
|
|
0.6 |
% |
|
| Application Software |
|
|
|
|
|
|
|
|
|
|
|
|
|
| AI Titan Parent, Inc. (dba Prometheus Group)(3)(4)(8)(22) |
First lien senior secured loan |
S+ |
4.50% |
|
8/2031 |
52,447 |
|
— |
|
51,968 |
|
|
50,679 |
|
|
|
|
| AlphaSense, Inc.(3)(4)(9) |
First lien senior secured loan |
S+ |
6.25% |
|
6/2029 |
59,360 |
|
— |
|
58,975 |
|
|
58,915 |
|
|
|
|
| Anaplan, Inc.(3)(4)(9) |
First lien senior secured loan |
S+ |
4.50% |
|
6/2029 |
123,430 |
|
— |
|
123,430 |
|
|
120,653 |
|
|
|
|
| Armstrong Bidco Limited(3)(4)(19)(31) |
First lien senior secured GBP term loan |
SA+ |
5.25% |
|
6/2029 |
£ |
16,173 |
|
— |
|
20,218 |
|
|
20,688 |
|
|
|
|
| Arrow Borrower 2025, Inc. (dba AvidXchange)(3)(4)(9) |
First lien senior secured loan |
S+ |
4.25% |
|
10/2032 |
36,960 |
|
— |
|
36,782 |
|
|
35,851 |
|
|
|
|
| Artifact Bidco, Inc. (dba Avetta)(3)(4)(9) |
First lien senior secured loan |
S+ |
4.15% |
|
7/2031 |
34,579 |
|
— |
|
34,438 |
|
|
34,233 |
|
|
|
|
| Avalara, Inc.(3)(9) |
First lien senior secured loan |
S+ |
2.75% |
|
3/2032 |
2,494 |
|
— |
|
2,439 |
|
|
2,434 |
|
|
|
|
| Boxer Parent Company Inc. (f/k/a BMC)(3)(9) |
First lien senior secured loan |
S+ |
3.00% |
|
7/2031 |
15,325 |
|
— |
|
15,196 |
|
|
14,171 |
|
|
|
|
| BusinessSolver.com, Inc.(3)(4)(9) |
First lien senior secured loan |
S+ |
4.50% |
|
12/2032 |
84,467 |
|
— |
|
84,064 |
|
|
81,933 |
|
|
|
|
| CALABRIO, INC.(3)(9) |
First lien senior secured loan |
S+ |
4.00% |
|
11/2032 |
10,000 |
|
— |
|
9,518 |
|
|
7,775 |
|
|
|
|
| Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(3)(4)(9)(22) |
First lien senior secured loan |
S+ |
5.50% |
|
8/2027 |
76,270 |
|
— |
|
75,733 |
|
|
71,542 |
|
|
|
|
| CivicPlus, LLC(3)(4)(9)(22) |
First lien senior secured loan |
S+ |
3.25% |
2.75% |
8/2030 |
106,053 |
|
— |
|
105,588 |
|
|
102,983 |
|
|
|
|
| Coupa Holdings, LLC(3)(4)(9) |
First lien senior secured loan |
S+ |
5.25% |
|
2/2030 |
84,099 |
|
— |
|
84,154 |
|
|
80,735 |
|
|
|
|
| CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC)(3)(4)(9) |
Unsecured notes |
S+ |
|
11.75% |
6/2034 |
28,682 |
|
— |
|
28,447 |
|
|
27,965 |
|
|
|
|
| Dawn Bidco, LLC (dba Dayforce)(3)(9) |
First lien senior secured loan |
S+ |
3.00% |
|
10/2032 |
2,500 |
|
— |
|
2,401 |
|
|
2,362 |
|
|
|
|
| Einstein Parent, Inc. (dba Smartsheet)(3)(4)(9) |
First lien senior secured loan |
S+ |
5.25% |
|
1/2031 |
105,186 |
|
— |
|
104,262 |
|
|
102,557 |
|
|
|
|
| Gainsight, Inc.(3)(4)(9) |
First lien senior secured loan |
S+ |
5.50% |
|
7/2027 |
67,754 |
|
— |
|
67,505 |
|
|
66,568 |
|
|
|
|
| Granicus, Inc.(3)(4)(9) |
First lien senior secured loan |
S+ |
3.50% |
2.00% |
1/2031 |
3,983 |
|
— |
|
3,969 |
|
|
3,933 |
|
|
|
|
| Granicus, Inc.(3)(4)(9) |
First lien senior secured delayed draw term loan |
S+ |
3.00% |
2.00% |
1/2031 |
590 |
|
— |
|
586 |
|
|
575 |
|
|
|
|
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
| Company(1)(25) |
Investment |
Ref. Rate |
Cash |
PIK |
Maturity Date |
Par |
Shares/Units |
Amortized Cost(2)(27) |
|
Fair Value |
|
% of Net Assets |
|
| GS Acquisitionco, Inc. (dba insightsoftware)(3)(4)(9)(22) |
First lien senior secured loan |
S+ |
5.25% |
|
5/2028 |
54,929 |
|
— |
|
54,891 |
|
|
52,928 |
|
|
|
|
| Gusto, Inc.(3)(4)(9) |
First lien senior secured loan |
S+ |
4.50% |
|
11/2030 |
46,280 |
|
— |
|
46,119 |
|
|
45,818 |
|
|
|
|
| IGT Holding IV AB (dba IFS)(3)(4)(9)(31) |
First lien senior secured loan |
S+ |
3.00% |
|
9/2031 |
4,000 |
|
— |
|
3,930 |
|
|
3,960 |
|
|
|
|
| Infobip Inc.(3)(4)(9)(31) |
First lien senior secured loan |
S+ |
5.50% |
|
6/2029 |
67,196 |
|
— |
|
66,365 |
|
|
66,020 |
|
|
|
|
| Jawbreaker Parent, Inc.(3)(4)(9) |
First lien senior secured loan |
S+ |
4.75% |
|
1/2033 |
83,970 |
|
— |
|
83,520 |
|
|
82,501 |
|
|
|
|
| JS Parent, Inc. (dba Jama Software)(3)(4)(9) |
First lien senior secured loan |
S+ |
4.75% |
|
4/2031 |
26,943 |
|
— |
|
26,896 |
|
|
26,875 |
|
|
|
|
| Lighthouse Buyer, Inc. (dba Harbor Compliance)(3)(4)(11) |
First lien senior secured loan |
S+ |
4.50% |
|
12/2031 |
16,438 |
|
— |
|
16,280 |
|
|
15,985 |
|
|
|
|
| Magnet Forensics, LLC (f/k/a Grayshift, LLC)(3)(4)(8)(31) |
First lien senior secured loan |
S+ |
4.50% |
|
7/2028 |
174,559 |
|
— |
|
174,623 |
|
|
174,559 |
|
|
|
|
| Ministry Brands Holdings, LLC(3)(4)(8) |
First lien senior secured loan |
S+ |
5.50% |
|
12/2028 |
8,119 |
|
— |
|
8,045 |
|
|
7,854 |
|
|
|
|
| Ministry Brands Holdings, LLC(3)(4)(12)(22) |
First lien senior secured revolving loan |
P+ |
4.50% |
|
12/2027 |
61 |
|
— |
|
57 |
|
|
37 |
|
|
|
|
| Simpler Postage, Inc. (dba Easypost)(3)(4)(8)(22) |
First lien senior secured loan |
S+ |
8.00% |
|
6/2029 |
72,654 |
|
— |
|
70,463 |
|
|
68,637 |
|
|
|
|
| Tamarack Intermediate, L.L.C. (dba Verisk 3E)(3)(4)(9)(22) |
First lien senior secured loan |
S+ |
5.00% |
|
3/2029 |
12,891 |
|
— |
|
12,778 |
|
|
12,525 |
|
|
|
|
| VCI Asset Holdings 1 LLC(3)(4)(6)(31) |
First lien senior secured loan |
N/A |
10.00% |
|
11/2030 |
117,239 |
|
— |
|
116,134 |
|
|
120,756 |
|
|
|
|
| Velocity HoldCo III Inc. (dba VelocityEHS)(3)(4)(9) |
First lien senior secured loan |
S+ |
5.50% |
|
5/2029 |
71,310 |
|
— |
|
71,307 |
|
|
69,883 |
|
|
|
|
| XPLOR T1, LLC(3)(4)(9) |
First lien senior secured loan |
S+ |
3.50% |
|
12/2032 |
18,308 |
|
— |
|
18,219 |
|
|
16,981 |
|
|
|
|
| Zendesk, Inc.(3)(4)(9) |
First lien senior secured loan |
S+ |
5.00% |
|
11/2028 |
180,561 |
|
— |
|
179,587 |
|
|
174,241 |
|
|
|
|
|
|
|
|
|
|
|
|
1,858,887 |
|
|
1,826,112 |
|
|
24.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beverages |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(3)(4)(8) |
First lien senior secured loan |
S+ |
6.25% |
|
3/2027 |
1,709 |
|
— |
|
1,696 |
|
|
1,705 |
|
|
|
|
|
|
|
|
|
|
|
|
1,696 |
|
|
1,705 |
|
|
— |
% |
|
| Building Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
| EET Buyer, Inc. (dba e-Emphasys)(3)(4)(9)(22) |
First lien senior secured loan |
S+ |
5.00% |
|
11/2027 |
74,655 |
|
— |
|
74,425 |
|
|
73,512 |
|
|
|
|
|
|
|
|
|
|
|
|
74,425 |
|
|
73,512 |
|
|
1.0 |
% |
|
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
| Company(1)(25) |
Investment |
Ref. Rate |
Cash |
PIK |
Maturity Date |
Par |
Shares/Units |
Amortized Cost(2)(27) |
|
Fair Value |
|
% of Net Assets |
|
| Buildings & Real Estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Associations, Inc.(3)(4)(9)(22) |
First lien senior secured loan |
S+ |
6.50% |
|
7/2028 |
142,934 |
|
— |
|
142,834 |
|
|
142,934 |
|
|
|
|
| Associations Finance, Inc.(3)(4)(6) |
Unsecured notes |
N/A |
|
14.25% |
5/2030 |
47,420 |
|
— |
|
47,325 |
|
|
47,420 |
|
|
|
|
|
|
|
|
|
|
|
|
190,159 |
|
|
190,354 |
|
|
2.5 |
% |
|
| Capital Markets |
|
|
|
|
|
|
|
|
|
|
|
|
|
| CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)(3)(4)(8)(22) |
First lien senior secured loan |
S+ |
4.50% |
|
6/2030 |
19,780 |
|
— |
|
19,612 |
|
|
19,780 |
|
|
|
|
| Denali Intermediate Holdings, Inc. (dba Dun & Bradstreet)(3)(4)(8) |
First lien senior secured loan |
S+ |
5.50% |
|
8/2032 |
86,148 |
|
— |
|
84,918 |
|
|
84,209 |
|
|
|
|
|
|
|
|
|
|
|
|
104,530 |
|
|
103,989 |
|
|
1.4 |
% |
|
| Commercial Services & Supplies |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Sentinel Buyer Corp. (dba SimpliSafe)(3)(4)(8) |
First lien senior secured loan |
S+ |
5.00% |
|
11/2032 |
23,856 |
|
— |
|
23,624 |
|
|
23,498 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,624 |
|
|
23,498 |
|
|
0.3 |
% |
|
| Construction & Engineering |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dodge Construction Network LLC(3)(9) |
First lien senior secured loan |
S+ |
6.25% |
|
1/2029 |
4,341 |
|
— |
|
4,276 |
|
|
4,292 |
|
|
|
|
| Dodge Construction Network LLC(3)(9) |
First lien senior secured loan |
S+ |
4.75% |
|
2/2029 |
6,019 |
|
— |
|
5,070 |
|
|
4,457 |
|
|
|
|
| Pike Corp.(4)(8) |
First lien senior secured loan |
S+ |
4.50% |
|
12/2032 |
25,691 |
|
— |
|
25,567 |
|
|
25,563 |
|
|
|
|
|
|
|
|
|
|
|
|
34,913 |
|
|
34,312 |
|
|
0.5 |
% |
|
| Consumer Finance |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Klarna Holding AB(3)(4)(9)(31) |
Subordinated floating rate notes |
S+ |
7.00% |
|
4/2034 |
65,334 |
|
— |
|
65,358 |
|
|
65,007 |
|
|
|
|
|
|
|
|
|
|
|
|
65,358 |
|
|
65,007 |
|
|
0.9 |
% |
|
| Diversified Consumer Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Eagan Parent, Inc. (dba Elite)(3)(4)(9) |
First lien senior secured loan |
S+ |
4.25% |
|
9/2032 |
23,675 |
|
— |
|
23,564 |
|
|
23,379 |
|
|
|
|
| Icefall Parent, Inc. (dba EngageSmart)(3)(4)(9) |
First lien senior secured loan |
S+ |
4.50% |
|
1/2030 |
30,068 |
|
— |
|
30,068 |
|
|
29,692 |
|
|
|
|
| Litera Bidco LLC(3)(4)(8)(22) |
First lien senior secured loan |
S+ |
5.00% |
|
5/2028 |
187,286 |
|
— |
|
186,806 |
|
|
183,958 |
|
|
|
|
| Themis Solutions Inc. (dba Clio)(3)(4)(8)(31) |
First lien senior secured loan |
S+ |
1.75% |
3.75% |
10/2032 |
81,364 |
|
— |
|
80,603 |
|
|
79,127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
321,041 |
|
|
316,156 |
|
|
4.2 |
% |
|
| Diversified Financial Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Blackhawk Network Holdings, Inc.(3)(8) |
First lien senior secured loan |
S+ |
3.50% |
|
3/2029 |
89,272 |
|
— |
|
89,272 |
|
|
88,005 |
|
|
|
|
| BTRS Holdings Inc. (dba Billtrust)(3)(4)(9)(22) |
First lien senior secured loan |
S+ |
5.50% |
|
12/2028 |
155,325 |
|
— |
|
155,079 |
|
|
151,323 |
|
|
|
|
| Computer Services, Inc. (dba CSI)(3)(4)(9) |
First lien senior secured loan |
S+ |
4.50% |
|
11/2031 |
228,580 |
|
— |
|
228,371 |
|
|
224,580 |
|
|
|
|
| Deerfield Dakota Holdings(3)(4)(9) |
First lien senior secured loan |
S+ |
3.00% |
2.75% |
9/2032 |
127,996 |
|
— |
|
127,402 |
|
|
127,356 |
|
|
|
|
| Deerfield Dakota Holdings(3)(4)(8)(22) |
First lien senior secured revolving loan |
S+ |
5.25% |
|
9/2032 |
2,370 |
|
— |
|
2,315 |
|
|
2,311 |
|
|
|
|
| Hg Genesis 8 Sumoco Limited(3)(4)(19)(31) |
Unsecured facility |
SA+ |
7.50% |
|
9/2027 |
£ |
4,284 |
|
— |
|
5,558 |
|
|
5,649 |
|
|
|
|
| Hg Genesis 9 SumoCo Limited(3)(4)(14)(31) |
Unsecured facility |
E+ |
6.00% |
|
3/2029 |
€ |
43,233 |
|
— |
|
47,081 |
|
|
49,813 |
|
|
|
|
| Hg Saturn Luchaco Limited(3)(4)(19)(31) |
Unsecured facility |
SA+ |
|
8.25% |
3/2027 |
£ |
46,076 |
|
— |
|
58,881 |
|
|
60,760 |
|
|
|
|
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
| Company(1)(25) |
Investment |
Ref. Rate |
Cash |
PIK |
Maturity Date |
Par |
Shares/Units |
Amortized Cost(2)(27) |
|
Fair Value |
|
% of Net Assets |
|
| Minotaur Acquisition, Inc. (dba Inspira Financial)(3)(4)(8) |
First lien senior secured loan |
S+ |
5.00% |
|
6/2030 |
186,036 |
|
— |
|
185,279 |
|
|
185,571 |
|
|
|
|
| ML Holdco, Inc. (dba Meridian Link)(3)(4)(9) |
First lien senior secured loan |
S+ |
4.50% |
|
10/2032 |
106,139 |
|
— |
|
105,638 |
|
|
102,954 |
|
|
|
|
| NMI Acquisitionco, Inc. (dba Network Merchants)(3)(4)(8) |
First lien senior secured loan |
S+ |
4.50% |
|
9/2028 |
24,042 |
|
— |
|
24,019 |
|
|
23,682 |
|
|
|
|
| Smarsh Inc.(3)(4)(9)(22) |
First lien senior secured revolving loan |
S+ |
4.75% |
|
2/2029 |
90,770 |
|
|
90,485 |
|
|
87,142 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,119,380 |
|
|
1,109,146 |
|
|
14.6 |
% |
|
| Diversified Support Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
| CoreTrust Purchasing Group LLC(3)(4)(8) |
First lien senior secured loan |
S+ |
5.25% |
|
10/2029 |
34,400 |
|
— |
|
34,419 |
|
|
34,314 |
|
|
|
|
|
|
|
|
|
|
|
|
34,419 |
|
|
34,314 |
|
|
0.5 |
% |
|
| Entertainment |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Aerosmith Bidco 1 Limited (dba Audiotonix)(3)(4)(9)(31) |
First lien senior secured loan |
S+ |
5.25% |
|
7/2031 |
197,055 |
|
— |
|
196,078 |
|
|
197,055 |
|
|
|
|
|
|
|
|
|
|
|
|
196,078 |
|
|
197,055 |
|
|
2.6 |
% |
|
| Equity Real Estate Investment Trusts (REITs) |
|
|
|
|
|
|
|
|
|
|
|
|
| Storable, Inc.(3)(8) |
First lien senior secured loan |
S+ |
3.25% |
|
4/2031 |
9,901 |
|
— |
|
9,870 |
|
|
9,461 |
|
|
|
|
| Storable Intermediate Holdings, LLC(3)(4)(8) |
First lien senior secured loan |
S+ |
|
6.00% |
4/2032 |
111,702 |
|
— |
|
111,241 |
|
|
106,396 |
|
|
|
|
|
|
|
|
|
|
|
|
121,111 |
|
|
115,857 |
|
|
1.5 |
% |
|
| Food & Staples Retailing |
|
|
|
|
|
|
|
|
|
|
|
|
|
| IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))(3)(4)(9) |
First lien senior secured loan |
S+ |
4.25% |
|
12/2029 |
187,088 |
|
— |
|
187,027 |
|
|
185,685 |
|
|
|
|
|
|
|
|
|
|
|
|
187,027 |
|
|
185,685 |
|
|
2.4 |
% |
|
| Health Care Equipment & Supplies |
|
|
|
|
|
|
|
|
|
|
|
|
| Cambrex Corporation(3)(4)(8)(22) |
First lien senior secured loan |
S+ |
4.50% |
|
3/2032 |
45,854 |
|
— |
|
45,422 |
|
|
45,730 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Packaging Coordinators Midco, Inc.(3)(4)(9)(22) |
First lien senior secured loan |
S+ |
5.00% |
|
10/2032 |
146,580 |
|
— |
|
144,872 |
|
|
145,109 |
|
|
|
|
| Packaging Coordinators Midco, Inc.(3)(4)(19) |
First lien senior secured delayed draw term loan |
SA+ |
5.00% |
|
10/2032 |
£ |
12,415 |
|
— |
|
16,323 |
|
|
16,208 |
|
|
|
|
| PerkinElmer U.S. LLC(3)(4)(8) |
First lien senior secured loan |
S+ |
4.75% |
|
3/2029 |
75,065 |
|
— |
|
74,632 |
|
|
74,878 |
|
|
|
|
|
|
|
|
|
|
|
|
281,249 |
|
|
281,925 |
|
|
3.7 |
% |
|
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
| Company(1)(25) |
Investment |
Ref. Rate |
Cash |
PIK |
Maturity Date |
Par |
Shares/Units |
Amortized Cost(2)(27) |
|
Fair Value |
|
% of Net Assets |
|
| Health Care Providers & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Bristol Hospice L.L.C.(3)(4)(8) |
First lien senior secured loan |
S+ |
5.00% |
|
8/2032 |
18,212 |
|
— |
|
18,123 |
|
|
18,212 |
|
|
|
|
| Covetrus, Inc.(3)(4)(9) |
Second lien senior secured loan |
S+ |
9.25% |
|
10/2030 |
75,000 |
|
— |
|
73,589 |
|
|
75,000 |
|
|
|
|
| dentalcorp Health Services Ltd. (fka Aryeh Bidco Investment Ltd.)(3)(4)(21)(22)(31) |
First lien senior secured delayed draw term loan |
C+ |
5.00% |
|
1/2033 |
C$ |
56,107 |
|
— |
|
40,204 |
|
|
39,984 |
|
|
|
|
| Engage Debtco Limited(3)(4)(9)(31) |
First lien senior secured loan |
S+ |
3.08% |
2.75% |
7/2029 |
21,408 |
|
— |
|
21,009 |
|
|
19,588 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)(3)(4)(9) |
First lien senior secured loan |
S+ |
5.00% |
|
12/2029 |
135,612 |
|
— |
|
134,682 |
|
|
134,595 |
|
|
|
|
| Natural Partners, LLC(3)(4)(9)(31) |
First lien senior secured loan |
S+ |
4.50% |
|
11/2030 |
21,827 |
|
— |
|
21,749 |
|
|
21,827 |
|
|
|
|
| PetVet Care Centers, LLC(3)(4)(8) |
First lien senior secured loan |
S+ |
6.00% |
|
11/2030 |
76,734 |
|
— |
|
74,663 |
|
|
69,061 |
|
|
|
|
| PetVet Care Centers, LLC(3)(4)(8)(22) |
First lien senior secured revolving loan |
S+ |
6.00% |
|
11/2029 |
2,149 |
|
— |
|
1,907 |
|
|
1,075 |
|
|
|
|
| Valeris, Inc. (fka Phantom Purchaser, Inc.)(3)(4)(9) |
First lien senior secured loan |
S+ |
5.00% |
|
9/2031 |
8,798 |
|
— |
|
8,784 |
|
|
8,798 |
|
|
|
|
| Valeris, Inc. (fka Phantom Purchaser, Inc.)(3)(4)(9) |
First lien senior secured loan |
S+ |
4.75% |
|
9/2031 |
15,084 |
|
— |
|
14,946 |
|
|
15,046 |
|
|
|
|
| Vermont Aus Pty Ltd(3)(4)(17)(31) |
First lien senior secured AUD term loan |
B+ |
4.50% |
|
3/2028 |
A$ |
12,808 |
|
— |
|
8,458 |
|
|
8,729 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
418,114 |
|
|
411,915 |
|
|
5.4 |
% |
|
| Health Care Technology |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BCPE Osprey Buyer, Inc. (dba PartsSource)(3)(4)(9) |
First lien senior secured loan |
S+ |
5.75% |
|
8/2028 |
124,512 |
|
— |
|
123,699 |
|
|
123,267 |
|
|
|
|
| BCPE Osprey Buyer, Inc. (dba PartsSource)(3)(4)(8)(22) |
First lien senior secured revolving loan |
S+ |
5.75% |
|
8/2028 |
34,741 |
|
— |
|
34,431 |
|
|
34,361 |
|
|
|
|
| Color Intermediate, LLC (dba ClaimsXten)(3)(4)(9) |
First lien senior secured loan |
S+ |
4.75% |
|
10/2029 |
47,307 |
|
— |
|
47,338 |
|
|
46,479 |
|
|
|
|
| CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)(3)(4)(8)(22) |
First lien senior secured loan |
S+ |
5.00% |
|
8/2031 |
156,775 |
|
— |
|
156,571 |
|
|
155,938 |
|
|
|
|
| CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)(3)(4)(8)(22) |
First lien senior secured delayed draw term loan |
S+ |
4.75% |
|
8/2031 |
41,677 |
|
— |
|
41,454 |
|
|
41,242 |
|
|
|
|
| GI Ranger Intermediate, LLC (dba Rectangle Health)(3)(4)(9) |
First lien senior secured loan |
S+ |
6.00% |
|
10/2028 |
26,608 |
|
— |
|
26,362 |
|
|
24,745 |
|
|
|
|
| Greenway Health, LLC(3)(4)(9) |
First lien senior secured loan |
S+ |
6.75% |
|
4/2029 |
18,670 |
|
— |
|
18,468 |
|
|
17,923 |
|
|
|
|
| GI Ranger Intermediate, LLC (dba Rectangle Health)(3)(4)(9)(22) |
First lien senior secured revolving loan |
S+ |
6.00% |
|
10/2027 |
885 |
|
— |
|
873 |
|
|
730 |
|
|
|
|
| Himalaya Topco LLC (dba HealthEdge)(3)(4)(9) |
First lien senior secured loan |
S+ |
2.75% |
2.25% |
6/2032 |
94,929 |
|
— |
|
94,043 |
|
|
93,268 |
|
|
|
|
| Himalaya Topco LLC (dba HealthEdge)(3)(4)(9)(22) |
First lien senior secured revolving loan |
S+ |
4.75% |
|
6/2032 |
2,257 |
|
— |
|
2,124 |
|
|
2,003 |
|
|
|
|
| Hyland Software, Inc.(3)(4)(9) |
First lien senior secured loan |
S+ |
5.00% |
|
9/2030 |
147,920 |
|
— |
|
147,965 |
|
|
143,483 |
|
|
|
|
| Indikami Bidco, LLC (dba IntegriChain)(3)(4)(8) |
First lien senior secured loan |
S+ |
4.00% |
2.50% |
12/2030 |
137,236 |
|
— |
|
135,638 |
|
|
132,433 |
|
|
|
|
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
| Company(1)(25) |
Investment |
Ref. Rate |
Cash |
PIK |
Maturity Date |
Par |
Shares/Units |
Amortized Cost(2)(27) |
|
Fair Value |
|
% of Net Assets |
|
| Indikami Bidco, LLC (dba IntegriChain)(3)(4)(8) |
First lien senior secured delayed draw term loan |
S+ |
6.00% |
|
12/2030 |
2,085 |
|
— |
|
2,084 |
|
|
2,012 |
|
|
|
|
| Indikami Bidco, LLC (dba IntegriChain)(3)(4)(8)(22) |
First lien senior secured revolving loan |
S+ |
6.00% |
|
6/2030 |
9,906 |
|
— |
|
9,764 |
|
|
9,450 |
|
|
|
|
| Inovalon Holdings, Inc.(3)(4)(9) |
First lien senior secured loan |
S+ |
2.75% |
2.75% |
11/2028 |
194,550 |
|
— |
|
194,327 |
|
|
187,254 |
|
|
|
|
| Inovalon Holdings, Inc.(3)(4)(9) |
Second lien senior secured loan |
S+ |
|
8.50% |
11/2033 |
79,585 |
|
— |
|
79,585 |
|
|
69,438 |
|
|
|
|
| Interoperability Bidco, Inc. (dba Lyniate)(3)(4)(9)(22) |
First lien senior secured loan |
S+ |
5.25% |
|
3/2028 |
115,436 |
|
— |
|
114,918 |
|
|
113,891 |
|
|
|
|
| Modernizing Medicine, Inc. (dba ModMed)(3)(4)(9) |
First lien senior secured loan |
S+ |
2.50% |
2.25% |
4/2032 |
148,121 |
|
— |
|
146,818 |
|
|
147,381 |
|
|
|
|
| Neptune Holdings, Inc. (dba NexTech)(3)(4)(9) |
First lien senior secured loan |
S+ |
4.50% |
|
8/2030 |
10,781 |
|
— |
|
10,768 |
|
|
10,566 |
|
|
|
|
| RL Datix Holdings (USA), Inc.(3)(4)(10) |
First lien senior secured loan |
S+ |
5.00% |
|
4/2031 |
104,855 |
|
— |
|
104,856 |
|
|
103,020 |
|
|
|
|
| RL Datix Holdings (USA), Inc.(3)(4)(19) |
First lien senior secured GBP term loan |
SA+ |
5.00% |
|
4/2031 |
£ |
48,558 |
|
— |
|
65,531 |
|
|
62,912 |
|
|
|
|
| Salinger Bidco Inc. (dba Surgical Information Systems)(3)(4)(9) |
First lien senior secured loan |
S+ |
5.75% |
|
8/2031 |
94,453 |
|
— |
|
94,321 |
|
|
94,217 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,651,938 |
|
|
1,616,013 |
|
|
21.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Household Durables |
|
|
|
|
|
|
|
|
|
|
|
|
|
| BCTO BSI Buyer, Inc. (dba Buildertrend)(3)(4)(9) |
First lien senior secured loan |
S+ |
5.75% |
|
12/2028 |
73,593 |
|
— |
|
73,443 |
|
|
72,305 |
|
|
|
|
|
|
|
|
|
|
|
|
73,443 |
|
|
72,305 |
|
|
1.0 |
% |
|
| Industrial Conglomerates |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Aptean Acquiror, Inc. (dba Aptean)(3)(4)(9)(22) |
First lien senior secured loan |
S+ |
4.75% |
|
1/2031 |
17,189 |
|
— |
|
17,113 |
|
|
16,606 |
|
|
|
|
| QAD, Inc.(3)(4)(8) |
First lien senior secured loan |
S+ |
4.75% |
|
11/2027 |
87,033 |
|
— |
|
87,033 |
|
|
85,728 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
104,146 |
|
|
102,334 |
|
|
1.3 |
% |
|
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
| Company(1)(25) |
Investment |
Ref. Rate |
Cash |
PIK |
Maturity Date |
Par |
Shares/Units |
Amortized Cost(2)(27) |
|
Fair Value |
|
% of Net Assets |
|
| Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
| AmeriLife Holdings LLC(3)(4)(9)(22) |
First lien senior secured loan |
S+ |
5.00% |
|
8/2029 |
45,599 |
|
— |
|
45,426 |
|
|
45,141 |
|
|
|
|
| AmeriLife Holdings LLC(3)(4)(9)(22) |
First lien senior secured revolving loan |
S+ |
5.00% |
|
8/2028 |
816 |
|
— |
|
799 |
|
|
767 |
|
|
|
|
| Diamond Insure Bidco (dba Acturis)(3)(4)(14)(31) |
First lien senior secured EUR term loan |
E+ |
3.75% |
|
7/2031 |
€ |
8,121 |
|
— |
|
8,682 |
|
|
9,193 |
|
|
|
|
| Diamond Insure Bidco (dba Acturis)(3)(4)(19)(31) |
First lien senior secured GBP term loan |
SA+ |
4.00% |
|
7/2031 |
£ |
23,925 |
|
— |
|
30,542 |
|
|
30,998 |
|
|
|
|
| Galway Borrower LLC(3)(4)(9)(22) |
First lien senior secured delayed draw term loan |
S+ |
4.50% |
|
9/2028 |
461 |
|
— |
|
460 |
|
|
461 |
|
|
|
|
| Integrity Marketing Acquisition, LLC(3)(4)(9) |
First lien senior secured loan |
S+ |
5.00% |
|
8/2028 |
90,746 |
|
— |
|
90,560 |
|
|
90,746 |
|
|
|
|
| Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages)(3)(4)(9)(22) |
First lien senior secured loan |
S+ |
4.50% |
|
11/2032 |
3,371 |
|
— |
|
3,354 |
|
|
3,334 |
|
|
|
|
| One, Inc. Software Corporation(3)(4)(9) |
First lien senior secured loan |
S+ |
4.50% |
|
12/2032 |
144,280 |
|
— |
|
143,584 |
|
|
142,838 |
|
|
|
|
| Simplicity Financial Marketing Group Holdings, Inc.(3)(4)(9)(22) |
First lien senior secured loan |
S+ |
4.75% |
|
12/2031 |
17,339 |
|
— |
|
17,192 |
|
|
17,252 |
|
|
|
|
| Trucordia Insurance Holdings, LLC(3)(4)(8) |
Second lien senior secured loan |
S+ |
5.75% |
|
6/2033 |
60,500 |
|
— |
|
59,929 |
|
|
58,836 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
400,528 |
|
|
399,566 |
|
|
5.3 |
% |
|
| Internet & Direct Marketing Retail |
|
|
|
|
|
|
|
|
|
|
|
|
| Aurelia Netherlands B.V.(3)(4)(14)(31) |
First lien senior secured EUR term loan |
E+ |
4.75% |
|
5/2031 |
€ |
64,942 |
|
— |
|
73,397 |
|
|
74,826 |
|
|
|
|
|
|
|
|
|
|
|
|
73,397 |
|
|
74,826 |
|
|
1.0 |
% |
|
| IT Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Flexera Software LLC(3)(4)(9) |
First lien senior secured loan |
S+ |
4.50% |
|
8/2032 |
20,995 |
|
— |
|
20,946 |
|
|
20,470 |
|
|
|
|
| Flexera Software LLC(3)(4)(13) |
First lien senior secured EUR term loan |
E+ |
4.50% |
|
8/2032 |
€ |
5,300 |
|
— |
|
6,193 |
|
|
5,954 |
|
|
|
|
| Kaseya Inc.(3)(8) |
First lien senior secured loan |
S+ |
3.25% |
|
3/2032 |
69,300 |
|
— |
|
69,028 |
|
|
64,539 |
|
|
|
|
| Kaseya Inc.(3)(8) |
Second lien senior secured loan |
S+ |
5.00% |
|
3/2033 |
19,884 |
|
— |
|
19,815 |
|
|
15,724 |
|
|
|
|
| NSCALE SERVICES UK LTD(3)(4)(9)(22)(31) |
First lien senior secured delayed draw term loan |
S+ |
5.00% |
|
2/2031 |
8,278 |
|
— |
|
5,278 |
|
|
5,278 |
|
|
|
|
| Severin Acquisition, LLC (dba PowerSchool)(3)(4)(8) |
First lien senior secured loan |
S+ |
2.50% |
2.25% |
10/2031 |
94,578 |
|
— |
|
93,583 |
|
|
91,031 |
|
|
|
|
| Severin Acquisition, LLC (dba PowerSchool)(3)(4)(8)(22) |
First lien senior secured delayed draw term loan |
S+ |
4.75% |
|
10/2031 |
4,697 |
|
— |
|
4,551 |
|
|
4,040 |
|
|
|
|
| Severin Acquisition, LLC (dba PowerSchool)(3)(4)(8)(22) |
First lien senior secured revolving loan |
S+ |
4.50% |
|
10/2031 |
3,119 |
|
— |
|
3,006 |
|
|
2,680 |
|
|
|
|
| Spaceship Purchaser, Inc. (dba Squarespace)(3)(4)(9) |
First lien senior secured loan |
S+ |
3.75% |
|
10/2031 |
132,934 |
|
— |
|
132,934 |
|
|
131,272 |
|
|
|
|
|
|
|
|
|
|
|
|
355,334 |
|
|
340,988 |
|
|
4.5 |
% |
|
| Life Sciences Tools & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
| Company(1)(25) |
Investment |
Ref. Rate |
Cash |
PIK |
Maturity Date |
Par |
Shares/Units |
Amortized Cost(2)(27) |
|
Fair Value |
|
% of Net Assets |
|
| Bamboo US BidCo LLC(3)(4)(14) |
First lien senior secured EUR term loan |
E+ |
5.00% |
|
9/2030 |
€ |
15,501 |
|
— |
|
16,679 |
|
|
17,860 |
|
|
|
|
| Bamboo US BidCo LLC(3)(4)(9) |
First lien senior secured delayed draw term loan |
S+ |
5.00% |
|
9/2030 |
35,564 |
|
— |
|
35,525 |
|
|
35,564 |
|
|
|
|
| Bracket Intermediate Holding Corp.(3)(4)(9) |
First lien senior secured loan |
S+ |
4.75% |
|
10/2031 |
36,425 |
|
— |
|
36,078 |
|
|
35,697 |
|
|
|
|
| Commander Buyer, Inc. (dba CenExel)(3)(4)(8) |
First lien senior secured loan |
S+ |
4.50% |
|
6/2032 |
32,967 |
|
— |
|
32,795 |
|
|
32,802 |
|
|
|
|
| Creek Parent, Inc. (dba Catalent)(3)(4)(8) |
First lien senior secured loan |
S+ |
5.00% |
|
12/2031 |
173,140 |
|
— |
|
171,542 |
|
|
171,841 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
292,619 |
|
|
293,764 |
|
|
3.9 |
% |
|
| Media |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Monotype Imaging Holdings Inc.(3)(4)(8) |
First lien senior secured loan |
S+ |
5.25% |
|
2/2031 |
128,342 |
|
— |
|
128,050 |
|
|
125,775 |
|
|
|
|
|
|
|
|
|
|
|
|
128,050 |
|
|
125,775 |
|
|
1.7 |
% |
|
| Multiline Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
| PDI TA Holdings, Inc.(3)(4)(9) |
First lien senior secured loan |
S+ |
3.50% |
2.50% |
2/2031 |
26,964 |
|
— |
|
26,693 |
|
|
25,751 |
|
|
|
|
| PDI TA Holdings, Inc.(3)(4)(9)(22) |
First lien senior secured revolving loan |
S+ |
5.50% |
|
2/2031 |
2,112 |
|
— |
|
2,092 |
|
|
2,010 |
|
|
|
|
|
|
|
|
|
|
|
|
28,785 |
|
|
27,761 |
|
|
0.4 |
% |
|
| Pharmaceuticals |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foundation Consumer Brands, LLC(3)(4)(9) |
First lien senior secured loan |
S+ |
5.00% |
|
2/2029 |
19,864 |
|
— |
|
19,782 |
|
|
19,814 |
|
|
|
|
| Pacific BidCo Inc.(3)(4)(10)(31) |
First lien senior secured delayed draw term loan |
S+ |
5.75% |
|
8/2029 |
10,149 |
|
— |
|
9,996 |
|
|
9,997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,778 |
|
|
29,811 |
|
|
0.4 |
% |
|
| Professional Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
| BCTO WIW Holdings, Inc. (dba When I Work)(3)(4)(6) |
Senior convertible notes |
N/A |
|
5.50% |
8/2030 |
— |
|
4,739,604 |
|
4,694 |
|
|
4,694 |
|
|
|
|
| Certinia Inc.(3)(4)(9) |
First lien senior secured loan |
S+ |
4.50% |
|
8/2031 |
231,597 |
|
— |
|
231,255 |
|
|
225,228 |
|
|
|
|
| CloudPay, Inc.(3)(4)(9)(31) |
First lien senior secured loan |
S+ |
7.50% |
|
7/2029 |
24,500 |
|
— |
|
24,277 |
|
|
23,643 |
|
|
|
|
| Cornerstone OnDemand, Inc.(3)(4)(8) |
Second lien senior secured loan |
S+ |
6.50% |
|
10/2029 |
71,667 |
|
— |
|
71,090 |
|
|
48,733 |
|
|
|
|
| Gerson Lehrman Group, Inc.(3)(4)(9) |
First lien senior secured loan |
S+ |
5.25% |
|
12/2028 |
37,696 |
|
— |
|
37,568 |
|
|
37,036 |
|
|
|
|
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
| Company(1)(25) |
Investment |
Ref. Rate |
Cash |
PIK |
Maturity Date |
Par |
Shares/Units |
Amortized Cost(2)(27) |
|
Fair Value |
|
% of Net Assets |
|
| Proofpoint, Inc.(3)(9) |
First lien senior secured loan |
S+ |
3.00% |
|
8/2028 |
3,127 |
|
— |
|
3,119 |
|
|
3,023 |
|
|
|
|
| Proofpoint, Inc.(3)(4)(14) |
Second lien senior secured loan |
E+ |
5.75% |
|
12/2033 |
€ |
57,750 |
|
— |
|
65,267 |
|
|
63,046 |
|
|
|
|
| Proofpoint, Inc.(3)(4)(9) |
Second lien senior secured loan |
S+ |
5.75% |
|
12/2033 |
66,014 |
|
— |
|
65,354 |
|
|
62,548 |
|
|
|
|
| Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(9) |
First lien senior secured loan |
S+ |
6.50% |
|
5/2028 |
68,351 |
|
— |
|
68,367 |
|
|
68,351 |
|
|
|
|
| Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(14) |
First lien senior secured EUR term loan |
E+ |
6.75% |
|
5/2028 |
€ |
11,714 |
|
— |
|
12,668 |
|
|
13,497 |
|
|
|
|
| Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(8)(22) |
First lien senior secured revolving loan |
S+ |
6.50% |
|
5/2028 |
369 |
|
— |
|
369 |
|
|
369 |
|
|
|
|
| Sovos Compliance, LLC(3)(8) |
First lien senior secured loan |
S+ |
3.25% |
|
8/2029 |
19,158 |
|
— |
|
19,158 |
|
|
18,153 |
|
|
|
|
| Thunder Purchaser, Inc. (dba Vector Solutions)(3)(4)(9) |
First lien senior secured loan |
S+ |
5.25% |
|
6/2028 |
138,010 |
|
— |
|
137,465 |
|
|
135,250 |
|
|
|
|
| TK Operations Ltd (dba Travelperk, Inc.)(3)(4)(6)(31) |
First lien senior secured loan |
N/A |
|
11.50% |
5/2029 |
55,451 |
|
— |
|
52,890 |
|
|
56,837 |
|
|
|
|
| Vestwell Holdings Inc.(3)(4)(9) |
First lien senior secured loan |
S+ |
|
7.00% |
1/2031 |
87,591 |
|
— |
|
86,739 |
|
|
84,088 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
880,280 |
|
|
844,496 |
|
|
11.1 |
% |
|
| Real Estate Management & Development |
|
|
|
|
|
|
|
|
|
|
|
|
| Conservice Midco, LLC(3)(4)(9) |
First lien senior secured loan |
S+ |
4.50% |
|
2/2033 |
212,443 |
|
— |
|
211,918 |
|
|
211,912 |
|
|
|
|
| RealPage, Inc.(3)(9) |
First lien senior secured loan |
S+ |
3.75% |
|
4/2028 |
34,650 |
|
|
34,518 |
|
|
33,572 |
|
|
|
|
| RealPage, Inc.(3)(9) |
First lien senior secured loan |
S+ |
3.00% |
|
4/2028 |
1,323 |
|
— |
|
1,304 |
|
|
1,265 |
|
|
|
|
|
|
|
|
|
|
|
|
247,740 |
|
|
246,749 |
|
|
3.2 |
% |
|
| Specialty Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
| McQueen Bidco PTY LTD. (dba Infomedia)(3)(4)(9)(31) |
First lien senior secured loan |
S+ |
4.50% |
|
12/2032 |
77,652 |
|
— |
|
77,652 |
|
|
76,487 |
|
|
|
|
| OECONNECTION LLC(3)(4)(8) |
First lien senior secured loan |
S+ |
4.50% |
|
12/2032 |
37,471 |
|
— |
|
37,289 |
|
|
36,816 |
|
|
|
|
|
|
|
|
|
|
|
|
114,941 |
|
|
113,303 |
|
|
1.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Systems Software |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Acquia Inc.(3)(4)(9) |
First lien senior secured loan |
S+ |
5.00% |
|
10/2026 |
188,298 |
|
— |
|
188,101 |
|
|
183,120 |
|
|
|
|
| Activate Holdings (US) Corp. (dba Absolute Software)(3)(4)(9)(31) |
First lien senior secured loan |
S+ |
5.25% |
|
7/2030 |
53,849 |
|
— |
|
53,864 |
|
|
52,771 |
|
|
|
|
| Appfire Technologies, LLC(3)(4)(9)(22) |
First lien senior secured loan |
S+ |
4.75% |
|
3/2028 |
7,162 |
|
— |
|
7,164 |
|
|
6,872 |
|
|
|
|
| Arctic Wolf Networks, Inc.(3)(4)(9) |
First lien senior secured loan |
S+ |
5.75% |
|
2/2030 |
88,384 |
|
— |
|
87,640 |
|
|
86,396 |
|
|
|
|
| Arctic Wolf Networks, Inc.(3)(4)(6) |
Senior convertible notes |
N/A |
|
3.00% |
11/2030 |
132,871 |
|
— |
|
190,375 |
|
|
190,375 |
|
|
|
|
| Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)(3)(4)(8) |
First lien senior secured loan |
S+ |
6.00% |
|
3/2031 |
94,049 |
|
— |
|
93,239 |
|
|
91,699 |
|
|
|
|
| Barracuda Parent, LLC(3)(9) |
First lien senior secured loan |
S+ |
4.50% |
|
8/2029 |
22,741 |
|
— |
|
20,555 |
|
|
14,384 |
|
|
|
|
| Barracuda Parent, LLC(3)(9) |
Second lien senior secured loan |
S+ |
7.00% |
|
8/2030 |
55,875 |
|
— |
|
45,211 |
|
|
18,143 |
|
|
|
|
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
| Company(1)(25) |
Investment |
Ref. Rate |
Cash |
PIK |
Maturity Date |
Par |
Shares/Units |
Amortized Cost(2)(27) |
|
Fair Value |
|
% of Net Assets |
|
| Barracuda Parent, LLC(3)(4)(9) |
First lien senior secured loan |
S+ |
6.50% |
|
8/2029 |
20,442 |
|
— |
|
19,961 |
|
|
14,463 |
|
|
|
|
| Bayshore Intermediate #2, L.P. (dba Boomi)(3)(4)(9) |
First lien senior secured loan |
S+ |
2.50% |
3.00% |
10/2028 |
159,208 |
|
— |
|
159,233 |
|
|
156,024 |
|
|
|
|
| Bayshore Intermediate #2, L.P. (dba Boomi)(3)(4)(9)(22) |
First lien senior secured revolving loan |
S+ |
5.00% |
|
10/2027 |
3,257 |
|
— |
|
3,238 |
|
|
2,994 |
|
|
|
|
| Circle Internet Services, Inc.(4)(29) |
Subordinated convertible security |
N/A |
|
|
N/A |
— |
|
758,882 |
|
759 |
|
|
759 |
|
|
|
|
| Clover Holdings 2, LLC (dba Cohesity)(3)(8) |
First lien senior secured loan |
S+ |
3.75% |
|
12/2031 |
— |
|
— |
|
3,225 |
|
|
3,180 |
|
|
|
|
| ConnectWise, LLC(3)(9) |
First lien senior secured loan |
S+ |
3.50% |
|
9/2028 |
9,051 |
|
— |
|
8,877 |
|
|
8,334 |
|
|
|
|
| Crewline Buyer, Inc. (dba New Relic)(3)(4)(9) |
First lien senior secured loan |
S+ |
6.75% |
|
11/2030 |
213,236 |
|
— |
|
211,200 |
|
|
207,905 |
|
|
|
|
| Databricks, Inc.(3)(4)(8) |
First lien senior secured loan |
S+ |
4.50% |
|
1/2032 |
114,694 |
|
— |
|
114,694 |
|
|
114,694 |
|
|
|
|
| Delinea Buyer, Inc. (f/k/a Centrify)(3)(4)(9) |
First lien senior secured loan |
S+ |
4.25% |
|
3/2030 |
144,668 |
|
— |
|
144,198 |
|
|
144,190 |
|
|
|
|
| Delta TopCo, Inc. (dba Infoblox, Inc.)(3)(8) |
First lien senior secured loan |
S+ |
2.75% |
|
11/2029 |
7,481 |
|
— |
|
7,209 |
|
|
7,225 |
|
|
|
|
| Delta TopCo, Inc. (dba Infoblox, Inc.)(3)(8) |
Second lien senior secured loan |
S+ |
5.25% |
|
11/2030 |
30,000 |
|
— |
|
29,976 |
|
|
26,199 |
|
|
|
|
| Forescout Technologies, Inc.(3)(4)(9) |
First lien senior secured loan |
S+ |
4.50% |
|
5/2032 |
154,184 |
|
— |
|
153,731 |
|
|
150,715 |
|
|
|
|
| H&F Opportunities LUX III S.À R.L (dba Checkmarx)(3)(4)(8)(31) |
First lien senior secured loan |
S+ |
6.50% |
|
4/2028 |
120,041 |
|
— |
|
119,803 |
|
|
118,540 |
|
|
|
|
| LogRhythm, Inc.(3)(4)(9) |
First lien senior secured loan |
S+ |
7.50% |
|
7/2029 |
4,750 |
|
— |
|
4,648 |
|
|
4,038 |
|
|
|
|
| Matterhorn Finco, Inc.(3)(4)(9) |
First lien senior secured loan |
S+ |
5.50% |
|
3/2033 |
189,561 |
|
— |
|
188,621 |
|
|
188,613 |
|
|
|
|
| Securonix, Inc.(3)(4)(9) |
First lien senior secured loan |
S+ |
3.50% |
3.75% |
4/2029 |
41,467 |
|
— |
|
39,267 |
|
|
33,381 |
|
|
|
|
| Sitecore Holding III A/S(3)(4)(15) |
First lien senior secured EUR term loan |
E+ |
6.50% |
|
3/2029 |
€ |
128,743 |
|
— |
|
137,796 |
|
|
143,888 |
|
|
|
|
| Sitecore Holding III A/S(3)(4)(10) |
First lien senior secured loan |
S+ |
6.50% |
|
3/2029 |
22,321 |
|
— |
|
22,283 |
|
|
21,652 |
|
|
|
|
| Sitecore USA, Inc.(3)(4)(10) |
First lien senior secured loan |
S+ |
6.50% |
|
3/2029 |
134,404 |
|
— |
|
134,174 |
|
|
130,372 |
|
|
|
|
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
| Company(1)(25) |
Investment |
Ref. Rate |
Cash |
PIK |
Maturity Date |
Par |
Shares/Units |
Amortized Cost(2)(27) |
|
Fair Value |
|
% of Net Assets |
|
| Sophos Holdings, LLC(3)(8)(31) |
First lien senior secured loan |
S+ |
3.50% |
|
3/2027 |
14,426 |
|
|
14,440 |
|
|
13,701 |
|
|
|
|
| Talon MidCo 2 Limited(3)(4)(8)(31) |
First lien senior secured loan |
S+ |
4.93% |
|
8/2028 |
35,537 |
|
|
35,530 |
|
|
34,738 |
|
|
|
|
| Tricentis Operations Holdings, Inc.(3)(4)(9) |
First lien senior secured loan |
S+ |
2.75% |
3.25% |
2/2032 |
118,073 |
|
|
117,110 |
|
|
113,940 |
|
|
|
|
|
|
|
|
|
|
|
|
2,356,122 |
|
|
2,283,305 |
|
|
30.0 |
% |
|
| Wireless Telecommunication Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
| CCI BUYER, INC. (dba Consumer Cellular)(3)(4)(9) |
First lien senior secured loan |
S+ |
5.00% |
|
5/2032 |
74,723 |
|
— |
|
74,031 |
|
|
74,536 |
|
|
|
|
|
|
|
|
|
|
|
|
74,031 |
|
|
74,536 |
|
|
1.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total non-controlled/non-affiliated debt investments |
|
|
|
$ |
12,095,779 |
|
|
$ |
11,842,628 |
|
|
155.7 |
% |
|
| Total non-controlled/non-affiliated misc. debt commitments(22)(23)(Note 8) |
|
|
|
$ |
(4,950) |
|
|
$ |
(21,416) |
|
|
(0.3) |
% |
|
| Total non-controlled/non-affiliated portfolio company debt investments |
|
|
$ |
12,090,829 |
|
|
$ |
11,821,212 |
|
|
155.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Aerospace & Defense |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Space Exploration Technologies Corp.(3)(4)(29)(30) |
Class A Common Stock |
N/A |
|
|
N/A |
— |
|
209,655 |
|
9,466 |
|
|
110,402 |
|
|
|
|
| Space Exploration Technologies Corp.(3)(4)(29)(30) |
Class C Common Stock |
N/A |
|
|
N/A |
— |
|
42,125 |
|
2,242 |
|
|
22,183 |
|
|
|
|
|
|
|
|
|
|
|
|
11,708 |
|
|
132,585 |
|
|
1.7 |
% |
|
| Application Software |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 6Sense Insights, Inc.(3)(4)(29)(30) |
Series E-1 Preferred Stock |
N/A |
|
|
N/A |
— |
|
1,580,642 |
|
48,102 |
|
|
30,731 |
|
|
|
|
| Alpha Partners Technology Merger Corp(29)(30)(31) |
Common stock |
N/A |
|
|
N/A |
— |
|
30,000 |
|
1,000 |
|
|
312 |
|
|
|
|
| Alpha Partners Technology Merger Corp(29)(30)(31) |
Warrants |
N/A |
|
|
N/A |
— |
|
666,666 |
|
— |
|
|
107 |
|
|
|
|
| AlphaSense, LLC(3)(4)(29)(30) |
Series E Preferred Shares |
N/A |
|
|
N/A |
— |
|
1,422,042 |
|
13,176 |
|
|
21,691 |
|
|
|
|
| Bird Holding B.V. (fka MessageBird Holding B.V.)(3)(4)(29)(30)(31) |
Extended Series C Warrants |
N/A |
|
|
N/A |
— |
|
191,530 |
|
1,174 |
|
|
141 |
|
|
|
|
| Diligent Preferred Issuer, Inc. (dba Diligent Corporation)(3)(4)(6)(30) |
Preferred Stock |
N/A |
|
10.50% |
N/A |
— |
|
15,000 |
|
24,743 |
|
|
22,981 |
|
|
|
|
| EShares, Inc. (dba Carta)(4)(29)(30) |
Series E Preferred Stock |
N/A |
|
|
N/A |
— |
|
186,904 |
|
2,008 |
|
|
4,547 |
|
|
|
|
| Harvey AI Corporation(3)(4)(29)(30) |
Series F Preferred Stock |
N/A |
|
|
N/A |
— |
|
610,456 |
|
15,250 |
|
|
15,250 |
|
|
|
|
| Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)(3)(4)(29)(30)(31) |
LP Interest |
N/A |
|
|
N/A |
2,292 |
|
— |
|
2,292 |
|
|
2,378 |
|
|
|
|
| Nylas, Inc.(4)(29)(30) |
Series C Preferred Stock |
N/A |
|
|
N/A |
— |
|
2,088,467 |
|
15,009 |
|
|
1,662 |
|
|
|
|
| Project Alpine Co-Invest Fund, LP(3)(4)(29)(30)(31) |
LP Interest |
N/A |
|
|
N/A |
13,333 |
|
— |
|
16,381 |
|
|
14,525 |
|
|
|
|
| Saturn Ultimate, Inc.(3)(4)(29)(30) |
Common stock |
N/A |
|
|
N/A |
— |
|
5,580,593 |
|
25,008 |
|
|
17,530 |
|
|
|
|
| Simpler Postage, Inc. (dba Easypost)(3)(4)(29)(30) |
Warrants |
N/A |
|
|
N/A |
— |
|
216,891 |
|
2,635 |
|
|
2,218 |
|
|
|
|
| Valor Cl Blocker Feeder LP(3)(4)(22)(29)(30)(31) |
LP Interest |
N/A |
|
|
N/A |
2,160 |
|
— |
|
3,702 |
|
|
3,615 |
|
|
|
|
| VCI Intermediate TopCo 1 LLC(3)(4)(29)(30)(31) |
Class B Units |
N/A |
|
|
N/A |
6,170 |
|
— |
|
5,951 |
|
|
5,888 |
|
|
|
|
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
| Company(1)(25) |
Investment |
Ref. Rate |
Cash |
PIK |
Maturity Date |
Par |
Shares/Units |
Amortized Cost(2)(27) |
|
Fair Value |
|
% of Net Assets |
|
| Zoro TopCo, L.P.(3)(4)(29)(30) |
Class A Common Units |
N/A |
|
|
N/A |
— |
|
1,644,254 |
|
17,739 |
|
|
13,271 |
|
|
|
|
| Zoro TopCo, Inc.(3)(4)(9)(30) |
Series A Preferred Equity |
S+ |
|
9.50% |
N/A |
— |
|
6,519 |
|
7,291 |
|
|
6,995 |
|
|
|
|
|
|
|
|
|
|
|
|
201,461 |
|
|
163,842 |
|
|
2.2 |
% |
|
| Capital Markets |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Acorns Grow Incorporated(3)(4)(6)(30)(31) |
Series F Preferred Stock |
N/A |
|
5.00% |
N/A |
— |
|
572,135 |
|
11,969 |
|
|
13,622 |
|
|
|
|
|
|
|
|
|
|
|
|
11,969 |
|
|
13,622 |
|
|
0.2 |
% |
|
| Commercial Services & Supplies |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Rome Topco Holdings, LLC (dba SimpliSafe)(3)(4)(29)(30) |
Class A Units |
N/A |
|
|
N/A |
— |
|
1,157 |
|
1,157 |
|
|
1,157 |
|
|
|
|
| Rome Topco Holdings, LLC (dba SimpliSafe)(3)(4)(29)(30) |
Class B Units |
N/A |
|
|
N/A |
— |
|
1,156,728 |
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
1,157 |
|
|
1,157 |
|
|
— |
% |
|
| Construction & Engineering |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dodge Construction Network Holdings, L.P.(3)(4)(29)(30) |
Class A-2 Common Units |
N/A |
|
|
N/A |
— |
|
3,333,333 |
|
2,841 |
|
|
285 |
|
|
|
|
| Dodge Construction Network Holdings, L.P.(3)(4)(6)(30) |
Series A Preferred Units |
N/A |
|
8.25% |
N/A |
— |
|
— |
|
69 |
|
|
42 |
|
|
|
|
|
|
|
|
|
|
|
|
2,910 |
|
|
327 |
|
|
— |
% |
|
| Diversified Consumer Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Capital Integration Systems LLC (dba CAIS)(3)(4)(29)(30) |
Class D Common Units |
N/A |
|
|
N/A |
— |
|
6,372 |
|
5,000 |
|
|
5,000 |
|
|
|
|
| SLA Eclipse Co-Invest, L.P.(29)(30)(31) |
LP Interest |
N/A |
|
|
N/A |
15,000 |
|
— |
|
15,308 |
|
|
18,767 |
|
|
|
|
|
|
|
|
|
|
|
|
20,308 |
|
|
23,767 |
|
|
0.3 |
% |
|
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
| Company(1)(25) |
Investment |
Ref. Rate |
Cash |
PIK |
Maturity Date |
Par |
Shares/Units |
Amortized Cost(2)(27) |
|
Fair Value |
|
% of Net Assets |
|
| Diversified Financial Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amergin Asset Management, LLC(3)(4)(29)(30) |
Specialty finance equity investment |
N/A |
|
|
N/A |
— |
|
50,000,000 |
|
783 |
|
|
1,969 |
|
|
|
|
| Brex, Inc.(3)(4)(29)(30) |
Class A Units |
N/A |
|
|
N/A |
— |
|
1,358,335 |
|
9,997 |
|
|
9,419 |
|
|
|
|
| Brex, Inc.(4)(29)(30) |
Preferred Stock |
N/A |
|
|
N/A |
— |
|
143,943 |
|
5,012 |
|
|
4,500 |
|
|
|
|
| Juniper Square, Inc.(3)(4)(29)(30) |
Warrants |
N/A |
|
|
N/A |
— |
|
40,984 |
|
2,128 |
|
|
1,150 |
|
|
|
|
| Plaid Inc.(3)(4)(29)(30) |
Class A Common Stock |
N/A |
|
|
N/A |
— |
|
26,998 |
|
7,625 |
|
|
7,625 |
|
|
|
|
|
|
|
|
|
|
|
|
25,545 |
|
|
24,663 |
|
|
0.3 |
% |
|
| Health Care Equipment & Supplies |
|
|
|
|
|
|
|
|
|
|
|
|
|
| KPCI Co-Invest 2, L.P.(3)(4)(29)(30)(31) |
Class A Units |
N/A |
|
|
N/A |
— |
|
587,621 |
|
5,876 |
|
|
5,252 |
|
|
|
|
|
|
|
|
|
|
|
|
5,876 |
|
|
5,252 |
|
|
0.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Health Care Technology |
|
|
|
|
|
|
|
|
|
|
|
|
|
| BEHP Co-Investor II, L.P.(3)(4)(29)(30)(31) |
LP Interest |
N/A |
|
|
N/A |
2,540 |
|
— |
|
570 |
|
|
2,555 |
|
|
|
|
| Minerva Holdco, Inc.(3)(4)(6)(30) |
Senior A Preferred Stock |
N/A |
|
10.75% |
N/A |
— |
|
100,000 |
|
153,325 |
|
|
150,403 |
|
|
|
|
| ModMed Software Midco Holdings, Inc. (dba ModMed)(3)(4)(6)(30) |
Series A Preferred Units |
N/A |
|
13.00% |
N/A |
— |
|
32,375 |
|
34,437 |
|
|
34,453 |
|
|
|
|
| Orange Blossom Parent, Inc.(3)(4)(29)(30) |
Common Units |
N/A |
|
|
N/A |
— |
|
16,667 |
|
1,665 |
|
|
1,352 |
|
|
|
|
| WP Irving Co-Invest, L.P.(3)(4)(29)(30)(31) |
Partnership Units |
N/A |
|
|
N/A |
— |
|
2,500,000 |
|
1,637 |
|
|
2,515 |
|
|
|
|
|
|
|
|
|
|
|
|
191,634 |
|
|
191,278 |
|
|
2.5 |
% |
|
| Health Care Providers & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
| KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)(3)(4)(29)(30) |
Class A Interest |
N/A |
|
|
N/A |
— |
|
317 |
|
3,521 |
|
|
4,180 |
|
|
|
|
| Polar Investors LP (dba Dentalcorp)(3)(4)(22)(29)(30)(31) |
Common Equity |
N/A |
|
|
N/A |
1,670 |
|
— |
|
1,670 |
|
|
1,671 |
|
|
|
|
| Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers)(3)(4)(6)(30) |
Series A Preferred Stock |
N/A |
|
15.00% |
N/A |
— |
|
13,257 |
|
11,908 |
|
|
10,147 |
|
|
|
|
|
|
|
|
|
|
|
|
17,099 |
|
|
15,998 |
|
|
0.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accelerate Topco Holdings, LLC(3)(4)(29)(30) |
Common Units |
N/A |
|
|
N/A |
— |
|
12,822 |
|
612 |
|
|
482 |
|
|
|
|
|
|
|
|
|
|
|
|
612 |
|
|
482 |
|
|
— |
% |
|
| Internet & Direct Marketing Retail |
|
|
|
|
|
|
|
|
|
|
|
|
| Kajabi Holdings, LLC(4)(29)(30) |
Senior Preferred Class D Units |
N/A |
|
|
N/A |
— |
|
4,126,175 |
|
50,025 |
|
|
36,136 |
|
|
|
|
| Linked Store Cayman Ltd. (dba Nuvemshop)(3)(4)(29)(30)(31) |
Series E Preferred Stock |
N/A |
|
|
N/A |
— |
|
19,499 |
|
42,496 |
|
|
32,429 |
|
|
|
|
|
|
|
|
|
|
|
|
92,521 |
|
|
68,565 |
|
|
0.9 |
% |
|
| IT Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
| JumpCloud, Inc.(4)(29)(30) |
Series B Preferred Stock |
N/A |
|
|
N/A |
— |
|
756,590 |
|
4,531 |
|
|
356 |
|
|
|
|
| JumpCloud, Inc.(4)(29)(30) |
Series F Preferred Stock |
N/A |
|
|
N/A |
— |
|
6,679,245 |
|
40,017 |
|
|
25,897 |
|
|
|
|
| Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)(3)(4)(10)(30) |
Perpetual Preferred Stock |
S+ |
|
10.75% |
N/A |
— |
|
44,100 |
|
61,570 |
|
|
48,151 |
|
|
|
|
| Nscale Global Holdings Limited(3)(4)(29)(30)(31) |
Preferred equity |
N/A |
|
|
N/A |
— |
|
6,817 |
|
7,507 |
|
|
8,341 |
|
|
|
|
| Nscale Global Holdings Limited(3)(4)(29)(30)(31) |
Series B Preferred Shares |
N/A |
|
|
N/A |
— |
|
13,174 |
|
5,005 |
|
|
14,507 |
|
|
|
|
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
| Company(1)(25) |
Investment |
Ref. Rate |
Cash |
PIK |
Maturity Date |
Par |
Shares/Units |
Amortized Cost(2)(27) |
|
Fair Value |
|
% of Net Assets |
|
| Replicated, Inc.(4)(29)(30) |
Series C Preferred Stock |
N/A |
|
|
N/A |
— |
|
1,277,832 |
|
20,008 |
|
|
4,614 |
|
|
|
|
| WMC Bidco, Inc. (dba West Monroe)(3)(4)(6)(30) |
Senior Preferred Stock |
N/A |
|
11.25% |
N/A |
— |
|
57,231 |
|
92,455 |
|
|
90,829 |
|
|
|
|
|
|
|
|
|
|
|
|
231,093 |
|
|
192,695 |
|
|
2.5 |
% |
|
| Life Sciences Tools & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Baypine Commander Co-Invest, LP(3)(4)(29)(30)(31) |
LP Interest |
N/A |
|
|
N/A |
1,807 |
|
— |
|
1,818 |
|
|
1,979 |
|
|
|
|
|
|
|
|
|
|
|
|
1,818 |
|
|
1,979 |
|
|
— |
% |
|
| Pharmaceuticals |
|
|
|
|
|
|
|
|
|
|
|
|
|
| XOMA Corporation(3)(4)(29)(30) |
Warrants |
N/A |
|
|
N/A |
— |
|
24,000 |
|
174 |
|
|
291 |
|
|
|
|
|
|
|
|
|
|
|
|
174 |
|
|
291 |
|
|
— |
% |
|
| Professional Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
| CloudPay, Inc.(3)(4)(6)(30)(31) |
Series E Preferred Stock |
N/A |
|
13.50% |
N/A |
— |
|
87,370 |
|
23,425 |
|
|
21,953 |
|
|
|
|
| Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)(3)(4)(6)(30) |
Series A Preferred Stock |
N/A |
|
10.50% |
N/A |
— |
|
28,000 |
|
42,726 |
|
|
24,680 |
|
|
|
|
| Thunder Topco L.P. (dba Vector Solutions)(3)(4)(29)(30) |
Common Units |
N/A |
|
|
N/A |
— |
|
7,857,410 |
|
7,857 |
|
|
8,258 |
|
|
|
|
| TravelPerk, Inc.(3)(4)(29)(30)(31) |
Warrants |
N/A |
|
|
N/A |
— |
|
259,807 |
|
4,447 |
|
|
3,049 |
|
|
|
|
| Vestwell Holdings Inc.(3)(4)(29)(30) |
Series D Preferred Stock |
N/A |
|
|
N/A |
— |
|
304,350 |
|
6,022 |
|
|
6,078 |
|
|
|
|
| Vestwell Holdings Inc.(3)(4)(6)(30) |
Series E Preferred Stock |
N/A |
|
|
N/A |
— |
|
1,215,043 |
|
37,022 |
|
|
35,156 |
|
|
|
|
| Vestwell Holdings Inc.(3)(4)(29)(30) |
Warrants |
N/A |
|
|
N/A |
— |
|
95,629 |
|
— |
|
|
1,452 |
|
|
|
|
|
|
|
|
|
|
|
|
121,499 |
|
|
100,626 |
|
|
1.3 |
% |
|
| Road & Rail |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Bolt Technology OÜ(4)(29)(30)(31) |
Preferred Stock |
N/A |
|
|
N/A |
— |
|
43,478 |
|
11,318 |
|
|
9,182 |
|
|
|
|
|
|
|
|
|
|
|
|
11,318 |
|
|
9,182 |
|
|
0.1 |
% |
|
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
| Company(1)(25) |
Investment |
Ref. Rate |
Cash |
PIK |
Maturity Date |
Par |
Shares/Units |
Amortized Cost(2)(27) |
|
Fair Value |
|
% of Net Assets |
|
| Systems Software |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Algolia, Inc.(4)(29)(30) |
Series C Preferred Stock |
N/A |
|
|
N/A |
— |
|
970,281 |
|
10,000 |
|
|
12,460 |
|
|
|
|
| Algolia, Inc.(4)(29)(30) |
Series D Preferred Stock |
N/A |
|
|
N/A |
— |
|
136,776 |
|
4,000 |
|
|
3,027 |
|
|
|
|
| Arctic Wolf Networks, Inc.(4)(29)(30) |
Preferred Stock |
N/A |
|
|
N/A |
— |
|
3,032,840 |
|
25,036 |
|
|
24,722 |
|
|
|
|
| Axonius, Inc.(4)(29)(30) |
Series E Preferred Stock |
N/A |
|
|
N/A |
— |
|
1,733,274 |
|
8,149 |
|
|
8,687 |
|
|
|
|
| Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(3)(4)(29)(30) |
Common Units |
N/A |
|
|
N/A |
— |
|
12,692,160 |
|
12,692 |
|
|
18,169 |
|
|
|
|
| Chrome Investors LP(3)(4)(22)(30)(31) |
LP Interest |
N/A |
|
|
N/A |
16,407 |
|
— |
|
16,417 |
|
|
16,412 |
|
|
|
|
| Circle Internet Services, Inc.(4)(29)(30) |
Warrants |
N/A |
|
|
N/A |
— |
|
113,832 |
|
6 |
|
|
86 |
|
|
|
|
| Circle Internet Services, Inc.(4)(29)(30) |
Series D Preferred Stock |
N/A |
|
|
N/A |
— |
|
2,934,961 |
|
15,000 |
|
|
7,838 |
|
|
|
|
| Circle Internet Services, Inc.(4)(29)(30) |
Series E Preferred Stock |
N/A |
|
|
N/A |
— |
|
821,806 |
|
6,917 |
|
|
3,507 |
|
|
|
|
| Circle Internet Services, Inc.(4)(29)(30) |
Series F Preferred Stock |
N/A |
|
|
N/A |
— |
|
75,876 |
|
1,500 |
|
|
754 |
|
|
|
|
| Elliott Alto Co-Investor Aggregator L.P.(3)(4)(29)(30)(31) |
LP Interest |
N/A |
|
|
N/A |
14,627 |
|
— |
|
21,934 |
|
|
28,808 |
|
|
|
|
| Excalibur CombineCo, L.P.(3)(4)(29)(30) |
Class A Units |
N/A |
|
|
N/A |
— |
|
97,502 |
|
99,452 |
|
|
30,372 |
|
|
|
|
| Halo Purchaser, LLC(3)(4)(6)(30) |
Class B PIK Preferred Equity |
N/A |
|
6.00% |
N/A |
— |
|
45,000 |
|
53,095 |
|
|
41,752 |
|
|
|
|
| Halo Purchaser, LLC(3)(4)(29)(30) |
Class E Warrant Units |
N/A |
|
|
N/A |
— |
|
67,301 |
|
1,686 |
|
|
610 |
|
|
|
|
| HARNESS INC.(4)(29)(30)(32) |
Series D Preferred Stock |
N/A |
|
|
N/A |
— |
|
1,022,648 |
|
9,169 |
|
|
10,469 |
|
|
|
|
| Illumio, Inc.(4)(29)(30) |
Common stock |
N/A |
|
|
N/A |
— |
|
358,365 |
|
2,432 |
|
|
1,470 |
|
|
|
|
| Illumio, Inc.(4)(29)(30) |
Series F Preferred Stock |
N/A |
|
|
N/A |
— |
|
2,483,618 |
|
16,684 |
|
|
14,757 |
|
|
|
|
| Project Hotel California Co-Invest Fund, L.P.(3)(29)(30)(31) |
LP Interest |
N/A |
|
|
N/A |
10,739 |
|
— |
|
14,721 |
|
|
10,419 |
|
|
|
|
| Veeam Software Group(3)(4)(29)(30) |
Series C Preferred Shares |
N/A |
|
|
N/A |
— |
|
7,402,296 |
|
54,830 |
|
|
50,025 |
|
|
|
|
| VEPF VIII Co-Invest 8-A, L.P.(3)(4)(29)(30) |
Limited Partner Interest |
N/A |
|
|
N/A |
5,401 |
|
— |
|
5,401 |
|
|
5,401 |
|
|
|
|
|
|
|
|
|
|
|
|
379,121 |
|
|
289,745 |
|
|
3.8 |
% |
|
| Thrifts & Mortgage Finance |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Blend Labs, Inc.(3)(4)(29)(30) |
Warrants |
N/A |
|
|
N/A |
— |
|
299,215 |
|
1,625 |
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
1,625 |
|
|
3 |
|
|
— |
% |
|
| Total non-controlled/non-affiliated portfolio company equity investments |
|
$ |
1,329,448 |
|
|
$ |
1,236,059 |
|
|
16.3 |
% |
|
| Total non-controlled/non-affiliated portfolio company investments |
|
$ |
13,420,277 |
|
|
$ |
13,057,271 |
|
|
171.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
| Company(1)(25) |
Investment |
Ref. Rate |
Cash |
PIK |
Maturity Date |
Par |
Shares/Units |
Amortized Cost(2)(27) |
|
Fair Value |
|
% of Net Assets |
|
| Non-controlled/affiliated portfolio company investments |
|
|
|
|
|
|
|
|
|
|
|
| Debt Investments(7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diversified Financial Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
| AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(3)(4)(6)(24)(31) |
Specialty finance debt investment |
N/A |
|
12.00% |
7/2030 |
16,683 |
|
— |
|
16,674 |
|
|
16,683 |
|
|
|
|
| AAM Series 2.1 Aviation Feeder, LLC(3)(4)(6)(24)(31) |
Specialty finance debt investment |
N/A |
|
12.00% |
11/2030 |
21,317 |
|
— |
|
21,325 |
|
|
21,317 |
|
|
|
|
|
|
|
|
|
|
|
|
37,999 |
|
|
38,000 |
|
|
0.5 |
% |
|
| Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Coherent Group Inc.(3)(4)(6)(24)(31) |
Convertible notes |
N/A |
|
5.30% |
3/2027 |
3,658 |
|
— |
|
3,660 |
|
|
3,961 |
|
|
|
|
|
|
|
|
|
|
|
|
3,660 |
|
|
3,961 |
|
|
0.1 |
% |
|
| Internet & Direct Marketing Retail |
|
|
|
|
|
|
|
|
|
|
|
|
| Walker Edison Furniture Company LLC(3)(4)(6)(22)(24)(28)(29) |
First lien senior secured loan |
N/A |
10.00% |
|
N/A |
4,501 |
|
— |
|
4,386 |
|
|
4,501 |
|
|
|
|
| Walker Edison Furniture Company LLC(3)(4)(10)(22)(24)(28)(29) |
First lien senior secured delayed draw term loan |
S+ |
6.75% |
|
N/A |
2,180 |
|
— |
|
1,979 |
|
|
66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,365 |
|
|
4,567 |
|
|
0.1 |
% |
|
| IT Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pluralsight, LLC(3)(4)(9)(24) |
First lien senior secured loan |
S+ |
3.00% |
1.50% |
8/2029 |
10,293 |
|
— |
|
10,293 |
|
|
9,726 |
|
|
|
|
| Pluralsight, LLC(3)(4)(8)(24)(28)(29) |
First lien senior secured loan |
S+ |
|
7.50% |
8/2029 |
36,712 |
|
— |
|
34,303 |
|
|
13,767 |
|
|
|
|
| Pluralsight, LLC(3)(4)(8)(24) |
First lien senior secured loan |
S+ |
3.00% |
1.50% |
8/2029 |
20,585 |
|
— |
|
20,585 |
|
|
19,453 |
|
|
|
|
|
|
|
|
|
|
|
|
65,181 |
|
|
42,946 |
|
|
0.6 |
% |
|
| Total non-controlled/affiliated debt investments |
|
|
$ |
113,205 |
|
|
$ |
89,474 |
|
|
1.2 |
% |
|
| Total non-controlled/affiliated misc. debt commitments(22)(23)(Note 8) |
|
|
|
|
|
— |
|
|
(974) |
|
|
— |
% |
|
| Total non-controlled/affiliated portfolio company debt investments |
|
|
$ |
113,205 |
|
|
$ |
88,500 |
|
|
1.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Asset Based Lending and Fund Finance |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Blue Owl Cross-Strategy Opportunities 2025-1 LLC (fka Blue Owl Cross-Strategy Opportunities LLC)(3)(5)(24)(26)(30)(31)(34) |
Specialty finance equity investment |
N/A |
|
|
N/A |
104,440 |
|
— |
|
104,440 |
|
|
103,855 |
|
|
|
|
|
|
|
|
|
|
|
|
104,440 |
|
|
103,855 |
|
|
1.4 |
% |
|
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
| Company(1)(25) |
Investment |
Ref. Rate |
Cash |
PIK |
Maturity Date |
Par |
Shares/Units |
Amortized Cost(2)(27) |
|
Fair Value |
|
% of Net Assets |
|
| Diversified Financial Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
| AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(3)(4)(22)(24)(29)(30)(31) |
Specialty finance equity investment |
N/A |
|
|
N/A |
7,601 |
|
— |
|
9,412 |
|
|
9,236 |
|
|
|
|
| AAM Series 2.1 Aviation Feeder, LLC(3)(4)(24)(29)(30)(31) |
Specialty finance equity investment |
N/A |
|
|
N/A |
8,583 |
|
— |
|
11,137 |
|
|
12,826 |
|
|
|
|
|
|
|
|
|
|
|
|
20,549 |
|
|
22,062 |
|
|
0.3 |
% |
|
| Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Coherent Group Inc.(4)(24)(29)(30)(31) |
Series B Preferred Shares |
N/A |
|
|
N/A |
— |
|
456,035 |
|
12,210 |
|
|
10,031 |
|
|
|
|
| Fifth Season Investments LLC(3)(4)(24)(30) |
Specialty finance equity investment |
N/A |
|
|
N/A |
— |
|
12 |
|
127,634 |
|
|
138,709 |
|
|
|
|
|
|
|
|
|
|
|
|
139,844 |
|
|
148,740 |
|
|
2.0 |
% |
|
| Internet & Direct Marketing Retail |
|
|
|
|
|
|
|
|
|
|
|
|
| Signifyd Inc.(4)(6)(24)(30) |
Preferred equity |
N/A |
|
9.00% |
N/A |
— |
|
2,755,121 |
|
151,974 |
|
|
118,788 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
151,974 |
|
|
118,788 |
|
|
1.6 |
% |
|
| IT Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Paradigmatic Holdco LLC (dba Pluralsight)(3)(4)(24)(29)(30) |
Common stock |
N/A |
|
|
N/A |
— |
|
10,119,090 |
|
26,850 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
26,850 |
|
|
— |
|
|
— |
% |
|
| Pharmaceuticals |
|
|
|
|
|
|
|
|
|
|
|
|
|
| LSI Financing 1 DAC(3)(4)(24)(30)(31) |
Specialty finance equity investment |
N/A |
|
|
N/A |
6,748 |
|
— |
|
7,043 |
|
|
6,757 |
|
|
|
|
| LSI Financing LLC(3)(5)(22)(24)(30)(31) |
Specialty finance equity investment |
N/A |
|
|
N/A |
244,437 |
|
— |
|
243,490 |
|
|
254,062 |
|
|
|
|
|
|
|
|
|
|
|
|
250,533 |
|
|
260,819 |
|
|
3.4 |
% |
|
| Systems Software |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Help HP SCF Investor, LP(3)(4)(24)(29)(30) |
LP Interest |
N/A |
|
|
N/A |
59,333 |
|
— |
|
59,392 |
|
|
36,031 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
59,392 |
|
|
36,031 |
|
|
0.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total non-controlled/affiliated portfolio company equity investments |
|
$ |
753,582 |
|
|
$ |
690,295 |
|
|
9.1 |
% |
|
| Total non-controlled/affiliated portfolio company investments |
|
$ |
866,787 |
|
|
$ |
778,795 |
|
|
10.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Controlled/affiliated portfolio company investments |
|
|
|
|
|
|
|
|
|
|
|
| Equity Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diversified Financial Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stripe Blue Owl Holdings LLC(3)(5)(24)(26)(29)(30)(31) |
LLC Interest |
N/A |
|
|
N/A |
17,493 |
|
|
17,493 |
|
|
21,715 |
|
|
|
|
| Revolut Ribbit Holdings, LLC(4)(24)(29)(30)(31) |
LLC Interest |
N/A |
|
|
N/A |
— |
|
122,996 |
|
75,305 |
|
|
177,405 |
|
|
|
|
|
|
|
|
|
|
|
|
92,798 |
|
|
199,120 |
|
|
2.6 |
% |
|
| Joint ventures |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Blue Owl Credit SLF LLC(3)(5)(24)(26)(30)(31) |
LLC Interest |
N/A |
|
|
N/A |
34,937 |
|
— |
|
34,947 |
|
|
32,258 |
|
|
|
|
| Blue Owl Leasing LLC(3)(5)(24)(26)(29)(30)(31) |
LLC Interest |
N/A |
|
|
N/A |
800 |
|
— |
|
800 |
|
|
795 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35,747 |
|
|
33,053 |
|
|
0.4 |
% |
|
| Total controlled/affiliated portfolio company equity investments |
|
$ |
128,545 |
|
|
$ |
232,173 |
|
|
3.1 |
% |
|
| Total controlled/affiliated portfolio company investments |
|
$ |
128,545 |
|
|
$ |
232,173 |
|
|
3.1 |
% |
|
| Total Investments |
|
|
|
|
|
|
|
$ |
14,415,609 |
|
|
$ |
14,068,239 |
|
|
185.0 |
% |
|
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate Swaps as of March 31, 2026 |
|
Company Receives |
|
Company Pays |
|
Counterparty |
|
Maturity Date |
|
Notional Amount |
|
Fair Value |
|
Upfront Payments/Receipts |
|
Unrealized Appreciation (Depreciation)(d) |
|
Hedged Instrument |
|
Footnote Reference |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swap(a) |
6.75% |
|
S + 2.56% |
|
Goldman Sachs Bank USA |
|
3/4/2029 |
|
$ |
700,000 |
|
|
$ |
8,848 |
|
|
$ |
— |
|
|
$ |
8,848 |
|
|
April 2029 Notes |
|
Notes 5 and 7 |
Interest rate swap(b) |
6.10% |
|
S + 1.77% |
|
SMBC |
|
2/15/2028 |
|
650,000 |
|
|
6,896 |
|
|
— |
|
|
6,896 |
|
|
March 2028 Notes |
|
Notes 5 and 7 |
Interest rate swap(c) |
6.13% |
|
S + 2.50% |
|
Regions Bank |
|
1/23/2031 |
|
400,000 |
|
|
(938) |
|
|
— |
|
|
(938) |
|
|
January 2031 Notes |
|
Notes 5 and 7 |
| Total |
|
|
|
|
|
|
|
|
$ |
1,750,000 |
|
|
$ |
14,806 |
|
|
|
|
$ |
14,806 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) The Company has an International Swaps and Derivatives Association (“ISDA”) agreement with Goldman Sachs Bank USA.
(b) The Company has an ISDA agreement with SMBC Capital Markets, Inc.
(c) The Company has an ISDA agreement with Regions Bank.
(d) Amounts are presented in accordance with Regulation S-X 17 CFR § 210.12-13C. Refer to “Note 7 — Derivative Instruments” for additional details on the Company’s interest rate swaps.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward Contracts as of March 31, 2026 |
|
|
Notional Amount to be Purchased |
|
Notional Amount to be Sold |
|
Counterparty |
|
Settlement Date |
|
Unrealized Appreciation (Depreciation)(a) |
|
| Foreign currency forward contract |
$ |
197,076 |
|
|
£ |
147,230 |
|
|
Goldman Sachs Bank USA |
|
4/20/2026 |
|
$ |
2,331 |
|
|
| Foreign currency forward contract |
16,717 |
|
|
£ |
12,500 |
|
|
SMBC |
|
4/20/2026 |
|
183 |
|
|
| Foreign currency forward contract |
6,296 |
|
|
€ |
5,301 |
|
|
SMBC |
|
7/17/2026 |
|
141 |
|
|
| Foreign currency forward contract |
334,694 |
|
|
€ |
282,460 |
|
|
Goldman Sachs Bank USA |
|
7/17/2026 |
|
6,730 |
|
|
| Foreign currency forward contract |
66,778 |
|
|
€ |
57,071 |
|
|
SMBC |
|
7/17/2026 |
|
523 |
|
|
| Foreign currency forward contract |
8,656 |
|
|
A$ |
12,910 |
|
|
Goldman Sachs Bank USA |
|
4/20/2026 |
|
(249) |
|
|
| Foreign currency forward contract |
1,071 |
|
|
C$ |
1,454 |
|
|
Goldman Sachs Bank USA |
|
10/13/2026 |
|
18 |
|
|
| Foreign currency forward contract |
39,802 |
|
|
C$ |
54,652 |
|
|
Goldman Sachs Bank USA |
|
10/13/2026 |
|
212 |
|
|
| Total |
|
|
|
|
|
|
|
|
$ |
9,889 |
|
|
(a) Amounts are presented in accordance with Regulation S-X 17 CFR § 210.12-13B. Refer to “Note 7 — Derivative Instruments” for additional details on the Company’s foreign currency forward contracts.
(1)Certain portfolio company investments are subject to contractual restrictions on sales. Refer to footnote 30 for additional information on our restricted securities.
(2)The amortized cost represents the original cost adjusted for the amortization or accretion of premium or discount, as applicable, on debt investments using the effective interest method.
(3)Represents co-investment made with the Company’s affiliates in accordance with the terms of an order for exemptive relief that an affiliate of the Company’s investment adviser received from the U.S. Securities and Exchange Commission. See “Note 3 — Agreements and Related Party Transactions”.
(4)These investments were valued using unobservable inputs and are considered Level 3 investments.
(5)Investment measured at net asset value (“NAV”).
(6)Contains a fixed-rate structure.
(7)Unless otherwise indicated, loan contains a variable rate structure and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the Secured Overnight Financing Rate (“SOFR” or “S,” which can include one-, three-, six- or twelve-month SOFR), Euro Interbank Offered Rate (“EURIBOR” or “E”, which can include one-, three- or six-month EURIBOR), SONIA (“SONIA” or “SA”), Australian Bank Bill Swap Bid Rate (“BBSY” or “B”) (which can include one-, three-, or six-month BBSY) or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate), at the borrower’s option, and which reset periodically based on the terms of the loan agreement.
(8)The interest rate on these loans is subject to 1 month SOFR, which as of March 31, 2026 was 3.66%.
(9)The interest rate on these loans is subject to 3 month SOFR, which as of March 31, 2026 was 3.68%.
(10)The interest rate on these loans is subject to 6 month SOFR, which as of March 31, 2026 was 3.70%.
(11)The interest rate on these loans is subject to 12 month SOFR, which as of March 31, 2026 was 3.73%.
(12)The interest rate on these loans is subject to Prime, which as of March 31, 2026 was 6.75%.
(13)The interest rate on these loans is subject to 1 month EURIBOR, which as of March 31, 2026 was 1.89%.
(14)The interest rate on these loans is subject to 3 month EURIBOR, which as of March 31, 2026 was 2.08%.
