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 8. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.” This discussion contains forward-looking statements, which relate to future events or the future performance or financial condition of Blue Owl Capital Corporation and involves numerous risks and uncertainties, including, but not limited to, those described in “ITEM 1A. RISK FACTORS.” This discussion also should be read in conjunction with the “Cautionary Statement Regarding Forward Looking Statements” set forth on page 1 of this Annual Report. Actual results could differ materially from those implied or expressed in any forward-looking statements.
Overview
Blue Owl Capital Corporation (the “Company”, “we”, “us” or “our”) is a Maryland corporation formed on October 15, 2015. Our investment objective is to generate current income, and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. Our investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle market companies. Within this space, we predominantly focus on investing in institutionally-backed, upper middle market businesses, which we categorize as those generating greater than $50 million of EBITDA annually. We invest in senior secured or unsecured loans, subordinated loans or mezzanine loans, broadly syndicated loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company’s common equity. We may hold our investments directly or through specialty financing portfolio companies and joint ventures. Except for our specialty financing company investments, our equity investments are typically not control-oriented investments and we may structure such equity investments to include provisions protecting our rights as a minority-interest holder.
We are managed by Blue Owl 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” or “our 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.
Since July 6, 2023, our common stock trades on the NYSE under the symbol “OBDC.”
The Adviser also serves as investment adviser to OBDC II and OCIC.
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) 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 and (3) Real Assets, which primarily focuses on the strategies of net lease real estate, real estate credit and digital infrastructure, which focuses on acquiring, financing, developing and operating data centers and related digital infrastructure assets. The Adviser is part of the direct lending strategy of Blue Owl’s Credit platform which focuses on lending to primarily upper-middle-market companies, both private equity-sponsored and non-sponsored, and provides a range of customized financing solutions across debt and equity-related instruments. In addition to the Adviser, Blue Owl’s Credit platform’s direct lending strategy is comprised of Blue Owl Technology Credit Advisors LLC (“OTCA”), 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, OTCA, OTCA II, and OPFA, the “Blue Owl Credit Advisers”), which also are registered investment advisers. As of December 31, 2025, the Adviser and its affiliates had $157.76 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 Diversified Lending Investment Committee. The Investment Team is 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 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 direct lending investment committees. In addition to Messers. Ostrover, Lipschultz, Packer and Maged, the Diversified Lending Investment Committee is comprised of Matthias Ederer, Patrick Linnemann, Meenal Mehta and Logan Nicholson. We consider the individuals on the Diversified Lending Investment Committee to be our portfolio managers. The Investment Team, under the Diversified 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 Diversified 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 Diversified 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 Diversified Lending Investment Committee. Follow-on investments in existing portfolio companies may require the Diversified 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 Diversified Lending Investment Committee. The compensation packages of Diversified 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 such Order, we are generally 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 Board make certain findings (1) in most instances when we co-invests with our affiliates in an issuer where our affiliate has an existing investment in the issuer, and (2) if we dispose of an asset acquired in a transaction under the Order unless the disposition is done on a pro rata basis. Pursuant to the Order, the Board will oversee our participation in the co-investment program. As required by the Order, we have adopted, and the Board has approved, policies and procedures reasonably designed to ensure compliance with the terms of the Order, and the Adviser and our Chief Compliance Officer will provide reporting to the Board.
The Blue Owl Credit Advisers’ investment allocation policies seek to ensure equitable allocation of investment opportunities over time between us and other funds managed by our Adviser or its affiliates. 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 April 27, 2016, we formed a wholly-owned subsidiary, OR Lending LLC, a Delaware limited liability company, which holds a California finance lenders license. OR Lending LLC makes loans to borrowers headquartered in California. From time to time we may form wholly-owned subsidiaries to facilitate our normal course of business.
Certain consolidated subsidiaries of ours are subject to U.S. federal and state corporate-level income taxes.
We have elected to be regulated as a BDC under the 1940 Act and 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 at least the sum of (i) 90% of our investment company taxable income and (ii) 90% of our tax-exempt interest for that taxable year.
On January 13, 2025, we consummated the transactions contemplated by the Agreement and Plan of Merger (the “Merger Agreement”), dated August 7, 2024, with Blue Owl Capital Corporation III, a Maryland corporation (“OBDE”), Cardinal 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 ODCA, investment adviser to OBDE. In connection therewith, Merger Sub merged with and into OBDE, with OBDE continuing as the surviving company and our wholly-owned subsidiary (the “Initial Merger”) and, immediately thereafter, OBDE merged with and into us, and we continued as the surviving company (together with the Initial Merger, the “Mergers”).
Our Investment Framework
Our investment objective is to generate current income, and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. Our investment strategy focuses primarily on originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. Since our Adviser and its affiliates began investment activities in April 2016 through December 31, 2025, our Adviser and its affiliates have originated $187.04 billion aggregate principal amount of investments, of which $182.92 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 seek to participate in transactions sponsored by what we believe to be high-quality private equity and venture capital firms capable of providing both operational and financial resources. We seek to generate current income primarily in U.S. middle-market companies, both sponsored and non-sponsored, through direct originations of senior secured loans or originations of unsecured loans, subordinated loans or mezzanine loans, broadly syndicated loans and, to a lesser extent, investments in equity and equity-related securities including warrants, preferred stock and similar forms of senior equity. We may hold our investments directly or through specialty financing portfolio companies and joint ventures. Except for our specialty financing company investments, our equity investments are typically not control-oriented investments and we may structure such equity investments to include provisions protecting our rights as a minority-interest holder.
In general, we define “middle-market companies” to mean companies with earnings before interest expense, income tax expense, depreciation and amortization, or “EBITDA,” between $25 million and $500 million annually and/or annual revenue of $125 million to $5 billion. Within this space, we predominantly focus on investing in upper middle market businesses, where we can structure larger transactions, which we believe to be more resilient and of greater strategic significance. We categorize “upper middle market” companies as those generating $50 million or more of EBITDA annually. We may on occasion invest in smaller or larger companies if an attractive opportunity presents itself, especially when there are dislocations in the capital markets, including the high yield and syndicated loan markets. We note that over time, the average EBITDA of companies in our portfolio has grown significantly as the scale of private market solutions has grown. Across our investments, we typically seek to be senior in the capital structure, targeting a loan-to-value ratio (the amount of outstanding debt as a percentage of the value of the company) of 50% or below on average, which may provide a level of downside protection and help preserve capital.
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 which we may hold directly or through specialty purpose vehicles and joint ventures. In addition, we may 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 light” 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, 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 settlement, royalty interests and equipment finance.
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.
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 refer to loans that do not have a complete set of financial maintenance covenants. Generally, “covenant-lite” loans provide borrower companies 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.
As of December 31, 2025, our average debt investment size in each of our portfolio companies was approximately $64.7 million based on fair value. The investment size will vary with the size of our capital base and market conditions. As of December 31, 2025, excluding certain investments that fall outside of our typical borrower profile, our portfolio companies representing 92.9% of our total debt portfolio based on fair value, had weighted average annual revenue of $1.01 billion, weighted average annual EBITDA of $237 million, an average interest coverage of 1.9x and an average net loan-to value of 42%.
The companies in which we invest use our capital to support their growth, acquisitions, market or product expansion, refinancings and/or recapitalizations. The debt in which we invest typically is 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.”
Key Components of Our Results of Operations
Investments
We focus primarily on the direct origination of loans to institutionally-backed, upper middle market companies domiciled 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 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 December 31, 2025, 96.4% 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, and our credit facilities bear interest at floating rates. Macro trends in base interest rates like the Secured Overnight Financing Rate (“SOFR”) and any alternative reference rates may affect our net investment income over the long term. However, because we generally originate loans to a small number of portfolio companies each quarter, and those investments vary in size, our results in any given period, including the interest rate on investments that were sold or repaid in a period compared to the interest rate of new investments made during that period, often are 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 also reflects the proceeds from sales of investments. We 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 statement 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, all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory and management services to us, the base compensation, bonus and benefits, and the routine overhead expenses of such personnel allocable to such services, are provided and paid for by the Adviser. We bear our allocable portion of the compensation paid by the Adviser (or its affiliates) to our Chief Compliance Officer and Chief Financial Officer and their respective staffs (based on a percentage of time such individuals devote, on an estimated basis, to our business affairs). We 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 Administration Agreement; and (iii) all other costs and expenses of its operations and transactions including, without limitation, those relating to:
• the cost of our organization and 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 our 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;
• transfer agent and custodial fees;
• 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 and listing fees, 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), the costs of any shareholder or director meetings and the compensation of investor relations 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 assure, 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. Generally, our total borrowings are limited so that we cannot incur additional borrowings, including through the issuance of additional debt securities, if such additional indebtedness would cause our asset coverage ratio to fall below 200% or 150%, if certain requirements are met. This means that generally, $1 for every $1 of investor equity (or, if certain conditions are met, we can borrow up to $2 for every $1 of investor equity). 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 debt outstanding. In addition, we may dedicate assets to financing facilities. On June 8, 2020, we received shareholder approval for the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act, as amended by the Small Business Credit Availability Act. As a result, effective on June 9, 2020, our asset coverage requirement applicable to senior securities was reduced from 200% to 150%. Our current target leverage ratio is 0.90x-1.25x.
Market Trends
We believe the middle market lending environment provides opportunities for us to meet our goal of making investments that generate attractive risk-adjusted returns.
Limited Availability of Capital for Middle Market Companies. The middle market is a large addressable market. According to GE Capital’s National Center for the Middle Market Mid-Year 2025 Middle Market Indicator, there are approximately 200,000 U.S. middle market companies, which have approximately 48 million aggregate employees. Moreover, the U.S. middle market accounts for one-third of private sector gross domestic product (“GDP”). GE defines U.S. middle market companies as those between $10 million and $1 billion in annual revenue, which we believe has significant overlap with our definition of U.S. middle market companies. We believe U.S. middle market companies will continue to require access to debt capital to refinance existing debt, support growth and finance acquisitions. We believe that regulatory and structural factors, industry consolidation and general risk aversion, limit the amount of traditional financing available to U.S. middle market companies. We believe that many commercial and investment banks
have, in recent years, de-emphasized their service and product offerings to middle market businesses in favor of lending to large corporate clients and managing capital markets transactions. In addition, these lenders may be constrained in their ability to underwrite and hold bank loans and high yield securities for middle market issuers as they seek to meet existing and future regulatory capital requirements. We also believe that there is a lack of market participants that are willing to hold meaningful amounts of certain middle market loans. As a result, we believe our ability to minimize syndication risk for a company seeking financing by being able to hold its loans without having to syndicate them, coupled with reduced capacity of traditional lenders to serve the middle-market, present an attractive opportunity to invest in middle market companies.
