v3.26.1
Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Hierarchy of Investments
The tables below present the fair value hierarchy of investments as of the following periods:
Fair Value Hierarchy as of June 30, 2026
Level 1Level 2Level 3Total
Cash (including restricted and foreign cash)$213,506 $— $— $213,506 
Investments:
First-lien senior secured debt investments$— $276,990 $11,167,671 $11,444,661 
Second-lien senior secured debt investments— 45,619 433,144 478,763 
Unsecured debt investments— — 464,478 464,478 
Specialty finance debt investments— — 40,774 40,774 
Preferred equity investments— — 951,696 951,696 
Common equity investments226,657 28,039 455,042 709,738 
Specialty finance equity investments— — 169,280 169,280 
Subtotal$226,657 $350,648 $13,682,085 $14,259,390 
Investments measured at NAV(1)
— — — 421,148 
Total Investments at fair value$226,657 $350,648 $13,682,085 $14,680,538 
Derivatives:
Derivative assets
$— $22,441 $— $22,441 
Derivative liabilities
— 5,538 — 5,538 
_______________
(1)Includes equity investments in Credit SLF, 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) as a practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.
Fair Value Hierarchy as of December 31, 2025
Level 1Level 2Level 3Total
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:
Derivative assets
$— $26,732 $— $26,732 
Derivative liabilities
— 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) as a practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.
Schedule of Changes in the Fair Value of Investments
The 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 June 30, 2026
Debt InvestmentsEquity Investments
First-Lien Senior Secured
Second-Lien Senior Secured
Unsecured
Specialty Finance
PreferredCommon
Specialty Finance
Total
Fair value, beginning of period$10,616,855 $377,601 $456,403 $38,000 $982,150 $564,590 $169,497 $13,205,096 
Purchases of investments, net717,942 660 — 2,830 — 11,052 1,389 733,873 
Payment-in-kind14,156 2,473 4,713 78 25,442 — — 46,862 
Proceeds from investments, net(167,076)— (2,387)(134)(7,205)(28,853)(1,487)(207,142)
Net change in unrealized gain (loss)(15,164)(23,955)171 1 (31,065)(96,056)(119)(166,187)
Net realized gain (loss)(1,785)— 203 — (17,877)4,309 — (15,150)
Net amortization/accretion of discount/premium on investments6,703 187 5,375 (1)251 — — 12,515 
Transfers into (out of) Level 3(1)
(3,960)76,178 — — — — — 72,218 
Fair Value, End of Period
$11,167,671 $433,144 $464,478 $40,774 $951,696 $455,042 $169,280 $13,682,085 
_______________
(1)Transfers between levels, if any, are recognized at the beginning of the period noted. For the three months ended June 30, 2026, transfers between Level 2 and Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.
As of and for the Three Months Ended June 30, 2025
Debt Investments
Equity Investments
First-Lien Senior Secured
Second-Lien Senior Secured
Unsecured
Specialty Finance
PreferredCommon
Specialty Finance
Total
Fair value, beginning of period$9,091,954 $291,217 $460,216 $28,961 $948,590 $547,583 $166,350 $11,534,871 
Purchases of investments, net681,794 61,324 (2)2,337 31,565 1,811 8,832 787,661 
Payment-in-kind12,955 5,360 6,210 172 23,295 — — 47,992 
Proceeds from investments, net(231,957)(32,717)(30,661)— (7,693)(833)13,387 (290,474)
Net change in unrealized gain (loss)27,299 1,012 8,932 — 19,138 8,007 4,876 69,264 
Net realized gains (losses)3,495 — 710 — 76 — — 4,281 
Net amortization of discount on investments6,271 1,505 5,914 — 971 — — 14,661 
Transfers into (out of) Level 3(1)
(74,514)(17,413)— — — — — (91,927)
Fair Value, End of Period
$9,517,297 $310,288 $451,319 $31,470 $1,015,942 $556,568 $193,445 $12,076,329 
_______________
(1)Transfers between levels, if any, are recognized at the beginning of the period noted. For the three months ended June 30, 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 tables below present changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the following periods:
As of and for the Six Months Ended June 30, 2026
Debt Investments
Equity Investments
First-Lien Senior Secured
Second-Lien Senior Secured
Unsecured
Specialty Finance
PreferredCommon
Specialty Finance
Total
Fair value, beginning of period$10,660,972 $442,717 $477,128 $37,452 $1,072,481 $684,030 $215,864 $13,590,644 
Purchases of investments, net1,636,383 660 630 2,830 58,989 32,228 2,038 1,733,758 
Payment-in-kind27,896 4,930 11,858 694 37,661 — — 83,039 
Proceeds from investments, net(946,013)— (32,980)(202)(58,350)(163,121)(47,722)(1,248,388)
Net change in unrealized gain (loss)(195,219)(60,628)(5,227)1 (149,277)(210,172)(900)(621,422)
Net realized gain (loss)(15,445)— 2,335 — (10,549)112,077 — 88,418 
Net amortization/accretion of discount/premium on investments13,394 346 10,734 (1)741 — — 25,214 
Transfers into (out of) Level 3(1)
(14,297)45,119 — — — — — 30,822 
Fair Value, End of Period
$11,167,671 $433,144 $464,478 $40,774 $951,696 $455,042 $169,280 $13,682,085 
_______________
(1)Transfers between levels, if any, are recognized at the beginning of the period noted. For the six months ended June 30, 2026, transfers between Level 2 and Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.