(15)The interest rate on this loan is subject to 6 month EURIBOR, which as of March 31, 2026 was 2.48%.
(16)Reserved.
(17)The interest rate on this loan is subject to 3 month BBSY, which as of March 31, 2026 was 4.31%.
(18)Reserved.
(19)The interest rate on these loans is subject to SONIA, which as of March 31, 2026 was 3.73%.
(20)Reserved.
(21)The interest rate on these loans is subject to 3 month CORRA, which as of March 31, 2026 was 2.29%.
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
(22)Position or portion thereof is a partially unfunded debt or equity commitment. See below for more information on the Company’s commitments. See “Note 8 — Commitments and Contingencies”.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unfunded |
| Portfolio Company |
|
Commitment Type |
|
Commitment Expiration Date |
|
Funded Commitment |
|
Commitment |
|
Fair Value(23) |
| Non-controlled/non-affiliated - debt commitments |
|
|
|
|
|
|
|
|
| Aerosmith Bidco 1 Limited (dba Audiotonix) |
|
First lien senior secured delayed draw term loan |
|
7/2027 |
|
$ |
— |
|
|
$ |
67,184 |
|
|
$ |
— |
|
| AI Titan Parent, Inc. (dba Prometheus Group) |
|
First lien senior secured delayed draw term loan |
|
9/2026 |
|
2,258 |
|
|
7,779 |
|
|
— |
|
| AlphaSense, Inc. |
|
First lien senior secured delayed draw term loan |
|
6/2029 |
|
— |
|
|
12,030 |
|
|
(90) |
|
| AmeriLife Holdings LLC |
|
First lien senior secured delayed draw term loan |
|
6/2026 |
|
4,297 |
|
|
197 |
|
|
— |
|
| AmeriLife Holdings LLC |
|
First lien senior secured delayed draw term loan |
|
2/2027 |
|
— |
|
|
5,250 |
|
|
(39) |
|
| Appfire Technologies, LLC |
|
First lien senior secured delayed draw term loan |
|
6/2026 |
|
13 |
|
|
1,331 |
|
|
— |
|
| Aptean Acquiror, Inc. (dba Aptean) |
|
First lien senior secured delayed draw term loan |
|
2/2027 |
|
— |
|
|
3,240 |
|
|
(97) |
|
| Artifact Bidco, Inc. (dba Avetta) |
|
First lien senior secured delayed draw term loan |
|
7/2027 |
|
— |
|
|
8,463 |
|
|
(42) |
|
| Associations, Inc. |
|
First lien senior secured delayed draw term loan |
|
7/2028 |
|
3,782 |
|
|
5,947 |
|
|
— |
|
| Associations, Inc. |
|
First lien senior secured delayed draw term loan |
|
2/2027 |
|
19,405 |
|
|
5,796 |
|
|
— |
|
| BCTO BSI Buyer, Inc. (dba Buildertrend) |
|
First lien senior secured delayed draw term loan |
|
1/2028 |
|
— |
|
|
11,043 |
|
|
(138) |
|
| Bracket Intermediate Holding Corp. |
|
First lien senior secured delayed draw term loan |
|
10/2027 |
|
— |
|
|
8,406 |
|
|
(126) |
|
| BusinessSolver.com, Inc. |
|
First lien senior secured delayed draw term loan |
|
12/2027 |
|
— |
|
|
12,649 |
|
|
(348) |
|
| CCM Midco, LLC (f/k/a Cresset Capital Management, LLC) |
|
First lien senior secured delayed draw term loan |
|
6/2026 |
|
1,002 |
|
|
1,231 |
|
|
— |
|
| CCM Midco, LLC (f/k/a Cresset Capital Management, LLC) |
|
First lien senior secured delayed draw term loan |
|
1/2027 |
|
56 |
|
|
4,422 |
|
|
— |
|
| CivicPlus, LLC |
|
First lien senior secured delayed draw term loan |
|
5/2027 |
|
12,739 |
|
|
8,804 |
|
|
— |
|
| CivicPlus, LLC |
|
First lien senior secured delayed draw term loan |
|
12/2027 |
|
— |
|
|
20,398 |
|
|
(459) |
|
| Commander Buyer, Inc. (dba CenExel) |
|
First lien senior secured delayed draw term loan |
|
6/2027 |
|
— |
|
|
9,036 |
|
|
— |
|
| Computer Services, Inc. (dba CSI) |
|
First lien senior secured delayed draw term loan |
|
11/2027 |
|
— |
|
|
26,448 |
|
|
(396) |
|
| Computer Services, Inc. (dba CSI)* |
|
First lien senior secured delayed draw term loan |
|
11/2027 |
|
— |
|
|
— |
|
|
— |
|
| CoreTrust Purchasing Group LLC |
|
First lien senior secured delayed draw term loan |
|
5/2026 |
|
— |
|
|
1,602 |
|
|
— |
|
| Coupa Holdings, LLC |
|
First lien senior secured delayed draw term loan |
|
6/2027 |
|
— |
|
|
7,643 |
|
|
(248) |
|
| CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) |
|
First lien senior secured delayed draw term loan |
|
7/2027 |
|
10,400 |
|
|
3,484 |
|
|
— |
|
| CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) |
|
First lien senior secured delayed draw term loan |
|
8/2027 |
|
— |
|
|
2,768 |
|
|
(27) |
|
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
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|
|
Unfunded |
| Portfolio Company |
|
Commitment Type |
|
Commitment Expiration Date |
|
Funded Commitment |
|
Commitment |
|
Fair Value(23) |
| CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) |
|
First lien senior secured delayed draw term loan |
|
7/2027 |
|
2,502 |
|
|
10,758 |
|
|
— |
|
| Databricks, Inc. |
|
First lien senior secured delayed draw term loan |
|
1/2028 |
|
— |
|
|
53,026 |
|
|
— |
|
| Eagan Parent, Inc. (dba Elite) |
|
First lien senior secured delayed draw term loan |
|
9/2027 |
|
— |
|
|
5,919 |
|
|
(59) |
|
| dentalcorp Health Services Ltd. (fka Aryeh Bidco Investment Ltd.) |
|
First lien senior secured delayed draw term loan |
|
1/2028 |
|
1,045 |
|
|
6,246 |
|
|
— |
|
| EET Buyer, Inc. (dba e-Emphasys) |
|
First lien senior secured delayed draw term loan |
|
1/2027 |
|
7,617 |
|
|
1,909 |
|
|
— |
|
| Galway Borrower LLC |
|
First lien senior secured delayed draw term loan |
|
2/2028 |
|
— |
|
|
1,535 |
|
|
— |
|
| GS Acquisitionco, Inc. (dba insightsoftware) |
|
First lien senior secured delayed draw term loan |
|
5/2027 |
|
— |
|
|
5,225 |
|
|
(170) |
|
| Gusto, Inc. |
|
First lien senior secured delayed draw term loan |
|
11/2027 |
|
— |
|
|
8,845 |
|
|
(88) |
|
| Himalaya Topco LLC (dba HealthEdge) |
|
First lien senior secured delayed draw term loan |
|
12/2027 |
|
— |
|
|
12,896 |
|
|
(161) |
|
| Himalaya Topco LLC (dba HealthEdge) |
|
First lien senior secured delayed draw term loan |
|
6/2027 |
|
— |
|
|
12,896 |
|
|
(161) |
|
| Integrity Marketing Acquisition, LLC |
|
First lien senior secured delayed draw term loan |
|
8/2026 |
|
— |
|
|
5,781 |
|
|
— |
|
| Interoperability Bidco, Inc. (dba Lyniate) |
|
First lien senior secured delayed draw term loan |
|
6/2026 |
|
— |
|
|
7,619 |
|
|
(95) |
|
| Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages) |
|
First lien senior secured delayed draw term loan |
|
11/2028 |
|
— |
|
|
550 |
|
|
(4) |
|
| Jawbreaker Parent, Inc. |
|
First lien senior secured delayed draw term loan |
|
1/2029 |
|
— |
|
|
16,190 |
|
|
(202) |
|
| Jawbreaker Parent, Inc. |
|
First lien senior secured delayed draw term loan |
|
4/2026 |
|
— |
|
|
40,150 |
|
|
(703) |
|
| Lighthouse Buyer, Inc. (dba Harbor Compliance) |
|
First lien senior secured delayed draw term loan |
|
12/2028 |
|
— |
|
|
13,698 |
|
|
(308) |
|
| Litera Bidco LLC |
|
First lien senior secured delayed draw term loan |
|
11/2026 |
|
38,304 |
|
|
3,385 |
|
|
— |
|
| Litera Bidco LLC |
|
First lien senior secured delayed draw term loan |
|
5/2027 |
|
— |
|
|
17,577 |
|
|
(308) |
|
| ML Holdco, Inc. (dba Meridian Link) |
|
First lien senior secured delayed draw term loan |
|
10/2027 |
|
— |
|
|
27,611 |
|
|
(759) |
|
| NSCALE SERVICES UK LTD |
|
First lien senior secured delayed draw term loan |
|
8/2027 |
|
8,278 |
|
|
191,722 |
|
|
— |
|
| OECONNECTION LLC |
|
First lien senior secured delayed draw term loan |
|
12/2028 |
|
— |
|
|
21,988 |
|
|
(330) |
|
| One, Inc. Software Corporation |
|
First lien senior secured delayed draw term loan |
|
12/2027 |
|
— |
|
|
27,746 |
|
|
(139) |
|
| Packaging Coordinators Midco, Inc. |
|
First lien senior secured delayed draw term loan |
|
10/2027 |
|
1,669 |
|
|
1,486 |
|
|
— |
|
| Packaging Coordinators Midco, Inc. |
|
First lien senior secured delayed draw term loan |
|
4/2026 |
|
— |
|
|
21,913 |
|
|
(55) |
|
| PerkinElmer U.S. LLC |
|
First lien senior secured delayed draw term loan |
|
10/2027 |
|
— |
|
|
14,321 |
|
|
— |
|
| Pike Corp. |
|
First lien senior secured delayed draw term loan |
|
12/2028 |
|
— |
|
|
5,585 |
|
|
(14) |
|
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
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|
|
|
|
|
|
|
|
|
|
|
Unfunded |
| Portfolio Company |
|
Commitment Type |
|
Commitment Expiration Date |
|
Funded Commitment |
|
Commitment |
|
Fair Value(23) |
| RL Datix Holdings (USA), Inc. |
|
First lien senior secured delayed draw term loan |
|
4/2027 |
|
— |
|
|
23,650 |
|
|
(177) |
|
| Salinger Bidco Inc. (dba Surgical Information Systems) |
|
First lien senior secured delayed draw term loan |
|
8/2026 |
|
— |
|
|
9,141 |
|
|
— |
|
| Sentinel Buyer Corp. (dba SimpliSafe) |
|
First lien senior secured delayed draw term loan |
|
11/2027 |
|
— |
|
|
1,987 |
|
|
(20) |
|
| Severin Acquisition, LLC (dba PowerSchool) |
|
First lien senior secured delayed draw term loan |
|
10/2027 |
|
4,697 |
|
|
14,776 |
|
|
— |
|
| Simpler Postage, Inc. (dba Easypost) |
|
First lien senior secured delayed draw term loan |
|
6/2026 |
|
16,916 |
|
|
39,333 |
|
|
— |
|
| Simplicity Financial Marketing Group Holdings, Inc. |
|
First lien senior secured delayed draw term loan |
|
12/2026 |
|
3,196 |
|
|
598 |
|
|
— |
|
| Smarsh Inc. |
|
First lien senior secured delayed draw term loan |
|
1/2027 |
|
1,945 |
|
|
14,384 |
|
|
(236) |
|
| Spaceship Purchaser, Inc. (dba Squarespace) |
|
First lien senior secured delayed draw term loan |
|
10/2027 |
|
— |
|
|
25,836 |
|
|
(517) |
|
| Tamarack Intermediate, L.L.C. (dba Verisk 3E) |
|
First lien senior secured delayed draw term loan |
|
7/2027 |
|
930 |
|
|
2,242 |
|
|
— |
|
| Themis Solutions Inc. (dba Clio) |
|
First lien senior secured delayed draw term loan |
|
10/2027 |
|
— |
|
|
34,320 |
|
|
(944) |
|
| Tricentis Operations Holdings, Inc. |
|
First lien senior secured delayed draw term loan |
|
2/2027 |
|
— |
|
|
22,480 |
|
|
(674) |
|
| Unit4 Group Holding B.V. |
|
First lien senior secured EUR delayed draw term loan |
|
1/2030 |
|
— |
|
|
5,584 |
|
|
— |
|
| Unit4 Group Holding B.V. |
|
First lien senior secured EUR term loan |
|
1/2033 |
|
— |
|
|
59,560 |
|
|
— |
|
| Vestwell Holdings Inc. |
|
First lien senior secured delayed draw term loan |
|
1/2028 |
|
— |
|
|
20,427 |
|
|
(817) |
|
| Accommodations Plus Technologies LLC |
|
First lien senior secured revolving loan |
|
5/2032 |
|
— |
|
|
7,533 |
|
|
(245) |
|
| Activate Holdings (US) Corp. (dba Absolute Software) |
|
First lien senior secured revolving loan |
|
7/2029 |
|
— |
|
|
3,363 |
|
|
(67) |
|
| Acquia Inc.* |
|
First lien senior secured revolving loan |
|
10/2026 |
|
11,789 |
|
|
— |
|
|
— |
|
| Aerosmith Bidco 1 Limited (dba Audiotonix) |
|
First lien senior secured revolving loan |
|
7/2030 |
|
— |
|
|
28,149 |
|
|
— |
|
| AI Titan Parent, Inc. (dba Prometheus Group) |
|
First lien senior secured revolving loan |
|
8/2031 |
|
— |
|
|
6,274 |
|
|
(188) |
|
| AmeriLife Holdings LLC |
|
First lien senior secured revolving loan |
|
8/2028 |
|
816 |
|
|
4,081 |
|
|
— |
|
| Anaplan, Inc. |
|
First lien senior secured revolving loan |
|
6/2028 |
|
— |
|
|
12,963 |
|
|
(292) |
|
| Appfire Technologies, LLC |
|
First lien senior secured revolving loan |
|
3/2028 |
|
— |
|
|
816 |
|
|
(29) |
|
| Aptean Acquiror, Inc. (dba Aptean) |
|
First lien senior secured revolving loan |
|
1/2031 |
|
218 |
|
|
735 |
|
|
— |
|
| Arrow Borrower 2025, Inc. (dba AvidXchange) |
|
First lien senior secured revolving loan |
|
10/2032 |
|
— |
|
|
5,040 |
|
|
(151) |
|
| Artifact Bidco, Inc. (dba Avetta) |
|
First lien senior secured revolving loan |
|
7/2030 |
|
— |
|
|
6,046 |
|
|
(61) |
|
| Associations, Inc. |
|
First lien senior secured revolving loan |
|
7/2028 |
|
— |
|
|
6,131 |
|
|
— |
|
| Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.) |
|
First lien senior secured revolving loan |
|
3/2031 |
|
— |
|
|
10,450 |
|
|
(261) |
|
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unfunded |
| Portfolio Company |
|
Commitment Type |
|
Commitment Expiration Date |
|
Funded Commitment |
|
Commitment |
|
Fair Value(23) |
| Bamboo US BidCo LLC |
|
First lien senior secured revolving loan |
|
10/2029 |
|
— |
|
|
5,128 |
|
|
— |
|
| Bayshore Intermediate #2, L.P. (dba Boomi) |
|
First lien senior secured revolving loan |
|
10/2027 |
|
3,257 |
|
|
9,875 |
|
|
— |
|
| BCPE Osprey Buyer, Inc. (dba PartsSource) |
|
First lien senior secured revolving loan |
|
8/2028 |
|
10,102 |
|
|
3,334 |
|
|
— |
|
| BCTO BSI Buyer, Inc. (dba Buildertrend) |
|
First lien senior secured revolving loan |
|
12/2028 |
|
— |
|
|
9,939 |
|
|
(174) |
|
| Bracket Intermediate Holding Corp. |
|
First lien senior secured revolving loan |
|
10/2031 |
|
— |
|
|
3,502 |
|
|
(70) |
|
| Bristol Hospice L.L.C. |
|
First lien senior secured revolving loan |
|
8/2032 |
|
— |
|
|
1,742 |
|
|
— |
|
| BTRS Holdings Inc. (dba Billtrust) |
|
First lien senior secured revolving loan |
|
12/2028 |
|
17,320 |
|
|
4,724 |
|
|
— |
|
| BusinessSolver.com, Inc. |
|
First lien senior secured revolving loan |
|
12/2032 |
|
— |
|
|
5,634 |
|
|
(169) |
|
| Cambrex Corporation |
|
First lien senior secured revolving loan |
|
3/2032 |
|
1,166 |
|
|
3,936 |
|
|
— |
|
| Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.) |
|
First lien senior secured revolving loan |
|
8/2027 |
|
830 |
|
|
5,959 |
|
|
— |
|
| CCI BUYER, INC. (dba Consumer Cellular) |
|
First lien senior secured revolving loan |
|
5/2032 |
|
— |
|
|
4,386 |
|
|
(11) |
|
| CCM Midco, LLC (f/k/a Cresset Capital Management, LLC) |
|
First lien senior secured revolving loan |
|
6/2029 |
|
— |
|
|
1,119 |
|
|
— |
|
| Certinia Inc. |
|
First lien senior secured revolving loan |
|
8/2031 |
|
— |
|
|
18,385 |
|
|
(506) |
|
| CivicPlus, LLC |
|
First lien senior secured revolving loan |
|
8/2030 |
|
— |
|
|
8,734 |
|
|
(240) |
|
| Commander Buyer, Inc. (dba CenExel) |
|
First lien senior secured revolving loan |
|
6/2032 |
|
— |
|
|
6,024 |
|
|
(30) |
|
| Conservice Midco, LLC |
|
First lien senior secured revolving loan |
|
2/2033 |
|
— |
|
|
28,932 |
|
|
(72) |
|
| CoreTrust Purchasing Group LLC |
|
First lien senior secured revolving loan |
|
10/2029 |
|
— |
|
|
3,789 |
|
|
(9) |
|
| Coupa Holdings, LLC |
|
First lien senior secured revolving loan |
|
2/2029 |
|
— |
|
|
5,852 |
|
|
(234) |
|
| Creek Parent, Inc. (dba Catalent) |
|
First lien senior secured revolving loan |
|
12/2031 |
|
— |
|
|
25,111 |
|
|
(188) |
|
| Crewline Buyer, Inc. (dba New Relic) |
|
First lien senior secured revolving loan |
|
11/2030 |
|
— |
|
|
21,393 |
|
|
(535) |
|
| CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) |
|
First lien senior secured revolving loan |
|
8/2031 |
|
— |
|
|
20,378 |
|
|
(102) |
|
| Deerfield Dakota Holdings |
|
First lien senior secured revolving loan |
|
9/2032 |
|
2,370 |
|
|
9,480 |
|
|
— |
|
| Delinea Buyer, Inc. (f/k/a Centrify) |
|
First lien senior secured revolving loan |
|
3/2030 |
|
— |
|
|
17,207 |
|
|
(67) |
|
| Denali Intermediate Holdings, Inc. (dba Dun & Bradstreet) |
|
First lien senior secured revolving loan |
|
8/2032 |
|
— |
|
|
8,636 |
|
|
(194) |
|
| dentalcorp Health Services Ltd. (fka Aryeh Bidco Investment Ltd.) |
|
First lien senior secured revolving loan |
|
1/2033 |
|
— |
|
|
5,210 |
|
|
(26) |
|
| Eagan Parent, Inc. (dba Elite) |
|
First lien senior secured revolving loan |
|
9/2032 |
|
— |
|
|
3,157 |
|
|
(39) |
|
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unfunded |
| Portfolio Company |
|
Commitment Type |
|
Commitment Expiration Date |
|
Funded Commitment |
|
Commitment |
|
Fair Value(23) |
| EET Buyer, Inc. (dba e-Emphasys) |
|
First lien senior secured revolving loan |
|
11/2027 |
|
— |
|
|
6,150 |
|
|
(92) |
|
| Einstein Parent, Inc. (dba Smartsheet) |
|
First lien senior secured revolving loan |
|
1/2031 |
|
— |
|
|
10,881 |
|
|
(272) |
|
| Flexera Software LLC |
|
First lien senior secured revolving loan |
|
8/2032 |
|
— |
|
|
1,348 |
|
|
(34) |
|
| Forescout Technologies, Inc. |
|
First lien senior secured revolving loan |
|
5/2031 |
|
— |
|
|
11,930 |
|
|
(268) |
|
| Foundation Consumer Brands, LLC |
|
First lien senior secured revolving loan |
|
2/2029 |
|
— |
|
|
575 |
|
|
(1) |
|
| Gainsight, Inc. |
|
First lien senior secured revolving loan |
|
7/2027 |
|
— |
|
|
5,633 |
|
|
(99) |
|
| Galway Borrower LLC |
|
First lien senior secured revolving loan |
|
9/2028 |
|
74 |
|
|
121 |
|
|
— |
|
| Gerson Lehrman Group, Inc. |
|
First lien senior secured revolving loan |
|
12/2028 |
|
— |
|
|
1,913 |
|
|
(33) |
|
| GI Ranger Intermediate, LLC (dba Rectangle Health) |
|
First lien senior secured revolving loan |
|
10/2027 |
|
885 |
|
|
1,327 |
|
|
— |
|
| Granicus, Inc. |
|
First lien senior secured revolving loan |
|
1/2031 |
|
— |
|
|
548 |
|
|
(7) |
|
| GS Acquisitionco, Inc. (dba insightsoftware) |
|
First lien senior secured revolving loan |
|
5/2028 |
|
2,517 |
|
|
2,282 |
|
|
— |
|
| H&F Opportunities LUX III S.À R.L (dba Checkmarx) |
|
First lien senior secured revolving loan |
|
4/2028 |
|
— |
|
|
25,783 |
|
|
(322) |
|
| Himalaya Topco LLC (dba HealthEdge) |
|
First lien senior secured revolving loan |
|
6/2032 |
|
2,257 |
|
|
12,252 |
|
|
— |
|
| Hyland Software, Inc. |
|
First lien senior secured revolving loan |
|
9/2029 |
|
— |
|
|
7,172 |
|
|
(215) |
|
| Icefall Parent, Inc. (dba EngageSmart) |
|
First lien senior secured revolving loan |
|
1/2030 |
|
— |
|
|
2,957 |
|
|
(37) |
|
| Indikami Bidco, LLC (dba IntegriChain) |
|
First lien senior secured revolving loan |
|
6/2030 |
|
9,906 |
|
|
3,128 |
|
|
— |
|
| Integrity Marketing Acquisition, LLC |
|
First lien senior secured revolving loan |
|
8/2028 |
|
— |
|
|
4,294 |
|
|
— |
|
| Interoperability Bidco, Inc. (dba Lyniate) |
|
First lien senior secured revolving loan |
|
3/2028 |
|
903 |
|
|
8,124 |
|
|
— |
|
| IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.)) |
|
First lien senior secured revolving loan |
|
12/2028 |
|
— |
|
|
14,862 |
|
|
(111) |
|
| Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages) |
|
First lien senior secured revolving loan |
|
11/2032 |
|
110 |
|
|
374 |
|
|
— |
|
| Jawbreaker Parent, Inc. |
|
First lien senior secured revolving loan |
|
1/2033 |
|
— |
|
|
16,190 |
|
|
(283) |
|
| Jeppesen Holdings, LLC |
|
First lien senior secured multi-currency revolving loan |
|
11/2032 |
|
— |
|
|
2,286 |
|
|
(40) |
|
| JS Parent, Inc. (dba Jama Software) |
|
First lien senior secured revolving loan |
|
4/2031 |
|
— |
|
|
2,647 |
|
|
(7) |
|
| KWOL Acquisition, Inc. (dba Worldwide Clinical Trials) |
|
First lien senior secured revolving loan |
|
12/2029 |
|
— |
|
|
15,521 |
|
|
(116) |
|
| Lighthouse Buyer, Inc. (dba Harbor Compliance) |
|
First lien senior secured revolving loan |
|
12/2031 |
|
— |
|
|
2,740 |
|
|
(75) |
|
| Litera Bidco LLC |
|
First lien senior secured revolving loan |
|
5/2028 |
|
— |
|
|
10,004 |
|
|
(175) |
|
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unfunded |
| Portfolio Company |
|
Commitment Type |
|
Commitment Expiration Date |
|
Funded Commitment |
|
Commitment |
|
Fair Value(23) |
| LogRhythm, Inc. |
|
First lien senior secured revolving loan |
|
7/2029 |
|
— |
|
|
475 |
|
|
(71) |
|
| Magnet Forensics, LLC (f/k/a Grayshift, LLC) |
|
First lien senior secured revolving loan |
|
7/2028 |
|
— |
|
|
6,774 |
|
|
— |
|
| ManTech International Corporation |
|
First lien senior secured revolving loan |
|
9/2028 |
|
— |
|
|
9,460 |
|
|
(118) |
|
| Matterhorn Finco, Inc. |
|
First lien senior secured revolving loan |
|
3/2033 |
|
— |
|
|
29,163 |
|
|
(146) |
|
| McQueen Bidco PTY LTD. (dba Infomedia) |
|
First lien senior secured revolving loan |
|
12/2032 |
|
— |
|
|
13,040 |
|
|
(196) |
|
| Ministry Brands Holdings, LLC |
|
First lien senior secured revolving loan |
|
12/2027 |
|
61 |
|
|
676 |
|
|
— |
|
| Minotaur Acquisition, Inc. (dba Inspira Financial) |
|
First lien senior secured revolving loan |
|
6/2030 |
|
— |
|
|
12,863 |
|
|
(32) |
|
| Modernizing Medicine, Inc. (dba ModMed) |
|
First lien senior secured revolving loan |
|
4/2032 |
|
— |
|
|
13,578 |
|
|
(68) |
|
| Monotype Imaging Holdings Inc. |
|
First lien senior secured revolving loan |
|
2/2030 |
|
— |
|
|
15,982 |
|
|
(320) |
|
| Natural Partners, LLC |
|
First lien senior secured revolving loan |
|
11/2030 |
|
— |
|
|
1,590 |
|
|
— |
|
| Neptune Holdings, Inc. (dba NexTech) |
|
First lien senior secured revolving loan |
|
8/2029 |
|
— |
|
|
1,471 |
|
|
(29) |
|
| NMI Acquisitionco, Inc. (dba Network Merchants) |
|
First lien senior secured revolving loan |
|
9/2028 |
|
— |
|
|
1,115 |
|
|
(17) |
|
| OECONNECTION LLC |
|
First lien senior secured revolving loan |
|
12/2032 |
|
— |
|
|
5,791 |
|
|
(101) |
|
| One, Inc. Software Corporation |
|
First lien senior secured revolving loan |
|
12/2032 |
|
— |
|
|
11,098 |
|
|
(111) |
|
| Packaging Coordinators Midco, Inc. |
|
First lien senior secured revolving loan |
|
10/2032 |
|
— |
|
|
14,366 |
|
|
(144) |
|
| PDI TA Holdings, Inc. |
|
First lien senior secured revolving loan |
|
2/2031 |
|
2,112 |
|
|
151 |
|
|
— |
|
| PetVet Care Centers, LLC |
|
First lien senior secured revolving loan |
|
11/2029 |
|
2,149 |
|
|
8,596 |
|
|
— |
|
| Pike Corp. |
|
First lien senior secured revolving loan |
|
12/2032 |
|
— |
|
|
3,723 |
|
|
(19) |
|
| QAD, Inc. |
|
First lien senior secured revolving loan |
|
11/2027 |
|
— |
|
|
11,429 |
|
|
(171) |
|
| RL Datix Holdings (USA), Inc. |
|
First lien senior secured revolving loan |
|
10/2030 |
|
— |
|
|
20,708 |
|
|
(362) |
|
| Salinger Bidco Inc. (dba Surgical Information Systems) |
|
First lien senior secured revolving loan |
|
5/2031 |
|
— |
|
|
9,141 |
|
|
(23) |
|
| Securonix, Inc. |
|
First lien senior secured revolving loan |
|
4/2028 |
|
— |
|
|
7,119 |
|
|
(1,388) |
|
| Sensor Technology Topco, Inc. (dba Humanetics) |
|
First lien senior secured revolving loan |
|
5/2028 |
|
369 |
|
|
5,171 |
|
|
— |
|
| Severin Acquisition, LLC (dba PowerSchool) |
|
First lien senior secured revolving loan |
|
10/2031 |
|
3,119 |
|
|
8,577 |
|
|
— |
|
| Simplicity Financial Marketing Group Holdings, Inc. |
|
First lien senior secured revolving loan |
|
12/2031 |
|
— |
|
|
1,905 |
|
|
(10) |
|
| Smarsh Inc. |
|
First lien senior secured revolving loan |
|
2/2029 |
|
1,848 |
|
|
6,816 |
|
|
— |
|
| Spaceship Purchaser, Inc. (dba Squarespace) |
|
First lien senior secured revolving loan |
|
10/2031 |
|
— |
|
|
21,530 |
|
|
(538) |
|
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unfunded |
| Portfolio Company |
|
Commitment Type |
|
Commitment Expiration Date |
|
Funded Commitment |
|
Commitment |
|
Fair Value(23) |
| Talon MidCo 2 Limited |
|
First lien senior secured revolving loan |
|
8/2028 |
|
— |
|
|
2,976 |
|
|
(67) |
|
| Tamarack Intermediate, L.L.C. (dba Verisk 3E) |
|
First lien senior secured revolving loan |
|
3/2029 |
|
— |
|
|
1,682 |
|
|
(42) |
|
| Themis Solutions Inc. (dba Clio) |
|
First lien senior secured revolving loan |
|
10/2032 |
|
— |
|
|
28,600 |
|
|
(787) |
|
| Thunder Purchaser, Inc. (dba Vector Solutions) |
|
First lien senior secured revolving loan |
|
6/2027 |
|
— |
|
|
11,250 |
|
|
(225) |
|
| Tricentis Operations Holdings, Inc. |
|
First lien senior secured revolving loan |
|
2/2032 |
|
— |
|
|
14,050 |
|
|
(492) |
|
| Unit4 Group Holding B.V. |
|
First lien senior secured EUR revolving loan |
|
1/2033 |
|
— |
|
|
7,445 |
|
|
— |
|
| Valeris, Inc. (fka Phantom Purchaser, Inc.) |
|
First lien senior secured revolving loan |
|
9/2031 |
|
— |
|
|
2,990 |
|
|
(7) |
|
| Velocity HoldCo III Inc. (dba VelocityEHS) |
|
First lien senior secured revolving loan |
|
5/2029 |
|
— |
|
|
4,485 |
|
|
(90) |
|
| Vestwell Holdings Inc. |
|
First lien senior secured revolving loan |
|
1/2031 |
|
— |
|
|
5,696 |
|
|
(228) |
|
| Zendesk, Inc. |
|
First lien senior secured revolving loan |
|
11/2028 |
|
— |
|
|
14,756 |
|
|
(516) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total non-controlled/non-affiliated - debt commitments |
|
|
|
$ |
215,229 |
|
|
$ |
1,886,473 |
|
|
$ |
(21,416) |
|
|
|
|
|
|
|
|
|
|
|
|
| Non-controlled/non-affiliated - equity commitments |
|
|
|
|
|
|
|
|
| Chrome Investors LP |
|
LP Interest |
|
N/A |
|
$ |
16,407 |
|
|
$ |
4,102 |
|
|
$ |
— |
|
| Polar Investors LP (dba Dentalcorp) |
|
Common Equity |
|
N/A |
|
1,670 |
|
|
418 |
|
|
— |
|
| Valor Cl Blocker Feeder LP |
|
LP Interest |
|
N/A |
|
3,702 |
|
|
2,468 |
|
|
— |
|
| Total non-controlled/non-affiliated - equity commitments |
|
|
|
$ |
21,779 |
|
|
$ |
6,988 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
| Non-controlled/affiliated - debt commitments |
|
|
|
|
|
|
|
|
| Pluralsight, LLC |
|
First lien senior secured delayed draw term loan |
|
8/2029 |
|
$ |
— |
|
|
$ |
12,649 |
|
|
$ |
(696) |
|
| Walker Edison Furniture Company LLC |
|
First lien senior secured delayed draw term loan |
|
N/A |
|
1,049 |
|
|
440 |
|
|
— |
|
| Walker Edison Furniture Company LLC |
|
First lien senior secured delayed draw term loan |
|
N/A |
|
474 |
|
|
380 |
|
|
— |
|
| Pluralsight, LLC |
|
First lien senior secured revolving loan |
|
8/2029 |
|
— |
|
|
5,060 |
|
|
(278) |
|
|
|
|
|
|
|
|
|
|
|
|
| Total non-controlled/affiliated - debt commitments |
|
|
|
$ |
1,523 |
|
|
$ |
18,529 |
|
|
$ |
(974) |
|
|
|
|
|
|
|
|
|
|
|
|
| Non-controlled/affiliated - equity commitments |
|
|
|
|
|
|
|
|
| AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC |
|
Specialty finance equity investment |
|
N/A |
|
$ |
7,601 |
|
|
$ |
10,131 |
|
|
$ |
— |
|
| LSI Financing LLC |
|
Specialty finance equity investment |
|
N/A |
|
244,437 |
|
|
75,995 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
| Total non-controlled/affiliated - equity commitments |
|
|
|
$ |
252,038 |
|
|
$ |
86,126 |
|
|
$ |
— |
|
| Total Portfolio Company Commitments |
|
|
|
$ |
490,569 |
|
|
$ |
1,998,116 |
|
|
$ |
(22,390) |
|
*Fully funded
(23)The negative cost and fair value results from unamortized fees, which are capitalized to the investment cost of unfunded commitments.
(24)As defined in the Investment Company Act of 1940, as amended (the “1940 Act”), the Company is deemed to “control” a portfolio company if the Company owns more than 25% of the portfolio company's voting securities or has the power to exercise control over management or policies, including
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
through a management agreement. As defined in the 1940 Act, the Company is an “affiliated person” of this portfolio company if the Company owns more than 5% or more of the portfolio company’s outstanding voting securities. Transactions related to the Company’s investments in non-controlled affiliates and controlled affiliates for the period ended March 31, 2026 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Company |
|
Fair Value at December 31, 2025 |
|
Gross Additions
(a)
|
|
Gross Reductions(b) |
|
Net Change in Unrealized Gains (Losses) |
|
Realized Gains (Losses) |
|
Transfers |
|
Fair Value at March 31, 2026 |
|
Interest and PIK Interest Income |
|
Dividend and PIK Dividend Income |
|
Other Income |
| Non-Controlled Affiliates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(c) |
|
$ |
25,968 |
|
|
$ |
604 |
|
|
$ |
— |
|
|
$ |
(653) |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
25,919 |
|
|
$ |
489 |
|
|
$ |
— |
|
|
$ |
— |
|
AAM Series 2.1 Aviation Feeder, LLC(c) |
|
34,086 |
|
|
660 |
|
|
(68) |
|
|
(535) |
|
|
— |
|
|
— |
|
|
34,143 |
|
|
633 |
|
|
— |
|
|
— |
|
| Blue Owl Cross-Strategy Opportunities 2025-1 LLC (fka Blue Owl Cross-Strategy Opportunities LLC) |
|
57,713 |
|
|
46,727 |
|
|
— |
|
|
(585) |
|
|
— |
|
|
— |
|
|
103,855 |
|
|
— |
|
|
2,972 |
|
|
— |
|
| Coherent Group Inc. |
|
16,535 |
|
|
631 |
|
|
— |
|
|
(3,174) |
|
|
— |
|
|
— |
|
|
13,992 |
|
|
48 |
|
|
— |
|
|
— |
|
| Fifth Season Investments LLC |
|
184,468 |
|
|
— |
|
|
(46,235) |
|
|
476 |
|
|
— |
|
|
— |
|
|
138,709 |
|
|
— |
|
|
3,929 |
|
|
— |
|
| Help HP SCF Investor, LP |
|
44,890 |
|
|
— |
|
|
— |
|
|
(8,859) |
|
|
— |
|
|
— |
|
|
36,031 |
|
|
— |
|
|
— |
|
|
— |
|
| LSI Financing 1 DAC |
|
6,657 |
|
|
— |
|
|
— |
|
|
100 |
|
|
— |
|
|
— |
|
|
6,757 |
|
|
— |
|
|
— |
|
|
— |
|
| LSI Financing LLC |
|
102,235 |
|
|
153,888 |
|
|
(2,765) |
|
|
704 |
|
|
— |
|
|
— |
|
|
254,062 |
|
|
— |
|
|
2,727 |
|
|
— |
|
| Pluralsight, LLC |
|
58,716 |
|
|
158 |
|
|
(76) |
|
|
(16,826) |
|
|
— |
|
|
— |
|
|
41,972 |
|
|
637 |
|
|
— |
|
|
22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Signifyd Inc. |
|
156,245 |
|
|
— |
|
|
— |
|
|
(37,457) |
|
|
— |
|
|
— |
|
|
118,788 |
|
|
— |
|
|
3,366 |
|
|
— |
|
| Walker Edison Furniture Company LLC |
|
4,689 |
|
|
— |
|
|
— |
|
|
23,034 |
|
|
(23,156) |
|
|
— |
|
|
4,567 |
|
|
— |
|
|
— |
|
|
— |
|
Total Non-Controlled Affiliates |
|
$ |
692,202 |
|
|
$ |
202,668 |
|
|
$ |
(49,144) |
|
|
$ |
(43,775) |
|
|
$ |
(23,156) |
|
|
$ |
— |
|
|
$ |
778,795 |
|
|
$ |
1,807 |
|
|
$ |
12,994 |
|
|
$ |
22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Controlled Affiliates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Blue Owl Credit SLF LLC(d) |
|
$ |
30,760 |
|
|
$ |
4,062 |
|
|
$ |
— |
|
|
$ |
(2,564) |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
32,258 |
|
|
$ |
— |
|
|
$ |
693 |
|
|
$ |
— |
|
Blue Owl Leasing LLC(d) |
|
5,102 |
|
|
— |
|
|
(4,305) |
|
|
(2) |
|
|
— |
|
|
— |
|
|
795 |
|
|
— |
|
|
— |
|
|
— |
|
| Stripe Blue Owl Holdings LLC |
|
17,493 |
|
|
— |
|
|
— |
|
|
4,222 |
|
|
— |
|
|
— |
|
|
21,715 |
|
|
— |
|
|
— |
|
|
— |
|
| Revolut Ribbit Holdings, LLC |
|
177,405 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
177,405 |
|
|
— |
|
|
— |
|
|
— |
|
Total Controlled Affiliates |
|
$ |
230,760 |
|
|
$ |
4,062 |
|
|
$ |
(4,305) |
|
|
$ |
1,656 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
232,173 |
|
|
$ |
— |
|
|
$ |
693 |
|
|
$ |
— |
|
(a)Gross additions include increases in the cost basis of investments resulting from new investments, payment-in-kind interest (“PIK”) or dividends, and the amortization of any unearned income or discounts on equity investments, as applicable.
(b)Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, and the amortization of any premiums on equity investments, as applicable.
(c)In connection with its investment in AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC and AAM Series 2.1 Aviation Feeder, LLC (collectively, “Amergin AssetCo”) the Company made a minority investment in Amergin Asset Management, LLC, which has entered into a Servicing Agreement with Amergin AssetCo.
(d)For further description of the Company's investment in Blue Owl Credit SLF LLC (“Credit SLF”), and Blue Owl Leasing LLC (“Blue Owl Leasing”), see “Note 4 — Investments.”
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
(25)Unless otherwise indicated, the Company’s portfolio companies are pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, SPV Asset Facility III, SPV Asset Facility IV, Athena CLO II, Athena CLO IV and CLO 2020-1. See “Note 5 — Debt”.
(26)This portfolio company is not pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, SPV Asset Facility III, SPV Asset Facility IV, Athena CLO II, Athena CLO IV and CLO 2020-1. See “Note 5 — Debt”.
(27)As of March 31, 2026, the net estimated unrealized loss for U.S. federal income tax purposes was $147.6 million based on a tax cost basis of $14.2 billion. As of March 31, 2026, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $689.2 million and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $541.6 million.
(28)Loan was on non-accrual status as of March 31, 2026.
(29)Non-income producing investment.
(30)Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of March 31, 2026, the aggregate fair value of these securities is $2.2 billion or 28.4% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:
|
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|
|
| Portfolio Company |
|
Investment |
|
Acquisition Date |
| 6Sense Insights, Inc. |
|
Series E-1 Preferred Stock |
|
January 20, 2022 |
| AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC |
|
Specialty finance equity investment |
|
July 01, 2022 |
| AAM Series 2.1 Aviation Feeder, LLC |
|
Specialty finance equity investment |
|
July 01, 2022 |
| Accelerate Topco Holdings, LLC |
|
Common Units |
|
March 24, 2025 |
| Acorns Grow Incorporated |
|
Series F Preferred Stock |
|
March 24, 2025 |
| Algolia, Inc. |
|
Series C Preferred Stock |
|
August 30, 2019 |
| Algolia, Inc. |
|
Series D Preferred Stock |
|
July 19, 2021 |
| Alpha Partners Technology Merger Corp |
|
Common stock |
|
July 23, 2021 |
| Alpha Partners Technology Merger Corp |
|
Warrants |
|
July 21, 2023 |
| AlphaSense, LLC |
|
Series E Preferred Shares |
|
June 27, 2024 |
| Amergin Asset Management, LLC |
|
Specialty finance equity investment |
|
July 01, 2022 |
| Arctic Wolf Networks, Inc. |
|
Preferred Stock |
|
July 07, 2021 |
| Axonius, Inc. |
|
Series E Preferred Stock |
|
March 24, 2025 |
| Baypine Commander Co-Invest, LP |
|
LP Interest |
|
June 24, 2025 |
| BEHP Co-Investor II, L.P. |
|
LP Interest |
|
May 06, 2022 |
| Bird Holding B.V. (fka MessageBird Holding B.V.) |
|
Extended Series C Warrants |
|
February 14, 2022 |
| Blend Labs, Inc. |
|
Warrants |
|
July 02, 2021 |
| Blue Owl Credit SLF LLC |
|
LLC Interest |
|
August 01, 2024 |
Blue Owl Cross-Strategy Opportunities 2025-1 LLC (fka Blue Owl Cross-Strategy Opportunities LLC) |
|
Specialty finance equity investment |
|
September 19, 2025 |
| Blue Owl Leasing LLC |
|
LLC Interest |
|
October 14, 2025 |
| Bolt Technology OÜ |
|
Preferred Stock |
|
December 10, 2021 |
| Brex, Inc. |
|
Class A Units |
|
August 15, 2025 |
| Brex, Inc. |
|
Preferred Stock |
|
November 30, 2021 |
| Brooklyn Lender Co-Invest 2, L.P. (dba Boomi) |
|
Common Units |
|
October 01, 2021 |
| Capital Integration Systems LLC (dba CAIS) |
|
Class D Common Units |
|
January 25, 2025 |
| Chrome Investors LP |
|
LP Interest |
|
May 20, 2019 |
| Circle Internet Services, Inc. |
|
Warrants |
|
May 20, 2019 |
| Circle Internet Services, Inc. |
|
Series D Preferred Stock |
|
February 28, 2020 |
| Circle Internet Services, Inc. |
|
Series E Preferred Stock |
|
May 04, 2021 |
| Circle Internet Services, Inc. |
|
Series F Preferred Stock |
|
May 20, 2019 |
| CloudPay, Inc. |
|
Series E Preferred Stock |
|
July 31, 2024 |
| Coherent Group Inc. |
|
Series B Preferred Shares |
|
March 24, 2025 |
| Diligent Preferred Issuer, Inc. (dba Diligent Corporation) |
|
Preferred Stock |
|
April 06, 2021 |
| Dodge Construction Network Holdings, L.P. |
|
Class A-2 Common Units |
|
March 16, 2022 |
| Dodge Construction Network Holdings, L.P. |
|
Series A Preferred Units |
|
March 16, 2022 |
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
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|
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|
|
|
|
|
|
|
| Portfolio Company |
|
Investment |
|
Acquisition Date |
| Elliott Alto Co-Investor Aggregator L.P. |
|
LP Interest |
|
September 28, 2022 |
| EShares, Inc. (dba Carta) |
|
Series E Preferred Stock |
|
August 01, 2019 |
| Excalibur CombineCo, L.P. |
|
Class A Units |
|
July 02, 2024 |
| Fifth Season Investments LLC |
|
Specialty finance equity investment |
|
October 17, 2022 |
| Halo Purchaser, LLC |
|
Class B PIK Preferred Equity |
|
November 03, 2025 |
| Halo Purchaser, LLC |
|
Class E Warrant Units |
|
October 15, 2021 |
| HARNESS INC. |
|
Series D Preferred Stock |
|
August 27, 2021 |
| Harvey AI Corporation |
|
Series F Preferred Stock |
|
March 20, 2026 |
| Help HP SCF Investor, LP |
|
LP Interest |
|
October 15, 2021 |
| Illumio, Inc. |
|
Common stock |
|
June 23, 2021 |
| Illumio, Inc. |
|
Series F Preferred Stock |
|
June 23, 2021 |
| Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC) |
|
LP Interest |
|
June 08, 2022 |
| JumpCloud, Inc. |
|
Series B Preferred Stock |
|
September 03, 2021 |
| JumpCloud, Inc. |
|
Series F Preferred Stock |
|
December 30, 2021 |
| Juniper Square, Inc. |
|
Warrants |
|
March 24, 2021 |
| Kajabi Holdings, LLC |
|
Senior Preferred Class D Units |
|
March 24, 2021 |
| Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.) |
|
Perpetual Preferred Stock |
|
June 22, 2022 |
| KPCI Co-Invest 2, L.P. |
|
Class A Units |
|
October 15, 2025 |
| KWOL Acquisition, Inc. (dba Worldwide Clinical Trials) |
|
Class A Interest |
|
December 12, 2023 |
| Linked Store Cayman Ltd. (dba Nuvemshop) |
|
Series E Preferred Stock |
|
August 09, 2021 |
| LSI Financing 1 DAC |
|
Specialty finance equity investment |
|
December 14, 2022 |
| LSI Financing LLC |
|
Specialty finance equity investment |
|
November 25, 2024 |
| Minerva Holdco, Inc. |
|
Senior A Preferred Stock |
|
May 05, 2021 |
| ModMed Software Midco Holdings, Inc. (dba ModMed) |
|
Series A Preferred Units |
|
April 30, 2025 |
| Nscale Global Holdings Limited |
|
Preferred equity |
|
September 29, 2025 |
| Nscale Global Holdings Limited |
|
Series B Preferred Shares |
|
September 29, 2025 |
| Nylas, Inc. |
|
Series C Preferred Stock |
|
June 03, 2021 |
| Orange Blossom Parent, Inc. |
|
Common Units |
|
March 24, 2025 |
| Paradigmatic Holdco LLC (dba Pluralsight) |
|
Common stock |
|
August 22, 2024 |
| Plaid Inc. |
|
Class A Common Stock |
|
March 12, 2026 |
| Polar Investors LP (dba Dentalcorp) |
|
Common Equity |
|
January 13, 2026 |
| Project Alpine Co-Invest Fund, LP |
|
LP Interest |
|
June 13, 2022 |
| Project Hotel California Co-Invest Fund, L.P. |
|
LP Interest |
|
August 09, 2022 |
| Replicated, Inc. |
|
Series C Preferred Stock |
|
June 30, 2021 |
| Revolut Ribbit Holdings, LLC |
|
LLC Interest |
|
September 30, 2021 |
| Rome Topco Holdings, LLC (dba SimpliSafe) |
|
Class A Units |
|
November 06, 2025 |
| Rome Topco Holdings, LLC (dba SimpliSafe) |
|
Class B Units |
|
November 15, 2023 |
| Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers) |
|
Series A Preferred Stock |
|
December 29, 2021 |
| Saturn Ultimate, Inc. |
|
Common stock |
|
December 29, 2021 |
| Signifyd Inc. |
|
Preferred equity |
|
April 08, 2021 |
| Simpler Postage, Inc. (dba Easypost) |
|
Warrants |
|
June 11, 2024 |
| SLA Eclipse Co-Invest, L.P. |
|
LP Interest |
|
September 30, 2019 |
| Space Exploration Technologies Corp. |
|
Class A Common Stock |
|
March 23, 2021 |
| Space Exploration Technologies Corp. |
|
Class C Common Stock |
|
March 23, 2021 |
| Stripe Blue Owl Holdings LLC |
|
LLC Interest |
|
December 09, 2025 |
| Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.) |
|
Series A Preferred Stock |
|
October 14, 2021 |
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Portfolio Company |
|
Investment |
|
Acquisition Date |
| Thunder Topco L.P. (dba Vector Solutions) |
|
Common Units |
|
June 30, 2021 |
| TravelPerk, Inc. |
|
Warrants |
|
May 02, 2024 |
| Valor Cl Blocker Feeder LP |
|
LP Interest |
|
October 03, 2025 |
| VCI Intermediate TopCo 1 LLC |
|
Class B Units |
|
November 17, 2025 |
| Veeam Software Group |
|
Series C Preferred Shares |
|
December 08, 2025 |
| VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.) |
|
Series A Preferred Stock |
|
October 15, 2021 |
| VEPF VIII Co-Invest 8-A, L.P. |
|
Limited Partner Interest |
|
March 05, 2026 |
| Vestwell Holdings Inc. |
|
Series D Preferred Stock |
|
December 20, 2023 |
| Vestwell Holdings Inc. |
|
Series E Preferred Stock |
|
March 01, 2023 |
| Vestwell Holdings Inc. |
|
Warrants |
|
January 30, 2026 |
| Walker Edison Holdco LLC |
|
Common Units |
|
March 01, 2023 |
| WMC Bidco, Inc. (dba West Monroe) |
|
Senior Preferred Stock |
|
November 09, 2021 |
| WP Irving Co-Invest, L.P. |
|
Partnership Units |
|
May 18, 2022 |
| XOMA Corporation |
|
Warrants |
|
December 15, 2023 |
| Zoro TopCo, Inc. |
|
Series A Preferred Equity |
|
November 22, 2022 |
| Zoro TopCo, L.P. |
|
Class A Common Units |
|
November 22, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Refer to “Note 4 — Investments – Blue Owl Credit SLF LLC” for further information.
(b) Refer to “Note 4 — Investments – Blue Owl Leasing LLC” for further information.
(31)This portfolio company is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. As of March 31, 2026, non-qualifying assets represented 15.6% of total assets as calculated in accordance with the regulatory requirements.
(32)Harness Inc. has retained 304,990 shares until June 11, 2026, as a security for indemnity obligations detailed in the Merger Agreement with Split Software, Inc.
(33)Reserved.
(34)Blue Owl Cross-Strategy Opportunities 2025-1 LLC (fka Blue Owl Cross-Strategy Opportunities LLC) (“BOCSO”) was formed to hold alternative credit assets, including asset-based finance (“ABF”). ABF is a subsector of private credit focused on generating income from pools of financial, physical or other assets. As of March 31, 2026, the portfolio consists of five investments totaling $1.0 billion at cost and fair value, respectively, ranging in cost from $24.9 million to $379.6 million and with a fair value ranging from $24.7 million to $378.0 million. The largest investment is 37% of the total cost of BOCSO’s portfolio. As of March 31, 2026 the portfolio asset class composition was 66% ABF - Specialty finance, 32% ABF - Leasing, and 2% ABF - Commercial Real Estate.
The accompanying notes are an integral part of these consolidated financial statements.
|
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|
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|
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
| Company(1)(25) |
|
Investment |
|
Ref. Rate |
Cash |
PIK |
Maturity Date |
|
Par / Units |
|
Amortized Cost(2)(27) |
|
Fair Value |
|
% of Net Assets |
| Non-controlled/non-affiliated portfolio company investments |
|
|
|
|
|
|
|
|
| Debt Investments(7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Aerospace & Defense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Jeppesen Holdings, LLC(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
4.75% |
|
10/2032 |
|
$ |
44,089 |
|
|
$ |
43,758 |
|
|
$ |
43,758 |
|
|
|
| ManTech International Corporation(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
4.50% |
|
9/2029 |
|
75,738 |
|
|
75,786 |
|
|
75,738 |
|
|
|
| Peraton Corp.(3)(9) |
|
Second lien senior secured loan |
|
S+ |
7.75% |
|
2/2029 |
|
84,551 |
|
|
83,925 |
|
|
66,212 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
203,469 |
|
|
185,708 |
|
|
2.3 |
% |
| Airlines |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accommodations Plus Technologies LLC(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
5.25% |
|
5/2032 |
|
48,844 |
|
|
48,379 |
|
|
48,112 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48,379 |
|
|
48,112 |
|
|
0.6 |
% |
| Application Software |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
| Company(1)(25) |
|
Investment |
|
Ref. Rate |
Cash |
PIK |
Maturity Date |
|
Par / Units |
|
Amortized Cost(2)(27) |
|
Fair Value |
|
% of Net Assets |
| AI Titan Parent, Inc. (dba Prometheus Group)(3)(4)(8)(22) |
|
First lien senior secured loan |
|
S+ |
4.50% |
|
8/2031 |
|
52,447 |
|
|
51,959 |
|
|
51,884 |
|
|
|
| AlphaSense, Inc.(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
6.25% |
|
6/2029 |
|
59,360 |
|
|
58,953 |
|
|
59,212 |
|
|
|
| Anaplan, Inc.(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
4.50% |
|
6/2029 |
|
123,741 |
|
|
123,741 |
|
|
123,741 |
|
|
|
| Armstrong Bidco Limited(3)(4)(19)(31) |
|
First lien senior secured GBP term loan |
|
SA+ |
5.25% |
|
6/2029 |
|
£ |
16,173 |
|
|
20,205 |
|
|
21,645 |
|
|
|
| Arrow Borrower 2025, Inc. (dba AvidXchange)(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
4.25% |
|
10/2032 |
|
36,960 |
|
|
36,779 |
|
|
36,775 |
|
|
|
| Artifact Bidco, Inc. (dba Avetta)(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
4.15% |
|
7/2031 |
|
34,579 |
|
|
34,437 |
|
|
34,579 |
|
|
|
| Boxer Parent Company Inc. (f/k/a BMC)(3)(9) |
|
First lien senior secured loan |
|
S+ |
3.00% |
|
7/2031 |
|
29,775 |
|
|
29,523 |
|
|
29,674 |
|
|
|
| BusinessSolver.com, Inc.(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
4.50% |
|
12/2032 |
|
84,467 |
|
|
84,048 |
|
|
84,045 |
|
|
|
| CALABRIO, INC.(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
4.00% |
|
11/2032 |
|
10,000 |
|
|
9,505 |
|
|
9,500 |
|
|
|
| Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(3)(4)(9)(22) |
|
First lien senior secured loan |
|
S+ |
5.50% |
|
8/2027 |
|
76,468 |
|
|
75,836 |
|
|
74,819 |
|
|
|
| CivicPlus, LLC(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
3.25% |
2.75% |
8/2030 |
|
92,655 |
|
|
92,235 |
|
|
92,655 |
|
|
|
| CivicPlus, LLC(3)(4)(9)(22) |
|
First lien senior secured delayed draw term loan |
|
S+ |
5.50% |
|
8/2030 |
|
12,669 |
|
|
12,606 |
|
|
12,669 |
|
|
|
| Coupa Holdings, LLC(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
5.25% |
|
2/2030 |
|
84,313 |
|
|
84,371 |
|
|
84,313 |
|
|
|
| CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC)(3)(4)(10) |
|
Unsecured notes |
|
S+ |
|
11.75% |
6/2034 |
|
28,682 |
|
|
28,441 |
|
|
28,682 |
|
|
|
| Einstein Parent, Inc. (dba Smartsheet)(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
6.50% |
|
1/2031 |
|
105,186 |
|
|
104,237 |
|
|
104,397 |
|
|
|
| Gainsight, Inc.(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
5.75% |
|
7/2027 |
|
67,754 |
|
|
67,462 |
|
|
67,754 |
|
|
|
| Granicus, Inc.(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
3.50% |
2.00% |
1/2031 |
|
3,972 |
|
|
3,958 |
|
|
3,972 |
|
|
|
| Granicus, Inc.(3)(4)(9) |
|
First lien senior secured delayed draw term loan |
|
S+ |
3.00% |
2.00% |
1/2031 |
|
588 |
|
|
584 |
|
|
587 |
|
|
|
| GS Acquisitionco, Inc. (dba insightsoftware)(3)(4)(9)(22) |
|
First lien senior secured loan |
|
S+ |
5.25% |
|
5/2028 |
|
54,329 |
|
|
54,265 |
|
|
53,747 |
|
|
|
| Gusto, Inc.(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
4.50% |
|
11/2030 |
|
46,280 |
|
|
46,111 |
|
|
46,107 |
|
|
|
| Infobip Inc.(3)(4)(9)(31) |
|
First lien senior secured loan |
|
S+ |
5.50% |
|
6/2029 |
|
67,366 |
|
|
66,478 |
|
|
66,692 |
|
|
|
| JS Parent, Inc. (dba Jama Software)(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
4.75% |
|
4/2031 |
|
27,011 |
|
|
26,964 |
|
|
27,011 |
|
|
|
| Lighthouse Buyer, Inc. (dba Harbor Compliance)(3)(4)(11)(22) |
|
First lien senior secured loan |
|
S+ |
4.50% |
|
12/2031 |
|
16,986 |
|
|
16,795 |
|
|
16,794 |
|
|
|
| Magnet Forensics, LLC (f/k/a Grayshift, LLC)(3)(4)(8)(31) |
|
First lien senior secured loan |
|
S+ |
4.50% |
|
7/2028 |
|
175,008 |
|
|
175,081 |
|
|
175,008 |
|
|
|
| Ministry Brands Holdings, LLC(3)(4)(8) |
|
First lien senior secured loan |
|
S+ |
5.50% |
|
12/2028 |
|
8,140 |
|
|
8,059 |
|
|
8,079 |
|
|
|
| Ministry Brands Holdings, LLC(3)(4)(12)(22) |
|
First lien senior secured revolving loan |
|
S+ |
4.50% |
|
12/2027 |
|
61 |
|
|
57 |
|
|
56 |
|
|
|
| Simpler Postage, Inc. (dba Easypost)(3)(4)(8)(22) |
|
First lien senior secured loan |
|
S+ |
8.00% |
|
6/2029 |
|
65,114 |
|
|
62,838 |
|
|
61,381 |
|
|
|
| Tamarack Intermediate, L.L.C. (dba Verisk 3E)(3)(4)(9)(22) |
|
First lien senior secured loan |
|
S+ |
5.00% |
|
3/2029 |
|
12,927 |
|
|
12,799 |
|
|
12,927 |
|
|
|
| VCI Asset Holdings 1 LLC(3)(4)(6)(31) |
|
First lien senior secured loan |
|
N/A |
10.00% |
|
11/2030 |
|
123,409 |
|
|
122,198 |
|
|
122,175 |
|
|
|
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
| Company(1)(25) |
|
Investment |
|
Ref. Rate |
Cash |
PIK |
Maturity Date |
|
Par / Units |
|
Amortized Cost(2)(27) |
|
Fair Value |
|
% of Net Assets |
| Velocity HoldCo III Inc. (dba VelocityEHS)(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
5.50% |
|
5/2029 |
|
71,497 |
|
|
71,490 |
|
|
71,497 |
|
|
|
| XPLOR T1, LLC(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
3.50% |
|
12/2032 |
|
18,354 |
|
|
18,262 |
|
|
18,354 |
|
|
|
| Zendesk, Inc.(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
5.00% |
|
11/2028 |
|
168,713 |
|
|
167,768 |
|
|
168,713 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,768,045 |
|
|
1,769,444 |
|
|
22.0 |
% |
| Banks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Finastra USA, Inc.(3)(4)(9)(31) |
|
First lien senior secured loan |
|
S+ |
7.25% |
|
9/2029 |
|
42,236 |
|
|
42,153 |
|
|
42,553 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
42,153 |
|
|
42,553 |
|
|
0.5 |
% |
| Beverages |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(3)(4)(8) |
|
First lien senior secured loan |
|
S+ |
6.25% |
|
3/2027 |
|
1,909 |
|
|
1,891 |
|
|
1,904 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,891 |
|
|
1,904 |
|
|
— |
% |
| Building Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| EET Buyer, Inc. (dba e-Emphasys)(3)(4)(9)(22) |
|
First lien senior secured loan |
|
S+ |
5.25% |
|
11/2027 |
|
74,848 |
|
|
74,584 |
|
|
74,848 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
74,584 |
|
|
74,848 |
|
|
0.9 |
% |
| Buildings & Real Estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Associations, Inc.(3)(4)(9)(22) |
|
First lien senior secured loan |
|
S+ |
6.50% |
|
7/2028 |
|
137,330 |
|
|
137,223 |
|
|
137,330 |
|
|
|
| Associations Finance, Inc.(3)(4)(6) |
|
Unsecured notes |
|
N/A |
|
14.25% |
5/2030 |
|
45,790 |
|
|
45,689 |
|
|
45,790 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
182,912 |
|
|
183,120 |
|
|
2.3 |
% |
| Capital Markets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)(3)(4)(8)(22) |
|
First lien senior secured loan |
|
S+ |
4.75% |
|
6/2030 |
|
19,829 |
|
|
19,652 |
|
|
19,829 |
|
|
|
| Denali Intermediate Holdings, Inc. (dba Dun & Bradstreet)(3)(4)(8) |
|
First lien senior secured loan |
|
S+ |
5.50% |
|
8/2032 |
|
86,364 |
|
|
85,115 |
|
|
85,068 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
104,767 |
|
|
104,897 |
|
|
1.3 |
% |
| Commercial Services & Supplies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Sentinel Buyer Corp. (dba SimpliSafe)(3)(4)(8) |
|
First lien senior secured loan |
|
S+ |
5.00% |
|
11/2032 |
|
23,856 |
|
|
23,621 |
|
|
23,618 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,621 |
|
|
23,618 |
|
|
0.3 |
% |
| Construction & Engineering |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dodge Construction Network LLC(3)(9) |
|
First lien senior secured loan |
|
S+ |
6.25% |
|
1/2029 |
|
4,352 |
|
|
4,282 |
|
|
4,363 |
|
|
|
| Dodge Construction Network LLC(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
4.75% |
|
2/2029 |
|
6,035 |
|
|
5,018 |
|
|
4,797 |
|
|
|
| Pike Corp.(4)(9) |
|
First lien senior secured loan |
|
S+ |
4.50% |
|
12/2032 |
|
25,691 |
|
|
25,564 |
|
|
25,563 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34,864 |
|
|
34,723 |
|
|
0.4 |
% |
| Consumer Finance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Klarna Holding AB(3)(4)(9)(31) |
|
Subordinated Floating Rate Notes |
|
S+ |
7.00% |
|
4/2034 |
|
65,334 |
|
|
65,358 |
|
|
65,334 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
65,358 |
|
|
65,334 |
|
|
0.8 |
% |
| Diversified Consumer Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Eagan Parent, Inc. (dba Elite)(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
4.25% |
|
9/2032 |
|
23,675 |
|
|
23,560 |
|
|
23,556 |
|
|
|
| Icefall Parent, Inc. (dba EngageSmart)(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
4.50% |
|
1/2030 |
|
30,068 |
|
|
30,068 |
|
|
30,068 |
|
|
|
| Litera Bidco LLC(3)(4)(8)(22) |
|
First lien senior secured loan |
|
S+ |
5.00% |
|
5/2028 |
|
187,762 |
|
|
187,235 |
|
|
187,762 |
|
|
|
| Relativity ODA LLC(3)(4)(8) |
|
First lien senior secured loan |
|
S+ |
4.50% |
|
5/2029 |
|
137,241 |
|
|
136,886 |
|
|
137,241 |
|
|
|
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
| Company(1)(25) |
|
Investment |
|
Ref. Rate |
Cash |
PIK |
Maturity Date |
|
Par / Units |
|
Amortized Cost(2)(27) |
|
Fair Value |
|
% of Net Assets |
| Themis Solutions Inc. (dba Clio)(3)(4)(8)(31) |
|
First lien senior secured loan |
|
S+ |
1.75% |
3.75% |
10/2032 |
|
80,606 |
|
|
79,822 |
|
|
79,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
457,571 |
|
|
458,427 |
|
|
5.7 |
% |
| Diversified Financial Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Blackhawk Network Holdings, Inc.(3)(9) |
|
First lien senior secured loan |
|
S+ |
4.00% |
|
3/2029 |
|
89,496 |
|
|
89,464 |
|
|
89,836 |
|
|
|
| BTRS Holdings Inc. (dba Billtrust)(3)(4)(9)(22) |
|
First lien senior secured loan |
|
S+ |
5.50% |
|
12/2028 |
|
150,601 |
|
|
150,344 |
|
|
150,601 |
|
|
|
| Computer Services, Inc. (dba CSI)(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
4.50% |
|
11/2031 |
|
229,153 |
|
|
228,937 |
|
|
229,153 |
|
|
|
| Deerfield Dakota Holdings(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
3.00% |
2.75% |
9/2032 |
|
127,462 |
|
|
126,851 |
|
|
126,825 |
|
|
|
| Hg Genesis 8 Sumoco Limited(3)(4)(19)(31) |
|
Unsecured facility |
|
SA+ |
7.50% |
|
9/2027 |
|
£ |
13,504 |
|
|
17,026 |
|
|
18,164 |
|
|
|
| Hg Genesis 9 SumoCo Limited(3)(4)(14)(31) |
|
Unsecured facility |
|
E+ |
|
6.25% |
3/2029 |
|
€ |
58,971 |
|
|
64,063 |
|
|
69,258 |
|
|
|
| Hg Saturn Luchaco Limited(3)(4)(19)(31) |
|
Unsecured facility |
|
SA+ |
|
8.25% |
3/2027 |
|
£ |
43,398 |
|
|
55,360 |
|
|
58,373 |
|
|
|
| Minotaur Acquisition, Inc. (dba Inspira Financial)(3)(4)(8) |
|
First lien senior secured loan |
|
S+ |
5.00% |
|
6/2030 |
|
186,614 |
|
|
185,817 |
|
|
186,614 |
|
|
|
| ML Holdco, Inc. (dba Meridian Link)(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
4.50% |
|
10/2032 |
|
106,139 |
|
|
105,622 |
|
|
105,608 |
|
|
|
| NMI Acquisitionco, Inc. (dba Network Merchants)(3)(4)(8) |
|
First lien senior secured loan |
|
S+ |
4.50% |
|
9/2028 |
|
24,106 |
|
|
24,079 |
|
|
24,106 |
|
|
|
| Smarsh Inc.(3)(4)(9)(22) |
|
First lien senior secured revolving loan |
|
S+ |
4.75% |
|
2/2029 |
|
90,327 |
|
|
90,041 |
|
|
89,849 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,137,604 |
|
|
1,148,387 |
|
|
14.3 |
% |
| Diversified Support Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CoreTrust Purchasing Group LLC(3)(4)(8) |
|
First lien senior secured loan |
|
S+ |
5.00% |
|
10/2029 |
|
34,488 |
|
|
34,508 |
|
|
34,488 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34,508 |
|
|
34,488 |
|
|
0.4 |
% |
| Entertainment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Aerosmith Bidco 1 Limited (dba Audiotonix)(3)(4)(9)(31) |
|
First lien senior secured loan |
|
S+ |
5.25% |
|
7/2031 |
|
197,055 |
|
|
196,059 |
|
|
197,055 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
196,059 |
|
|
197,055 |
|
|
2.5 |
% |
| Equity Real Estate Investment Trusts (REITs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Storable, Inc.(3)(8) |
|
First lien senior secured loan |
|
S+ |
3.25% |
|
4/2031 |
|
9,926 |
|
|
9,894 |
|
|
9,964 |
|
|
|
| Storable Intermediate Holdings, LLC(3)(4)(8) |
|
First lien senior secured loan |
|
S+ |
|
6.00% |
4/2032 |
|
109,040 |
|
|
108,562 |
|
|
109,040 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
118,456 |
|
|
119,004 |
|
|
1.5 |
% |
| Food & Staples Retailing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))(3)(4)(8) |
|
First lien senior secured loan |
|
S+ |
4.25% |
|
12/2029 |
|
187,088 |
|
|
187,024 |
|
|
187,088 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
187,024 |
|
|
187,088 |
|
|
2.3 |
% |
| Health Care Equipment & Supplies |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cambrex Corporation(3)(4)(8)(22) |
|
First lien senior secured loan |
|
S+ |
4.50% |
|
3/2032 |
|
39,261 |
|
|
38,872 |
|
|
39,261 |
|
|
|
| Packaging Coordinators Midco, Inc.(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
4.75% |
|
10/2032 |
|
145,305 |
|
|
143,580 |
|
|
144,579 |
|
|
|
| Packaging Coordinators Midco, Inc.(3)(4)(9)(22) |
|
First lien senior secured delayed draw term loan |
|
S+ |
4.50% |
|
1/2032 |
|
795 |
|
|
776 |
|
|
791 |
|
|
|
| Packaging Coordinators Midco, Inc.(3)(4)(19) |
|
First lien senior secured delayed draw term loan |
|
S+ |
4.75% |
|
10/2032 |
|
16,752 |
|
|
16,367 |
|
|
16,668 |
|
|
|
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
| Company(1)(25) |
|
Investment |
|
Ref. Rate |
Cash |
PIK |
Maturity Date |
|
Par / Units |
|
Amortized Cost(2)(27) |
|
Fair Value |
|
% of Net Assets |
| PerkinElmer U.S. LLC(3)(4)(8) |
|
First lien senior secured loan |
|
S+ |
4.75% |
|
3/2029 |
|
75,065 |
|
|
74,616 |
|
|
75,065 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
274,211 |
|
|
276,364 |
|
|
3.4 |
% |
| Health Care Providers & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Bristol Hospice L.L.C.(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
5.00% |
|
8/2032 |
|
18,258 |
|
|
18,168 |
|
|
18,258 |
|
|
|
| Covetrus, Inc.(3)(4)(9) |
|
Second lien senior secured loan |
|
S+ |
9.25% |
|
10/2030 |
|
75,000 |
|
|
73,534 |
|
|
72,563 |
|
|
|
| Engage Debtco Limited(3)(4)(9)(31) |
|
First lien senior secured loan |
|
S+ |
3.18% |
2.75% |
7/2029 |
|
16,048 |
|
|
15,724 |
|
|
15,205 |
|
|
|
| Engage Debtco Limited(3)(4)(9)(31) |
|
First lien senior secured delayed draw term loan |
|
S+ |
3.08% |
2.75% |
7/2029 |
|
5,210 |
|
|
5,109 |
|
|
4,937 |
|
|
|
| EresearchTechnology, Inc. (dba Clario)(3)(4)(8)(22) |
|
First lien senior secured loan |
|
S+ |
4.75% |
|
1/2032 |
|
79,855 |
|
|
79,095 |
|
|
79,855 |
|
|
|
| KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)(3)(4)(8)(22) |
|
First lien senior secured loan |
|
S+ |
5.00% |
|
12/2029 |
|
88,879 |
|
|
88,274 |
|
|
88,656 |
|
|
|
| Natural Partners, LLC(3)(4)(9)(31) |
|
First lien senior secured loan |
|
S+ |
4.50% |
|
11/2030 |
|
21,882 |
|
|
21,802 |
|
|
21,882 |
|
|
|
| OneOncology, LLC(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
4.75% |
|
6/2030 |
|
50,641 |
|
|
50,365 |
|
|
50,641 |
|
|
|
| OneOncology, LLC(3)(4)(9) |
|
First lien senior secured delayed draw term loan |
|
S+ |
5.00% |
|
6/2030 |
|
13,757 |
|
|
13,727 |
|
|
13,757 |
|
|
|
| OneOncology, LLC(3)(4)(9)(22) |
|
First lien senior secured delayed draw term loan |
|
S+ |
4.50% |
|
6/2030 |
|
5,735 |
|
|
5,655 |
|
|
5,652 |
|
|
|
| PetVet Care Centers, LLC(3)(4)(8) |
|
First lien senior secured loan |
|
S+ |
6.00% |
|
11/2030 |
|
76,930 |
|
|
74,767 |
|
|
69,237 |
|
|
|
| PetVet Care Centers, LLC(3)(4)(8)(22) |
|
First lien senior secured revolving loan |
|
S+ |
6.00% |
|
11/2029 |
|
1,075 |
|
|
809 |
|
|
— |
|
|
|
| Valeris, Inc. (fka Phantom Purchaser, Inc.)(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
5.00% |
|
9/2031 |
|
8,820 |
|
|
8,806 |
|
|
8,820 |
|
|
|
| Valeris, Inc. (fka Phantom Purchaser, Inc.)(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
4.75% |
|
9/2031 |
|
15,122 |
|
|
14,981 |
|
|
15,084 |
|
|
|
| Vermont Aus Pty Ltd(3)(4)(17)(31) |
|
First lien senior secured AUD term loan |
|
B+ |
4.50% |
|
3/2028 |
|
A$ |
12,841 |
|
|
8,480 |
|
|
8,563 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
479,296 |
|
|
473,110 |
|
|
5.9 |
% |
| Health Care Technology |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Athenahealth Group Inc.(3)(8) |
|
First lien senior secured loan |
|
S+ |
2.75% |
|
2/2029 |
|
3,458 |
|
|
3,425 |
|
|
3,462 |
|
|
|
| BCPE Osprey Buyer, Inc. (dba PartsSource)(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
5.75% |
|
8/2028 |
|
112,966 |
|
|
112,138 |
|
|
111,836 |
|
|
|
| BCPE Osprey Buyer, Inc. (dba PartsSource)(3)(4)(8)(22) |
|
First lien senior secured revolving loan |
|
S+ |
5.75% |
|
8/2026 |
|
10,193 |
|
|
10,166 |
|
|
10,071 |
|
|
|
| BCPE Osprey Buyer, Inc. (dba PartsSource)(3)(4)(8) |
|
First lien senior secured delayed draw term loan |
|
S+ |
5.75% |
|
8/2028 |
|
24,701 |
|
|
24,464 |
|
|
24,455 |
|
|
|
| Color Intermediate, LLC (dba ClaimsXten)(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
4.75% |
|
10/2029 |
|
47,428 |
|
|
47,460 |
|
|
47,309 |
|
|
|
| CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)(3)(4)(8)(22) |
|
First lien senior secured loan |
|
S+ |
5.00% |
|
8/2031 |
|
157,173 |
|
|
156,961 |
|
|
157,173 |
|
|
|
| CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)(3)(4)(8)(22) |
|
First lien senior secured delayed draw term loan |
|
S+ |
4.75% |
|
8/2031 |
|
41,781 |
|
|
41,551 |
|
|
41,572 |
|
|
|
| GI Ranger Intermediate, LLC (dba Rectangle Health)(3)(4)(9)(22) |
|
First lien senior secured revolving loan |
|
S+ |
6.00% |
|
10/2027 |
|
295 |
|
|
281 |
|
|
229 |
|
|
|
| GI Ranger Intermediate, LLC (dba Rectangle Health)(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
6.00% |
|
10/2028 |
|
26,677 |
|
|
26,410 |
|
|
25,877 |
|
|
|
| Greenway Health, LLC(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
6.75% |
|
4/2029 |
|
18,718 |
|
|
18,496 |
|
|
18,437 |
|
|
|
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
| Company(1)(25) |
|
Investment |
|
Ref. Rate |
Cash |
PIK |
Maturity Date |
|
Par / Units |
|
Amortized Cost(2)(27) |
|
Fair Value |
|
% of Net Assets |
| Himalaya Topco LLC (dba HealthEdge)(3)(4)(8) |
|
First lien senior secured loan |
|
S+ |
2.75% |
2.25% |
6/2032 |
|
94,390 |
|
|
93,487 |
|
|
93,446 |
|
|
|
| Hyland Software, Inc.(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
5.00% |
|
9/2030 |
|
148,299 |
|
|
148,345 |
|
|
148,299 |
|
|
|
| Indikami Bidco, LLC (dba IntegriChain)(3)(4)(8) |
|
First lien senior secured loan |
|
S+ |
4.00% |
2.50% |
12/2030 |
|
136,382 |
|
|
134,721 |
|
|
133,655 |
|
|
|
| Indikami Bidco, LLC (dba IntegriChain)(3)(4)(8) |
|
First lien senior secured delayed draw term loan |
|
S+ |
6.00% |
|
12/2030 |
|
2,085 |
|
|
2,084 |
|
|
2,044 |
|
|
|
| Indikami Bidco, LLC (dba IntegriChain)(3)(4)(8)(22) |
|
First lien senior secured revolving loan |
|
S+ |
6.00% |
|
6/2030 |
|
9,906 |
|
|
9,756 |
|
|
9,645 |
|
|
|
| Inovalon Holdings, Inc.(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
2.75% |
2.75% |
11/2028 |
|
193,192 |
|
|
192,951 |
|
|
189,328 |
|
|
|
| Inovalon Holdings, Inc.(3)(4)(9) |
|
Second lien senior secured loan |
|
S+ |
|
8.50% |
11/2033 |
|
77,128 |
|
|
77,128 |
|
|
70,958 |
|
|
|
| Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(3)(4)(9)(31) |
|
First lien senior secured loan |
|
S+ |
6.50% |
|
8/2026 |
|
163,146 |
|
|
162,864 |
|
|
163,146 |
|
|
|
| Interoperability Bidco, Inc. (dba Lyniate)(3)(4)(9)(22) |
|
First lien senior secured loan |
|
S+ |
5.75% |
|
3/2028 |
|
116,636 |
|
|
116,035 |
|
|
116,016 |
|
|
|
| Modernizing Medicine, Inc. (dba ModMed)(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
2.50% |
2.25% |
4/2032 |
|
147,286 |
|
|
145,946 |
|
|
146,550 |
|
|
|
| Neptune Holdings, Inc. (dba NexTech)(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
4.50% |
|
8/2030 |
|
10,809 |
|
|
10,795 |
|
|
10,782 |
|
|
|
| RL Datix Holdings (USA), Inc.(3)(4)(10) |
|
First lien senior secured loan |
|
S+ |
5.00% |
|
4/2031 |
|
104,855 |
|
|
104,856 |
|
|
104,855 |
|
|
|
| RL Datix Holdings (USA), Inc.(3)(4)(19) |
|
First lien senior secured GBP term loan |
|
SA+ |
5.00% |
|
4/2031 |
|
£ |
48,557 |
|
|
65,531 |
|
|
65,312 |
|
|
|
| Salinger Bidco Inc. (dba Surgical Information Systems)(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
5.75% |
|
8/2031 |
|
94,453 |
|
|
94,319 |
|
|
94,453 |
|
|
|
| Salinger Bidco Inc. (dba Surgical Information Systems)(3)(4)(9)(22) |
|
First lien senior secured revolving loan |
|
S+ |
5.75% |
|
5/2031 |
|
762 |
|
|
745 |
|
|
762 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,800,915 |
|
|
1,789,672 |
|
|
22.3 |
% |
| Hotels, Restaurants & Leisure |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| MINDBODY, Inc.(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
6.00% |
|
9/2027 |
|
72,962 |
|
|
72,816 |
|
|
72,962 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
72,816 |
|
|
72,962 |
|
|
0.9 |
% |
| Household Durables |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BCTO BSI Buyer, Inc. (dba Buildertrend)(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
6.50% |
|
12/2028 |
|
83,345 |
|
|
83,166 |
|
|
83,345 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
83,166 |
|
|
83,345 |
|
|
1.0 |
% |
| Industrial Conglomerates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Aptean Acquiror, Inc. (dba Aptean)(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
4.75% |
|
1/2031 |
|
16,776 |
|
|
16,704 |
|
|
16,776 |
|
|
|
| Aptean Acquiror, Inc. (dba Aptean)(3)(4)(8)(22) |
|
First lien senior secured revolving loan |
|
S+ |
4.65% |
|
1/2031 |
|
272 |
|
|
269 |
|
|
272 |
|
|
|
| QAD, Inc.(3)(4)(8) |
|
First lien senior secured loan |
|
S+ |
4.75% |
|
11/2027 |
|
87,260 |
|
|
87,260 |
|
|
87,260 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
104,233 |
|
|
104,308 |
|
|
1.3 |
% |
| Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AmeriLife Holdings LLC(3)(4)(9)(22) |
|
First lien senior secured loan |
|
S+ |
5.00% |
|
8/2029 |
|
45,716 |
|
|
45,539 |
|
|
45,486 |
|
|
|
| AmeriLife Holdings LLC(3)(4)(9)(22) |
|
First lien senior secured revolving loan |
|
S+ |
5.00% |
|
8/2028 |
|
816 |
|
|
797 |
|
|
792 |
|
|
|
| Asurion, LLC(3)(8) |
|
First lien senior secured loan |
|
S+ |
4.25% |
|
8/2028 |
|
18,249 |
|
|
18,171 |
|
|
18,272 |
|
|
|
| Asurion, LLC(3)(8) |
|
Second lien senior secured loan |
|
S+ |
5.25% |
|
1/2028 |
|
10,833 |
|
|
10,741 |
|
|
10,781 |
|
|
|
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
| Company(1)(25) |
|
Investment |
|
Ref. Rate |
Cash |
PIK |
Maturity Date |
|
Par / Units |
|
Amortized Cost(2)(27) |
|
Fair Value |
|
% of Net Assets |
| Diamond Insure Bidco (dba Acturis)(3)(4)(14)(31) |
|
First lien senior secured EUR term loan |
|
E+ |
3.75% |
|
7/2031 |
|
€ |
8,121 |
|
|
8,678 |
|
|
9,538 |
|
|
|
| Diamond Insure Bidco (dba Acturis)(3)(4)(19)(31) |
|
First lien senior secured GBP term loan |
|
SA+ |
4.00% |
|
7/2031 |
|
£ |
23,926 |
|
|
30,530 |
|
|
32,181 |
|
|
|
| Galway Borrower LLC(3)(4)(9)(22) |
|
First lien senior secured delayed draw term loan |
|
S+ |
4.50% |
|
9/2028 |
|
351 |
|
|
350 |
|
|
351 |
|
|
|
| Integrity Marketing Acquisition, LLC(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
5.00% |
|
8/2028 |
|
90,977 |
|
|
90,778 |
|
|
90,977 |
|
|
|
| Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages)(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
4.50% |
|
11/2032 |
|
3,261 |
|
|
3,245 |
|
|
3,245 |
|
|
|
| One, Inc. Software Corporation(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
4.50% |
|
12/2032 |
|
144,280 |
|
|
143,565 |
|
|
143,559 |
|
|
|
| Simplicity Financial Marketing Group Holdings, Inc.(3)(4)(9)(22) |
|
First lien senior secured loan |
|
S+ |
4.75% |
|
12/2031 |
|
15,992 |
|
|
15,842 |
|
|
15,992 |
|
|
|
| Trucordia Insurance Holdings, LLC(3)(4)(8) |
|
Second lien senior secured loan |
|
S+ |
5.75% |
|
6/2033 |
|
60,500 |
|
|
59,919 |
|
|
60,349 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
428,155 |
|
|
431,523 |
|
|
5.4 |
% |
| Internet & Direct Marketing Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Aurelia Netherlands B.V.(3)(4)(14)(31) |
|
First lien senior secured EUR term loan |
|
E+ |
4.75% |
|
5/2031 |
|
€ |
64,942 |
|
|
73,397 |
|
|
76,271 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
73,397 |
|
|
76,271 |
|
|
0.9 |
% |
| IT Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Flexera Software LLC(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
4.50% |
|
8/2032 |
|
20,995 |
|
|
20,927 |
|
|
20,942 |
|
|
|
| Flexera Software LLC(3)(4)(13) |
|
First lien senior secured EUR term loan |
|
E+ |
4.50% |
|
8/2032 |
|
€ |
5,300 |
|
|
6,193 |
|
|
6,210 |
|
|
|
| Kaseya Inc.(3)(8) |
|
First lien senior secured loan |
|
S+ |
3.00% |
|
3/2032 |
|
69,475 |
|
|
69,196 |
|
|
69,482 |
|
|
|
| Kaseya Inc.(3)(8) |
|
Second lien senior secured loan |
|
S+ |
5.00% |
|
3/2033 |
|
19,884 |
|
|
19,813 |
|
|
19,417 |
|
|
|
| Severin Acquisition, LLC (dba PowerSchool)(3)(4)(8) |
|
First lien senior secured loan |
|
S+ |
2.50% |
2.25% |
10/2031 |
|
94,356 |
|
|
93,335 |
|
|
93,176 |
|
|
|
| Severin Acquisition, LLC (dba PowerSchool)(3)(4)(8)(22) |
|
First lien senior secured delayed draw term loan |
|
S+ |
4.75% |
|
10/2031 |
|
4,117 |
|