Capital Markets Have Been Unable to Fill the Void in U.S. Middle Market Finance Left by Banks . Access to underwritten bond and syndicated loan markets is challenging for middle market companies due to loan issue 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 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. Furthermore, banks are generally reluctant to underwrite middle market loans because the arrangement fees they may earn on the placement of the debt generally are not sufficient to meet the banks’ return hurdles. Loans provided by companies such as ours provide certainty to issuers in that we have a more capital base and have the ability to invest in assets, and 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 to with respect to syndicated loans.
Secular Trends Supporting Growth for Private Credit. 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 loan 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 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 that the large amount of uninvested capital held by funds of private equity firms broadly, 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. An imbalance between the supply of, and demand for, middle market debt capital creates attractive pricing dynamics. We believe the directly negotiated nature of middle market financings also generally provides more favorable terms to the lender, including stronger covenant and reporting packages, better call protection, and lender-protective change of control provisions. Additionally, we believe BDC managers’ expertise in credit selection and ability to manage through credit cycles has generally resulted in BDCs experiencing lower loss rates than U.S. commercial banks through credit cycles. Further, we believe that historical middle market default rates have been lower, and recovery rates have been higher, as compared to the larger market capitalization, broadly distributed market, leading to lower cumulative losses. Lastly, we believe that in the current environment, lenders with available capital may be able to take of investment as the economy reopens and may be to economic spreads and documentation terms.
Conservative Capital Structures. With more conservative capital structures, U.S. middle market companies have exhibited higher levels of cash flows available to service their debt. In addition, U.S. middle market companies often are characterized by simpler capital structures than larger borrowers, which facilitates a streamlined underwriting process and, when necessary, restructuring process.
Attractive Opportunities in Investments in Loans. We invest in senior secured or unsecured loans, subordinated loans or mezzanine loans, broadly syndicated loans and, to a lesser extent, equity and equity-related securities. We believe that opportunities in senior secured loans 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 issues 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 also provides strong defensive characteristics. Senior secured debt 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 secured by the issuer’s assets, which may provide protection in the event of a default.
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.
In spite of recent elevated volatility, during the fourth quarter of 2025, global equity and debt markets saw appreciation, with U.S. equity indices reaching new all-time highs while credit spreads remained relatively tight. The 10-year Treasury yield ended the quarter approximately flat quarter over quarter and down approximately 40 basis points from the beginning of the year, and the Federal Reserve cut the federal funds rate by an additional 50 basis points during the fourth quarter following a 25 basis point cut in September 2025.
Our platform continues to find attractive investment opportunities for deployment, predominantly in first lien originations to large borrowers; however, we have also used capital to intentionally reduce leverage and fund share repurchases and therefore have ample dry powder. Consistent with our last several quarters, a substantial portion of our financings are with existing borrowers, with approximately 60% coming from large, incumbent borrowers, reflecting the advantage of incumbency and scale and allowing us to support their continued growth and maintain the credit quality of our portfolio.
We continue to focus on investing in upper middle-market businesses in non-cyclical industries we view as recession resistant and that we are familiar with, including defensive service-oriented sectors that provide intangible mission-critical solutions and products such as healthcare, business services, technology and insurance brokerage. These companies have diversified revenue streams, strong recurring cash flow profiles and healthy liquidity.
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. Our approach focuses on large-scale, market-leading companies that provide mission-critical solutions with high switching costs, which we believe makes our software portfolio defensible. In the quarter ended December 31, 2025, borrowers in our software portfolio saw revenue and EBITDA growth of 10% and 16% respectively. We also believe our healthcare investment portfolio is well-positioned, with an emphasis on large, market-leading businesses and low loan-to-values, and healthcare investments delivering 11% revenue growth and 10% EBITDA growth on average over the past year.
We have also leveraged Blue Owl’s expanded capabilities in alternative and asset-based credit, as well as digital infrastructure, to access attractive risk-adjusted opportunities and adding accretive, non-correlated returns.
Generally, we seek to invest not more than 20% of our portfolio in any single industry classification and target portfolio companies that comprise 1-2% of our portfolio and our current portfolio is highly diversified with an average investment size of less than 0.5% and our top ten investments representing less than 25% of the total portfolio.
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. Our borrowers have a weighted average EBITDA of approximately $237 million (up from approximately $115 million in 2021) and average revenue of approximately $1.01 billion (up from approximately $500 million in 2021) and we believe this scale contributes to the durability of our borrowers and their ability to adapt to different economic environments. 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 that 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. 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.
Although we marked down some of the positions on our watch list, across the portfolio we are not seeing a meaningful increase in amendment activity, requests for increased revolver borrowings, missed payments or other signs of an overall, broad deterioration in our results or those of our portfolio companies at this time, there can be no assurance that the performance of certain of our portfolio companies will not be negatively impacted by economic conditions, such as lower base rates and tighter credit spreads, which could have a negative impact on our future results.
We also continue to 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. We continue to invest in Credit SLF, Blue Owl Leasing and specialty financing portfolio companies, including Wingspire, Fifth Season, LSI Financing DAC, LSI Financing LLC, Amergin AssetCo and BOCSO. See “ Specialty Financing Portfolio Companies and Joint Ventures.” These companies may use our capital to support acquisitions which could continue to lead to increased dividend income supported by well-diversified underlying portfolios. We view these companies as a complement to our lending strategy and expect them to help offset rate and spread volatility and support net asset value growth. These companies have strong underlying diversification and generate predictable income streams.
Subsequent to year-end, we entered into six separate loan sale agreements to sell a portion of our portfolio company investments having an aggregate fair value of $400.0 million. See “Recent Developments – Asset Sale.” This transaction will reduce our leverage by approximately 0.05x and position us to continue to deploy capital into new investments with favorable risk-adjusted returns.
As of December 31, 2025, based on fair value, our portfolio consisted of 73.1% first lien senior secured debt investments (of which 50% we consider to be unitranche debt investments (including “last out” portions of such loans)), 5.2% second lien senior secured debt investments, 2.4% unsecured debt investments, 1.0% specialty finance debt investments, 3.5% preferred equity investments, 3.9% common equity investments, 8.4% specialty finance equity investments and 2.5% joint ventures.
As of December 31, 2025, our weighted average total yield of the portfolio at fair value and amortized cost was 9.5% and 9.5%, respectively, and our weighted average yield of accruing debt and income producing securities at fair value and amortized cost was 10.0% and 10.1%, respectively. Refer to our weighted average yields and interest rates table for more information on our calculation of weighted average yields. As of December 31, 2025, the weighted average spread of total floating rate debt investments was 5.7%.
As of December 31, 2025, we had investments in 234 portfolio companies with an aggregate fair value of $16.47 billion. Our current target leverage ratio is 0.90x-1.25x. As of December 31, 2025, we had net leverage of 1.19x debt-to-equity.
The table below presents our investment activity for the following periods (information presented herein is at par value unless otherwise indicated):
For the Years Ended December 31,
($ in thousands)
New investment commitments:
Gross originations
Less: Sell downs
Total new investment commitments
Principal amount of new investments funded:
First-lien senior secured debt investments
Second-lien senior secured debt investments
Unsecured debt investments
Specialty finance debt investments
Preferred equity investments
Common equity investments
Specialty finance equity investments
Joint venture investments
Total principal amount of new investments funded
Drawdowns (repayments) on revolvers and delayed draw term loans, net
Principal amount of investments sold or repaid:
First-lien senior secured debt investments (1)
Second-lien senior secured debt investments
Unsecured debt investments
Specialty finance debt investments
Preferred equity investments
Common equity investments
Specialty finance equity investments
Joint venture investments
Total principal amount of investments sold or repaid
Number of new investment commitments in new portfolio companies (2)
Average new investment commitment amount in new portfolio companies
Weighted average term for new investment commitments (in years)
Percentage of new debt investment commitments at
floating rates
Percentage of new debt investment commitments at
fixed rates
Weighted average interest rate of new investment commitments (3)
Weighted average spread over applicable base rate of new debt investment commitments at floating rates
(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 3.65% and 4.31% as of December 31, 2025 and 2024, respectively.
The table below presents our investments as of the following periods:
As of December 31, 2025
As of December 31, 2024
($ in thousands)
Amortized Cost
Fair Value
Amortized Cost
Fair Value
First-lien senior secured debt investments (1)
Second-lien senior secured debt investments
Unsecured debt investments
Specialty finance debt investments
Preferred equity investments
Common equity investments
Specialty finance equity investments
Joint ventures
Total Investments
(1) We consider 50% and 51% of first-lien senior secured debt investments to be unitranche loans as of December 31, 2025 and 2024, respectively.
The table below presents investments by industry composition based on fair value as of the following periods:
As of December 31, 2025
As of December 31, 2024
Advertising and media
Aerospace and defense
Asset based lending and fund finance (1)
Automotive services
Buildings and real estate
Business services
Chemicals
Consumer products
Containers and packaging
Distribution
Education
Energy equipment and services
Financial services
Food and beverage
Healthcare equipment and services
Healthcare providers and services
Healthcare technology
Household products
Human resource support services
Infrastructure and environmental services
Insurance (3)
Internet software and services
Joint ventures (2)
Leisure and entertainment
Manufacturing
Pharmaceuticals (4)
Professional services
Specialty retail
Telecommunications
Transportation
Total
(1) Includes investments in Wingspire, BOCSO and Amergin AssetCo.
(2) Includes investment in Credit SLF and Blue Owl Leasing.
(3) Includes investment in Fifth Season.
(4) Includes investments in LSI Financing DAC and LSI Financing LLC.
The table below presents investments by geographic composition based on fair value as of the following periods:
As of December 31, 2025
As of December 31, 2024
United States:
Midwest
Northeast
South
West
International
Total
The table below presents the weighted average yields and interest rates of our investments at fair value as of the following periods:
As of December 31, 2025
As of December 31, 2024
Weighted average total yield of portfolio (1)
Weighted average total yield of debt and income producing securities (1)
Weighted average interest rate of debt securities
Weighted average spread over base rate of all floating rate debt investments
(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 accruing debt and income producing securities is not the same as a return on investment for our shareholders but, rather, relates to 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 Diversified 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 Diversified 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:
Investment Rating
Description
Investments rated 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;
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 rating of 2;
Investments rated 3 involve a borrower performing below expectations and indicates that the loan’s risk has increased somewhat since origination or acquisition;
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
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 market 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 Diversified Lending Investment Committee. As of December 31, 2025, only nine of our portfolio companies are on non-accrual, which represents 1.14% of our portfolio at fair value. Our annual net gain/loss ratio is approximately (0.29)%.