As of and for the Six Months Ended June 30, 2025
Debt Investments
Equity Investments
First-Lien Senior Secured
Second-Lien Senior Secured
Unsecured
Specialty Finance
PreferredCommon
Specialty Finance
Total
Fair value, beginning of period$4,341,268 $166,159 $336,635 $5,041 $686,858 $468,725 $69,836 $6,074,522 
Purchases of investments, net1,056,719 61,323 (1)5,603 31,565 11,324 15,713 1,182,246 
Payment-in-kind20,176 9,065 13,713 172 33,158 — — 76,284 
Proceeds from investments, net(469,084)(41,117)(33,358)— (11,580)(833)13,311 (542,661)
Net change in unrealized gain (loss)22,321 8,501 11,872 (16)12,986 14,916 3,203 73,783 
Net realized gains (losses)3,528 (12,198)85 — 115 — — (8,470)
Net amortization of discount on investments10,753 1,565 10,516 — 1,210 — — 24,044 
Transfers into (out of) Level 3(1)
— — — — — (3,092)— (3,092)
Transfers in from the Mergers
4,531,616 116,990 111,857 20,670 261,630 65,528 91,382 5,199,673 
Fair Value, End of Period
$9,517,297 $310,288 $451,319 $31,470 $1,015,942 $556,568 $193,445 $12,076,329 
_______________
(1)Transfers between levels, if any, are recognized at the beginning of the period noted. For the six months ended June 30, 2025, transfers into (out of) Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.
The following table presents information with respect to net change in unrealized gains (losses) on investments for which Level 3 inputs were used in determining the fair value that are still held by the Company for the following periods:
For the Three Months Ended June 30,For the Six Months Ended June 30,
2026202520262025
First-lien senior secured debt investments$(12,992)$30,350 $(200,454)$25,128 
Second-lien senior secured debt investments(23,955)2,078 (60,628)(446)
Unsecured debt investments171 8,932 (5,227)11,330 
Specialty finance debt investments1 — 1 (16)
Preferred equity investments(46,998)19,138 (160,536)12,986 
Common equity investments21,562 8,021 (53,798)15,029 
Specialty finance equity investments(119)4,876 (900)3,203 
Total Investments$(62,330)$73,395 $(481,542)$67,214 
Schedule of Quantitative Information About Significant Unobservable Inputs of Level 3 Investments
The tables below present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of the following periods. The weighted average range of unobservable inputs is based on fair value of investments. The tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.
June 30, 2026
Fair ValueValuation TechniqueUnobservable InputRange (Weighted Average)Impact to Valuation from an Increase in Input
First-lien senior secured debt investments$10,661,841 Yield AnalysisMarket Yield
7.1% - 28.2% (10.6%)
Decrease
502,810TransactionTransaction Price
98.0% - 99.6% (99.2%)
Increase
3,020Recovery AnalysisRecovery Rate
8.0% - 8.0% (8.0%)
Increase
Second-lien senior secured debt investments$433,144 Yield AnalysisMarket Yield
13.6% - 47.0% (21.6%)
Decrease
Unsecured debt investments$459,666 Yield AnalysisMarket Yield
5.4% - 17.6% (12.6%)
Decrease
4,812 Market ApproachRevenue Multiple
3.0x - 3.5x (3.4x)
Increase
Specialty finance debt investments$40,774 Yield AnalysisMarket Yield
12.3% - 12.3% (12.3%)
Decrease
Preferred equity investments$527,511 Market ApproachRevenue Multiple
0.6x - 41.3x (7.4x)
Increase
385,373Yield AnalysisMarket Yield
12.9% - 53.5% (18.4%)
Decrease
21,827Market ApproachEBITDA Multiple
9.5x - 9.5x (9.5x)
Increase
16,985Recovery AnalysisRecovery Rate
24.8% - 24.8% (24.8%)
Increase
Common equity investments$252,920 TransactionTransaction Price
100.0% - 311.5% (299.40%)
Increase
103,133Market ApproachRevenue Multiple
2.5x - 47.5x (8.6x)
Increase
74,799Market ApproachEBITDA Multiple
5.5x - 27.8x (12.7x)
Increase
12,251
 
Market ApproachMarket Adjustment Factor
(13.1)% - 26.3% (6.0%)
Increase
11,257Recovery AnalysisRecovery Rate