|
3,987 |
|
|
3,950 |
|
|
|
| Spaceship Purchaser, Inc. (dba Squarespace)(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
3.75% |
|
10/2031 |
|
133,270 |
|
|
133,270 |
|
|
133,270 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
346,721 |
|
|
346,447 |
|
|
4.3 |
% |
| Life Sciences Tools & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Bamboo US BidCo LLC(3)(4)(14) |
|
First lien senior secured EUR term loan |
|
E+ |
5.00% |
|
9/2030 |
|
€ |
15,539 |
|
|
16,720 |
|
|
18,250 |
|
|
|
| Bamboo US BidCo LLC(3)(4)(9) |
|
First lien senior secured delayed draw term loan |
|
S+ |
5.00% |
|
9/2030 |
|
32,217 |
|
|
32,194 |
|
|
32,217 |
|
|
|
| Bamboo US BidCo LLC(3)(4)(8)(22) |
|
First lien senior secured delayed draw term loan |
|
S+ |
5.06% |
|
9/2030 |
|
2,852 |
|
|
2,835 |
|
|
2,852 |
|
|
|
| Bracket Intermediate Holding Corp.(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
4.75% |
|
10/2031 |
|
36,425 |
|
|
36,069 |
|
|
36,061 |
|
|
|
| Commander Buyer, Inc. (dba CenExel)(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
4.75% |
|
6/2032 |
|
33,050 |
|
|
32,876 |
|
|
33,050 |
|
|
|
| Creek Parent, Inc. (dba Catalent)(3)(4)(8) |
|
First lien senior secured loan |
|
S+ |
5.00% |
|
12/2031 |
|
173,577 |
|
|
171,927 |
|
|
172,709 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
292,621 |
|
|
295,139 |
|
|
3.7 |
% |
| Media |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Monotype Imaging Holdings Inc.(3)(4)(8)(22) |
|
First lien senior secured loan |
|
S+ |
5.25% |
|
2/2031 |
|
128,668 |
|
|
128,347 |
|
|
128,668 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
128,347 |
|
|
128,668 |
|
|
1.6 |
% |
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
| Company(1)(25) |
|
Investment |
|
Ref. Rate |
Cash |
PIK |
Maturity Date |
|
Par / Units |
|
Amortized Cost(2)(27) |
|
Fair Value |
|
% of Net Assets |
| Multiline Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PDI TA Holdings, Inc.(3)(4)(9)(22) |
|
First lien senior secured loan |
|
S+ |
5.50% |
|
2/2031 |
|
28,693 |
|
|
28,396 |
|
|
28,326 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28,396 |
|
|
28,326 |
|
|
0.4 |
% |
| Pharmaceuticals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foundation Consumer Brands, LLC(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
5.00% |
|
2/2029 |
|
20,983 |
|
|
20,896 |
|
|
20,878 |
|
|
|
| Pacific BidCo Inc.(3)(4)(10)(31) |
|
First lien senior secured delayed draw term loan |
|
S+ |
5.75% |
|
8/2029 |
|
10,149 |
|
|
9,987 |
|
|
10,124 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30,883 |
|
|
31,002 |
|
|
0.4 |
% |
| Professional Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BCTO WIW Holdings, Inc. (dba When I Work)(3)(4)(6) |
|
Senior convertible notes |
|
N/A |
|
5.50% |
8/2030 |
|
4,740 |
|
|
4,694 |
|
|
4,694 |
|
|
|
| Certinia Inc.(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
4.50% |
|
8/2031 |
|
231,597 |
|
|
231,242 |
|
|
231,018 |
|
|
|
| CloudPay, Inc.(3)(4)(9)(31) |
|
First lien senior secured loan |
|
S+ |
7.50% |
|
7/2029 |
|
24,500 |
|
|
24,263 |
|
|
23,582 |
|
|
|
| Cornerstone OnDemand, Inc.(3)(4)(8) |
|
Second lien senior secured loan |
|
S+ |
6.50% |
|
10/2029 |
|
71,667 |
|
|
71,056 |
|
|
64,500 |
|
|
|
| Gerson Lehrman Group, Inc.(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
5.00% |
|
12/2028 |
|
37,696 |
|
|
37,567 |
|
|
37,696 |
|
|
|
| Proofpoint, Inc.(3)(9) |
|
First lien senior secured loan |
|
S+ |
3.00% |
|
8/2028 |
|
3,135 |
|
|
3,127 |
|
|
3,148 |
|
|
|
| Proofpoint, Inc.(3)(4)(14) |
|
Second lien senior secured loan |
|
E+ |
5.75% |
|
12/2033 |
|
€ |
57,750 |
|
|
65,250 |
|
|
67,824 |
|
|
|
| Proofpoint, Inc.(3)(4)(9) |
|
Second lien senior secured loan |
|
S+ |
5.75% |
|
12/2033 |
|
66,014 |
|
|
65,354 |
|
|
66,014 |
|
|
|
| Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
6.50% |
|
5/2028 |
|
67,228 |
|
|
67,246 |
|
|
67,228 |
|
|
|
| Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(14) |
|
First lien senior secured EUR term loan |
|
E+ |
6.75% |
|
5/2028 |
|
€ |
11,480 |
|
|
12,416 |
|
|
13,483 |
|
|
|
| Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(14) |
|
First lien senior secured EUR delayed draw term loan |
|
E+ |
7.25% |
|
5/2028 |
|
€ |
261 |
|
|
283 |
|
|
307 |
|
|
|
| Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(9) |
|
First lien senior secured delayed draw term loan |
|
S+ |
6.94% |
|
5/2028 |
|
1,287 |
|
|
1,287 |
|
|
1,287 |
|
|
|
| Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(8)(22) |
|
First lien senior secured revolving loan |
|
S+ |
6.50% |
|
5/2028 |
|
1,846 |
|
|
1,846 |
|
|
1,846 |
|
|
|
| Sovos Compliance, LLC(3)(8) |
|
First lien senior secured loan |
|
S+ |
3.25% |
|
8/2029 |
|
19,207 |
|
|
19,207 |
|
|
19,251 |
|
|
|
| Thunder Purchaser, Inc. (dba Vector Solutions)(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
5.25% |
|
6/2028 |
|
138,359 |
|
|
137,768 |
|
|
138,359 |
|
|
|
| TK Operations Ltd (dba Travelperk, Inc.)(3)(4)(6)(31) |
|
First lien senior secured loan |
|
N/A |
|
11.50% |
5/2029 |
|
53,901 |
|
|
51,177 |
|
|
52,284 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
793,783 |
|
|
792,521 |
|
|
9.9 |
% |
| Real Estate Management & Development |
|
|
|
|
|
|
|
|
|
|
|
|
|
| RealPage, Inc.(3)(9) |
|
First lien senior secured loan |
|
S+ |
3.75% |
|
4/2028 |
|
34,738 |
|
|
34,594 |
|
|
34,814 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34,594 |
|
|
34,814 |
|
|
0.4 |
% |
| Specialty Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| McQueen Bidco PTY LTD. (dba Infomedia)(3)(4)(9)(31) |
|
First lien senior secured loan |
|
S+ |
4.50% |
|
12/2032 |
|
77,652 |
|
|
77,652 |
|
|
77,458 |
|
|
|
| OECONNECTION LLC(3)(4)(8) |
|
First lien senior secured loan |
|
S+ |
4.50% |
|
12/2032 |
|
37,471 |
|
|
37,284 |
|
|
37,285 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
114,936 |
|
|
114,743 |
|
|
1.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
| Company(1)(25) |
|
Investment |
|
Ref. Rate |
Cash |
PIK |
Maturity Date |
|
Par / Units |
|
Amortized Cost(2)(27) |
|
Fair Value |
|
% of Net Assets |
| Systems Software |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Acquia Inc.(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
5.50% |
|
10/2026 |
|
188,298 |
|
|
188,019 |
|
|
183,120 |
|
|
|
| Activate Holdings (US) Corp. (dba Absolute Software)(3)(4)(9)(31) |
|
First lien senior secured loan |
|
S+ |
5.25% |
|
7/2030 |
|
53,987 |
|
|
54,003 |
|
|
53,987 |
|
|
|
| Appfire Technologies, LLC(3)(4)(9)(22) |
|
First lien senior secured loan |
|
S+ |
4.75% |
|
3/2028 |
|
7,343 |
|
|
7,345 |
|
|
7,343 |
|
|
|
| Arctic Wolf Networks, Inc.(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
5.75% |
|
2/2030 |
|
88,384 |
|
|
87,605 |
|
|
87,942 |
|
|
|
| Arctic Wolf Networks, Inc.(3)(4)(6) |
|
Senior convertible notes |
|
N/A |
|
3.00% |
11/2030 |
|
130,908 |
|
|
183,045 |
|
|
183,045 |
|
|
|
| Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)(3)(4)(8) |
|
First lien senior secured loan |
|
S+ |
6.00% |
|
3/2031 |
|
94,049 |
|
|
93,224 |
|
|
94,049 |
|
|
|
| Barracuda Parent, LLC(3)(9) |
|
First lien senior secured loan |
|
S+ |
4.50% |
|
8/2029 |
|
22,800 |
|
|
20,476 |
|
|
18,404 |
|
|
|
| Barracuda Parent, LLC(3)(4)(9) |
|
Second lien senior secured loan |
|
S+ |
7.00% |
|
8/2030 |
|
55,875 |
|
|
44,798 |
|
|
40,509 |
|
|
|
| Barracuda Parent, LLC(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
6.50% |
|
8/2029 |
|
20,442 |
|
|
19,931 |
|
|
17,989 |
|
|
|
| Bayshore Intermediate #2, L.P. (dba Boomi)(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
2.50% |
3.00% |
10/2028 |
|
158,041 |
|
|
158,069 |
|
|
158,041 |
|
|
|
| Bayshore Intermediate #2, L.P. (dba Boomi)(3)(4)(9)(22) |
|
First lien senior secured revolving loan |
|
S+ |
5.00% |
|
10/2027 |
|
3,257 |
|
|
3,234 |
|
|
3,257 |
|
|
|
| Circle Internet Services, Inc.(4)(29) |
|
Subordinated Convertible Security |
|
N/A |
|
|
N/A |
|
759 |
|
|
759 |
|
|
759 |
|
|
|
| ConnectWise, LLC(3)(9) |
|
First lien senior secured loan |
|
S+ |
3.50% |
|
9/2028 |
|
3,026 |
|
|
3,025 |
|
|
2,967 |
|
|
|
| Crewline Buyer, Inc. (dba New Relic)(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
6.75% |
|
11/2030 |
|
213,236 |
|
|
211,129 |
|
|
211,637 |
|
|
|
| Databricks, Inc.(3)(4)(8) |
|
First lien senior secured loan |
|
S+ |
4.50% |
|
1/2031 |
|
114,694 |
|
|
114,233 |
|
|
114,694 |
|
|
|
| Delinea Buyer, Inc. (f/k/a Centrify)(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
5.75% |
|
3/2028 |
|
104,640 |
|
|
103,571 |
|
|
104,640 |
|
|
|
| Delta TopCo, Inc. (dba Infoblox, Inc.)(3)(8) |
|
Second lien senior secured loan |
|
S+ |
5.25% |
|
11/2030 |
|
30,000 |
|
|
29,976 |
|
|
29,514 |
|
|
|
| Forescout Technologies, Inc.(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
4.50% |
|
5/2032 |
|
154,570 |
|
|
154,104 |
|
|
153,797 |
|
|
|
| H&F Opportunities LUX III S.À R.L (dba Checkmarx)(3)(4)(8)(31) |
|
First lien senior secured loan |
|
S+ |
6.50% |
|
4/2027 |
|
148,144 |
|
|
147,874 |
|
|
148,144 |
|
|
|
| LogRhythm, Inc.(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
7.50% |
|
7/2029 |
|
4,750 |
|
|
4,642 |
|
|
4,548 |
|
|
|
| Securonix, Inc.(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
3.50% |
3.75% |
4/2029 |
|
41,073 |
|
|
38,729 |
|
|
37,069 |
|
|
|
| Sitecore Holding III A/S(3)(4)(14) |
|
First lien senior secured EUR term loan |
|
E+ |
7.00% |
|
3/2029 |
|
€ |
128,813 |
|
|
137,852 |
|
|
151,285 |
|
|
|
| Sitecore Holding III A/S(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
7.00% |
|
3/2029 |
|
22,333 |
|
|
22,294 |
|
|
22,333 |
|
|
|
| Sitecore USA, Inc.(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
7.00% |
|
3/2029 |
|
134,589 |
|
|
134,351 |
|
|
134,589 |
|
|
|
| Sophos Holdings, LLC(3)(8)(31) |
|
First lien senior secured loan |
|
S+ |
3.50% |
|
3/2027 |
|
14,464 |
|
|
14,481 |
|
|
14,462 |
|
|
|
| Talon MidCo 2 Limited(3)(4)(8)(31) |
|
First lien senior secured loan |
|
S+ |
4.93% |
|
8/2028 |
|
35,627 |
|
|
35,617 |
|
|
35,627 |
|
|
|
| Tricentis Operations Holdings, Inc.(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
1.38% |
|
2/2032 |
|
116,810 |
|
|
115,821 |
|
|
115,642 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,128,207 |
|
|
2,129,393 |
|
|
26.5 |
% |
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
| Company(1)(25) |
|
Investment |
|
Ref. Rate |
Cash |
PIK |
Maturity Date |
|
Par / Units |
|
Amortized Cost(2)(27) |
|
Fair Value |
|
% of Net Assets |
| Wireless Telecommunication Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CCI BUYER, INC. (dba Consumer Cellular)(3)(4)(9) |
|
First lien senior secured loan |
|
S+ |
5.00% |
|
5/2032 |
|
74,926 |
|
|
74,221 |
|
|
74,926 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
74,221 |
|
|
74,926 |
|
|
0.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total non-controlled/non-affiliated debt investments |
|
|
|
|
$ |
11,970,163 |
|
|
$ |
11,962,244 |
|
|
148.8 |
% |
| Total non-controlled/non-affiliated misc. debt commitments(22)(23)(Note 8) |
|
|
|
|
$ |
(5,543) |
|
|
$ |
(3,839) |
|
|
— |
% |
| Total non-controlled/non-affiliated portfolio company debt investments |
|
|
|
$ |
11,964,620 |
|
|
$ |
11,958,405 |
|
|
148.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Aerospace & Defense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Space Exploration Technologies Corp.(3)(4)(29)(30) |
|
Class A Common Stock |
|
N/A |
|
|
N/A |
|
419,311 |
|
|
23,013 |
|
|
162,425 |
|
|
|
| Space Exploration Technologies Corp.(3)(4)(29)(30) |
|
Class C Common Stock |
|
N/A |
|
|
N/A |
|
84,250 |
|
|
4,011 |
|
|
32,635 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,024 |
|
|
195,060 |
|
|
2.4 |
% |
| Application Software |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 6Sense Insights, Inc.(3)(4)(29)(30) |
|
Series E-1 Preferred Stock |
|
N/A |
|
|
N/A |
|
1,580,642 |
|
|
48,102 |
|
|
37,807 |
|
|
|
| Alpha Partners Technology Merger Corp(29)(30)(31) |
|
Common stock |
|
N/A |
|
|
N/A |
|
30,000 |
|
|
1,000 |
|
|
347 |
|
|
|
| Alpha Partners Technology Merger Corp(29)(30)(31) |
|
Warrants |
|
N/A |
|
|
N/A |
|
666,666 |
|
|
— |
|
|
360 |
|
|
|
| AlphaSense, LLC(3)(4)(29)(30) |
|
Series E Preferred Shares |
|
N/A |
|
|
N/A |
|
1,422,042 |
|
|
13,176 |
|
|
17,731 |
|
|
|
| Bird Holding B.V. (fka MessageBird Holding B.V.)(3)(4)(29)(30)(31) |
|
Extended Series C Warrants |
|
N/A |
|
|
N/A |
|
191,530 |
|
|
1,174 |
|
|
214 |
|
|
|
| Diligent Preferred Issuer, Inc. (dba Diligent Corporation)(3)(4)(6)(30) |
|
Preferred Stock |
|
N/A |
|
10.50% |
N/A |
|
15,000 |
|
|
23,489 |
|
|
22,488 |
|
|
|
| EShares, Inc. (dba Carta)(4)(29)(30) |
|
Series E Preferred Stock |
|
N/A |
|
|
N/A |
|
186,904 |
|
|
2,008 |
|
|
4,547 |
|
|
|
| Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)(3)(4)(29)(30)(31) |
|
LP Interest |
|
N/A |
|
|
N/A |
|
$ |
2,292 |
|
|
2,292 |
|
|
3,023 |
|
|
|
| Nylas, Inc.(4)(29)(30) |
|
Series C Preferred Stock |
|
N/A |
|
|
N/A |
|
2,088,467 |
|
|
15,009 |
|
|
1,826 |
|
|
|
| Project Alpine Co-Invest Fund, LP(3)(4)(29)(30)(31) |
|
LP Interest |
|
N/A |
|
|
N/A |
|
$ |
13,333 |
|
|
16,381 |
|
|
17,509 |
|
|
|
| Saturn Ultimate, Inc.(3)(4)(29)(30) |
|
Common stock |
|
N/A |
|
|
N/A |
|
5,580,593 |
|
|
25,008 |
|
|
30,241 |
|
|
|
| Simpler Postage, Inc. (dba Easypost)(3)(4)(29)(30) |
|
Warrants |
|
N/A |
|
|
N/A |
|
216,891 |
|
|
2,635 |
|
|
2,356 |
|
|
|
| Valor Compute Infrastructure L.P.(3)(4)(22)(29)(30)(31) |
|
LP Interest |
|
N/A |
|
|
N/A |
|
$ |
2,160 |
|
|
2,160 |
|
|
2,160 |
|
|
|
| VCI Intermediate TopCo 1 LLC(3)(4)(29)(30)(31) |
|
Class B Units |
|
N/A |
|
|
N/A |
|
$ |
6,170 |
|
|
6,172 |
|
|
6,170 |
|
|
|
| Zoro TopCo, L.P.(3)(4)(29)(30) |
|
Class A Common Units |
|
N/A |
|
|
N/A |
|
1,644,254 |
|
|
17,739 |
|
|
18,455 |
|
|
|
| Zoro TopCo, Inc.(3)(4)(9)(30) |
|
Series A Preferred Equity |
|
S+ |
|
9.50% |
N/A |
|
6,519 |
|
|
9,696 |
|
|
9,689 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
186,041 |
|
|
174,923 |
|
|
2.2 |
% |
| Capital Markets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Acorns Grow Incorporated(3)(4)(6)(30)(31) |
|
Series F Preferred Stock |
|
N/A |
|
5.00% |
N/A |
|
572,135 |
|
|
11,820 |
|
|
11,826 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,820 |
|
|
11,826 |
|
|
0.1 |
% |
| Commercial Services & Supplies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Rome Topco Holdings, LLC (dba SimpliSafe)(3)(4)(29)(30) |
|
Class A Units |
|
N/A |
|
|
N/A |
|
1,157 |
|
|
1,157 |
|
|
1,157 |
|
|
|
| Rome Topco Holdings, LLC (dba SimpliSafe)(3)(4)(29)(30) |
|
Class B Units |
|
N/A |
|
|
N/A |
|
1,156,728 |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,157 |
|
|
1,157 |
|
|
— |
% |
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
| Company(1)(25) |
|
Investment |
|
Ref. Rate |
Cash |
PIK |
Maturity Date |
|
Par / Units |
|
Amortized Cost(2)(27) |
|
Fair Value |
|
% of Net Assets |
| Construction & Engineering |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dodge Construction Network Holdings, L.P.(3)(4)(29)(30) |
|
Class A-2 Common Units |
|
N/A |
|
|
N/A |
|
3,333,333 |
|
|
2,841 |
|
|
400 |
|
|
|
| Dodge Construction Network Holdings, L.P.(3)(4)(6)(30) |
|
Series A Preferred Units |
|
N/A |
|
8.25% |
N/A |
|
— |
|
|
69 |
|
|
46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,910 |
|
|
446 |
|
|
— |
% |
| Diversified Consumer Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SLA Eclipse Co-Invest, L.P.(29)(30)(31) |
|
LP Interest |
|
N/A |
|
|
N/A |
|
$ |
15,000 |
|
|
15,308 |
|
|
19,884 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,308 |
|
|
19,884 |
|
|
0.2 |
% |
| Diversified Financial Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amergin Asset Management, LLC(3)(4)(29)(30) |
|
Specialty finance equity investment |
|
N/A |
|
|
N/A |
|
50,000,000 |
|
|
783 |
|
|
2,137 |
|
|
|
| Brex, Inc.(3)(4)(29)(30) |
|
Class A Units |
|
N/A |
|
|
N/A |
|
1,358,335 |
|
|
9,997 |
|
|
9,997 |
|
|
|
| Brex, Inc.(4)(29)(30) |
|
Preferred Stock |
|
N/A |
|
|
N/A |
|
143,943 |
|
|
5,012 |
|
|
3,678 |
|
|
|
| Juniper Square, Inc.(3)(4)(29)(30) |
|
Warrants |
|
N/A |
|
|
N/A |
|
40,984 |
|
|
2,128 |
|
|
1,471 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,920 |
|
|
17,283 |
|
|
0.2 |
% |
| Health Care Equipment & Supplies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| KPCI Co-Invest 2, L.P.(3)(4)(29)(30)(31) |
|
Class A Units |
|
N/A |
|
|
N/A |
|
587,621 |
|
|
5,876 |
|
|
5,876 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,876 |
|
|
5,876 |
|
|
0.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Health Care Technology |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BEHP Co-Investor II, L.P.(3)(4)(29)(30)(31) |
|
LP Interest |
|
N/A |
|
|
N/A |
|
$ |
2,540 |
|
|
1,901 |
|
|
3,668 |
|
|
|
| Minerva Holdco, Inc.(3)(4)(6)(30) |
|
Senior A Preferred Stock |
|
N/A |
|
10.75% |
N/A |
|
100,000 |
|
|
149,119 |
|
|
150,641 |
|
|
|
| ModMed Software Midco Holdings, Inc. (dba ModMed)(3)(4)(6)(30) |
|
Series A Preferred Units |
|
N/A |
|
13.00% |
N/A |
|
32,375 |
|
|
34,437 |
|
|
34,718 |
|
|
|
| Orange Blossom Parent, Inc.(3)(4)(29)(30) |
|
Common Units |
|
N/A |
|
|
N/A |
|
16,667 |
|
|
1,665 |
|
|
1,720 |
|
|
|
| WP Irving Co-Invest, L.P.(3)(4)(29)(30)(31) |
|
Partnership Units |
|
N/A |
|
|
N/A |
|
2,500,000 |
|
|
1,833 |
|
|
3,611 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
188,955 |
|
|
194,358 |
|
|
2.4 |
% |
| Health Care Providers & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)(3)(4)(29)(30) |
|
Class A Interest |
|
N/A |
|
|
N/A |
|
317 |
|
|
3,521 |
|
|
4,401 |
|
|
|
| Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers)(3)(4)(6)(30) |
|
Series A Preferred Stock |
|
N/A |
|
15.00% |
N/A |
|
8,838 |
|
|
11,439 |
|
|
9,844 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,960 |
|
|
14,245 |
|
|
0.2 |
% |
| Hotels, Restaurants & Leisure |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.)(3)(4)(6)(30) |
|
Series A Preferred Stock |
|
N/A |
|
12.00% |
N/A |
|
25,000 |
|
|
32,661 |
|
|
36,988 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32,661 |
|
|
36,988 |
|
|
0.5 |
% |
| Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accelerate Topco Holdings, LLC(3)(4)(29)(30) |
|
Common Units |
|
N/A |
|
|
N/A |
|
12,822 |
|
|
612 |
|
|
566 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
612 |
|
|
566 |
|
|
— |
% |
| Internet & Direct Marketing Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Kajabi Holdings, LLC(4)(29)(30) |
|
Senior Preferred Class D Units |
|
N/A |
|
|
N/A |
|
4,126,175 |
|
|
50,025 |
|
|
39,573 |
|
|
|
| Linked Store Cayman Ltd. (dba Nuvemshop)(3)(4)(29)(30)(31) |
|
Series E Preferred Stock |
|
N/A |
|
|
N/A |
|
19,499 |
|
|
42,496 |
|
|
39,383 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
92,521 |
|
|
78,956 |
|
|
1.0 |
% |
| IT Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JumpCloud, Inc.(4)(29)(30) |
|
Series B Preferred Stock |
|
N/A |
|
|
N/A |
|
756,590 |
|
|
4,531 |
|
|
782 |
|
|
|
| JumpCloud, Inc.(4)(29)(30) |
|
Series F Preferred Stock |
|
N/A |
|
|
N/A |
|
6,679,245 |
|
|
40,017 |
|
|
28,343 |
|
|
|
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
| Company(1)(25) |
|
Investment |
|
Ref. Rate |
Cash |
PIK |
Maturity Date |
|
Par / Units |
|
Amortized Cost(2)(27) |
|
Fair Value |
|
% of Net Assets |
| Nscale Global Holdings Limited(3)(4)(29)(30)(31) |
|
Preferred equity |
|
N/A |
|
|
N/A |
|
$ |
7,507 |
|
|
7,507 |
|
|
7,507 |
|
|
|
| Nscale Global Holdings Limited(3)(4)(29)(30)(31) |
|
Series B Preferred Shares |
|
N/A |
|
|
N/A |
|
13,174 |
|
|
5,005 |
|
|
5,005 |
|
|
|
| Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)(3)(4)(10)(30) |
|
Perpetual Preferred Stock |
|
S+ |
|
10.75% |
N/A |
|
44,100 |
|
|
61,572 |
|
|
60,612 |
|
|
|
| Replicated, Inc.(4)(29)(30) |
|
Series C Preferred Stock |
|
N/A |
|
|
N/A |
|
1,277,832 |
|
|
20,008 |
|
|
5,778 |
|
|
|
| WMC Bidco, Inc. (dba West Monroe)(3)(4)(6)(30) |
|
Senior Preferred Stock |
|
N/A |
|
11.25% |
N/A |
|
57,231 |
|
|
89,850 |
|
|
89,704 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
228,490 |
|
|
197,731 |
|
|
2.5 |
% |
| Life Sciences Tools & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Baypine Commander Co-Invest, LP(3)(4)(29)(30)(31) |
|
LP Interest |
|
N/A |
|
|
N/A |
|
$ |
1,807 |
|
|
1,818 |
|
|
1,979 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,818 |
|
|
1,979 |
|
|
— |
% |
| Pharmaceuticals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| XOMA Corporation(3)(4)(29)(30) |
|
Warrants |
|
N/A |
|
|
N/A |
|
24,000 |
|
|
174 |
|
|
230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
174 |
|
|
230 |
|
|
— |
% |
| Professional Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CloudPay, Inc.(3)(4)(6)(30)(31) |
|
Series E Preferred Stock |
|
N/A |
|
13.50% |
N/A |
|
87,370 |
|
|
22,661 |
|
|
22,653 |
|
|
|
| Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)(3)(4)(6)(30) |
|
Series A Preferred Stock |
|
N/A |
|
10.50% |
N/A |
|
28,000 |
|
|
42,704 |
|
|
36,535 |
|
|
|
| Thunder Topco L.P. (dba Vector Solutions)(3)(4)(29)(30) |
|
Common Units |
|
N/A |
|
|
N/A |
|
7,857,410 |
|
|
7,857 |
|
|
9,348 |
|
|
|
| TravelPerk, Inc.(3)(4)(29)(30)(31) |
|
Warrants |
|
N/A |
|
|
N/A |
|
259,807 |
|
|
4,447 |
|
|
5,764 |
|
|
|
| Vestwell Holdings Inc.(3)(4)(29)(30) |
|
Series D Preferred Stock |
|
N/A |
|
|
N/A |
|
304,350 |
|
|
6,022 |
|
|
6,646 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
83,691 |
|
|
80,946 |
|
|
1.0 |
% |
| Road & Rail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Bolt Technology OÜ(4)(29)(30)(31) |
|
Preferred Stock |
|
N/A |
|
|
N/A |
|
43,478 |
|
|
11,318 |
|
|
12,476 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,318 |
|
|
12,476 |
|
|
0.2 |
% |
| Systems Software |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Algolia, Inc.(4)(29)(30) |
|
Series C Preferred Stock |
|
N/A |
|
|
N/A |
|
970,281 |
|
|
10,000 |
|
|
17,523 |
|
|
|
| Algolia, Inc.(4)(29)(30) |
|
Series D Preferred Stock |
|
N/A |
|
|
N/A |
|
136,776 |
|
|
4,000 |
|
|
3,027 |
|
|
|
| Arctic Wolf Networks, Inc.(4)(29)(30) |
|
Preferred Stock |
|
N/A |
|
|
N/A |
|
3,032,840 |
|
|
25,036 |
|
|
28,149 |
|
|
|
| Axonius, Inc.(4)(29)(30) |
|
Series E Preferred Stock |
|
N/A |
|
|
N/A |
|
1,733,274 |
|
|
8,149 |
|
|
10,000 |
|
|
|
| Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(3)(4)(29)(30) |
|
Common Units |
|
N/A |
|
|
N/A |
|
12,692,160 |
|
|
12,692 |
|
|
21,299 |
|
|
|
| Chrome Investors LP(3)(4)(22)(29)(30)(31) |
|
LP Interest |
|
N/A |
|
|
N/A |
|
$ |
16,407 |
|
|
16,417 |
|
|
16,407 |
|
|
|
| Circle Internet Services, Inc.(4)(29)(30) |
|
Warrants |
|
N/A |
|
|
N/A |
|
244,580 |
|
|
6 |
|
|
538 |
|
|
|
| Circle Internet Services, Inc.(4)(29)(30) |
|
Series D Preferred Stock |
|
N/A |
|
|
N/A |
|
2,934,961 |
|
|
15,000 |
|
|
14,175 |
|
|
|
| Circle Internet Services, Inc.(4)(29)(30) |
|
Series E Preferred Stock |
|
N/A |
|
|
N/A |
|
821,806 |
|
|
6,917 |
|
|
4,978 |
|
|
|
| Circle Internet Services, Inc.(4)(29)(30) |
|
Series F Preferred Stock |
|
N/A |
|
|
N/A |
|
75,876 |
|
|
1,500 |
|
|
788 |
|
|
|
| Elliott Alto Co-Investor Aggregator L.P.(3)(4)(29)(30)(31) |
|
LP Interest |
|
N/A |
|
|
N/A |
|
$ |
14,627 |
|
|
21,934 |
|
|
33,569 |
|
|
|
| Excalibur CombineCo, L.P.(3)(4)(29)(30) |
|
Class A Units |
|
N/A |
|
|
N/A |
|
97,502 |
|
|
99,452 |
|
|
61,132 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Halo Purchaser, LLC(3)(4)(6)(30) |
|
Class B PIK Preferred Equity |
|
N/A |
|
6.00% |
N/A |
|
45,000 |
|
|
51,884 |
|
|
41,809 |
|
|
|
| Halo Purchaser, LLC(3)(4)(29)(30) |
|
Class H Warrant Units |
|
N/A |
|
|
N/A |
|
67,301 |
|
|
1,686 |
|
|
1,686 |
|
|
|
| HARNESS INC.(4)(29)(30)(32) |
|
Series D Preferred Stock |
|
N/A |
|
|
N/A |
|
1,022,648 |
|
|
9,169 |
|
|
14,376 |
|
|
|
| Illumio, Inc.(4)(29)(30) |
|
Common stock |
|
N/A |
|
|
N/A |
|
358,365 |
|
|
2,432 |
|
|
1,725 |
|
|
|
| Illumio, Inc.(4)(29)(30) |
|
Series F Preferred Stock |
|
N/A |
|
|
N/A |
|
2,483,618 |
|
|
16,684 |
|
|
16,249 |
|
|
|
| Project Hotel California Co-Invest Fund, L.P.(3)(29)(30)(31) |
|
LP Interest |
|
N/A |
|
|
N/A |
|
$ |
10,739 |
|
|
14,721 |
|
|
17,480 |
|
|
|
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
| Company(1)(25) |
|
Investment |
|
Ref. Rate |
Cash |
PIK |
Maturity Date |
|
Par / Units |
|
Amortized Cost(2)(27) |
|
Fair Value |
|
% of Net Assets |
| Veeam Software Group(3)(4)(29)(30) |
|
Series C Preferred Shares |
|
N/A |
|
|
N/A |
|
7,402,296 |
|
|
54,830 |
|
|
54,830 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
372,509 |
|
|
359,740 |
|
|
4.5 |
% |
| Thrifts & Mortgage Finance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Blend Labs, Inc.(3)(4)(29)(30) |
|
Warrants |
|
N/A |
|
|
N/A |
|
299,215 |
|
|
1,625 |
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,625 |
|
|
2 |
|
|
— |
% |
| Total non-controlled/non-affiliated portfolio company equity investments |
|
$ |
1,297,390 |
|
|
$ |
1,404,672 |
|
|
17.5 |
% |
| Total non-controlled/non-affiliated portfolio company investments |
|
$ |
13,262,010 |
|
|
$ |
13,363,077 |
|
|
166.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-controlled/affiliated portfolio company investments |
|
|
|
|
|
|
|
|
|
|
|
| Debt Investments(7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diversified Financial Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(3)(4)(6)(24)(31) |
|
Specialty finance debt investment |
|
N/A |
|
12.00% |
7/2030 |
|
16,312 |
|
|
16,303 |
|
|
16,312 |
|
|
|
| AAM Series 2.1 Aviation Feeder, LLC(3)(4)(6)(24)(31) |
|
Specialty finance debt investment |
|
N/A |
|
12.00% |
11/2030 |
|
21,140 |
|
|
21,146 |
|
|
21,140 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37,449 |
|
|
37,452 |
|
|
0.5 |
% |
| Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Coherent Group Inc.(3)(4)(6)(24)(31) |
|
Convertible notes |
|
N/A |
5.30% |
|
3/2027 |
|
3,029 |
|
|
3,029 |
|
|
3,029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,029 |
|
|
3,029 |
|
|
— |
% |
| Internet & Direct Marketing Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Walker Edison Furniture Company LLC(3)(4)(9)(22)(24)(28)(29) |
|
First lien senior secured loan |
|
S+ |
|
6.75% |
3/2027 |
|
15,903 |
|
|
11,139 |
|
|
154 |
|
|
|
| Walker Edison Furniture Company LLC(3)(4)(6)(22)(24)(28)(29) |
|
First lien senior secured loan |
|
N/A |
10.00% |
|
2/2026 |
|
4,501 |
|
|
4,386 |
|
|
4,535 |
|
|
|
| Walker Edison Furniture Company LLC(3)(4)(9)(22)(24)(28)(29) |
|
First lien senior secured revolving loan |
|
S+ |
|
6.25% |
3/2027 |
|
4,495 |
|
|
4,496 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,021 |
|
|
4,689 |
|
|
0.1 |
% |
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
| Company(1)(25) |
|
Investment |
|
Ref. Rate |
Cash |
PIK |
Maturity Date |
|
Par / Units |
|
Amortized Cost(2)(27) |
|
Fair Value |
|
% of Net Assets |
| IT Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pluralsight, LLC(3)(4)(9)(24) |
|
First lien senior secured loan |
|
S+ |
3.00% |
1.50% |
8/2029 |
|
30,795 |
|
|
30,795 |
|
|
30,180 |
|
|
|
| Pluralsight, LLC(3)(4)(9)(24)(28)(29) |
|
First lien senior secured loan |
|
S+ |
|
7.50% |
8/2029 |
|
35,340 |
|
|
34,303 |
|
|
28,890 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
65,098 |
|
|
59,070 |
|
|
0.7 |
% |
| Total non-controlled/affiliated debt investments |
|
|
|
$ |
125,597 |
|
|
$ |
104,240 |
|
|
1.3 |
% |
| Total non-controlled/affiliated misc. debt commitments(22)(23)(Note 8) |
|
|
|
|
|
|
— |
|
|
(354) |
|
|
— |
% |
| Total non-controlled/affiliated portfolio company debt investments |
|
|
|
$ |
125,597 |
|
|
$ |
103,886 |
|
|
1.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Asset Based Lending and Fund Finance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Blue Owl Cross-Strategy Opportunities 2025-1 LLC (fka Blue Owl Cross-Strategy Opportunities LLC)(3)(5)(24)(26)(30)(31)(34) |
|
Specialty finance equity investment |
|
N/A |
|
|
N/A |
|
$ |
57,713 |
|
|
57,713 |
|
|
57,713 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
57,713 |
|
|
57,713 |
|
|
0.7 |
% |
| Diversified Financial Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(3)(4)(22)(24)(29)(30)(31) |
|
Specialty finance equity investment |
|
N/A |
|
|
N/A |
|
7,365,950 |
|
|
9,178 |
|
|
9,656 |
|
|
|
| AAM Series 2.1 Aviation Feeder, LLC(3)(4)(24)(29)(30)(31) |
|
Specialty finance equity investment |
|
N/A |
|
|
N/A |
|
8,168,669 |
|
|
10,722 |
|
|
12,946 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,900 |
|
|
22,602 |
|
|
0.3 |
% |
| Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Coherent Group Inc.(4)(24)(29)(30)(31) |
|
Series B Preferred Shares |
|
N/A |
|
|
N/A |
|
456,035 |
|
|
12,210 |
|
|
13,506 |
|
|
|
| Fifth Season Investments LLC(3)(4)(24)(30) |
|
Specialty finance equity investment |
|
N/A |
|
|
N/A |
|
17 |
|
|
173,870 |
|
|
184,468 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
186,080 |
|
|
197,974 |
|
|
2.5 |
% |
| Internet & Direct Marketing Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Signifyd Inc.(4)(6)(24)(30) |
|
Preferred equity |
|
N/A |
|
9.00% |
N/A |
|
2,755,121 |
|
|
151,974 |
|
|
156,245 |
|
|
|
| Walker Edison Holdco LLC(3)(4)(24)(29)(30) |
|
Common Units |
|
N/A |
|
|
N/A |
|
98,319 |
|
|
9,500 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
161,474 |
|
|
156,245 |
|
|
1.9 |
% |
| IT Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Paradigmatic Holdco LLC (dba Pluralsight)(3)(4)(24)(29)(30) |
|
Common stock |
|
N/A |
|
|
N/A |
|
10,119,090 |
|
|
26,850 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,850 |
|
|
— |
|
|
— |
% |
| Pharmaceuticals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LSI Financing 1 DAC(3)(4)(24)(30)(31) |
|
Specialty finance equity investment |
|
N/A |
|
|
N/A |
|
$ |
6,748 |
|
|
7,043 |
|
|
6,657 |
|
|
|
| LSI Financing LLC(3)(5)(22)(24)(29)(30)(31) |
|
Specialty finance equity investment |
|
N/A |
|
|
N/A |
|
$ |
93,314 |
|
|
92,366 |
|
|
102,235 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
99,409 |
|
|
108,892 |
|
|
1.4 |
% |
| Systems Software |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Help HP SCF Investor, LP(3)(4)(24)(29)(30) |
|
LP Interest |
|
N/A |
|
|
N/A |
|
$ |
59,333 |
|
|
59,392 |
|
|
44,890 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
59,392 |
|
|
44,890 |
|
|
0.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total non-controlled/affiliated portfolio company equity investments |
|
$ |
610,818 |
|
|
$ |
588,316 |
|
|
7.3 |
% |
| Total non-controlled/affiliated portfolio company investments |
|
$ |
736,415 |
|
|
$ |
692,202 |
|
|
8.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
| Company(1)(25) |
|
Investment |
|
Ref. Rate |
Cash |
PIK |
Maturity Date |
|
Par / Units |
|
Amortized Cost(2)(27) |
|
Fair Value |
|
% of Net Assets |
| Controlled/affiliated portfolio company investments |
|
|
|
|
|
|
|
|
|
|
|
| Equity Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diversified Financial Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revolut Ribbit Holdings, LLC(4)(24)(29)(30)(31) |
|
LLC Interest |
|
N/A |
|
|
N/A |
|
57,026 |
|
|
75,305 |
|
|
177,405 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
75,305 |
|
|
177,405 |
|
|
2.2 |
% |
| Joint ventures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Blue Owl Credit SLF LLC(3)(5)(24)(26)(30)(31) |
|
LLC Interest |
|
N/A |
|
|
N/A |
|
$ |
30,875 |
|
|
30,885 |
|
|
30,760 |
|
|
|
| Blue Owl Leasing LLC(3)(5)(24)(26)(30)(31) |
|
LLC Interest |
|
N/A |
|
|
N/A |
|
$ |
5,105 |
|
|
5,105 |
|
|
5,102 |
|
|
|
| Stripe Blue Owl Holdings LLC(3)(5)(24)(26)(29)(30)(31) |
|
LLC Interest |
|
N/A |
|
|
N/A |
|
$ |
17,493 |
|
|
17,493 |
|
|
17,493 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
53,483 |
|
|
53,355 |
|
|
0.7 |
% |
| Total controlled/affiliated portfolio company equity investments |
|
$ |
128,788 |
|
|
$ |
230,760 |
|
|
2.9 |
% |
| Total controlled/affiliated portfolio company investments |
|
$ |
128,788 |
|
|
$ |
230,760 |
|
|
2.9 |
% |
| Total Investments |
|
|
|
|
|
|
|
|
|
|
$ |
14,127,213 |
|
|
$ |
14,286,039 |
|
|
177.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate Swaps as of December 31, 2025 |
|
|
Company Receives |
|
Company Pays |
|
|
|
Maturity Date |
|
Notional Amount |
|
Fair Value |
|
Upfront Payments/Receipts |
|
Unrealized Appreciation / (Depreciation) |
|
Hedged Instrument |
|
Footnote Reference |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swap(a) |
6.75% |
|
S + 2.5645% |
|
|
|
3/4/2029 |
|
700,000 |
|
|
14,619 |
|
|
— |
|
|
5,968 |
|
|
April 2029 Notes |
|
Note 5 |
|
Interest rate swap(b) |
6.10% |
|
S + 1.7670% |
|
|
|
2/15/2028 |
|
650,000 |
|
|
12,113 |
|
|
— |
|
|
12,113 |
|
|
March 2028 Notes |
|
Note 5 |
|
| Total |
|
|
|
|
|
|
|
|
$ |
1,350,000 |
|
|
$ |
26,732 |
|
|
|
|
$ |
18,081 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) The Company has an ISDA agreement with Goldman Sachs Bank USA.
(b) The Company has an ISDA agreement with SMBC Capital Markets, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward Contracts as of December 31, 2025 |
|
|
Notional Amount to be Purchased |
|
Notional Amount to be Sold |
|
Counterparty |
|
Settlement Date |
|
Unrealized Appreciation / (Depreciation) |
|
| Foreign currency forward contract |
$ |
197,770 |
|
|
£ |
147,230 |
|
|
Goldman Sachs Bank USA |
|
1/20/2026 |
|
$ |
(611) |
|
|
| Foreign currency forward contract |
$ |
16,539 |
|
|
£ |
12,500 |
|
|
SMBC Capital Markets, Inc. |
|
1/20/2026 |
|
(304) |
|
|
| Foreign currency forward contract |
$ |
6,296 |
|
|
€ |
5,301 |
|
|
SMBC Capital Markets, Inc. |
|
7/17/2026 |
|
15 |
|
|
| Foreign currency forward contract |
$ |
334,694 |
|
|
€ |
282,462 |
|
|
Goldman Sachs Bank USA |
|
7/17/2026 |
|
— |
|
|
| Foreign currency forward contract |
$ |
66,778 |
|
|
€ |
57,070 |
|
|
SMBC Capital Markets, Inc. |
|
7/17/2026 |
|
(830) |
|
|
| Foreign currency forward contract |
$ |
8,405 |
|
|
A$ |
12,910 |
|
|
Goldman Sachs Bank USA |
|
1/20/2026 |
|
(211) |
|
|
| Total |
|
|
|
|
|
|
|
|
$ |
(1,941) |
|
|
(1)Certain portfolio company investments are subject to contractual restrictions on sales. Refer to footnote 30 for additional information on our restricted securities.
(2)The amortized cost represents the original cost adjusted for the amortization or accretion of premium or discount, as applicable, on debt investments using the effective interest method.
(3)Represents co-investment made with the Company’s affiliates in accordance with the terms of an order for exemptive relief that an affiliate of the Company’s investment adviser received from the U.S. Securities and Exchange Commission. See “Note 3 — Agreements and Related Party Transactions”.
(4)These investments were valued using unobservable inputs and are considered Level 3 investments.
(5)Investment measured at NAV.
(6)Contains a fixed-rate structure.
(7)Unless otherwise indicated, loan contains a variable rate structure and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the Secured Overnight Financing Rate (“SOFR” or “S,” which can include one-, three-, six- or twelve-month SOFR), Euro Interbank Offered Rate (“EURIBOR” or “E”, which can include one-, three- or six-month EURIBOR), SONIA (“SONIA” or “SA”), Australian Bank Bill Swap Bid Rate (“BBSY” or “BB”) (which can include one-, three-, or six-month BBSY) or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate), at the borrower’s option, and which reset periodically based on the terms of the loan agreement.
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
(8)The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2025 was 3.69%.
(9)The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2025 was 3.65%.
(10)The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2025 was 3.57%.
(11)The interest rate on these loans is subject to 12 month SOFR, which as of December 31, 2025 was 3.42%.
(12)The interest rate on these loans is subject to Prime, which as of December 31, 2025 was 6.75%.
(13)The interest rate on these loans is subject to 1 month EURIBOR, which as of December 31, 2025 was 1.94%.
(14)The interest rate on these loans is subject to 3 month EURIBOR, which as of December 31, 2025 was 2.03%.
(15)Reserved.
(16)Reserved.
(17)The interest rate on this loan is subject to 3 month BBSY, which as of December 31, 2025 was 3.74%.
(18)Reserved.
(19)The interest rate on these loans is subject to SONIA, which as of December 31, 2025 was 3.73%.
(20)Reserved.
(21)Reserved.
(22)Position or portion thereof is a partially unfunded debt or equity commitment. See below for more information on the Company’s commitments. See “Note 8—Commitments and Contingencies”.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unfunded |
| Portfolio Company |
|
Commitment Type |
|
Commitment Expiration Date |
|
Funded Commitment |
|
Commitment |
|
Fair Value(23) |
| Non-controlled/non-affiliated - debt commitments |
|
|
|
|
|
|
|
|
| Aerosmith Bidco 1 Limited (dba Audiotonix) |
|
First lien senior secured delayed draw term loan |
|
7/2027 |
|
$ |
— |
|
|
$ |
67,184 |
|
|
$ |
— |
|
| AI Titan Parent, Inc. (dba Prometheus Group) |
` |
First lien senior secured delayed draw term loan |
|
9/2026 |
|
2,258 |
|
|
7,779 |
|
|
— |
|
| AlphaSense, Inc. |
|
First lien senior secured delayed draw term loan |
|
6/2029 |
|
— |
|
|
12,030 |
|
|
(30) |
|
| AmeriLife Holdings LLC |
|
First lien senior secured delayed draw term loan |
|
6/2026 |
|
4,308 |
|
|
197 |
|
|
— |
|
| AmeriLife Holdings LLC |
|
First lien senior secured delayed draw term loan |
|
2/2027 |
|
— |
|
|
5,250 |
|
|
(13) |
|
| Appfire Technologies, LLC |
|
First lien senior secured delayed draw term loan |
|
6/2026 |
|
— |
|
|
1,344 |
|
|
— |
|
| Aptean Acquiror, Inc. (dba Aptean) |
|
First lien senior secured delayed draw term loan |
|
2/2027 |
|
— |
|
|
3,478 |
|
|
— |
|
| Artifact Bidco, Inc. (dba Avetta) |
|
First lien senior secured delayed draw term loan |
|
7/2027 |
|
— |
|
|
8,463 |
|
|
— |
|
| Associations, Inc. |
|
First lien senior secured delayed draw term loan |
|
7/2028 |
|
3,266 |
|
|
6,472 |
|
|
— |
|
| Associations, Inc. |
|
First lien senior secured delayed draw term loan |
|
2/2027 |
|
14,012 |
|
|
11,190 |
|
|
— |
|
| Bamboo US BidCo LLC |
|
First lien senior secured delayed draw term loan |
|
11/2026 |
|
2,852 |
|
|
576 |
|
|
— |
|
| Bracket Intermediate Holding Corp. |
|
First lien senior secured delayed draw term loan |
|
10/2027 |
|
— |
|
|
8,406 |
|
|
(42) |
|
| BusinessSolver.com, Inc. |
|
First lien senior secured delayed draw term loan |
|
12/2027 |
|
— |
|
|
12,649 |
|
|
(32) |
|
| Cambrex Corporation |
|
First lien senior secured delayed draw term loan |
|
3/2027 |
|
— |
|
|
5,831 |
|
|
— |
|
| Cambrex Corporation |
|
First lien senior secured delayed draw term loan |
|
9/2026 |
|
— |
|
|
10,933 |
|
|
— |
|
| CCM Midco, LLC (f/k/a Cresset Capital Management, LLC) |
|
First lien senior secured delayed draw term loan |
|
1/2027 |
|
56 |
|
|
4,422 |
|
|
— |
|
| CCM Midco, LLC (f/k/a Cresset Capital Management, LLC) |
|
First lien senior secured delayed draw term loan |
|
6/2026 |
|
1,005 |
|
|
1,231 |
|
|
— |
|
| CivicPlus, LLC |
|
First lien senior secured delayed draw term loan |
|
5/2027 |
|
12,669 |
|
|
8,804 |
|
|
— |
|
| CivicPlus, LLC |
|
First lien senior secured delayed draw term loan |
|
12/2027 |
|
— |
|
|
20,398 |
|
|
— |
|
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unfunded |
| Portfolio Company |
|
Commitment Type |
|
Commitment Expiration Date |
|
Funded Commitment |
|
Commitment |
|
Fair Value(23) |
| Commander Buyer, Inc. (dba CenExel) |
|
First lien senior secured delayed draw term loan |
|
6/2027 |
|
— |
|
|
9,036 |
|
|
— |
|
| Computer Services, Inc. (dba CSI) |
|
First lien senior secured delayed draw term loan |
|
11/2027 |
|
— |
|
|
26,448 |
|
|
— |
|
| CoreTrust Purchasing Group LLC |
|
First lien senior secured delayed draw term loan |
|
5/2026 |
|
— |
|
|
1,602 |
|
|
— |
|
| Coupa Holdings, LLC |
|
First lien senior secured delayed draw term loan |
|
6/2027 |
|
— |
|
|
7,643 |
|
|
— |
|
| CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) |
|
First lien senior secured delayed draw term loan |
|
7/2027 |
|
12,935 |
|
|
14,242 |
|
|
— |
|
| CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) |
|
First lien senior secured delayed draw term loan |
|
8/2027 |
|
— |
|
|
2,768 |
|
|
(14) |
|
| Databricks, Inc. |
|
First lien senior secured delayed draw term loan |
|
7/2026 |
|
— |
|
|
25,806 |
|
|
— |
|
| Eagan Parent, Inc. (dba Elite) |
|
First lien senior secured delayed draw term loan |
|
9/2027 |
|
— |
|
|
5,919 |
|
|
(15) |
|
| Databricks, Inc. |
|
First lien senior secured delayed draw term loan |
|
7/2026 |
|
— |
|
|
53,026 |
|
|
— |
|
| EET Buyer, Inc. (dba e-Emphasys) |
|
First lien senior secured delayed draw term loan |
|
1/2027 |
|
7,636 |
|
|
1,909 |
|
|
— |
|
| EresearchTechnology, Inc. (dba Clario) |
|
First lien senior secured delayed draw term loan |
|
1/2027 |
|
1,769 |
|
|
10,866 |
|
|
— |
|
| Galway Borrower LLC |
|
First lien senior secured delayed draw term loan |
|
7/2026 |
|
317 |
|
|
1,236 |
|
|
— |
|
| GS Acquisitionco, Inc. (dba insightsoftware) |
|
First lien senior secured delayed draw term loan |
|
5/2027 |
|
— |
|
|
5,225 |
|
|
(39) |
|
| GS Acquisitionco, Inc. (dba insightsoftware) |
|
First lien senior secured delayed draw term loan |
|
3/2026 |
|
711 |
|
|
1,203 |
|
|
— |
|
| Gusto, Inc. |
|
First lien senior secured delayed draw term loan |
|
11/2027 |
|
— |
|
|
8,845 |
|
|
— |
|
| Himalaya Topco LLC (dba HealthEdge) |
|
First lien senior secured delayed draw term loan |
|
12/2027 |
|
— |
|
|
12,896 |
|
|
(64) |
|
| Himalaya Topco LLC (dba HealthEdge) |
|
First lien senior secured delayed draw term loan |
|
6/2027 |
|
— |
|
|
12,896 |
|
|
(64) |
|
| Integrity Marketing Acquisition, LLC |
|
First lien senior secured delayed draw term loan |
|
8/2026 |
|
— |
|
|
5,781 |
|
|
— |
|
| Interoperability Bidco, Inc. (dba Lyniate) |
|
First lien senior secured delayed draw term loan |
|
6/2026 |
|
— |
|
|
7,619 |
|
|
(38) |
|
| Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages) |
|
First lien senior secured delayed draw term loan |
|
11/2028 |
|
— |
|
|
550 |
|
|
(1) |
|
| KWOL Acquisition, Inc. (dba Worldwide Clinical Trials) |
|
First lien senior secured delayed draw term loan |
|
8/2027 |
|
43,644 |
|
|
983 |
|
|
— |
|
| KWOL Acquisition, Inc. (dba Worldwide Clinical Trials) |
|
First lien senior secured delayed draw term loan |
|
8/2027 |
|
— |
|
|
58,231 |
|
|
— |
|
| Lighthouse Buyer, Inc. (dba Harbor Compliance) |
|
First lien senior secured delayed draw term loan |
|
12/2028 |
|
— |
|
|
13,698 |
|
|
(68) |
|
| Litera Bidco LLC |
|
First lien senior secured delayed draw term loan |
|
5/2027 |
|
— |
|
|
17,577 |
|
|
— |
|
| Litera Bidco LLC |
|
First lien senior secured delayed draw term loan |
|
11/2026 |
|
38,401 |
|
|
3,385 |
|
|
— |
|
| ManTech International Corporation |
|
First lien senior secured delayed draw term loan |
|
2/2026 |
|
— |
|
|
2,112 |
|
|
— |
|
| ML Holdco, Inc. (dba Meridian Link) |
|
First lien senior secured delayed draw term loan |
|
10/2027 |
|
— |
|
|
27,611 |
|
|
(69) |
|
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unfunded |
| Portfolio Company |
|
Commitment Type |
|
Commitment Expiration Date |
|
Funded Commitment |
|
Commitment |
|
Fair Value(23) |
| Monotype Imaging Holdings Inc. |
|
First lien senior secured delayed draw term loan |
|
2/2026 |
|
2,727 |
|
|
7,895 |
|
|
— |
|
| OECONNECTION LLC |
|
First lien senior secured delayed draw term loan |
|
12/2032 |
|
— |
|
|
21,988 |
|
|
(55) |
|
| One, Inc. Software Corporation |
|
First lien senior secured delayed draw term loan |
|
12/2027 |
|
— |
|
|
27,746 |
|
|
(69) |
|
| OneOncology, LLC |
|
First lien senior secured delayed draw term loan |
|
10/2027 |
|
5,735 |
|
|
15,732 |
|
|
— |
|
| Packaging Coordinators Midco, Inc. |
|
First lien senior secured delayed draw term loan |
|
4/2026 |
|
795 |
|
|
2,363 |
|
|
— |
|
| Packaging Coordinators Midco, Inc. |
|
First lien senior secured delayed draw term loan |
|
4/2026 |
|
— |
|
|
21,913 |
|
|
— |
|
| PerkinElmer U.S. LLC |
|
First lien senior secured delayed draw term loan |
|
10/2027 |
|
— |
|
|
14,321 |
|
|
— |
|
| Pike Corp. |
|
First lien senior secured delayed draw term loan |
|
12/2028 |
|
— |
|
|
5,585 |
|
|
(14) |
|
| RL Datix Holdings (USA), Inc. |
|
First lien senior secured delayed draw term loan |
|
4/2027 |
|
— |
|
|
23,650 |
|
|
— |
|
| Salinger Bidco Inc. (dba Surgical Information Systems) |
|
First lien senior secured delayed draw term loan |
|
8/2026 |
|
— |
|
|
9,141 |
|
|
— |
|
| Sentinel Buyer Corp. (dba SimpliSafe) |
|
First lien senior secured delayed draw term loan |
|
11/2027 |
|
— |
|
|
1,987 |
|
|
(10) |
|
| Severin Acquisition, LLC (dba PowerSchool) |
|
First lien senior secured delayed draw term loan |
|
10/2027 |
|
4,117 |
|
|
15,378 |
|
|
— |
|
| Simpler Postage, Inc. (dba Easypost) |
|
First lien senior secured delayed draw term loan |
|
6/2026 |
|
9,376 |
|
|
48,333 |
|
|
— |
|
| Simplicity Financial Marketing Group Holdings, Inc. |
|
First lien senior secured delayed draw term loan |
|
12/2026 |
|
1,813 |
|
|
1,988 |
|
|
— |
|
| Smarsh Inc. |
|
First lien senior secured delayed draw term loan |
|
1/2027 |
|
— |
|
|
16,329 |
|
|
(20) |
|
| Spaceship Purchaser, Inc. (dba Squarespace) |
|
First lien senior secured delayed draw term loan |
|
10/2027 |
|
— |
|
|
25,836 |
|
|
— |
|
| Tamarack Intermediate, L.L.C. (dba Verisk 3E) |
|
First lien senior secured delayed draw term loan |
|
7/2027 |
|
934 |
|
|
2,242 |
|
|
— |
|
| Themis Solutions Inc. (dba Clio) |
|
First lien senior secured delayed draw term loan |
|
10/2027 |
|
— |
|
|
34,320 |
|
|
(343) |
|
| Tricentis Operations Holdings, Inc. |
|
First lien senior secured delayed draw term loan |
|
2/2027 |
|
— |
|
|
22,480 |
|
|
(112) |
|
| Unit4 Group Holding B.V. |
|
First lien senior secured EUR delayed draw term loan |
|
1/2030 |
|
— |
|
|
5,692 |
|
|
— |
|
| Unit4 Group Holding B.V. |
|
First lien senior secured EUR term loan |
|
1/2033 |
|
— |
|
|
60,710 |
|
|
— |
|
| Zendesk, Inc. |
|
First lien senior secured delayed draw term loan |
|
5/2026 |
|
— |
|
|
12,295 |
|
|
— |
|
| Accommodations Plus Technologies LLC |
|
First lien senior secured revolving loan |
|
5/2032 |
|
— |
|
|
7,533 |
|
|
(113) |
|
| Acquia Inc.* |
|
First lien senior secured revolving loan |
|
10/2026 |
|
11,789 |
|
|
— |
|
|
— |
|
| Activate Holdings (US) Corp. (dba Absolute Software) |
|
First lien senior secured revolving loan |
|
7/2029 |
|
— |
|
|
3,363 |
|
|
— |
|
| Aerosmith Bidco 1 Limited (dba Audiotonix) |
|
First lien senior secured revolving loan |
|
7/2030 |
|
— |
|
|
28,149 |
|
|
— |
|
| AI Titan Parent, Inc. (dba Prometheus Group) |
|
First lien senior secured revolving loan |
|
8/2031 |
|
— |
|
|
6,274 |
|
|
(63) |
|
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unfunded |
| Portfolio Company |
|
Commitment Type |
|
Commitment Expiration Date |
|
Funded Commitment |
|
Commitment |
|
Fair Value(23) |
| AmeriLife Holdings LLC |
|
First lien senior secured revolving loan |
|
8/2028 |
|
816 |
|
|
4,081 |
|
|
— |
|
| Anaplan, Inc. |
|
First lien senior secured revolving loan |
|
6/2028 |
|
— |
|
|
12,963 |
|
|
— |
|
| Appfire Technologies, LLC |
|
First lien senior secured revolving loan |
|
3/2028 |
|
175 |
|
|
641 |
|
|
— |
|
| Aptean Acquiror, Inc. (dba Aptean) |
|
First lien senior secured revolving loan |
|
1/2031 |
|
272 |
|
|
680 |
|
|
— |
|
| Arrow Borrower 2025, Inc. (dba AvidXchange) |
|
First lien senior secured revolving loan |
|
10/2032 |
|
— |
|
|
5,040 |
|
|
(25) |
|
| Artifact Bidco, Inc. (dba Avetta) |
|
First lien senior secured revolving loan |
|
7/2030 |
|
— |
|
|
6,046 |
|
|
— |
|
| Associations, Inc. |
|
First lien senior secured revolving loan |
|
7/2028 |
|
— |
|
|
6,131 |
|
|
— |
|
| Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.) |
|
First lien senior secured revolving loan |
|
3/2031 |
|
— |
|
|
10,450 |
|
|
— |
|
| Bamboo US BidCo LLC |
|
First lien senior secured revolving loan |
|
10/2029 |
|
— |
|
|
5,128 |
|
|
— |
|
| Bayshore Intermediate #2, L.P. (dba Boomi) |
|
First lien senior secured revolving loan |
|
10/2027 |
|
3,257 |
|
|
9,875 |
|
|
— |
|
| BCPE Osprey Buyer, Inc. (dba PartsSource) |
|
First lien senior secured revolving loan |
|
8/2026 |
|
10,193 |
|
|
2,039 |
|
|
— |
|
| BCTO BSI Buyer, Inc. (dba Buildertrend) |
|
First lien senior secured revolving loan |
|
12/2028 |
|
— |
|
|
11,250 |
|
|
— |
|
| Bracket Intermediate Holding Corp. |
|
First lien senior secured revolving loan |
|
10/2031 |
|
— |
|
|
3,502 |
|
|
(35) |
|
| Bristol Hospice L.L.C. |
|
First lien senior secured revolving loan |
|
8/2032 |
|
— |
|
|
1,742 |
|
|
— |
|
| BTRS Holdings Inc. (dba Billtrust) |
|
First lien senior secured revolving loan |
|
12/2028 |
|
12,596 |
|
|
9,447 |
|
|
— |
|
| BusinessSolver.com, Inc. |
|
First lien senior secured revolving loan |
|
12/2032 |
|
— |
|
|
5,634 |
|
|
(28) |
|
| Cambrex Corporation |
|
First lien senior secured revolving loan |
|
3/2032 |
|
292 |
|
|
4,810 |
|
|
— |
|
| Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.) |
|
First lien senior secured revolving loan |
|
8/2027 |
|
830 |
|
|
5,959 |
|
|
— |
|
| CCI BUYER, INC. (dba Consumer Cellular) |
|
First lien senior secured revolving loan |
|
5/2032 |
|
— |
|
|
4,386 |
|
|
— |
|
| CCM Midco, LLC (f/k/a Cresset Capital Management, LLC) |
|
First lien senior secured revolving loan |
|
6/2029 |
|
— |
|
|
1,119 |
|
|
— |
|
| Certinia Inc. |
|
First lien senior secured revolving loan |
|
8/2031 |
|
— |
|
|
18,385 |
|
|
(46) |
|
| CivicPlus, LLC |
|
First lien senior secured revolving loan |
|
8/2030 |
|
— |
|
|
8,734 |
|
|
— |
|
| Commander Buyer, Inc. (dba CenExel) |
|
First lien senior secured revolving loan |
|
6/2032 |
|
— |
|
|
6,024 |
|
|
— |
|
| CoreTrust Purchasing Group LLC |
|
First lien senior secured revolving loan |
|
10/2029 |
|
— |
|
|
3,789 |
|
|
— |
|
| Coupa Holdings, LLC |
|
First lien senior secured revolving loan |
|
2/2029 |
|
— |
|
|
5,852 |
|
|
— |
|
| Creek Parent, Inc. (dba Catalent) |
|
First lien senior secured revolving loan |
|
12/2031 |
|
— |
|
|
25,111 |
|
|
(126) |
|
| Crewline Buyer, Inc. (dba New Relic) |
|
First lien senior secured revolving loan |
|
11/2030 |
|
— |
|
|
21,393 |
|
|
(160) |
|
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unfunded |
| Portfolio Company |
|
Commitment Type |
|
Commitment Expiration Date |
|
Funded Commitment |
|
Commitment |
|
Fair Value(23) |
| CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) |
|
First lien senior secured revolving loan |
|
8/2031 |
|
— |
|
|
20,378 |
|
|
— |
|
| Deerfield Dakota Holdings |
|
First lien senior secured revolving loan |
|
9/2032 |
|
— |
|
|
11,850 |
|
|
(59) |
|
| Delinea Buyer, Inc. (f/k/a Centrify) |
|
First lien senior secured revolving loan |
|
3/2027 |
|
— |
|
|
8,163 |
|
|
— |
|
| Denali Intermediate Holdings, Inc. (dba Dun & Bradstreet) |
|
First lien senior secured revolving loan |
|
8/2032 |
|
— |
|
|
8,636 |
|
|
(130) |
|
| Eagan Parent, Inc. (dba Elite) |
|
First lien senior secured revolving loan |
|
9/2032 |
|
— |
|
|
3,157 |
|
|
(16) |
|
| EET Buyer, Inc. (dba e-Emphasys) |
|
First lien senior secured revolving loan |
|
11/2027 |
|
— |
|
|
6,150 |
|
|
— |
|
| Einstein Parent, Inc. (dba Smartsheet) |
|
First lien senior secured revolving loan |
|
1/2031 |
|
— |
|
|
10,881 |
|
|
(82) |
|
| EresearchTechnology, Inc. (dba Clario) |
|
First lien senior secured revolving loan |
|
10/2031 |
|
— |
|
|
6,318 |
|
|
— |
|
| Flexera Software LLC |
|
First lien senior secured revolving loan |
|
8/2032 |
|
— |
|
|
1,348 |
|
|
(3) |
|
| Forescout Technologies, Inc. |
|
First lien senior secured revolving loan |
|
5/2031 |
|
— |
|
|
11,930 |
|
|
(60) |
|
| Foundation Consumer Brands, LLC |
|
First lien senior secured revolving loan |
|
2/2029 |
|
— |
|
|
575 |
|
|
(3) |
|
| Gainsight, Inc. |
|
First lien senior secured revolving loan |
|
7/2027 |
|
— |
|
|
5,633 |
|
|
— |
|
| Galway Borrower LLC |
|
First lien senior secured revolving loan |
|
9/2028 |
|
34 |
|
|
162 |
|
|
— |
|
| Gerson Lehrman Group, Inc. |
|
First lien senior secured revolving loan |
|
12/2028 |
|
— |
|
|
1,913 |
|
|
— |
|
| GI Ranger Intermediate, LLC (dba Rectangle Health) |
|
First lien senior secured revolving loan |
|
10/2027 |
|
295 |
|
|
1,916 |
|
|
— |
|
| Granicus, Inc. |
|
First lien senior secured revolving loan |
|
1/2031 |
|
— |
|
|
548 |
|
|
— |
|
| GS Acquisitionco, Inc. (dba insightsoftware) |
|
First lien senior secured revolving loan |
|
5/2028 |
|
1,777 |
|
|
3,022 |
|
|
— |
|
| H&F Opportunities LUX III S.À R.L (dba Checkmarx) |
|
First lien senior secured revolving loan |
|
4/2027 |
|
— |
|
|
25,000 |
|
|
— |
|
| Himalaya Topco LLC (dba HealthEdge) |
|
First lien senior secured revolving loan |
|
6/2032 |
|
— |
|
|
14,509 |
|
|
(145) |
|
| Hyland Software, Inc. |
|
First lien senior secured revolving loan |
|
9/2029 |
|
— |
|
|
7,172 |
|
|
— |
|
| Icefall Parent, Inc. (dba EngageSmart) |
|
First lien senior secured revolving loan |
|
1/2030 |
|
— |
|
|
2,957 |
|
|
— |
|
| Indikami Bidco, LLC (dba IntegriChain) |
|
First lien senior secured revolving loan |
|
6/2030 |
|
9,906 |
|
|
3,128 |
|
|
— |
|
| Integrity Marketing Acquisition, LLC |
|
First lien senior secured revolving loan |
|
8/2028 |
|
— |
|
|
4,294 |
|
|
— |
|
| Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)* |
|
First lien senior secured revolving loan |
|
8/2026 |
|
10,847 |
|
|
— |
|
|
— |
|
| Interoperability Bidco, Inc. (dba Lyniate) |
|
First lien senior secured revolving loan |
|
3/2028 |
|
1,805 |
|
|
7,222 |
|
|
— |
|
| IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.)) |
|
First lien senior secured revolving loan |
|
12/2028 |
|
— |
|
|
14,862 |
|
|
— |
|
| Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages) |
|
First lien senior secured revolving loan |
|
11/2032 |
|
— |
|
|
484 |
|
|
(2) |
|
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unfunded |
| Portfolio Company |
|
Commitment Type |
|
Commitment Expiration Date |
|
Funded Commitment |
|
Commitment |
|
Fair Value(23) |
| Jeppesen Holdings, LLC |
|
First lien senior secured multi-currency revolving loan |
|
10/2032 |
|
— |
|
|
2,286 |
|
|
(17) |
|
| JS Parent, Inc. (dba Jama Software) |
|
First lien senior secured revolving loan |
|
4/2031 |
|
— |
|
|
2,647 |
|
|
— |
|
| KWOL Acquisition, Inc. (dba Worldwide Clinical Trials) |
|
First lien senior secured revolving loan |
|
12/2029 |
|
— |
|
|
16,594 |
|
|
(41) |
|
| Lighthouse Buyer, Inc. (dba Harbor Compliance) |
|
First lien senior secured revolving loan |
|
12/2031 |
|
548 |
|
|
2,192 |
|
|
— |
|
| Litera Bidco LLC |
|
First lien senior secured revolving loan |
|
5/2028 |
|
— |
|
|
10,004 |
|
|
— |
|
| LogRhythm, Inc. |
|
First lien senior secured revolving loan |
|
7/2029 |
|
— |
|
|
475 |
|
|
(20) |
|
| Magnet Forensics, LLC (f/k/a Grayshift, LLC) |
|
First lien senior secured revolving loan |
|
7/2028 |
|
— |
|
|
6,774 |
|
|
— |
|
| ManTech International Corporation |
|
First lien senior secured revolving loan |
|
9/2028 |
|
— |
|
|
9,460 |
|
|
— |
|
| McQueen Bidco PTY LTD. (dba Infomedia) |
|
First lien senior secured revolving loan |
|
12/2032 |
|
— |
|
|
13,040 |
|
|
(33) |
|
| MINDBODY, Inc. |
|
First lien senior secured revolving loan |
|
9/2027 |
|
— |
|
|
7,143 |
|
|
— |
|
| Ministry Brands Holdings, LLC |
|
First lien senior secured revolving loan |
|
12/2027 |
|
61 |
|
|
676 |
|
|
— |
|
| Minotaur Acquisition, Inc. (dba Inspira Financial) |
|
First lien senior secured revolving loan |
|
6/2030 |
|
— |
|
|
12,863 |
|
|
— |
|
| Modernizing Medicine, Inc. (dba ModMed) |
|
First lien senior secured revolving loan |
|
4/2032 |
|
— |
|
|
13,578 |
|
|
(68) |
|
| Monotype Imaging Holdings Inc. |
|
First lien senior secured revolving loan |
|
2/2030 |
|
— |
|
|
15,982 |
|
|
— |
|
| Natural Partners, LLC |
|
First lien senior secured revolving loan |
|
11/2030 |
|
— |
|
|
1,590 |
|
|
— |
|
| Neptune Holdings, Inc. (dba NexTech) |
|
First lien senior secured revolving loan |
|
8/2029 |
|
— |
|
|
1,471 |
|
|
(4) |
|
| NMI Acquisitionco, Inc. (dba Network Merchants) |
|
First lien senior secured revolving loan |
|
9/2028 |
|
— |
|
|
1,115 |
|
|
— |
|
| OECONNECTION LLC |
|
First lien senior secured revolving loan |
|
12/2032 |
|
— |
|
|
5,791 |
|
|
(29) |
|
| OneOncology, LLC |
|
First lien senior secured revolving loan |
|
6/2029 |
|
— |
|
|
9,300 |
|
|
— |
|
| One, Inc. Software Corporation |
|
First lien senior secured revolving loan |
|
12/2032 |
|
— |
|
|
11,098 |
|
|
(55) |
|
| Packaging Coordinators Midco, Inc. |
|
First lien senior secured revolving loan |
|
10/2032 |
|
— |
|
|
14,366 |
|
|
(72) |
|
| PDI TA Holdings, Inc. |
|
First lien senior secured revolving loan |
|
2/2031 |
|
1,660 |
|
|
604 |
|
|
— |
|
| PetVet Care Centers, LLC |
|
First lien senior secured revolving loan |
|
11/2029 |
|
1,075 |
|
|
9,671 |
|
|
— |
|
| Pike Corp. |
|
First lien senior secured revolving loan |
|
12/2032 |
|
— |
|
|
3,723 |
|
|
(19) |
|
| QAD, Inc. |
|
First lien senior secured revolving loan |
|
11/2027 |
|
— |
|
|
11,429 |
|
|
— |
|
| Relativity ODA LLC |
|
First lien senior secured revolving loan |
|
5/2029 |
|
— |
|
|
11,725 |
|
|
— |
|
| RL Datix Holdings (USA), Inc. |
|
First lien senior secured revolving loan |
|
10/2030 |
|
— |
|
|
20,708 |
|
|
— |
|
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unfunded |
| Portfolio Company |
|
Commitment Type |
|
Commitment Expiration Date |
|
Funded Commitment |
|
Commitment |
|
Fair Value(23) |
| Salinger Bidco Inc. (dba Surgical Information Systems) |
|
First lien senior secured revolving loan |
|
5/2031 |
|
762 |
|
|
8,379 |
|
|
— |
|
| Securonix, Inc. |
|
First lien senior secured revolving loan |
|
4/2028 |
|
— |
|
|
7,119 |
|
|
(694) |
|
| Sensor Technology Topco, Inc. (dba Humanetics) |
|
First lien senior secured revolving loan |
|
5/2028 |
|
1,846 |
|
|
3,694 |
|
|
— |
|
| Severin Acquisition, LLC (dba PowerSchool) |
|
First lien senior secured revolving loan |
|
10/2031 |
|
— |
|
|
11,696 |
|
|
(146) |
|
| Simplicity Financial Marketing Group Holdings, Inc. |
|
First lien senior secured revolving loan |
|
12/2031 |
|
— |
|
|
1,905 |
|
|
— |
|
| Smarsh Inc. |
|
First lien senior secured revolving loan |
|
2/2029 |
|
3,350 |
|
|
5,314 |
|
|
— |
|
| Spaceship Purchaser, Inc. (dba Squarespace) |
|
First lien senior secured revolving loan |
|
10/2031 |
|
— |
|
|
21,530 |
|
|
— |
|
| Talon MidCo 2 Limited |
|
First lien senior secured revolving loan |
|
8/2028 |
|
— |
|
|
2,976 |
|
|
— |
|
| Tamarack Intermediate, L.L.C. (dba Verisk 3E) |
|
First lien senior secured revolving loan |
|
3/2029 |
|
— |
|
|
1,682 |
|
|
— |
|
| Themis Solutions Inc. (dba Clio) |
|
First lien senior secured revolving loan |
|
10/2032 |
|
— |
|
|
28,600 |
|
|
(286) |
|
| Thunder Purchaser, Inc. (dba Vector Solutions) |
|
First lien senior secured revolving loan |
|
6/2027 |
|
— |
|
|
11,250 |
|
|
— |
|
| Tricentis Operations Holdings, Inc. |
|
First lien senior secured revolving loan |
|
2/2032 |
|
— |
|
|
14,050 |
|
|
(140) |
|
| Unit4 Group Holding B.V. |
|
First lien senior secured EUR revolving loan |
|
1/2033 |
|
— |
|
|
7,589 |
|
|
— |
|
| Valeris, Inc. (fka Phantom Purchaser, Inc.) |
|
First lien senior secured revolving loan |
|
9/2031 |
|
— |
|
|
2,990 |
|
|
(7) |
|
| Velocity HoldCo III Inc. (dba VelocityEHS) |
|
First lien senior secured revolving loan |
|
5/2029 |
|
— |
|
|
4,485 |
|
|
— |
|
| Zendesk, Inc. |
|
First lien senior secured revolving loan |
|
11/2028 |
|
— |
|
|
14,756 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total non-controlled/non-affiliated - debt commitments |
|
|
|
$ |
245,522 |
|
|
$ |
1,725,732 |
|
|
$ |
(3,839) |
|
|
|
|
|
|
|
|
|
|
|
|
| Non-controlled/non-affiliated - equity commitments |
|
|
|
|
|
|
|
|
| Chrome Investors LP |
|
LP Interest |
|
N/A |
|
$ |
16,407 |
|
|
$ |
4,102 |
|
|
$ |
— |
|
| Valor Compute Infrastructure L.P. |
|
LP Interest |
|
N/A |
|
2,160 |
|
|
4,011 |
|
|
— |
|
| Total non-controlled/non-affiliated - equity commitments |
|
|
|
$ |
18,567 |
|
|
$ |
8,113 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
| Non-controlled/affiliated - debt commitments |
|
|
|
|
|
|
|
|
| Pluralsight, LLC |
|
First lien senior secured delayed draw term loan |
|
8/2029 |
|
$ |
— |
|
|
$ |
12,649 |
|
|
$ |
(253) |
|
| Walker Edison Furniture Company LLC |
|
First lien senior secured delayed draw term loan |
|
3/2027 |
|
1,027 |
|
|
440 |
|
|
— |
|
| Walker Edison Furniture Company LLC |
|
First lien senior secured delayed draw term loan |
|
2/2026 |
|
474 |
|
|
677 |
|
|
— |
|
| Pluralsight, LLC |
|
First lien senior secured revolving loan |
|
8/2029 |
|
— |
|
|
5,060 |
|
|
(101) |
|
| Walker Edison Furniture Company LLC* |
|
First lien senior secured revolving loan |
|
3/2027 |
|
4,495 |
|
|
— |
|
|
— |
|
| Total non-controlled/affiliated - debt commitments |
|
|
|
$ |
5,996 |
|
|
$ |
18,826 |
|
|
$ |
(354) |
|
|
|
|
|
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|
|
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|
|
|
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
Unfunded |
| Portfolio Company |
|
Commitment Type |
|
Commitment Expiration Date |
|
Funded Commitment |
|
Commitment |
|
Fair Value(23) |
| Non-controlled/affiliated - equity commitments |
|
|
|
|
|
|
|
|
| AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC |
|
Specialty finance equity investment |
|
N/A |
|
$ |
7,366 |
|
|
$ |
10,780 |
|
|
$ |
— |
|
| LSI Financing LLC |
|
Specialty finance equity investment |
|
N/A |
|
93,314 |
|
|
31,120 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
| Total non-controlled/affiliated - equity commitments |
|
|
|
$ |
100,680 |
|
|
$ |
41,900 |
|
|
$ |
— |
|
| Total Portfolio Company Commitments |
|
|
|
$ |
370,765 |
|
|
$ |
1,794,571 |
|
|
$ |
(4,193) |
|
*Fully funded
(23)The negative cost and fair value results from unamortized fees, which are capitalized to the investment cost of unfunded commitments.
(24)As defined in the 1940 Act, the Company is deemed to “control” a portfolio company if the Company owns more than 25% of the portfolio company's voting securities or has the power to exercise control over management or policies, including through a management agreement. As defined in the 1940 Act, the Company is an “affiliated person” of this portfolio company if the Company owns more than 5% or more of the portfolio company’s outstanding voting securities. Transactions related to the Company’s investments in non-controlled affiliates and controlled affiliates for the period ended December 31, 2025 were as follows:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Company |
|
Fair Value at December 31, 2024 |
|
Gross Additions
(a) |
|
Gross Reductions(b) |
|
Net Change in Unrealized Gain/(Loss) |
|
Realized Gain/(Loss) |
|
Transfers |
|
Fair Value at December 31, 2025 |
|
Interest and PIK Interest Income |
|
Dividend and PIK Dividend Income |
|
Other Income |
| Non-Controlled Affiliates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(c) |
|
$ |
— |
|
|
$ |
21,528 |
|
|
$ |
(25) |
|
|
$ |
489 |
|
|
$ |
— |
|
|
$ |
3,976 |
|
|
$ |
25,968 |
|
|
$ |
1,426 |
|
|
$ |
— |
|
|
$ |
19 |
|
AAM Series 2.1 Aviation Feeder, LLC(c) |
|
— |
|
|
28,799 |
|
|
(890) |
|
|
2,217 |
|
|
— |
|
|
3,960 |
|
|
34,086 |
|
|
1,776 |
|
|
— |
|
|
— |
|
| Blue Owl Cross-Strategy Opportunities 2025-1 LLC (fka Blue Owl Cross-Strategy Opportunities LLC) |
|
— |
|
|
57,713 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
57,713 |
|
|
— |
|
|
377 |
|
|
— |
|
| Coherent Group Inc. |
|
— |
|
|
15,241 |
|
|
(2) |
|
|
1,296 |
|
|
— |
|
|
— |
|
|
16,535 |
|
|
124 |
|
|
— |
|
|
— |
|
| Fifth Season Investments LLC |
|
62,517 |
|
|
117,209 |
|
|
— |
|
|
4,742 |
|
|
— |
|
|
— |
|
|
184,468 |
|
|
— |
|
|
16,685 |
|
|
— |
|
| Help HP SCF Investor, LP |
|
60,350 |
|
|
8 |
|
|
— |
|
|
(15,468) |
|
|
— |
|
|
— |
|
|
44,890 |
|
|
— |
|
|
— |
|
|
— |
|
| LSI Financing 1 DAC |
|
3,093 |
|
|
4,928 |
|
|
(1,001) |
|
|
(363) |
|
|
— |
|
|
— |
|
|
6,657 |
|
|
— |
|
|
555 |
|
|
— |
|
| LSI Financing LLC |
|
61,677 |
|
|
94,196 |
|
|
(63,695) |
|
|
10,057 |
|
|
— |
|
|
— |
|
|
102,235 |
|
|
— |
|
|
6,147 |
|
|
— |
|
| Pluralsight, LLC |
|
88,660 |
|
|
3,441 |
|
|
(152) |
|
|
(33,233) |
|
|
— |
|
|
— |
|
|
58,716 |
|
|
5,276 |
|
|
— |
|
|
109 |
|
| Securiti, Inc. |
|
— |
|
|
20,015 |
|
|
(106,865) |
|
|
— |
|
|
66,834 |
|
|
20,016 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
| Signifyd Inc. |
|
126,065 |
|
|
12,784 |
|
|
— |
|
|
17,396 |
|
|
— |
|
|
— |
|
|
156,245 |
|
|
— |
|
|
12,788 |
|
|
— |
|
| Walker Edison Furniture Company LLC |
|
4,941 |
|
|
7,095 |
|
|
(4,404) |
|
|
(2,943) |
|
|
— |
|
|
— |
|
|
4,689 |
|
|
(7) |
|
|
— |
|
|
(34) |
|
| Total Non-Controlled Affiliates |
|
$ |
407,303 |
|
|
$ |
382,957 |
|
|
$ |
(177,034) |
|
|
$ |
(15,810) |
|
|
$ |
66,834 |
|
|
$ |
27,952 |
|
|
$ |
692,202 |
|
|
$ |
8,595 |
|
|
$ |
36,552 |
|
|
$ |
94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Controlled Affiliates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Blue Owl Credit SLF LLC(d) |
|
$ |
947 |
|
|
$ |
29,937 |
|
|
$ |
— |
|
|
$ |
(124) |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
30,760 |
|
|
$ |
— |
|
|
$ |
1,345 |
|
|
$ |
— |
|
Blue Owl Leasing LLC (d) |
|
— |
|
|
5,105 |
|
|
— |
|
|
(3) |
|
|
— |
|
|
— |
|
|
5,102 |
|
|
— |
|
|
— |
|
|
— |
|
| Stripe Blue Owl Holdings LLC |
|
— |
|
|
17,493 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
17,493 |
|
|
— |
|
|
— |
|
|
— |
|
| Revolut Ribbit Holdings, LLC |
|
106,443 |
|
|
11 |
|
|
— |
|
|
70,951 |
|
|
— |
|
|
— |
|
|
177,405 |
|
|
— |
|
|
— |
|
|
— |
|
| Total Controlled Affiliates |
|
$ |
107,390 |
|
|
$ |
52,546 |
|
|
$ |
— |
|
|
$ |
70,824 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
230,760 |
|
|
$ |
— |
|
|
$ |
1,345 |
|
|
$ |
— |
|
(a)Gross additions include increases in the cost basis of investments resulting from new investments, PIK or dividends, and the amortization of any unearned income or discounts on equity investments, as applicable.
(b)Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, and the amortization of any premiums on equity investments, as applicable.
(c)In connection with its investment in Amergin AssetCo the Company made a minority investment in Amergin Asset Management, LLC, which has entered into a Servicing Agreement with Amergin AssetCo.
(d)For further description of the Company's investment in Credit SLF, and Blue Owl Leasing, see “Note 4 — Investments.”
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
(25)Unless otherwise indicated, the Company’s portfolio companies are pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, SPV Asset Facility III, SPV Asset Facility IV, Athena CLO II, Athena CLO IV and CLO 2020-1. See “Note 5 — Debt”.
(26)This portfolio company is not pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, SPV Asset Facility III, SPV Asset Facility IV, Athena CLO II, Athena CLO IV and CLO 2020-1. See “Note 5 — Debt”.
(27)As of December 31, 2025, the net estimated unrealized gain for U.S. federal income tax purposes was $335.5 million based on a tax cost basis of $14.0 billion. As of December 31, 2025, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $101.7 million and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $437.2 million.
(28)Loan was on non-accrual status as of December 31, 2025.
(29)Non-income producing investment.