The table below presents the composition of our portfolio on the 1 to 5 rating scale as of the following periods:
As of December 31, 2025
As of December 31, 2024
Investment Rating
Investments at Fair Value
Percentage of Total Portfolio (1)
Investments at Fair Value
Percentage of Total Portfolio
($ in thousands)
Total
(1) Totals presented may not sum due to rounding.
The table below presents the amortized cost of our performing and non-accrual debt investments as of the following periods:
As of December 31, 2025
As of December 31, 2024
($ in thousands)
Amortized Cost
Percentage
Amortized Cost
Percentage
Performing
Non-accrual
Total
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.
Portfolio Companies
The following table sets forth certain information regarding each of the portfolio companies in which we had a debt or equity investment as of December 31, 2025. We offer to make available significant managerial assistance to our portfolio companies. We may receive rights to observe the meetings of our portfolio companies’ board of directors. Other than these investments, our only relationships with our portfolio companies are the managerial assistance we may separately provide to our portfolio companies, which services would be ancillary to our investments. As of December 31, 2025, other than Credit SLF, Wingspire, Swipe Acquisition Corp. (dba PLI), PS Operating Company LLC (fka QC Supply, LLC), Eagle Infrastructure Super LLC, Walker Edison Furniture Company LLC, Fifth Season and Amergin AssetCo, we did not “control” any of our portfolio companies, and, other than BOCSO, Blue Owl Leasing LLC, LSI Financing DAC, LSI Financing LLC, Ideal Image Development, LLC and Pluralsight, LLC., we were not an “affiliate” of any of our portfolio companies, as defined in the 1940 Act. In general, under the 1940 Act, we would “control” a portfolio company if we owned 25.0% or more of its voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement) and would be an “affiliate” of a portfolio company if we owned five percent or more of its voting securities.
Interest
($ in thousands)
Company(7)
Industry
Type of Investment
Ref. Rate
Cash
PIK
Maturity / Dissolution Date
Percentage of Class Held on a Fully Diluted Basis
Principal Number of Shares / Number of Units
Amortized Cost
Fair Value
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC—1100 Highland Drive, Boca Raton, Florida, 33487
Asset based lending and fund finance
Specialty finance equity investment
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(6)—1100 Highland Drive, Boca Raton, Florida, 33487
Asset based lending and fund finance
Specialty finance debt investment
AAM Series 2.1 Aviation Feeder, LLC(6)—1100 Highland Drive, Boca Raton, Florida, 33487
Asset based lending and fund finance
Specialty finance debt investment
AAM Series 2.1 Aviation Feeder, LLC—1100 Highland Drive, Boca Raton, Florida, 33487
Asset based lending and fund finance
Specialty finance equity investment
ABB/Con-cise Optical Group LLC(9)—12301 Northwest 39th Street, Coral Springs, FL, 33065
Distribution
First lien senior secured loan
Accelerate Topco Holdings, LLC—2650 McCormick Drive, Clearwater, FL, 33759
Insurance
Common Units
Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC)(8)—1500 East Lake Cook Road, Buffalo Grove, IL, 60089
Chemicals
Second lien senior secured loan
Aerosmith Bidco 1 Limited (dba Audiotonix)(9)—No.5 The Distillery Silverglade Business Park Leatherhead Road, Chessington, Surrey KT9 2QL, United Kingdom
Leisure and entertainment
First lien senior secured loan
AI Titan Parent, Inc. (dba Prometheus Group)(8)—4601 Six Forks Road, Raleigh, NC, 27609
Internet software and services
First lien senior secured loan
Allied Benefit Systems Intermediate LLC(9)—200 West Adams Street, Chicago, IL, 60606
Healthcare providers and services
First lien senior secured loan
AlphaSense, Inc.(9)—24 Union Square East, New York, NY, 10003
Internet software and services
First lien senior secured loan
AlphaSense, LLC—24 Union Square East, New York, NY, 10003
Internet software and services
Series E Preferred Shares
Amergin Asset Management, LLC—1100 Highland Drive, Boca Raton, Florida, 33487
Asset based lending and fund finance
Specialty finance equity investment
Interest
($ in thousands)
Company(7)
Industry
Type of Investment
Ref. Rate
Cash
PIK
Maturity / Dissolution Date
Percentage of Class Held on a Fully Diluted Basis
Principal Number of Shares / Number of Units
Amortized Cost
Fair Value
AmeriLife Holdings LLC(9)—2650 McCormick Drive, Clearwater, FL, 33759
Insurance
First lien senior secured loan
AmeriLife Holdings LLC(9)—2650 McCormick Drive, Clearwater, FL, 33759
Insurance
First lien senior secured revolving loan
Anaplan, Inc.(9)—1450 Brickell Avenue, Miami, FL, 33131
Internet software and services
First lien senior secured loan
Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC)(9)—705 South Girls School Road, Indianapolis, IN, 46231
Aerospace and defense
First lien senior secured loan
Aptean Acquiror, Inc. (dba Aptean)(8)—4325 Alexander Drive, Alpharetta, GA, 30022
Internet software and services
First lien senior secured revolving loan
Aptean Acquiror, Inc. (dba Aptean)(9)—4325 Alexander Drive, Alpharetta, GA, 30022
Internet software and services
First lien senior secured loan
Arctic Holdco, LLC (dba Novvia Group)(9)—1311 S 39th St, St. Louis, MO 63110, Saint Louis, MO, 63110
Containers and packaging
First lien senior secured loan
Arctic Holdco, LLC (dba Novvia Group)(9)—1311 S 39th St, St. Louis, MO 63110, Saint Louis, MO, 63110
Containers and packaging
First lien senior secured revolving loan
Arctic US Bidco, Inc. (dba ThermoSafe)(9)—3930 North Ventura Drive, Arlington Heights, IL, 60004
Healthcare equipment and services
First lien senior secured loan
Armstrong Bidco Limited(19)—Armstrong Building, Oakwood Drive Loughborough University Science & Enterprise Park, Loughborough LE11 3QF, United Kingdom
Internet software and services
First lien senior secured GBP term loan
Artifact Bidco, Inc. (dba Avetta)(9)—3300 North Triumph Boulevard, Lehi, UT, 84043
Internet software and services
First lien senior secured loan
Ascend Buyer, LLC (dba PPC Flexible Packaging)(9)—1111 Busch Parkway, Buffalo Grove, IL, 60089
Containers and packaging
First lien senior secured loan
ASP Conair Holdings LP—1 Cummings Point Road, Stamford, CT, 06902
Consumer products
Class A Units
Associations Finance, Inc.(6)—5401 North Central Expressway, Dallas, TX, 75205
Buildings and real estate
Unsecured notes
Associations, Inc.(9)—5401 North Central Expressway, Dallas, TX, 75205
Buildings and real estate
First lien senior secured loan
Aurelia Netherlands B.V.(14)—Grensen 5, Oslo, 0159, Norway
Business services
First lien senior secured EUR term loan
AWP Group Holdings, Inc.(8)—4244 Mount Pleasant Street NorthWest, North Canton, OH, 44720
Infrastructure and environmental services
First lien senior secured loan
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)(8)—3347 Michelson Drive, Irvine, CA, 92612
Internet software and services
First lien senior secured loan
Baker Tilly Advisory Group, LP(8)—205 North Michigan Avenue, Chicago, IL, 60601
Financial services
First lien senior secured loan
Balrog Acquisition, Inc. (dba Bakemark)(8)—7351 Crider Avenue, Pico Rivera, CA, 90660
Food and beverage
Second lien senior secured loan
Interest
($ in thousands)
Company(7)
Industry
Type of Investment
Ref. Rate
Cash
PIK
Maturity / Dissolution Date
Percentage of Class Held on a Fully Diluted Basis
Principal Number of Shares / Number of Units
Amortized Cost
Fair Value
Bamboo US BidCo LLC(14)—1 Baxter Parkway, Deerfield, IL, 60015
Healthcare equipment and services
First lien senior secured EUR term loan
Bamboo US BidCo LLC(8)—1 Baxter Parkway, Deerfield, IL, 60015
Healthcare equipment and services
First lien senior secured delayed draw term loan
Bamboo US BidCo LLC(9)—1 Baxter Parkway, Deerfield, IL, 60015
Healthcare equipment and services
First lien senior secured loan
Barracuda Parent, LLC(9)—3175 Winchester Boulevard, Campbell, CA, 95008
Internet software and services
First lien senior secured loan
Baypine Commander Co-Invest, LP—310 East 4500 South, Salt Lake City, UT, 84107
Healthcare providers and services
LP Interest
Bayshore Intermediate #2, L.P. (dba Boomi)(9)—1 West Elm Street, Conshohocken, PA, 19428
Internet software and services
First lien senior secured loan
Bayshore Intermediate #2, L.P. (dba Boomi)(9)—1 West Elm Street, Conshohocken, PA, 19428
Internet software and services
First lien senior secured revolving loan
BCPE Osprey Buyer, Inc. (dba PartsSource)(8)—50 Executive Parkway, Hudson, OH, 44236
Healthcare technology
First lien senior secured delayed draw term loan
BCPE Osprey Buyer, Inc. (dba PartsSource)(8)—50 Executive Parkway, Hudson, OH, 44236
Healthcare technology
First lien senior secured revolving loan
BCPE Osprey Buyer, Inc. (dba PartsSource)(9)—50 Executive Parkway, Hudson, OH, 44236
Healthcare technology
First lien senior secured loan
BCTO BSI Buyer, Inc. (dba Buildertrend)(9)—11818 I Street, Omaha, NE, 68137
Internet software and services
First lien senior secured loan
BCTO WIW Holdings, Inc. (dba When I Work)(6)—420 North 5th Street, Minneapolis, MN, 55401
Internet software and services
Senior convertible notes
BEHP Co-Investor II, L.P.—11511 Reed Hartman Highway, Blue Ash, OH, 45241
Healthcare technology
LP Interest
Belmont Buyer, Inc. (dba Valenz)(9)—Five Radnor Corporate Center 100 Matsonford Road, Wayne, PA, 19087
Healthcare providers and services
First lien senior secured loan