11.3% - 11.3% (11.3%)
Increase
465Option Pricing ModelVolatility
60.0% - 70.0% 69.9%
Increase
217Market ApproachGross Profit Multiple
9.3x - 9.3x (9.3x)
Increase
Specialty finance equity investments$139,159 Market ApproachAUM Multiple
1.0x - 1.0x (1.0x)
Increase
22,613Market ApproachRecovery Rate
120.0% - 150.0% (140.0%)
Increase
5,447Yield AnalysisMarket Yield
11.8% - 11.8% (11.8%)
Decrease
2,061Discounted Cash Flow AnalysisMarket Yield
20.0% - 20.0% (20.0%)
Decrease
December 31, 2025
Fair ValueValuation TechniqueUnobservable InputRange (Weighted Average)Impact to Valuation from an Increase in Input
First-lien senior secured debt investments$9,346,910 Yield AnalysisMarket Yield
6.0% - 23.6% (9.4%)
Decrease
1,280,482 Recent TransactionTransaction Price
95.0% - 100.0% (99.4%)
Increase
33,580 Collateral AnalysisRecovery Rate
0.0% - 107.2% (84.0%)
Increase
Second-lien senior secured debt investments$442,717 Yield AnalysisMarket Yield
8.4% - 32.5% (14.4%)
Decrease
Unsecured debt investments$473,340 Yield AnalysisMarket Yield
5.5% - 14.9% (11.9%)
Decrease
3,788 Market ApproachRevenue Multiple
4.3x - 5.0x (4.8x)
Increase
Specialty finance debt investments$37,452 Yield AnalysisMarket Yield
11.6% - 11.6% (11.6%)
Decrease
Preferred equity investments$451,265 Yield AnalysisMarket Yield
11.6% - 35.3% (14.0%)
Decrease
498,387 Market ApproachRevenue Multiple
2.0x - 25.2x (7.3x)
Increase
122,829 Recent TransactionTransaction Price
62.8% - 100.0% (86.5%)
Increase
Common equity investments$421,309 Recent TransactionTransaction Price
54.2% - 813.7% (444.3%)
Increase
110,029 Market ApproachEBITDA Multiple
0.0x - 25.5x (11.9x)
Increase
82,784 Market ApproachRevenue Multiple
4.3x - 13.0x (10.1x)
Increase
61,131 Yield AnalysisMarket Yield
27.5% - 27.5% (27.5%)
Decrease
8,330 Market ApproachMarket Adjustment Factor
0.0% - 0.0% (0.0%)
Decrease
233 Option Pricing ModelVolatility
60.0% - 70.0% (69.9%)
Increase
214 Market ApproachGross Profit Multiple
9.0x - 9.0x (9.0x)
Increase
Specialty finance equity investments$184,468 Market ApproachAUM Multiple
1.1x - 1.1x (1.1x)
Increase
22,602 Market Approach
N/A(1)
N/AN/A
6,657 Yield AnalysisMarket Yield
11.5% - 11.5% (11.5%)
Decrease
2,137 Discounted Cash Flow AnalysisDiscounted 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.
Schedule of Carrying Values and Fair Values of the Company’s Debt Obligations The table below presents the carrying and fair values of the Company’s debt obligations as of the following periods:
June 30, 2026December 31, 2025
Net Carrying Value
Debt Issuance CostsFair Value
Net Carrying Value
Debt Issuance CostsFair Value
Revolving Credit Facility$1,591,446 $(28,554)$1,591,446 $1,456,282 $(23,718)$1,456,282 
SPV Asset Facility I692,025 (7,975)692,025 691,602 (8,398)691,602 
SPV Asset Facility II321,245 (3,755)321,245 320,464 (4,536)320,464 
SPV Asset Facility III615,946 (8,554)615,946 613,087 (11,413)613,087 
SPV Asset Facility IV365,336 (4,664)365,336 194,346 (5,654)194,346 
SPV Asset Facility V74,315 (685)74,315 — — — 
Athena CLO II371,201 (3,799)371,201 371,068 (3,932)371,068 
Athena CLO IV237,753 (2,247)237,753 237,654 (2,346)237,654 
Athena CLO V297,974 (2,026)297,974 298,072 (1,928)298,072 
June 2026 Notes— — — 374,287 (713)373,125 
January 2027 Notes299,153 (847)295,500 298,379 (1,621)291,750 
March 2028 Notes646,097 (6,109)646,750 654,890 (7,811)653,250 
September 2028 Notes74,595 (405)75,000 74,505 (495)75,000 
April 2029 Notes691,569 (9,880)703,500 703,564 (11,558)715,750 
October 2029 Notes493,124 (7,396)496,250 — — — 
January 2031 Notes385,749 (8,171)387,000 — — — 
Total Debt$7,157,528 $(95,067)$7,171,241 $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:
June 30, 2026December 31, 2025
Level 1$— $— 
Level 22,604,000 2,108,875 
Level 34,567,241 4,182,575 
Total Debt$7,171,241 $6,291,450