(30)Security acquired in transaction exempt from registration under the Securities Act, and may be deemed to be “restricted securities” under the Securities Act. As of December 31, 2025, the aggregate fair value of these securities is $2.2 billion or 27.7% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Portfolio Company |
|
Investment |
|
Acquisition Date |
| 6Sense Insights, Inc. |
|
Series E-1 Preferred Stock |
|
January 20, 2022 |
| AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC |
|
Specialty finance equity investment |
|
July 01, 2022 |
| AAM Series 2.1 Aviation Feeder, LLC |
|
Specialty finance equity investment |
|
July 01, 2022 |
| Accelerate Topco Holdings, LLC |
|
Common Units |
|
March 24, 2025 |
| Acorns Grow Incorporated |
|
Series F Preferred Stock |
|
March 24, 2025 |
| Algolia, Inc. |
|
Series D Preferred Stock |
|
July 19, 2021 |
| Algolia, Inc. |
|
Series C Preferred Stock |
|
August 30, 2019 |
| Alpha Partners Technology Merger Corp |
|
Common stock |
|
July 23, 2021 |
| Alpha Partners Technology Merger Corp |
|
Warrants |
|
July 21, 2023 |
| AlphaSense, LLC |
|
Series E Preferred Shares |
|
June 27, 2024 |
| Amergin Asset Management, LLC |
|
Specialty finance equity investment |
|
July 01, 2022 |
| Arctic Wolf Networks, Inc. |
|
Preferred Stock |
|
July 07, 2021 |
| Axonius, Inc. |
|
Series E Preferred Stock |
|
March 24, 2025 |
| Baypine Commander Co-Invest, LP |
|
LP Interest |
|
June 24, 2025 |
|
|
|
|
|
| BEHP Co-Investor II, L.P. |
|
LP Interest |
|
May 06, 2022 |
| Blend Labs, Inc. |
|
Warrants |
|
July 02, 2021 |
Blue Owl Credit SLF LLC(a) |
|
LLC Interest |
|
August 01, 2024 |
Blue Owl Cross-Strategy Opportunities 2025-1 LLC (fka Blue Owl Cross-Strategy Opportunities LLC) |
|
Specialty finance equity investment |
|
September 19, 2025 |
Blue Owl Leasing LLC(b) |
|
Joint Venture |
|
October 14, 2025 |
| Bolt Technology OÜ |
|
Preferred Stock |
|
December 10, 2021 |
| Brex, Inc. |
|
Class A Units |
|
August 15, 2025 |
| Brex, Inc. |
|
Preferred Stock |
|
November 30, 2021 |
| Brooklyn Lender Co-Invest 2, L.P. (dba Boomi) |
|
Common Units |
|
October 01, 2021 |
| Chrome Investors LP |
|
LP Interest |
|
January 25, 2025 |
| Circle Internet Services, Inc. |
|
Series D Preferred Stock |
|
May 20, 2019 |
| Circle Internet Services, Inc. |
|
Series E Preferred Stock |
|
February 28, 2020 |
| Circle Internet Services, Inc. |
|
Series F Preferred Stock |
|
May 04, 2021 |
| Circle Internet Services, Inc. |
|
Warrants |
|
May 20, 2019 |
| CloudPay, Inc. |
|
Series E Preferred Stock |
|
July 31, 2024 |
| Coherent Group Inc. |
|
Series B Preferred Shares |
|
March 24, 2025 |
| Diligent Preferred Issuer, Inc. (dba Diligent Corporation) |
|
Preferred Stock |
|
April 06, 2021 |
| Dodge Construction Network Holdings, L.P. |
|
Series A Preferred Units |
|
March 16, 2022 |
| Dodge Construction Network Holdings, L.P. |
|
Class A-2 Common Units |
|
March 16, 2022 |
| Elliott Alto Co-Investor Aggregator L.P. |
|
LP Interest |
|
September 28, 2022 |
| EShares, Inc. (dba Carta) |
|
Series E Preferred Stock |
|
August 01, 2019 |
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Portfolio Company |
|
Investment |
|
Acquisition Date |
| Excalibur CombineCo, L.P. |
|
Class A Units |
|
July 02, 2024 |
| Fifth Season Investments LLC |
|
Specialty finance equity investment |
|
October 17, 2022 |
| Fifth Season Investments LLC |
|
Specialty finance equity investment |
|
November 03, 2025 |
| Halo Purchaser, LLC |
|
Class H Warrant Units |
|
October 15, 2021 |
| Halo Purchaser, LLC |
|
Class B PIK Preferred Equity |
|
October 15, 2021 |
| HARNESS INC. |
|
Series D Preferred Stock |
|
June 11, 2024 |
| Help HP SCF Investor, LP |
|
LP Interest |
|
April 28, 2021 |
| Illumio, Inc. |
|
Common stock |
|
August 27, 2021 |
| Illumio, Inc. |
|
Series F Preferred Stock |
|
June 23, 2021 |
| Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC) |
|
LP Interest |
|
June 08, 2022 |
| JumpCloud, Inc. |
|
Series F Preferred Stock |
|
September 03, 2021 |
| JumpCloud, Inc. |
|
Series B Preferred Stock |
|
December 30, 2021 |
| Juniper Square, Inc. |
|
Warrants |
|
March 24, 2025 |
| Kajabi Holdings, LLC |
|
Senior Preferred Class D Units |
|
March 24, 2021 |
| Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.) |
|
Perpetual Preferred Stock |
|
June 22, 2022 |
| KPCI Co-Invest 2, L.P. |
|
Class A Units |
|
October 15, 2025 |
| KWOL Acquisition, Inc. (dba Worldwide Clinical Trials) |
|
Class A Interest |
|
December 12, 2023 |
| Linked Store Cayman Ltd. (dba Nuvemshop) |
|
Series E Preferred Stock |
|
August 09, 2021 |
| LSI Financing 1 DAC |
|
Specialty finance equity investment |
|
December 14, 2022 |
| LSI Financing LLC |
|
Specialty finance equity investment |
|
November 25, 2024 |
| Bird Holding B.V. (fka MessageBird Holding B.V.) |
|
Extended Series C Warrants |
|
May 05, 2021 |
| Minerva Holdco, Inc. |
|
Senior A Preferred Stock |
|
February 14, 2022 |
| ModMed Software Midco Holdings, Inc. (dba ModMed) |
|
Series A Preferred Units |
|
April 30, 2025 |
| Nscale Global Holdings Limited |
|
Preferred equity |
|
September 29, 2025 |
| Nscale Global Holdings Limited |
|
Series B Preferred Shares |
|
September 29, 2025 |
| Nylas, Inc. |
|
Series C Preferred Stock |
|
June 03, 2021 |
| Orange Blossom Parent, Inc. |
|
Common Units |
|
March 24, 2025 |
| Paradigmatic Holdco LLC (dba Pluralsight) |
|
Common stock |
|
August 22, 2024 |
| Project Alpine Co-Invest Fund, LP |
|
LP Interest |
|
June 13, 2022 |
| Project Hotel California Co-Invest Fund, L.P. |
|
LP Interest |
|
August 09, 2022 |
| Replicated, Inc. |
|
Series C Preferred Stock |
|
June 30, 2021 |
| Revolut Ribbit Holdings, LLC |
|
LLC Interest |
|
September 30, 2021 |
| Rome Topco Holdings, LLC (dba SimpliSafe) |
|
Class A Units |
|
November 06, 2025 |
| Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers) |
|
Series A Preferred Stock |
|
November 15, 2023 |
| Saturn Ultimate, Inc. |
|
Common stock |
|
December 29, 2021 |
| Stripe Blue Owl Holdings LLC |
|
Joint Venture |
|
December 09, 2025 |
| Signifyd Inc. |
|
Preferred equity |
|
April 08, 2021 |
| Simpler Postage, Inc. (dba Easypost) |
|
Warrants |
|
June 11, 2024 |
| SLA Eclipse Co-Invest, L.P. |
|
LP Interest |
|
September 30, 2019 |
| Space Exploration Technologies Corp. |
|
Class A Common Stock |
|
March 23, 2021 |
| Space Exploration Technologies Corp. |
|
Class C Common Stock |
|
March 23, 2021 |
| Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.) |
|
Series A Preferred Stock |
|
October 14, 2021 |
| Thunder Topco L.P. (dba Vector Solutions) |
|
Common Units |
|
June 30, 2021 |
| TravelPerk, Inc. |
|
Warrants |
|
May 02, 2024 |
| Valor Compute Infrastructure L.P. |
|
LP Interest |
|
October 03, 2025 |
| VCI Intermediate TopCo 1 LLC |
|
Class B Units |
|
November 17, 2025 |
Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Portfolio Company |
|
Investment |
|
Acquisition Date |
| Veeam Software Group |
|
Series C Preferred Shares |
|
December 08, 2025 |
| VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.) |
|
Series A Preferred Stock |
|
October 15, 2021 |
| Vestwell Holdings Inc. |
|
Series D Preferred Stock |
|
December 20, 2023 |
| Walker Edison Holdco LLC |
|
Common Units |
|
March 01, 2023 |
| WMC Bidco, Inc. (dba West Monroe) |
|
Senior Preferred Stock |
|
November 09, 2021 |
| WP Irving Co-Invest, L.P. |
|
Partnership Units |
|
May 18, 2022 |
| XOMA Corporation |
|
Warrants |
|
December 15, 2023 |
| Zoro TopCo, Inc. |
|
Series A Preferred Equity |
|
November 22, 2022 |
| Zoro TopCo, L.P. |
|
Class A Common Units |
|
November 22, 2022 |
(a) Refer to “Note 4 — Investments – Blue Owl Credit SLF LLC” for further information.
(b) Refer to “Note 4 — Investments – Blue Owl Leasing LLC” for further information.
(31)This portfolio company is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. As of December 31, 2025, non-qualifying assets represented 16.1% of total assets as calculated in accordance with the regulatory requirements.
(32)Harness Inc. has retained 304,990 shares until June 11, 2026 as a security for indemnity obligations detailed in the Merger Agreement with Split Software, Inc.
(33)Reserved.
(34)BOCSO was formed to hold alternative credit assets, including ABF. ABF is a subsector of private credit focused on generating income from pools of financial, physical or other assets. As of December 31, 2025, the portfolio consists of three investments totaling $0.5 billion at cost and fair value, respectively, ranging in cost from $24.8 million to $304.4 million and with a fair value ranging from $24.8 million to $303.9 million. The largest investment is 62% of the total cost of BOCSO's portfolio. As of December 31, 2025 the portfolio asset class composition was 62% ABF - Specialty finance, 33% ABF - Leasing, and 5% ABF - Commercial Real Estate.
The accompanying notes are an integral part of these consolidated financial statements.
Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited)
(Amounts in thousands, except share and per share amounts and as otherwise noted)
Note 1. Organization
Blue Owl Technology Finance Corp. (the “Company”) is a Maryland corporation formed on July 12, 2018. The Company was formed primarily to originate and make loans to, and make debt and equity investments in, technology-related companies, specifically software companies, based primarily in the United States. The Company originates and invests in senior secured or unsecured loans, subordinated loans or mezzanine loans, and equity-related securities including common equity, warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company’s common equity. The Company’s investment objective is to maximize total return by generating current income from its debt investments and other income producing securities, and capital appreciation from its equity and equity-linked investments.
The Company intends to invest at least 80% of the value of its total assets in “technology-related” companies. The Company defines technology-related companies as those that (i) operate directly in the technology industry, which includes, but is not limited to, application software, systems software, healthcare technology, information technology, technology services and infrastructure, financial technology and internet and digital media, (ii) operate indirectly through their reliance on technology (i.e., utilizing scientific knowledge or technology-enabled techniques, skills, methods, devices or processes to deliver goods and/or services) or (iii) seek to grow through technological advancements and innovations. The Company invests in a broad range of companies with a focus on established enterprise software companies that are capitalizing on the large and growing demand for software products and services.
The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, the Company is treated as a regulated investment company (“RIC”) under subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Because the Company has elected to be regulated as a BDC and qualifies as a RIC under the Code, the Company’s portfolio is subject to diversification and other requirements.
On September 24, 2018, the Company formed a wholly-owned subsidiary, OR Tech Lending LLC, a Delaware limited liability company, which holds a California finance lenders license. OR Tech Lending LLC originates loans to borrowers headquartered in California. From time to time the Company may form wholly-owned subsidiaries to facilitate the normal course of business.
Blue Owl Technology Credit Advisors LLC (the “Adviser”) serves as the Company’s investment adviser, an indirect affiliate of Blue Owl Capital, Inc. (“Blue Owl”) (NYSE: OWL) and part of Blue Owl’s Credit platform. The Adviser is registered with the Securities and Exchange Commission (“SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Blue Owl consists of three investment platforms: (1) Credit, which includes several strategies, including direct lending, alternative credit, investment grade credit, liquid credit and other adjacent investment strategies, (2) Real Assets, which focuses on three primary investment strategies: net lease, real estate credit and digital infrastructure, and (3) GP Strategic Capital, which primarily focuses on acquiring equity stakes in, or providing debt financing to, large, multi-product private equity and private credit firms. Subject to the overall supervision of the Company’s board of directors (the “Board”), the Adviser manages the day-to-day operations of, and provides investment advisory and management services to, the Company.
On August 10, 2018, the Company commenced its loan origination and investment activities contemporaneously with the initial drawdown from investors in the Company’s private offering. In September 2018, the Company made its first portfolio company investment.
On March 24, 2025, the Company consummated the transactions contemplated by the Agreement and Plan of Merger (the “Merger Agreement”) with Blue Owl Technology Finance Corp. II, a Maryland corporation (“OTF II”), Oriole Merger Sub Inc., a Maryland corporation and wholly-owned subsidiary of the Company (“Merger Sub”), and, solely for the limited purposes set forth therein, the Adviser, and Blue Owl Technology Credit Advisors II LLC (“OTCA II”), a Delaware limited liability company and investment adviser to OTF II. In connection therewith, Merger Sub merged with and into OTF II, with OTF II continuing as the surviving company and as a wholly-owned subsidiary of the Company (the “Initial Merger”) and, immediately thereafter, OTF II merged with and into the Company, with the Company continuing as the surviving company (together with the Initial Merger, the “Mergers”). Refer to “Note 13 — Merger with Blue Owl Technology Finance Corp. II” for further discussion of the Mergers.
On June 12, 2025, the Company’s common stock was listed and began trading on the New York Stock Exchange (“NYSE”) under the symbol “OTF” (the “Exchange Listing”).
Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
Note 2. Significant Accounting Policies
Basis of Presentation
The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company is an investment company and, therefore, applies the specialized accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. In the opinion of management, all adjustments considered necessary for the fair presentation of the consolidated financial statements have been included. The Company was initially capitalized on August 7, 2018, and commenced operations on August 10, 2018. The Company’s fiscal year ends on December 31.
Reclassifications
As a result of changes in presentations, certain prior year amounts have been reclassified to conform to the current presentation. These reclassifications had no effect on the reported results of operations.
Use of Estimates
The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual amounts could differ from those estimates and such differences could be material.
Cash and Restricted Cash
Cash consists of deposits held at a custodian bank and restricted cash pledged as collateral. Cash is carried at cost, which approximates fair value. The Company deposits its cash with highly-rated banking corporations and, at times, may exceed the insured limits under applicable law.
Consolidation
As provided under Regulation S-X and ASC Topic 946 - Financial Services - Investment Companies, the Company will generally not consolidate its investment in a company other than a wholly-owned investment company or controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the Company's wholly-owned subsidiaries in its consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation.
The Company does not consolidate its equity interest in Blue Owl Credit SLF LLC (“Credit SLF”) or Blue Owl Leasing LLC (“Blue Owl Leasing”). For further description of the Company’s investment in Credit SLF and Blue Owl Leasing, see “Note 4 — Investments”.
Investments at Fair Value
Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds received and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period. Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Pursuant to Rule 2a-5, the Board designated the Adviser as the Company’s valuation designee to perform fair value determinations relating to the value of assets held by the Company for which market quotations are not readily available.
Investments for which market quotations are readily available are typically valued at the average bid price of those market quotations. To validate market quotations, the Company utilizes a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available, as is the case for substantially all of the Company’s investments, are valued at fair value as determined in good faith by the Adviser, as the valuation designee, based on, among other things, the input of the independent third-party valuation firm(s) engaged at the direction of the Adviser.
As part of the valuation process, the Adviser, as the valuation designee, takes into account relevant factors in determining the fair value of the Company’s investments, including: the estimated enterprise value of a portfolio company (i.e., the total fair value of the portfolio company’s debt and equity), the nature and realizable value of any collateral, the portfolio company’s ability to make payments based on its earnings and cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company’s securities to any similar publicly traded securities, and overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase or sale transaction, public offering or subsequent equity sale occurs, the Adviser, as the valuation designee, considers whether the pricing indicated by the external event corroborates its valuation.
Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
The Adviser, as the valuation designee, undertakes a multi-step valuation process, which includes, among other procedures, the following:
•With respect to investments for which market quotations are readily available, those investments will typically be valued at the average bid price of those market quotations;
•With respect to investments for which market quotations are not readily available, the valuation process begins with the independent valuation firm(s) providing a preliminary valuation of each investment to the Adviser’s valuation committee;
•Preliminary valuation conclusions are documented and discussed with the Adviser’s valuation committee;
•The Adviser, as the valuation designee, reviews the recommended valuations and determines the fair value of each investment;
•Each quarter, the Adviser, as the valuation designee, will provide the Audit Committee a summary or description of material fair value matters that occurred in the prior quarter and on an annual basis, the Adviser, as the valuation designee, will provide the Audit Committee with a written assessment of the adequacy and effectiveness of its fair value process; and
•The Audit Committee oversees the valuation designee and will report to the Board on any valuation matters requiring the Board’s attention.
The Company conducts this valuation process on a quarterly basis.
The Company applies Financial Accounting Standards Board Accounting Standards Codification 820, Fair Value Measurements (“ASC 820”), as amended, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. ASC 820 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, the Company considers its principal market to be the market that has the greatest volume and level of activity. ASC 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance with ASC 820, these levels are summarized below:
•Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.
•Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
•Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.
Transfers between levels, if any, are recognized at the beginning of the period in which the transfer occurs. In addition to using the above inputs in investment valuations, the Company applies the valuation policy approved by its Board that is consistent with ASC 820. Consistent with the valuation policy, the Adviser, as the valuation designee, evaluates the source of the inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When an investment is valued based on prices provided by reputable dealers or pricing services (such as broker quotes), the Adviser, as the valuation designee, subjects those prices to various criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment. For example, the Adviser, as the valuation designee, or the independent valuation firm(s), reviews pricing support provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs.
The Company applies the practical expedient provided by the ASC Topic 820 relating to investments in certain entities that calculate net asset value per share (or its equivalent). ASC Topic 820 permits an entity holding investments in certain entities that either are investment companies, or have attributes similar to an investment company, and calculate NAV per share or its equivalent for which the fair value is not readily determinable, to measure the fair value of such investments on the basis of that NAV per share, or its equivalent, without adjustment. Investments which are valued using NAV per share as a practical expedient are not categorized within the fair value hierarchy as per ASC Topic 820.
Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material.
Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein.
Financial and Derivative Instruments
The Company follows the guidance in ASC 815 Derivatives and Hedging, when accounting for all derivative instruments. The Company designated certain interest rate swaps as hedging instruments, and as a result, the entire change in the fair value of the hedging instrument shall be recorded in the same line item of the Consolidated Statements of Operations as the hedged item. The Company’s interest rate swaps are used to hedge the Company’s fixed rate debt, and therefore both the periodic payment and the change in fair value for the effective hedge, if applicable, will be recognized as components of interest expense in the Consolidated Statements of Operations. Fair value is estimated by discounting remaining payments using applicable current market rates, or market quotes, if available. For all other derivatives, the Company does not utilize hedge accounting and values such derivatives at fair value with the unrealized gains or losses recorded in “net change in unrealized gains (losses) from translation of assets and liabilities in foreign currencies and other transactions” in the Company’s consolidated statement of operations. The Company nets all of its derivatives by counterparty across all derivative instruments, not taking into account collateral posted, which is recorded separately, if applicable.
Foreign Currency Forward Contracts
The Company uses foreign currency forward contracts to reduce the Company's exposure to fluctuations in the value of foreign currencies. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another at a pre-determined price at a future date. Foreign currency forward contracts are marked-to-market at the applicable forward rate. Unrealized gains (losses) on foreign currency forward contracts are recorded within other assets or other liabilities on the Consolidated Statements of Assets and Liabilities by counterparty on a net basis. The Company does not utilize hedge accounting and values forward contracts at fair value with the unrealized gains or losses recorded in net change in unrealized gains (losses) from foreign currency and other transactions in the Company’s Consolidated Statements of Operations.
Interest Rate Swaps
The Company uses interest rate swaps to hedge some or all of the Company's fixed rate debt. The Company has designated each interest rate swap held as the hedging instrument in an effective hedge accounting relationship, and therefore the periodic payments and receipts are recognized as components of interest expense in the Consolidated Statements of Operations. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as an other asset or other liability on the Company's Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by a change in the net carrying value of the fixed rate debt. Any amounts paid to the counterparty to cover collateral obligations under the terms of the interest rate swap agreement are included in other assets or other liabilities and expenses on the Company's Consolidated Statements of Assets and Liabilities. Please see “Note 5 — Debt” to the Company's Consolidated Financial Statements for additional details.
Foreign Currency
Foreign currency amounts are translated into U.S. dollars on the following basis:
•cash, fair value of investments, outstanding debt, other assets and liabilities: at the spot exchange rate on the last business day of the period; and
•purchases and sales of investments, borrowings and repayments of such borrowings, income and expenses: at the rates of exchange prevailing on the respective dates of such transactions.
The Company includes net changes in fair values on investments held resulting from foreign exchange rate fluctuations with the change in unrealized gains (losses) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations. Fluctuations arising from the translation of foreign currency borrowings are included with the net change in unrealized gains (losses) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations.
Investments denominated in foreign currencies and foreign currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. dollar.
Interest and Dividend Income Recognition
Interest income is recorded on the accrual basis and includes amortization and accretion of discounts or premiums. Certain investments may have contractual PIK interest or dividends, the majority of which is structured at initial underwriting. PIK interest and dividends represent accrued interest or dividends that are added to the principal amount or liquidation amount of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or at the occurrence of a liquidation event.
Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
PIK interest and PIK dividend income consisted of the following for the periods:
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Three Months Ended March 31, |
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2026 |
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2025 |
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| PIK Interest Income |
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$ |
24,835 |
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$ |
16,457 |
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| PIK Interest Income as a % of Investment Income |
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7.6 |
% |
|
9.0 |
% |
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| PIK Dividend Income |
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$ |
17,711 |
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$ |
11,483 |
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| PIK Dividend Income as a % of Investment Income |
|
5.4 |
% |
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6.3 |
% |
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| Total PIK Income |
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$ |
42,546 |
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$ |
27,940 |
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| Total PIK Income as a % of Investment Income |
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13.1 |
% |
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15.3 |
% |
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Discounts and premiums to par value on securities purchased are amortized into interest income over the contractual life of the respective security using the effective yield method. The amortized cost of investments represents the original cost adjusted for the amortization and accretion of discounts or premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.
Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. If at any point the Company believes PIK interest is not expected to be realized, the investment generating PIK interest will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are generally reversed through interest income. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.
Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.
Other Income
From time to time, the Company may receive fees for services provided to portfolio companies. These fees are generally only available to the Company as a result of closing investments, are generally paid at the closing of the investments, are generally non-recurring and are recognized as revenue when earned upon closing of the investment. The services that the Adviser provides vary by investment, but can include closing, work, diligence or other similar fees and fees for providing managerial assistance to the Company’s portfolio companies.
Offering Expenses
Costs associated with the offering of common shares of the Company are capitalized as deferred offering expenses and are included in prepaid expenses and other assets in the Consolidated Statements of Assets and Liabilities and are amortized over a twelve-month period from incurrence. Expenses for any additional offerings are deferred and amortized as incurred. These expenses consist primarily of legal fees and other costs incurred in connection with the Company’s share offerings, the preparation of the Company’s registration statement, and registration fees.
Debt Issuance Costs
The Company records origination and other expenses related to its debt obligations as debt issuance costs. These expenses are deferred and amortized utilizing the effective yield method, over the estimated life of the related debt instrument. Debt issuance costs are presented on the Consolidated Statements of Assets and Liabilities as a direct deduction from the debt liability. In circumstances in which there is not an associated debt liability amount recorded in the consolidated financial statements when the debt issuance costs are incurred, such debt issuance costs will be reported on the Consolidated Statements of Assets and Liabilities as an asset until the debt liability is recorded.
Reimbursement of Transaction-Related Expenses
The Company may receive reimbursement for certain transaction-related expenses in pursuing investments. Transaction-related expenses, which are generally expected to be reimbursed by the Company’s portfolio companies, are typically deferred until the transaction is consummated and are recorded in prepaid expenses and other assets on the date incurred. The costs of successfully completed investments not otherwise reimbursed are borne by the Company and are included as a component of the investment’s cost basis.
Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
Cash advances received in respect of transaction-related expenses are recorded as cash with an offset to accrued expenses and other liabilities. Accrued expenses and other liabilities are relieved as reimbursable expenses are incurred.
Income Taxes
The Company has elected to be treated as a BDC under the 1940 Act. The Company has elected to be treated as a RIC under the Code beginning with its taxable year ending December 31, 2018 and intends to continue to qualify annually thereafter as a RIC. So long as the Company maintains its tax treatment as a RIC, it generally will not pay U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s investors and will not be reflected in the consolidated financial statements of the Company. However, the Company will be subject to U.S. federal income tax imposed at corporate rates on any income, including capital gains not distributed (or deemed distributed) to its stockholders.
To qualify as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company generally must distribute to its shareholders on a timely basis, at least the sum of (i) 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses and (ii) its net tax-exempt income. In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (iii) certain undistributed amounts from previous years on which the Company paid no U.S. federal income tax. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income.
Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state income taxes imposed at corporate rates.
The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. There were no material uncertain tax positions through December 31, 2025. As applicable, the Company’s prior three tax years remain subject to examination by U.S. federal, state and local tax authorities.
Distributions to Common Shareholders
Distributions to common shareholders are recorded on the record date. The amount to be distributed is determined by the Board and is generally based upon the earnings estimated by the Adviser. In addition, the Board may consider the level of undistributed taxable income carried forward from the prior year for distribution in the current year. Undistributed long-term capital gains, if any, would be generally distributed at least annually, although the Company may decide to retain such capital gains for investment.
The Company has adopted an “opt out” dividend reinvestment plan that provides for reinvestment of any cash distributions on behalf of shareholders, unless a shareholder elects to receive cash. As a result, if the Board authorizes and declares a cash distribution, then the shareholders who have not “opted out” of the dividend reinvestment plan will have their cash distribution automatically reinvested in additional shares of the Company’s common stock, rather than receiving the cash distribution. The Company expects to use newly issued shares or shares purchased in the open market to implement the dividend reinvestment plan.
Segment Reporting
In accordance with ASC Topic 280 – “Segment Reporting (ASC 280),” the Company has determined that it has a single operating and reporting segment. As a result, the Company’s segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets.
The Company operates through a single operating and reporting segment with an investment objective to generate both current income, and to a lesser extent, capital appreciation through debt and equity investments. The chief operating decision maker (“CODM”) is comprised of the Company’s chief executive officer, president, and chief financial officer and chief operating officer and assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company’s net increase in shareholder’s equity resulting from operations (“net income”). In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in determining the amount of dividends to be distributed to the Company’s stockholders. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheet as “total assets” and the significant segment expenses are listed on the accompanying Consolidated Statements of Operations.
Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
New Accounting Pronouncements
The Company’s management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying consolidated financial statements.
Note 3. Agreements and Related Party Transactions
Administration Agreement
The Company has entered into an amended and restated Administration Agreement (the “Administration Agreement”) with the Adviser. Under the terms of the Administration Agreement, the Adviser performs, or oversees the performance of, required administrative services, which include providing office space, equipment and office services, maintaining financial records, preparing reports to shareholders and reports filed with the SEC, and managing the payment of expenses and the performance of administrative and professional services rendered by others. On May 4, 2026, the Board approved the continuation of the Administration Agreement.
The Administration Agreement also provides that the Company reimburses the Adviser for certain organization costs incurred prior to the commencement of the Company’s operations, and for certain offering costs.
The Company reimburses the Adviser for services performed for it pursuant to the terms of the Administration Agreement. In addition, pursuant to the terms of the Administration Agreement, the Adviser may delegate its obligations under the Administration Agreement to an affiliate or to a third party and the Company will reimburse the Adviser for any services performed for it by such affiliate or third party.
Unless earlier terminated as described below, the Administration Agreement will remain in effect for two years from the date it first became effective, and will remain in effect from year to year if approved annually by a majority of the Board or by the holders of a majority of the Company’s outstanding voting securities and, in each case, a majority of the independent directors. The Administration Agreement may be terminated at any time, without the payment of any penalty, on 60 days’ written notice, by the vote of a majority of the outstanding voting securities of the Company (as defined in the 1940 Act), or by the vote of a majority of the Board or by the Adviser.
No person who is an officer, director, or employee of the Adviser or its affiliates and who serves as a director of the Company receives any compensation from the Company for his or her services as a director. However, the Company reimburses the Adviser (or its affiliates) for an allocable portion of the compensation paid by the Adviser or its affiliates to the Company’s officers who provide operational and administrative services, as well as their respective staffs and other professionals who provide services to the Company, who assist with the preparation, coordination and administration of the foregoing or provide other “back office” or “middle office”, financial or operational services to the Company (based on the percentage of time those individuals devote, on an estimated basis, to the business and affairs of the Company). Directors who are not affiliated with the Adviser receive compensation for their services and reimbursement of expenses incurred to attend meetings.
For the three months ended March 31, 2026 and 2025, the Company incurred expenses of approximately $2.6 million and $1.6 million, respectively, for costs and expenses reimbursable to the Adviser under the terms of the Administration Agreement.
Investment Advisory Agreement
The Investment Advisory Agreement became effective on May 18, 2021. Under the terms of the Investment Advisory Agreement, the Adviser is responsible for managing the Company’s business and activities, including sourcing investment opportunities, conducting research, performing diligence on potential investments, structuring its investments, and monitoring its portfolio companies on an ongoing basis through a team of investment professionals. On May 4, 2026, the Board approved the continuation of the Investment Advisory Agreement.
The Adviser’s services under the Investment Advisory Agreement are not exclusive, and it is free to furnish similar services to other entities so long as its services to the Company are not impaired.
Unless earlier terminated as described below, the Investment Advisory Agreement will remain in effect for two years from the date it first became effective, and will remain in effect from year-to-year if approved annually by a majority of the Board or by the holders of a majority of our outstanding voting securities and, in each case, by a majority of independent directors.
The Investment Advisory Agreement will automatically terminate within the meaning of the 1940 Act and related SEC guidance and interpretations in the event of its assignment. In accordance with the 1940 Act, without payment of any penalty, the Company may terminate the Investment Advisory Agreement with the Adviser upon 60 days’ written notice. The decision to terminate the agreement may be made by a majority of the Board or the shareholders holding a majority of the outstanding shares (as defined in the 1940 Act) of the Company’s common stock. In addition, without payment of any penalty, the Adviser may generally terminate the Investment Advisory Agreement upon 60 days’ written notice.
Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
From time to time, the Adviser may pay amounts owed by the Company to third-party providers of goods or services, including the Board, and the Company will subsequently reimburse the Adviser for such amounts paid on its behalf. Amounts payable to the Adviser are settled in the normal course of business without formal payment terms.
Under the terms of the Investment Advisory Agreement, the Company will pay the Adviser a base management fee and may also pay to it certain incentive fees. The cost of both the management fee and the incentive fee will ultimately be borne by the Company’s shareholders.
The management fee (“Management Fee”) is payable quarterly in arrears. Prior to the Exchange Listing, the Management Fee was payable at an annual rate of 0.90% of the Company’s (i) average gross assets (excluding cash and cash equivalents but including assets purchased with borrowed amounts) at the end of the two most recently completed calendar quarters; provided, however, that no Management Fee was charged on the value of gross assets (excluding cash and cash-equivalents but including assets purchased with borrowed amounts) that was below an asset coverage ratio of 200% calculated in accordance with Sections 18 and 61 of the 1940 Act; plus (ii) the average of any remaining unfunded capital commitments at the end of the two most recently completed calendar quarters. Following the Exchange Listing, the Management Fee is payable at an annual rate of (x) 1.50% of the Company’s average gross assets (excluding cash and cash equivalents but including assets purchased with borrowed amounts) that is above an asset coverage ratio of 200% calculated in accordance with Sections 18 and 61 of the 1940 Act and (y) 1.00% of the Company’s average gross assets (excluding cash and cash equivalents but including assets purchased with borrowed amounts) that is below an asset coverage ratio of 200% calculated in accordance with Sections 18 and 61 of the 1940 Act, in each case, at the end of the two most recently completed calendar quarters payable quarterly in arrears. The Management Fee will be appropriately prorated and adjusted (based on the actual number of days elapsed relative to the total number of days in such calendar quarter) for any share issuances or repurchases during the relevant calendar quarters. The Management Fee for any partial month or quarter, as the case may be, will be appropriately prorated and adjusted (based on the actual number of days elapsed relative to the total number of days in such calendar quarter). For purposes of the Investment Advisory Agreement, gross assets means the Company’s total assets determined on a consolidated basis in accordance with generally accepted accounting principles in the United States, excluding cash and cash equivalents, but including assets purchased with borrowed amounts.
For the three months ended March 31, 2026 and 2025, management fees were $53.9 million and $15.9 million, net of $73.0 thousand and $32.1 thousand in management fee waivers, respectively.
Pursuant to the Investment Advisory Agreement, the Adviser is entitled to an incentive fee (“Incentive Fee”), which consists of two components that are independent of each other, with the result that one component may be payable even if the other is not.
The portion of the Incentive Fee based on income is determined and paid quarterly in arrears commencing with the first calendar quarter following the initial closing date, and equals (i) prior to the Exchange Listing, 100% of the pre-Incentive Fee net investment income in excess of a 1.5% quarterly “hurdle rate”, until the Adviser has received 10% of the total pre-Incentive Fee net investment income for that calendar quarter and, for pre-Incentive Fee net investment income in excess of 1.67% quarterly, 10% of all remaining pre-Incentive Fee net investment income for that calendar quarter, and (ii) subsequent to the Exchange Listing, 100% of the pre-Incentive Fee net investment income in excess of a 1.5% quarterly “hurdle rate,” until the Adviser has received 17.5% of the total pre-Incentive Fee net investment income for that calendar quarter and, for pre-Incentive Fee net investment income in excess of 1.82% quarterly, 17.5% of all remaining pre-Incentive Fee net investment income for that calendar quarter. The 100% “catch-up” provision for pre-Incentive Fee net investment income in excess of the 1.5% “hurdle rate” is intended to provide the Adviser with an Incentive Fee of (i) prior to the Exchange Listing, 10% on all pre- Incentive Fee net investment income when that amount equals 1.67% in a calendar quarter (6.67% annualized), and (ii) subsequent to the Exchange Listing, 17.5% on all pre-Incentive Fee net investment income when that amount equals 1.82% in a calendar quarter (7.27% annualized), which, in each case, is the rate at which catch-up is achieved. Once the “hurdle rate” is reached and catch-up is achieved, (i) prior to the Exchange Listing, 10% of any pre-Incentive Fee net investment income in excess of 1.67% in any calendar quarter is payable to the Adviser, and (ii) subsequent to the Exchange Listing, 17.5% of any pre-Incentive Fee net investment income in excess of 1.82% in any calendar quarter is payable to the Adviser.
For the three months ended March 31, 2026 and 2025, performance-based incentive fees based on net investment income were $28.1 million and $10.7 million, respectively.
The second component of the Incentive Fee, the “Capital Gains Incentive Fee,” payable at the end of each calendar year in arrears, equals, (i) prior to the Exchange Listing, 10% of cumulative realized capital gains from the initial closing date to the end of each calendar year, less cumulative realized capital losses and unrealized capital depreciation from the initial closing date to the end of each calendar year, and (ii) subsequent to the Exchange Listing, 17.5% of cumulative realized capital gains from the Listing Date to the end of each calendar year, less cumulative realized capital losses and unrealized capital depreciation from the Listing Date to the end of each calendar year. Each year, the fee paid for the Capital Gains Incentive Fee is net of the aggregate amount of any previously paid Capital Gains Incentive Fee for prior periods. While the Investment Advisory Agreement neither includes nor contemplates the inclusion of unrealized gains in the calculation of the capital gains incentive fee, as required by U.S. GAAP, the Company accrues capital gains incentive fees on unrealized gains. This accrual reflects the incentive fees that would be payable to the Adviser if the Company’s entire investment portfolio was liquidated at its fair value as of the balance sheet date even though the Adviser is not entitled to an incentive fee with respect to unrealized gains unless and until such gains are actually realized.
Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
The fees that are payable under the Investment Advisory Agreement for any partial period will be appropriately prorated. In no event will the Capital Gains Fee payable pursuant to the Investment Advisory Agreement be in excess of the amount permitted by the Advisers Act, including Section 205 thereof.
For the three months ended March 31, 2026 and 2025, the Company recorded a reversal of previously accrued performance based incentive fees based on capital gains of $38.8 million and $1.3 million, respectively, driven by unrealized depreciation in the Company’s portfolio.
Affiliated Transactions
The Company may be prohibited under the 1940 Act from participating in certain transactions with its affiliates without prior approval of the directors who are not interested persons, and in some cases, the prior approval of the SEC. The Company, the Adviser and certain of their affiliates were granted an order for exemptive relief that permitted co-investing with affiliates of the Company subject to various approvals of the Board and other conditions. On May 6, 2025, the Company, the Adviser and certain of their affiliates were granted a new order for exemptive relief that superseded the prior order for exemptive relief (the “Order”) by the SEC for the Company to co-invest with other funds managed by the Adviser or certain affiliates, in a manner consistent with the Company’s investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to such Order, the Company generally is permitted to co-invest with certain of its affiliates if such co-investments are done on the same terms and at the same time, as further detailed in the Order. The Order requires that a “required majority” (as defined in Section 57(o) of the 1940 Act) of directors who are not “interested persons” of the Company, the Adviser, or any of their respective affiliates, as defined in the 1940 Act (“Independent Directors”) make certain conclusions in connection with certain co-investment transactions, including (1) when the Company co-invests with an affiliated entity (as defined in the co-investment application) in an issuer where an affiliated entity of the Company has an existing investment in the issuer unless the transaction is completed on a pro rata basis, and (2) if the Company disposes of an asset acquired in a co-investment transaction unless the disposition is done on a pro rata basis or the disposition is of a tradable security. Pursuant to the Order, the Board oversees the Company’s participation in the co-investment program. As required by the Order, the Company has adopted, and the Board, including a required majority of the Independent Directors, has approved, policies and procedures reasonably designed to ensure compliance with the conditions of the Order. The Board, including a required majority of the Independent Directors, also reviewed the Co-Investment Policies of the Adviser to ensure that they are reasonably designed to prevent the Company from being disadvantaged by participation in the co-investment program. The Adviser and the Company’s Chief Compliance Officer will also provide reporting to the Board.
The Adviser is affiliated with Blue Owl Credit Advisors LLC (“OCA”), OTCA II, Blue Owl Credit Private Fund Advisors LLC (“OPFA”), and Blue Owl Diversified Credit Advisors LLC (“ODCA” together with OTCA II, OPFA, OCA, and the Adviser, the “Blue Owl Credit Advisers”), which are also investment advisers. The Blue Owl Credit Advisers are indirect affiliates of Blue Owl and comprise part of Blue Owl’s Credit platform, which includes several strategies, including direct lending, alternative credit, investment grade credit, liquid credit and other adjacent investment strategies. The Blue Owl Credit Advisers’ allocation policies seek to ensure equitable allocation of investment opportunities and address the co-investment restrictions set forth under the 1940 Act. As a result of the Order, there could be significant overlap in the Company’s investment portfolio and the investment portfolio of the business development companies, private funds, interval fund and separately managed accounts managed by the Blue Owl Credit Advisers (collectively, the “Blue Owl Credit Clients”) and/or other funds managed by the Adviser or its affiliates that avail themselves of the Order. In addition, the Adviser and its affiliates are permitted to allocate an investment to a number of products across platforms that it views as appropriate for the particular investment objectives, strategies and characteristics of such products.
License Agreement
On July 6, 2023, the Company entered into a license agreement (the “License Agreement”) with an affiliate of Blue Owl, pursuant to which the Company was granted a non-exclusive license to use the name “Blue Owl.” Under the License Agreement, the Company has a right to use the Blue Owl name for so long as the Adviser or one of its affiliates remains the Company’s investment adviser. Other than with respect to this limited license, the Company will have no legal right to the “Blue Owl” name or logo.
Controlled, Affiliated/Non-Controlled, Affiliated Portfolio Companies
Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company’s outstanding voting securities as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company’s outstanding voting securities and/or has the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies. Under the 1940 Act, “non-affiliated investments” are defined as investments that are neither controlled investments nor affiliated investments. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled affiliated investments is contained in these consolidated financial statements, including the consolidated schedule of investments.
Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
The Company has made investments in controlled, affiliated companies including Credit SLF and Blue Owl Leasing. For further descriptions of Credit SLF and Blue Owl Leasing, see “Note 4 — Investments.” The Company also invests in Amergin, BOCSO, Fifth Season, LSI Financing DAC, and LSI Financing LLC, which are non-controlled, affiliated investments, as defined in the 1940 Act.
Amergin AssetCo was created to invest in a leasing platform focused on railcar, aviation and other long-lived transportation assets. Amergin acquires existing on-lease portfolios of new and end-of-life railcars and related equipment and selectively purchases off-lease assets and is building a commercial aircraft portfolio through aircraft financing and engine acquisition on a sale and lease back basis. Amergin consists of Amergin AssetCo and Amergin Asset Management LLC, which has entered into a Servicing Agreement with Amergin AssetCo. The Company made an initial equity commitment to Amergin AssetCo on July 1, 2022. As of March 31, 2026, its commitment to Amergin AssetCo is $64.4 million, of which $26.4 million is equity and $38.0 million is debt. The Company’s investment in Amergin is a co-investment made with its affiliates in accordance with the terms of the exemptive relief that the Company received from the SEC. The Company does not consolidate its equity interest in Amergin AssetCo.
BOCSO is a portfolio company formed to hold alternative credit assets, including ABF. ABF is a subsector of private credit focused on generating income from pools of financial, physical or other assets. On September 18, 2025, we made an initial equity contribution to BOCSO. As of March 31, 2026, the Company’s investment at fair value in BOCSO was $103.9 million and the Company’s total commitment was $104.4 million. The Company does not consolidate its equity interest in BOCSO.
Fifth Season is a portfolio company created to invest in life insurance based assets, including secondary and tertiary life settlement and other life insurance exposures using detailed analytics, internal life expectancy review and sophisticated portfolio management techniques. On July 18, 2022, the Company made an initial equity investment in Fifth Season. As of March 31, 2026, its investment in Fifth Season was $138.7 million at fair value. The Company’s investment in Fifth Season is a co-investment with its affiliates in accordance with the terms of the exemptive relief that the Company received from the SEC. The Company does not consolidate its interest in Fifth Season.
LSI Financing DAC is a portfolio company formed to acquire contractual rights to revenue pursuant to earnout agreements generally in the life sciences space. On December 14, 2022, the Company made an initial investment in LSI Financing DAC. As of March 31, 2026, the Company’s investment in LSI Financing DAC was $6.8 million at fair value and its total commitment was $6.7 million. The Company does not consolidate its equity interest in LSI Financing DAC.
LSI Financing LLC is a separately managed portfolio company formed to indirectly own royalty purchase agreements and loans in the life sciences space. An affiliate of the Adviser provides consulting services to a subsidiary of LSI Financing LLC in exchange for a fee. The Adviser has agreed to waive a portion of the management fee payable by the Company pursuant to the Investment Advisory Agreement equal to the pro rata amount of such consulting fee. On November 25, 2024, the Company redeemed a portion of its interest in LSI Financing DAC in exchange for common shares of LSI Financing LLC. As of March 31, 2026, the fair value of the Company’s investment in LSI Financing LLC was $254.1 million and its total commitment was $320.4 million. The Company does not consolidate its equity interest in LSI Financing LLC.
Note 4. 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 the composition of investments at fair value and amortized cost as of the following periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
December 31, 2025 |
|
Amortized Cost |
|
Fair Value |
|
Amortized Cost |
|
Fair Value |
First-lien senior secured debt investments |
$ |
11,120,112 |
|
|
$ |
10,917,188 |
|
|
$ |
10,983,810 |
|
|
$ |
10,979,070 |
|
| Second-lien senior secured debt investments |
593,785 |
|
|
498,121 |
|
|
601,494 |
|
|
568,641 |
|
| Unsecured debt investments |
452,138 |
|
|
456,403 |
|
|
467,464 |
|
|
477,128 |
|
| Specialty finance debt investments |
37,999 |
|
|
38,000 |
|
|
37,449 |
|
|
37,452 |
|
Preferred equity investments |
1,154,990 |
|
|
982,150 |
|
|
1,127,105 |
|
|
1,072,481 |
|
Common equity investments |
516,899 |
|
|
615,910 |
|
|
504,733 |
|
|
722,100 |
|
| Specialty finance equity investments |
503,939 |
|
|
527,414 |
|
|
351,675 |
|
|
375,812 |
|
| Joint ventures |
35,747 |
|
|
33,053 |
|
|
53,483 |
|
|
53,355 |
|
| Total Investments |
$ |
14,415,609 |
|
|
$ |
14,068,239 |
|
|
$ |
14,127,213 |
|
|
$ |
14,286,039 |
|
Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
The Company uses the Global Industry Classification Standard (“GICS”) for classifying the industry groupings of its portfolio companies. The table below presents the industry composition of investments based on fair value as of the following periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
December 31, 2025 |
| Aerospace & Defense |
2.3 |
% |
|
2.7 |
% |
| Airlines |
0.3 |
|
|
0.3 |
|
| Application Software |
14.1 |
|
|
13.6 |
|
Asset based lending and fund finance (6) |
0.7 |
|
|
0.4 |
|
| Banks |
— |
|
|
0.3 |
|
Beverages (1) |
0.0 |
|
|
0.0 |
|
| Building Products |
0.5 |
|
|
0.5 |
|
| Buildings & Real Estate |
1.4 |
|
|
1.3 |
|
| Capital Markets |
0.8 |
|
|
0.8 |
|
| Commercial Services & Supplies |
0.2 |
|
|
0.2 |
|
Construction & Engineering |
0.2 |
|
|
0.2 |
|
| Consumer Finance |
0.5 |
|
|
0.5 |
|
| Diversified Consumer Services |
2.4 |
|
|
3.3 |
|
Diversified Financial Services (2) |
10.0 |
|
|
9.8 |
|
| Diversified Support Services |
0.2 |
|
|
0.2 |
|
| Entertainment |
1.4 |
|
|
1.4 |
|
| Equity Real Estate Investment Trusts (REITs) |
0.8 |
|
|
0.8 |
|
| Food & Staples Retailing |
1.3 |
|
|
1.3 |
|
| Health Care Equipment & Supplies |
2.0 |
|
|
2.0 |
|
| Health Care Providers & Services |
3.0 |
|
|
3.4 |
|
| Health Care Technology |
12.9 |
|
|
13.9 |
|
| Hotels, Restaurants & Leisure |
— |
|
|
0.8 |
|
| Household Durables |
0.5 |
|
|
0.6 |
|
| Industrial Conglomerates |
0.7 |
|
|
0.7 |
|
Insurance (3) |
3.9 |
|
|
4.4 |
|
| Internet & Direct Marketing Retail |
1.9 |
|
|
2.2 |
|
| IT Services |
4.1 |
|
|
4.2 |
|
Joint Ventures(4) |
0.2 |
|
|
0.4 |
|
| Life Sciences Tools & Services |
2.1 |
|
|
2.1 |
|
| Media |
0.9 |
|
|
0.9 |
|
| Multiline Retail |
0.2 |
|
|
0.2 |
|
Pharmaceuticals (5) |
2.1 |
|
|
1.0 |
|
| Professional Services |
6.7 |
|
|
6.1 |
|
| Real Estate Management & Development |
1.8 |
|
|
0.2 |
|
| Road & Rail |
0.1 |
|
|
0.1 |
|
| Specialty Retail |
0.8 |
|
|
0.8 |
|
| Systems Software |
18.5 |
|
|
17.9 |
|
Thrifts & Mortgage Finance (1) |
0.0 |
|
|
0.0 |
|
| Wireless Telecommunication Services |
0.5 |
|
|
0.5 |
|
| Total |
100.0 |
% |
|
100.0 |
% |
_______________
(1)As of March 31, 2026 or December 31, 2025, the Company’s investment rounds to less than 0.1% of the fair value of the portfolio.
(2)Includes debt and equity investment in Amergin AssetCo.
(3)Includes equity investment in Fifth Season.
(4)Includes equity investment in Credit SLF, Blue Owl Leasing, and as of December 31, 2025, in Stripe Blue Owl. See below, within Note 4, for more information about Credit SLF and Blue Owl Leasing.
(5)Includes equity investment in LSI Financing DAC and LSI Financing LLC.
(6)Includes equity investment in BOCSO.
Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
The table below presents the geographic composition of investments based on fair value as of the following periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
December 31, 2025 |
| United States: |
|
|
|
| Midwest |
15.8 |
% |
|
16.3 |
% |
| Northeast |
23.1 |
|
|
21.8 |
|
| South |
23.3 |
|
|
24.2 |
|
| West |
27.5 |
|
|
27.8 |
|
| United Kingdom |
5.2 |
|
|
5.5 |
|
| Canada |
2.6 |
|
|
2.3 |
|
| Other international |
2.5 |
|
|
2.1 |
|
|
|
|
|
| Total |
100.0 |
% |
|
100.0 |
% |
Blue Owl Credit SLF LLC
Credit SLF, a Delaware limited liability company, is a joint venture among the Credit SLF Members. Credit SLF’s principal purpose is to make investments primarily in senior secured loans to middle market companies, broadly syndicated loans and in senior and subordinated notes issued by collateralized loan obligations. Credit SLF is managed by a board of directors comprised of an equal number of directors appointed by each Credit 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. Credit SLF’s date of inception was May 6, 2024 and Credit SLF made its first portfolio company investment on July 23, 2024.
Credit SLF’s investments at fair value are determined in accordance with FASB ASC 820, as amended; however, determination of such fair value is not included in the Company’s valuation process.
Other than for purposes of the 1940 Act, the Company does not believe it has control over this portfolio company. Accordingly, the Company does not consolidate its non-controlling interest in Credit SLF.
The Company’s initial capital commitment to and economic ownership in Credit SLF was $2.5 million and 4.4%, respectively. On November 1, 2024 the Company’s capital commitment in Credit SLF remained at $2.5 million and economic ownership decreased to 0.3%. On March 24, 2025, in connection with the Mergers, the Company assumed OTF II’s capital commitment to and economic ownership in Credit SLF of approximately $2.5 million and 0.3% respectively. On May 15, 2025, the Credit SLF Members modified their capital commitments to Credit SLF and the Company’s capital commitment was increased to $18.7 million. On September 4, 2025, certain Credit SLF Members increased their capital commitments to Credit SLF and the Company’s capital commitment was increased to $34.9 million. In the first quarter of 2026, certain Credit SLF Members further increased their capital commitments to Credit SLF and the Company’s capital commitment was increased to $53.8 million of which $18.9 million was unfunded as of March 31, 2026.
As of March 31, 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 |
|
|
$ |
427,085 |
|
|
66.1 |
% |
Blue Owl Capital Corporation II(2) |
|
|
|
244 |
|
|
244 |
|
|
0.0 |
% |
| Blue Owl Credit Income Corp. |
|
|
|
136,419 |
|
|
87,169 |
|
|
13.5 |
% |
| Blue Owl Technology Finance Corp. |
|
|
|
53,812 |
|
|
34,937 |
|
|
5.4 |
% |
| Blue Owl Technology Income Corp. |
|
|
|
16,161 |
|
|
16,161 |
|
|
2.5 |
% |
| State Teachers Retirement System of Ohio |
|
|
|
93,299 |
|
|
80,799 |
|
|
12.5 |
% |
| Total |
|
|
|
$ |
746,395 |
|
|
$ |
646,395 |
|
|
100.0 |
% |
_______________
(1) This represents each equity holder’s ownership percentage at March 31, 2026 based on net contributed capital.
(2) Economic ownership interest for Blue Owl Capital Corporation II is 0.04%.
Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
The table below sets forth Credit SLF’s consolidated financial data as of and for the following periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2026 |
|
As of December 31, 2025 |
| Consolidated Balance Sheet Data |
|
|
|
| Cash |
$ |
167,235 |
|
|
$ |
124,718 |
|
| Investments at fair value |
2,417,836 |
|
|
2,343,367 |
|
| Total Assets |
2,616,236 |
|
|
2,477,523 |
|
| Total Debt (net of unamortized debt issuance costs) |
1,831,178 |
|
|
1,728,363 |
|
| Total Liabilities |
2,026,448 |
|
|
1,863,454 |
|
| Total Credit SLF Members’ Equity |
$ |
589,788 |
|
|
$ |
614,069 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
|
2026 |
|
2025 |
|
|
|
|
|
|
| Consolidated Statement of Operations Data |
|
|
|
|
|
|
|
|
|
| Income |
|
|
|
|
|
|
|
|
|
| Investment income |
$ |
41,005 |
|
|
$ |
23,696 |
|
|
|
|
|
|
|
| Expenses |
|
|
|
|
|
|
|
|
|
| Net operating expenses |
25,030 |
|
|
13,659 |
|
|
|
|
|
|
|
| Net investment income (loss) |
$ |
15,975 |
|
|
$ |
10,037 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total net realized and unrealized gain (loss) |
(51,991) |
|
|
(16,103) |
|
|
|
|
|
|
|
Net Increase (Decrease) in Credit SLF Members’ Equity Resulting from Operations |
$ |
(36,016) |
|
|
$ |
(6,066) |
|
|
|
|
|
|
|
The Company’s proportional share of Credit SLF’s distributions for the following periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2026 |
|
2025 |
|
|
|
|
|
|
Dividend income |
$ |
693 |
|
|
$ |
55 |
|
|
|
|
|
|
|
Blue Owl Leasing LLC
Blue Owl Leasing, a Delaware limited liability company, is a joint venture among the Company, Blue Owl Capital Corporation, Blue Owl Capital Corporation II, Blue Owl Credit Income 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’s principal purpose is to make investments, either directly or indirectly through financing subsidiaries or other persons, primarily in leases and loans. Investment decisions must be approved by Blue Owl Leasing. The Blue Owl Leasing Members coinvest through Blue Owl Leasing, or its wholly owned subsidiaries. Blue Owl Leasing’s date of inception was June 30, 2025 and Blue Owl Leasing made its first portfolio company investment on October 23, 2025.
Blue Owl Leasing’s investments at fair value are determined in accordance with FASB ASC 820, as amended; however, such fair value is not included in the Company’s valuation process.
Other than for purposes of the 1940 Act, the Company does not believe it has control over this portfolio company. Accordingly, the Company does not consolidate its non-controlling interest in Blue Owl Leasing.
Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
As of March 31, 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 March 31, 2026, based on net contributed capital.
The table below sets forth Blue Owl Leasing’s consolidated financial data as of and for the following period:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2026 |
|
As of December 31, 2025(1) |
|
|
| Consolidated Balance Sheet Data |
|
|
|
|
|
|
| Cash |
|
$ |
9,981 |
|
|
$ |
34,555 |
|
|
|
| Investments at fair value |
|
39,363 |
|
|
39,628 |
|
|
|
| Total Assets |
|
49,650 |
|
|
74,531 |
|
|
|
| Total Debt (net of unamortized debt issuance costs) |
|
9,374 |
|
|
9,754 |
|
|
|
| Total Liabilities |
|
9,861 |
|
|
10,076 |
|
|
|
| Total Blue Owl Leasing Members’ Equity |
|
$ |
39,789 |
|
|
$ |
64,455 |
|
|
|
_______________
(1) The Company’s date of inception was June 30, 2025.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
|
|
|
|
|
|
|
|
2026 |
|
|
|
|
|
|
|
|
| Consolidated Statement of Operations Data |
|
|
|
|
|
|
|
|
|
|
| Income |
|
|
|
|
|
|
|
|
|
|
| Investment income |
|
$ |
1,043 |
|
|
|
|
|
|
|
|
|
| Expenses |
|
|
|
|
|
|
|
|
|
|
| Net operating expenses |
|
871 |
|
|
|
|
|
|
|
|
|
| Net investment income (loss) |
|
$ |
172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total net realized and unrealized gain (loss) |
|
(239) |
|
|
|
|
|
|
|
|
|
| Net Increase (Decrease) in Blue Owl Leasing Members’ Equity Resulting From Operations |
|
$ |
(67) |
|
|
|
|
|
|
|
|
|
Blue Owl Leasing did not distribute any dividends to the Company for the period ended March 31, 2026.
Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
Note 5. Debt
In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. As of March 31, 2026 and December 31, 2025, the Company’s asset coverage was 208% and 226%, respectively.
The tables below present debt obligations as of the following periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
Aggregate Principal Committed |
|
Outstanding Principal |
|
Amount Available(1) |
|
Unamortized Debt Issuance Costs |
|
Net Carrying Value |
Revolving Credit Facility(2) |
$ |
2,675,000 |
|
|
$ |
1,640,000 |
|
|
$ |
1,031,983 |
|
|
$ |
(22,296) |
|
|
$ |
1,617,704 |
|
| SPV Asset Facility I |
700,000 |
|
|
700,000 |
|
|
— |
|
|
(8,188) |
|
|
691,812 |
|
| SPV Asset Facility II |
400,000 |
|
|
325,000 |
|
|
35,662 |
|
|
(4,148) |
|
|
320,852 |
|
| SPV Asset Facility III |
1,100,000 |
|
|
624,500 |
|
|
39,429 |
|
|
(9,964) |
|
|
614,536 |
|
| SPV Asset Facility IV |
500,000 |
|
|
270,000 |
|
|
181,775 |
|
|
(5,162) |
|
|
264,838 |
|
|
|
|
|
|
|
|
|
|
|
| Athena CLO II |
375,000 |
|
|
375,000 |
|
|
— |
|
|
(4,007) |
|
|
370,993 |
|
| Athena CLO IV |
240,000 |
|
|
240,000 |
|
|
— |
|
|
(2,296) |
|
|
237,704 |
|
| Athena CLO V |
300,000 |
|
|
300,000 |
|
|
— |
|
|
(1,829) |
|
|
298,171 |
|
| June 2026 Notes |
375,000 |
|
|
375,000 |
|
|
— |
|
|
(329) |
|
|
374,671 |
|
| January 2027 Notes |
300,000 |
|
|
300,000 |
|
|
— |
|
|
(1,237) |
|
|
298,763 |
|
March 2028 Notes(3) |
650,000 |
|
|
650,000 |
|
|
— |
|
|
(6,977) |
|
|
650,515 |
|
| September 2028 Notes |
75,000 |
|
|
75,000 |
|
|
— |
|
|
(450) |
|
|
74,550 |
|
April 2029 Notes(3) |
700,000 |
|
|
700,000 |
|
|
— |
|
|
(10,729) |
|
|
698,743 |
|
January 2031 Notes(3) |
400,000 |
|
|
400,000 |
|
|
— |
|
|
(8,585) |
|
|
390,480 |
|
| Total Debt |
$ |
8,790,000 |
|
|
$ |
6,974,500 |
|
|
$ |
1,288,849 |
|
|
$ |
(86,197) |
|
|
$ |
6,904,332 |
|
______________
(1)The amount available reflects any limitations related to each credit facility’s borrowing base.
(2)The amount available is reduced by $3.0 million of outstanding letters of credit.
(3)Net carrying value is inclusive of change in fair market value of effective hedge.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
Aggregate Principal Committed |
|
Outstanding Principal |
|
Amount Available(1) |
|
Unamortized Debt Issuance Costs |
|
Net Carrying Value |
Revolving Credit Facility(2) |
$ |
2,675,000 |
|
|
$ |
1,480,000 |
|
|
$ |
1,191,983 |
|
|
$ |
(23,718) |
|
|
$ |
1,456,282 |
|
| SPV Asset Facility I |
700,000 |
|
|
700,000 |
|
|
— |
|
|
(8,398) |
|
|
691,602 |
|
| SPV Asset Facility II |
400,000 |
|
|
325,000 |
|
|
75,000 |
|
|
(4,536) |
|
|
320,464 |
|
| SPV Asset Facility III |
1,100,000 |
|
|
624,500 |
|
|
64,924 |
|
|
(11,413) |
|
|
613,087 |
|
| SPV Asset Facility IV |
500,000 |
|
|
200,000 |
|
|
116,062 |
|
|
(5,654) |
|
|
194,346 |
|
| Athena CLO II |
375,000 |
|
|
375,000 |
|
|
— |
|
|
(3,932) |
|
|
371,068 |
|
| Athena CLO IV |
240,000 |
|
|
240,000 |
|
|
— |
|
|
(2,346) |
|
|
237,654 |
|
| Athena CLO V |
300,000 |
|
|
300,000 |
|
|
— |
|
|
(1,928) |
|
|
298,072 |
|
| June 2026 Notes |
375,000 |
|
|
375,000 |
|
|
— |
|
|
(713) |
|
|
374,287 |
|
| January 2027 Notes |
300,000 |
|
|
300,000 |
|
|
— |
|
|
(1,621) |
|
|
298,379 |
|
March 2028 Notes(3) |
650,000 |
|
|
650,000 |
|
|
— |
|
|
(7,811) |
|
|
654,890 |
|
| September 2028 Notes |
75,000 |
|
|
75,000 |
|
|
— |
|
|
(495) |
|
|
74,505 |
|
April 2029 Notes(3) |
700,000 |
|
|
700,000 |
|
|
— |
|
|
(11,558) |
|
|
703,564 |
|
| Total Debt |
$ |
8,390,000 |
|
|
$ |
6,344,500 |
|
|
$ |
1,447,969 |
|
|
$ |
(84,123) |
|
|
$ |
6,288,200 |
|
______________
(1)The amount available reflects any limitations related to each credit facility’s borrowing base.
(2)The amount available is reduced by $3.0 million of outstanding letters of credit.
(3)Net carrying value is inclusive of change in fair market value of effective hedge.
Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
The table below presents the components of interest expense for the following periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
|
2026 |
|
2025 |
|
|
|
|
|
|
| Interest expense |
$ |
95,688 |
|
|
$ |
47,704 |
|
|
|
|
|
|
|
| Amortization of debt issuance costs, net |
8,005 |
|
|
3,514 |
|
|
|
|
|
|
|
Net change in unrealized (gain) loss on effective interest rate swaps and hedged items included in interest expense(1) |
132 |
|
|
468 |
|
|
|
|
|
|
|
| Total Interest Expense |
$ |
103,825 |
|
|
$ |
51,686 |
|
|
|
|
|
|
|
| Average interest rate |
5.7 |
% |
|
5.7 |
% |
|
|
|
|
|
|
| Average daily borrowings |
$ |
6,760,444 |
|
|
$ |
3,370,156 |
|
|
|
|
|
|
|
______________
(1)Refer to the March 2028, April 2029 and January 2031 Notes for details on the associated interest rate swaps.
Credit Facilities
Revolving Credit Facility
On November 15, 2022, the Company entered into an Amended and Restated Senior Secured Revolving Credit Agreement (as amended from time to time, the “Revolving Credit Facility”), which amended and restated in its entirety that certain Senior Secured Revolving Credit Agreement, dated as of March 15, 2019 (as amended, restated, supplemented or otherwise modified prior to November 15, 2022). The parties to the Revolving Credit Facility include the Company, as Borrower, the lenders from time to time parties thereto (each a “Lender” and collectively, the “Lenders”), Truist Bank as Administrative Agent, Truist Securities, Inc., ING Capital LLC, MUFG Bank, Ltd., Sumitomo Mitsui Banking Corporation and JPMorgan Chase Bank, N.A., as Joint Lead Arrangers and Truist Securities, Inc. and ING Capital LLC, as Joint Bookrunners. On December 20, 2024 (the "Revolving Credit Facility Third Amendment Date), the parties to the Revolving Credit Facility entered into an amendment to, among other things, extend the availability period and maturity date and make various other changes. The following describes the terms of the Revolving Credit Facility as modified through August 29, 2025.
The Revolving Credit Facility is guaranteed by certain of the Company's subsidiaries in existence on the Revolving Credit Facility Third Amendment Date, and will be guaranteed by certain subsidiaries of the Company that are formed or acquired by the Company in the future (each a “Guarantor” and collectively, the “Guarantors”). Proceeds of the Revolving Credit Facility may be used for general corporate purposes, including the funding of portfolio investments.
The Revolving Credit Facility provides for, on an aggregated basis, a total of outstanding term loans and revolving credit facility commitments in the principal amount of $2.68 billion, which is comprised of (a) a term loan in a principal amount of $100.0 million and (b) subject to availability under the borrowing base, which is based on the Company’s portfolio investments and other outstanding indebtedness, a revolving credit facility in a principal amount of up to $2.58 billion (increased from $2.48 billion to $2.58 billion on August 29, 2025). The amount available for borrowing under the revolving credit facility commitments of the Revolving Credit Facility is reduced by any standby letters of credit issued through the Revolving Credit Facility. Maximum capacity under the Revolving Credit Facility may be increased to $3.83 billion through the Company's exercise of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The Revolving Credit Facility includes a swingline loan limit of $400.0 million, and is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Company and each Guarantor, subject to certain exceptions.
The availability period under the Revolving Credit Facility will terminate on December 20, 2028 (the “Revolving Credit Facility Commitment Termination Date”) and the Revolving Credit Facility will mature on December 20, 2029 (the “Revolving Credit Facility Maturity Date”). During the period from the Revolving Credit Facility Commitment Termination Date to the Revolving Credit Facility Maturity Date, the Company will be obligated to make mandatory prepayments under the Revolving Credit Facility out of the proceeds of certain asset sales and other recovery events and equity and debt issuances.
The Company may borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn under the Revolving Credit Facility with respect to the commitments in U.S. dollars bear interest at either (i) term SOFR plus any applicable credit adjustment spread plus margin of either 1.875% per annum or, if the gross borrowing base is greater than or equal to the product of 1.60 and the combined debt amount, 1.75% per annum, or (ii) the alternative base rate plus a margin of either 0.875% per annum or, if the gross borrowing base is greater than or equal to the product of 1.60 and the combined debt amount, 0.75% per annum. With respect to loans denominated in U.S. dollars, the Company may elect either term SOFR or the alternative base rate at the time of drawdown, and such loans may be converted from one rate to another at any time at the Company’s option, subject to certain conditions. Amounts drawn under the Revolving Credit Facility with respect to the commitments in other permitted currencies will bear interest at the relevant rate specified therein (including any applicable credit adjustment spread plus margin of either 1.875% per annum or, if the gross borrowing base is greater than or equal to the product of 1.60 and the combined debt amount, 1.75% per annum.
Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
Beginning on and after the Revolving Credit Facility Third Amendment Date, the Company also pays a fee of 0.350% on daily undrawn amounts under the Revolving Credit Facility.
The Revolving Credit Facility includes customary covenants, including certain limitations on the incurrence by the Company of additional indebtedness and on the Company’s ability to make distributions to its shareholders, or redeem, repurchase or retire shares of stock, upon the occurrence of certain events and certain financial covenants related to asset coverage and liquidity and other maintenance covenants, as well as customary events of default. The Revolving Credit Facility requires a minimum asset coverage ratio with respect to the consolidated assets of the Company and its subsidiaries to senior securities that constitute indebtedness of no less than 1.50 to 1.00 at any time.
SPV Asset Facilities
Certain of the Company's wholly owned subsidiaries are parties to credit facilities (the “SPV Asset Facilities”). Pursuant to the SPV Asset Facilities, the Company sells and contributes certain investments to these wholly owned subsidiaries pursuant to sale and contribution agreements by and between the Company and the wholly owned subsidiaries. No gain or loss is recognized as a result of these contributions. Proceeds from the SPV Asset Facilities are used to finance the origination and acquisition of eligible assets by the wholly owned subsidiary, including the purchase of such assets from the Company. The Company retains a residual interest in assets contributed to or acquired to the wholly owned subsidiary through the Company’s ownership of the wholly owned subsidiary. The SPV Asset Facilities are secured by a perfected first priority security interest in the assets of these wholly owned subsidiaries and on any payments received by such wholly owned subsidiaries in respect of those assets. Assets pledged to lenders under the SPV Asset Facilities will not be available to pay the Company's debts. The SPV Asset Facilities contain customary covenants, including certain limitations on the incurrence by the Company of additional indebtedness and on the Company’s ability to make distributions to their shareholders, or redeem, repurchase or retire shares of stock, upon the occurrence of certain events, and customary events of default (with customary cure and notice provisions). Borrowings of the wholly owned subsidiaries under the SPV Asset Facilities are considered the Company’s borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.
SPV Asset Facility I
On December 22, 2022 (the “SPV Asset Facility I Closing Date”), OR Tech Financing I LLC (“OR Tech Financing I”), a Delaware limited liability company and wholly-owned subsidiary of the Company entered into an Amended and Restated Credit Agreement (the “SPV Asset Facility I”), which amended and restated in its entirety that certain Credit Agreement, dated as of August 11, 2020, by and among OR Tech Financing I, as Borrower, Alter Domus (US) LLC, as Administrative Agent and Document Custodian, State Street Bank and Trust Company, as Collateral Agent, Collateral Administrator and Custodian and the lenders from time to time party thereto (the “SPV Asset Facility I Lenders”). On October 30, 2024, the parties to the SPV Asset Facility I entered into the Second Amendment to Amended and Restated Credit Agreement, in order to, among other changes, replace Alter Domus (US) LLC as document custodian with State Street Bank and Trust Company. The following describes the terms of SPV Asset Facility I as amended through October 30, 2024 (the “SPV Asset Facility I Second Amendment Date”).
The total term loan commitment of the SPV Asset Facility I is $700.0 million (increased from $600.0 million on the SPV Asset Facility I Second Amendment Date). The availability of the commitments are subject to a ramp up period and subject to an overcollateralization ratio test, which is based on the value of OR Tech Financing I assets from time to time, and satisfaction of certain other tests and conditions, including an advance rate test, interest coverage ratio test, certain concentration limits and collateral quality tests.
The SPV Asset Facility I provides for the ability to draw term loans for a period of up to three years after the SPV Asset Facility I Second Amendment Date unless the commitments are terminated as provided in the SPV Asset Facility I. Unless otherwise terminated, the SPV Asset Facility I will mature on October 30, 2035 (the “SPV Asset Facility I Stated Maturity”). Prior to the SPV Asset Facility I Stated Maturity, proceeds received by OR Tech Financing I from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to the Company, subject to certain conditions. On the SPV Asset Facility I Stated Maturity, OR Tech Financing I must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to the Company.
Amounts drawn bear interest at term SOFR plus a spread of 2.25%.
SPV Asset Facility II
On November 16, 2021 (the “SPV Asset Facility II Closing Date”), ORTF Funding I LLC (“ORTF Funding I”), a Delaware limited liability company and the Company’s wholly-owned subsidiary entered into a Credit Agreement (the “SPV Asset Facility II”), with ORTF Funding I LLC, as Borrower, the lenders from time to time parties thereto, Goldman Sachs Bank USA as Sole Lead Arranger, Syndication Agent and Administrative Agent, State Street Bank and Trust company as Collateral Administrator and Collateral Agent and Alter Domus (US) LLC as Collateral Custodian. On the SPV Asset Facility II Closing Date, ORTF Funding I and Goldman Sachs Bank USA, as Administrative Agent, also entered into a Margining Agreement relating to the Secured Credit Facility (the “Margining Agreement”). On October 30, 2024, the parties to the SPV Asset Facility II entered into Amendment No. 2 to Credit Agreement, in order to, among other changes, replace Alter Domus (US) LLC as collateral custodian with State Street Bank and Trust Company.
Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
The following describes the terms of the SPV Asset Facility II as amended on December 17, 2025.
The maximum principal amount which may be borrowed under the SPV Asset Facility II is $400 million (increased from $300.0 million on October 30, 2024); the availability of this amount is subject to a borrowing base test, which is based on the value of ORTF Funding I’s assets from time to time, and satisfaction of certain conditions, including certain concentration limits.
The SPV Asset Facility II provides for the ability to draw and redraw revolving loans for a period after the SPV Asset Facility II Closing Date until November 16, 2028. Unless otherwise terminated, the SPV Asset Facility II will mature on November 16, 2030 (the “SPV Asset Facility II Stated Maturity”). Prior to the SPV Asset Facility II Stated Maturity, proceeds received by ORTF Funding I from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to the Company, subject to certain conditions. On the SPV Asset Facility II Stated Maturity, ORTF Funding I must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to the Company. The SPV Asset Facility II may be permanently reduced, in whole or in part, at the option of ORTF Funding I subject to payment of a premium for a period of time.
Amounts drawn bear interest at Term SOFR plus a spread of 2.00% and the spread is payable on the amount by which the undrawn amount exceeds a minimum threshold, with such threshold being a range of 65% to 75% of the commitment amount. The undrawn amount of the commitment not subject to such spread payment is subject to an undrawn fee of 0.50% per annum. Certain additional fees are payable on each payment date to Goldman Sachs Bank USA as Administrative Agent. In addition, under the Margining Agreement and Credit Agreement, ORTF Funding I is required to post cash margin (or in certain cases, additional eligible assets) to the Administrative Agent if a borrowing base deficiency occurs or if the weighted average price gap (as defined in the Margining Agreement), which is a measure of the excess of the aggregate value assigned to ORTF Funding I’s assets for purposes of the borrowing base test over the total amount drawn under the SPV Asset Facility II, falls below 20%.
SPV Asset Facilities Assumed in the Mergers
On March 24, 2025, the Company became party to and assumed all of OTF II’s obligations under OTF II’s SPV asset facilities (the “OTF II SPV Asset Facility Assumption Date”).
SPV Asset Facility III
On July 15, 2022 (the “SPV Asset Facility III Closing Date”), Athena Funding I LLC (“Athena Funding I”), a Delaware limited liability company and a wholly-owned subsidiary of the Company entered into a Credit Agreement (the “SPV Asset Facility III”), with Athena Funding I, as borrower, Société Générale, as administrative agent, State Street Bank and Trust Company, as collateral agent, collateral administrator and custodian, Alter Domus (US) LLC, as document custodian, and the lenders party thereto (the “SPV Asset Facility III Lenders”). The parties to the SPV Asset Facility III have entered into various amendments, including those relating to the calculation of principal collateralization amounts and to permit a conversion of a revolving loan into a term loan. The following describes the terms of SPV Asset Facility III as amended through December 11, 2025.
The maximum principal amount which may be borrowed under the SPV Asset Facility III is $1.10 billion (increased from $925.0 million to $1.10 billion on December 11, 2025) which, subject to the satisfaction of certain conditions, may be increased to up to $1.50 billion. The availability of this amount is subject to a borrowing base test, which is based on the value of Athena Funding I’s assets from time to time, and satisfaction of certain conditions, including coverage tests, collateral quality tests, a lender advance rate test and certain concentration limits.
The SPV Asset Facility III provides for the ability to draw term loans and to draw and redraw revolving loans under the SPV Asset Facility III until December 10, 2027. Unless otherwise terminated, the SPV Asset Facility III will mature on December 11, 2035, (the “SPV Asset Facility III Stated Maturity”). Prior to the SPV Asset Facility III Stated Maturity, proceeds received by Athena Funding I from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to the Company, subject to certain conditions. On the SPV Asset Facility III Stated Maturity, Athena Funding I must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to the Company. The credit facility may be permanently reduced, in whole or in part, at the option of Athena Funding I subject to payment of a premium for a period of time.
Amounts drawn bear interest at a reference rate (initially SOFR) plus a spread of 2.05%, and term loans and revolving loans are subject to a minimum utilization amount, after one year, subject to certain terms and conditions. The undrawn amount of the commitment not subject to such spread payment is subject to an undrawn fee of 0.25% to 1.00% per annum on the undrawn amount, if any, of the commitments. Certain additional fees are payable to Société Générale as administrative agent.
SPV Asset Facility IV
Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
On November 8, 2022 (the “SPV Asset Facility IV Closing Date”), Athena Funding II LLC (“Athena Funding II”), a Delaware limited liability company entered into a Loan and Management Agreement (the “SPV Asset Facility IV”), with Athena Funding II LLC, as borrower, the Company, as collateral manager and transferor, MUFG Bank, Ltd. (“MUFG”), as administrative agent, State Street Bank and Trust Company, as collateral agent collateral administrator and as custodian, the lenders from time to time parties thereto (the “SPV Asset Facility IV Lender”) and the group agents from time to time parties thereto. The parties to the SPV Asset Facility IV have entered into various amendments, including to replace the Loan and Management Agreement with an Amended and Restated Credit Agreement, extend the availability period and maturity date, increase the maximum commitment, change the interest rate, and make various other changes. The following describes the terms of SPV Asset Facility IV as amended through October 30, 2025.
The maximum principal amount of the SPV Asset Facility IV is $500.0 million (increased from $300.0 million to $500.0 million on October 30, 2025); the availability of this amount is subject to a borrowing base test, which is based on the value of Athena Funding II’s assets from time to time, an advance rate and concentration limitations, and satisfaction of certain conditions, including collateral quality tests.
The SPV Asset Facility IV provides for the ability to draw and redraw revolving loans under the SPV Asset Facility IV until October 30, 2028 (the “SPV Asset Facility IV Reinvestment Period”) unless the SPV Asset Facility IV Reinvestment Period is terminated sooner as provided in the SPV Asset Facility IV. Unless otherwise terminated, the SPV Asset Facility IV will mature three years after the last day of the SPV Asset Facility IV Reinvestment Period, on October 30, 2030 (the “SPV Asset Facility IV Stated Maturity”). Prior to the SPV Asset Facility IV Stated Maturity, proceeds received by Athena Funding II from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to the Company, subject to certain conditions. On the SPV Asset Facility IV Stated Maturity, Athena Funding II must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to the Company. The credit facility may be permanently reduced, in whole or in part, at the option of Athena Funding II.
Amounts drawn bear interest at a rate based on Term SOFR plus an applicable margin of 2.00% during the SPV Asset Facility IV Reinvestment Period and 2.35% after the end of the SPV Asset Facility IV Reinvestment Period. During the SPV Asset Facility IV Reinvestment Period, there is an unused fee in a range of 0.25% to 0.50% on the undrawn amount, if any, of the revolving commitments in the SPV Asset Facility IV.
Debt Securitization Transactions
The Company incurs secured financing through debt securitization transactions which are also known as collateralized loan obligation transactions (the “CLO Transactions”) issued by the Company’s consolidated subsidiaries (the “CLO Issuers”), which are backed by a portfolio of collateral obligations consisting of middle-market loans and participation interests in middle-market loans as well as by other assets of the CLO Issuers. The CLO Issuers issue preferred shares which are not secured by the collateral securing the CLO Transactions which the Company purchases. The Company acts as retention holder in connection with the CLO Transactions for the purposes of satisfying certain U.S. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of a CLO Issuer’s preferred shares. Notes issued by CLO Issuers have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities (e.g., “blue sky”) laws, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or pursuant to an applicable exemption from such registration. The Adviser serves as collateral manager for the CLO Issuers under a collateral management agreement. The Adviser is entitled to receive fees for providing these services. The Adviser routinely waives its right to receive such fees but may rescind such waiver at any time; provided, however, that if the Adviser rescinds such waiver, the management fee payable to Adviser pursuant to the Investment Advisory Agreement will be offset by the amount of the collateral management fee attributable to a CLO Issuer’s equity or notes owned by the Company. Assets pledged to debt holders of the CLO Transactions and the other secured parties under each CLO Transaction’s documentation will not be available to pay the debts of the Company. The Company consolidates the financial statements of the CLO Issuers in its consolidated financial statements.
CLO 2020-1
On December 16, 2020 (the “CLO 2020-1 Closing Date”), the Company completed a $333.5 million term debt securitization transaction (the “CLO 2020-1 Transaction”). The secured notes and preferred shares issued in the CLO 2020-1 Transaction were issued by the Company’s consolidated subsidiaries Owl Rock Technology Financing 2020-1, an exempted company incorporated in the Cayman Islands with limited liability (the “CLO 2020-1 Issuer”), and Owl Rock Technology Financing 2020-1 LLC, a Delaware limited liability company (the “CLO 2020-1 Co-Issuer” and together with the CLO 2020-1 Issuer, the “CLO 2020-1 Issuers”).
The CLO 2020-1 Transaction was executed by the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the Closing Date (the “CLO 2020-1 Indenture”), by and among the CLO 2020-1 Issuers and State Street Bank and Trust Company: $200 million of A (sf) Class A Notes, which bore interest at term SOFR (plus a spread adjustment) plus 2.95% (the “CLO 2020-1 Secured Notes”). The CLO 2020-1 Secured Notes are secured by the middle-market loans, recurring revenue loans, participation interests in middle-market loans and recurring revenue loans and other assets of the Issuer. The CLO 2020-1 Secured Notes are scheduled to mature on the Payment Date (as defined in the CLO 2020-1 Indenture) in January 2031.
Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
The CLO 2020-1 Secured Notes were offered by MUFG Securities Americas Inc., as initial purchaser, from time to time in individually negotiated transactions.
The CLO 2020-1 Secured Notes were redeemed in the CLO 2020-1 Refinancing, described below.
Concurrently with the issuance of the CLO 2020-1 Secured Notes, the CLO 2020-1 Issuer issued approximately $133.5 million of subordinated securities in the form of 133,500 preferred shares at an issue price of $1,000 per share (the “CLO 2020-1 Preferred Shares”).
As part of the CLO 2020-1 Transaction, the Company entered into a loan sale agreement with the CLO 2020-1 Issuer dated as of the Closing Date, which provided for the sale and contribution of approximately $243.4 million par amount of middle-market loans and recurring revenue loans from the Company to the CLO 2020-1 Issuer on the Closing Date and for future sales from the Company to the CLO 2020-1 Issuer on an ongoing basis. No gain or loss was recognized as a result of these sales and contributions. Such loans constituted part of the initial portfolio of assets securing the CLO 2020-1 Secured Notes. The Company made customary representations, warranties, and covenants to the CLO 2020-1 Issuer under the loan sale agreement.
Through January 15, 2022, the net proceeds of the issuing of the CLO 2020-1 Secured Notes not used to purchase the initial portfolio of loans securing the CLO 2020-1 Secured Notes and a portion of the proceeds received by the CLO 2020-1 Issuer from the loans securing the CLO 2020-1 Secured Notes were able to be used by the CLO 2020-1 Issuer to purchase additional middle-market loans and recurring revenue loans under the direction of the Adviser, in its capacity as collateral manager for the CLO 2020-1 Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle-market loans and recurring revenue loans.
The CLO 2020-1 Secured Notes were the secured obligation of the CLO 2020-1 Issuers, and the CLO 2020-1 Indenture included customary covenants and events of default.
CLO 2020-1 Refinancing
On August 23, 2023 (the “CLO 2020-1 Refinancing Date”), the Company completed a $337.5 million term debt securitization refinancing (the “CLO 2020-1 Refinancing”). The secured notes issued in the CLO 2020-1 Refinancing were issued by the Company’s consolidated subsidiary Owl Rock Technology Financing 2020-1 LLC, a Delaware limited liability company (the “CLO 2020-1 Refinancing Issuer”).
The CLO 2020-1 Refinancing was executed by the issuance of the following classes of notes pursuant to an indenture and security agreement dated as of December 16, 2020 (the “CLO 2020-1 Closing Date”) by and among the Owl Rock Technology Financing 2020-1 (the “CLO 2020-1 Issuer”), CLO 2020-1 Refinancing Issuer, as co-issuer and State Street Bank and Trust Company as trustee, as supplemented by the First Supplemental Indenture dated as of July 18, 2023 by and among the CLO 2020-1 Issuer, as issuer, the CLO 2020-1 Refinancing Issuer, as co-issuer and the Trustee and the Second Supplemental Indenture dated as of the CLO 2020-1 Refinancing Date (the “CLO 2020-1 Refinancing Indenture”), by and among the CLO 2020-1 Refinancing Issuer and the Trustee: (i) $112.5 million of AAA(sf) Class A-1R Notes, which bore interest at the Benchmark plus 3.05%, (ii) $23.5 million of AAA(sf) Class A-2R Notes, which bore interest at 6.937%, (iii) $53 million of A(sf) Class B-1R Notes, which bore interest at the Benchmark plus 4.64% and (iv) $15 million of A(sf) Class B-2R Notes, which bore interest at 8.497%, (together, the “CLO 2020-1 Refinancing Secured Notes”). The CLO 2020-1 Refinancing Secured Notes were secured by the middle-market loans and other assets of the CLO 2020-1 Refinancing Issuer. The CLO 2020-1 Refinancing Secured Notes were scheduled to mature on the Payment Date (as defined in the CLO 2020-1 Refinancing Indenture) in October 2035. The CLO 2020-1 Refinancing Secured Notes were privately placed by MUFG Securities Americas Inc. and Scotia Capital (USA) Inc. The proceeds from the CLO 2020-1 Refinancing were used to redeem in full the classes of notes issued on the CLO 2020-1 Closing Date and to pay expenses incurred in connection with the CLO 2020-1 Refinancing. On the CLO 2020-1 Refinancing Date, the CLO 2020-1 Issuer was merged with and into the CLO 2020-1 Refinancing Issuer, with the CLO 2020-1 Refinancing Issuer surviving the merger. The CLO 2020-1 Refinancing Issuer assumed by all operation of law all of the rights and obligations of the CLO 2020-1 Issuer, including the subordinated securities issued by the CLO 2020-1 Issuer on the CLO 2020-1 Closing Date.
On the CLO 2020-1 Closing Date, the CLO 2020-1 Issuer entered into a loan sale agreement with the Company, which provided for the sale and contribution of approximately $243.4 million par amount of middle-market loans from the Company to the CLO 2020-1 Issuer on the CLO 2020-1 Refinancing Date and for future sales from the Company to the CLO 2020-1 Issuer on an ongoing basis. No gain or loss was recognized as a result of these sales and contributions. As part of the CLO 2020-1 Refinancing, the CLO 2020-1 Refinancing Issuer, as the successor to the CLO 2020-1 Issuer, entered into an amended and restated loan sale agreement with the Company dated as of the CLO 2020-1 Refinancing Date, pursuant to which the CLO 2020-1 Refinancing Issuer assumed all ongoing obligations of the CLO 2020-1 Issuer under the original agreement and the Company sold and contributed approximately $83.93 million par amount middle-market loans to the CLO 2020-1 Refinancing Issuer on the CLO 2020-1 Refinancing Date and provides for future sales from the Company to the CLO 2020-1 Refinancing Issuer on an ongoing basis. Such loans constituted part of the portfolio of assets securing the CLO 2020-1 Refinancing Secured Notes. The Company made customary representations, warranties, and covenants to the CLO 2020-1 Refinancing Issuer under the loan sale agreement.
Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
Through October 15, 2027, a portion of the proceeds received by the CLO 2020-1 Refinancing Issuer may be used by the CLO 2020-1 Refinancing Issuer to purchase additional middle-market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO 2020-1 Refinancing Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle-market loans.
The CLO 2020-1 Refinancing Secured Notes were the secured obligation of the CLO 2020-1 Refinancing Issuer, and the CLO 2020-1 Refinancing Indenture includes customary covenants and events of default.
On October 15, 2025, we redeemed in full all $204.0 million in aggregate principal amount of CLO 2020-1 at 100.0% of their principal amount, plus the accrued interest thereon through, but excluding, October 15, 2025.
Athena CLO V
On October 8, 2025 (the “Athena CLO V Closing Date”), the Company completed a $501.3 million term debt securitization transaction (the “Athena CLO V Transaction”). The secured notes and preferred shares issued in the Athena CLO V Transaction were issued by the Company’s consolidated subsidiary Athena CLO V, LLC, a limited liability company organized under the laws of the State of Delaware (the “Athena CLO V Issuer”) and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the Issuer.
The Athena CLO V Transaction was executed by the issuance of the following classes of notes and preferred shares pursuant to an indenture dated as of the Closing Date (the “Athena CLO V Indenture”), by and among the Athena CLO V Issuer and State Street Bank and Trust Company: (i) $260 million of AAA(sf) Class A Notes, which bear interest at three-month term SOFR plus 1.73%, (ii) $25 million of AA(sf) Class B Notes, which bear interest at three-month term SOFR plus 2.25% and (iii) $15 million of A(sf) Class C Notes, which bear interest at three-month term SOFR plus 2.70% (together, the “Athena CLO V Secured Notes”). The Athena CLO V Notes are secured by middle market loans, participation interests in middle market loans and other assets of the Issuer. The Notes are scheduled to mature on October 15, 2038. The Secured Notes were privately placed by MUFG Securities Americas Inc. as Initial Purchaser and NatWest Markets Securities Inc. as Co-Placement Agent with respect to the Class A Notes. Concurrently with the issuance of the Athena CLO V Secured Notes, the Athena CLO V Issuer issued approximately $201.3 million of subordinated securities in the form of 201,320 preferred shares at an issue price of U.S. one thousand per share (the “Athena CLO V Preferred Shares”).