Belmont Buyer, Inc. (dba Valenz)(9)—Five Radnor Corporate Center 100 Matsonford Road, Wayne, PA, 19087
Healthcare providers and services
First lien senior secured loan
Bird Holding B.V. (fka MessageBird Holding B.V.)—Keizersgracht 268-270, 1016 EV, Amsterdam, Netherlands
Internet software and services
Extended Series C Warrants
Blast Bidco Inc. (dba Bazooka Candy Brands)(9)—200 Vesey Street, New York, NY, 10281
Food and beverage
First lien senior secured loan
Blend Labs, Inc.—415 Kearny Street, San Francisco, CA, 94108
Financial services
Warrants
Blue Owl Credit SLF LLC—399 Park Avenue, 37th Floor, New York, NY 10022
Joint Venture
LLC Interest
Blue Owl Cross-Strategy Opportunities LLC—399 Park Avenue, New York, NY 10022
Asset based lending and fund finance
Specialty finance equity investment
Blue Owl Leasing LLC—399 Park Avenue, 37th Floor, New York, NY 10022
Joint Venture
LLC Interest
BP Veraison Buyer, LLC (dba Sun World)(9)—4029 Coffee Road, Bakersfield, CA, 93308
Food and beverage
First lien senior secured loan
Brightway Holdings, LLC(8)—3733 University Boulevard West, Jacksonville, FL, 32217
Insurance
First lien senior secured loan
Interest
($ in thousands)
Company(7)
Industry
Type of Investment
Ref. Rate
Cash
PIK
Maturity / Dissolution Date
Percentage of Class Held on a Fully Diluted Basis
Principal Number of Shares / Number of Units
Amortized Cost
Fair Value
Brightway Holdings, LLC(9)—3733 University Boulevard West, Jacksonville, FL, 32217
Insurance
First lien senior secured delayed draw term loan
Bristol Hospice L.L.C.(9)—206 North 2100 West, Salt Lake City, UT, 84116
Healthcare providers and services
First lien senior secured loan
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)—1 West Elm Street, Conshohocken, PA, 19428
Internet software and services
Common Units
By Light Professional IT Services LLC(8)—8484 Westpark Drive, McLean, VA, 22102
Internet software and services
First lien senior secured loan
Cambrex Corporation(8)—One Meadowlands Plaza, East Rutherford, NJ, 07073
Healthcare equipment and services
First lien senior secured loan
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(9)—3025 Windward Plaza, Alpharetta, GA, 30005
Internet software and services
First lien senior secured loan
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)(8)—444 West Lake Street, Chicago, IL, 60606
Financial services
First lien senior secured loan
CD&R Value Building Partners I, L.P. (dba Belron)—Milton Park, Stroude Road, Egham TW20 9EL, United Kingdom
Automotive services
LP Interest
CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.)(9)—3 Winners Circle, Albany, NY, 11205
Infrastructure and environmental services
First lien senior secured loan
CivicPlus, LLC(9)—302 South 4th Street, Manhattan, KS, 66502
Internet software and services
First lien senior secured loan
CivicPlus, LLC(9)—302 South 4th Street, Manhattan, KS, 66502
Internet software and services
First lien senior secured delayed draw term loan
CMG HoldCo, LLC (dba Crete United)(10)—3600 South Boulevard, Charlotte, NC, 28209
Business services
First lien senior secured loan
Commander Buyer, Inc. (dba CenExel)(9)—310 East 4500 South, Salt Lake City, UT, 84107
Healthcare providers and services
First lien senior secured loan
Conair Holdings LLC(8)—1 Cummings Point Road, Stamford, CT, 06902
Consumer products
Second lien senior secured loan
Conair Holdings LLC(8)—1 Cummings Point Road, Stamford, CT, 06902
Consumer products
First lien senior secured loan
Confluent Health, LLC(8)—1650 Lyndon Farm Court, Louisville, KY, 40223
Healthcare providers and services
First lien senior secured loan
Continental Finance Company, LLC(8)—4550 Linden Hill Rd, Suite 400, Wilmington, DE 19808
Financial services
First lien senior secured loan
CoolSys, Inc.(9)—145 South State College Boulevard, Brea, CA, 92821
Business services
First lien senior secured loan
Cornerstone OnDemand, Inc.(8)—1601 Cloverfield Boulevard, Santa Monica, CA, 90404
Human resource support services
Second lien senior secured loan
Coupa Holdings, LLC(9)—950 Tower Lane, Foster City, CA, 94404
Internet software and services
First lien senior secured loan
Covetrus, Inc.(9)—12 Mountfort Street, Portland, ME, 04101
Healthcare providers and services
Second lien senior secured loan
Interest
($ in thousands)
Company(7)
Industry
Type of Investment
Ref. Rate
Cash
PIK
Maturity / Dissolution Date
Percentage of Class Held on a Fully Diluted Basis
Principal Number of Shares / Number of Units
Amortized Cost
Fair Value
CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC)(10)—302 South 4th Street, Manhattan, KS, 66502
Internet software and services
Unsecured notes
Creek Parent, Inc. (dba Catalent)(8)—200 Crossing Boulevard, Bridgewater, NJ, 08807
Healthcare equipment and services
First lien senior secured loan
Crewline Buyer, Inc. (dba New Relic)(9)—188 Spear Street, San Francisco, CA, 94105
Internet software and services
First lien senior secured loan
CSC MKG Topco LLC (dba Medical Knowledge Group)(8)—One World Trade Center, New York, NY, 10007
Healthcare equipment and services
First lien senior secured loan
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)(8)—2222 West Dunlap Avenue, Phoenix, AZ, 85021
Healthcare technology
First lien senior secured loan
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)(8)—2222 West Dunlap Avenue, Phoenix, AZ, 85021
Healthcare technology
First lien senior secured loan
DCG ACQUISITION CORP. (dba DuBois Chemical)(9)—3630 East Kemper Road, Sharonville, OH, 45241
Chemicals
First lien senior secured loan
Deerfield Dakota Holdings(9)—One World Trade Center, New York, NY, 10007
Financial services
First lien senior secured loan
Delinea Buyer, Inc. (f/k/a Centrify)(9)—221 Main Street, San Francisco, CA, 94105
Internet software and services
First lien senior secured loan
Denali Intermediate Holdings, Inc. (dba Dun & Bradstreet)(8)—5335 Gate Parkway, Jacksonville, FL, 32256
Internet software and services
First lien senior secured loan
Diamond Mezzanine 24 LLC (dba United Risk)(9)—50 Rockefeller Plaza, New York, NY, 10020
Insurance
First lien senior secured loan
Dodge Construction Network Holdings, L.P.—56 Broad Street, Boston, MA, 02109
Buildings and real estate
Class A-2 Common Units
Dodge Construction Network Holdings, L.P.(6)—56 Broad Street, Boston, MA, 02109
Buildings and real estate
Series A Preferred Units
Dresser Utility Solutions, LLC(8)—16240 Port Northwest Drive, Houston, TX, 77041
Energy equipment and services
First lien senior secured loan
DuraServ LLC(8)—8951 Cypress Waters Boulevard, Carrollton, TX, 75019
Business services
First lien senior secured loan
DuraServ LLC(8)—8951 Cypress Waters Boulevard, Carrollton, TX, 75019
Business services
First lien senior secured revolving loan
Eagle Family Foods Group LLC(10)—1975 East 61st Street, Cleveland, OH, 44103
Food and beverage
First lien senior secured loan
Eagle Infrastructure Services, LLC—13100 Northwest Freeway, Houston, TX, 77040
Infrastructure and environmental services
Common Units
Eagle Infrastructure Services, LLC(9)—13100 Northwest Freeway, Houston, TX, 77040
Infrastructure and environmental services
First lien senior secured loan
EET Buyer, Inc. (dba e-Emphasys)(9)—2501 Weston Parkway, Cary, NC, 27513
Internet software and services
First lien senior secured loan
Interest
($ in thousands)
Company(7)
Industry
Type of Investment
Ref. Rate
Cash
PIK
Maturity / Dissolution Date
Percentage of Class Held on a Fully Diluted Basis
Principal Number of Shares / Number of Units
Amortized Cost
Fair Value
Einstein Parent, Inc. (dba Smartsheet)(9)—500 108th Avenue Northeast, Bellevue, WA, 98004
Internet software and services
First lien senior secured loan
Elliott Alto Co-Investor Aggregator L.P.—851 Cypress Creek Road, Fort Lauderdale, FL, 33309
Internet software and services
LP Interest
Endries Acquisition, Inc.(8)—714 West Ryan Street, Brillion, WI, 54110
Distribution
First lien senior secured loan
Engage Debtco Limited(9)—Courtyard House, The Weighbridge Brewery, High St, Marlow SL7 2FF, United Kingdom
Healthcare providers and services
First lien senior secured loan
Engage Debtco Limited(9)—Courtyard House, The Weighbridge Brewery, High St, Marlow SL7 2FF, United Kingdom
Healthcare providers and services
First lien senior secured delayed draw term loan
EOS Finco S.A.R.L(9)—1 Rue des Alouettes, 95600 Eaubonne, France
Telecommunications
First lien senior secured loan
EresearchTechnology, Inc. (dba Clario)(8)—1818 Market Street, Philadelphia, PA, 19103
Healthcare providers and services
First lien senior secured loan
Essential Services Holding Corporation (dba Turnpoint)(9)—139 South Englis Station Road, Louisville, KY, 40245
Professional services
First lien senior secured loan
Essential Services Holding Corporation (dba Turnpoint)(9)—139 South Englis Station Road, Louisville, KY, 40245
Professional services
First lien senior secured revolving loan
Eternal Buyer, LLC (dba Wedgewood Weddings)(8)—43385 Business Park Drive, Temecula, CA, 92590
Leisure and entertainment
First lien senior secured loan
Evolution BuyerCo, Inc. (dba SIAA)(9)—234 Lafayette Road, Hampton, NH, 03842
Insurance
First lien senior secured loan
Evolution Parent, LP (dba SIAA)—234 Lafayette Road, Hampton, NH, 03842
Insurance
LP Interest
Ex Vivo Parent Inc. (dba OB Hospitalist)(8)—777 Lowndes Hill Road, Greenville, SC, 29607
Healthcare providers and services
First lien senior secured loan
Faraday Buyer, LLC (dba MacLean Power Systems)(9)—481 Munn Road, Fort Mill, SC, 29715
Manufacturing
First lien senior secured loan
Feradyne Outdoors, LLC(9)—1230 Poplar Avenue, Superior, WI, 54880