As part of the Athena CLO V CLO Transaction, the Company entered into a loan sale agreement with the Athena CLO V Issuer dated as of the Athena CLO V Closing Date (the “Athena CLO V OTF Loan Sale Agreement”), which provided for the contribution of approximately $447.7 million funded par amount of middle market loans from the Company to the Athena CLO V Issuer on the Closing Date and for future sales from the Company to the Athena CLO V Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the Athena CLO V Notes. No gain or loss was recognized as a result of these sales and contributions. The Company made customary representations, warranties, and covenants to the Issuer under the loan sale agreement.
Through October 15, 2030, a portion of the proceeds received by the Athena CLO V Issuer from the loans securing the Athena CLO V Secured Notes may be used by the Athena CLO V Issuer to purchase additional middle market loans under the direction of the Adviser, the Company’s investment advisor, in its capacity as collateral manager for the Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle market loans.
Debt Securitization Transactions Assumed in the Mergers
Athena CLO II
On December 13, 2023 (the “Athena CLO II Closing Date”), OTF II completed a $475.3 million term debt securitization transaction (the “Athena CLO II Transaction”). The secured notes and preferred shares issued in the Athena CLO II Transaction and the secured loan borrowed in the Athena CLO II Transaction were issued and incurred, as applicable, by the Company’s consolidated subsidiary Athena CLO II, LLC, a limited liability company organized under the laws of the State of Delaware (the “Athena CLO II Issuer”). On March 24, 2025, as a result of the consummation of the Mergers, the Company became party to the relevant agreements with respect to and assumed all of OTF II’s obligations under the Athena CLO II Transaction.
The Athena CLO II Transaction was executed by (A) the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the Athena CLO II Closing Date (the “Athena CLO II Indenture”), by and among the Athena CLO II Issuer and State Street Bank and Trust Company: (i) $40.0 million of AAA(sf) Class A Notes, which bear interest at three-month term SOFR plus 2.85%, (ii) $16.5 million of AA(sf) Class B-1 Notes, which bore interest at three-month term SOFR plus 3.95%, (iii) $7.5 million of AA(sf) Class B-2 Notes, which bore interest at 7.25% and (iv) $24.0 million of A(sf) Class C Notes, which bore interest at three-month term SOFR plus 4.95% (together, the “Athena CLO II Secured Notes”) and (B) the borrowing by the Athena CLO II Issuer of $200.0 million under floating rate Class A-L loans (the “Athena CLO II Class A-L Loans” and together with the Athena CLO II Secured Notes, the “Athena CLO II Debt”). The Athena CLO II Class A-L Loans bore interest at three-month term SOFR plus 2.85%. The Athena CLO II Class A-L Loans were borrowed under a credit agreement (the “Athena CLO II Class A-L Credit Agreement”), dated as of the Athena CLO II Closing Date, by and among the Athena CLO II Issuer, as borrower, a financial institution, as lender, and State Street Bank and Trust Company, as collateral trustee and loan agent.
Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
The Athena CLO II Debt is secured by middle-market loans, participation interests in middle-market loans and other assets of the Athena CLO II Issuer. The Athena CLO II Debt is scheduled to mature on the Payment Date (as defined in the Athena CLO II Indenture) in January 2036. The Athena CLO II Secured Notes were privately placed by SG Americas Securities, LLC as Initial Purchaser.
The Athena CLO II Secured Notes were redeemed in the Athena CLO II Refinancing, described below.
Concurrently with the issuance of the Athena CLO II Secured Notes and the borrowing under the Athena CLO II Class A-L Loans, the Athena CLO II Issuer issued approximately $187.3 million of subordinated securities in the form of 187,300 preferred shares at an issue price of $1,000 per share (the “Athena CLO II Preferred Shares”).
As part of the Athena CLO II Transaction, OTF II entered into a loan sale agreement with the Athena CLO II Issuer dated as of the Athena CLO II Closing Date, which provided for the contribution of approximately $83.9 million funded par amount of middle-market loans from OTF II to the Athena CLO II Issuer on the Athena CLO II Closing Date and for future sales from OTF II to the Athena CLO II Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the Athena CLO II Debt. The remainder of the initial portfolio assets securing the Athena CLO II Debt consisted of approximately $380.6 million funded par amount of middle-market loans purchased by the Athena CLO II Issuer from Athena Funding I LLC, a wholly-owned subsidiary of OTF II, under an additional loan sale agreement executed on the Athena CLO II Closing Date between the Athena CLO II Issuer and Athena Funding I LLC. No gain or loss was recognized as a result of these sales and contributions. OTF II and Athena Funding I each made customary representations, warranties, and covenants to the Athena CLO II Issuer under the applicable loan sale agreement.
Through January 20, 2028, a portion of the proceeds received by the Athena CLO II Issuer from the loans securing the Athena CLO II Secured Notes were able to be used by the Athena CLO II Issuer to purchase additional middle-market loans under the direction of the Adviser, in its capacity as collateral manager for the Athena CLO II Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle-market loans.
The Athena CLO II Debt was the secured obligation of the Athena CLO II Issuer, and the Athena CLO II Indenture and Athena CLO II Class A-L Credit Agreement each included customary covenants and events of default.
Athena CLO II Refinancing
On December 16, 2025 (the “Athena CLO II Refinancing Date”), the Company completed a $615.1 million term debt securitization refinancing (the “Athena CLO II Refinancing”). The secured notes and preferred shares issued in the Athena CLO II Refinancing and the secured loan borrowed in the Athena CLO II Refinancing were issued and incurred, as applicable, by the Company’s consolidated subsidiary Athena CLO II, LLC, a limited liability organized under the laws of the State of Delaware (the “Athena CLO II Refinancing Issuer”).
The Athena CLO II Refinancing was executed by (A) the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of December 13, 2023 (the “Athena CLO II Original Closing Date”), as amended and supplemented by the first supplemental indenture dated as of the Athena CLO II Refinancing Date (the “Athena CLO II Refinancing Indenture”), by and among the Athena CLO II Refinancing Issuer and State Street Bank and Trust Company: (i) $75 million of AAA(sf) Class A-R Notes, which bear interest at Benchmark plus 1.70%, (ii) $31.25 million of AA(sf) Class B-R Notes, which bear interest at Benchmark plus 2.00% and (iii) $18.75 million of A(sf) Class C-R Notes, which bear interest at Benchmark plus 2.40% (together, the “Athena CLO II Refinancing Secured Notes”) and (B) the borrowing by the Athena CLO II Refinancing Issuer of $250 million under floating rate Class A-LR loans (the “Athena CLO II Refinancing Class A-LR Loans” and together with the Athena CLO II Refinancing Secured Notes, the “Athena CLO II Refinancing Debt”). The Athena CLO II Refinancing Class A-LR Loans bear interest at Benchmark plus 1.70%. The Athena CLO II Refinancing Class A-LR Loans were borrowed under a credit agreement (the “Athena CLO II Refinancing Class A-LR Credit Agreement”), dated as of the Athena CLO II Refinancing Date, by and among the Athena CLO II Refinancing Issuer, as borrower, a financial institution, as lender, and State Street Bank and Trust Company, as collateral trustee and loan agent. The Athena CLO II Refinancing Debt is secured by middle market loans, participation interests in middle market loans and other assets of the Issuer. The Debt is scheduled to mature on January 18, 2039. The Athena CLO II Refinancing Secured Notes were privately placed by SG Americas Securities, LLC as Initial Purchaser.
Concurrently with the issuance of the Athena CLO II Refinancing Secured Notes and the borrowing under the Athena CLO II Refinancing Class A-LR Loans, the Athena CLO II Refinancing Issuer issued approximately $52.8 million of additional subordinated securities in the form of 52,800 preferred shares at an issue price of U.S.$1,000 per share (the “Athena CLO II Refinancing Additional Preferred Shares”). The total amount of outstanding preferred shares as of the Athena CLO II Refinancing Date is 240,100.
On the Athena CLO II Original Closing Date, the Company entered into a loan sale agreement with the Athena CLO II Refinancing Issuer dated as of the Athena CLO II Original Closing Date, which provided for the contribution of approximately $83.945 million funded par amount of middle market loans from the Company to the Athena CLO II Refinancing Issuer on the Athena CLO II Original Closing Date and for future sales from the Company to the Athena CLO II Refinancing Issuer on an ongoing basis.
Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
Such loans constituted part of the initial portfolio of assets securing the Debt. As part of the Athena CLO II Refinancing, the Company and the Athena CLO II Refinancing Issuer entered into an amended and restated loan sale agreement dated as of the Athena CLO II Refinancing Date (the “OTF Loan Sale Agreement”), which provides for the sale and contribution of approximately $217.963 million funded par amount of middle market loans from the Company to the Athena CLO II Refinancing Issuer on the Athena CLO II Refinancing Date and for future sales from the Company to the Athena CLO II Refinancing Issuer on an ongoing basis. Such loans constituted part of the portfolio of assets securing the Athena CLO II Refinancing Debt. The Company made customary representations, warranties, and covenants to the Athena CLO II Refinancing Issuer under the applicable loan sale agreement.
Through January 18, 2039, a portion of the proceeds received by the Issuer from the loans securing the Athena CLO II Refinancing Debt may be used by the Athena CLO II Refinancing Issuer to purchase additional middle market loans under the direction of the Adviser, in its capacity as collateral manager for the Athena CLO II Refinancing Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle market loans.
The Athena CLO II Refinancing Debt is the secured obligation of the Athena CLO II Refinancing Issuer, and the Athena CLO II Refinancing Indenture and Athena CLO II Refinancing Class A-LR Credit Agreement each include customary covenants and events of default.
Athena CLO IV
On August 15, 2024 (the “Athena CLO IV Closing Date”), OTF II completed a $399.7 million term debt securitization transaction (the “Athena CLO IV Transaction”). The secured notes and preferred shares issued in the Athena CLO IV Transaction were issued by the Company’s consolidated subsidiary Athena CLO IV, LLC, a limited liability organized under the laws of the State of Delaware (the “Athena CLO IV Issuer”). On March 24, 2025, as a result of the consummation of the Mergers, the Company became party to the relevant agreements with respect to and assumed all of OTF II’s obligations under the Athena CLO IV Transaction.
The Athena CLO IV Transaction was executed by the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the Athena CLO IV Closing Date (the “Athena CLO IV Indenture”), by and among the Athena CLO IV Issuer and State Street Bank and Trust Company: (i) $208 million of AAA(sf) Class A Notes, which bear interest at three-month term SOFR plus 2.00%, (ii) $7.0 million of AA(sf) Class B-1 Notes, which bear interest at three-month term SOFR plus 2.50%, (iii) $13.0 million of AA(sf) Class B-2 Notes, which bear interest at 6.254% and (iv) $12 million of A(sf) Class C Notes, which bear interest at three-month term SOFR plus 2.64% (together, the “Athena CLO IV Secured Notes”). The Athena CLO IV Secured Notes are secured by middle-market loans, participation interests in middle-market loans and other assets of the Athena CLO IV Issuer. The Athena CLO IV Secured Notes are scheduled to mature on the Payment Date (as defined in the Athena CLO IV Indenture) in July 2037. The Athena CLO IV Secured Notes were privately placed by MUFG Securities Americas Inc. as Initial Purchaser with respect to the Athena CLO IV Secured Notes and NatWest Markets Securities Inc. as Co-Placement Agent solely with respect to the Athena CLO IV Class A Secured Notes.
Concurrently with the issuance of the Athena CLO IV Secured Notes, the Athena CLO IV Issuer issued approximately $159.7 million of subordinated securities in the form of 159,700 preferred shares at an issue price of $1,000 per share (the “Athena CLO IV Preferred Shares”).
As part of the Athena CLO IV Transaction, OTF II entered into a loan sale agreement with the Athena CLO IV Issuer dated as of the Athena CLO IV Closing Date, which provided for the contribution of approximately $215.5 million funded par amount of middle-market loans from OTF II to the Athena CLO IV Issuer on the Athena CLO IV Closing Date and for future sales from OTF II to the Athena CLO IV Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the Athena CLO IV Secured Notes. The remainder of the initial portfolio assets securing the Athena CLO IV Secured Notes consisted of approximately $182.4 million funded par amount of middle-market loans purchased by the Athena CLO IV Issuer from Athena Funding II LLC, a wholly-owned subsidiary of the Company, under an additional loan sale agreement executed on the Athena CLO IV Closing Date between the Athena CLO IV Issuer and Athena Funding II LLC. No gain or loss was recognized as a result of these sales and contributions. OTF II and Athena Funding II each made customary representations, warranties, and covenants to the Issuer under the applicable loan sale agreement.
Through the Payment Date in July 2029, a portion of the proceeds received by the Athena CLO IV Issuer from the loans securing the Athena CLO IV Secured Notes may be used by the Athena CLO IV Issuer to purchase additional middle-market loans under the direction of the Adviser, the Company’s investment advisor, in its capacity as collateral manager for the Athena CLO IV Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle-market loans.
The Athena CLO IV Secured Notes are the secured obligation of the Athena CLO IV Issuer, and the Athena CLO IV Indenture includes customary covenants and events of default.
Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
Unsecured Notes
Tripartite Agreement
On August 11, 2025, the Company entered into an agreement of removal, appointment and acceptance (the “Tripartite Agreement”), with Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association (the “Retiring Trustee”) and Deutsche Bank Trust Company Americas (the “Successor Trustee”), with respect to the Indenture, dated June 12, 2020 between the Company and the Retiring Trustee (the “Base Indenture”), the second supplemental indenture, dated September 23, 2020 (the “Second Supplemental Indenture”) between the Company and the Retiring Trustee, the third supplemental indenture, dated December 17, 2020 (the “Third Supplemental Indenture”) between the Company and the Retiring Trustee, the Fourth Supplemental Indenture, dated June 14, 2021 (the “Fourth Supplemental Indenture”) between the Company and the Retiring Trustee, and the Fifth Supplemental Indenture, dated January 21, 2025 (the “Fifth Supplemental Indenture” and together with the Base Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture, and the Fourth Supplemental Indenture, the “Indenture”) between the Company and the Retiring Trustee.
The Tripartite Agreement provides that, effective as of the date thereof, (1) the Retiring Trustee assigns, transfers, delivers and confirms to the Successor Trustee all of its rights, title and interest under the Indenture and all of the rights, power, trusts and duties as trustee, security registrar, paying agent, authenticating agent and depositary custodian under the Indenture; and (2) the Successor Trustee accepts its appointment as successor trustee, security registrar, paying agent, authenticating agent and depositary custodian under the Indenture, and accepts the rights, indemnities, protections, powers, trust and duties of or afforded to Retiring Trustee as trustee, security registrar, paying agent, authenticating agent and depositary custodian under the Indenture. The Successor Trustee’s appointment became effective on August 25, 2025.
June 2025 Notes
On June 12, 2020, the Company issued $210 million aggregate principal amount of 6.75% notes that were due on June 30, 2025 (the “June 2025 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act.
On April 28, 2025, the Company caused notice to be issued to the Trustee of the June 2025 Notes regarding the Company’s exercise of the option to redeem in full all $210.0 million in aggregate principal amount of the June 2025 Notes at 100.0% of their principal amount, plus the accrued interest thereon through, but excluding, the redemption date, May 30, 2025. On May 30, 2025, the Company redeemed in full all $210.0 million in aggregate principal amount of the June 2025 Notes at 100.0% of their principal amount, plus the accrued interest thereon through, but excluding, May 30, 2025.
The June 2025 Notes bore interest at a rate of 6.75% per year payable semi-annually on June 30 and December 30 of each year, commencing on December 30, 2020. The June 2025 Notes were the Company’s direct, general unsecured obligations and ranked senior in right of payment to all of the Company’s future indebtedness or other obligations that were expressly subordinated, or junior, in right of payment to the June 2025 Notes.
December 2025 Notes
On September 23, 2020, the Company issued $400 million aggregate principal amount of its 4.75% notes due 2025 (the “December 2025 Notes”) and on November 23, 2021, the Company issued an additional $250 million aggregate principal amount of the December 2025 Notes in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act.
On October 15, 2025, the Company caused notice to be issued to the Trustee of the December 2025 Notes regarding the Company’s exercise of the option to redeem in full all $400 million in aggregate principal amount of the December 2025 Notes at 100.0% of their principal amount, plus the accrued interest thereon through, but excluding, the redemption date, November 15, 2025. On November 15, 2025, the Company redeemed in full all $400 million in aggregate principal amount of the December 2025 Notes at 100.0% of their principal amount, plus the accrued interest thereon through, but excluding, November 15, 2025.
The December 2025 Notes bore interest at a rate of 4.75% per year payable semi-annually on June 15 and December 15 of each year, commencing on December 15, 2020. The December 2025 Notes were the Company’s direct, general unsecured obligations and ranked senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the December 2025 Notes.
June 2026 Notes
On December 17, 2020, the Company issued $375 million aggregate principal amount of 3.75% notes due 2026 (the “June 2026 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. The June 2026 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
The June 2026 Notes were issued pursuant to the Base Indenture and the Third Supplemental Indenture (together, the “June 2026 Indenture”). The June 2026 Notes will mature on June 17, 2026 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the June 2026 Indenture. The June 2026 Notes bear interest at a rate of 3.75% per year payable semi-annually on June 17 and December 17 of each year, commencing on June 17, 2021. The June 2026 Notes are the Company’s direct, general unsecured obligations and will rank senior in right of payment to all of the Company's future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the June 2026 Notes. The June 2026 Notes rank pari passu, or equal, in right of payment with all of the Company’s existing and future indebtedness or other obligations that are not so subordinated, or junior to the June 2026 Notes. The June 2026 Notes rank effectively subordinated, or junior, to any of the Company’s future secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness. The June 2026 Notes rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
The June 2026 Indenture contains certain covenants, including covenants requiring the Company to (i) comply with the asset coverage requirements of the Investment Company Act of 1940, as amended 1940, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the June 2026 Notes and the Successor Trustee if the Company is no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended. These covenants are subject to important limitations and exceptions that are described in the Indenture.
In addition, if a change of control repurchase event, as defined in the June 2026 Indenture, occurs prior to maturity, holders of the June 2026 Notes will have the right, at their option, to require the Company to repurchase for cash some or all of the June 2026 Notes at a repurchase price equal to 100% of the aggregate principal amount of the June 2026 Notes being repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.
January 2027 Notes
On June 14, 2021, the Company issued $300 million aggregate principal amount of 2.50% notes due 2027 (the “January 2027 Notes”). The January 2027 Notes were issued pursuant to the Base Indenture and the Fourth Supplemental Indenture (together, the “January 2027 Indenture”). The January 2027 Notes will mature on January 15, 2027 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the January 2027 Indenture. The January 2027 Notes bear interest at a rate of 2.50% per year, payable semi-annually on January 15 and July 15 of each year, commencing on January 15, 2022. The January 2027 Notes are the Company’s direct, general unsecured obligations and rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the January 2027 Notes. The January 2027 Notes rank pari passu, or equal, in right of payment with all of the Company’s existing and future indebtedness or other obligations that are not so subordinated, or junior to the January 2027 Notes. The January 2027 Notes rank effectively subordinated, or junior, to any of the Company’s future secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness. The January 2027 Notes rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
The January 2027 Indenture contains certain covenants, including covenants requiring the Company to (i) comply with the asset coverage requirements of the 1940 Act, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the January 2027 Notes and the Successor Trustee if the Company is no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended. These covenants are subject to important limitations and exceptions that are described in the Indenture.
In addition, if a change of control repurchase event, as defined in the January 2027 Indenture, occurs prior to maturity, holders of the January 2027 Notes will have the right, at their option, to require the Company to repurchase for cash some or all of the January 2027 Notes at a repurchase price equal to 100% of the aggregate principal amount of the January 2027 Notes being repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.
March 2028 Notes
On January 21, 2025, the Company issued $650.0 million aggregate principal amount of its 6.100% notes due 2028 (the “March 2028 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to Rule 144A under the Securities Act and non-U.S. persons outside the United States in compliance with Regulation S under the Securities Act. When initially issued, the March 2028 Notes were not registered under the Securities Act and could not be offered or sold in the United States absent registration or an applicable exemption from registration.
The March 2028 Notes were issued pursuant to the Base Indenture and the Fifth Supplemental Indenture (together , the “March 2028 Indenture”). The March 2028 Notes will mature on March 15, 2028 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the March 2028 Indenture. The March 2028 Notes bear interest at a rate of 6.100% per year payable semi-annually on March 15 and September 15 of each year, commencing on September 15, 2025.
Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
Concurrent with the issuance of the March 2028 Notes, the Company entered into a Registration Rights Agreement (the “March 2028 Registration Rights Agreement”) for the benefit of the purchasers of the March 2028 Notes. Pursuant to the terms of the March 2028 Registration Rights Agreement, the Company filed a registration statement with the SEC and, on December 9, 2025, commenced an offer to exchange the notes initially issued on January 21, 2025 for newly issued registered notes with substantially similar terms, which expired on January 9, 2026 and was completed promptly thereafter.
The March 2028 Indenture contains certain covenants, including covenants requiring the Company to (i) comply with the 1940 Act, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the March 2028 Notes and the Successor Trustee if the Company is no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended. These covenants are subject to important limitations and exceptions that are described in the March 2028 Indenture.
In addition, if a change of control repurchase event, as defined in the March 2028 Indenture, occurs prior to maturity, holders of the March 2028 Notes will have the right, at their option, to require the Company to repurchase for cash some or all of the Notes at a repurchase price equal to 100% of the aggregate principal amount of the March 2028 Notes being repurchased, plus accrued and unpaid interest to, but not including, the repurchase date.
In connection with the issuance of the March 2028 Notes, on January 21, 2025, the Company entered into a bilateral interest rate swap. The notional amount of the interest rate swap is $650.0 million. The Company will receive fixed rate interest at 6.100% and pay variable rate interest based on SOFR plus 1.767%. The interest rate swap matures on February 15, 2028. For the three months ended March 31, 2026 and 2025, the Company made periodic payments of $9.0 million and $6.0 million, respectively. The interest expense related to the March 2028 Notes is equally offset by the proceeds received from the interest rate swap. The swap adjusted interest expense is included as a component of interest expense on the Company’s Consolidated Statements of Operations. As of March 31, 2026, the interest rate swap had a fair value of $6.9 million. As of December 31, 2025, the interest rate swap had a fair value of $12.1 million. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on the Company’s Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by the change in net carrying value of the March 2028 Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations.
January 2031 Notes
On January 23, 2026, the Company issued $400.0 million aggregate principal amount of its 6.125% notes due 2031 (the “January 2031 Notes”).
The January 2031 Notes were issued pursuant to the Base Indenture and the Sixth Supplemental Indenture (together , the “January 2031 Indenture”). The January 2031 Notes will mature on January 23, 2031 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the January 2031 Indenture. The January 2031 Notes bear interest at a rate of 6.125% per year payable semi-annually on January 23 and July 23 of each year, commencing on July 23, 2026.
The January 2031 Indenture contains certain covenants, including covenants requiring the Company to (i) comply with the 1940 Act, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the January 2031 Notes and the Successor Trustee if the Company is no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended. These covenants are subject to important limitations and exceptions that are described in the January 2031 Indenture.
In addition, if a change of control repurchase event, as defined in the January 2031 Indenture, occurs prior to maturity, holders of the January 2031 Notes will have the right, at their option, to require the Company to repurchase for cash some or all of the Notes at a repurchase price equal to 100% of the aggregate principal amount of the January 2031 Notes being repurchased, plus accrued and unpaid interest to, but not including, the repurchase date.
In connection with the issuance of the January 2031 Notes, on January 20, 2026, the Company entered into a bilateral interest rate swap. The notional amount of the interest rate swap is $400.0 million. The Company will receive fixed rate interest at 6.125% and pay variable rate interest based on SOFR plus 2.495%. The interest rate swap matures on January 23, 2031. For the quarter ended March 31, 2026, the Company did not make a periodic payment. The interest expense related to the January 2031 Notes is equally offset by the proceeds received from the interest rate swap. The swap adjusted interest expense is included as a component of interest expense on the Company’s Consolidated Statements of Operations. As of March 31, 2026, the interest rate swap had a fair value of $(0.9) million. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on the Company’s Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by the change in net carrying value of the January 2031 Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations.
Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
Notes Assumed in the Mergers
On March 24, 2025, in connection with the Mergers, the Company entered into a Second Supplemental Indenture (the “OTF II Supplemental Indenture”) relating to the Company’s assumption of the April 2029 Notes (as defined below). Also on March 24, 2025, in connection with the Mergers, the Company entered into an assumption agreement (the “OTF II Note Assumption Agreement”) relating to the Company’s assumption of the September 2028 Notes (as defined below).
September 2028 Notes
On September 27, 2023, OTF II entered into a Note Purchase Agreement (the “September 2028 Notes Note Purchase Agreement”) governing the issuance of $75.0 million in aggregate principal amount of September 2028 Notes, due September 27, 2028, with a fixed interest rate of 8.50% per year (the “ September 2028 Notes”), to qualified institutional investors in a private placement. As of September 27, 2023, the September 2028 Notes were guaranteed by OR Tech Lending II LLC, ORTF II FSI LLC and ORTF II BC 2 LLC, subsidiaries of the Company. On March 24, 2025, the Company entered into the OTF II Note Assumption Agreement for the benefit of the Noteholders (as defined in the September 2028 Notes Note Purchase Agreement) pursuant to which the Company unconditionally and expressly assumed, confirmed and agreed to perform and observe each and every one of the covenants, rights, promises, agreements, terms, conditions, obligations, duties and liabilities of OTF II under the September 2028 Notes Note Purchase Agreement, under the September 2028 Notes and under any documents, instruments or agreements executed and delivered or furnished by OTF II in connection therewith, and to be bound by all waivers made by OTF II with respect to any matter set forth therein.
Interest on the September 2028 Notes will be due semiannually on March 27 and September 27 each year. The September 2028 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, the Company is obligated to offer to prepay the September 2028 Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The September 2028 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.
The September 2028 Notes Note Purchase Agreement contains customary terms and conditions for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, a minimum net worth test, and a minimum asset coverage ratio of 1.50 to 1.00.
In addition, in the event that a Below Investment Grade Event (as defined in the September 2028 Notes Note Purchase Agreement) occurs, the September 2028 Notes will bear interest at a fixed rate per annum which is 1.00% above the stated rate of the September 2028 Notes from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing. In the event that a Secured Debt Ratio Event (as defined in the September 2028 Notes Note Purchase Agreement) occurs, the September 2028 Notes will bear interest at a fixed rate per annum which is 1.50% above the stated rate of the September 2028 Notes from the date of the occurrence of the Secured Debt Ratio Event to and until the date on which the Secured Debt Ratio Event is no longer continuing. In the event that both a Below Investment Grade Event and a Secured Debt Ratio Event have occurred and are continuing, the September 2028 Notes will bear interest at a fixed rate per annum which is 2.00% above the stated rate of the September 2028 Notes from the date of the occurrence of the later to occur of the Below Investment Grade Event and the Secured Debt Ratio Event to and until the date on which one of such events is no longer continuing.
The Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, certain cross-defaults or cross-acceleration under other indebtedness of the Company, certain judgments and orders and certain events of bankruptcy.
April 2029 Notes
On April 4, 2024, OTF II issued $700.0 million aggregate principal amount of its 6.750% notes due 2029 (the “April 2029 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. The April 2029 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration. On March 24, 2025, the Company entered into the OTF II Second Supplemental Indenture by and between the Successor Trustee, effective as of the closing of the Mergers. Pursuant to the Second Supplemental Indenture, the Company expressly assumed the obligations of OTF II for the due and punctual payment of the principal of, and premium, if any, and interest on all the April 2029 Notes outstanding, and the due and punctual performance and observance of all of the covenants and conditions of the April 2029 Indenture (as defined below).
The April 2029 Notes were issued pursuant to an Indenture (the “OTF II Base Indenture”) and a First Supplemental Indenture, dated as of April 4, 2024 (the “April 2029 First Supplemental Indenture” and together with the OTF II Base Indenture, the “April 2029 Indenture”), between OTF II and the Trustee. The April 2029 Notes will mature on April 4, 2029, unless repurchased or redeemed in accordance with their terms prior to such date.
Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
The April 2029 Notes bear interest at a rate of 6.750% per year payable semi-annually on April 4 and October 4 of each year, commencing on October 4, 2024. Concurrent with the issuance of the April 2029 Notes, OTF II entered into a Registration Rights Agreement (the “April 2029 Notes Registration Rights Agreement”) for the benefit of the purchasers of the April 2029 Notes. Pursuant to the April 2029 Notes Registration Rights Agreement, OTF II filed a registration statement with the SEC and, on December 23, 2024, commenced an offer to exchange the notes initially issued on April 4, 2024 for newly issued registered notes with substantially similar terms, which expired on January 24, 2025 and was completed promptly thereafter.
The April 2029 Notes are the Company’s direct, general unsecured obligations and rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the April 2029 Notes. The April 2029 Notes rank pari passu, or equal, in right of payment with all of the Company’s existing and future indebtedness or other obligations that are not so subordinated, or junior to the April 2029 Notes. The April 2029 Notes rank effectively subordinated, or junior, to any of the Company’s future secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness. The April 2029 Notes are structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
The April 2029 Indenture contains certain covenants, including covenants requiring the Company to (i) comply with Section 18(a)(1)(A) of the 1940 Act, as modified by Section 61(a) of the 1940 Act, for the period of time during which the April 2029 Notes are outstanding, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the April 2029 Notes and the Successor Trustee if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the OTF II Indenture.
In addition, if a change of control repurchase event, as defined in the OTF II Indenture, occurs prior to maturity, holders of the April 2029 Notes will have the right, at their option, to require the Company to repurchase for cash some or all of the April 2029 Notes at a repurchase price equal to 100% of the aggregate principal amount of the April 2029 Notes being repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.
In connection with the issuance of the April 2029 Notes, on April 4, 2024 OTF II entered into a bilateral interest rate swap. The notional amount of the interest rate swap is $700.0 million. The Company will receive fixed rate interest at 6.750% and pay variable rate interest based on SOFR plus 2.565%. The interest rate swap matures on March 4, 2029. For the three months ended March 31, 2026 and 2025, the Company did not make a periodic payment. The interest expense related to the April 2029 Notes is equally offset by the proceeds received from the interest rate swap. The swap adjusted interest expense is included as a component of interest expense on the Company’s Consolidated Statements of Operations. As of March 31, 2026, the interest rate swap had a fair value of $8.8 million. As of December 31, 2025, the interest rate swap had a fair value of $14.6 million. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on the Company’s Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by the change in net carrying value of the April 2029 Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations.
Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
Maturity of Debt Obligations
The table below presents a summary of the Company’s contractual payment obligations under credit facilities and notes as of March 31, 2026:
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments Due by Period |
|
Total |
|
Less than 1 year |
|
1-3 years |
|
3-5 years |
|
After 5 years |
| Revolving Credit Facility |
$ |
1,640,000 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,640,000 |
|
|
$ |
— |
|
| SPV Asset Facility I |
700,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
700,000 |
|
| SPV Asset Facility II |
325,000 |
|
|
— |
|
|
— |
|
|
325,000 |
|
|
— |
|
| SPV Asset Facility III |
624,500 |
|
|
— |
|
|
— |
|
|
— |
|
|
624,500 |
|
| SPV Asset Facility IV |
270,000 |
|
|
— |
|
|
— |
|
|
270,000 |
|
|
— |
|
| Athena CLO II |
375,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
375,000 |
|
| Athena CLO IV |
240,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
240,000 |
|
| Athena CLO V |
300,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
300,000 |
|
| June 2026 Notes |
375,000 |
|
|
375,000 |
|
|
— |
|
|
— |
|
|
— |
|
| January 2027 Notes |
300,000 |
|
|
300,000 |
|
|
— |
|
|
— |
|
|
— |
|
| March 2028 Notes |
650,000 |
|
|
— |
|
|
650,000 |
|
|
— |
|
|
— |
|
| September 2028 Notes |
75,000 |
|
|
— |
|
|
75,000 |
|
|
— |
|
|
— |
|
| April 2029 Notes |
700,000 |
|
|
— |
|
|
— |
|
|
700,000 |
|
|
— |
|
| January 2031 Notes |
400,000 |
|
|
— |
|
|
— |
|
|
400,000 |
|
|
— |
|
| Total Contractual Obligations |
$ |
6,974,500 |
|
|
$ |
675,000 |
|
|
$ |
725,000 |
|
|
$ |
3,335,000 |
|
|
$ |
2,239,500 |
|
Note 6. Fair Value of Financial Instruments
Investments
The tables below present the fair value hierarchy of investments as of the following periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Hierarchy as of March 31, 2026 |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Cash (including restricted and foreign cash) |
$ |
488,163 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
488,163 |
|
| Investments: |
|
|
|
|
|
|
|
| First-lien senior secured debt investments |
$ |
— |
|
|
$ |
300,333 |
|
|
$ |
10,616,855 |
|
|
$ |
10,917,188 |
|
| Second-lien senior secured debt investments |
— |
|
|
120,520 |
|
|
377,601 |
|
|
498,121 |
|
| Unsecured debt investments |
— |
|
|
— |
|
|
456,403 |
|
|
456,403 |
|
| Specialty finance debt investments |
— |
|
|
— |
|
|
38,000 |
|
|
38,000 |
|
| Preferred equity investments |
— |
|
|
— |
|
|
982,150 |
|
|
982,150 |
|
| Common equity investments |
419 |
|
|
29,186 |
|
|
564,590 |
|
|
594,195 |
|
| Specialty finance equity investments |
— |
|
|
— |
|
|
169,497 |
|
|
169,497 |
|
| Subtotal |
$ |
419 |
|
|
$ |
450,039 |
|
|
$ |
13,205,096 |
|
|
$ |
13,655,554 |
|
Investments measured at NAV(1) |
— |
|
|
— |
|
|
— |
|
|
412,685 |
|
| Total Investments at fair value |
$ |
419 |
|
|
$ |
450,039 |
|
|
$ |
13,205,096 |
|
|
$ |
14,068,239 |
|
| Derivatives: |
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
| Interest rate swaps |
$ |
— |
|
|
$ |
15,744 |
|
|
$ |
— |
|
|
$ |
15,744 |
|
| Foreign currency forward contracts |
— |
|
|
9,886 |
|
|
— |
|
|
9,886 |
|
Liabilities |
|
|
|
|
|
|
|
| Interest rate swaps |
$ |
— |
|
|
$ |
938 |
|
|
$ |
— |
|
|
$ |
938 |
|
|
|
|
|
|
|
|
|
_______________
(1)Includes equity investments in Credit SLF, LSI Financing LLC, BOCSO, Blue Owl Leasing, and Stripe Blue Owl Holdings LLC (“Stripe Blue Owl”) which are measured at fair value using the net asset value per share (or its equivalent) 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.
Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Hierarchy as of December 31, 2025 |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Cash (including restricted and foreign cash) |
$ |
282,924 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
282,924 |
|
| Investments: |
|
|
|
|
|
|
|
First-lien senior secured debt investments |
$ |
— |
|
|
$ |
318,098 |
|
|
$ |
10,660,972 |
|
|
$ |
10,979,070 |
|
| Second-lien senior secured debt investments |
— |
|
|
125,924 |
|
|
442,717 |
|
|
568,641 |
|
| Unsecured debt investments |
— |
|
|
— |
|
|
477,128 |
|
|
477,128 |
|
Specialty finance debt investments |
— |
|
|
— |
|
|
37,452 |
|
|
37,452 |
|
Preferred equity investments |
— |
|
|
— |
|
|
1,072,481 |
|
|
1,072,481 |
|
Common equity investments |
706 |
|
|
37,364 |
|
|
684,030 |
|
|
722,100 |
|
| Specialty finance equity investments |
— |
|
|
— |
|
|
215,864 |
|
|
215,864 |
|
| Subtotal |
$ |
706 |
|
|
$ |
481,386 |
|
|
$ |
13,590,644 |
|
|
$ |
14,072,736 |
|
Investments measured at NAV(1) |
— |
|
|
— |
|
|
— |
|
|
213,303 |
|
| Total Investments at fair value |
$ |
706 |
|
|
$ |
481,386 |
|
|
$ |
13,590,644 |
|
|
$ |
14,286,039 |
|
| Derivatives: |
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
| Interest rate swaps |
$ |
— |
|
|
$ |
26,732 |
|
|
$ |
— |
|
|
$ |
26,732 |
|
Liabilities |
|
|
|
|
|
|
|
Foreign currency forward contracts |
$ |
— |
|
|
$ |
1,941 |
|
|
$ |
— |
|
|
$ |
1,941 |
|
_______________
(1)Includes equity investments in Credit SLF and LSI Financing LLC, BOCSO, Blue Owl Leasing and Stripe Blue Owl, which are measured at fair value using the net asset value per share (or its equivalent) 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.
The following tables 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 March 31, 2026 |
|
Debt Investments |
|
Equity Investments |
|
|
|
First-lien senior secured |
|
Second-lien senior secured |
|
Unsecured |
|
Specialty finance |
|
Preferred |
|
Common |
|
Specialty finance |
|
Total |
| Fair value, beginning of period |
$ |
10,660,972 |
|
|
$ |
442,717 |
|
|
$ |
477,128 |
|
|
$ |
37,452 |
|
|
$ |
1,072,481 |
|
|
$ |
684,030 |
|
|
$ |
215,864 |
|
|
$ |
13,590,644 |
|
| Purchases of investments, net |
922,371 |
|
|
— |
|
|
629 |
|
|
— |
|
|
58,989 |
|
|
21,176 |
|
|
649 |
|
|
1,003,814 |
|
| Payment-in-kind |
13,739 |
|
|
2,457 |
|
|
7,145 |
|
|
616 |
|
|
12,219 |
|
|
— |
|
|
— |
|
|
36,176 |
|
| Proceeds from investments, net |
(778,940) |
|
|
— |
|
|
(30,590) |
|
|
(68) |
|
|
(51,141) |
|
|
(134,272) |
|
|
(46,236) |
|
|
(1,041,247) |
|
| Net change in unrealized gain (loss) |
(180,026) |
|
|
(27,178) |
|
|
(5,397) |
|
|
1 |
|
|
(118,212) |
|
|
(114,113) |
|
|
(780) |
|
|
(445,705) |
|
| Net realized gain (loss) |
(13,660) |
|
|
— |
|
|
2,131 |
|
|
— |
|
|
7,328 |
|
|
107,769 |
|
|
— |
|
|
103,568 |
|
| Net amortization/accretion of discount/premium on investments |
6,696 |
|
|
114 |
|
|
5,357 |
|
|
(1) |
|
|
486 |
|
|
— |
|
|
— |
|
|
12,652 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transfers into (out of) Level 3(1) |
(14,297) |
|
|
(40,509) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(54,806) |
|
Fair Value, End of Period |
$ |
10,616,855 |
|
|
$ |
377,601 |
|
|
$ |
456,403 |
|
|
$ |
38,000 |
|
|
$ |
982,150 |
|
|
$ |
564,590 |
|
|
$ |
169,497 |
|
|
$ |
13,205,096 |
|
_______________
(1)Transfers between levels, if any, are recognized at the beginning of the period noted. For the three months ended March 31, 2026, transfers between Level 2 and Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.
Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and for the Three Months Ended March 31, 2025 |
|
Debt Investments |
Equity Investments |
|
|
|
First-lien senior secured |
|
Second-lien senior secured |
|
Unsecured |
|
Specialty finance |
|
Preferred |
|
Common |
|
Specialty finance |
|
Total |
| Fair value, beginning of period |
$ |
4,341,268 |
|
|
$ |
166,159 |
|
|
$ |
336,635 |
|
|
$ |
5,041 |
|
|
$ |
686,858 |
|
|
$ |
468,725 |
|
|
$ |
69,836 |
|
|
$ |
6,074,522 |
|
| Purchases of investments, net |
389,439 |
|
|
2,884 |
|
|
— |
|
|
3,266 |
|
|
— |
|
|
9,517 |
|
|
6,882 |
|
|
411,988 |
|
| Payment-in-kind |
7,221 |
|
|
3,705 |
|
|
7,505 |
|
|
— |
|
|
9,865 |
|
|
— |
|
|
— |
|
|
28,296 |
|
| Proceeds from investments, net |
(240,157) |
|
|
(8,400) |
|
|
(2,697) |
|
|
— |
|
|
(3,891) |
|
|
— |
|
|
(76) |
|
|
(255,221) |
|
| Net change in unrealized gain (loss) |
(4,994) |
|
|
7,477 |
|
|
2,941 |
|
|
(17) |
|
|
(6,151) |
|
|
6,908 |
|
|
(1,674) |
|
|
4,490 |
|
| Net realized gains (losses) |
33 |
|
|
(12,198) |
|
|
(625) |
|
|
— |
|
|
38 |
|
|
— |
|
|
— |
|
|
(12,752) |
|
| Net amortization of discount on investments |
4,493 |
|
|
61 |
|
|
4,600 |
|
|
— |
|
|
238 |
|
|
— |
|
|
— |
|
|
9,392 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transfers into (out of) Level 3(1) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(3,092) |
|
|
— |
|
|
(3,092) |
|
Transfers in from the Mergers |
4,594,651 |
|
|
131,529 |
|
|
111,857 |
|
|
20,671 |
|
|
261,633 |
|
|
65,525 |
|
|
91,382 |
|
|
5,277,248 |
|
Fair Value, End of Period |
$ |
9,091,954 |
|
|
$ |
291,217 |
|
|
$ |
460,216 |
|
|
$ |
28,961 |
|
|
$ |
948,590 |
|
|
$ |
547,583 |
|
|
$ |
166,350 |
|
|
$ |
11,534,871 |
|
_______________
(1)Transfers between levels, if any, are recognized at the beginning of the period noted. For the three months ended March 31, 2025, transfers between Level 2 and Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.
The following table present information with respect to 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Change in Unrealized Gain (Loss) for the Three Months Ended March 31, 2026 on Investments Held at March 31, 2026 |
|
Net Change in Unrealized Gain (Loss) for the Three Months Ended March 31, 2025 on Investments Held at March 31, 2025 |
| First-lien senior secured debt investments |
$ |
(184,623) |
|
|
$ |
(2,622) |
|
| Second-lien senior secured debt investments |
(27,178) |
|
|
(1,606) |
|
| Unsecured debt investments |
(5,397) |
|
|
2,398 |
|
| Specialty finance debt investments |
1 |
|
|
(17) |
|
| Preferred equity investments |
(113,884) |
|
|
(6,151) |
|
| Common equity investments |
(123,312) |
|
|
7,008 |
|
| Specialty finance equity investments |
(781) |
|
|
(1,674) |
|
| Total Investments |
$ |
(455,174) |
|
|
$ |
(2,664) |
|
Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
Fair Value |
|
Valuation Technique |
|
Unobservable Input |
|
Range (Weighted Average) |
|
Impact to Valuation from an Increase in Input |
| First-lien senior secured debt investments |
$ |
589,666 |
|
|
Recent Transaction |
|
Transaction Price |
|
98.5% - 99.8% (99.6%) |
|
Increase |
| 10,008,854 |
|
|
Yield Analysis |
|
Market Yield |
|
7.4% - 27.2% (10.2%) |
|
Decrease |
| 18,335 |
|
|
Collateral Analysis |
|
Recovery Rate |
|
3.0% - 100.0% (52.7%) |
|
Increase |
|
|
|
|
|
|
|
|
|
|
| Second-lien senior secured debt investments |
$ |
377,601 |
|
|
Yield Analysis |
|
Market Yield |
|
11.0% - 32.3% (16.1%) |
|
Decrease |
| Unsecured debt investments |
$ |
451,682 |
|
|
Yield Analysis |
|
Market Yield |
|
5.6% - 17.5% (12.6%) |
|
Decrease |
|
|
|
|
|
|
|
|
|
| 4,721 |
|
|
Market Approach |
|
Revenue Multiple |
|
3.0x - 3.8x (3.6x) |
|
Increase |
| Specialty finance debt investments |
$ |
38,000 |
|
|
Yield Analysis |
|
Market Yield |
|
12.2% - 12.2% (12.2%) |
|
Decrease |
|
|
|
|
|
|
|
|
|
|
| Preferred equity investments |
$ |
42,598 |
|
|
Recent Transaction |
|
Transaction Price |
|
90.0% - 289.9% (165.8%) |
|
Increase |
| 430,431 |
|
|
Yield Analysis |
|
Market Yield |
|
12.8% - 43.6% (17.7%) |
|
Decrease |
|
|
|
|
|
|
|
|
|
| 509,121 |
|
|
Market Approach |
|
Revenue Multiple |
|
0.6x - 21.0x (6.8x) |
|
Increase |
| Common equity investments |
$ |
339,105 |
|
|
Recent Transaction |
|
Transaction Price |
|
94.2% - 1253.5% (593.9%) |
|
Increase |
| 30,372 |
|
|
Yield Analysis |
|
Market Yield |
|
32.5% - 32.5% (32.5%) |
|
Decrease |
| 92,307 |
|
|
Market Approach |
|
EBITDA Multiple |
|
0.0x - 21.5x (10.9x) |
|
Increase |
| 9,504 |
|
|
Market Approach |
|
Market Adjustment Factor |
|
(3.2)% - (3.2)% ((3.2)%) |
|
Decrease |
|
|
|
|
|
|
|
|
|
| 141 |
|
|
Market Approach |
|
Gross Profit Multiple |
|
7.0x - 7.0x (7.0x) |
|
Increase |
| 92,868 |
|
|
Market Approach |
|
Revenue Multiple |
|
3x - 47.0x (7.8x) |
|
Increase |
| 293 |
|
|
Option Pricing Model |
|
Volatility |
|
60.0% - 70.0% (69.9%) |
|
Increase |
|
|
|
|
|
|
|
|
|
|
| Specialty finance equity investments |
$ |
138,710 |
|
|
Market Approach |
|
AUM Multiple |
|
1.0x - 1.0x (1.0x) |
|
Increase |
| 22,061 |
|
|
Market Approach |
|
N/A(1) |
|
N/A |
|
N/A |
| 6,757 |
|
|
Yield Analysis |
|
Market Yield |
|
11.8% - 11.8% (11.8%) |
|
Decrease |
| 1,969 |
|
|
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.
Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
Fair Value |
|
Valuation Technique |
|
Unobservable Input |
|
Range (Weighted Average) |
|
Impact to Valuation from an Increase in Input |
| First-lien senior secured debt investments |
$ |
9,346,910 |
|
|
Yield Analysis |
|
Market Yield |
|
6.0% - 23.6% (9.4%) |
|
Decrease |
| 1,280,482 |
|
|
Recent Transaction |
|
Transaction Price |
|
95.0% - 100.0% (99.4%) |
|
Increase |
| 33,580 |
|
|
Collateral Analysis |
|
Recovery Rate |
|
0.0% - 107.2% (84.0%) |
|
Increase |
| Second-lien senior secured debt investments |
$ |
442,717 |
|
|
Yield Analysis |
|
Market Yield |
|
8.4% - 32.5% (14.4%) |
|
Decrease |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unsecured debt investments |
$ |
473,340 |
|
|
Yield Analysis |
|
Market Yield |
|
5.5% - 14.9% (11.9%) |
|
Decrease |
| 3,788 |
|
|
Market Approach |
|
Revenue Multiple |
|
4.3x - 5.0x (4.8x) |
|
Increase |
|
|
|
|
|
|
|
|
|
|
| Specialty finance debt investments |
$ |
37,452 |
|
|
Yield Analysis |
|
Market Yield |
|
11.6% - 11.6% (11.6%) |
|
Decrease |
| Preferred equity investments |
$ |
451,265 |
|
|
Yield Analysis |
|
Market Yield |
|
11.6% - 35.3% (14.0%) |
|
Decrease |
| 498,387 |
|
|
Market Approach |
|
Revenue Multiple |
|
2.0x - 25.2x (7.3x) |
|
Increase |
| 122,829 |
|
|
Recent Transaction |
|
Transaction Price |
|
62.8% - 100.0% (86.5%) |
|
Increase |
|
|
|
|
|
|
|
|
|
|
| Common equity investments |
$ |
421,309 |
|
|
Recent Transaction |
|
Transaction Price |
|
54.2% - 813.7% (444.3%) |
|
Increase |
| 110,029 |
|
|
Market Approach |
|
EBITDA Multiple |
|
0.0x - 25.5x (11.9x) |
|
Increase |
| 82,784 |
|
|
Market Approach |
|
Revenue Multiple |
|
4.25x - 13.0x (10.1x) |
|
Increase |
| 61,131 |
|
|
Yield Analysis |
|
Market Yield |
|
27.5% - 27.5% (27.5%) |
|
Decrease |
| 8,330 |
|
|
Market Approach |
|
Market Adjustment Factor |
|
0.0% - 0.0% (0.0%) |
|
Decrease |
| 233 |
|
|
Option Pricing Model |
|
Volatility |
|
60.0% - 70.0% (69.9%) |
|
Increase |
| 214 |
|
|
Market Approach |
|
Gross Profit Multiple |
|
9.0x - 9.0x (9.0x) |
|
Increase |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Specialty finance equity investments |
$ |
184,468 |
|
|
Market Approach |
|
AUM Multiple |
|
1.1x - 1.1x (1.1x) |
|
Increase |
| 22,602 |
|
|
Market Approach |
|
N/A(1) |
|
N/A |
|
N/A |
| 6,657 |
|
|
Yield Analysis |
|
Market 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 Adviser, as valuation designee, 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.
Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
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 interest, taxes, depreciation and amortization (“EBITDA”) or some combination thereof and comparable market transactions are typically 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
December 31, 2025 |
|
Net Carrying Value |
|
Debt Issuance Costs |
|
Fair Value |
|
Net Carrying Value |
|
Debt Issuance Costs |
|
Fair Value |
| Revolving Credit Facility |
$ |
1,617,704 |
|
|
$ |
(22,296) |
|
|
$ |
1,617,704 |
|
|
$ |
1,456,282 |
|
|
$ |
(23,718) |
|
|
$ |
1,456,282 |
|
| SPV Asset Facility I |
691,812 |
|
|
(8,188) |
|
|
691,812 |
|
|
691,602 |
|
|
(8,398) |
|
|
691,602 |
|
| SPV Asset Facility II |
320,852 |
|
|
(4,148) |
|
|
320,852 |
|
|
320,464 |
|
|
(4,536) |
|
|
320,464 |
|
| SPV Asset Facility III |
614,536 |
|
|
(9,964) |
|
|
614,536 |
|
|
613,087 |
|
|
(11,413) |
|
|
613,087 |
|
| SPV Asset Facility IV |
264,838 |
|
|
(5,162) |
|
|
264,838 |
|
|
194,346 |
|
|
(5,654) |
|
|
194,346 |
|
| Athena CLO II |
370,993 |
|
|
(4,007) |
|
|
370,993 |
|
|
371,068 |
|
|
(3,932) |
|
|
371,068 |
|
| Athena CLO IV |
237,704 |
|
|
(2,296) |
|
|
237,704 |
|
|
237,654 |
|
|
(2,346) |
|
|
237,654 |
|
| Athena CLO V |
298,171 |
|
|
(1,829) |
|
|
298,171 |
|
|
298,072 |
|
|
(1,928) |
|
|
298,072 |
|
| June 2026 Notes |
374,671 |
|
|
(329) |
|
|
373,125 |
|
|
374,287 |
|
|
(713) |
|
|
373,125 |
|
| January 2027 Notes |
298,763 |
|
|
(1,237) |
|
|
291,000 |
|
|
298,379 |
|
|
(1,621) |
|
|
291,750 |
|
| March 2028 Notes |
650,515 |
|
|
(6,977) |
|
|
643,500 |
|
|
654,890 |
|
|
(7,811) |
|
|
653,250 |
|
| September 2028 Notes |
74,550 |
|
|
(450) |
|
|
75,000 |
|
|
74,505 |
|
|
(495) |
|
|
75,000 |
|
| April 2029 Notes |
698,743 |
|
|
(10,729) |
|
|
689,500 |
|
|
703,564 |
|
|
(11,558) |
|
|
715,750 |
|
| January 2031 Notes |
390,480 |
|
|
(8,585) |
|
|
377,000 |
|
|
— |
|
|
— |
|
|
— |
|
| Total Debt |
$ |
6,904,332 |
|
|
$ |
(86,197) |
|
|
$ |
6,865,735 |
|
|
$ |
6,288,200 |
|
|
$ |
(84,123) |
|
|
$ |
6,291,450 |
|
The table below presents fair value measurements of the Company’s debt obligations as of the following periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
December 31, 2025 |
| Level 1 |
$ |
— |
|
|
$ |
— |
|
| Level 2 |
2,449,125 |
|
|
2,108,875 |
|
| Level 3 |
4,416,610 |
|
|
4,182,575 |
|
| Total Debt |
$ |
6,865,735 |
|
|
$ |
6,291,450 |
|
Financial Instruments Not Carried at Fair Value
As of March 31, 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.
Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
Note 7. Derivative Instruments
The Company enters into derivative instruments from time to time to help mitigate its foreign currency and interest rate risk exposures. See “Note 6 — Fair Value of Financial Instruments” for additional disclosures related to the fair value hierarchy for derivative instruments.
The table below presents the fair value and notional value of the derivative assets and liabilities for the following periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2026 |
|
As of December 31, 2025 |
|
|
Counterparty |
|
Notional Amount |
|
Assets |
|
Liabilities |
|
Notional Amount |
|
Assets |
|
Liabilities |
| Derivatives designated as hedges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest rate swaps April 2029 Notes |
|
Goldman Sachs Bank USA |
|
$ |
700,000 |
|
|
$ |
8,848 |
|
|
$ |
— |
|
|
$ |
700,000 |
|
|
$ |
14,619 |
|
|
$ |
— |
|
| Interest rate swaps March 2028 Notes |
|
SMBC Capital Markets, Inc. |
|
$ |
650,000 |
|
|
6,896 |
|
|
— |
|
|
$ |
650,000 |
|
|
12,113 |
|
|
— |
|
Interest rate swaps January 2031 Notes |
|
Regions Bank |
|
$ |
400,000 |
|
|
— |
|
|
(938) |
|
|
$ |
— |
|
|
— |
|
|
— |
|
Total Derivatives Designated as Hedges(1)(2) |
|
|
|
$ |
15,744 |
|
|
$ |
(938) |
|
|
|
|
$ |
26,732 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivatives not designated as hedges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign currency forward contract AUD |
|
Goldman Sachs Bank USA |
|
A$ |
12,910 |
|
|
$ |
8,656 |
|
|
$ |
(8,905) |
|
|
A$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Foreign currency forward contract CAD |
|
Goldman Sachs Bank USA |
|
C$ |
1,454 |
|
|
1,071 |
|
|
(1,053) |
|
|
C$ |
— |
|
|
— |
|
|
— |
|
Foreign currency forward contract CAD |
|
Goldman Sachs Bank USA |
|
C$ |
54,652 |
|
|
39,802 |
|
|
(39,590) |
|
|
C$ |
— |
|
|
— |
|
|
— |
|
| Foreign currency forward contract EUR |
|
Goldman Sachs Bank USA |
|
€ |
282,460 |
|
|
334,694 |
|
|
(327,964) |
|
|
€ |
282,460 |
|
|
334,694 |
|
|
(334,694) |
|
| Foreign currency forward contract GBP |
|
Goldman Sachs Bank USA |
|
£ |
147,230 |
|
|
197,076 |
|
|
(194,745) |
|
|
£ |
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
581,299 |
|
|
(572,257) |
|
|
|
|
334,694 |
|
|
(334,694) |
|
| Foreign currency forward contract EUR |
|
SMBC Capital Markets, Inc. |
|
€ |
5,301 |
|
|
6,296 |
|
|
(6,155) |
|
|
€ |
5,301 |
|
|
6,296 |
|
|
(6,281) |
|
| Foreign currency forward contract EUR |
|
SMBC Capital Markets, Inc. |
|
€ |
57,071 |
|
|
66,778 |
|
|
(66,255) |
|
|
€ |
57,071 |
|
|
66,778 |
|
|
(67,608) |
|
| Foreign currency forward contract GBP |
|
SMBC Capital Markets, Inc. |
|
£ |
12,500 |
|
|
16,717 |
|
|
(16,534) |
|
|
£ |
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
89,791 |
|
|
(88,944) |
|
|
|
|
73,074 |
|
|
(73,889) |
|
| Total Derivatives not Designated as Hedges |
|
|
|
$ |
671,090 |
|
|
$ |
(661,201) |
|
|
|
|
$ |
407,768 |
|
|
$ |
(408,583) |
|
_______________
(1)The net fair value of the derivatives designated as hedges is recorded as an asset or liability in the Consolidated Statements of Assets and Liabilities.
(2)The Company’s unsecured notes, that are designated in a qualifying hedging relationship, had carrying value of $1.7 billion and $1.4 billion, net of the related cumulative hedging adjustments that represented an increase (decrease) to the carrying value of the notes of $16.0 million and $27.8 million, as of March 31, 2026 and December 31, 2025, respectively.
The tables below present net change in unrealized gains and losses on effective interest rate swaps and hedged items included in interest expense for the following periods:
Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, 2026 |
|
|
|
|
|
|
Change in Unrealized Gain (Loss) on: |
|
|
|
|
|
|
|
|
|
|
Interest Rate Swaps |
|
Hedged Items |
|
Net |
|
|
|
|
|
|
| Investment related gains/(losses) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivatives designated as hedges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest rate swaps April 2029 Notes |
|
|
|
$ |
(5,771) |
|
|
$ |
5,650 |
|
|
$ |
(121) |
|
|
|
|
|
|
|
| Interest rate swaps March 2028 Notes |
|
|
|
(5,217) |
|
|
5,209 |
|
|
(8) |
|
|
|
|
|
|
|
Interest rate swaps January 2031 Notes |
|
|
|
(938) |
|
|
935 |
|
|
(3) |
|
|
|
|
|
|
|
Net Change in Unrealized (Gain) Loss on Interest Rate Swaps and Hedged Items(1) |
|
|
|
|
|
$ |
(132) |
|
|
|
|
|
|
|
_______________
(1)Recorded and recognized as components of interest expense in the Consolidated Statements of Operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, 2025 |
|
|
|
|
|
|
Change in Unrealized Gain (Loss) on: |
|
|
|
|
|
|
|
|
|
|
Interest Rate Swaps |
|
Hedged Items |
|
Net |
|
|
|
|
|
|
| Derivatives designated as hedges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest rate swaps April 2029 Notes |
|
|
|
$ |
2,013 |
|
|
$ |
(2,071) |
|
|
$ |
(58) |
|
|
|
|
|
|
|
| Interest rate swaps March 2028 Notes |
|
|
|
10,208 |
|
|
(10,618) |
|
|
(410) |
|
|
|
|
|
|
|
Net Change in Unrealized (Gain) Loss on Interest Rate Swaps and Hedged Items(1) |
|
|
|
|
|
$ |
(468) |
|
|
|
|
|
|
|
_______________
(1) Recorded and recognized as components of interest expense in the Consolidated Statements of Operations.
The table below presents net change in unrealized gains and losses on derivative instruments not designated as a qualifying hedge accounting relationship recognized by the Company for the following periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, 2026 |
|
|
|
|
|
|
|
|
|
|
Net Change in Unrealized Gain (Loss) |
|
|
|
|
|
|
|
|
|
|
| Derivatives not designated as hedges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign currency forward contract AUD |
|
|
|
$ |
(38) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency forward contract CAD |
|
|
|
230 |
|
|
|
|
|
|
|
|
|
|
|
Foreign currency forward contract GBP |
|
|
|
3,429 |
|
|
|
|
|
|
|
|
|
|
|
Foreign currency forward contract EUR |
|
|
|
8,209 |
|
|
|
|
|
|
|
|
|
|
|
Total Net Change in Unrealized Gain (Loss)(1) |
|
|
|
$ |
11,830 |
|
|
|
|
|
|
|
|
|
|
|
_______________
(1)Recorded and recognized as components of translation of assets and liabilities in foreign currencies and other transactions in the Consolidated Statements of Operations.
The Company did not hold any foreign currency forward contracts for the three months ended March 31, 2025.
Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
Note 8. Commitments and Contingencies
Portfolio Company Commitments
From time to time, the Company may enter into commitments to fund investments in the form of revolving credit, delayed draw, or equity commitments, which require the Company to provide funding when requested by portfolio companies in accordance with underlying loan agreements. The Company had the following outstanding unfunded commitments as of the following periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2026 |
|
As of December 31, 2025 |
| Revolving loan commitments |
|
$ |
845,487 |
|
|
$ |
797,118 |
|
| Delayed draw loan commitments |
|
1,059,515 |
|
|
947,440 |
|
| Debt commitments |
|
$ |
1,905,002 |
|
|
$ |
1,744,558 |
|
|
|
|
|
|
| Specialty finance equity commitments |
|
$ |
86,126 |
|
|
$ |
41,900 |
|
| Common equity commitments |
|
6,988 |
|
|
8,113 |
|
| Equity commitments |
|
$ |
93,114 |
|
|
$ |
50,013 |
|
|
|
|
|
|
| Total Unfunded Commitments |
|
$ |
1,998,116 |
|
|
$ |
1,794,571 |
|
|
|
|
|
|
As of March 31, 2026, the Company believed they had adequate financial resources to cover outstanding unfunded portfolio company commitments.
Other Commitments and Contingencies
Refer to “Note 9 — Net Assets” for details on the Company’s stock repurchase programs.
From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of March 31, 2026, the Company was not aware of any material pending or threatened litigation that would require accounting recognition or financial statement disclosure.
Note 9. Net Assets
Equity Issuances
The Company has the authority to issue 1,000,000,000 common shares at $0.01 per share par value.
There were no sales of the Company’s common stock during the three months ended March 31, 2026 and 2025. See “Note 13 — Merger with Blue Owl Technology Finance Corp. II” for information related to the issuance of shares of the Company’s common stock in connection with the Mergers.
Distributions
The table below reflects the distributions declared on shares of the Company’s common stock during the following periods:
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|
For the Three Months Ended March 31, 2026 |
| Date Declared |
|
Record Date |
|
Payment Date |
|
Distribution per Share |
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|
|
|
|
|
|
|
|
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|
February 18, 2026(1) |
|
March 31, 2026 |
|
April 15, 2026 |
|
$ |
0.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
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|
|
|
|
_______________
(1)Expected to be paid or was partially paid from sources other than ordinary income, including long-term capital gains.
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|
|
For the Three Months Ended March 31, 2025 |
| Date Declared |
|
Record Date |
|
Payment Date |
|
Distribution per Share |
|
|
|
|
|
|
|
|
|
|
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|
|
|
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|
|
|
|
|
|
| March 14, 2025 |
|
March 17, 2025 |
|
March 18, 2025 |
|
$ |
0.34 |
Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
Dividend Reinvestment
With respect to distributions, the Company has adopted an “opt out” dividend reinvestment plan for common shareholders. As a result, in the event of a declared distribution, each shareholder that has not “opted out” of the dividend reinvestment plan will have their dividends or distributions automatically reinvested in additional shares of the Company’s common stock rather than receiving cash distributions. The Company has entered into an amended and restated dividend reinvestment plan, pursuant to which, if newly issued shares are used to implement the dividend reinvestment plan, the number of shares to be issued to a shareholder will be determined by dividing the total dollar amount of the cash dividend or distribution payable to a shareholder by the market price per share of the Company’s common stock at the close of regular trading on the NYSE on the payment date of a distribution, or if no sale is reported for such day, the average of the reported bid and ask prices. However, if the market price per share on the payment date of a cash dividend or distribution exceeds the most recently computed net asset value per share, the Company will issue shares at the greater of (i) the most recently computed net asset value per share and (ii) 95% of the current market price per share (or such lesser discount to the current market price per share that still exceeded the most recently computed net asset value per share). If shares are purchased in the open market to implement the dividend reinvestment plan, the number of shares to be issued to a shareholder shall be determined by dividing the dollar amount of the cash dividend payable to such shareholder by the weighted average price per share for all shares purchased by the plan administrator in the open market in connection with the dividend. Shareholders who receive distributions in the form of shares of common stock will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.
The table below reflects the common stock issued pursuant to the dividend reinvestment plan during the following periods:
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|
For the Three Months Ended March 31, 2026 |
| Date Declared |
|
Record Date |
|
Payment Date |
|
Shares |
| November 5, 2025 |
|
December 31, 2025 |
|
January 15, 2026 |
|
1,114,799 |
|
| June 2, 2025 |
|
December 23, 2025 |
|
January 7, 2026 |
|
167,569 |
|
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|
|
|
|
|
|
|
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|
|
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|
For the Three Months Ended March 31, 2025 |
| Date Declared |
|
Record Date |
|
Payment Date |
|
Shares |
| March 14, 2025 |
|
March 17, 2025 |
|
March 18, 2025 |
|
1,131,018 |
|
| October 1, 2024 |
|
December 31, 2024 |
|
January 31, 2025 |
|
1,098,294 |
|
2025 Stock Repurchase Program
On May 27, 2025, the Board approved a repurchase program (the “2025 Stock Repurchase Program”) under which the Company could repurchase up to $200 million of its outstanding common stock. Under the 2025 Stock Repurchase Program, purchases were made at management's discretion from time to time in open-market transactions, in accordance with applicable securities laws and regulations. The 2025 Stock Repurchase Program terminated in connection with the entry into the 2026 Stock Repurchase Program, as defined below. As of the program termination date, 5,192,408 shares of the Company’s common stock have been repurchased pursuant to the 2025 Stock Repurchase Program for approximately $73.4 million since the 2025 Stock Repurchase Program’s inception. No shares were repurchased in 2026 under the 2025 Stock Repurchase Program.
2026 Stock Repurchase Program
On February 17, 2026, the Board approved a repurchase program (the “2026 Stock Repurchase Program”) under which the Company may repurchase up to $300 million of its common stock. Under the 2026 Repurchase Program, purchases may be made at management’s discretion from time to time in open-market transactions, including pursuant to trading plans with investment banks pursuant to Rule 10b5-1 of the Exchange Act, in accordance with all applicable rules and regulations. Unless extended by the Board, the 2026 Stock Repurchase Program will terminate 18-months from the date it was approved.
For the three months ended March 31, 2026, repurchases under the 2026 Stock Repurchase Program were as follows:
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|
Period |
|
Total Number of Shares Repurchased |
|
Average Price Paid per Share |
|
Approximate Dollar Value of Shares that have been Purchased Under the Plans |
|
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan |
|
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|
|
|
| February 1, 2026 to February 28, 2026 |
|
651,123 |
|
$ |
11.32 |
|
$ |
7,373 |
|
$ |
292,627 |
| March 1, 2026 to March 31, 2026 |
|
3,555,175 |
|
12.04 |
|
42,811 |
|
249,816 |
|
|
|
|
|
|
|
|
|
|
|
4,206,298 |
|
|
|
|
$ |
50,184 |
|
|
|
There were no repurchases made in the three months ended March 31, 2025.
Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
Note 10. Earnings Per Share
The table below sets forth the computation of basic and diluted earnings (loss) per common share for the following periods:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2026 |
|
2025 |
|
|
|
|
|
|
| Increase (decrease) in net assets resulting from operations |
$ |
(219,891) |
|
|
$ |
78,132 |
|
|
|
|
|
|
|
| Weighted average shares of common stock outstanding—basic and diluted |
464,266,454 |
|
|
235,351,119 |
|
|
|
|
|
|
|
| Earnings (loss) per common share-basic and diluted |
$ |
(0.47) |
|
|
$ |
0.33 |
|
|
|
|
|
|
|
Note 11. Income Taxes
Taxable income generally differs from increase in net assets resulting from operations due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized gains or losses, as unrealized gains or losses are generally not included in taxable income until they are realized.
The Company makes certain adjustments to the classification of net assets as a result of permanent book-to-tax differences, which include differences in the book and tax basis of certain assets and liabilities and nondeductible federal taxes or losses among other items. To the extent these differences are permanent, they are charged or credited to additional paid in capital, or total distributable earnings (losses), as appropriate.
Depending on the level of taxable income earned in a tax year, the Company can be expected to carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that the Company determines that its estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, the Company will accrue excise tax on estimated excess taxable income.
For the three months ended March 31, 2026 and 2025, the Company recorded U.S. federal and state corporate-level income tax expense/(benefit) of $1.3 million, and $3.4 million, including U.S. federal excise tax expense of $1.3 million and $3.4 million, respectively.
Taxable Subsidiaries
Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. For the three months ended March 31, 2026 and 2025, the Company recorded U.S. federal and state income tax expense/(benefit) of $(3) thousand and $(60) thousand, respectively.
The Company recorded a net deferred tax liability of $716 thousand as of March 31, 2026, for taxable subsidiaries, which is significantly related to GAAP to tax outside basis differences in the taxable subsidiaries’ investment in certain partnership interests. The Company recorded a net deferred tax liability of $797 thousand for taxable subsidiaries as of December 31, 2025.
Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
Note 12. Financial Highlights
The table below presents the financial highlights for a common share outstanding during the following periods:
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|
|
|
|
|
|
Three Months Ended March 31, |
| Capital share transactions: |
2026 |
|
2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Per share data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net asset value, beginning of period |
$ |
17.33 |
|
|
$ |
17.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Results of operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)(1) |
0.37 |
|
|
0.41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized and unrealized gain (loss)(1) |
(0.84) |
|
|
(0.08) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in net assets resulting from operations |
(0.47) |
|
|
0.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions declared from earnings(7)(9) |
(0.40) |
|
|
(0.34) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Capital share transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase of common shares(7) |
0.05 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common shares in connection with the Mergers(2) |
— |
|
|
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total increase (decrease) in net assets |
(0.82) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, End of Period(8) |
$ |
16.49 |
|
|
$ |
17.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares outstanding, end of period |
461,123,693 |
|
|
465,122,953 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share market value at end of period |
$ |
12.39 |
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Return, based on net market value(3) |
(12.0) |
% |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Return, based on net asset value(4) |
(1.7) |
% |
|
1.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios / Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of total expenses to average net assets(5)(6) |
8.0 |
% |
|
6.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net investment income to average net assets(5) |
8.9 |
% |
|
6.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net assets, end of period |
$ |
7,605,453 |
|
|
$ |
7,946,723 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted-average shares outstanding |
464,266,454 |
|
|
235,351,119 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total capital commitments, end of period |
N/A |
|
$ |
3,134,815 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratio of total contributed capital to total committed capital, end of period |
N/A |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Portfolio turnover rate |
8.1 |
% |
|
4.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year of formation |
2018 |
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______________
(1)The per share data was derived using the weighted average shares outstanding during the period.
(2)The amount shown at this caption is the balancing amount derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout the period may not agree with the issuance of common stock because of the timing of sales of the Company’s shares.
(3)Total return based on market value is calculated as the change in market value per share during the respective periods, taking into account dividends and distributions, if any, reinvested in accordance with the Company’s dividend reinvestment plan. Total return is not annualized.
(4)Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions, if any, are reinvested in accordance with the Company’s dividend reinvestment plan), if any, divided by the beginning NAV per share. Total return is not annualized.
(5)The ratio reflects an annualized amount, except in the case of non-recurring expenses (e.g. initial organization expenses).
(6)Prior to any management fee waivers, the annualized total expenses to average net assets for the three months ended March 31, 2026 and 2025, was 8.0% and 6.0%, respectively.
(7)The per share data was derived using actual shares outstanding at the date of the relevant transaction.
(8)Totals presented may not sum due to rounding.
(9)Includes supplemental dividend of $0.05 per share, declared on June 2, 2025, and paid on January 7, 2026.
Note 13. Merger with Blue Owl Technology Finance Corp. II
On March 24, 2025, the Company completed its previously announced acquisition of OTF II. In accordance with the Merger Agreement, at the effective time of the Mergers, each outstanding share of OTF II common stock was converted into the right to receive 0.9113 shares of common stock, par value $0.01 per share of the Company (with OTF II stockholders receiving cash in lieu of fractional shares of the Company’s common stock). As a result of the Mergers, the Company issued an aggregate of approximately 250,738,523 shares of its common stock to former OTF II stockholders prior to any adjustment for OTF II stockholders receiving cash in lieu of fractional shares.
Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
The Mergers were accounted for as an asset acquisition in accordance with ASC 805-50, Business Combinations — Related Issues. The consideration paid to OTF II’s shareholders was more than the aggregate fair values of the assets acquired and liabilities assumed, which resulted in a purchase premium (the “purchase premium”). The purchase premium was allocated to the cost of OTF II investments acquired by the Company on a pro-rata basis based on their relative fair values as of the closing date. Immediately following the Mergers, the investments were marked to their respective fair values and, as a result, the purchase premium allocated to the cost basis of the investments acquired was immediately recognized as unrealized depreciation on the Consolidated Statement of Operations. The purchase premium allocated to the loan investments acquired will amortize over the life of each respective loan through interest expense with a corresponding adjustment recorded as unrealized appreciation on such loans acquired through their ultimate disposition. The purchase premium allocated to equity investments acquired will not amortize over the life of such investments through interest expense and, assuming no subsequent change to the fair value of the equity investments acquired and disposition of such equity investments at fair value, the Company will recognize a realized loss with a corresponding reversal of the unrealized depreciation on disposition of such equity investments acquired.
The Mergers were considered a tax-free reorganization and the Company has elected to carry forward the historical cost basis of the OTF II investments for tax purposes.
Pursuant to the Merger Agreement, the Adviser agreed to reimburse each of the Company and OTF II 50% of all fees and expenses incurred and payable by OTF II or on its behalf, on the one hand, or the Company or on its behalf, on the other hand, in connection with or related to the Mergers or the Merger Agreement up to an aggregate amount equal to $4.75 million. Net of merger transaction costs borne by the Adviser, the Company capitalized $4.5 million of merger transaction costs as part of the total consideration paid to acquire the assets and liabilities of OTF II.
The following table summarizes the allocation of the purchase price to the assets acquired and liabilities assumed as a result of the Mergers:
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued by the Company(1) |
|
$ |
4,278,003 |
|
Transaction costs, net(2) |
|
4,500 |
|
| Total purchase price |
|
$ |
4,282,503 |
|
| Assets acquired: |
|
|
Investments, at fair value (amortized cost of $5,541,254) |
|
$ |
5,564,571 |
|
| Cash and cash equivalents |
|
647,248 |
|
| Interest receivable |
|
74,478 |
|
| Other assets |
|
52,695 |
|
| Total assets acquired |
|
$ |
6,338,992 |
|
| Liabilities assumed: |
|
|
Debt (net of deferred financing costs of $47,082) |
|
$ |
1,882,354 |
|
Other liabilities(3) |
|
178,635 |
|
| Total liabilities assumed |
|
2,060,989 |
|
| Net assets acquired |
|
4,278,003 |
|
| Total purchase premium/(discount) |
|
$ |
4,500 |
|
_______________
(1)Based on the NAV per share at closing of $17.06 and the 250,738,523 common shares issued by the Company in conjunction with the Mergers.
(2)Pursuant to the Merger Agreement, the Adviser agreed to reimburse each of the Company and OTF II 50% of all fees and expenses incurred and payable in connection with or related to the Mergers or the Merger Agreement up to an aggregate amount equal to $4.75 million. Net of merger transaction costs borne by the Adviser, the Company capitalized $4.5 million of merger transaction costs as part of the total consideration paid to acquire the assets and liabilities of OTF II.
(3)Includes $11.8 million of management fees and $10.7 million of incentive fees accrued by OTF II through the closing date of the Mergers pursuant to an investment advisory agreement between OTF II and its investment adviser, which was terminated upon the closing of the Mergers. The payable for these fees was assumed by the Company.
Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
Note 14. Subsequent Events
The Company’s management evaluated subsequent events through the date of issuance of these consolidated financial statements and determined there are no subsequent events to disclose except for the following:
Dividend
On May 5, 2026, the Board approved a second quarter dividend of $0.35 per share for stockholders of record as of June 30, 2026, payable on or before July 15, 2026.
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The information contained in this section should be read in conjunction with “ITEM 1. FINANCIAL STATEMENTS.” This discussion contains forward-looking statements, which relate to future events or the future performance or financial condition of Blue Owl Technology Finance Corp. and involves numerous risks and uncertainties, including, but not limited to, those described in our Form 10-K for the fiscal year ended December 31, 2025 in “ITEM 1A. RISK FACTORS”. This discussion also should be read in conjunction with the “Cautionary Statement Regarding Forward Looking Statements” on page
3 in this quarterly report on Form 10-Q (“Quarterly Report”). Actual results could differ materially from those implied or expressed in any forward-looking statements.
Overview
Blue Owl Technology Finance Corp. (the “Company”, “we”, “us” or “our”) is a Maryland corporation formed on July 12, 2018. We were formed primarily to originate and make debt and equity investments in technology-related, specifically software, companies based primarily in the United States. We originate and invest in senior secured or unsecured loans, subordinated loans or mezzanine loans, and equity-related securities including common equity, warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company’s common equity. Our investment objective is to maximize total return by generating current income from our debt investments and other income producing securities, and capital appreciation from our equity and equity-linked investments. We may hold our investments directly or through special purpose vehicles.
We are externally managed by Blue Owl Technology Credit Advisors LLC (“the Adviser” or “our Adviser”). The Adviser is registered with the U.S. Securities and Exchange Commission (the “SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), an indirect affiliate of Blue Owl Capital Inc. (“Blue Owl”) (NYSE: OWL) and part of Blue Owl’s Credit platform. Subject to the overall supervision of our board of directors (the “Board”), the Adviser manages our day-to-day operations, and provides investment advisory and management services to us. The Adviser or its affiliates may engage in certain origination activities and receive attendant arrangement, structuring or similar fees. The Adviser is responsible for managing our business and activities, including sourcing investment opportunities, conducting research, performing diligence on potential investments, structuring our investments, and monitoring our portfolio companies on an ongoing basis through a team of investment professionals.
On June 12, 2025, our common stock was listed and began trading on the New York Stock Exchange (“NYSE”) under the symbol “OTF” (the “Exchange Listing”).
Blue Owl consists of three investment platforms: (1) Credit, which includes several strategies, including direct lending, alternative credit, investment grade credit, liquid credit and other adjacent investment strategies, (2) Real Assets, which focuses on three primary investment strategies: net lease, real estate credit and digital infrastructure, and (3) GP Strategic Capital, which primarily focuses on acquiring equity stakes in, or providing debt financing to, large, multi-product private equity and private credit firms. The direct lending strategy of Blue Owl’s Credit platform is comprised of the Adviser, Blue Owl Credit Advisors LLC (“OCA”), Blue Owl Technology Credit Advisors II LLC (“OTCA II”), Blue Owl Credit Private Fund Advisors LLC (“OPFA”), and Blue Owl Diversified Credit Advisors LLC (“ODCA” and together with the Adviser, OCA, OTCA II, and OPFA, the “Blue Owl Credit Advisers”), which also are investment advisers. As of March 31, 2026, the Adviser and its affiliates had $159.2 billion of assets under management across Blue Owl’s Credit platform.
The management of our investment portfolio is the responsibility of the Adviser and the Technology Lending Investment Committee. We consider these individuals to be our portfolio managers. The Investment Team is also led by Douglas I. Ostrover, Marc S. Lipschultz and Craig W. Packer and is supported by certain members of the Adviser’s senior executive team and Blue Owl’s Credit platform’s direct lending investment committees. Blue Owl’s four direct lending investment committees each focus on a specific investment strategy (Diversified Lending, Technology Lending, First Lien Lending and Opportunistic Lending). Douglas I. Ostrover, Marc S. Lipschultz, Craig W. Packer and Alexis Maged sit on each of Blue Owl’s Credit platform’s investment committees. In addition to Messrs. Ostrover, Lipschultz, Packer and Maged, the Technology Lending Investment Committee is comprised of Erik Bissonnette, Pravin Vazirani, Jon ten Oever and Arthur Martini. We consider the individuals on the Technology Lending Investment Committee to be our portfolio managers. The Investment Team, under the Technology Lending Investment Committee’s supervision, sources investment opportunities, conducts research, performs due diligence on potential investments, structures our investments and will monitor our portfolio companies on an ongoing basis.
The Technology Lending Investment Committee meets regularly to consider our investments, direct our strategic initiatives and supervise the actions taken by the Adviser on our behalf. In addition, the Technology Lending Investment Committee reviews and determines whether to make prospective investments (including approving parameters or guidelines pursuant to which certain investments may be made or sold consistent with our investment objective), structures financings and monitors the performance of the investment portfolio. Each investment opportunity requires the approval of a majority of the Technology Lending Investment Committee. Follow-on investments in existing portfolio companies may require the Technology Lending Investment Committee’s approval beyond that obtained when the initial investment in the portfolio company was made. In addition, temporary investments, such as those in cash equivalents, U.S. government securities and other high quality debt investments that mature in one year or less, may require approval by the Technology Lending Investment Committee. The compensation packages of Technology Lending Investment Committee members from the Adviser include various combinations of discretionary bonuses and variable incentive compensation based primarily on performance for services provided and may include shares of Blue Owl.
We may be prohibited under the Investment Company Act of 1940, as amended (the “1940 Act”) from participating in certain transactions with our affiliates without the prior approval of our directors who are not interested persons and, in some cases, the prior approval of the SEC. We rely on an order for exemptive relief (the “Order”) to co-invest with other funds managed by the Adviser or certain affiliates in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to the Order, we generally are permitted to co-invest with certain of our affiliates if such co-investments are done on the same terms and at the same time, as further detailed in the Order. The Order requires that a “required majority” (as defined in Section 57(o) of the 1940 Act) of the directors who are not “interested persons” of us, the Adviser, or any of their respective affiliates, as defined in the 1940 Act (“Independent Directors”) make certain conclusions in connection with certain co-investment transactions, including (1) when we co-invest with an affiliated entity (as defined in the co-investment application) in an issuer where an affiliated entity has an existing investment in the issuer unless the transaction is completed on a pro rata basis, and (2) if we dispose of an asset acquired in a co-investment transaction unless the disposition is done on a pro rata basis or the disposition is of a tradable security. Pursuant to the Order, the Board oversees our participation in the co-investment program. As required by the Order, we have adopted, and the Board, including a required majority of the Independent Directors, has approved, policies and procedures reasonably designed to ensure compliance with the conditions of the Order. The Board, including a required majority of the Independent Directors, also reviewed the Co-Investment Policies of the Adviser to ensure that they are reasonably designed to prevent us from being disadvantaged by participation in the co-investment program. The Adviser and our Chief Compliance Officer will also provide reporting to the Board.
The Blue Owl Credit Advisers’ investment allocation policies seek to ensure equitable allocation of investment opportunities and address the co-investment restrictions set forth under the 1940 Act. As a result of the Order, there could be significant overlap in our investment portfolio and the investment portfolio of the business development companies (“BDCs”), interval fund, private funds and separately managed accounts managed by the Blue Owl Credit Advisers (collectively, the “Blue Owl Credit Clients”) and/or other funds managed by the Adviser or its affiliates that avail themselves of the Order. In addition, the Adviser and its affiliates are permitted to allocate an investment to a number of products across platforms that it views as appropriate for the particular investment objectives, strategies and characteristics of such products.
On September 24, 2018, we formed a wholly-owned subsidiary, OR Tech Lending LLC, a Delaware limited liability company, which holds a California finance lenders license. OR Tech Lending LLC originates loans to borrowers headquartered in California. From time to time we may form wholly-owned subsidiaries to facilitate the normal course of business.
We have elected to be regulated as a BDC under the 1940 Act and have elected to be treated as a regulated investment company (“RIC”) for U.S. federal income tax purposes. As a result, we are required to comply with various statutory and regulatory requirements, such as:
•the requirement to invest at least 70% of our assets in “qualifying assets”, as such term is defined in the 1940 Act;
•source of income limitations;
•asset diversification requirements; and
•the requirement to distribute (or be treated as distributing) in each taxable year the sum of at least (i) 90% of our investment company taxable income and (ii) 90% of our tax-exempt interest for that taxable year.
In addition, we will not invest more than 20% of our total assets in companies whose principal place of business is outside the United States, although we do not generally intend to invest in companies whose principal place of business is in an emerging market and we have adopted a policy to invest, under normal circumstances at least 80% of the value of our total assets in “technology-related” businesses (as defined below).
On March 24, 2025, we consummated the transactions contemplated by the Agreement and Plan of Merger (the “Merger Agreement”), dated November 12, 2024, with Blue Owl Technology Finance Corp. II, a Maryland corporation (“OTF II”), Oriole Merger Sub, Inc., a Maryland corporation and our wholly-owned subsidiary (“Merger Sub”), and, solely for the limited purposes set forth therein, the Adviser, and OTCA II, investment adviser to OTF II. In connection therewith, Merger Sub merged with and into OTF II, with OTF II continuing as the surviving company and our wholly-owned subsidiary (the “Initial Merger”) and, immediately thereafter, OTF II merged with and into us, and we continued as the surviving company (together with the Initial Merger, the “Mergers”).
Our Investment Framework
We are a Maryland corporation formed primarily to originate and make loans to and make debt and equity investments in, technology-related companies based primarily in the United States, with an emphasis on enterprise software investments. We originate and invest in senior secured or unsecured loans, subordinated loans or mezzanine loans, and equity-related securities including common equity, warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company’s common equity. Our investment objective is to maximize total return by generating current income from debt investments and other income producing securities, and capital appreciation from our equity and equity-linked investments. We may hold our investments directly or through special purpose vehicles.
Since our Adviser’s affiliates began investment activities in April 2016 through March 31, 2026, the Blue Owl Credit Advisers have originated $193.98 billion aggregate principal amount of investments across multiple industries, of which $189.83 billion of aggregate principal amount of investments prior to any subsequent exits or repayments was retained by either us or a corporation or fund advised by our Adviser or its affiliates.
We invest at least 80% of the value of our total assets in “technology-related” companies. We define technology-related companies as those that (i) operate directly in the technology industry, which includes, but is not limited to, application software, systems software, healthcare technology, information technology, technology services and infrastructure, financial technology and internet and digital media, (ii) operate indirectly through their reliance on technology (i.e., utilizing scientific knowledge or technology-enabled techniques, skills, methods, devices or processes to deliver goods and/or services) or (iii) seek to grow through technological advancements and innovations. We invest in a broad range of established and high growth technology-related companies with a focus on large, established enterprise software companies across a variety of end-markets that are capitalizing on the large and growing demand for software products and services. Within enterprise software we currently focus on investing in application software, which represents the operating layer for core business functions; systems and infrastructure software, which is the defense layer that protects enterprise data and networks and of which cybersecurity is a large component; and fintech and payments software, which provide critical means for the global movement of capital.
The companies in which we invest use our capital primarily to support their growth, acquisitions, market or product expansion, refinancings and/or recapitalizations. The debt in which we invest is generally not rated by any rating agency, but if these instruments were rated, they would likely receive a rating of below investment grade (that is, below BBB- or Baa3), which is often referred to as “high yield” or “junk”.
We leverage Blue Owl’s relationships and existing origination capabilities to focus our investments in companies with an enterprise value of at least $250 million and that are typically backed by institutional investors that are active investors in and have an expertise in technology companies and technology-related industries. We expect that our target investments typically will have maturities between three and ten years and generally range in size between $20 million and $500 million. Our expected portfolio composition will be majority debt or income producing securities, in particular directly originated debt investments, with a lesser allocation to equity related opportunities. On these investments, we typically invest at a low loan-to-value ratio, which we consider to be 50% or below. As of March 31, 2026, the loan-to-value ratio in our portfolio was 40.3%. We anticipate that generally any equity related securities we hold will be minority positions. We expect that our investment size will vary with the size of our capital base and that our average investment size will be 0.5-1.5% of our entire portfolio with no investment size greater than 5%; however, from time to time certain of our investments may comprise greater than 5%.
As of March 31, 2026, our average investment size in each of our portfolio companies was approximately $69.3 million based on fair value. In addition, we generally do not intend to invest more than 20% of our total assets in companies whose principal place of business is outside the United States, although we do not generally intend to invest in companies whose principal place of business is in an emerging market. Our portfolio composition may fluctuate from time to time based on market conditions and interest rates.
We expect that our portfolio composition will be comprised predominantly of directly originated debt and income producing securities, with a lesser allocation to equity or equity-linked opportunities. Our debt investments may be structured as annualized recurring revenue (“ARR”) loans, which are loans made to a company that may not currently be EBITDA positive because it has strategically determined to postpone profitability in favor of acquiring customers that will generate a high lifetime value over time. Generally, our ARR loans are made to high growth technology companies with a stable base of existing customers, providing strong revenue visibility. We believe the recurring revenue market to be underserved and find that ARR loans often have attractive risk adjusted return profiles, in the form of pricing, credit documentation, and /or loan-to-values, relative to the broader market. Our ARR loans, as a percentage of our portfolio, have decreased from its peak, and as we seek to originate additional loans we expect to increase our exposure to ARR loans.
We may also invest a portion of our portfolio in opportunistic investments and publicly traded debt investments and we may evaluate and enter into strategic portfolio transactions that may result in additional portfolio companies that we are considered to control. These types of investments are intended to supplement our core strategy and further enhance returns to our shareholders. These investments may include high-yield bonds and broadly syndicated loans, including “covenant lite” loans (as defined below), and other publicly traded debt instruments, typically originated and structured by banks on behalf of large corporate borrowers with employee counts, revenues, EBITDAs and enterprise values larger than those of middle-market companies, where we focus, and equity investments in portfolio companies that make senior secured loans or invest in broadly syndicated loans, structured products, asset-based solutions or other forms of specialty finance, which may include, but is not limited to, investments such as life settlements, royalty interests and equipment finance.
Covenants are contractual restrictions that lenders place on companies to limit the corporate actions a company may pursue. The loans in which we expect to invest may have financial maintenance covenants, which are used to proactively address materially adverse changes in a portfolio company’s financial performance, or may take the form of “covenant-lite” loans, which generally refers to loans that do not have a complete set of financial maintenance covenants. Generally, “covenant-lite” loans provide borrowers more freedom to negatively impact lenders because their covenants are incurrence-based, which means they are only tested and can only be breached following an affirmative action of the borrower, rather than by a deterioration in the borrower’s financial condition.
Accordingly, to the extent we invest in “covenant-lite” loans, we may have fewer rights against a borrower and may have a greater risk of loss on such investments as compared to investments in or exposure to loans with financial maintenance covenants.
Key Components of Our Results of Operations
Investments
We focus primarily on originating and making debt and equity investments in technology-related (specifically software) companies based primarily in the United States.
Our level of investment activity (both the number of investments and the size of each investment) can and will vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity for such companies, the general economic environment and the competitive environment for the types of investments we make.
In addition, as part of our risk strategy on investments, we may reduce the levels of certain investments through partial sales or syndication to additional lenders.
Revenues
We generate revenues primarily in the form of interest income from the investments we hold. In addition, we may generate income from dividends on either direct equity investments or equity interests obtained in connection with originating loans, such as options, warrants or conversion rights. Our debt investments typically have a term of three to ten years. As of March 31, 2026, 96.1% of our debt investments based on fair value bear interest at a floating rate, subject to interest rate floors, in certain cases. Interest on our debt investments is generally payable either monthly or quarterly.
Our investment portfolio consists primarily of floating rate loans. Macro trends in base interest rates like SOFR, and any other alternative reference rates may affect our net investment income over the long term. However, because we generally intend to originate loans to a small number of portfolio companies each quarter, and those investments may vary in size, our results in any given period, including the interest rate on investments that may be sold or repaid in a period compared to the interest rate of new investments made during that period, may be idiosyncratic, and reflect the characteristics of the particular portfolio companies that we invested in or exited during the period and not necessarily any trends in our business or macro trends. Generally, because our portfolio consists primarily of floating rate loans, we expect our earnings to benefit from a prolonged higher rate environment.
Loan origination fees, original issue discount and market discount or premium are capitalized, and we accrete or amortize such amounts under U.S. generally accepted accounting principles (“U.S. GAAP”) as interest income using the effective yield method for term instruments and the straight-line method for revolving or delayed draw instruments. Repayments of our debt investments can reduce interest income from period to period. The frequency or volume of these repayments may fluctuate significantly. We record prepayment premiums on loans as interest income. We may also generate revenue in the form of commitment, loan origination, structuring, or due diligence fees, fees for providing managerial assistance to our portfolio companies and possibly consulting fees.
Dividend income on equity investments is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded companies.
Our portfolio activity will also reflect the proceeds from sales of investments. We will recognize realized gains or losses on investments based on the difference between the net proceeds from the disposition and the amortized cost basis of the investment without regard to unrealized gains or losses previously recognized. We record current period changes in fair value of investments that are measured at fair value as a component of the net change in unrealized gains (losses) on investments in the Consolidated Statements of Operations.
Expenses
Our primary operating expenses include the payment of the management fee, the incentive fee, expenses reimbursable under the Administration Agreement and Investment Advisory Agreement, legal and professional fees, interest and other debt expenses, and other operating expenses. The management fee and incentive fee compensate our Adviser for work in identifying, evaluating, negotiating, closing, monitoring and realizing our investments.
Except as specifically provided below, we anticipate that all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory and management services to us, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, will be provided and paid for by the Adviser. In addition, the Adviser shall be solely responsible for any placement or “finder’s” fees payable to placement agents engaged by us or our affiliates in connection with the offering of securities by us. We will bear our allocable portion of the costs of the compensation, benefits and related administrative expenses (including travel expenses) of our officers who provide operational and administrative services hereunder, their respective staffs and other professionals who provide services to us (including, in each case, employees of the Adviser or an affiliate) who assist with the preparation, coordination, and administration of the foregoing or provide other “back office” or “middle office” financial or operational services to us. We shall reimburse the Adviser (or its affiliates) for an allocable portion of the compensation paid by the Adviser (or its affiliates) to such individuals (based on a percentage of time such individuals devote, on an estimated basis, to our business affairs and in acting on our behalf).
We also will bear all other costs and expenses of our operations, administration and transactions, including, but not limited to (i) investment advisory fees, including Management Fees and Incentive Fees, to the Adviser, pursuant to the Investment Advisory Agreement; (ii) our allocable portion of overhead and other expenses incurred by the Adviser in performing its administrative obligations under the Investment Advisory Agreement and (iii) all other costs and expenses of our operations and transactions including, without limitation, those relating to:
•the cost of our organization and any offerings;
•the cost of calculating our net asset value, including the cost of any third-party valuation services;
•the cost of effecting any sales and repurchases of the common stock and other securities;
•fees and expenses payable under any dealer manager agreements, if any;
•debt service and other costs of borrowings or other financing arrangements;
•costs of hedging;
•expenses, including travel expense, incurred by the Adviser, or members of the investment team, or payable to third parties, performing due diligence on prospective portfolio companies and, if necessary, enforcing our rights;
•escrow agent, transfer agent and custodial fees and expenses;
•fees and expenses associated with marketing efforts;
•federal and state registration fees, any stock exchange listing fees and fees payable to rating agencies;
•U.S. federal, state and local taxes;
•independent directors’ fees and expenses, including certain travel expenses;
•costs of preparing financial statements and maintaining books and records and filing reports or other documents with the SEC (or other regulatory bodies) and other reporting and compliance costs, including registration fees, listing fees and licenses, and the compensation of professionals responsible for the preparation of the foregoing;
•costs of any reports, proxy statements or other notices to our shareholders (including printing and mailing costs);
•costs of any shareholder or director meetings and the compensation of personnel responsible for the preparation of the foregoing and related matters;
•commissions and other compensation payable to brokers or dealers;
•research and market data;
•fidelity bond, directors and officers errors and omissions liability insurance and other insurance premiums;
•direct costs and expenses of administration, including printing, mailing, long distance telephone and staff;
•fees and expenses associated with independent audits, outside legal and consulting costs;
•costs of winding up;
•costs incurred in connection with the formation or maintenance of entities or vehicles to hold our assets for tax or other purposes;
•extraordinary expenses (such as litigation or indemnification); and
•costs associated with reporting and compliance obligations under the 1940 Act and applicable federal and state securities laws.
We expect, but cannot ensure, that our general and administrative expenses will increase in dollar terms during periods of asset growth, but will decline as a percentage of total assets during such periods.
Leverage
The amount of leverage we use in any period depends on a variety of factors, including cash available for investing, the cost of financing and general economic and market conditions. On August 7, 2018, we received shareholder approval that allowed us to reduce our asset coverage ratio from 200% to 150%, effective as of August 8, 2018. As a result, we are permitted, under specified conditions, to issue multiple classes of indebtedness and one class of stock senior to the common stock if our asset coverage, as defined in the 1940 Act, would at least be equal to 150% immediately after each such issuance. This reduced asset coverage ratio permits us to double the amount of leverage we can incur. For example, under a 150% asset coverage ratio we may borrow $2 for investment purposes of every $1 of investor equity whereas under a 200% asset coverage ratio we may only borrow $1 for investment purposes for every $1 of investor equity. Our current target leverage ratio is 0.90x-1.25x.
In any period, our interest expense will depend largely on the extent of our borrowing and we expect interest expense will increase as we increase our leverage over time subject to the limits of the 1940 Act. In addition, we may dedicate assets to financing facilities.
Market Trends
Broader geopolitical developments, including the conflict involving Iran, have contributed to elevated market volatility, even if they have not altered the fundamental operating environment for the U.S. companies in which we invest. We actively monitor these dynamics alongside other sources of risk. As part of our standard valuation and risk management processes, we conduct reviews of every investment in our portfolio on a quarterly basis. In response to heightened uncertainty over the last year, we took additional, proactive steps to reassess risk across our portfolio. We conducted thematic stress tests twice – first in response to tariff policies implemented in 2025, and more recently to evaluate the potential implications of rapid advancements in artificial intelligence. These additional reviews reinforced our confidence that our portfolio is well positioned, supported by borrowers with strong business fundamentals and defensive characteristics.
We believe the technology investment lending environment provides opportunities for us to meet our goal of making investments that generate an attractive total return based on a combination of the following factors.
Limited Availability of Capital for Technology, Specifically Enterprise Software, Companies — We believe that technology companies have limited access to capital, driven by a lack of dedicated pools of capital focused on technology companies. Traditional lenders, such as commercial and investment banks, generally do not have flexible product offerings that meet the needs of technology-related companies and there has been a reduction in activity from commercial and investment banks as a result of regulatory and structural factors, industry consolidation and general risk aversion. In recent years, many commercial and investment banks have focused their efforts and resources on lending to large corporate clients and managing capital markets transactions rather than lending to technology-related companies. In addition, these lenders may be constrained in their ability to underwrite and hold loans and high yield securities, as well as their ability to provide equity financing, as they seek to meet existing and future regulatory capital requirements. We also believe that there is a lack of scaled market participants that are willing to provide and hold meaningful amounts of a customized financing solution for technology companies. As a result, we believe our focus on technology-related companies and our ability to invest across the capital structure, coupled with a limited supply of capital providers, presents an attractive opportunity to invest in technology companies.
Capital Markets Have Been Unable to Fill the Void Left by Banks — Access to the underwritten bond and syndicated loan markets is challenging for many technology companies due to loan size and liquidity. For example, high yield bonds are generally purchased by institutional investors such as mutual funds and exchange traded funds (“ETFs”) who, among other things, are highly focused on the liquidity characteristics of the bond being issued in order to fund investor redemptions and/or comply with regulatory requirements. Accordingly, the existence of an active secondary market for bonds is an important consideration in these entities’ initial investment decision. Syndicated loans arranged through a bank are done either on a “best efforts” basis or are underwritten with terms plus provisions that permit the underwriters to change certain terms, including pricing, structure, yield and tenor, otherwise known as “flex”, to successfully syndicate the loan, in the event the terms initially marketed are insufficiently attractive to investors. Loans provided by companies such as ours provide certainty to issuers in that we can commit to a given amount of debt on specific terms, at stated coupons and with agreed upon fees. As we are the ultimate holder of the loans, we do not require market “flex” or other arrangements that banks may require when acting on an agency basis. In addition, our Adviser has teams focused on both liquid credit and private credit and these teams are able to collaborate with respect to syndicated loans.
Secular Trends Supporting Growth for Private Credit — According to Gartner, a research and advisory company, global technology spend was $5.6 trillion in 2025 and is expected to grow to more than $6.2 trillion in 2026. We believe global demand for technology products and services will continue to grow rapidly, and that growth will stimulate demand for capital from technology companies which will continue to require access to capital to refinance existing debt, support growth and finance acquisitions. We believe that periods of market volatility, such as the current period of market volatility caused, in part, by uncertainty regarding inflation and interest rates, and current geopolitical conditions, have accentuated the advantages of private credit. The availability of capital in the liquid credit market is highly sensitive to market conditions whereas we believe private lending has proven to be a stable and reliable source of capital through periods of volatility. We believe the opportunity set for private credit will continue to expand even as the public markets remain open. Financial sponsors and companies today are familiar with direct lending and have seen firsthand the strong value proposition that a private solution can offer. Scale, certainty of execution and flexibility all provide borrowers with a compelling alternative to the syndicated and high yield markets. Based on our experience, larger, higher quality credits that have traditionally been issuers in the syndicated and high yield markets are increasingly seeking private solutions independent of credit market conditions. In our view, this is supported by financial sponsors wanting to work with collaborative financing partners that have scale and breadth of capabilities. This has driven substantial growth in direct lending portfolio companies over time. Given the dynamics mentioned above, we believe this trend is poised to continue and the large amount of uninvested capital held by funds of private equity firms, estimated by Preqin Ltd., an alternative assets industry data and research company, to be $2.7 trillion as of December 31, 2025, will continue to serve as a tailwind to the space.
Attractive Investment Dynamics — With respect to the debt investments in technology companies, we believe the directly negotiated nature of such financings generally provides more favorable terms to the lender, including stronger covenant and reporting packages, better call protection, and lender protective change of control provisions. Further, we believe that historical default rates for technology and software companies have been lower, and recovery rates have been higher, as compared to the broader leveraged finance market, leading to lower cumulative losses.
With respect to equity and equity-linked investments, we will seek to structure these investments with meaningful shareholder protections, including, but not limited to, anti-dilution, anti-layering, and liquidation preferences, which we believe will create the potential for meaningful risk-adjusted long-term capital gains in connection with the future liquidity events of these technology companies. Lastly, we believe that in the current environment, lenders with available capital may be able to take advantage of attractive investment opportunities.
Compelling Business Models — We believe that the products and services that technology companies, and more specifically enterprise software businesses, provide often have high switching costs and are fundamental to the operations and success of their customers across diverse industries. We generally invest in scaled or growing players in niche markets that are selling mission critical products to established customer bases. As a result, technology companies with a focus on enterprise software have attributes that make them compelling investments, including strong customer retention rates, high switching costs and highly contracted cash flows which leads to recurring and predictable revenue. Further, technology companies with a focus on enterprise software are typically highly capital efficient, with limited capital expenditures and high free cash flow conversion. In addition, the replicable nature of technology products, specifically enterprise software, creates substantial operating leverage which typically results in strong profitability, lower loan to value ratios, high revenue retention, high gross margins and stable sale efficiency.
We believe that enterprise software businesses make compelling investments because they are inherently diversified into a variety of sectors due to end market applications and have been one of the more defensive sectors throughout economic cycles. Within enterprise software we currently focus on investing in application software, which represents the operating layer for core business functions; systems and infrastructure software, which is the defense layer that protects enterprise data and networks and of which cybersecurity is a large component; and fintech and payments software, which provide critical means for the global movement of capital. We believe that these categories of enterprise software play specific, functional roles that will be difficult to bypass even as technology shifts because the need for auditability, control and data integrity will remain constant and these categories of software will provide a stable layer through which new technology is governed and executed.
Attractive Opportunities in Investments in Technology Companies — We invest in the debt and equity of technology companies. We believe that opportunities in the debt of technology companies are significant because of the floating rate structure of most senior secured debt issuances and because of the strong defensive characteristics of these types of investments. We believe that debt issued with floating interest rates offer a superior return profile as compared with fixed-rate investments, since floating rate structures are generally less susceptible to declines in value experienced by fixed-rate securities in a rising interest rate environment.
Senior secured debt provides strong defensive characteristics because it has priority in payment among an issuer’s security holders whereby holders are due to receive payment before junior creditors and equity holders. Further, these investments are generally secured by the issuer’s assets, which may provide protection in the event of a default. We also make recurring revenue loans to companies that have made a strategic decision to postpone profitability in favor of acquiring customers that will generate a high lifetime value over time. We believe that recurring revenue loans provide attractive credit characteristics including covenant protections, lower loan-to-values and/or premium pricing.
We believe that opportunities in the equity of technology companies are significant because of the potential to generate meaningful capital appreciation by participating in the growth in the portfolio company and the demand for its products and services. We find many of these opportunities are in the form of preferred equities, where there is the opportunity to invest in large, established companies through structures that protect invested capital and also offer upside opportunities. Moreover, we believe that the high-growth profile of a technology company will generally make it a more attractive candidate for a liquidity event than a company in a non-high growth industry. We believe the technology investment lending environment provides opportunities for us to meet our goal of making investments that generate an attractive total return based on a combination of the foregoing factors.
Portfolio and Investment Activity
Our business is impacted by conditions in the financial markets and economic conditions in the United States, and to a lesser extent, globally.
During the first quarter of 2026, global equity and debt markets experienced elevated volatility, with spread widening in fixed income markets as a result of intensifying geopolitical conflicts and heightened focus on the evolution of artificial intelligence (“AI”). The 10-year Treasury yield ended the first quarter of 2026 up nearly 15 basis points since the end of 2025 and the CBOE Volatility Index peaked above 30 during the first quarter of 2026, its highest level since April 2025. As a result of this volatility and higher inflation expectations, the Federal Reserve is now expected to maintain current interest rates in the near term.
We approached this environment more conservatively slowing our pace of origination activity relative to the prior quarter. Underlying credit performance remains strong, market spreads are beginning to widen and we have maintained a lower leverage level. As a result, although we anticipate that software deal activity will remain tempered, we have ample available capital to deploy into attractive risk-adjusted opportunities as the pipeline of compelling investments builds and may revisit adjacent technology areas, including digital infrastructure and life sciences, where we believe we can generate attractive, less correlated returns over time. We have continued to invest in our specialty finance vehicles and joint ventures where we continue to see opportunities for higher returns that are less correlated with our core direct lending strategy.
Specifically, we invest in Credit SLF and Blue Owl Leasing and specialty financing portfolio companies, including Fifth Season Investments LLC (“Fifth Season”), LSI Financing 1 DAC (“LSI Financing DAC”), LSI Financing LLC (“LSI Financing LLC”), AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC and AAM Series 2.1 Aviation Feeder, LLC (collectively, “Amergin AssetCo”) and Blue Owl Cross-Strategy Opportunities 2025-1 LLC (fka Blue Owl Cross-Strategy Opportunities LLC) (“BOCSO”). See “Specialty Financing Portfolio Companies” and “Joint Ventures.” These companies may use our capital to support acquisitions which could lead to increased dividend income across well-diversified underlying portfolios. We also intend to identify ways to participate in growth of various industries as a result of AI. In the future, we may evaluate cross-platform opportunities to invest in data center assets and AI related equipment such as graphic processing units.
Blue Owl serves as the lead, co-lead or administrative agent on many of our investments and the majority of our investments are supported by sophisticated financial sponsors who provide operational and financial resources. As of March 31, 2026, 77.9% of our portfolio at fair value is primarily comprised of first or second lien loans. These positions have a weighted average annual revenue of $936.8 million, weighted average annual EBITDA of $284.7 million, and a weighted average enterprise value of $5.5 billion. 13.4% of our portfolio at fair value is primarily comprised of unsecured debt and equity investments. These positions have a weighted average annual revenue of $1.4 billion and enterprise value of $14.5 billion. These statistics exclude certain strategic portfolio transactions and investments that fall outside of our typical borrower profile, which comprise 8.7% of the book at fair value. In addition, Blue Owl’s direct lending strategy continues to invest in, and is often the lead lender or administrative agent on, transactions in excess of $1 billion in size, which gives us the ability to structure the terms of such deals to maximize deal economics and credit protection and provide customized flexible solutions. The average hold size of Blue Owl’s direct lending strategy’s new investments is approximately $350 million (up from approximately $200 million in 2021) and average total new deal size is approximately $1.5 billion (up from approximately $600 million in 2021).
We believe the construction of our current portfolio coupled with our experienced investment team and strong underwriting standards leave us well-positioned for the current economic environment. Many of the companies in which we invest are continuing to see modest growth in both revenues and EBITDA and our ARR loans continue to experience strong credit performance. However, in the event of further geopolitical, economic and financial market instability, in the U.S. and elsewhere, it is possible that the results of some of the middle-market companies similar to those in which we invest could be challenged.
Our technology portfolio is managed by 40 dedicated investment professionals who assess the risks and opportunities of our prospective and existing investments, which has included those related to AI, for many years. We believe that our portfolio companies are well positioned to evolve as a result of developments in AI. We remain focused on scaled companies that offer mission-critical solutions to established customer bases, with strong customer retention rates and high switching costs. We seek to invest in companies that offer a depth of broad, integrated solutions and product offerings across a geographic diversity and we emphasize agile, adaptable technology that enables fast integration of AI and other emerging technologies to maintain a competitive edge. Within enterprise software we currently focus on investing in application software, which represents the operating layer for core business functions; systems and infrastructure software, which is the defense layer that protects enterprise data and networks and of which cybersecurity is a large component; and fintech and payments software, which provide critical means for the global movement of capital. We believe that these categories of enterprise software play specific, functional roles that will be difficult to bypass even as technology shifts because the need for auditability, control and data integrity will remain constant and these categories of software will provide a stable layer through which new technology is governed and executed. We also intend to identify ways to participate in growth of various industries as a result of AI. In the future, we may evaluate cross-platform opportunities to invest in data center assets and AI related equipment such as graphic processing units.
The markdowns on our investments were primarily driven by credit spread widening and not a deterioration in the underlying quality of our assets. Across the portfolio we are not seeing a meaningful increase in amendment activity, requests for increased revolver borrowings, missed payments, downward movement in our watch list or other signs of an overall, broad deterioration in our results or those of our portfolio companies at this time although there can be no assurance that the performance of certain of our portfolio companies will not be negatively impacted by economic conditions, which could have a negative impact on our future results. Substantially all of our payment-in-kind (“PIK”) was structured as PIK from inception and not implemented as a result of credit underperformance.
As of March 31, 2026, based on fair value, our portfolio consisted of 77.7% first lien senior secured debt investments (of which 57% we consider to be unitranche debt investments (including “last out” portions of such loans)), 3.5% second lien senior secured debt investments, 3.2% unsecured debt investments, 0.3% specialty finance debt investments, 7.0% preferred equity investments, 4.4% common equity investments, 3.7% specialty finance equity investments, and 0.2% joint ventures.
As of March 31, 2026, our weighted average total yield of the portfolio at fair value and amortized cost was 8.8% and 8.6%, respectively, and our weighted average yield of debt and income producing securities at fair value and amortized cost was 9.5% and 9.2%, respectively. Refer to our weighted average yields and interest rates table for more information on our calculation of weighted average yields. As of March 31, 2026, the weighted average spread of total debt investments was 5.4%.
As of March 31, 2026, we had investments in 203 portfolio companies with an aggregate fair value of $14.1 billion. Our current target leverage ratio is 0.90x to 1.25x. As of March 31, 2026, we had net leverage of 0.85x debt-to-equity Our investment activity for the following periods is presented below (information presented herein is at par value unless otherwise indicated):
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For the Three Months Ended March 31, |
| ($ in thousands) |
2026 |
|
2025(4) |
|
|
| New investment commitments: |
|
|
|
|
|
| Gross originations |
$ |
1,700,654 |
|
|
$ |
823,820 |
|
|
|
| Less: Sell downs |
(11,389) |
|
|
(4,217) |
|
|
|
| Total new investment commitments |
$ |
1,689,265 |
|
|
$ |
819,603 |
|
|
|
| Principal amount of new investments funded: |
|
|
|
|
|
| First-lien senior secured debt investments |
$ |
1,009,602 |
|
|
$ |
500,188 |
|
|
|
| Second-lien senior secured debt investments |
— |
|
|
2,900 |
|
|
|
| Unsecured debt investments |
629 |
|
|
138,285 |
|
|
|
| Specialty finance debt investments |
— |
|
|
3,266 |
|
|
|
| Preferred equity investments |
51,482 |
|
|
— |
|
|
|
| Common equity investments |
19,695 |
|
|
9,519 |
|
|
|
| Specialty finance equity investments |
200,615 |
|
|
10,049 |
|
|
|
| Joint venture investments |
(243) |
|
|
274 |
|
|
|
| Total principal amount of new investments funded |
$ |
1,281,780 |
|
|
$ |
664,481 |
|
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|
| Drawdowns (repayments) on revolvers and delayed draw term loans, net |
$ |
113,233 |
|
|
$ |
31,903 |
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| Principal amount of investments sold or repaid: |
|
|
|
|
|
First-lien senior secured debt investments(1) |
$ |
(969,114) |
|
|
$ |
(406,251) |
|
|
|
| Second-lien senior secured debt investments |
(10,833) |
|
|
(21,000) |
|
|
|
| Unsecured debt investments |
(30,590) |
|
|
(141,472) |
|
|
|
| Specialty finance debt investments |
— |
|
|
— |
|
|
|
| Preferred equity investments |
(36,280) |
|
|
(3,887) |
|
|
|
| Common equity investments |
(15,316) |
|
|
(50,006) |
|
|
|
| Specialty finance equity investments |
(49,000) |
|
|
(18,391) |
|
|
|
| Joint venture investments |
— |
|
|
— |
|
|
|
| Total principal amount of investments sold or repaid |
$ |
(1,111,133) |
|
|
$ |
(641,007) |
|
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|
Number of new investment commitments in new portfolio companies(2) |
14 |
|
|
12 |
|
|
|
| Average new investment commitment amount in new portfolio companies |
$ |
51,242 |
|
|
$ |
26,674 |
|
|
|
| Weighted average term for new investment commitments (in years) |
5.8 |
|
|
6.5 |
|
|
|
| Percentage of new debt investment commitments at floating rates
|
100.0 |
% |
|
83.4 |
% |
|
|
| Percentage of new debt investment commitments at fixed rates
|
— |
% |
|
16.6 |
% |
|
|
Weighted average interest rate of new investment commitments(3) |
8.4 |
% |
|
8.4 |
% |
|
|
| Weighted average spread over applicable base rate of new debt investment commitments at floating rates |
4.9 |
% |
|
5.2 |
% |
|
|
_______________
(1)Includes scheduled paydowns.
(2)Number of new investment commitments represents commitments to a particular portfolio company.
(3)Assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month SOFR, which was 3.68% and 4.29% as of March 31, 2026 and 2025, respectively.
(4)On March 24, 2025, in connection with the Mergers, we acquired investments of $5.56 billion from OTF II and assumed unfunded loan commitments totaling $754.9 million, which are excluded from the table above. The investments acquired consisted of 129 portfolio companies, 32 of which were not previously held by us. For additional information see “Note 13 — Merger with Blue Owl Technology Finance Corp. II”.
The table below presents our investments as of the following periods:
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March 31, 2026 |
|
December 31, 2025 |
| ($ in thousands) |
Amortized Cost |
|
Fair Value |
|
Amortized Cost |
|
Fair Value |
First-lien senior secured debt investments(1) |
$ |
11,120,112 |
|
|
$ |
10,917,188 |
|
|
$ |
10,983,810 |
|
|
$ |
10,979,070 |
|
| Second-lien senior secured debt investments |
593,785 |
|
|
498,121 |
|
|
601,494 |
|
|
568,641 |
|
| Unsecured debt investments |
452,138 |
|
|
456,403 |
|
|
467,464 |
|
|
477,128 |
|
| Specialty finance debt investments |
37,999 |
|
|
38,000 |
|
|
37,449 |
|
|
37,452 |
|
Preferred equity investments |
1,154,990 |
|
|
982,150 |
|
|
1,127,105 |
|
|
1,072,481 |
|
Common equity investments |
516,899 |
|
|
615,910 |
|
|
504,733 |
|
|
722,100 |
|
| Specialty finance equity investments |
503,939 |
|
|
527,414 |
|
|
351,675 |
|
|
375,812 |
|
| Joint ventures |
35,747 |
|
|
33,053 |
|
|
53,483 |
|
|
53,355 |
|
| Total Investments |
$ |
14,415,609 |
|
|
$ |
14,068,239 |
|
|
$ |
14,127,213 |
|
|
$ |
14,286,039 |
|
_______________
(1)We consider 57% and 61% of first-lien senior secured debt investments to be unitranche loans as of March 31, 2026 and December 31, 2025, respectively.
We use GICS for classifying the industry groupings of our portfolio companies. The table below presents the industry composition of investments based on fair value as of the following periods:
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|
March 31, 2026 |
|
December 31, 2025 |
| Aerospace & Defense |
2.3 |
% |
|
2.7 |
% |
| Airlines |
0.3 |
|
|
0.3 |
|
| Application Software |
14.1 |
|
|
13.6 |
|
Asset based lending and fund finance (6) |
0.7 |
|
|
0.4 |
|
| Banks |
— |
|
|
0.3 |
|
Beverages (1) |
0.0 |
|
|
0.0 |
|
| Building Products |
0.5 |
|
|
0.5 |
|
| Buildings & Real Estate |
1.4 |
|
|
1.3 |
|
| Capital Markets |
0.8 |
|
|
0.8 |
|
| Commercial Services & Supplies |
0.2 |
|
|
0.2 |
|
Construction & Engineering |
0.2 |
|
|
0.2 |
|
| Consumer Finance |
0.5 |
|
|
0.5 |
|
| Diversified Consumer Services |
2.4 |
|
|
3.3 |
|
Diversified Financial Services (2) |
10.0 |
|
|
9.8 |
|
| Diversified Support Services |
0.2 |
|
|
0.2 |
|
| Entertainment |
1.4 |
|
|
1.4 |
|
| Equity Real Estate Investment Trusts (REITs) |
0.8 |
|
|
0.8 |
|
| Food & Staples Retailing |
1.3 |
|
|
1.3 |
|
| Health Care Equipment & Supplies |
2.0 |
|
|
2.0 |
|
| Health Care Providers & Services |
3.0 |
|
|
3.4 |
|
| Health Care Technology |
12.9 |
|
|
13.9 |
|
| Hotels, Restaurants & Leisure |
— |
|
|
0.8 |
|
| Household Durables |
0.5 |
|
|
0.6 |
|
| Industrial Conglomerates |
0.7 |
|
|
0.7 |
|
Insurance (3) |
3.9 |
|
|
4.4 |
|
| Internet & Direct Marketing Retail |
1.9 |
|
|
2.2 |
|
| IT Services |
4.1 |
|
|
4.2 |
|
Joint Ventures(4) |
0.2 |
|
|
0.4 |
|
| Life Sciences Tools & Services |
2.1 |
|
|
2.1 |
|
| Media |
0.9 |
|
|
0.9 |
|
| Multiline Retail |
0.2 |
|
|
0.2 |
|
Pharmaceuticals (5) |
2.1 |
|
|
1.0 |
|
| Professional Services |
6.7 |
|
|
6.1 |
|
| Real Estate Management & Development |
1.8 |
|
|
0.2 |
|
| Road & Rail |
0.1 |
|
|
0.1 |
|
| Specialty Retail |
0.8 |
|
|
0.8 |
|
| Systems Software |
18.5 |
|
|
17.9 |
|
Thrifts & Mortgage Finance (1) |
0.0 |
|
|
0.0 |
|
| Wireless Telecommunication Services |
0.5 |
|
|
0.5 |
|
| Total |
100.0 |
% |
|
100.0 |
% |
_______________
(1)As of March 31, 2026 or December 31, 2025, our investment rounds to less than 0.1% of the fair value of the portfolio.
(2)Includes debt and equity investment in Amergin AssetCo.
(3)Includes equity investment in Fifth Season.
(4)Includes equity investment in Credit SLF, Blue Owl Leasing, and as of December 31, 2025, Stripe Blue Owl Holdings LLC (“Stripe Blue Owl”).
(5)Includes equity investment in LSI Financing DAC and LSI Financing LLC.
(6)Includes equity investment in BOCSO.
We classify the industries of our portfolio companies by end-market (such as health care technology) and not by the product or services (such as software) directed to those end-markets.
The table below describes investments by geographic composition based on fair value as of the following periods:
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|
March 31, 2026 |
|
December 31, 2025 |
| United States: |
|
|
|
| Midwest |
15.8 |
% |
|
16.3 |
% |
| Northeast |
23.1 |
|
|
21.8 |
|
| South |
23.3 |
|
|
24.2 |
|
| West |
27.5 |
|
|
27.8 |
|
| United Kingdom |
5.2 |
|
|
5.5 |
|
| Canada |
2.6 |
|
|
2.3 |
|
| Other international |
2.5 |
|
|
2.1 |
|
|
|
|
|
| Total |
100.0 |
% |
|
100.0 |
% |
The table below presents the weighted average yields and interest rates of our investments at fair value as of the following periods:
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|
March 31, 2026 |
|
December 31, 2025 |
Weighted average total yield of portfolio(1) |
8.8 |
% |
|
8.8 |
% |
Weighted average total yield of debt and income producing securities(1) |
9.5 |
% |
|
9.6 |
% |
| Weighted average interest rate of debt securities |
8.9 |
% |
|
9.0 |
% |
| Weighted average spread over base rate of all floating rate investments |
5.3 |
% |
|
5.4 |
% |
_______________
(1)For non-stated rate income producing investments, computed based on (a) the dividend or interest income earned for the respective trailing twelve months ended on the measurement date, divided by (b) the ending fair value. In instances where historical dividend or interest income data is not available or not representative for the trailing twelve months ended, the dividend or interest income is annualized.
The weighted average yield of our debt and income producing securities is not the same as a return on investment for our shareholders but, rather, relates to a portion of our investment portfolio and is calculated before the payment of all of our and our subsidiaries’ fees and expenses. The weighted average yield was computed using the effective interest rates as of each respective date, including accretion of original issue discount and loan origination fees, but excluding investments on non-accrual status, if any. There can be no assurance that the weighted average yield will remain at its current level.
Our Adviser monitors our portfolio companies on an ongoing basis. It monitors the financial trends of each portfolio company to determine if they are meeting their respective business plans and to assess the appropriate course of action with respect to each portfolio company. Our Adviser has several methods of evaluating and monitoring the performance and fair value of our investments, which may include the following:
•assessment of success of the portfolio company in adhering to its business plan and compliance with covenants;
•periodic and regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor, to discuss financial position, requirements and accomplishments;
•comparisons to other companies in the portfolio company’s industry; and
•review of monthly or quarterly financial statements and financial projections for portfolio companies.
An investment will be placed on the Adviser's credit watch list when select events occur and will only be removed from the watch list with oversight of the Technology Lending Investment Committee and/or other agents of Blue Owl’s credit platform. Once an investment is on the credit watch list, the Adviser works with the borrower to resolve any financial stress through amendments, waivers or other alternatives. If a borrower defaults on its payment obligations, the Adviser's focus shifts to capital recovery. If an investment needs to be restructured, the Adviser’s workout team partners with the investment team and all material amendments, waivers and restructurings require the approval of a majority of the Technology Lending Investment Committee.
As part of the monitoring process, our Adviser employs an investment rating system to categorize our investments. In addition to various risk management and monitoring tools, our Adviser rates the credit risk of all investments on a scale of 1 to 5. This system is intended primarily to reflect the underlying risk of a portfolio investment relative to our initial cost basis in respect of such portfolio investment (i.e., at the time of origination or acquisition), although it may also take into account the performance of the portfolio company’s business, the collateral coverage of the investment and other relevant factors.
The rating system is as follows:
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| Investment Rating |
|
Description |
| 1 |
|
Investments with a rating of 1 involve the least amount of risk to our initial cost basis. The borrower is performing above expectations, and the trends and risk factors for this investment since origination or acquisition are generally favorable; |
| 2 |
|
Investments rated 2 involve an acceptable level of risk that is similar to the risk at the time of origination or acquisition. The borrower is generally performing as expected and the risk factors are neutral to favorable. All investments or acquired investments in new portfolio companies are initially assessed a rate of 2; |
| 3 |
|
Investments rated 3 involve a borrower performing below expectations and indicates that the loan’s risk has increased somewhat since origination or acquisition; |
| 4 |
|
Investments rated 4 involve a borrower performing materially below expectations and indicates that the loan’s risk has increased materially since origination or acquisition. In addition to the borrower being generally out of compliance with debt covenants, loan payments may be past due (but generally not more than 120 days past due); and |
| 5 |
|
Investments rated 5 involve a borrower performing substantially below expectations and indicates that the loan’s risk has increased substantially since origination or acquisition. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. Loans rated 5 are not anticipated to be repaid in full and we will reduce the fair value of the loan to the amount we anticipate will be recovered. |
Our Adviser rates the investments in our portfolio at least quarterly and it is possible that the rating of a portfolio investment may be reduced or increased over time. For investments rated 3, 4 or 5, our Adviser enhances its level of scrutiny over the monitoring of such portfolio company.
The Adviser has built out its portfolio management team to include workout experts who closely monitor our portfolio companies and who, on at least a quarterly basis, assess each portfolio company’s operational and liquidity exposure and outlook to understand and mitigate risks; and, on at least a monthly basis, evaluates existing and newly identified situations where operating results are deviating from expectations. As part of its monitoring process, the Adviser focuses on projected liquidity needs and where warranted, re-underwriting credits and evaluating downside and liquidation scenarios. The Adviser focuses on downside protection by leveraging existing rights available under our credit documents; however, for investments that are significantly underperforming or which may need to be restructured, the Adviser’s workout team partners with the investment team and all material amendments, waivers and restructurings require the approval of a majority of the Technology Lending Investment Committee. As of March 31, 2026, two of our portfolio companies are on non-accrual. In the first quarter of 2026, we had no new portfolio companies on non-accrual. Our average annual net gain/(loss) ratio is 0.29%.
The table below presents the composition of our portfolio on the 1 to 5 rating scale as of the following periods:
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March 31, 2026 |
|
December 31, 2025 |
| Investment Rating |
|
Investments at Fair Value |
|
Percentage of Total Portfolio |
|
Investments at Fair Value |
|
Percentage of Total Portfolio |
| ($ in thousands) |
|
|
|
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|
|
|
|
| 1 |
|
$ |
1,245,352 |
|
|
8.9 |
% |
|
$ |
1,653,599 |
|
|
11.6 |
% |
| 2 |
|
11,623,353 |
|
|
82.6 |
|
|
11,366,623 |
|
|
79.6 |
|
| 3 |
|
1,152,995 |
|
|
8.2 |
|
|
1,185,876 |
|
|
8.3 |
|
| 4 |
|
41,972 |
|
|
0.3 |
|
|
75,251 |
|
|
0.5 |
|
5(1) |
|
4,567 |
|
|
— |
|
|
4,690 |
|
|
— |
|
| Total |
|
$ |
14,068,239 |
|
|
100.0 |
% |
|
$ |
14,286,039 |
|
|
100.0 |
% |
_______________
(1)The investment rounds to less than 0.1% of the fair value of the portfolio.
The table below presents the amortized cost of our performing and non-accrual investments as of the following periods:
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As of March 31, 2026 |
|
As of December 31, 2025 |
| ($ in thousands) |
Amortized Cost |
|
Percentage |
|
Fair Value |
|
Percentage |
|
Amortized Cost |
|
Percentage |
|
Fair Value |
|
Percentage |
| Performing |
$ |
14,374,941 |
|
|
99.7 |
% |
|
$ |
14,049,905 |
|
|
99.9 |
% |
|
$ |
14,072,889 |
|
|
99.6 |
% |
|
$ |
14,252,460 |
|
|
99.8 |
% |
| Non-accrual |
40,668 |
|
|
0.3 |
|
|
18,334 |
|
|
0.1 |
|
|
54,324 |
|
|
0.4 |
|
|
33,579 |
|
|
0.2 |
|
| Total |
$ |
14,415,609 |
|
|
100.0 |
% |
|
$ |
14,068,239 |
|
|
100.0 |
% |
|
$ |
14,127,213 |
|
|
100.0 |
% |
|
$ |
14,286,039 |
|
|
100.0 |
% |
Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.
Specialty Financing Portfolio Companies and Joint Ventures
We leverage the expanding role that private lenders are being asked to play in the broader credit markets to evaluate cross-platform opportunities including strategic equity and accretive joint venture investments that have cash flow and credit profiles that provide consistent income.
Specialty Financing Portfolio Companies
Amergin was created to invest in a leasing platform focused on railcar, aviation and other long-lived transportation assets. Amergin acquires existing on-lease portfolios of new and end-of-life railcars and related equipment and selectively purchases off-lease assets and is building a commercial aircraft portfolio through aircraft financing and engine acquisition on a sale and lease back basis. Amergin consists of Amergin AssetCo and Amergin Asset Management LLC, which has entered into a Servicing Agreement with Amergin AssetCo. We made an initial equity commitment to Amergin AssetCo on July 1, 2022. As of March 31, 2026, our commitment to Amergin AssetCo is $64.4 million, of which $26.4 million is equity and $38.0 million is debt. We do not consolidate our equity interest in Amergin AssetCo.
BOCSO was formed to hold alternative credit assets, including ABF. ABF is a subsector of private credit focused on generating income from pools of financial, physical or other assets. We believe exposure to alternative credit presents an attractive opportunity as alternative credit is a growing subsector of private credit. On September 18, 2025, we made an initial equity contribution to BOCSO. As of March 31, 2026, our investment at fair value in BOCSO was $103.9 million and our total commitment was $104.4 million. As of March 31, 2026, the portfolio consists of five investments totaling $1.0 billion at cost and fair value, respectively, ranging in cost from $24.9 million to $379.6 million and with a fair value ranging from $24.7 million to $378.0 million. The largest investment is 37% of the total cost of BOCSO's portfolio. As of March 31, 2026, the portfolio asset class composition was 66% ABF - Specialty finance, 32% ABF - Leasing, and 2% ABF - Commercial Real Estate. We do not consolidate our equity interest in BOCSO.
Fifth Season is a portfolio company created to invest in life insurance based assets, including secondary and tertiary life settlement and other life insurance exposures using detailed analytics, internal life expectancy review and sophisticated portfolio management techniques. On July 18, 2022, we made an initial equity investment in Fifth Season. As of March 31, 2026, our investment in Fifth Season was $138.7 million based on fair value. We do not consolidate our interest in Fifth Season.
LSI Financing DAC is a portfolio company formed to acquire contractual rights to revenue pursuant to earnout agreements generally in the life sciences space. On December 14, 2022, we made an initial equity commitment to LSI Financing DAC. As of March 31, 2026, our investment in LSI Financing DAC was $6.8 million based on fair value and our total commitment was $6.7 million. We do not consolidate our equity interest in LSI Financing DAC.
LSI Financing LLC is a separately managed portfolio company formed to indirectly own royalty purchase agreements and loans in the life sciences space. An affiliate of the Adviser provides consulting services to a subsidiary of LSI Financing LLC in exchange for a fee. The Adviser has agreed to waive a portion of the management fee payable by us pursuant to the Investment Advisory Agreement equal to the pro rata amount of such consulting fee. On November 25, 2024, we redeemed a portion of its interest in LSI Financing DAC in exchange for common shares of LSI Financing LLC. As of March 31, 2026, the fair value of our investment in LSI Financing LLC was $254.1 million and our total commitment was $320.4 million. We do not consolidate our equity interest in LSI Financing LLC.
Joint Ventures
On May 6, 2024, Credit SLF, a Delaware limited liability company, was formed as a joint venture between the Credit SLF Members. The Credit SLF Members co-manage Credit SLF. Credit SLF’s principal purpose is to make investments in senior secured loans to middle-market companies, broadly syndicated loans and senior and subordinated notes issued by collateralized loan obligations. Credit SLF is managed by a board consisting of an equal number of representatives appointed by each Credit SLF Member and which acts unanimously. Investment decisions must be approved by Credit SLF’s board. Our investment in Credit SLF is a co-investment made with our affiliates in accordance with the terms of the exemptive relief that we received from the SEC. We do not consolidate our non-controlling interest in Credit SLF.
Refer to
Exhibit 99.1 for the Credit SLF Supplemental Financial Information.
On June 30, 2025, Blue Owl Leasing, a Delaware limited liability company, was formed as a joint venture between the Blue Owl Leasing Members. The Blue Owl Leasing Members co-manage Blue Owl Leasing. Blue Owl Leasing’s principal purpose is to make investments in leases and loans. Investment decisions must be approved by Blue Owl Leasing. Our investment in Blue Owl Leasing is a co-investment made with our affiliates in accordance with the terms of the exemptive relief that we received from the SEC. We do not consolidate our non-controlling interest in Blue Owl Leasing.
Refer to
Exhibit 99.2 for the Blue Owl Leasing Supplemental Financial Information.
Results of Operations
The table below represents the operating results for the following periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
|
|
|
|
| ($ in thousands) |
|
2026 |
|
2025 |
|
$ Change |
|
|
|
|
|
|
| Total Investment Income |
|
$ |
325,940 |
|
|
$ |
182,817 |
|
|
$ |
143,123 |
|
|
|
|
|
|
|
| Less: Total Operating Expenses |
|
153,354 |
|
|
82,133 |
|
|
71,221 |
|
|
|
|
|
|
|
| Net Investment Income (Loss) Before Taxes |
|
$ |
172,586 |
|
|
$ |
100,684 |
|
|
$ |
71,902 |
|
|
|
|
|
|
|
| Less: Income tax expense (benefit), including excise tax expense (benefit) |
|
1,275 |
|
|
3,352 |
|
|
(2,077) |
|
|
|
|
|
|
|
| Net Investment Income (Loss) After Taxes |
|
$ |
171,311 |
|
|
$ |
97,332 |
|
|
$ |
73,979 |
|
|
|
|
|
|
|
| Net change in unrealized gain (loss) |
|
(494,283) |
|
|
(20,463) |
|
|
(473,820) |
|
|
|
|
|
|
|
| Net realized gain (loss) |
|
103,081 |
|
|
1,263 |
|
|
101,818 |
|
|
|
|
|
|
|
| Net Increase (Decrease) in Net Assets Resulting from Operations |
|
$ |
(219,891) |
|
|
$ |
78,132 |
|
|
$ |
(298,023) |
|
|
|
|
|
|
|
Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including the level of new investment commitments, expenses, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio. For the three months ended March 31, 2026, our net asset value per share decreased, primarily driven by unrealized depreciation in our portfolio, partially offset by higher realized gains and accretive share repurchases.
Investment Income
The table below presents the investment income for the following periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
|
|
|
|
| ($ in thousands) |
2026 |
|
2025 |
|
$ Change |
|
|
|
|
|
|
| Interest income from investments |
$ |
269,351 |
|
|
$ |
143,979 |
|
|
$ |
125,372 |
|
|
|
|
|
|
|
PIK interest income from investments |
24,835 |
|
|
16,457 |
|
|
8,378 |
|
|
|
|
|
|
|
| Dividend income from investments |
10,845 |
|
|
6,208 |
|
|
4,637 |
|
|
|
|
|
|
|
PIK dividend income |
17,711 |
|
|
11,483 |
|
|
6,228 |
|
|
|
|
|
|
|
| Other income |
3,198 |
|
|
4,690 |
|
|
(1,492) |
|
|
|
|
|
|
|
| Total Investment Income |
$ |
325,940 |
|
|
$ |
182,817 |
|
|
$ |
143,123 |
|
|
|
|
|
|
|
We generate revenues primarily in the form of interest income from the investments we hold. In addition, we may generate income from dividends on either direct equity investments or equity interests obtained in connection with originating loans, such as options, warrants or conversion rights.
Three Months Ended March 31, 2026 Compared to the Three Months Ended March 31, 2025
Investment income increased by $143.1 million for the three months ended March 31, 2026, compared to the same period in the prior year, primarily due to an increase in interest income, as well as PIK interest income and dividend income, as a result of the Mergers on March 24, 2025, during which we acquired investments of $5.6 billion at fair value. See “Note 13 — Merger with Blue Owl Technology Finance Corp. II” for additional details on the Mergers. The increases in investment income were partially offset by a decrease in the weighted average yield of our portfolio from 9.8% to 8.8% year-over-year. Included in interest income are other fees such as prepayment fees and accelerated amortization of upfront fees from unscheduled paydowns which are non-recurring in nature. Fees received from unscheduled paydowns decreased to $5.5 million for the three months ended March 31, 2026 from $5.8 million for the same period in the prior year, due to a decrease in repayment activity for the period. Despite increases in PIK income year-over-year, PIK income as a percentage of total investment income decreased to 13.1% for the three months ended March 31, 2026 from 15.3% in the prior year period, primarily driven by a decrease in PIK earning investments, as a percentage of the overall total portfolio. Other income decreased period-over-period due to a decrease in incremental fee income, which are fees that are generally available to us as a result of closing investments and generally paid at the time of closing. We expect that investment income will vary based on a variety of factors including the pace of our originations and repayments.
Expenses
The table below presents our expenses for the following periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
For the Three Months Ended March 31, |
|
|
|
|
|
|
| ($ in thousands) |
2026 |
|
2025 |
|
$ Change |
|
|
|
|
|
|
| Interest expense |
$ |
103,825 |
|
|
$ |
51,686 |
|
|
$ |
52,139 |
|
|
|
|
|
|
|
Management fees, net(1) |
53,913 |
|
|
15,876 |
|
|
38,037 |
|
|
|
|
|
|
|
| Incentive fees |
(10,685) |
|
|
9,441 |
|
|
(20,126) |
|
|
|
|
|
|
|
| Professional fees |
2,741 |
|
|
3,368 |
|
|
(627) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Directors' fees |
274 |
|
|
259 |
|
|
15 |
|
|
|
|
|
|
|
| Other general and administrative |
3,286 |
|
|
1,503 |
|
|
1,783 |
|
|
|
|
|
|
|
Total Expenses |
$ |
153,354 |
|
|
$ |
82,133 |
|
|
$ |
71,221 |
|
|
|
|
|
|
|
_______________
(1)Refer to “Note 3 — Agreements and Related Party Transactions” for additional details on management fee waiver.
Under the terms of the Administration Agreement, we reimburse the Adviser for services performed for us. In addition, pursuant to the terms of the Administration Agreement, the Adviser may delegate its obligations under the Administration Agreement to an affiliate or to a third party and we reimburse the Adviser for any services performed for us by such affiliate or third party.
Three Months Ended March 31, 2026 Compared to the Three Months Ended March 31, 2025
Total expenses increased by $71.2 million for the three months ended March 31, 2026, as compared to the prior year period, primarily due to increases in interest expense and management fees. The $52.1 million increase in interest expense was driven by an increase in average daily borrowings to $6.8 billion from $3.4 billion, primarily due to the assumption of OTF II’s debt facilities in the merger, while our average interest rate remained flat at 5.7%, period-over-period. Management fees increased by $38.0 million, due to an increase in average adjusted gross assets as a result of the Mergers and an increase in the management fee rate as a result of our public listing on June 12, 2025. These increases in operating expenses were partially offset by a reversal of previously recorded performance based incentive fees of $38.8 million and $1.3 million, driven by unrealized depreciation in our portfolio for the three months ended March 31, 2026 and 2025, respectively. As a percentage of total assets, professional fees, directors’ fees and other general and administrative expenses remained relatively consistent period-over-period.
Income Taxes, Including Excise Taxes
We have elected to be treated as a RIC under subchapter M of the Code, and we intend to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, we must, among other things, distribute to our shareholders in each taxable year generally at least the sum of (i) 90% of our investment company taxable income, as defined by the Code, and (ii) 90% of our net tax-exempt income for that taxable year. In addition, a RIC may, in certain cases, satisfy this distribution requirement by distributing dividends relating to a taxable year after the close of such taxable year under the “spillover dividend” provisions of Subchapter M. As of March 31, 2026, we have generated undistributed taxable earnings “spillover” of $0.50 per share. To maintain our tax treatment as a RIC, we, among other things, intend to make the requisite distributions to our shareholders, which generally relieves us from U.S. federal income taxes at corporate tax rates.
Depending on the level of taxable income earned in a tax year, we can be expected to carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, we will accrue excise tax on estimated excess taxable income.
For the three months ended March 31, 2026 and 2025, we recorded U.S. federal and state corporate-level income tax expense/(benefit) of $1.3 million and $3.4 million, including U.S. federal excise tax expense of $1.3 million and $3.4 million, respectively.
Taxable Subsidiaries
Certain of our consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. For the three months ended March 31, 2026 and 2025, we recorded U.S. federal and state income tax expense/(benefit) of $(3) thousand and $(60) thousand, respectively.
We recorded a net deferred tax liability of $716 thousand as of March 31, 2026, for taxable subsidiaries, which is significantly related to GAAP to tax outside basis differences in the taxable subsidiaries’ investment in certain partnership interests. We recorded a net deferred tax liability of $797 thousand for taxable subsidiaries as of December 31, 2025.
Net Change in Unrealized Gains (Losses)
We fair value our portfolio investments quarterly and any changes in fair value are recorded as unrealized gains or losses. During the following periods, net unrealized gains (losses) were:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
|
|
|
|
| ($ in thousands) |
2026 |
|
2025 |
|
$ Change |
|
|
|
|
|
|
| Net change in unrealized gain (loss) on investments |
$ |
(490,703) |
|
|
$ |
(20,742) |
|
|
$ |
(469,961) |
|
|
|
|
|
|
|
| Net change in translation of assets and liabilities in foreign currencies and other transactions |
(3,659) |
|
|
1,074 |
|
|
(4,733) |
|
|
|
|
|
|
|
| Income tax (provision) benefit |
79 |
|
|
(795) |
|
|
874 |
|
|
|
|
|
|
|
| Net Change in Unrealized Gain (Loss) |
$ |
(494,283) |
|
|
$ |
(20,463) |
|
|
$ |
(473,820) |
|
|
|
|
|
|
|
Three Months Ended March 31, 2026 Compared to the Three Months Ended March 31, 2025
For the three months ended March 31, 2026, the net unrealized loss was primarily driven by a decrease in the fair value of certain of our equity investments and reversals of prior period unrealized gains that were realized during the period, primarily in our equity investments. As of March 31, 2026, the fair value of our debt investments as a percentage of principal was 97.2%, as compared to 99.3% as of December 31, 2025. For the three months ended March 31, 2025, the net unrealized loss was primarily driven by a decrease in the fair value of certain of our debt investments, reversals of prior period unrealized gains that were realized during the period, and partially offset by an increase in the fair value of certain of our debt and equity investments.
The ten largest contributors to the change in net unrealized gain (loss) on investments during the period consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Portfolio Company |
For the Three Months Ended March 31, 2026 |
|
Portfolio Company |
For the Three Months Ended March 31, 2025 |
($ in millions) |
|
|
($ in millions) |
|
| Space Exploration Technologies Corp. |
$ |
(47.2) |
|
|
Klaviyo, Inc. |
$ |
(8.5) |
|
| Signifyd Inc. |
(37.5) |
|
|
Peraton Corp. |
(5.2) |
|
| Excalibur CombineCo, L.P. |
(30.8) |
|
|
Replicated, Inc. |
(4.0) |
|
| Barracuda Parent, LLC |
(30.4) |
|
|
Acquia Inc. |
(3.9) |
|
| Cornerstone OnDemand, Inc. |
(27.7) |
|
|
Circle Internet Services, Inc. |
(3.3) |
|
| Kaseya Inc. |
(20.9) |
|
|
Walker Edison Furniture Company LLC |
(3.0) |
|
| Pluralsight, LLC |
(16.8) |
|
|
Exabeam, Inc. |
3.0 |
|
| Saturn Ultimate, Inc. |
(12.7) |
|
|
LSI Financing LLC |
3.8 |
|
| Zendesk, Inc. |
(12.4) |
|
|
Space Exploration Technologies Corp. |
4.7 |
|
| Walker Edison Furniture Company LLC |
23.0 |
|
|
Ivanti Software, Inc. |
9.1 |
|
| Remaining Portfolio Companies |
(277.3) |
|
|
Remaining Portfolio Companies |
(13.4) |
|
| Total |
$ |
(490.7) |
|
|
Total |
$ |
(20.7) |
|
Net Realized Gains (Losses)
The realized gains and losses on fully exited portfolio companies, partially exited portfolio companies and foreign currency transactions during the following periods were:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
|
|
|
| ($ in thousands) |
2026 |
|
2025 |
|
$ Change |
|
|
|
|
|
|
| Net realized gain (loss) on investments |
$ |
100,667 |
|
|
$ |
1,847 |
|
|
$ |
98,820 |
|
|
|
|
|
|
|
| Net realized gain (loss) on foreign currency transactions |
2,414 |
|
|
(584) |
|
|
2,998 |
|
|
|
|
|
|
|
| Net Realized Gain (Loss) |
$ |
103,081 |
|
|
$ |
1,263 |
|
|
$ |
101,818 |
|
|
|
|
|
|
|
The tables below presents the largest contributors to the realized gain (loss) on investments for the following periods:
|
|
|
|
|
|
|
|
|
| Portfolio Company |
|
For the Three Months Ended March 31, 2026 |
| ($ in millions) |
|
|
| Space Exploration Technologies Corp. |
|
$ |
117.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.) |
|
7.3 |
|
| Walker Edison Furniture Company LLC |
|
(23.2) |
|
|
|
|
|
|
|
| Remaining Portfolio Companies |
|
(0.7) |
|
Total |
|
$ |
100.7 |
|
|
|
|
|
|
|
|
|
|
| Portfolio Company |
|
For the Three Months Ended March 31, 2025 |
| ($ in millions) |
|
|
| Klaviyo, Inc. |
|
$ |
14.0 |
|
|
|
|
| Ivanti Software, Inc. |
|
(12.2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
1.8 |
|
Realized Gross Internal Rate of Return
Since we began investing in 2018 through March 31, 2026, our exited investments have resulted in an aggregate cash flow realized gross internal rate of return to us of over 10.6% (based on total capital invested of $8.7 billion and total proceeds from these exited investments of $10.4 billion.
IRR, is a measure of our discounted cash flows (inflows and outflows). Specifically, IRR is the discount rate at which the net present value of all cash flows is equal to zero. That is, IRR is the discount rate at which the present value of total capital invested in each of our investments is equal to the present value of all realized returns from that investment. Our IRR calculations are unaudited.
Capital invested, with respect to an investment, represents the aggregate cost basis allocable to the realized or unrealized portion of the investment, net of any upfront fees paid at closing for the term loan portion of the investment.
Realized returns, with respect to an investment, represents the total cash received with respect to each investment, including all amortization payments, interest, dividends, prepayment fees, upfront fees (except upfront fees paid at closing for the term loan portion of an investment), administrative fees, agent fees, amendment fees, accrued interest, and other fees and proceeds.
Gross IRR, with respect to an investment, is calculated based on the dates that we invested capital and dates we received distributions, regardless of when we made distributions to our shareholders. Initial investments are assumed to occur at time zero.
Gross IRR reflects historical results relating to our past performance and is not necessarily indicative of our future results. In addition, gross IRR does not reflect the effect of management fees, expenses, incentive fees or taxes borne, or to be borne, by us or our shareholders, and would be lower if it did.
Aggregate cash flow realized gross IRR on our exited investments reflects only invested and realized cash amounts as described above, and does not reflect any unrealized gains or losses in our portfolio.
Financial Condition, Liquidity and Capital Resources
Our liquidity and capital resources are generated primarily from cash flows from interest, dividends and fees earned from our investments and principal repayments, our credit facilities, and other secured and unsecured debt. The primary uses of our cash are (i) investments in portfolio companies and other investments and to comply with certain portfolio diversification requirements, (ii) the cost of operations (including paying or reimbursing our Adviser) and (iii) cash distributions to the holders of our shares.
We may from time to time enter into additional credit facilities, increase the size of our existing credit facilities, enter into additional debt securitization transactions or issue additional debt securities. Additional financings could include SPV drop down facilities and unsecured notes. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. As of March 31, 2026 and December 31, 2025, our asset coverage was 208% and 226%, respectively. We seek to carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage. Further, we maintain sufficient borrowing capacity within the 150% asset coverage limitation to cover any outstanding unfunded commitments we are required to fund. Our current target ratio is 0.90x-1.25x. For the three months ended March 31, 2026, our weighted average cost of debt was 5.7%. In addition, from time to time, we may seek to retire, repurchase, or exchange debt securities in open market purchases or by other means, including privately negotiated transactions, in each case dependent on market conditions, liquidity, contractual obligations, and other matters. The amounts involved in any such transactions, individually or in the aggregate, may be material.
As of March 31, 2026, cash, taken together with our available debt capacity of $1.29 billion is expected to be sufficient for our investing activities and to conduct our operations in the near term. Our long-term cash needs will include principal payments on outstanding indebtedness and funding of additional portfolio investments. Funding for long-term cash needs will come from unused net proceeds from financing activities and our capital commitments. We believe that our liquidity and sources of capital are adequate to satisfy our short and long-term cash requirements. We cannot, however, be certain that these sources of funds will be available at a time and upon terms acceptable to us in sufficient amounts in the future.
As of March 31, 2026, we had $0.49 billion in cash and restricted cash. During the three months ended March 31, 2026, $0.20 billion in cash was used in operating activities, primarily as a result of funding portfolio investments of $1.23 billion offset by sell downs and repayments of $1.10 billion and other operating activity of $0.06 billion. Lastly, cash provided by financing activities was $0.40 billion during the period, primarily from net borrowings on debt, partly offset by distributions of $0.17 billion paid to our shareholders, as well as share repurchases of $0.05 billion.
Equity
We have the authority to issue 1,000,000,000 common shares at $0.01 per share par value.
On March 24, 2025, as a result of the Mergers, we issued an aggregate of approximately 250,738,523 shares of our common stock.
On June 12, 2025, our common stock was listed and began trading on the New York Stock Exchange (“NYSE”) under the symbol “OTF” (the “Exchange Listing”).
In connection with the Exchange Listing, the Board has determined to eliminate any outstanding fractional shares of our common stock (the “Fractional Shares”), as permitted by the Maryland General Corporation Law by rounding up the number of Fractional Shares held by each shareholder to the nearest whole share.
Our amended and restated articles of incorporation (the “Charter”) provides for three separate restricted periods during which shares of our common stock may not be transferred as follows:
•One period is 180 days after the Exchange Listing and applies to all of the shares of our common stock outstanding prior to the Listing (the “First Lock-Up Period”);
•One period is 270 days after the Exchange Listing and applies to two-thirds of the shares of our common stock outstanding prior to the Listing (the “Second Lock-Up Period”); and
•One period is 365 days after the Exchange Listing and applies to one-third of the shares of our common stock outstanding prior to the Listing (the “Third Lock-Up Period”).
In connection with the Exchange Listing, the Board waived the transfer restrictions with respect to 23,256,814 shares of our common stock and a pro rata portion of each shareholder’s shares of our common stock were released from each of the First, Second and Third Lock-Up Periods. Effective as of September 9, 2025, the Board waived the transfer restrictions with respect to 46,513,271 shares of our common stock and a pro rata portion of each shareholder’s shares of our common stock were released from the First Lock-Up Period. On November 4, 2025, the Board waived the transfer restrictions with respect to shares of the Company’s common stock as follows:
|
|
|
|
|
|
|
|
|
|
|
|
| Approximate Number of Shares Being Released from Transfer Restrictions |
|
Effective Date |
50.4 million(1) |
|
November 13, 2025 |
49.1 million(2) |
|
January 20, 2026 |
49.1 million(2) |
|
February 20, 2026 |
49.1 million(3) |
|
April 20, 2026 |
49.1 million(3) |
|
May 20, 2026 |
_______________
(1)A pro rata portion of each shareholder’s shares of the Company’s common stock was released from the First Lock-Up Period.
(2)A pro rata portion of each shareholder’s shares of the Company’s common stock was released from the Second Lock-Up Period.
(3)A pro rata portion of each shareholder’s shares of the Company’s common stock will be released from the Third Lock-Up Period.
Generally, all of the Company’s common stock that has been outstanding for more than six months is eligible for public sale pursuant to Rule 144 under the Securities Act; however, certain affiliates will have to comply with the additional requirements relating to the manner of sale, volume limitation and notice provisions in order to rely on Rule 144.
As of March 31, 2026, 147,291,934 shares of our common stock outstanding are still subject to the Third Lock-Up Period.
Distributions
The table below reflects the distributions declared on shares of our common stock during the following periods:
|
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|
|
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|
|
|
|
|
|
|
For the Three Months Ended March 31, 2026 |
| Date Declared |
|
Record Date |
|
Payment Date |
|
Distribution per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
February 18, 2026(1) |
|
March 31, 2026 |
|
April 15, 2026 |
|
0.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______________
(1)Expected to be paid or was partially paid from sources other than ordinary income, including long-term capital gains.
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|
|
|
|
|
|
For the Three Months Ended March 31, 2025 |
| Date Declared |
|
Record Date |
|
Payment Date |
|
Distribution per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
| March 14, 2025 |
|
March 17, 2025 |
|
March 18, 2025 |
|
$ |
0.34 |
During certain periods, our distributions may exceed our earnings. As a result, it is possible that a portion of the distributions we make may represent a return of capital. A return of capital generally is a return of a shareholder’s investment rather than a return of earnings or gains derived from our investment activities. Each year, a statement on Form 1099-DIV identifying the tax character of the distributions will be mailed to our shareholders. The tax character of the distributions are not determined until our taxable year end.
Dividend Reinvestment
We have adopted a dividend reinvestment plan, pursuant to which, we will reinvest all cash distributions declared by the Board on behalf of our shareholders who do not elect to receive their distribution in cash as provided below. As a result, if the Board authorizes, and we declare, a cash dividend or other distribution, then our shareholders who have not opted out of our dividend reinvestment plan will have their cash distributions automatically reinvested in additional shares of our common stock rather than receiving the cash dividend or other distribution. As described below, we may purchase shares in the open market or use newly issued shares to implement the dividend reinvestment plan. Any fractional share otherwise issuable to a participant in the dividend reinvestment plan will instead be paid in cash.
We have entered into our second amended and restated dividend reinvestment plan, pursuant to which, if newly issued shares are used to implement the dividend reinvestment plan, the number of shares to be issued to a shareholder will be determined by dividing the total dollar amount of the cash dividend or distribution payable to a shareholder by the market price per share of our common stock at the close of regular trading on the NYSE on the payment date of a distribution, or if no sale is reported for such day, the average of the reported bid and ask prices. However, if the market price per share on the payment date of a cash dividend or distribution exceeds the most recently computed net asset value per share, we will issue shares at the greater of (i) the most recently computed net asset value per share and (ii) 95% of the current market price per share (or such lesser discount to the current market price per share that still exceeded the most recently computed net asset value per share). Pursuant to our second amended and restated dividend reinvestment plan, if shares are purchased in the open market to implement the dividend reinvestment plan, the number of shares to be issued to a shareholder shall be determined by dividing the dollar amount of the cash dividend payable to such shareholder by the weighted average price per share for all shares purchased by the plan administrator in the open market in connection with the dividend.
Shareholders who receive distributions in the form of shares of common stock will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.
The table below reflects the common stock issued pursuant to the dividend reinvestment plan during the following periods:
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|
|
|
For the Three Months Ended March 31, 2026 |
| Date Declared |
|
Record Date |
|
Payment Date |
|
Shares |
| November 5, 2025 |
|
December 31, 2025 |
|
January 15, 2026 |
|
1,114,799 |
|
| June 2, 2025 |
|
December 23, 2025 |
|
January 7, 2026 |
|
167,569 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, 2025 |
| Date Declared |
|
Record Date |
|
Payment Date |
|
Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| March 14, 2025 |
|
March 17, 2025 |
|
March 18, 2025 |
|
1,131,018 |
|
| October 1, 2024 |
|
December 31, 2024 |
|
January 31, 2025 |
|
1,098,294 |
|
2025 Stock Repurchase Program
On May 27, 2025, the Board approved a repurchase program (the “2025 Stock Repurchase Program”) under which the Company could repurchase up to $200 million of its outstanding common stock. Under the 2025 Stock Repurchase Program, purchases were made at management’s discretion from time to time in open-market transactions, in accordance with applicable securities laws and regulations. The 2025 Stock Repurchase Program terminated in connection with the entry into the 2026 Stock Repurchase Program, as defined below. As of the program termination date, 5,192,408 shares of our common stock have been repurchased pursuant to the 2025 Stock Repurchase Program for approximately $73.4 million since the 2025 Stock Repurchase Program’s inception. No shares were repurchased in 2026 under the 2025 Stock Repurchase Program.
2026 Stock Repurchase Program
On February 17, 2026, the Board approved a repurchase program (the “2026 Stock Repurchase Program”) under which we may repurchase up to $300 million of our common stock. Under the 2026 Repurchase Program, purchases may be made at management’s discretion from time to time in open-market transactions, including pursuant to trading plans with investment banks pursuant to Rule 10b5-1 of the Exchange Act, in accordance with all applicable rules and regulations. Unless extended by the Board, the 2026 Stock Repurchase Program will terminate 18-months from the date it was approved. All shares purchased by us pursuant to 2026 Stock Repurchase Program have been retired and are authorized and unissued shares.
In the three months ended March 31, 2026, we had the following repurchase activity:
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|
Period
($ in thousands, except share and per share amounts)
|
|
Total Number of Shares Repurchased |
|
Average Price Paid per Share |
|
Approximate Dollar Value of Shares that have been Purchased Under the Plans |
|
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan |
|
|
|
|
|
|
|
|
|
| February 1, 2026 to February 28, 2026 |
|
651,123 |
|
$ |
11.32 |
|
$ |
7,373 |
|
$ |
292,627 |
| March 1, 2026 to March 31, 2026 |
|
3,555,175 |
|
12.04 |
|
42,811 |
|
249,816 |
|
|
|
|
|
|
|
|
|
|
|
4,206,298 |
|
|
|
|
$ |
50,184 |
|
|
|
There were no repurchases made in the three months ended March 31, 2025.
Debt
As of March 31, 2026, we had in place an Amended and Restated Senior Secured Revolving Credit Agreement (as amended from time to time, the “Revolving Credit Facility”), as well as special purpose vehicle asset credit facilities, CLOs, and unsecured notes and in the future we may enter into additional borrowing arrangements of these types. See “Note 5 — Debt” to our consolidated financial statements included in this Quarterly Report.
Aggregate Borrowings
The tables below present debt obligations as of the following periods:
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|
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|
|
|
|
|
|
|
March 31, 2026 |
| ($ in thousands) |
|
Maturity Date |
|
Aggregate Principal Committed |
|
Outstanding Principal |
|
Amount Available(1) |
|
Unamortized Debt Issuance Costs |
|
Net Carrying Value |
Revolving Credit Facility(2) |
|
December 20, 2029 |
|
$ |
2,675,000 |
|
|
$ |
1,640,000 |
|
|
$ |
1,031,983 |
|
|
$ |
(22,296) |
|
|
$ |
1,617,704 |
|
| SPV Asset Facility I |
|
October 30, 2035 |
|
700,000 |
|
|
700,000 |
|
|
— |
|
|
(8,188) |
|
|
691,812 |
|
| SPV Asset Facility II |
|
November 16, 2030 |
|
400,000 |
|
|
325,000 |
|
|
35,662 |
|
|
(4,148) |
|
|
320,852 |
|
| SPV Asset Facility III |
|
December 11, 2035 |
|
1,100,000 |
|
|
624,500 |
|
|
39,429 |
|
|
(9,964) |
|
|
614,536 |
|
| SPV Asset Facility IV |
|
October 30, 2030 |
|
500,000 |
|
|
270,000 |
|
|
181,775 |
|
|
(5,162) |
|
|
264,838 |
|
| Athena CLO II |
|
January 18, 2039 |
|
375,000 |
|
|
375,000 |
|
|
— |
|
|
(4,007) |
|
|
370,993 |
|
| Athena CLO IV |
|
July 20, 2037 |
|
240,000 |
|
|
240,000 |
|
|
— |
|
|
(2,296) |
|
|
237,704 |
|
| Athena CLO V |
|
October 15, 2038 |
|
300,000 |
|
|
300,000 |
|
|
— |
|
|
(1,829) |
|
|
298,171 |
|
| June 2026 Notes |
|
June 17, 2026 |
|
375,000 |
|
|
375,000 |
|
|
— |
|
|
(329) |
|
|
374,671 |
|
| January 2027 Notes |
|
January 15, 2027 |
|
300,000 |
|
|
300,000 |
|
|
— |
|
|
(1,237) |
|
|
298,763 |
|
March 2028 Notes(3) |
|
March 15, 2028 |
|
650,000 |
|
|
650,000 |
|
|
— |
|
|
(6,977) |
|
|
650,515 |
|
| September 2028 Notes |
|
September 27, 2028 |
|
75,000 |
|
|
75,000 |
|
|
— |
|
|
(450) |
|
|
74,550 |
|
April 2029 Notes(3) |
|
April 4, 2029 |
|
700,000 |
|
|
700,000 |
|
|
— |
|
|
(10,729) |
|
|
698,743 |
|
January 2031 Notes(3) |
|
January 23, 2031 |
|
400,000 |
|
|
400,000 |
|
|
— |
|
|
(8,585) |
|
|
390,480 |
|
| Total Debt |
|
|
|
$ |
8,790,000 |
|
|
$ |
6,974,500 |
|
|
$ |
1,288,849 |
|
|
$ |
(86,197) |
|
|
$ |
6,904,332 |
|
_______________
(1)The amount available reflects any limitations related to each credit facility’s borrowing base.
(2)The amount available is reduced by $3.0 million of outstanding letters of credit.
(3)Net carrying value is inclusive of change in fair market value of effective hedge.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
| ($ in thousands) |
|
Maturity Date |
|
Aggregate Principal Committed |
|
Outstanding Principal |
|
Amount Available(1) |
|
Unamortized Debt Issuance Costs |
|
Net Carrying Value |
| Revolving Credit Facility |
|
December 20, 2029 |
|
$ |
2,675,000 |
|
|
$ |
1,480,000 |
|
|
$ |
1,191,983 |
|
|
$ |
(23,718) |
|
|
$ |
1,456,282 |
|
| SPV Asset Facility I |
|
October 30, 2035 |
|
700,000 |
|
|
700,000 |
|
|
— |
|
|
(8,398) |
|
|
691,602 |
|
| SPV Asset Facility II |
|
November 16, 2030 |
|
400,000 |
|
|
325,000 |
|
|
75,000 |
|
|
(4,536) |
|
|
320,464 |
|
| SPV Asset Facility III |
|
December 11, 2035 |
|
1,100,000 |
|
|
624,500 |
|
|
64,924 |
|
|
(11,413) |
|
|
613,087 |
|
| SPV Asset Facility IV |
|
October 30, 2030 |
|
500,000 |
|
|
200,000 |
|
|
116,062 |
|
|
(5,654) |
|
|
194,346 |
|
| Athena CLO II |
|
January 18, 2039 |
|
375,000 |
|
|
375,000 |
|
|
— |
|
|
(3,932) |
|
|
371,068 |
|
| Athena CLO IV |
|
July 20, 2037 |
|
240,000 |
|
|
240,000 |
|
|
— |
|
|
(2,346) |
|
|
237,654 |
|
| Athena CLO V |
|
October 15, 2038 |
|
300,000 |
|
|
300,000 |
|
|
— |
|
|
(1,928) |
|
|
298,072 |
|
| June 2026 Notes |
|
June 17, 2026 |
|
375,000 |
|
|
375,000 |
|
|
— |
|
|
(713) |
|
|
374,287 |
|
| January 2027 Notes |
|
January 15, 2027 |
|
300,000 |
|
|
300,000 |
|
|
— |
|
|
(1,621) |
|
|
298,379 |
|
| March 2028 Notes |
|
March 15, 2028 |
|
650,000 |
|
|
650,000 |
|
|
— |
|
|
(7,811) |
|
|
654,890 |
|
| September 2028 Notes |
|
September 27, 2028 |
|
75,000 |
|
|
75,000 |
|
|
— |
|
|
(495) |
|
|
74,505 |
|
| April 2029 Notes |
|
April 4, 2029 |
|
700,000 |
|
|
700,000 |
|
|
— |
|
|
(11,558) |
|
|
703,564 |
|
| Total Debt |
|
|
|
$ |
8,390,000 |
|
|
$ |
6,344,500 |
|
|
$ |
1,447,969 |
|
|
$ |
(84,123) |
|
|
$ |
6,288,200 |
|
_______________
(1)The amount available reflects any limitations related to each credit facility's borrowing base.
(2)The amount available is reduced by $3.0 million of outstanding letters of credit.
(3)Net carrying value is inclusive of change in fair market value of effective hedge.
The table below presents the components of interest expense for the following periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
| ($ in thousands) |
2026 |
|
2025 |
|
|
|
|
| Interest expense |
$ |
95,688 |
|
|
$ |
47,704 |
|
|
|
|
|
| Amortization of debt issuance costs, net |
8,005 |
|
|
3,514 |
|
|
|
|
|
Net change in unrealized (gain) loss on effective interest rate swaps and hedged items included in interest expense(1) |
132 |
|
|
468 |
|
|
|
|
|
| Total Interest Expense |
$ |
103,825 |
|
|
$ |
51,686 |
|
|
|
|
|
| Average interest rate |
5.7 |
% |
|
5.7 |
% |
|
|
|
|
| Average daily borrowings |
$ |
6,760,444 |
|
|
$ |
3,370,156 |
|
|
|
|
|
_______________
(1)Refer to “Note 5 — Debt” to our consolidated financial statements included in this Quarterly Report for details on each facility’s interest rate swap.
Senior Securities
The table below presents information about our senior securities as of the following periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class and Period |
|
Total Amount Outstanding Exclusive of Treasury Securities(1)
($ in millions)
|
|
Asset Coverage per Unit(2) |
|
Involuntary Liquidating Preference per Unit(3) |
|
Average Market Value per Unit(4) |
|
|
|
| Revolving Credit Facility |
|
|
|
|
|
|
|
|
|
|
|
| March 31, 2026 (Unaudited) |
|
$ |
1,640.0 |
|
|
$ |
2,081.8 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2025 |
|
1,480.0 |
|
|
2,259.2 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2024 |
|
313.0 |
|
|
2,200.6 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2023 |
|
343.4 |
|
|
2,165.0 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2022 |
|
705.9 |
|
|
2,057.3 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2021 |
|
650.8 |
|
|
2,309.9 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2020 |
|
68.3 |
|
|
1,905.6 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2019 |
|
185.0 |
|
|
1,934.6 |
|
|
— |
|
|
N/A |
|
|
|
Subscription Credit Facility(5) |
|
|
|
|
|
|
|
|
|
|
|
| December 31, 2021 |
|
$ |
— |
|
|
$ |
2,309.9 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2020 |
|
105.8 |
|
|
1,905.6 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2019 |
|
645.7 |
|
|
1,934.6 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2018 |
|
300.0 |
|
|
1,954.6 |
|
|
— |
|
|
N/A |
|
|
|
| SPV Asset Facility I |
|
|
|
|
|
|
|
|
|
|
|
| March 31, 2026 (Unaudited) |
|
$ |
700.0 |
|
|
$ |
2,081.8 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2025 |
|
700.0 |
|
|
2,259.2 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2024 |
|
600.0 |
|
|
2,200.6 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2023 |
|
600.0 |
|
|
2,165.0 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2022 |
|
450.0 |
|
|
2,057.3 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2021 |
|
290.0 |
|
|
2,309.9 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2020 |
|
290.0 |
|
|
1,905.6 |
|
|
— |
|
|
N/A |
|
|
|
| SPV Asset Facility II |
|
|
|
|
|
|
|
|
|
|
|
| March 31, 2026 (Unaudited) |
|
$ |
325.0 |
|
|
$ |
2,081.8 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2025 |
|
325.0 |
|
|
2,259.2 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2024 |
|
300.0 |
|
|
2,200.6 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2023 |
|
300.0 |
|
|
2,165.0 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2022 |
|
300.0 |
|
|
2,057.3 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2021 |
|
— |
|
|
2,309.9 |
|
|
— |
|
|
N/A |
|
|
|
| SPV Asset Facility III |
|
|
|
|
|
|
|
|
|
|
|
| March 31, 2026 (Unaudited) |
|
$ |
624.5 |
|
|
$ |
2,081.8 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2025 |
|
624.5 |
|
|
2,259.2 |
|
|
— |
|
|
N/A |
|
|
|
| SPV Asset Facility IV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class and Period |
|
Total Amount Outstanding Exclusive of Treasury Securities(1)
($ in millions)
|
|
Asset Coverage per Unit(2) |
|
Involuntary Liquidating Preference per Unit(3) |
|
Average Market Value per Unit(4) |
|
|
|
| March 31, 2026 (Unaudited) |
|
$ |
270.0 |
|
|
$ |
2,081.8 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2025 |
|
200.0 |
|
|
2,259.2 |
|
|
— |
|
|
N/A |
|
|
|
CLO 2020-1(7) |
|
|
|
|
|
|
|
|
|
|
|
| December 31, 2025 |
|
$ |
— |
|
|
$ |
2,259.2 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2024 |
|
204.0 |
|
|
2,200.6 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2023 |
|
204.0 |
|
|
2,165.0 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2022 |
|
200.0 |
|
|
2,057.3 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2021 |
|
200.0 |
|
|
2,309.9 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2020 |
|
200.0 |
|
|
1,905.6 |
|
|
— |
|
|
N/A |
|
|
|
| Athena CLO II |
|
|
|
|
|
|
|
|
|
|
|
| March 31, 2026 (Unaudited) |
|
$ |
375.0 |
|
|
$ |
2,081.8 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2025 |
|
375.0 |
|
|
2,259.2 |
|
|
— |
|
|
N/A |
|
|
|
| Athena CLO IV |
|
|
|
|
|
|
|
|
|
|
|
| March 31, 2026 (Unaudited) |
|
$ |
240.0 |
|
|
$ |
2,081.8 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2025 |
|
240.0 |
|
|
2,259.2 |
|
|
— |
|
|
N/A |
|
|
|
| Athena CLO V |
|
|
|
|
|
|
|
|
|
|
|
| March 31, 2026 (Unaudited) |
|
$ |
300.0 |
|
|
$ |
2,081.8 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2025 |
|
300.0 |
|
|
2,259.2 |
|
|
— |
|
|
N/A |
|
|
|
June 2025 Notes(6) |
|
|
|
|
|
|
|
|
|
|
|
| December 31, 2025 |
|
$ |
— |
|
|
$ |
2,259.2 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2024 |
|
210.0 |
|
|
2,200.6 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2023 |
|
210.0 |
|
|
2,165.0 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2022 |
|
210.0 |
|
|
2,057.3 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2021 |
|
210.0 |
|
|
2,309.9 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2020 |
|
210.0 |
|
|
1,905.6 |
|
|
— |
|
|
N/A |
|
|
|
December 2025 Notes(8) |
|
|
|
|
|
|
|
|
|
|
|
| March 31, 2026 (Unaudited) |
|
$ |
— |
|
|
$ |
2,081.8 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2025 |
|
— |
|
|
2,259.2 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2024 |
|
650.0 |
|
|
2,200.6 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2023 |
|
650.0 |
|
|
2,165.0 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2022 |
|
650.0 |
|
|
2,057.3 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2021 |
|
650.0 |
|
|
2,309.9 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2020 |
|
400.0 |
|
|
1,905.6 |
|
|
— |
|
|
N/A |
|
|
|
| June 2026 Notes |
|
|
|
|
|
|
|
|
|
|
|
| March 31, 2026 (Unaudited) |
|
$ |
375.0 |
|
|
$ |
2,081.8 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2025 |
|
375.0 |
|
|
2,259.2 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2024 |
|
375.0 |
|
|
2,200.6 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2023 |
|
375.0 |
|
|
2,165.0 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2022 |
|
375.0 |
|
|
2,057.3 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2021 |
|
375.0 |
|
|
2,309.9 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2020 |
|
375.0 |
|
|
1,905.6 |
|
|
— |
|
|
N/A |
|
|
|
| January 2027 Notes |
|
|
|
|
|
|
|
|
|
|
|
| March 31, 2026 (Unaudited) |
|
$ |
300.0 |
|
|
$ |
2,081.8 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2025 |
|
300.0 |
|
|
2,259.2 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2024 |
|
300.0 |
|
|
2,200.6 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2023 |
|
300.0 |
|
|
2,165.0 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2022 |
|
300.0 |
|
|
2,057.3 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2021 |
|
300.0 |
|
|
2,309.9 |
|
|
— |
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class and Period |
|
Total Amount Outstanding Exclusive of Treasury Securities(1)
($ in millions)
|
|
Asset Coverage per Unit(2) |
|
Involuntary Liquidating Preference per Unit(3) |
|
Average Market Value per Unit(4) |
|
|
|
| March 2028 Notes |
|
|
|
|
|
|
|
|
|
|
|
| March 31, 2026 (Unaudited) |
|
$ |
650.0 |
|
|
$ |
2,081.8 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2025 |
|
650.0 |
|
|
2,259.2 |
|
|
— |
|
|
N/A |
|
|
|
| September 2028 Notes |
|
|
|
|
|
|
|
|
|
|
|
| March 31, 2026 (Unaudited) |
|
$ |
75.0 |
|
|
$ |
2,081.8 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2025 |
|
75.0 |
|
|
2,259.2 |
|
|
— |
|
|
N/A |
|
|
|
| April 2029 Notes |
|
|
|
|
|
|
|
|
|
|
|
| March 31, 2026 (Unaudited) |
|
$ |
700.0 |
|
|
$ |
2,081.8 |
|
|
— |
|
|
N/A |
|
|
|
| December 31, 2025 |
|
700.0 |
|
|
2,259.2 |
|
|
— |
|
|
N/A |
|
|
|
| January 2031 Notes |
|
|
|
|
|
|
|
|
|
|
|
| March 31, 2026 (Unaudited) |
|
$ |
400.0 |
|
|
$ |
2,081.8 |
|
|
— |
|
|
N/A |
|
|
|
_______________
(1)Total amount of each class of senior securities outstanding at the end of the period presented.