Consumer products
First lien senior secured loan
Fiesta Purchaser, Inc. (dba Shearer's Foods)(9)—100 Lincoln Way East, Massillon, OH, 44646
Food and beverage
First lien senior secured revolving loan
Fifth Season Investments LLC—201 Broad St, Suite 500, Stamford, Connecticut 06901, US, Stamford, CT, 06901
Insurance
Specialty finance equity investment
Finastra USA, Inc.(9)—4 Kingdom Street, London W2 6BD, UK
Financial services
First lien senior secured loan
Flexera Software LLC(13)—300 Park Boulevard, Itasca, IL, 60143
Internet software and services
First lien senior secured EUR term loan
Flexera Software LLC(9)—300 Park Boulevard, Itasca, IL, 60143
Internet software and services
First lien senior secured loan
Interest
($ in thousands)
Company(7)
Industry
Type of Investment
Ref. Rate
Cash
PIK
Maturity / Dissolution Date
Percentage of Class Held on a Fully Diluted Basis
Principal Number of Shares / Number of Units
Amortized Cost
Fair Value
Fortis Solutions Group, LLC(9)—2505 Hawkeye Court, Virginia Beach, VA, 23452
Containers and packaging
First lien senior secured loan
Fortis Solutions Group, LLC(9)—2505 Hawkeye Court, Virginia Beach, VA, 23452
Containers and packaging
First lien senior secured revolving loan
Foundation Consumer Brands, LLC(9)—1190 Omega Drive, Pittsburgh, PA, 15205
Consumer products
First lien senior secured loan
FR Flow Control CB LLC (dba Trillium Flow Technologies)(9)—945 Bunker Hill Road, Houston, TX, 77024
Manufacturing
First lien senior secured loan
Gainsight, Inc.(9)—350 Bay Street, San Francisco, CA, 94133
Business services
First lien senior secured loan
Galls, LLC(9)—1340 Russell Cave Road, Lexington, KY, 40505
Specialty Retail
First lien senior secured loan
Galway Borrower LLC(9)—1 California Street, San Francisco, CA 94111
Insurance
First lien senior secured delayed draw term loan
Gaylord Chemical Company, L.L.C.(9)—1404 Greengate Drive, Covington, LA, 70433
Chemicals
First lien senior secured loan
Gaylord Chemical Company, L.L.C.(9)—1404 Greengate Drive, Covington, LA, 70433
Chemicals
First lien senior secured revolving loan
Gehl Foods, LLC(9)—North 116 West15970 Main Street, Germantown, WI, 53022
Food and beverage
First lien senior secured loan
Gerson Lehrman Group, Inc.(9)—60 East 42nd Street, New York, NY, 10165
Professional services
First lien senior secured loan
GI Apple Midco LLC (dba Atlas Technical Consultants)(8)—13215 Bee Cave Parkway, Building B, Suite 230, Austin, TX 78738
Infrastructure and environmental services
First lien senior secured loan
GI Apple Midco LLC (dba Atlas Technical Consultants)(8)—13215 Bee Cave Parkway, Building B, Suite 230, Austin, TX 78738
Infrastructure and environmental services
First lien senior secured revolving loan
GI Ranger Intermediate, LLC (dba Rectangle Health)(9)—115 East Stevens Avenue, Valhalla, NY, 10595
Healthcare technology
First lien senior secured loan
GI Ranger Intermediate, LLC (dba Rectangle Health)(9)—115 East Stevens Avenue, Valhalla, NY, 10595
Healthcare technology
First lien senior secured revolving loan
Gloves Holdings, LP (dba Protective Industrial Products)—25 British American Boulevard, Latham, NY, 12110
Manufacturing
LP Interest
GoHealth, Inc.—222 West Merchandise Mart Plaza, Chicago, IL, 60654
Insurance
Common stock
Granicus, Inc.(9)—1999 Broadway, Denver, CO, 80202
Internet software and services
First lien senior secured delayed draw term loan
Granicus, Inc.(9)—1999 Broadway, Denver, CO, 80202
Internet software and services
First lien senior secured loan
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)—3733 University Boulevard West, Jacksonville, FL, 32217
Insurance
LP Interest
GS Acquisitionco, Inc. (dba insightsoftware)(9)—8529 Six Forks Road, Raleigh, NC, 27615
Internet software and services
First lien senior secured loan
Interest
($ in thousands)
Company(7)
Industry
Type of Investment
Ref. Rate
Cash
PIK
Maturity / Dissolution Date
Percentage of Class Held on a Fully Diluted Basis
Principal Number of Shares / Number of Units
Amortized Cost
Fair Value
Guidehouse Inc.(8)—1676 International Drive, McLean, VA, 22102
Professional services
First lien senior secured loan
H&F Opportunities LUX III S.À R.L (dba Checkmarx)(8)—140 East Ridgewood Avenue, Paramus, NJ, 07652
Internet software and services
First lien senior secured loan
Helix Acquisition Holdings, Inc. (dba MW Industries)(8)—3426 Toringdon Way, Charlotte, NC, 28277
Manufacturing
First lien senior secured loan
Hercules Borrower, LLC (dba The Vincit Group)(9)—412 Georgia Avenue, Chattanooga, TN, 37403
Business services
First lien senior secured loan
Hercules Buyer, LLC (dba The Vincit Group)—412 Georgia Avenue, Chattanooga, TN, 37403
Business services
Common Units
Hercules Buyer, LLC (dba The Vincit Group)(6)—412 Georgia Avenue, Chattanooga, TN, 37403
Business services
Unsecured notes
Hg Genesis 8 Sumoco Limited(19)—2 More London Riverside, London SE1 2AP, United Kingdom
Asset based lending and fund finance
Unsecured facility
Hg Genesis 9 SumoCo Limited(14)—2 More London Riverside, London SE1 2AP, United Kingdom
Asset based lending and fund finance
Unsecured facility
Hg Saturn Luchaco Limited(19)—2 More London Riverside, London SE1 2AP, United Kingdom
Asset based lending and fund finance
Unsecured facility
HGH Purchaser, Inc. (dba Horizon Services)(9)—320 Century Boulevard, Wilmington, DE, 19808
Household products
First lien senior secured loan
HGH Purchaser, Inc. (dba Horizon Services)(9)—320 Century Boulevard, Wilmington, DE, 19808
Household products
First lien senior secured revolving loan
Hissho Parent, LLC(9)—11949 Steele Creek Road, Charlotte, NC, 28273
Food and beverage
First lien senior secured loan
Hissho Sushi Holdings, LLC—11949 Steele Creek Road, Charlotte, NC, 28273
Food and beverage
Class A Units
Hockey Parent Holdings, L.P.—150 North Riverside Plaza, Chicago, IL, 60606
Insurance
Class A Common Units
Horizon Avionics Buyer, LLC (dba Acron Aviation)(9)—490 1st Avenue South, Saint Petersburg, FL, 33701
Aerospace and defense
First lien senior secured loan
Horizon Avionics Buyer, LLC (dba Acron Aviation)(9)—490 1st Avenue South, Saint Petersburg, FL, 33701
Aerospace and defense
First lien senior secured revolving loan
Hyland Software, Inc.(9)—28105 Clemens Road, Westlake, OH, 44145
Internet software and services
First lien senior secured loan
Icefall Parent, Inc. (dba EngageSmart)(9)—10 Fan Pier Boulevard, Boston, MA, 02210
Internet software and services
First lien senior secured loan
Ideal Image Development, LLC(9)—1 North Dale Mabry Highway, Tampa, FL, 33609
Specialty Retail
First lien senior secured loan
Ideal Image Development, LLC(9)—1 North Dale Mabry Highway, Tampa, FL, 33609
Specialty Retail
First lien senior secured revolving loan
Interest
($ in thousands)
Company(7)
Industry
Type of Investment
Ref. Rate
Cash
PIK
Maturity / Dissolution Date
Percentage of Class Held on a Fully Diluted Basis
Principal Number of Shares / Number of Units
Amortized Cost
Fair Value
Ideal Topco, L.P.—1 North Dale Mabry Highway, Tampa, FL, 33609
Specialty Retail
Class A-2 Common Units
Ideal Topco, L.P.—1 North Dale Mabry Highway, Tampa, FL, 33609
Specialty Retail
Class A-1 Preferred Units
IG Investments Holdings, LLC (dba Insight Global)(9)—1224 Hammond Drive, Atlanta, GA, 30346
Human resource support services
First lien senior secured loan
Indigo Buyer, Inc. (dba Inovar Packaging Group)(9)—9001 Sterling Street, Irving, TX, 75063
Containers and packaging
First lien senior secured loan
Indikami Bidco, LLC (dba IntegriChain)(8)—8 Penn Center, 1628 JFK Boulevard, Philadelphia, PA, 19103
Healthcare technology
First lien senior secured loan
Indikami Bidco, LLC (dba IntegriChain)(8)—8 Penn Center, 1628 JFK Boulevard, Philadelphia, PA, 19103
Healthcare technology
First lien senior secured delayed draw term loan
Indikami Bidco, LLC (dba IntegriChain)(8)—8 Penn Center, 1628 JFK Boulevard, Philadelphia, PA, 19103
Healthcare technology
First lien senior secured revolving loan
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(8)—38955 Hills Tech Drive, Farmington Hills, MI, 48331
Food and beverage
First lien senior secured loan
Inovalon Holdings, Inc.(9)—4321 Collington Road, Bowie, MD, 20716
Healthcare technology
First lien senior secured loan
Inovalon Holdings, Inc.(9)—4321 Collington Road, Bowie, MD, 20716
Healthcare technology
Second lien senior secured loan
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)—302 South 4th Street, Manhattan, KS, 66502
Internet software and services
LP Interest
Integrity Marketing Acquisition, LLC(9)—1445 Ross Avenue, Dallas, TX, 75202
Insurance
First lien senior secured loan
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(9)—305 Church at North Hills Street, Raleigh, NC, 27609
Healthcare technology
First lien senior secured loan
Interoperability Bidco, Inc. (dba Lyniate)(9)—One Beacon Street, Boston, MA, 02108
Healthcare technology
First lien senior secured loan
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))(8)—203 North LaSalle Street, Chicago, IL, 60601
Advertising and media
First lien senior secured loan
JS Parent, Inc. (dba Jama Software)(9)—135 Southwest Taylor, Portland, OR, 97204
Internet software and services
First lien senior secured loan
KABAFUSION Parent, LLC(9)—17777 Center Court Drive North, Cerritos, CA, 90703
Healthcare providers and services
First lien senior secured loan
KBP Brands, LLC(9)—11141 Overbrook Road, Leawood, KS, 66211
Food and beverage
First lien senior secured loan
Klarna Holding AB(9)—Sveavägen 46, 111 34 Stockholm, Sweden
Financial services
Subordinated Floating Rate Notes
Klick Inc.(8)—175 Bloor Street East, Suite 300, North Tower, Toronto, ON, M4W 3R8, Canada
Healthcare technology
First lien senior secured loan
Interest
($ in thousands)
Company(7)
Industry
Type of Investment
Ref. Rate
Cash
PIK
Maturity / Dissolution Date
Percentage of Class Held on a Fully Diluted Basis
Principal Number of Shares / Number of Units
Amortized Cost
Fair Value
Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)(10)—701 Brickell Avenue, Miami, FL, 33131
Business services
Perpetual Preferred Stock
KOBHG Holdings, L.P. (dba OB Hospitalist)—777 Lowndes Hill Road, Greenville, SC, 29607
Healthcare providers and services
Class A Interests
KPCI Co-Invest 2, L.P.—3001 Red Lion Road, Philadelphia, PA, 19114
Healthcare equipment and services
Class A Units
KPSKY Acquisition, Inc. (dba BluSky)(9)—9110 East Nichols Avenue, Centennial, CO, 80112
Business services
First lien senior secured loan
KPSKY Acquisition, Inc. (dba BluSky)(9)—9110 East Nichols Avenue, Centennial, CO, 80112
Business services
First lien senior secured delayed draw term loan
KRIV Acquisition Inc. (dba Riveron)(9)—2515 McKinney Avenue, Dallas, TX, 75201
Financial services
First lien senior secured loan
KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners)(8)—99 Wood Avenue South, Iselin, NJ, 08830
Insurance
First lien senior secured loan
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)—600 Park Offices Drive, Durham, NC, 27713
Healthcare providers and services
Class A Interest
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)(8)—600 Park Offices Drive, Durham, NC, 27713
Healthcare providers and services
First lien senior secured loan
Lakefield Acquisition Corp. (dba Lakefield Veterinary Group)(10)—19717 62nd Avenue South, Kent, WA, 98032
Healthcare providers and services
First lien senior secured loan
Lightbeam Bidco, Inc. (dba Lazer Spot)(9)—6525 Shiloh Road, Alpharetta, GA, 30005
Transportation
First lien senior secured loan
Lignetics Investment Corp.(9)—11101 West 120th Avenue, Broomfield, CO, 80021
Consumer products
First lien senior secured loan
Litera Bidco LLC(8)—550 West Jackson Boulevard, Chicago, IL, 60661
Internet software and services
First lien senior secured loan
Loparex Midco B.V.(9)—1255 Crescent Green, Cary, NC, 27518
Manufacturing
First lien senior secured loan
Loparex Midco B.V.(9)—1255 Crescent Green, Cary, NC, 27518
Manufacturing
Second lien senior secured loan
Loparex Midco B.V.(9)—1255 Crescent Green, Cary, NC, 27518
Manufacturing
Second lien senior secured loan
Loparex Midco B.V.(9)—1255 Crescent Green, Cary, NC, 27518
Manufacturing
First lien senior secured loan
LSI Financing 1 DAC—Victoria Building, 1-2 Haddington Rd, Dublin D04 XN32, Ireland
Pharmaceuticals
Specialty finance equity investment
LSI Financing LLC—1521 Concord Pike, Suite 201, Wilmington, DE 19803
Pharmaceuticals
Specialty finance equity investment
Lytx, Inc.(8)—9785 Towne Centre Drive, San Diego, CA, 92121
Transportation
First lien senior secured loan
Maia Aggregator, LP—One World Trade Center, New York, NY, 10007
Healthcare equipment and services
Class A-2 Units
MAJCO LLC (dba Big Brand Tire & Service)(9)—14401 Princeton Avenue, Moorpark, CA, 93021
Automotive services
First lien senior secured loan
Interest
($ in thousands)
Company(7)
Industry
Type of Investment
Ref. Rate
Cash
PIK
Maturity / Dissolution Date
Percentage of Class Held on a Fully Diluted Basis
Principal Number of Shares / Number of Units
Amortized Cost
Fair Value
Maple Acquisition, LLC (dba Medicus)(10)—22 Roulston Road, Windham, NH, 03087
Healthcare providers and services
First lien senior secured loan
Mario Midco Holdings, Inc. (dba Len the Plumber)(9)—1552 Ridgely Street, Baltimore, MD, 21230
Household products
Unsecured facility
Mario Purchaser, LLC (dba Len the Plumber)(9)—1552 Ridgely Street, Baltimore, MD, 21230
Household products
First lien senior secured loan
Mario Purchaser, LLC (dba Len the Plumber)(9)—1552 Ridgely Street, Baltimore, MD, 21230
Household products
First lien senior secured revolving loan
Metis HoldCo, Inc. (dba Mavis Tire Express Services)(6)—100 Hillside Avenue, White Plains, NY, 10603
Automotive services
Series A Convertible Preferred Stock
MHE Intermediate Holdings, LLC (dba OnPoint Group)(9)—3235 Levis Commons Boulevard, Perrysburg, OH, 43551
Manufacturing
First lien senior secured loan
MHE Intermediate Holdings, LLC (dba OnPoint Group)(9)—3235 Levis Commons Boulevard, Perrysburg, OH, 43551
Manufacturing
First lien senior secured loan
Milan Laser Holdings LLC(9)—17645 Wright Street, Omaha, NE, 68130
Specialty Retail
First lien senior secured loan
MINDBODY, Inc.(9)—689 Tank Farm Road, San Luis Obispo, CA, 93401
Internet software and services
First lien senior secured loan
Minerva Holdco, Inc.(6)—Boston Landing, Boston, MA, 02135
Healthcare technology
Senior A Preferred Stock
Ministry Brands Holdings, LLC(12)—10133 Sherrill Boulevard, Knoxville, TN, 37932
Internet software and services
First lien senior secured revolving loan
Ministry Brands Holdings, LLC(8)—10133 Sherrill Boulevard, Knoxville, TN, 37932
Internet software and services
First lien senior secured loan
Minotaur Acquisition, Inc. (dba Inspira Financial)(8)—2001 Spring Road, Oak Brook, IL, 60523
Financial services
First lien senior secured loan
Modernizing Medicine, Inc. (dba ModMed)(9)—4700 Exchange Court, Boca Raton, FL, 33431
Healthcare technology
First lien senior secured loan
ModMed Software Midco Holdings, Inc. (dba ModMed)(6)—4700 Exchange Court, Boca Raton, FL, 33431
Healthcare technology
Series A Preferred Units
Monotype Imaging Holdings Inc.(8)—600 Unicorn Park Drive, Woburn, MA, 01801
Advertising and media
First lien senior secured loan
National Dentex Labs LLC (fka Barracuda Dental LLC)(9)—11601 Kew Gardens Avenue, Palm Beach Gardens, FL, 33410
Healthcare providers and services
First lien senior secured revolving loan
National Dentex Labs LLC (fka Barracuda Dental LLC)(9)—11601 Kew Gardens Avenue, Palm Beach Gardens, FL, 33410
Healthcare providers and services
First lien senior secured loan
National Dentex Labs LLC (fka Barracuda Dental LLC)(9)—4400 PGA Boulevard, Palm Beach Gardens, FL, 33410
Healthcare providers and services
First lien senior secured delayed draw term loan
National Dentex Labs LLC (fka Barracuda Dental LLC)(9)—4400 PGA Boulevard, Palm Beach Gardens, FL, 33410
Healthcare providers and services
First lien senior secured delayed draw term loan
Interest
($ in thousands)
Company(7)
Industry
Type of Investment
Ref. Rate
Cash
PIK
Maturity / Dissolution Date
Percentage of Class Held on a Fully Diluted Basis
Principal Number of Shares / Number of Units
Amortized Cost
Fair Value
National Dentex Labs LLC (fka Barracuda Dental LLC)(9)—4400 PGA Boulevard, Palm Beach Gardens, FL, 33410
Healthcare providers and services
First lien senior secured revolving loan
Natural Partners, LLC(9)—360 Albert St, Ottawa, ON K1R 7X7, Canada
Healthcare providers and services
First lien senior secured loan
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.(13)—21 Amflex Drive, Cranston, RI, 02921
Healthcare equipment and services
First lien senior secured EUR revolving loan
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.(14)—21 Amflex Drive, Cranston, RI, 02921
Healthcare equipment and services
First lien senior secured EUR term loan
Nelipak Holding Company(8)—21 Amflex Drive, Cranston, RI, 02921
Healthcare equipment and services
First lien senior secured revolving loan
Nelipak Holding Company(9)—21 Amflex Drive, Cranston, RI, 02921
Healthcare equipment and services
First lien senior secured loan
New PLI Holdings, LLC (dba PLI)—1030 East Craig Road North, Las Vegas, NV, 89030
Advertising and media
Class A Common Units
NMI Acquisitionco, Inc. (dba Network Merchants)(8)—1450 American Lane, Schaumburg, IL, 60173
Financial services
First lien senior secured loan
Norvax, LLC (dba GoHealth)(9)—222 West Merchandise Mart Plaza, Chicago, IL, 60654
Insurance
First lien senior secured loan
Norvax, LLC (dba GoHealth)(9)—222 West Merchandise Mart Plaza, Chicago, IL, 60654
Insurance
First lien senior secured revolving loan
Notorious Holdings LLC (dba Beauty Industry Group)(9)—1250 North Flyer Way, Salt Lake City, UT, 84116
Specialty Retail
First lien senior secured loan
Notorious Purchaser II, Inc. (dba Beauty Industry Group)—1250 North Flyer Way, Salt Lake City, UT, 84116
Specialty Retail
Class B Common Stock
Notorious Topco, LLC (dba Beauty Industry Group)(9)—1250 North Flyer Way, Salt Lake City, UT, 84116
Specialty Retail
First lien senior secured loan
Nscale Global Holdings Limited—16 New Burlington Place, London, W1S 2HX, United Kingdom
Internet software and services
Series B Preferred Shares
Nscale Global Holdings Limited—16 New Burlington Place, London, W1S 2HX, United Kingdom
Internet software and services
Preferred equity
OB Hospitalist Group, Inc.(8)—777 Lowndes Hill Road, Greenville, SC, 29607
Healthcare providers and services
First lien senior secured loan
Offen, Inc.(9)—5100 East 78th Avenue, Commerce City, CO, 80022
Distribution
First lien senior secured loan
Ole Smoky Distillery, LLC(8)—903 Parkway, Gatlinburg, TN, 37738
Food and beverage
First lien senior secured loan
Pacific BidCo Inc.(10)—Aeschenvorstadt 71, 4051 Basel, Switzerland
Healthcare providers and services
First lien senior secured loan
Packaging Coordinators Midco, Inc.(19)—3001 Red Lion Road, Philadelphia, PA, 19114
Healthcare equipment and services
First lien senior secured delayed draw term loan
Packaging Coordinators Midco, Inc.(9)—3001 Red Lion Road, Philadelphia, PA, 19114
Healthcare equipment and services