(2)Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.
(3)The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. The “—” in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.
(4)Not applicable because the senior securities are not registered for public trading.
(5)Facility was terminated in 2021.
(6)On May 30, 2025, we redeemed in full all $210,000,000 in aggregate principal amount of the June 2025 Notes at 100% of their principal amount, plus the accrued interest thereon through, but excluding, May 30, 2025.
(7)On October 15, 2025, we redeemed in full all $204,000,000 in aggregate principal amount of CLO 2020-1 at 100% of its principal amount, plus the accrued interest thereon through, but excluding, October 15, 2025.
(8)On November 14, 2025, we redeemed in full all $650,000,000 in aggregate principal amount of the December 2025 Notes at 100% of their principal amount, plus the accrued interest thereon through, but excluding, November 14, 2025.
Off-Balance Sheet Arrangements
Portfolio Company Commitments
From time to time, we may enter into commitments to fund investments in the form of revolving credit, delayed draw, or equity commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. We had the following outstanding commitments as of the following periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ($ in thousands) |
|
As of March 31, 2026 |
|
As of December 31, 2025 |
| Revolving loan commitments |
|
$ |
845,487 |
|
|
$ |
797,118 |
|
| Delayed draw loan commitments |
|
1,059,515 |
|
|
947,440 |
|
| Debt commitments |
|
$ |
1,905,002 |
|
|
$ |
1,744,558 |
|
|
|
|
|
|
| Specialty finance equity commitments |
|
$ |
86,126 |
|
|
$ |
41,900 |
|
| Common equity commitments |
|
6,988 |
|
|
8,113 |
|
| Equity commitments |
|
93,114 |
|
|
50,013 |
|
|
|
|
|
|
| Total Unfunded Commitments |
|
$ |
1,998,116 |
|
|
$ |
1,794,571 |
|
We seek to carefully consider our unfunded portfolio company commitments for the purpose of planning our ongoing financial leverage. Further, we consider any outstanding unfunded portfolio company commitments we are required to fund within the 150% asset coverage limitation. As of March 31, 2026, we believed we had adequate financial resources to satisfy the unfunded portfolio company commitments.
Other Commitments and Contingencies
Refer to “Note 9 — Net Assets” to our consolidated financial statements included in this Quarterly Report for details on the Company’s stock repurchase programs.
From time to time, we may become a party to certain legal proceedings incidental to the normal course of our business. At March 31, 2026, management were not aware of any material pending or threatened litigation that would require accounting recognition or financial statement disclosure.
Related-Party Transactions
We have entered into a number of business relationships with affiliated or related parties, including the following:
•the Investment Advisory Agreement;
•the Administration Agreement; and
•the License Agreement.
In addition to the aforementioned agreements, we, our Adviser and certain of our Adviser’s affiliates have been granted exemptive relief by the SEC to co-invest with other funds managed by the Adviser or certain affiliates, in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors.
Additionally, we invest in Credit SLF and Blue Owl Leasing, controlled affiliated investments, and Amergin, BOCSO, Fifth Season, LSI Financing DAC, and LSI Financing LLC, which are non-controlled affiliated investments, as defined in the 1940 Act.
See “Note 3 —Agreements and Related Party Transactions” to our consolidated financial statements included in this Quarterly Report for further details.
Critical Accounting Policies
The preparation of the consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting policies should be read in connection with our risk factors as described in our Form 10-K for the fiscal year ended December 31, 2025, in “ITEM 1A. RISK FACTORS.”
Investments at Fair Value
Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.
Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Pursuant to Rule 2a-5, the Board designated the Adviser as our valuation designee to perform fair value determinations relating to the value of assets held by us for which market quotations are not readily available.
Investments for which market quotations are readily available are typically valued at the average bid price of those market quotations. To validate market quotations, we utilize a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available, as is the case for substantially all of our investments, are valued at fair value as determined in good faith by our Adviser, as the valuation designee, based on, among other things, the input of independent third-party valuation firm(s) engaged at the direction of our Adviser.
As part of the valuation process, our Adviser, as the valuation designee, takes into account relevant factors in determining the fair value of our investments, including: the estimated enterprise value of a portfolio company (i.e., the total fair value of the portfolio company’s debt and equity), the nature and realizable value of any collateral, the portfolio company’s ability to make payments based on its earnings and cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company’s securities to any similar publicly traded securities, and overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Adviser, as the valuation designee, considers whether the pricing indicated by the external event corroborates its valuation.
Our Adviser, as the valuation designee, undertakes a multi-step valuation process, which includes, among other procedures, the following:
•With respect to investments for which market quotations are readily available, those investments will typically be valued at the average bid price of those market quotations;
•With respect to investments for which market quotations are not readily available, the valuation process begins with the independent valuation firm(s) providing a preliminary valuation of each investment to the Adviser’s valuation committee;
•Preliminary valuation conclusions are documented and discussed with the Adviser’s valuation committee;
•Our Adviser, as the valuation designee, reviews the recommended valuations and determines the fair value of each investment;
•Each quarter, our Adviser, as the valuation designee, provides the Audit Committee a summary or description of material fair value matters that occurred in the prior quarter and on an annual basis, our Adviser, as the valuation designee, will provide the Audit Committee with a written assessment of the adequacy and effectiveness of its fair value process; and
•The Audit Committee oversees the valuation designee and will report to the Board on any valuation matters requiring the Board’s attention.
We conduct this valuation process on a quarterly basis.
We apply Financial Accounting Standards Board Accounting Standards Codification 820, Fair Value Measurements (“ASC 820”), as amended, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. ASC 820 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, we consider its principal market to be the market that has the greatest volume and level of activity. ASC 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance with ASC 820, these levels are summarized below:
•Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access.
•Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
•Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.
Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfer occurred. In addition to using the above inputs in investment valuations, we apply the valuation policy approved by our Board that is consistent with ASC 820. Consistent with the valuation policy, our Adviser, as the valuation designee, evaluates the source of the inputs, including any markets in which our investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When an investment is valued based on prices provided by reputable dealers or pricing services (that is, broker quotes), our Adviser, as the valuation designee, subjects those prices to various criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment. For example, our Adviser, as the valuation designee, or the independent valuation firm(s), review pricing support provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs.
We apply the practical expedient provided by the ASC Topic 820 relating to investments in certain entities that calculate net asset value per share (or its equivalent). ASC Topic 820 permits an entity holding investments in certain entities that either are investment companies, or have attributes similar to an investment company, and calculate net asset value (“NAV”) per share or its equivalent for which the fair value is not readily determinable, to measure the fair value of such investments on the basis of that NAV per share, or its equivalent, without adjustment. Investments which are valued using NAV per share as a practical expedient are not categorized within the fair value hierarchy as per ASC Topic 820.
Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If we were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material.
In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein.
Financial and Derivative Instruments
Rule 18f-4 requires BDCs that use derivatives to, among other things, comply with a value-at-risk leverage limit, adopt a derivatives risk management program, and implement certain testing and board reporting procedures. Rule 18f-4 exempts BDCs that qualify as “limited derivatives users” from the aforementioned requirements, provided that these BDCs adopt written policies and procedures that are reasonably designed to manage the BDC’s derivatives risks and comply with certain recordkeeping requirements. Rule 18f-4 provides that a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. Pursuant to Rule 18f-4, when we trade reverse repurchase agreements or similar financing transactions, including certain tender option bonds, we need to aggregate the amount of any other senior securities representing indebtedness (e.g., bank borrowings, if applicable) when calculating our asset coverage ratio. We currently qualify as a “limited derivatives user” and expect to continue to do so. We adopted a derivatives policy and comply with Rule 18f-4’s recordkeeping requirements.
Interest and Dividend Income Recognition
Interest income is recorded on the accrual basis and includes amortization and accretion of discounts or premiums. Certain investments may have contractual PIK interest or dividends, the majority of which is structured at initial underwriting. PIK interest and dividends represent accrued interest or dividends that are added to the principal amount or liquidation amount of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally become due at maturity or at the occurrence of a liquidation event. Discounts and premiums to par value on securities purchased are amortized into interest income over the contractual life of the respective security using the effective yield method. The amortized cost of investments represents the original cost adjusted for the amortization and accretion of discounts or premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.
Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. If, at any point, we believe PIK interest is not expected to be realized, the investment generating PIK interest will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are generally reversed through interest income. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.
Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.
Distributions
We have elected to be treated for U.S. federal income tax purposes, and qualify annually thereafter, as a RIC under subchapter M of the Code. To maintain our tax treatment as a RIC, we must timely distribute (or be deemed to distribute) in each taxable year to our shareholders at least the sum of:
•90% of our investment company taxable income (which is generally our ordinary income plus the excess of realized short-term capital gains over realized net long-term capital losses), determined without regard to the deduction for dividends paid, for such taxable year; and
•90% of our net tax-exempt interest income (which is the excess of our gross tax-exempt interest income over certain disallowed deductions) for such taxable year.
As a RIC, we (but not our shareholders) generally will not be subject to U.S. federal tax on investment company taxable income and net capital gains that we distribute to our shareholders.
We intend to distribute annually all or substantially all of such income. To the extent that we retain our net capital gains or any investment company taxable income, we generally will be subject to U.S. federal income tax at corporate rates. We can be expected to carry forward our net capital gains or any investment company taxable income in excess of current year dividend distributions, and pay the U.S. federal excise tax as described below.
Amounts not distributed on a timely basis in accordance with a calendar year distribution requirement are subject to a nondeductible 4% U.S. federal excise tax payable by us. We may be subject to a nondeductible 4% U.S. federal excise tax if we do not distribute (or are treated as distributing) during each calendar year an amount at least equal to the sum of:
•98% of our net ordinary income excluding certain ordinary gains or losses for that calendar year;
•98.2% of our capital gain net income, adjusted for certain ordinary gains and losses, recognized for the twelve-month period ending on October 31 of that calendar year; and
•certain undistributed amounts from previous years in which we paid no U.S. federal income tax.
While we intend to distribute any income and capital gains in the manner necessary to minimize imposition of the 4% U.S. federal excise tax, sufficient amounts of our taxable income and capital gains may not be distributed and as a result, in such cases, the excise tax will be imposed. In such an event, we will be liable for this tax only on the amount by which we do not meet the foregoing distribution requirement.
We intend to pay quarterly distributions to our shareholders out of assets legally available for distribution. All distributions will be paid at the discretion of our Board and will depend on our earnings, financial condition, maintenance of our tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as our Board may deem relevant from time to time.
To the extent our current taxable earnings for a year fall below the total amount of our distributions for that year, a portion of those distributions may be deemed a return of capital to our shareholders for U.S. federal income tax purposes. Thus, the source of a distribution to our shareholders may be the original capital invested by the shareholder rather than our income or gains. Shareholders should read written disclosure carefully and should not assume that the source of any distribution is our ordinary income or gains.
We have adopted an “opt out” dividend reinvestment plan for our common shareholders. As a result, if we declare a cash dividend or other distribution, each shareholder that has not “opted out” of our dividend reinvestment plan will have their dividends or distributions automatically reinvested in additional shares of our common stock rather than receiving cash distributions. Shareholders who receive distributions in the form of shares of common stock will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.
Income Taxes
We have elected to be treated as a BDC under the 1940 Act. We have also elected to be treated as a RIC under the Code beginning with the taxable year ending December 31, 2018 and intend to continue to qualify as a RIC. So long as we maintain our tax treatment as a RIC, we generally will not pay U.S. federal income taxes on any ordinary income or capital gains that we distribute at least annually to our shareholders as dividends. Instead, any tax liability related to income earned and distributed by us represents obligations of our investors and will not be reflected in our consolidated financial statements. However, we will be subject to U.S. federal income tax imposed at corporate rates on any income, including capital gains, not distributed (or deemed distributed) to our stockholders.
To qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, we generally must distribute to our shareholders, for each taxable year, at least (i) 90% of our “investment company taxable income” for that year, which is generally our net ordinary income plus the excess, if any, of our realized net short-term capital gains over our realized net long-term capital losses and (ii) our net tax-exempt income. In order for us not to be subject to U.S. federal excise taxes, we must distribute annually an amount at least equal to the sum of (i) 98% of our net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of our capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (iii) certain undistributed amounts from previous years on which we paid no U.S. federal income tax. We, at our discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income.
Certain of our consolidated subsidiaries are subject to U.S. federal and state income taxes imposed at corporate rates.
We evaluate tax positions taken or expected to be taken in the course of preparing our consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. There were no material uncertain tax positions through December 31, 2025. As applicable, our prior three tax years remain subject to examination by U.S. federal, state and local tax authorities.
Recent Developments
We have evaluated subsequent events through the date of issuance of these consolidated financial statements and determined there are no subsequent events to disclose except for the following:
Dividend
On May 5, 2026, the Board approved a second quarter dividend of $0.35 per share for stockholders of record as of June 30, 2026, payable on or before July 15, 2026.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
We are subject to financial market risks, including valuation risk, interest rate risk, currency risk, credit risk and inflation risk. Uncertainty with respect to the imposition of tariffs on and trade disputes with certain countries, the fluctuations in global interest rates, the ongoing war between Russia and Ukraine, continued political unrest in various countries such as Venezuela, the conflicts in the Middle East and North Africa regions, a prolonged government shutdown and concerns over future increases in inflation or adverse investor sentiment generally, introduced significant volatility in the financial markets, and the effects of this volatility has materially impacted and could continue to materially impact our market risks, including those listed below.
Valuation Risk
We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of private companies. Most of our investments will not have a readily available market price, and therefore, we will value these investments at fair value as determined in good faith by the Adviser, as our valuation designee, based on, among other things, the input of the independent third-party valuation firm(s) engaged at the direction of the Adviser, as our valuation designee, and in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material. The independent third-party valuation firm(s) engaged at the discretion of the Adviser and its affiliates are full service financial institutions engaged in a variety of activities and from time to time we may receive or provide additional services to or from such independent third-party valuation firm(s).
Interest Rate Risk
Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. We intend to fund portions of our investments with borrowings, and at such time, our net investment income will be affected by the difference between the rate at which we invest and the rate at which we borrow. Accordingly, we cannot assure you that a significant change in market interest rates will not have a material adverse effect on our net investment income.
In a low interest rate environment, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net income and potentially adversely affecting our operating results. Conversely, in a rising interest rate environment, such difference could potentially increase thereby increasing our net income as indicated per the table below.
As of March 31, 2026, 96.1% of our debt investments based on fair value were floating rates. Additionally, the weighted average floating rate floor, based on fair value, of our debt investments was 0.7%. The Revolving Credit Facility and our special purpose vehicle asset credit facilities bear interest at variable interest rates with a floor of 0%. Our unsecured notes bear interest at fixed rates. The March 2028, April 2029 and January 2031 Notes are hedged against interest rate swap instruments. All of our CLOs bear interest at variables rates with a floor of 0%, except for Athena CLO IV, which bears interest at fixed and variable rates with a floor of 0%.
Based on our Consolidated Statements of Assets and Liabilities as of March 31, 2026, the following table shows the annualized impact on net income of hypothetical base rate changes in interest rates on our debt investments (considering interest rate floors for floating rate instruments) assuming each floating rate investment is subject to 3-month reference rate and there are no changes in our investment and borrowing structure:
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| ($ in thousands) |
Interest Income |
|
Interest Expense(1) |
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Net Income (2) |
| Up 300 basis points |
$ |
356,318 |
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$ |
186,735 |
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$ |
169,583 |
|
| Up 200 basis points |
237,546 |
|
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124,490 |
|
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113,056 |
|
| Up 100 basis points |
118,773 |
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62,245 |
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56,528 |
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| Down 100 basis points |
(118,773) |
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(62,245) |
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(56,528) |
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| Down 200 basis points |
(236,573) |
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(124,490) |
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(112,083) |
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| Down 300 basis points |
(338,675) |
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(186,735) |
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(151,940) |
|
_______________
(1)Includes the impact of our interest rate swaps as a result of interest rate changes.
(2)Excludes the impact of income based fees. See “Note 3 — Agreements and Related Party Transactions” to our consolidated financial statements included in this Quarterly Report for more information on the income based fees.
We may hedge against interest rate fluctuations by using hedging instruments such as additional interest rate swaps, futures, options, and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions, such as interest rate swap agreements, may also limit our ability to participate in the benefits of lower interest rates.
Currency Risk
From time to time, we may make investments that are denominated in a foreign currency, borrow in certain foreign currencies under our credit facilities or issue notes in certain foreign currencies. These investments, borrowings and issuances are translated into U.S. dollars at each balance sheet date, exposing us to movements in foreign exchange rates. We may employ hedging techniques to minimize these risks, but we cannot assure you that such strategies will be effective or without risk to us. We may seek to utilize instruments such as, but not limited to, forward contracts or cross currency swaps to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates. Instead of entering into a foreign currency forward contract in connection with loans or other investments denominated in a foreign currency, we may borrow in that currency to establish a natural hedge against our loan, or investment. To the extent the loan, issuance or investment is based on a floating rate other than a rate under which we can borrow under our credit facilities, we may utilize interest rate derivatives to hedge our exposure to changes in the associated rate.
Credit Risk
We generally endeavor to minimize our risk of exposure by limiting to reputable financial institutions the counterparties with which we enter into financial transactions. As of March 31, 2026 and December 31, 2025, we held the majority of our cash balances with a single highly rated money center bank and such balances are in excess of Federal Deposit Insurance Corporation insured limits. We seek to mitigate this exposure by monitoring the credit standing of these financial institutions.
Inflation Risk
Inflation is likely to continue in the near to medium-term, particularly in the United States, with the possibility that monetary policy may continue to tighten in response. Persistent inflationary pressures could affect our portfolio companies’ profit margins.
Item 4. Controls and Procedures.
(a)Evaluation of Disclosure Controls and Procedures
In accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q and determined that our disclosure controls and procedures are effective as of the end of the period covered by the Quarterly Report on Form 10-Q.
(b) Changes in Internal Controls Over Financial Reporting
There have been no changes in our internal control over financial reporting that occurred during the quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
Neither we nor the Adviser are currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceeding threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us. While the outcome of any such future legal or regulatory proceedings cannot be predicted with certainty, we do not expect that any such future proceedings will have a material effect upon our financial condition or results of operations.
Item 1A. Risk Factors
In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in Part I, “ITEM 1A. RISK FACTORS” in our annual report on Form 10-K for the fiscal year ended December 31, 2025, which could materially affect our business, financial condition and/or operating results. The risks described in our annual report on Form 10-K for the fiscal year ended December 31, 2025, are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
For the quarter ended March 31, 2026, other than the share issues pursuant to our dividend reinvestment plan, we did not sell any unregistered equity securities, except as previously disclosed in certain Current Reports on Form 8-K filed with the SEC.
For the quarter ended March 31, 2026, pursuant to our dividend reinvestment plan, we issued 1,282,368 shares of our common stock in the open market, at a weighted average price of $14.43 per share, for distribution to stockholders of record as of December 31, 2025 and December 23, 2025, for the fourth quarter dividend, that did not opt out of our dividend reinvestment plan in order to satisfy the reinvestment portion of our dividends.
For the three months ended March 31, 2026, repurchases under the 2026 Stock Repurchase Program were as follows:
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Period
($ in thousands, except share and per share amounts)
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Total Number of Shares Repurchased |
|
Average Price Paid per Share |
|
Approximate Dollar Value of Shares that have been Purchased Under the Plans |
|
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan |
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| February 1, 2026 to February 28, 2026 |
|
651,123 |
|
$ |
11.32 |
|
$ |
7,373 |
|
$ |
292,627 |
| March 1, 2026 to March 31, 2026 |
|
3,555,175 |
|
12.04 |
|
42,811 |
|
249,816 |
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4,206,298 |
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$ |
50,184 |
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|
Refer to “Note 9 — Net Assets” to our consolidated financial statements included in this Quarterly Report for additional details.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
Rule 10b5-1 Trading Plans
During the fiscal quarter ended March 31, 2026, none of the Company’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”
Item 6. Exhibits.
The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:
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Exhibit
Number
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Description of Exhibits |
| 3.1 |
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| 3.2 |
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| 21.1* |
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| 31.1* |
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| 31.2* |
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| 32.1** |
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| 32.2** |
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| 99.1* |
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99.2* |
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| 101.INS |
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Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document |
| 101.SCH |
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Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL |
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Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF |
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Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB |
|
Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE |
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Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
____________________
*Filed herein
**Furnished herein.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
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Blue Owl Technology Finance Corp. |
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Date: May 6, 2026 |
By: |
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/s/ Craig W. Packer |
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Craig W. Packer |
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Chief Executive Officer |
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Blue Owl Technology Finance Corp. |
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Date: May 6, 2026 |
By: |
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/s/ Jonathan Lamm |
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Jonathan Lamm |
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Chief Operating Officer and Chief Financial Officer |
EX-21.1
2
otfex211-subsidiarylistx03.htm
EX-21.1
Document
Exhibit 21.1
SUBSIDIARIES OF BLUE OWL TECHNOLOGY FINANCE CORP.
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| Name |
Jurisdiction |
| OR TECH LENDING LLC |
DELAWARE |
| OR TECH FINANCING I LLC |
DELAWARE |
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| ORTF FUNDING I LLC |
DELAWARE |
| ORT KB LLC |
DELAWARE |
| ORTF AAM RH LLC |
DELAWARE |
| ORTF AAM LLC |
DELAWARE |
| ORTF FSI LLC |
DELAWARE |
| ORTF BC 4 LLC |
DELAWARE |
| ORTF BC 5 LLC |
DELAWARE |
| ORTF BC 6 LLC |
DELAWARE |
| OTF BC 7 LLC |
DELAWARE |
| OTF BC 8 LLC |
DELAWARE |
| OTF BC 9 LLC |
DELAWARE |
| OTF BC 10 LLC |
DELAWARE |
| OTF BC 11 LLC |
DELAWARE |
| OR TECH LENDING II LLC |
DELAWARE |
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| ORTF II BC 2 LLC |
DELAWARE |
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| ORTF II BC 5 LLC |
DELAWARE |
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| ATHENA FUNDING I LLC |
DELAWARE |
| ATHENA FUNDING II LLC |
DELAWARE |
| ATHENA FUNDING III LLC |
DELAWARE |
| ATHENA CLO II LLC |
DELAWARE |
| ATHENA CLO IV LLC |
DELAWARE |
| ATHENA CLO V LLC |
DELAWARE |
EX-31.1
3
otfexhibit311-03312026.htm
EX-31.1
Document
Exhibit 31.1
CERTIFICATION PURSUANT TO
RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Craig W. Packer, Chief Executive Officer of Blue Owl Technology Finance Corp., certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of Blue Owl Technology Finance Corp. (the “registrant”) for the quarter ended March 31, 2026;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Quarterly Report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this Quarterly Report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Quarterly Report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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Date: May 6, 2026 |
By: |
/s/ Craig W. Packer |
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Craig W. Packer |
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Chief Executive Officer |
EX-31.2
4
otfexhibit312-03312026.htm
EX-31.2
Document
Exhibit 31.2
CERTIFICATION PURSUANT TO
RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Jonathan Lamm, Chief Financial Officer of Blue Owl Technology Finance Corp., certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of Blue Owl Technology Finance Corp. (the “registrant”) for the quarter ended March 31, 2026;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Quarterly Report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this Quarterly Report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Quarterly Report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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Date: May 6, 2026 |
By: |
/s/ Jonathan Lamm |
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Jonathan Lamm |
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Chief Operating Officer and Chief Financial Officer |
EX-32.1
5
otfexhibit321-03312026.htm
EX-32.1
Document
Exhibit 32.1
CERTIFICATION PURSUANT TO
SECTION 1350, CHAPTER 63 OF TITLE 18, UNITED STATES CODE,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as Chief Executive Officer of Blue Owl Technology Finance Corp. (the “Company”), does hereby certify that to the undersigned’s knowledge:
1)the Company’s Form 10-Q for the quarter ended March 31, 2026 fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and
2)the information contained in the Company’s Form 10-Q for the quarter ended March 31, 2026 fairly presents, in all material respects, the financial condition and results of operations of the Company.
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Date: May 6, 2026 |
By: |
/s/ Craig W. Packer |
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Craig W. Packer |
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Chief Executive Officer |
EX-32.2
6
otfexhibit322-03312026.htm
EX-32.2
Document
Exhibit 32.2
CERTIFICATION PURSUANT TO
SECTION 1350, CHAPTER 63 OF TITLE 18, UNITED STATES CODE,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as Chief Financial Officer of Blue Owl Technology Finance Corp. (the “Company”), does hereby certify that to the undersigned’s knowledge:
1)the Company’s Form 10-Q for the quarter ended March 31, 2026 fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and
2)the information contained in the Company’s Form 10-Q for the quarter ended March 31, 2026 fairly presents, in all material respects, the financial condition and results of operations of the Company.
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Date: May 6, 2026 |
By: |
/s/ Jonathan Lamm |
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Jonathan Lamm |
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Chief Operating Officer and Chief Financial Officer |
EX-99.1
7
blueowlcreditslfllc-033120.htm
EX-99.1
Document
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited) as of and for the period ended March 31, 2026
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Statement of Assets and Liabilities
(Amounts in thousands)
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March 31, 2026 |
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December 31, 2025 |
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| Assets |
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|
Investments at fair value (amortized cost of $2,474,449 and $2,350,698, respectively) |
|
$ |
2,417,836 |
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$ |
2,343,367 |
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| Cash |
|
167,235 |
|
|
124,718 |
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|
|
|
|
|
|
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| Receivable due on investments sold |
|
23,608 |
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|
1,803 |
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| Interest receivable |
|
7,557 |
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7,635 |
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|
|
|
|
|
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| Total Assets |
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$ |
2,616,236 |
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$ |
2,477,523 |
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| Liabilities |
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Debt (net of unamortized debt issuance costs of $8,096 and $8,463, respectively) |
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$ |
1,831,178 |
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$ |
1,728,363 |
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| Payable for investments purchased |
|
163,029 |
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94,359 |
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| Interest payable |
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16,980 |
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23,627 |
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| Distribution payable |
|
13,265 |
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15,513 |
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| Accrued expenses and other liabilities |
|
1,629 |
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|
1,592 |
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| Due to advisor |
|
367 |
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— |
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| Total Liabilities |
|
2,026,448 |
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1,863,454 |
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| Members’ Equity |
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| Total Members’ Equity - Class A |
|
589,788 |
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614,069 |
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| Total Members' Equity |
|
589,788 |
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614,069 |
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| Total Liabilities and Members’ Equity |
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$ |
2,616,236 |
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$ |
2,477,523 |
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Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Statement of Operations
(Amounts in thousands)
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For the Three Months Ended March 31, |
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2026 |
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2025 |
| Investment Income |
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| Investment Income |
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$ |
41,005 |
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$ |
23,696 |
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| Total Investment Income |
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$ |
41,005 |
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$ |
23,696 |
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| Operating Expenses |
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| Interest expense |
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$ |
23,814 |
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$ |
13,049 |
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| Professional fees |
|
1,216 |
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|
610 |
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| Total Operating Expenses |
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25,030 |
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13,659 |
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| Net Investment Income (Loss) |
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15,975 |
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10,037 |
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| Net Realized and Change in Unrealized Gain (Loss) |
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| Net change in unrealized gain (loss) on investments |
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(49,283) |
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(16,080) |
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| Net realized gain (loss) on investments |
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(2,708) |
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(23) |
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| Total Net Realized and Change in Unrealized Gain (Loss) on Investments |
|
(51,991) |
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(16,103) |
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| Net Increase (Decrease) in Members' Equity Resulting from Operations |
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$ |
(36,016) |
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$ |
(6,066) |
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| Total Net Increase (Decrease) in Members’ Equity Resulting from Operations - Class A |
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$ |
(36,016) |
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$ |
(6,066) |
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Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Schedule of Investments
As of March 31, 2026
(Amounts in thousands)
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Interest |
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| Company(1)(3)(4) |
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Investment |
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Ref. Rate |
Cash |
PIK |
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Maturity Date |
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Par / Units |
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Amortized Cost(2) |
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Fair Value |
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Percentage of Members’ Equity(10) |
| Debt Investments |
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| Advertising and media |
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| Nexstar Media Inc.(6) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
03/2033 |
|
$ |
11,438 |
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$ |
11,324 |
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$ |
11,300 |
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| Outfront Media Capital LLC(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
09/2032 |
|
3,900 |
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|
3,897 |
|
|
3,902 |
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| Project Boost Purchaser, LLC (dba J.D. Power)(6) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
07/2031 |
|
19,156 |
|
|
19,162 |
|
|
18,436 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34,383 |
|
|
33,638 |
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5.7 |
% |
| Aerospace and defense |
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|
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|
|
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|
|
|
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|
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| Amentum Government Services Holdings LLC(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
09/2031 |
|
3,397 |
|
|
3,392 |
|
|
3,395 |
|
|
|
| American Airlines, Inc.(6) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
01/2027 |
|
651 |
|
|
650 |
|
|
646 |
|
|
|
| American Airlines, Inc.(6) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
02/2028 |
|
360 |
|
|
357 |
|
|
350 |
|
|
|
| American Airlines, Inc.(6) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
05/2032 |
|
3,795 |
|
|
3,795 |
|
|
3,756 |
|
|
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| Arcline FM Holdings LLC(6) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
06/2030 |
|
8,309 |
|
|
8,308 |
|
|
8,311 |
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|
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| Avolon TLB Borrower 1 (US) LLC(5) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
06/2030 |
|
11,286 |
|
|
11,286 |
|
|
11,298 |
|
|
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| Bleriot US Bidco Inc.(6) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
10/2030 |
|
16,739 |
|
|
16,738 |
|
|
16,750 |
|
|
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| Brown Group Holdings, LLC(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
07/2031 |
|
10,479 |
|
|
10,480 |
|
|
10,489 |
|
|
|
| CACI International, Inc.(5) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
02/2033 |
|
7,056 |
|
|
7,039 |
|
|
7,048 |
|
|
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| Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
10/2031 |
|
10,739 |
|
|
10,738 |
|
|
10,735 |
|
|
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| Kaman Corporation(6) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
02/2032 |
|
11,060 |
|
|
11,053 |
|
|
11,058 |
|
|
|
| KBR, Inc(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
01/2031 |
|
987 |
|
|
990 |
|
|
986 |
|
|
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| Mahseer Holdings LLC (dba PennAero)(6)(8) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
03/2033 |
|
11,823 |
|
|
11,764 |
|
|
11,764 |
|
|
|
| Propulsion (BC) Finco S.A.R.L.(6) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
12/2032 |
|
8,059 |
|
|
8,048 |
|
|
8,057 |
|
|
|
| Signia Aerospace LLC(6) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
12/2031 |
|
12,277 |
|
|
12,279 |
|
|
12,293 |
|
|
|
| Transdigm Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
03/2030 |
|
495 |
|
|
495 |
|
|
495 |
|
|
|
| Transdigm Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
01/2032 |
|
9,850 |
|
|
9,833 |
|
|
9,847 |
|
|
|
| Transdigm Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
08/2032 |
|
9,565 |
|
|
9,543 |
|
|
9,563 |
|
|
|
| United Airlines, Inc.(6) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
02/2031 |
|
987 |
|
|
987 |
|
|
983 |
|
|
|
| VSE Corp(6) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
03/2033 |
|
5,483 |
|
|
5,469 |
|
|
5,472 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
143,244 |
|
|
143,296 |
|
|
24.3 |
% |
| Automotive services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Belron Finance US LLC(6) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
10/2031 |
|
7,881 |
|
|
7,881 |
|
|
7,873 |
|
|
|
| Mavis Tire Express Services Topco Corp.(5) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
05/2028 |
|
2,838 |
|
|
2,838 |
|
|
2,833 |
|
|
|
| Mister Car Wash Holdings, Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
03/2031 |
|
676 |
|
|
677 |
|
|
667 |
|
|
|
| Mister Car Wash Holdings, Inc.(6) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
03/2031 |
|
10,306 |
|
|
10,203 |
|
|
10,184 |
|
|
|
| VALVOLINE INC(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
12/2032 |
|
3,410 |
|
|
3,395 |
|
|
3,419 |
|
|
|
| Wand Newco 3, Inc. (dba Caliber )(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
01/2031 |
|
4,683 |
|
|
4,683 |
|
|
4,639 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,677 |
|
|
29,615 |
|
|
5.0 |
% |
| Buildings and real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Advanced Drainage Systems, Inc.(5) |
|
First lien senior secured loan |
|
S + |
1.63 |
% |
— |
% |
|
02/2033 |
|
3,768 |
|
|
3,768 |
|
|
3,780 |
|
|
|
| American Residential Services, LLC(6)(8) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
02/2032 |
|
7,172 |
|
|
7,155 |
|
|
7,136 |
|
|
|
| ARCOSA INC(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
10/2031 |
|
2,292 |
|
|
2,292 |
|
|
2,287 |
|
|
|
| Beacon Roofing Supply, Inc. (dba QXO)(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
04/2032 |
|
10,254 |
|
|
10,254 |
|
|
10,222 |
|
|
|
| Construction Partners, Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
11/2031 |
|
1,975 |
|
|
1,972 |
|
|
1,972 |
|
|
|
| Cushman & Wakefield U.S. Borrower, LLC(5)(8) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
01/2030 |
|
425 |
|
|
425 |
|
|
426 |
|
|
|
| Hunter Douglas Inc(6) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
01/2032 |
|
2,745 |
|
|
2,719 |
|
|
2,730 |
|
|
|
| Knife River Corporation(6) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
03/2032 |
|
1,324 |
|
|
1,321 |
|
|
1,327 |
|
|
|
| MIWD Holdco II LLC(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
03/2031 |
|
911 |
|
|
911 |
|
|
837 |
|
|
|
| Park River Holdings Inc(6) |
|
First lien senior secured loan |
|
S + |
4.50 |
% |
— |
% |
|
03/2031 |
|
10,426 |
|
|
10,284 |
|
|
10,170 |
|
|
|
| Quikrete Holdings, Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
03/2029 |
|
495 |
|
|
492 |
|
|
494 |
|
|
|
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Schedule of Investments
As of March 31, 2026
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
|
| Company(1)(3)(4) |
|
Investment |
|
Ref. Rate |
Cash |
PIK |
|
Maturity Date |
|
Par / Units |
|
Amortized Cost(2) |
|
Fair Value |
|
Percentage of Members’ Equity(10) |
| Quikrete Holdings, Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
02/2032 |
|
7,368 |
|
|
7,356 |
|
|
7,350 |
|
|
|
| Starwood Property Mortgage, L.L.C.(5)(8) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
11/2027 |
|
1,781 |
|
|
1,777 |
|
|
1,776 |
|
|
|
| Starwood Property Mortgage, L.L.C.(5) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
09/2032 |
|
3,858 |
|
|
3,854 |
|
|
3,858 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
54,580 |
|
|
54,365 |
|
|
9.2 |
% |
| Business services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Boxer Parent Company Inc. (f/k/a BMC)(6) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
07/2031 |
|
10,312 |
|
|
10,230 |
|
|
9,535 |
|
|
|
| BrightView Landscapes, LLC(6) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
04/2029 |
|
5,111 |
|
|
5,121 |
|
|
5,090 |
|
|
|
| CCC Intelligent Solutions Inc(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
01/2032 |
|
757 |
|
|
757 |
|
|
751 |
|
|
|
| ConnectWise, LLC(6) |
|
First lien senior secured loan |
|
S + |
3.50 |
% |
— |
% |
|
09/2028 |
|
10,597 |
|
|
10,371 |
|
|
9,758 |
|
|
|
| CoolSys, Inc.(6) |
|
First lien senior secured loan |
|
S + |
6.00 |
% |
— |
% |
|
08/2028 |
|
15,032 |
|
|
14,589 |
|
|
12,429 |
|
|
|
| DYCOM INDUSTRIES INC(5) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
01/2033 |
|
3,659 |
|
|
3,650 |
|
|
3,669 |
|
|
|
| IDEMIA Group SAS(6) |
|
First lien senior secured loan |
|
S + |
4.25 |
% |
— |
% |
|
09/2028 |
|
2,767 |
|
|
2,785 |
|
|
2,737 |
|
|
|
| IGT Holding IV AB (dba IFS)(6)(8) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
09/2031 |
|
5,076 |
|
|
5,070 |
|
|
5,025 |
|
|
|
| Kaseya Inc.(5) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
03/2032 |
|
12,441 |
|
|
12,404 |
|
|
11,586 |
|
|
|
| Madison Safety & Flow LLC(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
09/2031 |
|
1,919 |
|
|
1,919 |
|
|
1,918 |
|
|
|
| MKS Instruments, Inc.(5) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
02/2033 |
|
2,023 |
|
|
2,023 |
|
|
2,023 |
|
|
|
| NVENT ELEC PUB LTD CO (dba Nvent Thermal LLC)(5) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
01/2032 |
|
15,286 |
|
|
15,226 |
|
|
15,254 |
|
|
|
| Ping Identity Holding Corp.(5)(8) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
11/2032 |
|
12,605 |
|
|
12,572 |
|
|
12,447 |
|
|
|
| PINNACLE BUYER, LLC(6) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
10/2032 |
|
17,228 |
|
|
17,190 |
|
|
17,233 |
|
|
|
| Plano HoldCo, Inc. (dba Perficient)(6) |
|
First lien senior secured loan |
|
S + |
3.50 |
% |
— |
% |
|
10/2031 |
|
5,940 |
|
|
5,920 |
|
|
4,752 |
|
|
|
| Plusgrade Inc.(6)(8) |
|
First lien senior secured loan |
|
S + |
3.50 |
% |
— |
% |
|
03/2031 |
|
9,235 |
|
|
9,236 |
|
|
8,866 |
|
|
|
| Pye-Barker Fire & Safety, LLC(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
12/2032 |
|
17,013 |
|
|
16,935 |
|
|
17,029 |
|
|
|
| Red Planet Borrower, LLC (dba Liftoff Mobile)(5) |
|
First lien senior secured loan |
|
S + |
4.00 |
% |
— |
% |
|
08/2032 |
|
16,191 |
|
|
16,040 |
|
|
15,811 |
|
|
|
| Shift4 Payments, LLC(6) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
07/2032 |
|
8,611 |
|
|
8,611 |
|
|
8,584 |
|
|
|
| Tecta America Corp.(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
02/2032 |
|
18,549 |
|
|
18,549 |
|
|
18,462 |
|
|
|
| Vestis Corp(6)(8) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
02/2031 |
|
1,021 |
|
|
983 |
|
|
982 |
|
|
|
| VM Consolidated, Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
10/2032 |
|
3,265 |
|
|
3,258 |
|
|
3,266 |
|
|
|
| XPLOR T1, LLC(6)(8) |
|
First lien senior secured loan |
|
S + |
3.50 |
% |
— |
% |
|
12/2032 |
|
24,683 |
|
|
24,591 |
|
|
22,894 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
218,030 |
|
|
210,101 |
|
|
35.6 |
% |
| Chemicals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC)(6) |
|
First lien senior secured loan |
|
S + |
4.00 |
% |
— |
% |
|
11/2027 |
|
17,286 |
|
|
16,856 |
|
|
16,488 |
|
|
|
| Axalta Coating Systems US Holdings INC(6) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
12/2029 |
|
2,517 |
|
|
2,521 |
|
|
2,518 |
|
|
|
| Derby Buyer LLC (dba Delrin)(5) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
11/2030 |
|
9,897 |
|
|
9,897 |
|
|
9,872 |
|
|
|
| Entegris, Inc.(5) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
07/2029 |
|
533 |
|
|
535 |
|
|
534 |
|
|
|
| FORMULATIONS PARENT CORPORATION (dba Chase Corporation)(6)(8) |
|
First lien senior secured loan |
|
S + |
4.00 |
% |
— |
% |
|
04/2032 |
|
2,347 |
|
|
2,327 |
|
|
2,330 |
|
|
|
| Ineos US Finance LLC(5) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
02/2030 |
|
3,950 |
|
|
3,882 |
|
|
3,430 |
|
|
|
| MSOF BEACON LLC(6) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
12/2032 |
|
11,937 |
|
|
11,907 |
|
|
11,916 |
|
|
|
| Nouryon Finance B.V.(7) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
04/2028 |
|
7,619 |
|
|
7,575 |
|
|
7,458 |
|
|
|
| Windsor Holdings III LLC(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
08/2030 |
|
6,925 |
|
|
6,751 |
|
|
6,813 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
62,251 |
|
|
61,359 |
|
|
10.4 |
% |
| Consumer products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ACP Tara Holdings, Inc. (dba Arcadia)(6) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
12/2032 |
|
15,554 |
|
|
15,525 |
|
|
15,605 |
|
|
|
| ASGN Incorporated(5) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
08/2030 |
|
494 |
|
|
498 |
|
|
493 |
|
|
|
| BEP Intermediate Holdco, LLC (dba Buyers Edge Platform)(5)(8) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
04/2031 |
|
13,228 |
|
|
13,159 |
|
|
13,195 |
|
|
|
| HomeServe USA Holding Corp.(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
10/2030 |
|
5,615 |
|
|
5,607 |
|
|
5,564 |
|
|
|
| Novelis Inc(6) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
03/2032 |
|
4,597 |
|
|
4,597 |
|
|
4,596 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39,386 |
|
|
39,453 |
|
|
6.7 |
% |
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Schedule of Investments
As of March 31, 2026
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
|
| Company(1)(3)(4) |
|
Investment |
|
Ref. Rate |
Cash |
PIK |
|
Maturity Date |
|
Par / Units |
|
Amortized Cost(2) |
|
Fair Value |
|
Percentage of Members’ Equity(10) |
| Containers and packaging |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Berlin Packaging(6) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
06/2031 |
|
7,482 |
|
|
7,468 |
|
|
7,193 |
|
|
|
| Charter NEX US, Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
11/2030 |
|
7,904 |
|
|
7,905 |
|
|
7,848 |
|
|
|
| Clydesdale Acquisition Holdings, Inc. (dba Novolex)(5) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
03/2032 |
|
14,368 |
|
|
14,274 |
|
|
13,384 |
|
|
|
| Graham Packaging Company Inc(5) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
01/2033 |
|
2,955 |
|
|
2,949 |
|
|
2,922 |
|
|
|
| Plastipak Holdings Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
09/2032 |
|
21,928 |
|
|
21,828 |
|
|
21,667 |
|
|
|
| Pregis Topco LLC(5) |
|
First lien senior secured loan |
|
S + |
4.00 |
% |
— |
% |
|
02/2029 |
|
4,849 |
|
|
4,840 |
|
|
4,839 |
|
|
|
| ProAmpac PG Borrower LLC(5) |
|
First lien senior secured loan |
|
S + |
4.00 |
% |
— |
% |
|
03/2033 |
|
17,437 |
|
|
17,176 |
|
|
16,797 |
|
|
|
| Ring Container Technologies Group, LLC(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
09/2032 |
|
17,034 |
|
|
16,993 |
|
|
16,852 |
|
|
|
| SupplyOne, Inc.(5) |
|
First lien senior secured loan |
|
S + |
3.50 |
% |
— |
% |
|
04/2031 |
|
16,134 |
|
|
16,127 |
|
|
16,164 |
|
|
|
| Tricorbraun Holdings, Inc.(5) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
03/2028 |
|
21,485 |
|
|
21,271 |
|
|
20,374 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
130,831 |
|
|
128,040 |
|
|
21.7 |
% |
| Distribution |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AI Aqua Merger Sub, Inc. (dba Culligan)(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
07/2028 |
|
11,718 |
|
|
11,720 |
|
|
11,683 |
|
|
|
| Avient Corporation(6) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
08/2029 |
|
2,943 |
|
|
2,955 |
|
|
2,963 |
|
|
|
| BCPE Empire Holdings, Inc. (dba Imperial-Dade)(5) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
12/2030 |
|
11,405 |
|
|
11,405 |
|
|
11,220 |
|
|
|
| BCPE Empire Holdings, Inc. (dba Imperial-Dade)(5) |
|
First lien senior secured loan |
|
S + |
3.50 |
% |
— |
% |
|
12/2032 |
|
16,000 |
|
|
15,771 |
|
|
15,730 |
|
|
|
| Paint Intermediate III LLC (dba Wesco Group)(6) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
10/2031 |
|
20,061 |
|
|
19,994 |
|
|
19,949 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
61,845 |
|
|
61,545 |
|
|
10.4 |
% |
| Education |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Covista Inc. (dba Adtalem Global Education)(5)(8) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
03/2033 |
|
6,031 |
|
|
6,001 |
|
|
6,001 |
|
|
|
| Renaissance Learning, Inc.(6) |
|
First lien senior secured loan |
|
S + |
4.00 |
% |
— |
% |
|
04/2030 |
|
5,124 |
|
|
4,970 |
|
|
3,617 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,971 |
|
|
9,618 |
|
|
1.6 |
% |
| Energy equipment and services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AZZ Inc.(5) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
05/2029 |
|
2,322 |
|
|
2,332 |
|
|
2,324 |
|
|
|
| Brookfield WEC Holdings Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
01/2031 |
|
6,247 |
|
|
6,247 |
|
|
6,233 |
|
|
|
| Calpine Construction Finance Company(5) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
07/2030 |
|
3,000 |
|
|
3,000 |
|
|
2,999 |
|
|
|
| Centuri Group, Inc(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
07/2032 |
|
4,826 |
|
|
4,826 |
|
|
4,827 |
|
|
|
| Fleet U.S. Bidco Inc.(6)(8) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
02/2031 |
|
8,521 |
|
|
8,522 |
|
|
8,521 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,927 |
|
|
24,904 |
|
|
4.2 |
% |
| Financial services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AllSpring Buyer(6) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
11/2030 |
|
1,905 |
|
|
1,901 |
|
|
1,905 |
|
|
|
| Ascensus Holdings, Inc.(5) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
11/2032 |
|
7,895 |
|
|
7,878 |
|
|
7,759 |
|
|
|
| BCPE Pequod Buyer, Inc. (dba Envestnet)(6) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
11/2031 |
|
18,825 |
|
|
18,825 |
|
|
18,238 |
|
|
|
| Chrysaor Bidco s.à r.l. (dba AlterDomus)(6) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
10/2031 |
|
7,932 |
|
|
7,927 |
|
|
7,912 |
|
|
|
| Citadel Securities, LP(6) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
10/2031 |
|
7,015 |
|
|
7,015 |
|
|
7,019 |
|
|
|
| Citco Funding LLC(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
01/2033 |
|
15,573 |
|
|
15,537 |
|
|
15,500 |
|
|
|
| Citrin Cooperman Advisors LLC(6) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
04/2032 |
|
8,008 |
|
|
7,943 |
|
|
7,678 |
|
|
|
| Cohnreznick Advisory LLC(6) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
03/2032 |
|
7,813 |
|
|
7,792 |
|
|
7,530 |
|
|
|
| Creative Planning, LLC(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
05/2031 |
|
7,625 |
|
|
7,576 |
|
|
7,567 |
|
|
|
| EP Wealth Advisors, LLC(6) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
10/2032 |
|
3,993 |
|
|
3,984 |
|
|
3,993 |
|
|
|
| First Eagle Holdings, Inc.(6) |
|
First lien senior secured loan |
|
S + |
3.50 |
% |
— |
% |
|
08/2032 |
|
10,382 |
|
|
10,247 |
|
|
10,221 |
|
|
|
| Focus Financial Partners, LLC(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
09/2031 |
|
14,490 |
|
|
14,478 |
|
|
14,003 |
|
|
|
| Grant Thornton Advisors LLC(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
06/2031 |
|
7,275 |
|
|
7,181 |
|
|
6,762 |
|
|
|
| Guggenheim Partners Investment Management Holdings, LLC(6) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
11/2031 |
|
5,925 |
|
|
5,914 |
|
|
5,925 |
|
|
|
| Kestra Advisor Services Holdings A, Inc.(5) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
03/2031 |
|
5,387 |
|
|
5,387 |
|
|
5,343 |
|
|
|
| MARINER WEALTH ADVISORS, LLC(6) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
12/2030 |
|
4,879 |
|
|
4,879 |
|
|
4,860 |
|
|
|
| OneDigital Borrower LLC(5) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
07/2031 |
|
10,460 |
|
|
10,460 |
|
|
10,091 |
|
|
|
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Schedule of Investments
As of March 31, 2026
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
|
| Company(1)(3)(4) |
|
Investment |
|
Ref. Rate |
Cash |
PIK |
|
Maturity Date |
|
Par / Units |
|
Amortized Cost(2) |
|
Fair Value |
|
Percentage of Members’ Equity(10) |
| Orion Advisor Solutions Inc(6) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
09/2030 |
|
9,923 |
|
|
9,923 |
|
|
9,729 |
|
|
|
| PPI Holding US INC. (dba Nuvei)(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
11/2031 |
|
15,426 |
|
|
15,426 |
|
|
15,091 |
|
|
|
| Pushpay USA Inc(6)(8) |
|
First lien senior secured loan |
|
S + |
3.75 |
% |
— |
% |
|
08/2031 |
|
424 |
|
|
424 |
|
|
411 |
|
|
|
| Saphilux S.a.r.L. (dba IQ-EQ)(7) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
07/2028 |
|
19,425 |
|
|
19,425 |
|
|
19,383 |
|
|
|
| TMF Sapphire Bidco B.V.(6) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
05/2028 |
|
4,324 |
|
|
4,332 |
|
|
4,322 |
|
|
|
| Victory Capital Holdings Inc(6) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
09/2032 |
|
7,072 |
|
|
7,065 |
|
|
7,049 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
201,519 |
|
|
198,291 |
|
|
33.6 |
% |
| Food and beverage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1011778 BC / NEW RED FIN (dba Restaurant Brands)(5) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
09/2030 |
|
1,893 |
|
|
1,886 |
|
|
1,887 |
|
|
|
| Aramark Services, Inc.(5) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
06/2030 |
|
5,886 |
|
|
5,886 |
|
|
5,886 |
|
|
|
| Aspire Bakeries Holdings, LLC(5)(8) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
12/2030 |
|
4,208 |
|
|
4,208 |
|
|
4,208 |
|
|
|
| Balrog Acquisition, Inc. (dba Bakemark)(5) |
|
First lien senior secured loan |
|
S + |
4.00 |
% |
— |
% |
|
09/2028 |
|
15,012 |
|
|
15,039 |
|
|
10,534 |
|
|
|
| Chobani LLC(5) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
10/2032 |
|
8,780 |
|
|
8,780 |
|
|
8,776 |
|
|
|
| Fiesta Purchaser, Inc. (dba Shearer's Foods)(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
02/2031 |
|
14,252 |
|
|
14,252 |
|
|
13,879 |
|
|
|
| FRONERI US INC(7) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
09/2031 |
|
3,960 |
|
|
3,953 |
|
|
3,876 |
|
|
|
| FRONERI US INC(7) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
09/2032 |
|
14,380 |
|
|
14,350 |
|
|
14,088 |
|
|
|
| IRB Holding Corp (dba Inspire Brands, Inc.)(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
12/2030 |
|
13,970 |
|
|
13,970 |
|
|
13,928 |
|
|
|
| Pegasus BidCo B.V.(6) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
07/2029 |
|
11,660 |
|
|
11,639 |
|
|
11,605 |
|
|
|
| Primo Brands Corporation(6) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
03/2031 |
|
11,129 |
|
|
11,073 |
|
|
11,141 |
|
|
|
| Raising Cane's Restaurants, LLC(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
11/2032 |
|
13,767 |
|
|
13,740 |
|
|
13,672 |
|
|
|
| Red SPV, LLC(5) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
03/2032 |
|
9,452 |
|
|
9,413 |
|
|
9,429 |
|
|
|
| Savor Acquisition, Inc. (dba Sauer Brands)(6) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
02/2032 |
|
5,508 |
|
|
5,490 |
|
|
5,509 |
|
|
|
| Simply Good Foods USA, Inc.(6) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
03/2030 |
|
6,853 |
|
|
6,821 |
|
|
6,864 |
|
|
|
| Snacking Investments US LLC (dba Arnott's Group)(6) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
10/2032 |
|
7,382 |
|
|
7,366 |
|
|
7,379 |
|
|
|
| Utz Quality Foods, LLC(6) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
01/2032 |
|
2,550 |
|
|
2,550 |
|
|
2,547 |
|
|
|
| Whatabrands LLC (dba Whataburger Restaurants LLC)(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
08/2028 |
|
8,688 |
|
|
8,659 |
|
|
8,668 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
159,075 |
|
|
153,876 |
|
|
26.1 |
% |
| Healthcare equipment and services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Agiliti Health(7) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
05/2030 |
|
2,229 |
|
|
2,176 |
|
|
2,162 |
|
|
|
| ARGENT FINCO LLC(6)(8) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
11/2032 |
|
4,571 |
|
|
4,560 |
|
|
4,571 |
|
|
|
| Azalea TopCo, Inc. (dba Press Ganey)(5) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
04/2031 |
|
1,352 |
|
|
1,353 |
|
|
1,349 |
|
|
|
| Confluent Medical Technologies, Inc.(6) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
02/2029 |
|
9,690 |
|
|
9,690 |
|
|
9,671 |
|
|
|
| Curium BidCo S.A.R.L (dba Curium Pharma)(6) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
08/2031 |
|
9,661 |
|
|
9,620 |
|
|
9,637 |
|
|
|
| Global Medical Response, Inc.(6) |
|
First lien senior secured loan |
|
S + |
3.50 |
% |
— |
% |
|
10/2032 |
|
12,611 |
|
|
12,583 |
|
|
12,557 |
|
|
|
| Hologic Inc(6) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
01/2033 |
|
22,433 |
|
|
22,377 |
|
|
22,152 |
|
|
|
| LUMEXA IMAGING INC(6) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
12/2032 |
|
5,320 |
|
|
5,320 |
|
|
5,330 |
|
|
|
| Medline Borrower, LP(5) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
10/2030 |
|
11,530 |
|
|
11,519 |
|
|
11,543 |
|
|
|
| NSM Top Holdings Corp. (dba National Seating & Mobility)(6)(8) |
|
First lien senior secured loan |
|
S + |
4.25 |
% |
— |
% |
|
05/2029 |
|
10,775 |
|
|
10,751 |
|
|
10,775 |
|
|
|
| Resonetics, LLC(6) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
06/2031 |
|
10,794 |
|
|
10,794 |
|
|
10,737 |
|
|
|
| Sharp Services, LLC(6) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
09/2032 |
|
2,211 |
|
|
2,201 |
|
|
2,210 |
|
|
|
| Zest Acquisition Corp.(6)(8) |
|
First lien senior secured loan |
|
S + |
5.25 |
% |
— |
% |
|
02/2028 |
|
987 |
|
|
993 |
|
|
955 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
103,937 |
|
|
103,649 |
|
|
17.6 |
% |
| Healthcare providers and services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CHG Healthcare Services, Inc.(6) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
09/2028 |
|
3,340 |
|
|
3,346 |
|
|
3,341 |
|
|
|
| CHG PPC Parent LLC(5) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
12/2028 |
|
4,182 |
|
|
4,172 |
|
|
4,179 |
|
|
|
| Concentra(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
07/2031 |
|
1,485 |
|
|
1,490 |
|
|
1,489 |
|
|
|
| Confluent Health, LLC(5)(8) |
|
First lien senior secured loan |
|
S + |
4.00 |
% |
— |
% |
|
11/2028 |
|
13,310 |
|
|
13,153 |
|
|
11,314 |
|
|
|
| Covetrus, Inc.(6)(8) |
|
First lien senior secured loan |
|
S + |
5.00 |
% |
— |
% |
|
10/2029 |
|
15,934 |
|
|
15,306 |
|
|
15,337 |
|
|
|
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Schedule of Investments
As of March 31, 2026
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
|
| Company(1)(3)(4) |
|
Investment |
|
Ref. Rate |
Cash |
PIK |
|
Maturity Date |
|
Par / Units |
|
Amortized Cost(2) |
|
Fair Value |
|
Percentage of Members’ Equity(10) |
| Electron Bidco Inc (dba ExamWorks)(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
02/2033 |
|
3,054 |
|
|
3,056 |
|
|
3,049 |
|
|
|
| Inizio Group Limited (dba UDG Healthcare)(6) |
|
First lien senior secured loan |
|
S + |
4.25 |
% |
— |
% |
|
08/2028 |
|
2,621 |
|
|
2,586 |
|
|
2,333 |
|
|
|
| LSCS Holdings, Inc.(6) |
|
First lien senior secured loan |
|
S + |
4.50 |
% |
— |
% |
|
03/2032 |
|
15,547 |
|
|
15,447 |
|
|
14,536 |
|
|
|
| Onex TSG Intermediate Corporation(6) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
08/2032 |
|
7,263 |
|
|
7,263 |
|
|
7,288 |
|
|
|
| Option Care Health, Inc(5) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
09/2032 |
|
3,098 |
|
|
3,091 |
|
|
3,107 |
|
|
|
| Pacific Dental Services, LLC(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
03/2031 |
|
7,302 |
|
|
7,312 |
|
|
7,302 |
|
|
|
| Phoenix Guarantor Inc(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
02/2031 |
|
741 |
|
|
740 |
|
|
740 |
|
|
|
| Phoenix Newco, Inc. (dba Parexel)(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
12/2031 |
|
26,758 |
|
|
26,694 |
|
|
26,646 |
|
|
|
| Select Medical Corp.(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
12/2031 |
|
3,556 |
|
|
3,555 |
|
|
3,530 |
|
|
|
| Select Medical Corp.(6)(8) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
12/2031 |
|
9,110 |
|
|
9,019 |
|
|
9,087 |
|
|
|
| Soliant Lower Intermediate, LLC (dba Soliant)(7) |
|
First lien senior secured loan |
|
S + |
3.75 |
% |
— |
% |
|
07/2031 |
|
9,587 |
|
|
9,650 |
|
|
7,095 |
|
|
|
| Surgery Center Holdings, Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
12/2030 |
|
3,655 |
|
|
3,647 |
|
|
3,653 |
|
|
|
| WCG Intermediate Corp. (f/k/a Da Vinci Purchaser Corp.) (dba WCG)(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
02/2032 |
|
7,439 |
|
|
7,439 |
|
|
7,238 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
136,966 |
|
|
131,264 |
|
|
22.3 |
% |
| Healthcare technology |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Certara(5)(8) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
06/2031 |
|
667 |
|
|
667 |
|
|
667 |
|
|
|
| Cotiviti, Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
03/2032 |
|
4,430 |
|
|
4,391 |
|
|
4,069 |
|
|
|
| Cotiviti, Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
05/2031 |
|
5,454 |
|
|
5,419 |
|
|
5,014 |
|
|
|
| Ensemble RCM, LLC(6) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
02/2033 |
|
25,301 |
|
|
25,276 |
|
|
24,980 |
|
|
|
| Imprivata, Inc.(6) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
12/2027 |
|
12,839 |
|
|
12,825 |
|
|
12,707 |
|
|
|
| IQVIA, Inc.(6) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
01/2031 |
|
1,980 |
|
|
1,988 |
|
|
1,984 |
|
|
|
| PointClickCare Technologies, Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
11/2031 |
|
14,962 |
|
|
14,962 |
|
|
14,869 |
|
|
|
| Project Ruby Ultimate Parent Corp. (dba Wellsky)(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
03/2028 |
|
11,755 |
|
|
11,757 |
|
|
11,689 |
|
|
|
| Radnet Management, Inc.Raven Acquisition Holdings, LLC (dba R1 RCM)(6) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
04/2031 |
|
2,157 |
|
|
2,167 |
|
|
2,159 |
|
|
|
| Raven Acquisition Holdings, LLC (dba R1 RCM)(5) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
11/2031 |
|
11,557 |
|
|
11,499 |
|
|
11,324 |
|
|
|
| Southern Veterinary Partners, LLC(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
12/2031 |
|
19,020 |
|
|
19,020 |
|
|
18,833 |
|
|
|
| Waystar Technologies, Inc. (F/K/A Navicure, Inc.)(5)(8) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
10/2029 |
|
5,753 |
|
|
5,759 |
|
|
5,739 |
|
|
|
| Zelis Cost Management Buyer, Inc.(5) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
11/2031 |
|
11,430 |
|
|
11,387 |
|
|
11,042 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
127,117 |
|
|
125,076 |
|
|
21.2 |
% |
| Household products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Energizer Holdings, Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
03/2032 |
|
888 |
|
|
886 |
|
|
885 |
|
|
|
| Samsonite International S.A.(5) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
11/2032 |
|
2,972 |
|
|
2,958 |
|
|
2,971 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,844 |
|
|
3,856 |
|
|
0.7 |
% |
| Human resource support services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AQ Carver Buyer, Inc. (dba CoAdvantage)(7)(8) |
|
First lien senior secured loan |
|
S + |
5.50 |
% |
— |
% |
|
08/2029 |
|
1,975 |
|
|
1,981 |
|
|
1,545 |
|
|
|
| Dawn Bidco, LLC (dba Dayforce)(6) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
10/2032 |
|
21,732 |
|
|
21,680 |
|
|
20,530 |
|
|
|
| iSolved, Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
10/2030 |
|
18,891 |
|
|
18,888 |
|
|
17,958 |
|
|
|
| UKG Inc. (dba Ultimate Software)(6) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
02/2031 |
|
17,312 |
|
|
17,313 |
|
|
16,517 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
59,862 |
|
|
56,550 |
|
|
9.6 |
% |
| Infrastructure and environmental services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Arcwood Environmental, Inc(6)(8) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
03/2033 |
|
6,290 |
|
|
6,259 |
|
|
6,290 |
|
|
|
| ASP Acuren Holdings, Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
07/2031 |
|
8,436 |
|
|
8,436 |
|
|
8,417 |
|
|
|
| Clean Harbors Inc(5) |
|
First lien senior secured loan |
|
S + |
1.50 |
% |
— |
% |
|
09/2032 |
|
3,014 |
|
|
3,014 |
|
|
3,032 |
|
|
|
| Geosyntec Consultants, Inc.(5) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
07/2031 |
|
14,175 |
|
|
14,176 |
|
|
14,113 |
|
|
|
| GFL Environmental Services Inc.(6) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
03/2032 |
|
5,499 |
|
|
5,497 |
|
|
5,495 |
|
|
|
| Gulfside Supply, Inc. (dba Gulfeagle Supply)(6) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
06/2031 |
|
3,491 |
|
|
3,386 |
|
|
3,181 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40,768 |
|
|
40,528 |
|
|
6.9 |
% |
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Schedule of Investments
As of March 31, 2026
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
|
| Company(1)(3)(4) |
|
Investment |
|
Ref. Rate |
Cash |
PIK |
|
Maturity Date |
|
Par / Units |
|
Amortized Cost(2) |
|
Fair Value |
|
Percentage of Members’ Equity(10) |
| Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Acrisure, LLC(5) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
11/2030 |
|
7,904 |
|
|
7,904 |
|
|
7,645 |
|
|
|
| Acrisure, LLC(5) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
06/2032 |
|
1,918 |
|
|
1,914 |
|
|
1,856 |
|
|
|
| Alera Group, Inc.(6) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
05/2032 |
|
17,236 |
|
|
17,236 |
|
|
16,693 |
|
|
|
| Alliant Holdings Intermediate LLC(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
09/2031 |
|
8,400 |
|
|
8,388 |
|
|
8,328 |
|
|
|
| AmWINS Group, Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
01/2032 |
|
14,964 |
|
|
14,965 |
|
|
14,849 |
|
|
|
| Ardonagh Midco 3 PLC(7) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
02/2031 |
|
9,991 |
|
|
9,964 |
|
|
9,748 |
|
|
|
| Asurion, LLC(5) |
|
First lien senior secured loan |
|
S + |
4.25 |
% |
— |
% |
|
08/2028 |
|
913 |
|
|
911 |
|
|
912 |
|
|
|
| Broadstreet Partners, Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
06/2031 |
|
11,876 |
|
|
11,876 |
|
|
11,569 |
|
|
|
| CFC USA 2025 LLC (dba CFC Insurance)(6) |
|
First lien senior secured loan |
|
S + |
3.50 |
% |
— |
% |
|
07/2032 |
|
6,403 |
|
|
6,344 |
|
|
6,099 |
|
|
|
| Hub International(6) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
06/2030 |
|
3,466 |
|
|
3,466 |
|
|
3,455 |
|
|
|
| Hyperion Refinance S.à r.l (dba Howden Group)(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
04/2030 |
|
18,689 |
|
|
18,689 |
|
|
18,205 |
|
|
|
| Hyperion Refinance S.à r.l (dba Howden Group)(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
02/2031 |
|
3,506 |
|
|
3,506 |
|
|
3,391 |
|
|
|
| IMA Financial Group, Inc.(5) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
11/2028 |
|
8,362 |
|
|
8,343 |
|
|
8,278 |
|
|
|
| Mitchell International, Inc.(5) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
06/2031 |
|
13,950 |
|
|
13,833 |
|
|
13,276 |
|
|
|
| Ryan Specialty Group LLC(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
09/2031 |
|
743 |
|
|
747 |
|
|
741 |
|
|
|
| Summit Acquisition Inc. (dba K2 Insurance Services)(5)(8) |
|
First lien senior secured loan |
|
S + |
3.50 |
% |
— |
% |
|
10/2031 |
|
3,728 |
|
|
3,728 |
|
|
3,719 |
|
|
|
| The Liberty Company Insurance Brokers, LLC(7)(8) |
|
First lien senior secured loan |
|
S + |
3.75 |
% |
— |
% |
|
10/2032 |
|
3,131 |
|
|
3,116 |
|
|
2,998 |
|
|
|
| Trucordia Insurance Holdings, LLC(5)(8) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
06/2032 |
|
24,875 |
|
|
24,820 |
|
|
23,756 |
|
|
|
| Truist Insurance Holdings, LLC(6) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
05/2031 |
|
7,673 |
|
|
7,670 |
|
|
7,556 |
|
|
|
| USI, Inc.(6) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
09/2030 |
|
2,467 |
|
|
2,469 |
|
|
2,458 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
169,889 |
|
|
165,532 |
|
|
28.1 |
% |
| Internet software and services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Avalara, Inc.(6) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
03/2032 |
|
12,038 |
|
|
12,028 |
|
|
11,748 |
|
|
|
| Cloud Software Group, Inc.(6) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
03/2031 |
|
4,950 |
|
|
4,950 |
|
|
4,519 |
|
|
|
| Cloud Software Group, Inc.(6) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
08/2032 |
|
9,138 |
|
|
9,125 |
|
|
8,334 |
|
|
|
| Clover Holdings 2, LLC (dba Cohesity)(5) |
|
First lien senior secured loan |
|
S + |
3.75 |
% |
— |
% |
|
12/2031 |
|
19,496 |
|
|
19,308 |
|
|
18,644 |
|
|
|
| Delta TopCo, Inc. (dba Infoblox, Inc.)(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
11/2029 |
|
19,827 |
|
|
19,684 |
|
|
19,149 |
|
|
|
| Epicor(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
05/2031 |
|
1,045 |
|
|
1,044 |
|
|
1,024 |
|
|
|
| Gen Digital Inc(5) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
04/2032 |
|
3,300 |
|
|
3,285 |
|
|
3,244 |
|
|
|
| Genesys Cloud Services, Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
01/2032 |
|
14,354 |
|
|
14,319 |
|
|
13,714 |
|
|
|
| KnowBe4, Inc.(6) |
|
First lien senior secured loan |
|
S + |
3.75 |
% |
— |
% |
|
07/2032 |
|
15,910 |
|
|
15,887 |
|
|
14,133 |
|
|
|
| McAfee Corp.(5) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
03/2029 |
|
2,982 |
|
|
2,966 |
|
|
2,654 |
|
|
|
| Opal US LLC(6) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
04/2032 |
|
11,813 |
|
|
11,771 |
|
|
11,801 |
|
|
|
| Project Alpha Intermediate Holding, Inc. (dba Qlik)(6) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
10/2030 |
|
6,944 |
|
|
6,929 |
|
|
5,231 |
|
|
|
| Proofpoint, Inc.(6) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
08/2028 |
|
16,549 |
|
|
16,477 |
|
|
15,998 |
|
|
|
| Quartz Acquireco, LLC (dba Qualtrics)(6)(8) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
06/2030 |
|
494 |
|
|
493 |
|
|
410 |
|
|
|
| Sedgwick Claims Management Services, Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
07/2031 |
|
21,673 |
|
|
21,665 |
|
|
21,250 |
|
|
|
| SONICWALL US Holdings, Inc.(6) |
|
First lien senior secured loan |
|
S + |
5.00 |
% |
— |
% |
|
05/2028 |
|
2,965 |
|
|
2,950 |
|
|
872 |
|
|
|
| Sophos Holdings, LLC(5) |
|
First lien senior secured loan |
|
S + |
3.50 |
% |
— |
% |
|
03/2027 |
|
11,792 |
|
|
11,784 |
|
|
11,199 |
|
|
|
| SS&C(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
05/2031 |
|
7,861 |
|
|
7,870 |
|
|
7,831 |
|
|
|
| Starlight Parent, LLC (dba SolarWinds)(6) |
|
First lien senior secured loan |
|
S + |
4.00 |
% |
— |
% |
|
04/2032 |
|
9,274 |
|
|
9,026 |
|
|
7,836 |
|
|
|
| Storable, Inc.(5) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
04/2031 |
|
11,554 |
|
|
11,553 |
|
|
11,040 |
|
|
|
| UST Holdings, Ltd.(5)(8) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
11/2028 |
|
5,913 |
|
|
5,923 |
|
|
5,646 |
|
|
|
| VERDE PURCHASER LLC (dba Veritiv Corp)(6) |
|
First lien senior secured loan |
|
S + |
4.00 |
% |
— |
% |
|
11/2030 |
|
10,519 |
|
|
10,503 |
|
|
10,204 |
|
|
|
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Schedule of Investments
As of March 31, 2026
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
|
| Company(1)(3)(4) |
|
Investment |
|
Ref. Rate |
Cash |
PIK |
|
Maturity Date |
|
Par / Units |
|
Amortized Cost(2) |
|
Fair Value |
|
Percentage of Members’ Equity(10) |
| VIAVI SOLUTIONS INC(6) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
10/2032 |
|
4,730 |
|
|
4,720 |
|
|
4,730 |
|
|
|
| VIRTUSA CORPORATION(5) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
02/2029 |
|
2,366 |
|
|
2,373 |
|
|
2,121 |
|
|
|
| VS Buyer LLC (dba Veeam Software)(6) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
04/2031 |
|
12,131 |
|
|
12,069 |
|
|
11,828 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
238,702 |
|
|
225,160 |
|
|
38.2 |
% |
| Investment funds and vehicles |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Chicago US MidCo III, LP(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
11/2032 |
|
15,032 |
|
|
14,998 |
|
|
14,857 |
|
|
|
| Grosvenor(5) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
02/2030 |
|
462 |
|
|
463 |
|
|
462 |
|
|
|
| JUPITER BORROWER INC (dba Janus Henderson)(6)(8) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
03/2033 |
|
9,388 |
|
|
9,341 |
|
|
9,365 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,802 |
|
|
24,684 |
|
|
4.2 |
% |
| Leisure and entertainment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cedar Fair, L.P. (dba Six Flags Entertainment Corp)(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
05/2031 |
|
4,711 |
|
|
4,681 |
|
|
4,635 |
|
|
|
| Delta 2 (Lux) SARL (dba Formula One)(6) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
09/2031 |
|
2,000 |
|
|
2,008 |
|
|
1,994 |
|
|
|
| GBT US III LLC (dba Global Business Travel Group, Inc.)(6) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
07/2031 |
|
6,407 |
|
|
6,407 |
|
|
6,266 |
|
|
|
| Live Nation Entertainment, Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
10/2032 |
|
11,461 |
|
|
11,410 |
|
|
11,448 |
|
|
|
| OakEagle AcquireCo Inc(6) |
|
First lien senior secured loan |
|
S + |
3.50 |
% |
— |
% |
|
03/2033 |
|
17,869 |
|
|
17,601 |
|
|
17,758 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
42,107 |
|
|
42,101 |
|
|
7.1 |
% |
| Manufacturing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ALLIANCE LAUNDRY SYSTEMS LLC(6) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
08/2031 |
|
6,766 |
|
|
6,767 |
|
|
6,757 |
|
|
|
| Altar Bidco, Inc.(5) |
|
First lien senior secured loan |
|
S + |
3.10 |
% |
— |
% |
|
02/2029 |
|
2,004 |
|
|
1,983 |
|
|
1,991 |
|
|
|
| Chariot Buyer LLC (dba Chamberlain Group)(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
09/2032 |
|
8,865 |
|
|
8,864 |
|
|
8,773 |
|
|
|
| CompoSecure Holdings, L.L.C.(5) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
01/2033 |
|
7,806 |
|
|
7,800 |
|
|
7,772 |
|
|
|
| DXP Enterprises, Inc.(5) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
10/2030 |
|
10,644 |
|
|
10,644 |
|
|
10,687 |
|
|
|
| EMRLD Borrower LP (dba Emerson)(6) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
05/2030 |
|
11,150 |
|
|
11,153 |
|
|
11,132 |
|
|
|
| Engineered Machinery Holdings, Inc. (dba Duravant)(6) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
11/2032 |
|
20,362 |
|
|
20,307 |
|
|
20,419 |
|
|
|
| Faraday Buyer, LLC (dba MacLean Power Systems)(6) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
02/2033 |
|
13,996 |
|
|
13,962 |
|
|
13,914 |
|
|
|
| Filtration Group Corporation(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
10/2028 |
|
10,244 |
|
|
10,244 |
|
|
10,239 |
|
|
|
| Gates Global LLC(5) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
11/2029 |
|
809 |
|
|
807 |
|
|
808 |
|
|
|
| Gloves Buyer, Inc. (dba Protective Industrial Products)(5) |
|
First lien senior secured loan |
|
S + |
4.00 |
% |
— |
% |
|
05/2032 |
|
11,632 |
|
|
11,581 |
|
|
11,580 |
|
|
|
| Legence Holdings LLC(5) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
12/2031 |
|
6,699 |
|
|
6,702 |
|
|
6,708 |
|
|
|
| MADISON IAQ LLC(7) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
06/2028 |
|
805 |
|
|
805 |
|
|
804 |
|
|
|
| MADISON IAQ LLC(6) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
11/2032 |
|
21,455 |
|
|
21,457 |
|
|
21,483 |
|
|
|
| Pro Mach Group, Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
10/2032 |
|
21,977 |
|
|
21,932 |
|
|
21,922 |
|
|
|
| SPECTRIS(6) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
12/2032 |
|
13,232 |
|
|
13,206 |
|
|
13,232 |
|
|
|
| STS Operating, Inc.(5) |
|
First lien senior secured loan |
|
S + |
4.00 |
% |
— |
% |
|
03/2031 |
|
6,995 |
|
|
6,980 |
|
|
6,988 |
|
|
|
| Tega MC Australia Holdings Pty Ltd(6)(8) |
|
First lien senior secured loan |
|
S + |
3.50 |
% |
— |
% |
|
03/2033 |
|
7,569 |
|
|
7,494 |
|
|
7,513 |
|
|
|
| VICTORY BUYER LLC (dba Vantage Elevator)(5) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
02/2033 |
|
9,151 |
|
|
9,107 |
|
|
9,146 |
|
|
|
| Watlow Electric Manufacturing Company(6) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
03/2028 |
|
2,960 |
|
|
2,970 |
|
|
2,959 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
194,765 |
|
|
194,827 |
|
|
33.0 |
% |
| Pharmaceuticals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Alkermes, Inc(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
08/2031 |
|
7,592 |
|
|
7,575 |
|
|
7,644 |
|
|
|
| Amneal Pharmaceuticals LLC(5) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
08/2032 |
|
15,267 |
|
|
15,235 |
|
|
15,305 |
|
|
|
| Biomarin Pharmaceutical(6) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
01/2033 |
|
8,713 |
|
|
8,693 |
|
|
8,686 |
|
|
|
| Elanco Animal Health Incorporated(5) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
10/2032 |
|
6,493 |
|
|
6,448 |
|
|
6,492 |
|
|
|
| Fortrea Holdings Inc.(6)(8) |
|
First lien senior secured loan |
|
S + |
3.50 |
% |
— |
% |
|
07/2030 |
|
1,000 |
|
|
983 |
|
|
958 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
38,934 |
|
|
39,085 |
|
|
6.6 |
% |
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Schedule of Investments
As of March 31, 2026
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
|
| Company(1)(3)(4) |
|
Investment |
|
Ref. Rate |
Cash |
PIK |
|
Maturity Date |
|
Par / Units |
|
Amortized Cost(2) |
|
Fair Value |
|
Percentage of Members’ Equity(10) |
| Professional services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AlixPartners, LLP(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
08/2032 |
|
10,164 |
|
|
10,140 |
|
|
10,058 |
|
|
|
| Apex Group Treasury LLC(6) |
|
First lien senior secured loan |
|
S + |
3.50 |
% |
— |
% |
|
02/2032 |
|
22,479 |
|
|
22,324 |
|
|
20,418 |
|
|
|
| API GROUP DE INC(5) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
01/2029 |
|
2,840 |
|
|
2,840 |
|
|
2,835 |
|
|
|
| Camelot U.S. Acquisition 1 Co.(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
01/2031 |
|
2,000 |
|
|
2,005 |
|
|
1,721 |
|
|
|
| Clearwater Analytics, LLC(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
04/2032 |
|
4,099 |
|
|
4,099 |
|
|
4,094 |
|
|
|
| Corporation Service Company(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
11/2029 |
|
4,719 |
|
|
4,719 |
|
|
4,680 |
|
|
|
| Element Materials Technology(6) |
|
First lien senior secured loan |
|
S + |
3.50 |
% |
— |
% |
|
06/2029 |
|
2,274 |
|
|
2,274 |
|
|
2,278 |
|
|
|
| Element Solutions, Inc.(5) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
12/2030 |
|
2,449 |
|
|
2,447 |
|
|
2,449 |
|
|
|
| First Advantage Holdings LLC(6) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
10/2031 |
|
6,199 |
|
|
6,167 |
|
|
6,025 |
|
|
|
| Red Ventures, LLC(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
03/2030 |
|
259 |
|
|
261 |
|
|
228 |
|
|
|
| Skopima Merger Sub Inc.(5) |
|
First lien senior secured loan |
|
S + |
3.75 |
% |
— |
% |
|
05/2028 |
|
4,783 |
|
|
4,783 |
|
|
3,724 |
|
|
|
| Vistage International, Inc.(6) |
|
First lien senior secured loan |
|
S + |
3.75 |
% |
— |
% |
|
07/2029 |
|
9,772 |
|
|
9,772 |
|
|
9,644 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
71,831 |
|
|
68,154 |
|
|
11.6 |
% |
| Telecommunications |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Charter Communications Operating LLC(6) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
12/2031 |
|
7,900 |
|
|
7,885 |
|
|
7,895 |
|
|
|
| Cogeco Communications (USA) II L.P.(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
09/2028 |
|
1,301 |
|
|
1,296 |
|
|
1,238 |
|
|
|
| Eagle Broadband Investments, LLC (dba Mega Broadband Investments)(6) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
11/2027 |
|
10,660 |
|
|
10,631 |
|
|
10,138 |
|
|
|
| Virgin Media Bristol LLC(7) |
|
First lien senior secured loan |
|
S + |
3.18 |
% |
— |
% |
|
03/2031 |
|
5,018 |
|
|
4,973 |
|
|
4,563 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,785 |
|
|
23,834 |
|
|
4.0 |
% |
| Transportation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AIT Worldwide Logistics Holdings, Inc.(6) |
|
First lien senior secured loan |
|
S + |
4.00 |
% |
— |
% |
|
04/2030 |
|
7,900 |
|
|
7,901 |
|
|
7,906 |
|
|
|
| Echo Global Logistics, Inc.(5) |
|
First lien senior secured loan |
|
S + |
3.75 |
% |
— |
% |
|
11/2028 |
|
1,239 |
|
|
1,230 |
|
|
1,213 |
|
|
|
| First Student Bidco Inc(6) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
08/2030 |
|
4,271 |
|
|
4,271 |
|
|
4,255 |
|
|
|
| Genesee & Wyoming Inc.(6) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
04/2031 |
|
494 |
|
|
491 |
|
|
491 |
|
|
|
| KKR Apple Bidco, LLC(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
09/2031 |
|
7,965 |
|
|
7,948 |
|
|
7,965 |
|
|
|
| NA Rail Hold Co. LLC(6) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
03/2032 |
|
3,609 |
|
|
3,609 |
|
|
3,605 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,450 |
|
|
25,435 |
|
|
4.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Misc.-debt commitments(9) |
|
|
|
|
|
|
|
|
|
— |
|
|
(29) |
|
|
— |
|
|
— |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Debt Investments |
|
|
|
|
|
|
|
|
|
$ |
2,474,449 |
|
|
$ |
2,417,836 |
|
|
410.0 |
% |
| Total Investments |
|
|
|
|
|
|
|
|
|
|
|
$ |
2,474,449 |
|
|
$ |
2,417,836 |
|
|
410.0 |
% |
(1) Unless otherwise indicated, Blue Owl Credit SLF’s investments are pledged as collateral supporting the amounts outstanding under Blue Owl Credit SLF’s Debt Facilities.
(2) The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
(3) Unless otherwise indicated, all investments are considered Level 2 investments.
(4) Unless otherwise indicated, loan contains a variable rate structure, which may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate (“SOFR” or “S”) (which can include one-, three-, six- or twelve-month SOFR), at the borrower’s option, and which reset periodically based on the terms of the loan agreement.
(5) The interest rate on these loans is subject to 1 month SOFR, which as of March 31, 2026 was 3.66%.
(6) The interest rate on these loans is subject to 3 month SOFR, which as of March 31, 2026 was 3.68%.
(7) The interest rate on these loans is subject to 6 month SOFR, which as of March 31, 2026 was 3.70%.
(8) Level 3 investment.
(9) Position or portion thereof is an unfunded loan commitment. See below for more information on the Company’s unfunded commitments.
(10) Totals presented may differ than actuals due to rounding.