First lien senior secured loan
Interest
($ in thousands)
Company(7)
Industry
Type of Investment
Ref. Rate
Cash
PIK
Maturity / Dissolution Date
Percentage of Class Held on a Fully Diluted Basis
Principal Number of Shares / Number of Units
Amortized Cost
Fair Value
Packaging Coordinators Midco, Inc.(9)—3001 Red Lion Road, Philadelphia, PA, 19114
Healthcare equipment and services
First lien senior secured delayed draw term loan
Paradigmatic Holdco LLC (dba Pluralsight)—1500 Solana Boulevard, Westlake, TX, 76262
Education
Common stock
Paris US Holdco, Inc. (dba Precinmac)(8)—79 Prospect Avenue, South Paris, ME, 04281
Professional services
First lien senior secured loan
Patriot Acquisition TopCo S.À R.L. (dba Corza Health, Inc.)(9)—247 Station Drive Suite NE1, Westwood, MA, 02090
Healthcare equipment and services
First lien senior secured loan
Patriot Holdings SCSp (dba Corza Health, Inc.)—247 Station Drive Suite NE1, Westwood, MA, 02090
Healthcare equipment and services
Class B Units
Patriot Holdings SCSp (dba Corza Health, Inc.)(6)—247 Station Drive Suite NE1, Westwood, MA, 02090
Healthcare equipment and services
Class A Units
PCF Holdco, LLC (dba Trucordia)—2745 West 600 North, Lindon, UT, 84042
Insurance
Warrants
PCF Holdco, LLC (dba Trucordia)(6)—2745 West 600 North, Lindon, UT, 84042
Insurance
Preferred equity
PDI TA Holdings, Inc.(9)—11675 Rainwater Drive, Alpharetta, GA, 30009
Internet software and services
First lien senior secured loan
Peraton Corp.(9)—1875 Explorer Street, Reston, VA, 20190
Aerospace and defense
Second lien senior secured loan
Percheron Horsepower-A LP (dba Big Brand Tire & Service)—14401 Princeton Avenue, Moorpark, CA, 93021
Automotive services
Limited Partner Interest
PerkinElmer U.S. LLC(8)—710 Bridgeport Avenue, Shelton, CT, 06484
Healthcare equipment and services
First lien senior secured loan
PetVet Care Centers, LLC(8)—One Gorham Island Road, Westport, CT, 06880
Healthcare providers and services
First lien senior secured loan
PetVet Care Centers, LLC(8)—One Gorham Island Road, Westport, CT, 06880
Healthcare providers and services
First lien senior secured revolving loan
Physician Partners, LLC(9)—601 South Harbour Island Boulevard, Tampa, FL, 33602
Healthcare providers and services
First lien senior secured loan
Physician Partners, LLC(9)—601 South Harbour Island Boulevard, Tampa, FL, 33602
Healthcare providers and services
First lien senior secured loan
Plasma Buyer LLC (dba PathGroup)(9)—5301 Virginia Way, Brentwood, TN, 37027
Healthcare providers and services
First lien senior secured loan
Plasma Buyer LLC (dba PathGroup)(9)—5301 Virginia Way, Brentwood, TN, 37027
Healthcare providers and services
First lien senior secured delayed draw term loan
Plasma Buyer LLC (dba PathGroup)(9)—5301 Virginia Way, Brentwood, TN, 37027
Healthcare providers and services
First lien senior secured revolving loan
Pluralsight, LLC(9)—1500 Solana Boulevard, Westlake, TX, 76262
Education
First lien senior secured loan
Pluralsight, LLC(9)—1500 Solana Boulevard, Westlake, TX, 76262
Education
First lien senior secured loan
PPV Intermediate Holdings, LLC(9)—141 Longwater Drive, Norwell, MA, 02061
Healthcare providers and services
First lien senior secured delayed draw term loan
Interest
($ in thousands)
Company(7)
Industry
Type of Investment
Ref. Rate
Cash
PIK
Maturity / Dissolution Date
Percentage of Class Held on a Fully Diluted Basis
Principal Number of Shares / Number of Units
Amortized Cost
Fair Value
PPV Intermediate Holdings, LLC(9)—141 Longwater Drive, Norwell, MA, 02061
Healthcare providers and services
First lien senior secured loan
Pregis Topco LLC(8)—227 West Monroe Street, Chicago, IL, 60606
Containers and packaging
Second lien senior secured loan
Pregis Topco LLC(8)—227 West Monroe Street, Chicago, IL, 60606
Containers and packaging
Second lien senior secured loan
Premier Imaging, LLC (dba LucidHealth)(9)—100 East Campus View Boulevard, Columbus, OH, 43235
Healthcare providers and services
First lien senior secured loan
Premise Health Holding Corp.(9)—5500 Maryland Way, Brentwood, TN, 37027
Healthcare providers and services
First lien senior secured loan
Project Alpine Co-Invest Fund, LP—1450 Brickell Avenue, Miami, FL, 33131
Internet software and services
LP Interest
Project Hotel California Co-Invest Fund, L.P.—11120 Four Points Drive, Austin, TX, 78726
Internet software and services
LP Interest
PS Op Holdings LLC (fka QC Supply, LLC)—Post Office Box 581, Schuyler, NE, 68661
Distribution
Class A Common Units
PS Operating Company LLC (fka QC Supply, LLC)(9)—Post Office Box 581, Schuyler, NE, 68661
Distribution
First lien senior secured revolving loan
PS Operating Company LLC (fka QC Supply, LLC)(9)—Post Office Box 581, Schuyler, NE, 68661
Distribution
First lien senior secured loan
Puma Buyer, LLC (dba PANTHERx)(9)—24 Summit Park Drive, Pittsburgh, PA, 15275
Pharmaceuticals
First lien senior secured loan
QAD, Inc.(8)—101 Innovation Place, Santa Barbara, CA, 93108
Internet software and services
First lien senior secured loan
Quva Pharma, Inc.(9)—3 Sugar Creek Center Boulevard, Sugar Land, TX, 77478
Healthcare providers and services
First lien senior secured loan
Quva Pharma, Inc.(9)—3 Sugar Creek Center Boulevard, Sugar Land, TX, 77478
Healthcare providers and services
First lien senior secured loan
Quva Pharma, Inc.(9)—3 Sugar Creek Center Boulevard, Sugar Land, TX, 77478
Healthcare providers and services
First lien senior secured revolving loan
Relativity ODA LLC(8)—231 South LaSalle Street, Chicago, IL, 60604
Professional services
First lien senior secured loan
Rhea Acquisition Holdings, LP—1 Technology Circle, Columbia, SC, 29203
Healthcare equipment and services
Series A-2 Units
Rhea Parent, Inc.(9)—1 Technology Circle, Columbia, SC, 29203
Healthcare equipment and services
First lien senior secured loan
RL Datix Holdings (USA), Inc.(10)—311 South Wacker Drive, Chicago, IL, 60606
Healthcare technology
First lien senior secured loan
RL Datix Holdings (USA), Inc.(19)—311 South Wacker Drive, Chicago, IL, 60606
Healthcare technology
First lien senior secured GBP term loan
Rocket BidCo, Inc. (dba Recochem)(9)—850 Montee de Liesse Road, Saint-Laurent, QC H4T 1P4, Canada
Chemicals
First lien senior secured loan
Rome Topco Holdings, LLC (dba SimpliSafe)—100 Summer Street, Boston, MA, 02110
Household products
Class A Units
Interest
($ in thousands)
Company(7)
Industry
Type of Investment
Ref. Rate
Cash
PIK
Maturity / Dissolution Date
Percentage of Class Held on a Fully Diluted Basis
Principal Number of Shares / Number of Units
Amortized Cost
Fair Value
Rome Topco Holdings, LLC (dba SimpliSafe)—100 Summer Street, Boston, MA, 02110
Household products
Class B Units
Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers)(6)—One Gorham Island Road, Westport, CT, 06880
Healthcare providers and services
Series A Preferred Stock
Rushmore Investment III LLC (dba Winland Foods)(9)—2015 Spring Road, Oak Brook, IL, 60523
Food and beverage
First lien senior secured loan
Salinger Bidco Inc. (dba Surgical Information Systems)(9)—8000 Avalon Boulevard, Alpharetta, GA, 30009
Healthcare technology
First lien senior secured loan
Salinger Bidco Inc. (dba Surgical Information Systems)(9)—8000 Avalon Boulevard, Alpharetta, GA, 30009
Healthcare technology
First lien senior secured revolving loan
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)(9)—1 Tower Lane, Oakbrook Terrace, IL, 60181
Food and beverage
First lien senior secured loan
Securonix, Inc.(9)—5080 Spectrum Drive, Addison, TX, 75001
Internet software and services
First lien senior secured loan
Sensor Technology Topco, Inc. (dba Humanetics)(14)—23300 Haggerty Road, Farmington Hills, MI, 48335
Professional services
First lien senior secured EUR term loan
Sensor Technology Topco, Inc. (dba Humanetics)(14)—23300 Haggerty Road, Farmington Hills, MI, 48335
Professional services
First lien senior secured EUR delayed draw term loan
Sensor Technology Topco, Inc. (dba Humanetics)(8)—23300 Haggerty Road, Farmington Hills, MI, 48335
Professional services
First lien senior secured revolving loan
Sensor Technology Topco, Inc. (dba Humanetics)(9)—23300 Haggerty Road, Farmington Hills, MI, 48335
Professional services
First lien senior secured loan
Sensor Technology Topco, Inc. (dba Humanetics)(9)—23300 Haggerty Road, Farmington Hills, MI, 48335
Professional services
First lien senior secured delayed draw term loan
Sentinel Buyer Corp. (dba SimpliSafe)(8)—100 Summer Street, Boston, MA, 02110
Household products
First lien senior secured loan
Severin Acquisition, LLC (dba PowerSchool)(8)—150 Parkshore Drive, Folsom, CA, 95630
Education
First lien senior secured loan
Severin Acquisition, LLC (dba PowerSchool)(8)—150 Parkshore Drive, Folsom, CA, 95630
Education
First lien senior secured delayed draw term loan
SimonMed, Inc.(9)—16220 North Scottsdale Road, Scottsdale, AZ, 85254
Healthcare providers and services
First lien senior secured loan
SimonMed, Inc.(9)—16220 North Scottsdale Road, Scottsdale, AZ, 85254
Healthcare providers and services
First lien senior secured revolving loan
Simplicity Financial Marketing Group Holdings, Inc.(9)—86 Summit Avenue, Summit, NJ, 07901
Insurance
First lien senior secured loan
Sitecore Holding III A/S(14)—101 California StreetFloor 16, San Francisco, CA, 94111
Internet software and services
First lien senior secured EUR term loan
Sitecore Holding III A/S(9)—101 California StreetFloor 16, San Francisco, CA, 94111
Internet software and services
First lien senior secured loan
Interest
($ in thousands)
Company(7)
Industry
Type of Investment
Ref. Rate
Cash
PIK