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Schedule of Investments
As of March 31, 2026
(Amounts in thousands)
Unfunded Commitments as of March 31, 2026:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unfunded |
| Portfolio Company |
|
Commitment Type |
|
Commitment Expiration Date |
|
Funded
Commitment |
|
Commitment |
|
Fair Value |
|
|
|
|
|
|
|
|
|
|
|
| Chicago US MidCo III, LP |
|
First lien senior secured delayed draw term loan |
|
10/12/2027 |
|
$ |
— |
|
|
$ |
2,232 |
|
|
$ |
— |
|
| Citrin Cooperman Advisors LLC |
|
First lien senior secured delayed draw term loan |
|
12/10/2027 |
|
— |
|
|
1,619 |
|
|
— |
|
| Cohnreznick Advisory LLC |
|
First lien senior secured delayed draw term loan |
|
3/31/2027 |
|
— |
|
|
484 |
|
|
— |
|
| First Eagle Holdings, Inc. |
|
First lien senior secured delayed draw term loan |
|
6/6/2027 |
|
— |
|
|
1,777 |
|
|
— |
|
| Kaman Corporation |
|
First lien senior secured delayed draw term loan |
|
1/30/2027 |
|
— |
|
|
830 |
|
|
— |
|
| PMI (US) BIDCO, INC. |
|
First lien senior secured delayed draw term loan |
|
2/6/2028 |
|
— |
|
|
1,892 |
|
|
— |
|
| PINNACLE BUYER, LLC |
|
First lien senior secured delayed draw term loan |
|
3/12/2027 |
|
— |
|
|
3,321 |
|
|
— |
|
| Pye-Barker Fire & Safety, LLC |
|
First lien senior secured delayed draw term loan |
|
12/31/2027 |
|
— |
|
|
2,542 |
|
|
— |
|
| Raven Acquisition Holdings, LLC (dba R1 RCM) |
|
First lien senior secured delayed draw term loan |
|
10/24/2026 |
|
— |
|
|
841 |
|
|
— |
|
| Savor Acquisition, Inc. (dba Sauer Brands) |
|
First lien senior secured delayed draw term loan |
|
2/4/2027 |
|
— |
|
|
496 |
|
|
— |
|
| Signia Aerospace LLC |
|
First lien senior secured delayed draw term loan |
|
$ |
46,348 |
|
|
$ |
— |
|
|
$ |
600 |
|
|
|
| Total Portfolio Company Commitments |
|
|
|
$ |
— |
|
|
$ |
16,634 |
|
|
$ |
— |
|
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
|
| Company(1)(3)(4) |
|
Investment |
|
Ref. Rate |
Cash |
PIK |
|
Maturity Date |
|
Par / Units |
|
Amortized Cost(2) |
|
Fair Value |
|
Percentage of Members’ Equity(10) |
| Debt Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Advertising and media |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Outfront Media Capital LLC(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
09/2032 |
|
$ |
3,900 |
|
|
$ |
3,895 |
|
|
$ |
3,909 |
|
|
|
| Project Boost Purchaser, LLC (dba J.D. Power)(6) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
07/2031 |
|
19,205 |
|
|
19,210 |
|
|
19,245 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,105 |
|
|
23,154 |
|
|
3.8 |
% |
| Aerospace and defense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amentum Government Services Holdings LLC(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
09/2031 |
|
3,408 |
|
|
3,402 |
|
|
3,414 |
|
|
|
| American Airlines, Inc.(6) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
01/2027 |
|
658 |
|
|
656 |
|
|
657 |
|
|
|
| American Airlines, Inc.(6) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
02/2028 |
|
360 |
|
|
357 |
|
|
361 |
|
|
|
| American Airlines, Inc.(6) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
05/2032 |
|
3,805 |
|
|
3,768 |
|
|
3,822 |
|
|
|
| Arcline FM Holdings LLC(6) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
06/2030 |
|
8,321 |
|
|
8,320 |
|
|
8,344 |
|
|
|
| Avolon TLB Borrower 1 (US) LLC(5) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
06/2030 |
|
11,315 |
|
|
11,311 |
|
|
11,375 |
|
|
|
| Bleriot US Bidco Inc.(6) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
10/2030 |
|
21,844 |
|
|
21,844 |
|
|
21,945 |
|
|
|
| Brown Group Holdings, LLC(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
07/2031 |
|
497 |
|
|
497 |
|
|
500 |
|
|
|
| Brown Group Holdings, LLC(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
07/2031 |
|
9,983 |
|
|
9,983 |
|
|
10,028 |
|
|
|
| Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
10/2031 |
|
10,395 |
|
|
10,389 |
|
|
10,429 |
|
|
|
| Kaman Corporation(6) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
02/2032 |
|
10,886 |
|
|
10,876 |
|
|
10,923 |
|
|
|
| KBR, Inc(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
01/2031 |
|
990 |
|
|
993 |
|
|
994 |
|
|
|
| Propulsion (BC) Finco S.A.R.L.(6) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
12/2032 |
|
6,857 |
|
|
6,840 |
|
|
6,887 |
|
|
|
| Signia Aerospace LLC(6) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
12/2031 |
|
12,308 |
|
|
12,309 |
|
|
12,339 |
|
|
|
| Transdigm Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
03/2030 |
|
496 |
|
|
496 |
|
|
498 |
|
|
|
| Transdigm Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
01/2032 |
|
9,875 |
|
|
9,855 |
|
|
9,912 |
|
|
|
| Transdigm Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
08/2032 |
|
9,589 |
|
|
9,565 |
|
|
9,627 |
|
|
|
| United Airlines, Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
02/2031 |
|
990 |
|
|
990 |
|
|
993 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
122,451 |
|
|
123,048 |
|
|
20.0 |
% |
| Automotive services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Belron Finance US LLC(6) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
10/2031 |
|
7,900 |
|
|
7,900 |
|
|
7,940 |
|
|
|
| Mavis Tire Express Services Topco Corp.(5) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
05/2028 |
|
2,845 |
|
|
2,845 |
|
|
2,854 |
|
|
|
| Mister Car Wash Holdings, Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
03/2031 |
|
682 |
|
|
683 |
|
|
684 |
|
|
|
| VALVOLINE INC(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
12/2032 |
|
3,419 |
|
|
3,402 |
|
|
3,438 |
|
|
|
| Wand Newco 3, Inc. (dba Caliber )(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
01/2031 |
|
4,696 |
|
|
4,696 |
|
|
4,698 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,526 |
|
|
19,614 |
|
|
3.2 |
% |
| Buildings and real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| American Residential Services, LLC(6)(8) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
02/2032 |
|
7,190 |
|
|
7,171 |
|
|
7,208 |
|
|
|
| ARCOSA INC(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
10/2031 |
|
2,299 |
|
|
2,299 |
|
|
2,308 |
|
|
|
| Beacon Roofing Supply, Inc. (dba QXO)(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
04/2032 |
|
1,980 |
|
|
1,976 |
|
|
1,992 |
|
|
|
| Construction Partners, Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
11/2031 |
|
425 |
|
|
425 |
|
|
427 |
|
|
|
| Cushman & Wakefield U.S. Borrower, LLC(5)(8) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
01/2030 |
|
2,752 |
|
|
2,724 |
|
|
2,763 |
|
|
|
| Hunter Douglas Inc(6) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
01/2032 |
|
1,327 |
|
|
1,324 |
|
|
1,332 |
|
|
|
| Knife River Corporation(6) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
03/2032 |
|
1,451 |
|
|
1,451 |
|
|
1,451 |
|
|
|
| MIWD Holdco II LLC(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
03/2031 |
|
10,426 |
|
|
10,276 |
|
|
10,476 |
|
|
|
| Park River Holdings Inc(6) |
|
First lien senior secured loan |
|
S + |
4.50 |
% |
— |
% |
|
03/2031 |
|
10,254 |
|
|
10,254 |
|
|
10,278 |
|
|
|
| Quikrete Holdings, Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
03/2029 |
|
496 |
|
|
493 |
|
|
498 |
|
|
|
| Quikrete Holdings, Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
02/2032 |
|
7,387 |
|
|
7,373 |
|
|
7,408 |
|
|
|
| Starwood Property Mortgage, L.L.C.(5)(8) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
11/2027 |
|
1,785 |
|
|
1,781 |
|
|
1,781 |
|
|
|
| Starwood Property Mortgage, L.L.C.(5) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
09/2032 |
|
3,868 |
|
|
3,863 |
|
|
3,878 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
51,410 |
|
|
51,800 |
|
|
8.4 |
% |
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
|
| Company(1)(3)(4) |
|
Investment |
|
Ref. Rate |
Cash |
PIK |
|
Maturity Date |
|
Par / Units |
|
Amortized Cost(2) |
|
Fair Value |
|
Percentage of Members’ Equity(10) |
| Business services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Boxer Parent Company Inc. (f/k/a BMC)(6) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
07/2031 |
|
18,750 |
|
|
18,592 |
|
|
18,686 |
|
|
|
| BrightView Landscapes, LLC(6)(8) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
04/2029 |
|
4,500 |
|
|
4,508 |
|
|
4,500 |
|
|
|
| CCC Intelligent Solutions Inc(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
01/2032 |
|
759 |
|
|
759 |
|
|
761 |
|
|
|
| ConnectWise, LLC(6) |
|
First lien senior secured loan |
|
S + |
3.50 |
% |
— |
% |
|
09/2028 |
|
10,625 |
|
|
10,631 |
|
|
10,419 |
|
|
|
| CoolSys, Inc.(6) |
|
First lien senior secured loan |
|
S + |
4.75 |
% |
— |
% |
|
08/2028 |
|
14,807 |
|
|
14,644 |
|
|
13,087 |
|
|
|
| IDEMIA Group SAS(6) |
|
First lien senior secured loan |
|
S + |
4.25 |
% |
— |
% |
|
09/2028 |
|
2,774 |
|
|
2,793 |
|
|
2,788 |
|
|
|
| IGT Holding IV AB (dba IFS)(6)(8) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
09/2031 |
|
1,290 |
|
|
1,290 |
|
|
1,297 |
|
|
|
| Kaseya Inc.(5) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
03/2032 |
|
12,473 |
|
|
12,432 |
|
|
12,474 |
|
|
|
| Madison Safety & Flow LLC(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
09/2031 |
|
2,068 |
|
|
2,068 |
|
|
2,080 |
|
|
|
| MKS Instruments, Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
08/2029 |
|
216 |
|
|
217 |
|
|
217 |
|
|
|
| NVENT ELEC PUB LTD CO (dba Nvent Thermal LLC)(5) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
01/2032 |
|
13,965 |
|
|
13,904 |
|
|
14,047 |
|
|
|
| Ping Identity Holding Corp.(6) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
11/2032 |
|
12,331 |
|
|
12,301 |
|
|
12,347 |
|
|
|
| PINNACLE BUYER, LLC(6) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
10/2032 |
|
17,228 |
|
|
17,185 |
|
|
17,281 |
|
|
|
| Plano HoldCo, Inc. (dba Perficient)(6)(8) |
|
First lien senior secured loan |
|
S + |
3.50 |
% |
— |
% |
|
10/2031 |
|
5,955 |
|
|
5,933 |
|
|
5,761 |
|
|
|
| Plusgrade Inc.(5) |
|
First lien senior secured loan |
|
S + |
3.50 |
% |
— |
% |
|
03/2031 |
|
9,259 |
|
|
9,260 |
|
|
9,259 |
|
|
|
| Pye-Barker Fire & Safety, LLC(6) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
12/2032 |
|
17,013 |
|
|
16,929 |
|
|
17,112 |
|
|
|
| Red Planet Borrower, LLC (dba Liftoff Mobile)(5) |
|
First lien senior secured loan |
|
S + |
4.00 |
% |
— |
% |
|
08/2032 |
|
16,232 |
|
|
16,074 |
|
|
16,246 |
|
|
|
| Shift4 Payments, LLC(6) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
06/2032 |
|
8,611 |
|
|
8,611 |
|
|
8,655 |
|
|
|
| Tecta America Corp.(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
02/2032 |
|
23,200 |
|
|
23,198 |
|
|
23,267 |
|
|
|
| Vestis Corp(6) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
02/2031 |
|
1,026 |
|
|
987 |
|
|
936 |
|
|
|
| VM Consolidated, Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
10/2032 |
|
3,273 |
|
|
3,266 |
|
|
3,294 |
|
|
|
| XPLOR T1, LLC(6)(8) |
|
First lien senior secured loan |
|
S + |
3.50 |
% |
— |
% |
|
12/2032 |
|
24,745 |
|
|
24,649 |
|
|
24,745 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
220,231 |
|
|
219,259 |
|
|
35.7 |
% |
| Chemicals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC)(5)(8) |
|
First lien senior secured loan |
|
S + |
4.00 |
% |
— |
% |
|
11/2027 |
|
17,331 |
|
|
17,331 |
|
|
15,772 |
|
|
|
| Axalta Coating Systems US Holdings INC(6) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
12/2029 |
|
867 |
|
|
867 |
|
|
868 |
|
|
|
| Derby Buyer LLC (dba Delrin)(5) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
11/2030 |
|
9,826 |
|
|
9,826 |
|
|
9,849 |
|
|
|
| Entegris, Inc.(5) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
07/2029 |
|
600 |
|
|
602 |
|
|
603 |
|
|
|
| FORMULATIONS PARENT CORPORATION (dba Chase Corporation)(6) |
|
First lien senior secured loan |
|
S + |
4.00 |
% |
— |
% |
|
04/2032 |
|
2,353 |
|
|
2,331 |
|
|
2,345 |
|
|
|
| Ineos US Finance LLC(5) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
02/2030 |
|
3,960 |
|
|
3,888 |
|
|
3,193 |
|
|
|
| MSOF BEACON LLC(5)(8) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
12/2032 |
|
10,263 |
|
|
10,195 |
|
|
10,255 |
|
|
|
| Nouryon Finance B.V.(7) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
04/2028 |
|
11,937 |
|
|
11,907 |
|
|
11,996 |
|
|
|
| Windsor Holdings III LLC(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
08/2030 |
|
6,942 |
|
|
6,760 |
|
|
6,952 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
63,707 |
|
|
61,833 |
|
|
10.1 |
% |
| Consumer products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ACP Tara Holdings, Inc. (dba Arcadia)(6)(8) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
12/2032 |
|
15,554 |
|
|
15,516 |
|
|
15,631 |
|
|
|
| ASGN Incorporated(5) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
08/2030 |
|
495 |
|
|
500 |
|
|
497 |
|
|
|
| BEP Intermediate Holdco, LLC (dba Buyers Edge Platform)(5)(8) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
04/2031 |
|
7,331 |
|
|
7,331 |
|
|
7,386 |
|
|
|
| HomeServe USA Holding Corp.(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
10/2030 |
|
3,975 |
|
|
3,962 |
|
|
3,977 |
|
|
|
| Novelis Inc(6) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
03/2032 |
|
4,609 |
|
|
4,609 |
|
|
4,624 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31,918 |
|
|
32,115 |
|
|
5.2 |
% |
| Containers and packaging |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Berlin Packaging(5) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
06/2031 |
|
7,501 |
|
|
7,484 |
|
|
7,515 |
|
|
|
| Charter NEX US, Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
11/2030 |
|
4,216 |
|
|
4,214 |
|
|
4,222 |
|
|
|
| Clydesdale Acquisition Holdings, Inc. (dba Novolex)(5) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
03/2032 |
|
14,405 |
|
|
14,305 |
|
|
14,386 |
|
|
|
| Plastipak Holdings Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
09/2032 |
|
22,507 |
|
|
22,398 |
|
|
22,555 |
|
|
|
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
|
| Company(1)(3)(4) |
|
Investment |
|
Ref. Rate |
Cash |
PIK |
|
Maturity Date |
|
Par / Units |
|
Amortized Cost(2) |
|
Fair Value |
|
Percentage of Members’ Equity(10) |
| Pregis Topco LLC(5) |
|
First lien senior secured loan |
|
S + |
4.00 |
% |
— |
% |
|
02/2029 |
|
4,861 |
|
|
4,851 |
|
|
4,899 |
|
|
|
| ProAmpac PG Borrower LLC(6) |
|
First lien senior secured loan |
|
S + |
4.00 |
% |
— |
% |
|
09/2028 |
|
8,194 |
|
|
8,181 |
|
|
8,199 |
|
|
|
| Ring Container Technologies Group, LLC(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
09/2032 |
|
17,077 |
|
|
17,034 |
|
|
17,116 |
|
|
|
| SupplyOne, Inc.(5) |
|
First lien senior secured loan |
|
S + |
3.50 |
% |
— |
% |
|
04/2031 |
|
16,175 |
|
|
16,166 |
|
|
16,197 |
|
|
|
| Tricorbraun Holdings, Inc.(5) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
03/2028 |
|
20,659 |
|
|
20,484 |
|
|
19,949 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
115,117 |
|
|
115,038 |
|
|
18.7 |
% |
| Distribution |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AI Aqua Merger Sub, Inc. (dba Culligan)(6) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
07/2028 |
|
11,718 |
|
|
11,593 |
|
|
11,739 |
|
|
|
| Avient Corporation(6) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
08/2029 |
|
3,385 |
|
|
3,399 |
|
|
3,404 |
|
|
|
| BCPE Empire Holdings, Inc. (dba Imperial-Dade)(5) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
12/2030 |
|
17,820 |
|
|
17,820 |
|
|
17,604 |
|
|
|
| BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC)(6) |
|
First lien senior secured loan |
|
S + |
3.50 |
% |
— |
% |
|
12/2030 |
|
24,002 |
|
|
23,637 |
|
|
23,717 |
|
|
|
| Paint Intermediate III LLC (dba Wesco Group)(6) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
10/2031 |
|
20,091 |
|
|
20,019 |
|
|
20,168 |
|
|
|
| White Cap Supply Holdings, LLC(5) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
10/2029 |
|
2,897 |
|
|
2,886 |
|
|
2,908 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
79,354 |
|
|
79,540 |
|
|
13.0 |
% |
| Education |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ellucian Holdings Inc. (f/k/a Sophia, L.P.)(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
10/2029 |
|
9,738 |
|
|
9,738 |
|
|
9,786 |
|
|
|
| Renaissance Learning, Inc.(5) |
|
First lien senior secured loan |
|
S + |
4.00 |
% |
— |
% |
|
04/2030 |
|
5,137 |
|
|
4,974 |
|
|
4,475 |
|
|
|
| Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)(6) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
10/2030 |
|
13,847 |
|
|
13,846 |
|
|
13,905 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28,558 |
|
|
28,166 |
|
|
4.6 |
% |
| Energy equipment and services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AZZ Inc.(5) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
05/2029 |
|
2,599 |
|
|
2,610 |
|
|
2,605 |
|
|
|
| Brookfield WEC Holdings Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
01/2031 |
|
4,045 |
|
|
4,045 |
|
|
4,050 |
|
|
|
| Calpine Construction Finance Company(5) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
07/2030 |
|
3,000 |
|
|
3,000 |
|
|
3,002 |
|
|
|
| Calpine Corporation(5) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
01/2031 |
|
1,500 |
|
|
1,499 |
|
|
1,500 |
|
|
|
| Calpine Corporation(5) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
02/2032 |
|
4,000 |
|
|
3,990 |
|
|
3,998 |
|
|
|
| Centuri Group, Inc(5) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
07/2032 |
|
4,826 |
|
|
4,826 |
|
|
4,840 |
|
|
|
| Fleet U.S. Bidco Inc.(7)(8) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
02/2031 |
|
19,758 |
|
|
19,760 |
|
|
19,808 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39,730 |
|
|
39,803 |
|
|
6.5 |
% |
| Financial services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AllSpring Buyer(6) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
11/2030 |
|
1,910 |
|
|
1,906 |
|
|
1,919 |
|
|
|
| Ascensus Holdings, Inc.(5) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
11/2032 |
|
7,895 |
|
|
7,876 |
|
|
7,882 |
|
|
|
| BCPE Pequod Buyer, Inc. (dba Envestnet)(5) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
11/2031 |
|
18,309 |
|
|
18,287 |
|
|
18,338 |
|
|
|
| Boost Newco Borrower, LLC (dba WorldPay)(6) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
01/2031 |
|
6,948 |
|
|
6,835 |
|
|
6,952 |
|
|
|
| Chrysaor Bidco s.à r.l. (dba AlterDomus)(6) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
10/2031 |
|
6,610 |
|
|
6,603 |
|
|
6,651 |
|
|
|
| Citadel Securities, LP(6) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
10/2031 |
|
7,033 |
|
|
7,033 |
|
|
7,067 |
|
|
|
| Citco Funding LLC(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
04/2028 |
|
1,980 |
|
|
1,988 |
|
|
1,992 |
|
|
|
| Citrin Cooperman Advisors LLC(6) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
04/2032 |
|
6,734 |
|
|
6,708 |
|
|
6,751 |
|
|
|
| Cohnreznick Advisory LLC(6) |
|
First lien senior secured loan |
|
S + |
3.50 |
% |
— |
% |
|
03/2032 |
|
6,343 |
|
|
6,319 |
|
|
6,362 |
|
|
|
| Creative Planning, LLC(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
05/2031 |
|
7,644 |
|
|
7,592 |
|
|
7,658 |
|
|
|
| EP Wealth Advisors, LLC(6) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
10/2032 |
|
3,993 |
|
|
3,983 |
|
|
4,003 |
|
|
|
| First Eagle Holdings, Inc.(6) |
|
First lien senior secured loan |
|
S + |
3.50 |
% |
— |
% |
|
08/2032 |
|
9,144 |
|
|
9,003 |
|
|
9,125 |
|
|
|
| Focus Financial Partners, LLC(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
09/2031 |
|
14,196 |
|
|
14,191 |
|
|
14,215 |
|
|
|
| Grant Thornton Advisors LLC(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
06/2031 |
|
3,282 |
|
|
3,261 |
|
|
3,285 |
|
|
|
| Grant Thornton Advisors LLC(5) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
06/2031 |
|
2,245 |
|
|
2,219 |
|
|
2,252 |
|
|
|
| Guggenheim Partners Investment Management Holdings, LLC(6) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
11/2031 |
|
5,940 |
|
|
5,928 |
|
|
5,960 |
|
|
|
| Kestra Advisor Services Holdings A, Inc.(5) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
03/2031 |
|
5,400 |
|
|
5,401 |
|
|
5,406 |
|
|
|
| MARINER WEALTH ADVISORS, LLC(6) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
12/2030 |
|
4,891 |
|
|
4,891 |
|
|
4,913 |
|
|
|
| OneDigital Borrower LLC(5) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
07/2031 |
|
15,464 |
|
|
15,464 |
|
|
15,469 |
|
|
|
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
|
| Company(1)(3)(4) |
|
Investment |
|
Ref. Rate |
Cash |
PIK |
|
Maturity Date |
|
Par / Units |
|
Amortized Cost(2) |
|
Fair Value |
|
Percentage of Members’ Equity(10) |
| Orion Advisor Solutions Inc(6) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
09/2030 |
|
10,487 |
|
|
10,487 |
|
|
10,500 |
|
|
|
| Orion US Finco Inc. (dba OSTTRA)(5) |
|
First lien senior secured loan |
|
S + |
3.50 |
% |
— |
% |
|
05/2032 |
|
8,767 |
|
|
8,767 |
|
|
8,818 |
|
|
|
| PPI Holding US INC. (dba Nuvei)(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
11/2031 |
|
3,095 |
|
|
3,082 |
|
|
3,108 |
|
|
|
| Pushpay USA Inc(7)(8) |
|
First lien senior secured loan |
|
S + |
3.75 |
% |
— |
% |
|
08/2031 |
|
5,758 |
|
|
5,757 |
|
|
5,729 |
|
|
|
| Saphilux S.a.r.L. (dba IQ-EQ)(7) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
07/2028 |
|
19,474 |
|
|
19,474 |
|
|
19,583 |
|
|
|
| TMF Sapphire Bidco B.V.(6) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
05/2028 |
|
2,231 |
|
|
2,229 |
|
|
2,241 |
|
|
|
| Victory Capital Holdings Inc(6) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
09/2032 |
|
7,090 |
|
|
7,082 |
|
|
7,121 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
192,366 |
|
|
193,300 |
|
|
31.5 |
% |
| Food and beverage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1011778 BC / NEW RED FIN (dba Restaurant Brands)(5) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
09/2030 |
|
1,898 |
|
|
1,890 |
|
|
1,898 |
|
|
|
| Aramark Services, Inc.(5) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
06/2030 |
|
5,949 |
|
|
5,949 |
|
|
5,962 |
|
|
|
| Aspire Bakeries Holdings, LLC(5) |
|
First lien senior secured loan |
|
S + |
3.50 |
% |
— |
% |
|
12/2030 |
|
4,208 |
|
|
4,208 |
|
|
4,221 |
|
|
|
| Balrog Acquisition, Inc. (dba Bakemark)(5) |
|
First lien senior secured loan |
|
S + |
4.00 |
% |
— |
% |
|
09/2028 |
|
15,051 |
|
|
15,082 |
|
|
12,455 |
|
|
|
| Chobani LLC(5) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
10/2032 |
|
8,802 |
|
|
8,802 |
|
|
8,837 |
|
|
|
| Fiesta Purchaser, Inc. (dba Shearer's Foods)(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
02/2031 |
|
14,288 |
|
|
14,288 |
|
|
14,268 |
|
|
|
| FRONERI US INC(7) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
09/2031 |
|
3,970 |
|
|
3,962 |
|
|
3,966 |
|
|
|
| FRONERI US INC(6) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
09/2032 |
|
14,416 |
|
|
14,384 |
|
|
14,410 |
|
|
|
| IRB Holding Corp (dba Inspire Brands, Inc.)(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
12/2030 |
|
14,157 |
|
|
14,157 |
|
|
14,184 |
|
|
|
| Pegasus BidCo B.V.(6) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
07/2029 |
|
7,438 |
|
|
7,437 |
|
|
7,447 |
|
|
|
| Raising Cane's Restaurants, LLC(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
11/2032 |
|
13,496 |
|
|
13,463 |
|
|
13,521 |
|
|
|
| Red SPV, LLC(5) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
03/2032 |
|
9,476 |
|
|
9,433 |
|
|
9,472 |
|
|
|
| Savor Acquisition, Inc. (dba Sauer Brands)(6) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
02/2032 |
|
5,522 |
|
|
5,502 |
|
|
5,540 |
|
|
|
| Simply Good Foods USA, Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
03/2030 |
|
6,853 |
|
|
6,819 |
|
|
6,875 |
|
|
|
| Snacking Investments US LLC (dba Arnott's Group)(6) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
10/2032 |
|
7,382 |
|
|
7,364 |
|
|
7,419 |
|
|
|
| Utz Quality Foods, LLC(6) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
01/2032 |
|
2,550 |
|
|
2,550 |
|
|
2,560 |
|
|
|
| Whatabrands LLC (dba Whataburger Restaurants LLC)(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
08/2028 |
|
7,361 |
|
|
7,327 |
|
|
7,379 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
142,617 |
|
|
140,414 |
|
|
22.9 |
% |
| Healthcare equipment and services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Agiliti Health(6) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
05/2030 |
|
990 |
|
|
963 |
|
|
968 |
|
|
|
| ARGENT FINCO LLC(6)(8) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
11/2032 |
|
4,571 |
|
|
4,560 |
|
|
4,594 |
|
|
|
| Azalea TopCo, Inc. (dba Press Ganey)(5) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
04/2031 |
|
6,377 |
|
|
6,382 |
|
|
6,385 |
|
|
|
| Confluent Medical Technologies, Inc.(6)(8) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
02/2029 |
|
9,714 |
|
|
9,714 |
|
|
9,763 |
|
|
|
| Curium BidCo S.A.R.L (dba Curium Pharma)(6) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
08/2031 |
|
9,685 |
|
|
9,640 |
|
|
9,766 |
|
|
|
| Global Medical Response, Inc.(6) |
|
First lien senior secured loan |
|
S + |
3.50 |
% |
— |
% |
|
10/2032 |
|
12,642 |
|
|
12,611 |
|
|
12,714 |
|
|
|
| LUMEXA IMAGING INC(6)(8) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
12/2032 |
|
5,333 |
|
|
5,320 |
|
|
5,360 |
|
|
|
| Medline Borrower, LP(5) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
10/2030 |
|
15,405 |
|
|
15,388 |
|
|
15,455 |
|
|
|
| NSM Top Holdings Corp. (dba National Seating & Mobility)(6)(8) |
|
First lien senior secured loan |
|
S + |
4.25 |
% |
— |
% |
|
05/2029 |
|
10,802 |
|
|
10,775 |
|
|
10,829 |
|
|
|
| Resonetics, LLC(6) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
06/2031 |
|
15,296 |
|
|
15,296 |
|
|
15,312 |
|
|
|
| Sharp Services, LLC(6) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
09/2032 |
|
2,217 |
|
|
2,206 |
|
|
2,222 |
|
|
|
| Zest Acquisition Corp.(6)(8) |
|
First lien senior secured loan |
|
S + |
5.25 |
% |
— |
% |
|
02/2028 |
|
990 |
|
|
995 |
|
|
968 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
93,850 |
|
|
94,336 |
|
|
15.4 |
% |
| Healthcare providers and services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CHG Healthcare Services, Inc.(6) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
09/2028 |
|
3,216 |
|
|
3,217 |
|
|
3,230 |
|
|
|
| CHG PPC Parent LLC(5)(8) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
12/2028 |
|
4,193 |
|
|
4,181 |
|
|
4,203 |
|
|
|
| Concentra(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
07/2031 |
|
1,489 |
|
|
1,495 |
|
|
1,498 |
|
|
|
| Confluent Health, LLC(5)(8) |
|
First lien senior secured loan |
|
S + |
4.00 |
% |
— |
% |
|
11/2028 |
|
13,346 |
|
|
13,172 |
|
|
11,811 |
|
|
|
| Covetrus, Inc.(6)(8) |
|
First lien senior secured loan |
|
S + |
5.00 |
% |
— |
% |
|
10/2029 |
|
15,976 |
|
|
15,369 |
|
|
14,857 |
|
|
|
| Electron Bidco Inc (dba ExamWorks)(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
11/2028 |
|
1,985 |
|
|
1,985 |
|
|
1,994 |
|
|
|
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
|
| Company(1)(3)(4) |
|
Investment |
|
Ref. Rate |
Cash |
PIK |
|
Maturity Date |
|
Par / Units |
|
Amortized Cost(2) |
|
Fair Value |
|
Percentage of Members’ Equity(10) |
| Inizio Group Limited (dba UDG Healthcare)(6)(8) |
|
First lien senior secured loan |
|
S + |
4.25 |
% |
— |
% |
|
08/2028 |
|
3,080 |
|
|
3,033 |
|
|
2,995 |
|
|
|
| LSCS Holdings, Inc.(6) |
|
First lien senior secured loan |
|
S + |
4.50 |
% |
— |
% |
|
03/2032 |
|
12,899 |
|
|
12,837 |
|
|
12,614 |
|
|
|
| Onex TSG Intermediate Corporation(6) |
|
First lien senior secured loan |
|
S + |
3.75 |
% |
— |
% |
|
08/2032 |
|
7,263 |
|
|
7,227 |
|
|
7,299 |
|
|
|
| Option Care Health, Inc(5) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
09/2032 |
|
3,105 |
|
|
3,098 |
|
|
3,120 |
|
|
|
| Pacific Dental Services, LLC(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
03/2031 |
|
4,768 |
|
|
4,768 |
|
|
4,784 |
|
|
|
| Phoenix Guarantor Inc(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
02/2031 |
|
742 |
|
|
742 |
|
|
746 |
|
|
|
| Phoenix Newco, Inc. (dba Parexel)(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
12/2031 |
|
32,066 |
|
|
31,986 |
|
|
32,152 |
|
|
|
| Select Medical Corp.(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
12/2031 |
|
3,565 |
|
|
3,563 |
|
|
3,556 |
|
|
|
| Soliant Lower Intermediate, LLC (dba Soliant)(7) |
|
First lien senior secured loan |
|
S + |
3.75 |
% |
— |
% |
|
07/2031 |
|
9,587 |
|
|
9,652 |
|
|
7,694 |
|
|
|
| Surgery Center Holdings, Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
12/2030 |
|
3,664 |
|
|
3,655 |
|
|
3,676 |
|
|
|
| WCG Intermediate Corp. (f/k/a Da Vinci Purchaser Corp.) (dba WCG)(5) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
02/2032 |
|
7,458 |
|
|
7,425 |
|
|
7,468 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
127,405 |
|
|
123,697 |
|
|
20.1 |
% |
| Healthcare technology |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Athenahealth Group Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
02/2029 |
|
12,304 |
|
|
12,299 |
|
|
12,316 |
|
|
|
| Certara(5)(8) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
06/2031 |
|
495 |
|
|
495 |
|
|
499 |
|
|
|
| Cotiviti, Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
03/2032 |
|
4,441 |
|
|
4,399 |
|
|
4,255 |
|
|
|
| Cotiviti, Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
05/2031 |
|
5,467 |
|
|
5,431 |
|
|
5,244 |
|
|
|
| Ensemble RCM, LLC(6) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
08/2029 |
|
11,446 |
|
|
11,425 |
|
|
11,495 |
|
|
|
| Imprivata, Inc.(6) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
12/2027 |
|
15,014 |
|
|
15,014 |
|
|
15,059 |
|
|
|
| IQVIA, Inc.(6) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
01/2031 |
|
1,985 |
|
|
1,993 |
|
|
1,996 |
|
|
|
| PointClickCare Technologies, Inc.(6) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
11/2031 |
|
16,833 |
|
|
16,833 |
|
|
16,840 |
|
|
|
| Project Ruby Ultimate Parent Corp. (dba Wellsky)(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
03/2028 |
|
11,785 |
|
|
11,786 |
|
|
11,812 |
|
|
|
| Raven Acquisition Holdings, LLC (dba R1 RCM)(5) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
11/2031 |
|
994 |
|
|
998 |
|
|
997 |
|
|
|
| Raven Acquisition Holdings, LLC (dba R1 RCM)(6) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
04/2031 |
|
6,980 |
|
|
6,951 |
|
|
7,000 |
|
|
|
| Southern Veterinary Partners, LLC(6) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
12/2031 |
|
25,170 |
|
|
25,170 |
|
|
25,130 |
|
|
|
| Waystar Technologies, Inc. (F/K/A Navicure, Inc.)(5)(8) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
10/2029 |
|
4,728 |
|
|
4,728 |
|
|
4,752 |
|
|
|
| Zelis Cost Management Buyer, Inc.(5) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
11/2031 |
|
11,459 |
|
|
11,412 |
|
|
11,360 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
128,934 |
|
|
128,755 |
|
|
21.0 |
% |
| Household products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Energizer Holdings, Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
03/2032 |
|
890 |
|
|
888 |
|
|
890 |
|
|
|
| Samsonite International S.A.(5) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
10/2032 |
|
2,980 |
|
|
2,965 |
|
|
2,989 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,853 |
|
|
3,879 |
|
|
0.6 |
% |
| Human resource support services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AQ Carver Buyer, Inc. (dba CoAdvantage)(6) |
|
First lien senior secured loan |
|
S + |
5.50 |
% |
— |
% |
|
08/2029 |
|
1,980 |
|
|
1,986 |
|
|
1,878 |
|
|
|
| Dawn Bidco, LLC (dba Dayforce)(5) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
10/2032 |
|
21,518 |
|
|
21,464 |
|
|
21,441 |
|
|
|
| iSolved, Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
10/2030 |
|
16,572 |
|
|
16,569 |
|
|
16,598 |
|
|
|
| UKG Inc. (dba Ultimate Software)(6) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
02/2031 |
|
17,355 |
|
|
17,356 |
|
|
17,362 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
57,375 |
|
|
57,279 |
|
|
9.3 |
% |
| Infrastructure and environmental services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ASP Acuren Holdings, Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
07/2031 |
|
8,457 |
|
|
8,457 |
|
|
8,491 |
|
|
|
| Clean Harbors Inc(5) |
|
First lien senior secured loan |
|
S + |
1.50 |
% |
— |
% |
|
09/2032 |
|
3,022 |
|
|
3,022 |
|
|
3,047 |
|
|
|
| Geosyntec Consultants, Inc.(5)(8) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
07/2031 |
|
10,431 |
|
|
10,431 |
|
|
10,484 |
|
|
|
| GFL Environmental Services Inc.(6) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
03/2032 |
|
5,512 |
|
|
5,510 |
|
|
5,529 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,420 |
|
|
27,551 |
|
|
4.5 |
% |
| Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Acrisure, LLC(5) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
11/2030 |
|
7,924 |
|
|
7,924 |
|
|
7,909 |
|
|
|
| Acrisure, LLC(5) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
06/2032 |
|
1,923 |
|
|
1,918 |
|
|
1,922 |
|
|
|
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
|
| Company(1)(3)(4) |
|
Investment |
|
Ref. Rate |
Cash |
PIK |
|
Maturity Date |
|
Par / Units |
|
Amortized Cost(2) |
|
Fair Value |
|
Percentage of Members’ Equity(10) |
| Alera Group, Inc.(5) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
05/2032 |
|
17,279 |
|
|
17,197 |
|
|
17,353 |
|
|
|
| Alliant Holdings Intermediate LLC(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
09/2031 |
|
5,971 |
|
|
5,971 |
|
|
5,983 |
|
|
|
| AmWINS Group, Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
01/2032 |
|
16,002 |
|
|
15,932 |
|
|
16,042 |
|
|
|
| Ardonagh Midco 3 PLC(6) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
02/2031 |
|
11,071 |
|
|
11,042 |
|
|
11,036 |
|
|
|
| Asurion, LLC(5) |
|
First lien senior secured loan |
|
S + |
4.25 |
% |
— |
% |
|
08/2028 |
|
7,712 |
|
|
7,690 |
|
|
7,722 |
|
|
|
| Baldwin Insurance Group Holdings LLC (dba The Baldwin Group)(6) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
05/2031 |
|
6,857 |
|
|
6,823 |
|
|
6,835 |
|
|
|
| Broadstreet Partners, Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
06/2031 |
|
10,890 |
|
|
10,890 |
|
|
10,922 |
|
|
|
| CFC USA 2025 LLC (dba CFC Insurance)(6) |
|
First lien senior secured loan |
|
S + |
3.75 |
% |
— |
% |
|
07/2032 |
|
6,419 |
|
|
6,357 |
|
|
6,235 |
|
|
|
| Hub International(6) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
06/2030 |
|
3,476 |
|
|
3,476 |
|
|
3,492 |
|
|
|
| Hyperion Refinance S.à r.l (dba Howden Group)(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
04/2030 |
|
18,736 |
|
|
18,735 |
|
|
18,771 |
|
|
|
| Hyperion Refinance S.à r.l (dba Howden Group)(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
02/2031 |
|
3,515 |
|
|
3,515 |
|
|
3,520 |
|
|
|
| IMA Financial Group, Inc.(5) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
11/2028 |
|
8,383 |
|
|
8,362 |
|
|
8,397 |
|
|
|
| Mitchell International, Inc.(5) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
06/2031 |
|
8,379 |
|
|
8,343 |
|
|
8,401 |
|
|
|
| Ryan Specialty Group LLC(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
09/2031 |
|
745 |
|
|
749 |
|
|
745 |
|
|
|
| Summit Acquisition Inc. (dba K2 Insurance Services)(5)(8) |
|
First lien senior secured loan |
|
S + |
3.50 |
% |
— |
% |
|
10/2031 |
|
3,737 |
|
|
3,737 |
|
|
3,756 |
|
|
|
| The Liberty Company Insurance Brokers, LLC(6)(8) |
|
First lien senior secured loan |
|
S + |
3.75 |
% |
— |
% |
|
10/2032 |
|
4,437 |
|
|
4,415 |
|
|
4,448 |
|
|
|
| Trucordia Insurance Holdings, LLC(5)(8) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
06/2032 |
|
24,938 |
|
|
24,877 |
|
|
24,750 |
|
|
|
| Truist Insurance Holdings, LLC(6) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
05/2031 |
|
7,673 |
|
|
7,670 |
|
|
7,676 |
|
|
|
| USI, Inc.(6) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
09/2030 |
|
1,012 |
|
|
1,012 |
|
|
1,014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
176,635 |
|
|
176,929 |
|
|
28.8 |
% |
| Internet software and services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Avalara, Inc.(6) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
03/2032 |
|
14,118 |
|
|
14,119 |
|
|
14,169 |
|
|
|
| Cloud Software Group, Inc.(6) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
03/2031 |
|
4,963 |
|
|
4,963 |
|
|
4,967 |
|
|
|
| Cloud Software Group, Inc.(6) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
08/2032 |
|
8,784 |
|
|
8,784 |
|
|
8,789 |
|
|
|
| Clover Holdings 2, LLC (dba Cohesity)(5) |
|
First lien senior secured loan |
|
S + |
3.96 |
% |
— |
% |
|
12/2031 |
|
19,545 |
|
|
19,344 |
|
|
19,527 |
|
|
|
| Dayforce Inc(6)(8) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
03/2031 |
|
1,980 |
|
|
1,981 |
|
|
1,973 |
|
|
|
| Delta TopCo, Inc. (dba Infoblox, Inc.)(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
11/2029 |
|
21,787 |
|
|
21,651 |
|
|
21,658 |
|
|
|
| Epicor(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
05/2031 |
|
742 |
|
|
745 |
|
|
744 |
|
|
|
| Gen Digital Inc(5) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
04/2032 |
|
3,308 |
|
|
3,292 |
|
|
3,310 |
|
|
|
| Genesys Cloud Services, Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
01/2032 |
|
14,123 |
|
|
14,093 |
|
|
14,079 |
|
|
|
| Javelin Buyer, Inc. (dba JAGGAER)(6) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
12/2031 |
|
2,729 |
|
|
2,729 |
|
|
2,736 |
|
|
|
| KnowBe4, Inc.(6) |
|
First lien senior secured loan |
|
S + |
3.75 |
% |
— |
% |
|
07/2032 |
|
15,707 |
|
|
15,696 |
|
|
15,698 |
|
|
|
| McAfee Corp.(5) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
03/2029 |
|
4,245 |
|
|
4,227 |
|
|
3,904 |
|
|
|
| Project Alpha Intermediate Holding, Inc. (dba Qlik)(6) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
10/2030 |
|
7,089 |
|
|
7,072 |
|
|
7,073 |
|
|
|
| Proofpoint, Inc.(6) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
08/2028 |
|
20,703 |
|
|
20,606 |
|
|
20,790 |
|
|
|
| Quartz Acquireco, LLC (dba Qualtrics)(6)(8) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
06/2030 |
|
495 |
|
|
494 |
|
|
494 |
|
|
|
| Sedgwick Claims Management Services, Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
07/2031 |
|
21,727 |
|
|
21,720 |
|
|
21,790 |
|
|
|
| SONICWALL US Holdings, Inc.(6) |
|
First lien senior secured loan |
|
S + |
5.00 |
% |
— |
% |
|
05/2028 |
|
2,972 |
|
|
2,956 |
|
|
1,899 |
|
|
|
| Sophos Holdings, LLC(5) |
|
First lien senior secured loan |
|
S + |
3.50 |
% |
— |
% |
|
03/2027 |
|
11,823 |
|
|
11,811 |
|
|
11,821 |
|
|
|
| SS&C(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
05/2031 |
|
8,024 |
|
|
8,033 |
|
|
8,068 |
|
|
|
| Starlight Parent, LLC (dba SolarWinds)(6) |
|
First lien senior secured loan |
|
S + |
4.00 |
% |
— |
% |
|
04/2032 |
|
9,297 |
|
|
9,039 |
|
|
9,274 |
|
|
|
| Storable, Inc.(5) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
04/2031 |
|
11,584 |
|
|
11,581 |
|
|
11,628 |
|
|
|
| UST Holdings, Ltd.(5)(8) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
11/2028 |
|
5,928 |
|
|
5,938 |
|
|
5,943 |
|
|
|
| VERDE PURCHASER LLC (dba Veritiv Corp)(6) |
|
First lien senior secured loan |
|
S + |
4.00 |
% |
— |
% |
|
11/2030 |
|
10,546 |
|
|
10,528 |
|
|
10,535 |
|
|
|
| Vertiv Group Corp.(5) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
08/2032 |
|
3,990 |
|
|
3,990 |
|
|
4,007 |
|
|
|
| VIAVI SOLUTIONS INC(6)(8) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
10/2032 |
|
6,306 |
|
|
6,292 |
|
|
6,338 |
|
|
|
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
|
| Company(1)(3)(4) |
|
Investment |
|
Ref. Rate |
Cash |
PIK |
|
Maturity Date |
|
Par / Units |
|
Amortized Cost(2) |
|
Fair Value |
|
Percentage of Members’ Equity(10) |
| VIRTUSA CORPORATION(5) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
02/2029 |
|
2,372 |
|
|
2,380 |
|
|
2,376 |
|
|
|
| VS Buyer LLC (dba Veeam Software)(6) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
04/2031 |
|
12,162 |
|
|
12,096 |
|
|
12,192 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
246,160 |
|
|
245,782 |
|
|
40.0 |
% |
| Investment funds and vehicles |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Chicago US MidCo III, LP(5)(8) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
11/2032 |
|
15,032 |
|
|
14,995 |
|
|
15,069 |
|
|
|
| Grosvenor(5) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
02/2030 |
|
545 |
|
|
547 |
|
|
547 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,542 |
|
|
15,616 |
|
|
2.5 |
% |
| Leisure and entertainment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cedar Fair, L.P. (dba Six Flags Entertainment Corp)(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
05/2031 |
|
4,723 |
|
|
4,691 |
|
|
4,663 |
|
|
|
| Delta 2 (Lux) SARL (dba Formula One)(6) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
09/2031 |
|
2,000 |
|
|
2,008 |
|
|
2,005 |
|
|
|
| GBT US III LLC (dba Global Business Travel Group, Inc.)(6) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
07/2031 |
|
4,714 |
|
|
4,684 |
|
|
4,726 |
|
|
|
| Live Nation Entertainment, Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
10/2032 |
|
11,490 |
|
|
11,434 |
|
|
11,490 |
|
|
|
| WMG Acquisition Corp(6) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
01/2031 |
|
1,000 |
|
|
1,002 |
|
|
1,002 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,819 |
|
|
23,886 |
|
|
3.9 |
% |
| Manufacturing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ALLIANCE LAUNDRY SYSTEMS LLC(6) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
08/2031 |
|
7,105 |
|
|
7,105 |
|
|
7,132 |
|
|
|
| Altar Bidco, Inc.(5) |
|
First lien senior secured loan |
|
S + |
3.10 |
% |
— |
% |
|
02/2029 |
|
6,352 |
|
|
6,260 |
|
|
6,276 |
|
|
|
| Chariot Buyer LLC (dba Chamberlain Group)(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
09/2032 |
|
12,213 |
|
|
12,215 |
|
|
12,231 |
|
|
|
| Columbus McKinnon Corp.(6)(8) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
05/2028 |
|
963 |
|
|
965 |
|
|
963 |
|
|
|
| DXP Enterprises, Inc.(5) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
10/2030 |
|
10,671 |
|
|
10,671 |
|
|
10,749 |
|
|
|
| EMRLD Borrower LP (dba Emerson)(6) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
05/2030 |
|
11,455 |
|
|
11,456 |
|
|
11,478 |
|
|
|
| Engineered Machinery Holdings, Inc. (dba Duravant)(6) |
|
First lien senior secured loan |
|
S + |
3.25 |
% |
— |
% |
|
11/2032 |
|
22,666 |
|
|
22,607 |
|
|
22,790 |
|
|
|
| Filtration Group Corporation(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
10/2028 |
|
10,449 |
|
|
10,449 |
|
|
10,497 |
|
|
|
| Gates Global LLC(5) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
11/2029 |
|
812 |
|
|
809 |
|
|
813 |
|
|
|
| Gloves Buyer, Inc. (dba Protective Industrial Products)(5) |
|
First lien senior secured loan |
|
S + |
4.00 |
% |
— |
% |
|
05/2032 |
|
11,661 |
|
|
11,606 |
|
|
11,587 |
|
|
|
| Legence Holdings LLC(5) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
12/2031 |
|
6,716 |
|
|
6,719 |
|
|
6,755 |
|
|
|
| MADISON IAQ LLC(7) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
06/2028 |
|
807 |
|
|
807 |
|
|
811 |
|
|
|
| MADISON IAQ LLC(6) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
11/2032 |
|
22,537 |
|
|
22,537 |
|
|
22,661 |
|
|
|
| Pro Mach Group, Inc.(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
10/2032 |
|
19,965 |
|
|
19,915 |
|
|
20,085 |
|
|
|
| SPECTRIS(6) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
09/2032 |
|
13,265 |
|
|
13,233 |
|
|
13,315 |
|
|
|
| Watlow Electric Manufacturing Company(6) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
03/2028 |
|
2,969 |
|
|
2,979 |
|
|
2,985 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
160,333 |
|
|
161,128 |
|
|
26.2 |
% |
| Pharmaceuticals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amneal Pharmaceuticals LLC(5) |
|
First lien senior secured loan |
|
S + |
3.50 |
% |
— |
% |
|
08/2032 |
|
15,306 |
|
|
15,269 |
|
|
15,420 |
|
|
|
| Elanco Animal Health Incorporated(5) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
10/2032 |
|
6,509 |
|
|
6,461 |
|
|
6,516 |
|
|
|
| Fortrea Holdings Inc.(5)(8) |
|
First lien senior secured loan |
|
S + |
3.75 |
% |
— |
% |
|
07/2030 |
|
1,000 |
|
|
982 |
|
|
963 |
|
|
|
| Opal US LLC(6) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
04/2032 |
|
16,734 |
|
|
16,668 |
|
|
16,822 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39,380 |
|
|
39,721 |
|
|
6.5 |
% |
| Professional services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AlixPartners, LLP(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
08/2032 |
|
8,514 |
|
|
8,497 |
|
|
8,524 |
|
|
|
| Apex Group Treasury LLC(6) |
|
First lien senior secured loan |
|
S + |
3.50 |
% |
— |
% |
|
02/2032 |
|
22,536 |
|
|
22,375 |
|
|
21,148 |
|
|
|
| API GROUP DE INC(5) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
01/2029 |
|
2,840 |
|
|
2,840 |
|
|
2,849 |
|
|
|
| Camelot U.S. Acquisition 1 Co.(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
01/2031 |
|
2,000 |
|
|
2,006 |
|
|
1,971 |
|
|
|
| Clearwater Analytics, LLC(7) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
04/2032 |
|
4,109 |
|
|
4,109 |
|
|
4,101 |
|
|
|
| Corporation Service Company(5) |
|
First lien senior secured loan |
|
S + |
2.00 |
% |
— |
% |
|
11/2029 |
|
5,021 |
|
|
5,021 |
|
|
5,017 |
|
|
|
| Element Materials Technology(6) |
|
First lien senior secured loan |
|
S + |
3.67 |
% |
— |
% |
|
06/2029 |
|
2,280 |
|
|
2,289 |
|
|
2,294 |
|
|
|
| Element Solutions, Inc.(6) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
12/2030 |
|
2,449 |
|
|
2,446 |
|
|
2,461 |
|
|
|
| First Advantage Holdings LLC(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
10/2031 |
|
4,653 |
|
|
4,652 |
|
|
4,599 |
|
|
|
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
|
| Company(1)(3)(4) |
|
Investment |
|
Ref. Rate |
Cash |
PIK |
|
Maturity Date |
|
Par / Units |
|
Amortized Cost(2) |
|
Fair Value |
|
Percentage of Members’ Equity(10) |
| Red Ventures, LLC(5) |
|
First lien senior secured loan |
|
S + |
2.75 |
% |
— |
% |
|
03/2030 |
|
260 |
|
|
262 |
|
|
249 |
|
|
|
| Skopima Merger Sub Inc.(5) |
|
First lien senior secured loan |
|
S + |
3.75 |
% |
— |
% |
|
05/2028 |
|
4,796 |
|
|
4,796 |
|
|
4,362 |
|
|
|
| Vistage International, Inc.(6)(8) |
|
First lien senior secured loan |
|
S + |
3.75 |
% |
— |
% |
|
07/2029 |
|
9,797 |
|
|
9,797 |
|
|
9,748 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
69,090 |
|
|
67,323 |
|
|
11.0 |
% |
| Telecommunications |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Charter Communications Operating LLC(6) |
|
First lien senior secured loan |
|
S + |
2.25 |
% |
— |
% |
|
12/2031 |
|
7,920 |
|
|
7,903 |
|
|
7,925 |
|
|
|
| Cogeco Communications (USA) II L.P.(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
09/2028 |
|
1,304 |
|
|
1,299 |
|
|
1,253 |
|
|
|
| Eagle Broadband Investments, LLC (dba Mega Broadband Investments)(6) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
11/2027 |
|
10,688 |
|
|
10,653 |
|
|
10,112 |
|
|
|
| Virgin Media Bristol LLC(7) |
|
First lien senior secured loan |
|
S + |
3.18 |
% |
— |
% |
|
03/2031 |
|
5,018 |
|
|
4,970 |
|
|
4,965 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,825 |
|
|
24,255 |
|
|
3.9 |
% |
| Transportation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AIT Worldwide Logistics Holdings, Inc.(6) |
|
First lien senior secured loan |
|
S + |
4.00 |
% |
— |
% |
|
04/2030 |
|
7,920 |
|
|
7,920 |
|
|
7,956 |
|
|
|
| Echo Global Logistics, Inc.(5) |
|
First lien senior secured loan |
|
S + |
3.75 |
% |
— |
% |
|
11/2028 |
|
1,677 |
|
|
1,663 |
|
|
1,648 |
|
|
|
| First Student Bidco Inc(6) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
08/2030 |
|
4,271 |
|
|
4,266 |
|
|
4,282 |
|
|
|
| Genesee & Wyoming Inc.(6) |
|
First lien senior secured loan |
|
S + |
1.75 |
% |
— |
% |
|
04/2031 |
|
495 |
|
|
492 |
|
|
495 |
|
|
|
| KKR Apple Bidco, LLC(5) |
|
First lien senior secured loan |
|
S + |
2.50 |
% |
— |
% |
|
09/2031 |
|
7,985 |
|
|
7,967 |
|
|
8,024 |
|
|
|
| NA Rail Hold Co. LLC(6) |
|
First lien senior secured loan |
|
S + |
3.00 |
% |
— |
% |
|
03/2032 |
|
3,618 |
|
|
3,610 |
|
|
3,642 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,918 |
|
|
26,047 |
|
|
4.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Misc.-debt commitments(9) |
|
|
|
|
|
|
|
|
|
— |
|
|
69 |
|
|
99 |
|
|
— |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Debt Investments |
|
|
|
|
|
|
|
|
|
$ |
2,350,698 |
|
|
$ |
2,343,367 |
|
|
381.6 |
% |
| Total Investments |
|
|
|
|
|
|
|
|
|
|
|
$ |
2,350,698 |
|
|
$ |
2,343,367 |
|
|
381.6 |
% |
(1) Unless otherwise indicated, Blue Owl Credit SLF’s investments are pledged as collateral supporting the amounts outstanding under Blue Owl Credit SLF’s Debt Facilities.
(2) The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
(3) Unless otherwise indicated, all investments are considered Level 2 investments.
(4) Unless otherwise indicated, loan contains a variable rate structure, which may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate (“SOFR” or “S”) (which can include one-, three-, six- or twelve-month SOFR), at the borrower’s option, and which reset periodically based on the terms of the loan agreement.
(5) The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2025 was 4.13%.
(6) The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2025 was 3.98%.
(7) The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2025 was 3.85%
(8) Level 3 investment.
(9) Position or portion thereof is an unfunded loan commitment. See below for more information on the Company’s unfunded commitments.
(10) Totals presented may differ than actuals due to rounding.
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands)
Unfunded Commitments as of December 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unfunded |
| Portfolio Company |
|
Commitment Type |
|
Commitment Expiration Date |
|
Funded
Commitment |
|
Commitment |
|
Fair Value |
|
|
|
|
|
|
|
|
|
|
|
| Chicago US Midco III LP |
|
First lien senior secured delayed draw term loan |
|
10/2027 |
|
$ |
— |
|
|
$ |
2,232 |
|
|
$ |
— |
|
| Citrin Cooperman Advisors LLC |
|
First lien senior secured delayed draw term loan |
|
12/2027 |
|
— |
|
|
1,619 |
|
|
— |
|
| Cohnreznick Advisory LLC |
|
First lien senior secured delayed draw term loan |
|
03/2027 |
|
— |
|
|
1,010 |
|
|
— |
|
| First Eagle Holdings, Inc. |
|
First lien senior secured delayed draw term loan |
|
06/2027 |
|
— |
|
|
1,561 |
|
|
— |
|
| Kaman Corporation |
|
First lien senior secured delayed draw term loan |
|
01/2027 |
|
99 |
|
|
933 |
|
|
99 |
|
| PINNACLE BUYER, LLC |
|
First lien senior secured delayed draw term loan |
|
03/2027 |
|
— |
|
|
3,321 |
|
|
— |
|
| Pye-Barker Fire & Safety, LLC |
|
First lien senior secured delayed draw term loan |
|
12/2027 |
|
— |
|
|
2,542 |
|
|
— |
|
| Raven Acquisition Holdings, LLC (dba R1 RCM) |
|
First lien senior secured delayed draw term loan |
|
10/2026 |
|
— |
|
|
510 |
|
|
— |
|
| Savor Acquisition, Inc. (dba Sauer Brands) |
|
First lien senior secured delayed draw term loan |
|
02/2027 |
|
— |
|
|
496 |
|
|
— |
|
| Total Portfolio Company Commitments |
|
|
|
$ |
99 |
|
|
$ |
14,824 |
|
|
$ |
99 |
|
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Notes to the consolidated financial information
Organization and Principal Business
Blue Owl Credit SLF LLC (“Credit SLF” or the “Company”), a Delaware limited liability company, is a joint venture among Blue Owl Capital Corporation, Blue Owl Capital Corporation II, Blue Owl Credit Income Corp., Blue Owl Technology Finance Corp., Blue Owl Technology Income Corp. and State Teachers Retirement System of Ohio (collectively, the “Class A Members”). Credit SLF has no Class B Members as of March 31, 2026. The Company’s principal purpose is to make investments primarily in senior secured loans to middle market companies, broadly syndicated loans and in senior and subordinated notes issued by collateralized loan obligations. The Company is managed by a board of directors comprised of an equal number of directors appointed by each Member and which acts unanimously. Except under certain circumstances, contributions to the Company cannot be redeemed. Investment decisions must be approved by the Company’s board of directors. The Credit SLF Members coinvest through Credit SLF, or its wholly owned subsidiaries. The Company’s date of inception was May 6, 2024, and the Company made its first portfolio company investment on July 23, 2024.
Prior to January 13, 2025, Blue Owl Capital Corporation III (“OBDE”) was a Class A Member. On January 13, 2025, OBDE merged with and into Blue Owl Capital Corporation (“OBDC”) with OBDC surviving (the “OBDE Merger”). At the effective time of the OBDE Merger, OBDE’s commitments to and interests in the Company became OBDC’s. Prior to March 24, 2025, Blue Owl Technology Finance Corp. II (“OTF II”) was a Class A Member. On March 24, 2025, OTF II merged with and into Blue Owl Technology Finance Corp. (“OTF”) with OTF surviving (the “OTF II Merger”). At the effective time of the OTF II Merger, OTF II’s commitments to and interest in the Company became OTF’s.
Investment Portfolio Detail
The table below presents the composition of investments at fair value and amortized cost as of March 31, 2026 and December 31, 2025, respectively:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
December 31, 2025 |
| ($ in thousands) |
|
Amortized Cost |
|
Fair Value |
|
Amortized Cost |
|
Fair Value |
| First-lien senior secured debt investments |
|
$ |
2,474,449 |
|
|
$ |
2,417,836 |
|
|
$ |
2,350,698 |
|
|
$ |
2,343,367 |
|
| Total Investments |
|
$ |
2,474,449 |
|
|
$ |
2,417,836 |
|
|
$ |
2,350,698 |
|
|
$ |
2,343,367 |
|
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
The table below presents the industry composition of investments based on fair value as of March 31, 2026 and December 31, 2025, respectively:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
December 31, 2025 |
| Advertising and media |
|
1.4 |
|
|
1.0 |
% |
| Aerospace and defense |
|
5.9 |
|
|
5.3 |
|
| Automotive services |
|
1.2 |
|
|
0.8 |
|
| Buildings and real estate |
|
2.2 |
|
|
2.2 |
|
| Business services |
|
8.7 |
|
|
9.4 |
|
| Chemicals |
|
2.5 |
|
|
2.6 |
|
| Consumer products |
|
1.6 |
|
|
1.4 |
|
| Containers and packaging |
|
5.3 |
|
|
4.9 |
|
| Distribution |
|
2.5 |
|
|
3.4 |
|
| Education |
|
0.4 |
|
|
1.2 |
|
| Energy equipment and services |
|
1.0 |
|
|
1.7 |
|
| Financial services |
|
8.2 |
|
|
8.2 |
|
| Food and beverage |
|
6.4 |
|
|
6.0 |
|
| Healthcare equipment and services |
|
4.3 |
|
|
4.0 |
|
| Healthcare providers and services |
|
5.4 |
|
|
5.3 |
|
| Healthcare technology |
|
5.2 |
|
|
5.5 |
|
| Household products |
|
0.2 |
|
|
0.2 |
|
| Human resource support services |
|
2.3 |
|
|
2.4 |
|
| Infrastructure and environmental services |
|
1.7 |
|
|
1.2 |
|
| Insurance |
|
6.8 |
|
|
7.6 |
|
| Internet software and services |
|
9.5 |
|
|
10.4 |
|
| Investment funds and vehicle |
|
1.0 |
|
|
0.7 |
|
| Leisure and entertainment |
|
1.7 |
|
|
1.0 |
|
| Manufacturing |
|
8.1 |
|
|
6.9 |
|
| Pharmaceuticals |
|
1.6 |
|
|
1.7 |
|
| Professional Services |
|
2.8 |
|
|
2.9 |
|
| Telecommunications |
|
1.0 |
|
|
1.0 |
|
| Transportation |
|
1.1 |
|
|
1.1 |
|
| Total |
|
100.0 |
% |
|
100.0 |
% |
The table below presents the geographic composition of investments based on fair value as of March 31, 2026 and December 31, 2025, respectively:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
December 31, 2025 |
|
| United States: |
|
|
|
|
|
| Midwest |
|
24.3 |
% |
|
24.6 |
% |
|
| Northeast |
|
19.0 |
|
|
17.4 |
|
|
| South |
|
28.0 |
|
|
28.4 |
|
|
| West |
|
15.4 |
|
|
15.9 |
|
|
| International |
|
13.3 |
|
|
13.7 |
|
|
| Total |
|
100.0 |
% |
|
100.0 |
% |
|
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
The table below presents the fair value hierarchy of investments as of March 31, 2026 and December 31, 2025 respectively:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Hierarchy as of March 31, 2026 |
| ($ in thousands) |
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| First-lien senior secured debt investments |
$ |
— |
|
|
$ |
2,191,212 |
|
|
$ |
226,624 |
|
|
$ |
2,417,836 |
|
| Total Investments |
$ |
— |
|
|
$ |
2,191,212 |
|
|
$ |
226,624 |
|
|
$ |
2,417,836 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Hierarchy as of December 31, 2025 |
| ($ in thousands) |
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| First-lien senior secured debt investments |
$ |
— |
|
|
$ |
2,065,767 |
|
|
$ |
277,600 |
|
|
$ |
2,343,367 |
|
| Total Investments |
$ |
— |
|
|
$ |
2,065,767 |
|
|
$ |
277,600 |
|
|
$ |
2,343,367 |
|
Debt Activity
Bank of America Facility
On June 12, 2024, the Company’s subsidiary, WISE CLO 2025-1 LTD. (fka BOC SLF WH I BA LTD.), an exempted company incorporated with limited liability under the laws of the Cayman Islands, entered into a $300.0 million revolving credit facility (the “Bank of America Facility”) with, among others, Bank of America, N.A., as lender and administrative agent. The Company acts as the collateral manager and the first loss provider with respect to the Bank of America Facility. Proceeds from the Bank of America Facility have been and will be used to finance the origination and acquisition of eligible assets by the borrowers thereunder. The maturity date of the Bank of America Facility is June 12, 2027. On March 6, 2025, a portion of the proceeds from the WISE CLO 2025-1 Transaction (as defined below) were used to repay certain amounts outstanding under the Bank of America Facility and WISE CLO 2025-1 LTD. was released from the Bank of America Facility.
On January 22, 2025, the Company’s subsidiary, BOC SLF BA-2 LTD., an exempted company incorporated with limited liability under the laws of the Cayman Islands, joined as co-borrower to the Bank of America Facility. The Company holds preference shares in BOC SLF BA-2 LTD. On January 22, 2025, in connection with the WISE CLO 2025-1 Transaction, certain of the assets held by WISE CLO 2025-1 LTD. were transferred via a master participation agreement to BOC SLF BA-2 Ltd. As of March 31, 2026, there was $162.8 million outstanding under the Bank of America Facility.
Borrowings under the Bank of America Facility bear interest at a per annum rate equal to (a) with respect to any Term SOFR Loan, SOFR + 1.45% and (b) with respect to any Base Rate Loan, Base Rate + 1.45%. Credit SLF predominantly borrows utilizing Term SOFR loans. Credit SLF also pays unused commitment fees of (i) prior to the six-month anniversary of such date, 0.35% and (ii) thereafter, (x) with respect to the First Unused Amount, 1.10% and (y) with respect to the Second Unused Amount, 0.35%. There was $0.2 million of unused commitment fees for the period ended March 31, 2026.
RBC Facility
On June 5, 2024, the Company’s subsidiary, WISE CLO 2025-3 LTD. (fka BOC SLF WH II RB LTD.), an exempted company incorporated with limited liability under the laws of the Cayman Islands, as borrower, joined a $300.0 million revolving credit facility (the “RBC Facility”) with, among others, Royal Bank of Canada, as lender and administrative agent, and U.S. Bank Trust Company, National Association, as collateral custodian. The Company acts as the collateral manager and the first loss provider with respect to the RBC Facility. Proceeds from the RBC Facility have been and will be used to finance the origination and acquisition of eligible assets by the borrowers thereunder. The maturity date of the RBC Facility is October 14, 2032. On July 24, 2025, a portion of the proceeds from the WISE CLO 2025-3 Transaction (as defined below) were used to repay certain amounts outstanding under the RBC Facility and WISE CLO 2025-3 LTD. was released from the RBC Facility.
On June 16, 2025, the Company’s subsidiary, BOC SLF RB-2 LTD., an exempted company incorporated with limited liability under the laws of the Cayman Islands, joined as replacement borrower to the RBC Facility. The Company holds preference shares in BOC SLF RB-2 LTD. On June 16, 2025, in connection with the WISE CLO 2025-3 Transaction, certain of the assets held by WISE CLO 2025-3 LTD. were transferred via a master participation agreement to BOC SLF RB-2 LTD. As of March 31, 2026, there was $109.6 million outstanding under the RBC Facility.
Borrowings under the RBC Facility bear interest at a per annum rate equal to SOFR +1.55%.
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Citibank Facility
On June 28, 2024, the Company’s subsidiary, WISE CLO 2025-4 LTD. (fka BOC SLF WH III C LTD.), an exempted company incorporated with limited liability under the laws of the Cayman Islands, entered into a revolving credit facility (the “Citibank Facility”) with, among others, Citibank, N.A., as lender and administrative agent. The commitment of the Citibank Facility is up to $300.0 million, and was $215.0 million as of December 31, 2024 and $100.0 million as of December 31, 2025, respectively. The Company acts as the collateral manager and the first loss provider with respect to the Citibank Facility. Proceeds from the Citibank Facility have been and will be used to finance the origination and acquisition of eligible assets by the borrowers thereunder. The maturity date of the Citibank Facility is June 28, 2027. On September 4, 2025, a portion of the proceeds from the WISE CLO 2025-4 Transaction (as defined below) were used to repay certain amounts outstanding under the Citibank Facility and WISE CLO 2025-4 LTD. was released from the Citibank Facility.
On July 23, 2025, the Company’s subsidiary, BOC SLF C-2 LTD., an exempted company incorporated with limited liability under the laws of the Cayman Islands, joined as co-borrower to the Citibank Facility. The Company holds preference shares in BOC SLF C-2 LTD. On September 4, 2025, in connection with the WISE CLO 2025-4 Transaction, certain of the assets held by WISE CLO 2025-4 LTD. were transferred via a master participation agreement to BOC SLF C-2 Ltd. As of March 31, 2026, $103.3 million outstanding under the Citibank Facility.
Borrowings under the Citibank Facility bear interest at a per annum rate equal to (i) during the Reinvestment Period (as defined in Citibank Facility), SOFR + 1.40% and (ii) after the end of the Reinvestment Period, 1.90%.
Wells Fargo Facility
On August 1, 2024, the Company’s subsidiary, WISE CLO 2025-2 LTD. (fka BOC SLF WH 4 LTD.), an exempted company incorporated with limited liability under the laws of the Cayman Islands, joined a $300.0 million revolving credit facility (the “Wells Fargo Facility”) originally with, among others, and Wells Fargo Bank, National Association, as a lender and administrative agent. The Company acts as the collateral manager and the first loss provider with respect to the Wells Fargo Facility. Proceeds from the Wells Fargo Facility have been and will be used to finance the origination and acquisition of eligible assets by the borrowers thereunder. The maturity date of the Wells Fargo Facility is August 1, 2027. On March 31, 2025, a portion of the proceeds from the WISE CLO 2025-2 Transaction (as defined below) were used to repay certain amounts outstanding under the Wells Fargo Facility and WISE CLO 2025-2 LTD. was released from the Wells Fargo Facility.
On March 12, 2025, the Company’s subsidiary, BOC SLF WF-2 LTD., an exempted company incorporated with limited liability under the laws of the Cayman Islands, joined as co-borrower to the Wells Fargo Facility. The Company holds preference shares in BOC SLF WF-2 LTD. On March 19, 2025, in connection with the WISE CLO 2025-2 Transaction, certain of the assets held by WISE CLO 2025-2 LTD. were transferred via a master participation agreement to BOC SLF WF-2 LTD. As of March 31, 2026, there was $152.2 million outstanding under the Wells Fargo Facility.
Borrowings under the Wells Fargo Facility bear interest at a per annum rate equal to Daily Simple SOFR + 1.50%. The Wells Fargo Facility also has an unused commitment fee which accrues at 0.375% of unused facility amount after the six-month anniversary of the most recent securitization. There was $0.1 million of unused commitment fee as of March 31, 2026.
Mizuho Bank Facility
On November 14, 2025, the Company’s subsidiary, BOC SLF Z LTD., an exempted company incorporated with limited liability under the laws of the Cayman Islands, entered into a $240.0 million revolving credit facility (the “Mizuho Bank Facility”) with, among others, and Mizuho Bank Ltd., as lender and administrative agent. The Company acts as the collateral manager and the first loss provider with respect to the Mizuho Bank Facility. It holds preference shares in BOC SLF Z LTD. Proceeds from the Mizuho Bank Facility will be used to finance the origination and acquisition of eligible assets by the borrowers thereunder. The maturity date of the Mizuho Bank Facility is November 14, 2027. As of March 31, 2026, there was $36.2 million outstanding under the Mizuho Bank Facility.
Borrowings under the Mizuho Bank Facility bear interest at a per annum rate equal to (i) from the Facility Closing Date to and including May 14, 2026, 1.05% and (ii) thereafter, 1.10%; provided that on and after the Revolving Period End Date, the Applicable Margin shall increase to 2.00%; provided further, that upon the occurrence of Event of Default, the Applicable Margin shall increase 2.00%.
WISE CLO 2025-1
On June 12, 2024, the Company’s subsidiary, WISE CLO 2025-1 LTD. (fka, BOC SLF WH I BA LTD.) was incorporated as a company under the laws of the Cayman Islands. On March 6, 2025, WISE CLO 2025-1 LTD., as issuer, and WISE CLO 2025-1, LLC, as co-issuer, closed a CLO transaction (the “WISE CLO 2025-1 Transaction”) using the financial assets previously acquired by WISE CLO 2025-1 LTD as the collateral underpinning the transaction and issued $240.0 million of Class A Notes, $42.0 million of Class B-1 Notes, $10.0 million of Class B-2 Notes, $28.0 million of Class C Notes, and $92.0 million of Subordinated Notes pursuant to an Indenture dated March 6, 2025 among WISE CLO 2025-1 LTD., as issuer, WISE CLO 2025-1, LLC, as co-issuer, and U.S. Bank Trust Company, National Association, as trustee. The notes issued as part of the WISE CLO 2025-1 Transaction have a stated maturity of January 20, 2038.
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
WISE CLO 2025-2
On August 1, 2024, the Company’s subsidiary, WISE CLO 2025-2 LTD (fka “BOC SLF WH 4 WF LTD.”) was incorporated as a company under the laws of the Cayman Islands. On March 31, 2025, WISE CLO 2025-2 LTD., as issuer, and WISE CLO 2025-2, LLC, as co-issuer, closed a CLO transaction (the “WISE CLO 2025-2 Transaction”) using the financial assets previously acquired by WISE CLO 2025-2 LTD as the collateral underpinning the transaction and issued $236.0 million of Class A Notes, $56.0 million of Class B Notes, $28.0 million of Class C Notes, and $92.0 million of Subordinated Notes pursuant to an Indenture dated March 31, 2025 among WISE CLO 2025-2 LTD., as issuer, WISE CLO 2025-2, LLC, as co-issuer, and U.S. Bank Trust Company, National Association, as trustee. The notes issued as part of the WISE CLO 2025-2 Transaction have a stated maturity of April 20, 2038.
WISE CLO 2025-3
On June 5, 2024, the Company’s subsidiary, WISE CLO 2025-3 LTD (fka “BOC SLF WH II RB LTD.”) was incorporated as a company under the laws of the Cayman Islands. On July 24, 2025, WISE CLO 2025-3 LTD., as issuer, and WISE CLO 2025-3, LLC, as co-issuer, closed a CLO transaction (the “WISE CLO 2025-3 Transaction”) using the financial assets previously acquired by WISE CLO 2025-3 LTD as the collateral underpinning the transaction and issued $115.0 million of Class A Notes, $125.0 million of Class A Loans, $37.0 million of Class B-1 Notes, $15.0 million in Class B-2 Notes, $26.0 million of Class C Notes, and $90.5 million of Subordinated Notes pursuant to an Indenture dated July 24, 2025 among WISE CLO 2025-3 LTD., as issuer, WISE CLO 2025-3, LLC, as co-issuer, and US Bank Trust Company, National Association, as collateral trustee. The notes issued as part of the WISE CLO 2025-3 Transaction have a stated maturity of July 20, 2038.
WISE CLO 2025-4
On June 28, 2024, the Company’s subsidiary, WISE CLO 2025-4 LTD (fka “BOC SLF WH III C LTD.”) was incorporated as a company under the laws of the Cayman Islands. On September 4, 2025, WISE CLO 2025-4 LTD., as issuer, and WISE CLO 2025-4, LLC, as co-issuer, closed a CLO transaction (the “WISE CLO 2025-4 Transaction”) using the financial assets previously acquired by WISE CLO 2025-4 LTD as the collateral underpinning the transaction and issued $240.0 million of Class A Notes, $37.0 million of Class B-1 Notes, $15.0 million in Class B-2 Notes, $26.0 million of Class C Notes, and $91.8 million of Subordinated Notes pursuant to an Indenture dated September 4, 2025 among WISE CLO 2025-4 LTD., as issuer, WISE CLO 2025-4, LLC, as co-issuer, and US Bank Trust Company, National Association, as trustee. The notes issued as part of the WISE CLO 2025-4 Transaction have a stated maturity of September 20, 2038.
Financial Instruments Not Carried at Fair Value
The fair value of the Company’s debt, which is categorized as Level 3 within the fair value hierarchy as of March 31, 2026, approximates the carrying value. The carrying amounts of the Company’s assets and liabilities, other than investments at fair value, approximate fair value due to their short maturities.
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
The table below presents the net carrying value of the Company’s debt obligations as of March 31, 2026 and December 31, 2025 respectively:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
| ($ in thousands) |
|
Aggregate Principal Committed |
|
Outstanding Principal |
|
Amount Available(1) |
|
Unamortized Debt Issuance Costs |
|
Net Carrying Value |
| WISE CLO 2025-1 LTD. |
|
$ |
320,000 |
|
|
$ |
320,000 |
|
|
$ |
— |
|
|
$ |
1,961 |
|
|
$ |
318,039 |
|
| WISE CLO 2025-2 LTD. |
|
319,160 |
|
|
319,160 |
|
|
— |
|
|
1,732 |
|
|
317,428 |
|
| WISE CLO 2025-3 LTD. |
|
318,000 |
|
|
318,000 |
|
|
— |
|
|
1,808 |
|
|
316,192 |
|
| WISE CLO 2025-4 LTD. |
|
317,935 |
|
|
317,935 |
|
|
— |
|
|
1,680 |
|
|
316,255 |
|
| Bank of America Facility |
|
300,000 |
|
|
162,812 |
|
|
48,450 |
|
|
220 |
|
|
162,592 |
|
| RBC Facility |
|
300,000 |
|
|
109,642 |
|
|
26,046 |
|
|
312 |
|
|
109,330 |
|
Citibank Facility |
|
105,000 |
|
|
103,294 |
|
|
1,280 |
|
|
172 |
|
|
103,122 |
|
| Wells Fargo Facility |
|
300,000 |
|
|
152,222 |
|
|
48,632 |
|
|
211 |
|
|
152,011 |
|
| Mizuho Facility |
|
240,000 |
|
|
36,209 |
|
|
4,058 |
|
|
— |
|
|
36,209 |
|
| Total Debt |
|
$ |
2,520,095 |
|
|
$ |
1,839,274 |
|
|
$ |
128,465 |
|
|
$ |
8,096 |
|
|
$ |
1,831,178 |
|
(1) The amount available reflects any collateral related limitations at the Company level related to each credit facility’s borrowing base.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
| ($ in thousands) |
|
Aggregate Principal Committed |
|
Outstanding Principal |
|
Amount Available(1) |
|
Unamortized Debt Issuance Costs |
|
Net Carrying Value |
| WISE CLO 2025-1 LTD. |
|
$ |
320,000 |
|
|
$ |
320,000 |
|
|
$ |
— |
|
|
$ |
2,001 |
|
|
$ |
317,999 |
|
| WISE CLO 2025-2 LTD. |
|
319,160 |
|
|
319,160 |
|
|
— |
|
|
1,767 |
|
|
317,393 |
|
| WISE CLO 2025-3 LTD. |
|
318,000 |
|
|
318,000 |
|
|
— |
|
|
1,844 |
|
|
316,156 |
|
| WISE CLO 2025-4 LTD. |
|
317,935 |
|
|
317,935 |
|
|
— |
|
|
1,806 |
|
|
316,129 |
|
| Bank of America Facility |
|
300,000 |
|
|
141,765 |
|
|
29,368 |
|
|
265 |
|
|
141,500 |
|
| RBC Facility |
|
300,000 |
|
|
93,117 |
|
|
16,015 |
|
|
324 |
|
|
92,793 |
|
| Citibank Facility |
|
100,000 |
|
|
84,790 |
|
|
15,210 |
|
|
206 |
|
|
84,584 |
|
| Wells Fargo Facility |
|
300,000 |
|
|
137,819 |
|
|
26,421 |
|
|
250 |
|
|
137,569 |
|
| Mizuho Facility |
|
240,000 |
|
|
4,240 |
|
|
14,850 |
|
|
— |
|
|
4,240 |
|
| Total Debt |
|
$ |
2,515,095 |
|
|
$ |
1,736,826 |
|
|
$ |
101,864 |
|
|
$ |
8,463 |
|
|
$ |
1,728,363 |
|
(1) The amount available reflects any collateral related limitations at the Company level related to each credit facility’s borrowing base.
The table below presents the components of interest expense for the following periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
| ($ in thousands) |
|
|
|
2026 |
|
2025 |
|
|
| Interest expense |
|
|
|
$ |
23,100 |
|
|
$ |
12,907 |
|
|
|
| Amortization of debt issuance costs |
|
|
|
337 |
|
|
142 |
|
|
|
| Total Interest Expense |
|
|
|
$ |
23,814 |
|
|
$ |
13,049 |
|
|
|
|
|
|
|
|
|
|
|
|
| Average interest rate |
|
|
|
5.1 |
% |
|
5.9 |
% |
|
|
| Average daily outstanding borrowings |
|
|
|
$ |
1,797,971 |
|
|
$ |
873,227 |
|
|
|
EX-99.2
8
blueowlleasingllc-03312026.htm
EX-99.2
Document
Blue Owl Leasing LLC
Supplemental Financial Information (Unaudited) as of and for the period ended March 31, 2026
Blue Owl Leasing LLC
Supplemental Financial Information (Unaudited)
Consolidated Statement of Assets and Liabilities
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
December 31, 2025 (1) |
| Assets |
|
|
|
|
| Investments at fair value (cost $39,574 and $39,600, respectively) |
|
$ |
39,363 |
|
|
$ |
39,628 |
|
| Cash |
|
9,981 |
|
|
34,555 |
|
| Due from brokers |
|
— |
|
|
19 |
|
| Interest receivable |
|
306 |
|
|
329 |
|
| Total Assets |
|
$ |
49,650 |
|
|
$ |
74,531 |
|
| Liabilities |
|
|
|
|
| Debt (net of unamortized debt issuance costs of $1,938 and $1,558, respectively) |
|
$ |
9,374 |
|
|
$ |
9,754 |
|
| Interest payable |
|
153 |
|
|
129 |
|
| Accrued expenses and other liabilities |
|
197 |
|
|
193 |
|
| Due to brokers |
|
50 |
|
|
— |
|
| Due to advisor |
|
87 |
|
|
— |
|
| Total Liabilities |
|
9,861 |
|
|
10,076 |
|
|
|
|
|
|
| Members’ Equity |
|
|
|
|
| Total Members’ Equity - Class A |
|
39,789 |
|
|
64,455 |
|
| Total Members’ Equity - Class B |
|
— |
|
|
— |
|
| Total Members' Equity |
|
39,789 |
|
|
64,455 |
|
| Total Liabilities and Members’ Equity |
|
$ |
49,650 |
|
|
$ |
74,531 |
|
(1) The Company’s date of inception was June 30, 2025
.
Blue Owl Leasing LLC
Supplemental Financial Information (Unaudited)
Consolidated Statement of Operations
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, 2026 |
|
|
|
|
| Investment Income |
|
|
|
|
|
|
|
|
| Interest income |
|
$ |
1,043 |
|
|
|
|
|
|
|
| Total Investment Income |
|
$ |
1,043 |
|
1,043,000.00 |
|
|
|
|
|
|
| Operating Expenses |
|
|
|
|
|
|
|
|
| Interest expense |
|
580 |
|
|
|
|
|
|
|
| Professional fees |
|
275 |
|
|
|
|
|
|
|
| Organizational costs |
|
17 |
|
|
|
|
|
|
|
| Total Operating Expenses |
|
871 |
|
|
|
|
|
|
|
| Net Investment Income (Loss) |
|
172 |
|
|
|
|
|
|
|
| Net Realized and Change in Unrealized Gain (Loss) |
|
|
|
|
|
|
|
|
| Net change in unrealized gain (loss) on investments |
|
(239) |
|
|
|
|
|
|
|
| Net realized gain (loss) on investments |
|
— |
|
|
|
|
|
|
|
| Total Net Realized and Change in Unrealized Gain (Loss) on Investments |
|
(239) |
|
|
|
|
|
|
|
| Net Increase (Decrease) in Members' Equity Resulting from Operations |
|
$ |
(67) |
|
|
|
|
|
|
|
| Total Net Increase (Decrease) in Members’ Equity Resulting from Operations - Class A |
|
$ |
(67) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
.
Blue Owl Leasing LLC
Supplemental Financial Information (Unaudited)
Notes to the consolidated financial information
Organization and Principal Business
As of March 31, 2026, Blue Owl Leasing LLC (“Leasing JV” or the “Company”), a Delaware limited liability company, is a joint venture among Blue Owl Capital Corporation, Blue Owl Capital Corporation II, Blue Owl Credit Income Corp., Blue Owl Technology Finance Corp., Blue Owl Technology Income Corp., Blue Owl Alternative Credit Fund (the “Blue Owl Funds”), and California State Teachers Retirement System (“CalSTRS”) (collectively, the “Class A Members” or the “Members” and each, a “Class A Member” or a “Member”). Leasing JV has no Class B Members as of March 31, 2026. The Company’s principal purpose is to make investments, either directly or indirectly through financing subsidiaries or other persons, primarily in leases and loans. The Company is owned by the Class A Members, each of which have equal voting rights. Except under certain circumstances, contributions to the Company cannot be redeemed. Investment decisions must be approved by each of the Class A Members. The Class A Members co-invest through the Company, or its wholly owned subsidiaries. The Company’s date of inception was June 30, 2025 and made its first portfolio company investment on October 23, 2025.
Investment Portfolio Detail
The table below presents the composition of investments at fair value and amortized cost as of March 31, 2026
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
December 31, 2025 |
| ($ in thousands) |
|
Cost |
|
Fair Value |
Amortized Cost |
|
Fair Value |
| Operating leases |
|
$ |
— |
|
|
$ |
— |
|
$ |
— |
|
|
$ |
— |
|
| Financing Leases |
|
39,574 |
|
|
39,363 |
|
39,601 |
|
|
39,628 |
|
| Total Investments |
|
$ |
39,574 |
|
|
$ |
39,363 |
|
$ |
39,601 |
|
|
$ |
39,628 |
|
The table below presents the geographic composition of investments based on fair value as of March 31, 2026:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
December 31, 2025 |
|
|
|
| United States: |
|
|
|
|
|
|
| Midwest |
|
35.1% |
29.2% |
|
|
|
| Northeast |
|
17.1 |
|
17.8 |
|
|
|
|
| South |
|
13.5 |
|
14.3 |
|
|
|
|
| West |
|
34.3 |
|
38.7 |
|
|
|
|
| Total |
|
100.0 |
% |
100.0 |
% |
|
|
|
Debt Activity
Deutsche Bank and Truist Bank Facility
On September 30, 2025, BOC Lease I LLC and BOC Lease II LLC, each a Delaware limited liability company and wholly owned subsidiary of Blue Owl Leasing LLC entered into a revolving credit facility (the “Deutsche Bank and Truist Bank Facility”) with, among others, Deutsche Bank AG, New York Branch, as Co-Structuring Agent, and Truist Bank, as the Administrative Agent and Co-Structuring Agent. The commitment of the Deutsche Bank and Truist Bank Facility is up to $300.0 million. Proceeds from the Deutsche Bank and Truist Bank Facility will be used to finance the origination and acquisition of eligible assets by the borrowers thereunder. The maturity date of the Deutsche Bank and Truist Bank Facility is September 30, 2029. As of March 31, 2026, there was $11.3 million outstanding under the Deutsche Bank and Truist Bank Facility.
Borrowings under the Deutsche Bank and Truist Bank Facility bear interest at a per annum rate equal to (a) during the funding period, Term SOFR + 1.85%, (b) after the revolving termination date to the first anniversary of the revolving termination date, Term SOFR + 2.10%, and (c) after the first anniversary of the revolving termination date to the maturity date, Term SOFR + 2.10%. The Company also pays unused commitment fees (a) if the aggregate outstanding principal amount is less than or equal to 50% of the aggregate Commitments, 0.40%, (b) otherwise, 0.30% .
The fair value of the Company’s debt, which is categorized as Level 3 within the fair value hierarchy as of March 31, 2026, approximates the carrying value.
Blue Owl Leasing LLC
Supplemental Financial Information (Unaudited)
The table below presents the net carrying value of the Company’s debt obligations as of March 31, 2026:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
| ($ in thousands) |
|
Aggregate Principal Committed |
|
Outstanding Principal |
|
Amount Available(1) |
|
Unamortized Debt Issuance Costs |
|
Net Carrying Value |
| Deutsche Bank and Truist Bank Facility |
|
$ |
300,000 |
|
|
$ |
11,312 |
|
|
$ |
8,370 |
|
|
$ |
1,938 |
|
|
$ |
9,374 |
|
| Total Debt |
|
$ |
300,000 |
|
|
$ |
11,312 |
|
|
$ |
8,370 |
|
|
$ |
1,938 |
|
|
$ |
9,374 |
|
(1) The amount available reflects any limitations related to the credit facility’s borrowing base.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
| ($ in thousands) |
|
Aggregate Principal Committed |
|
Outstanding Principal |
|
Amount Available(1) |
|
Unamortized Debt Issuance Costs |
|
Net Carrying Value |
| Deutsche Bank and Truist Bank Facility |
|
$ |
300,000 |
|
|
$ |
11,312 |
|
|
$ |
8,502 |
|
|
$ |
1,558 |
|
|
$ |
9,754 |
|
| Total Debt |
|
$ |
300,000 |
|
|
$ |
11,312 |
|
|
$ |
8,502 |
|
|
$ |
1,558 |
|
|
$ |
9,754 |
|
(1) The amount available reflects any limitations related to the credit facility’s borrowing base.
The table below presents the components of interest expense for the following period:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, 2026 |
|
|
|
|
|
| ($ in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest expense |
|
|
|
|
|
$ |
444 |
|
|
|
|
|
|
|
|
|
| Amortization of debt issuance costs |
|
|
|
|
|
136 |
|
|
|
|
|
|
|
|
|
| Total Interest Expense |
|
|
|
|
|
$ |
580 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average interest rate |
|
|
|
|
|
5.6 |
% |
|
|
|
|
|
|
|
|
| Average daily outstanding borrowings |
|
|
|
|
|
$ |
11,312 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
エドガーで原本を確認する