Maturity / Dissolution Date
Percentage of Class Held on a Fully Diluted Basis
Principal Number of Shares / Number of Units
Amortized Cost
Fair Value
Sitecore USA, Inc.(9)—101 California StreetFloor 16, San Francisco, CA, 94111
Internet software and services
First lien senior secured loan
Smarsh Inc.(9)—851 South West 6th Avenue, Portland, OR, 97204
Financial services
First lien senior secured loan
Snowbird Manager LP—444 West Lake Street, Chicago, IL, 60606
Financial services
Limited Partner Interest
Soleo Holdings, Inc.(9)—2801 Network Boulevard, Frisco, TX, 75034
Healthcare providers and services
First lien senior secured loan
Sonny's Enterprises, LLC(9)—5870 Hiatus Road, Tamarac, FL, 33321
Manufacturing
First lien senior secured loan
Sonny's Enterprises, LLC(9)—5870 Hiatus Road, Tamarac, FL, 33321
Manufacturing
First lien senior secured delayed draw term loan
Sonny's Enterprises, LLC(9)—5870 Hiatus Road, Tamarac, FL, 33321
Manufacturing
First lien senior secured revolving loan
Space Exploration Technologies Corp.—1 Rocket Road, Hawthorne, CA, 90250
Aerospace and defense
Class A Common Stock
Space Exploration Technologies Corp.—1 Rocket Road, Hawthorne, CA, 90250
Aerospace and defense
Class C Common Stock
Spaceship Purchaser, Inc. (dba Squarespace)(9)—225 Varick Street, New York, NY, 10014
Internet software and services
First lien senior secured loan
Spotless Brands, LLC(10)—2 Mid America Plaza, Oakbrook Terrace, IL, 60181
Automotive services
First lien senior secured loan
Spotless Brands, LLC(8)—2 Mid America Plaza, Oakbrook Terrace, IL, 60181
Automotive services
First lien senior secured revolving loan
Spotless Brands, LLC(9)—2 Mid America Plaza, Oakbrook Terrace, IL, 60181
Automotive services
First lien senior secured delayed draw term loan
STS PARENT, LLC (dba STS Aviation Group)(9)—2000 Northeast Jensen Beach Boulevard, Jensen Beach, FL, 34957
Aerospace and defense
First lien senior secured loan
STS PARENT, LLC (dba STS Aviation Group)(9)—2000 Northeast Jensen Beach Boulevard, Jensen Beach, FL, 34957
Aerospace and defense
First lien senior secured revolving loan
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)(6)—1601 Cloverfield Boulevard, Santa Monica, CA, 90404
Human resource support services
Series A Preferred Stock
Swipe Acquisition Corporation (dba PLI)(8)—1030 East Craig Road North, Las Vegas, NV, 89030
Advertising and media
First lien senior secured loan
Swipe Acquisition Corporation (dba PLI)(8)—1030 East Craig Road North, Las Vegas, NV, 89030
Advertising and media
First lien senior secured loan
SWK BUYER, Inc. (dba Stonewall Kitchen)(9)—2 Stonewall Lane, York, ME, 03909
Consumer products
First lien senior secured loan
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(9)—3207 Grey Hawk Court, Carlsbad, CA, 92029
Infrastructure and environmental services
First lien senior secured loan
Interest
($ in thousands)
Company(7)
Industry
Type of Investment
Ref. Rate
Cash
PIK
Maturity / Dissolution Date
Percentage of Class Held on a Fully Diluted Basis
Principal Number of Shares / Number of Units
Amortized Cost
Fair Value
TBRS, Inc. (dba TEAM Technologies)(9)—800 South Gay Street, Knoxville, TN, 37929
Healthcare equipment and services
First lien senior secured loan
TCB Holdings I LLC (dba TricorBraun)(6)—6 City Place Drive, Saint Louis, MO, 63141
Containers and packaging
Class A Preferred Units
The Shade Store, LLC(9)—21 Abendroth Avenue, Port Chester, NY, 10573
Specialty Retail
First lien senior secured loan
Themis Solutions Inc. (dba Clio)(8)—Suite 300 4611 Canada Way, Burnaby, BC V5G 4X3, Canada
Internet software and services
First lien senior secured loan
THG Acquisition, LLC (dba Hilb)(8)—1001 Pennsylvania Avenue, Northwest, Washington, DC, 20004
Insurance
First lien senior secured loan
Thunder Purchaser, Inc. (dba Vector Solutions)(9)—4890 West Kennedy Boulevard, Tampa, FL, 33609
Internet software and services
First lien senior secured loan
Thunder Topco L.P. (dba Vector Solutions)—4890 West Kennedy Boulevard, Tampa, FL, 33609
Internet software and services
Common Units
Tivity Health, Inc.(8)—4031 Aspen Grove Drive, Franklin, TN, 37067
Healthcare providers and services
First lien senior secured loan
Troon Golf, L.L.C.(9)—15044 North Scottsdale Road, Scottsdale, AZ, 85254
Leisure and entertainment
First lien senior secured loan
Trucordia Insurance Holdings, LLC(8)—2745 West 600 North, Lindon, UT, 84042
Insurance
Second lien senior secured loan
Unified Women's Healthcare, LP(8)—4010 West Boy Scout Boulevard, Tampa, FL, 33607
Healthcare providers and services
First lien senior secured delayed draw term loan
Unified Women's Healthcare, LP(9)—4010 West Boy Scout Boulevard, Tampa, FL, 33607
Healthcare providers and services
First lien senior secured loan
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(8)—99 Wood Avenue South, Iselin, NJ, 08830
Insurance
First lien senior secured loan
Valeris, Inc. (fka Phantom Purchaser, Inc.)(9)—150 Hilton Drive, Jeffersonville, IN, 47130
Healthcare providers and services
First lien senior secured loan
Valor Compute Infrastructure L.P.—1450 Page Mill Road, Palo Alto, CA, 94304
Infrastructure and environmental services
LP Interest
VCI Asset Holdings 1 LLC(6)—1450 Page Mill Road, Palo Alto, CA, 94304
Infrastructure and environmental services
First lien senior secured loan
VCI Intermediate TopCo 1 LLC—1450 Page Mill Road, Palo Alto, CA, 94304
Infrastructure and environmental services
Class B Units
Vensure Employer Services, Inc.(9)—1475 South Price Road, Chandler, AZ, 85286
Professional services
First lien senior secured loan
VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.)(6)—689 Tank Farm Road, San Luis Obispo, CA, 93401
Internet software and services
Series A Preferred Stock
Vermont Aus Pty Ltd(17)—1 Epping Road, North Ryde, New South Wales, 2113 Australia
Healthcare providers and services
First lien senior secured AUD term loan
Vessco Midco Holdings, LLC(10)—8225 Upland Circle, Chanhassen, MN, 55317
Infrastructure and environmental services
First lien senior secured loan
Interest
($ in thousands)
Company(7)
Industry
Type of Investment
Ref. Rate
Cash
PIK
Maturity / Dissolution Date
Percentage of Class Held on a Fully Diluted Basis
Principal Number of Shares / Number of Units
Amortized Cost
Fair Value
Vessco Midco Holdings, LLC(8)—8225 Upland Circle, Chanhassen, MN, 55317
Infrastructure and environmental services
First lien senior secured loan
Vessco Midco Holdings, LLC(9)—8225 Upland Circle, Chanhassen, MN, 55317
Infrastructure and environmental services
First lien senior secured delayed draw term loan
Vital Bidco AB (dba Vitamin Well)(8)—Sturegatan 11, Stockholm, NY, 11436
Food and beverage
First lien senior secured loan
Walker Edison Furniture Company LLC(6)—1553 West 9000 South, West Jordan, UT, 84088
Household products
First lien senior secured loan
Walker Edison Furniture Company LLC(9)—1553 West 9000 South, West Jordan, UT, 84088
Household products
First lien senior secured loan
Walker Edison Furniture Company LLC(9)—1553 West 9000 South, West Jordan, UT, 84088
Household products
First lien senior secured revolving loan
Walker Edison Holdco LLC—1553 West 9000 South, West Jordan, UT, 84088
Household products
Common Units
Windows Entities—40 West 57th Street, New York, NY, 10019
Manufacturing
LLC Units
Wingspire Capital Holdings LLC—8000 Avalon Blvd., Suite 100, Alpharetta, GA 30009
Asset based lending and fund finance
Specialty finance equity investment
Wipfli Advisory LLC(9)—10000 West Innovation Drive, Milwaukee, WI, 53226
Financial services
First lien senior secured loan
WMC Bidco, Inc. (dba West Monroe)(6)—222 West Adams Street, Chicago, IL, 60606
Internet software and services
Senior Preferred Stock
WP Irving Co-Invest, L.P.—11511 Reed Hartman Highway, Blue Ash, OH, 45241
Healthcare technology
Partnership Units
Wrench Group LLC(12)—1819 Main Street, Sarasota, FL, 34236
Buildings and real estate
First lien senior secured revolving loan
Wrench Group LLC(9)—1819 Main Street, Sarasota, FL, 34236
Buildings and real estate
First lien senior secured loan
WU Holdco, Inc. (dba PurposeBuilt Brands)(9)—755 Tri State Parkway, Gurnee, IL, 60031
Consumer products
First lien senior secured loan
XOMA Corporation—2200 Powell Street, Emeryville, CA, 94608
Healthcare providers and services
Warrants
Zendesk, Inc.(9)—181 South Fremont Street, San Francisco, CA, 94105
Internet software and services
First lien senior secured loan
Zoro TopCo, Inc.(9)—181 South Fremont Street, San Francisco, CA, 94105
Internet software and services
Series A Preferred Equity
Zoro TopCo, L.P.—181 South Fremont Street, San Francisco, CA, 94105
Internet software and services
Class A Common Units
Total
(1) - (5) Reserved.
(6) Investment 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), Canadian Overnight Repo Rate Average (“CORRA” or “C”) (which can include one- or three-month CORRA), 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.
(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 this loan is subject to 1 month EURIBOR, which as of December 31, 2025 was1.94%.
(14) The interest rate on this loan 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 this loan is subject to SONIA, which as of December 31, 2025 was 3.73%.
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
Wingspire is an independent diversified direct lender focused on providing asset-based commercial finance loans and related senior secured loans to U.S.-based middle-market borrowers. Wingspire offers a wide variety of asset-based financing solutions to businesses in an array of industries, including revolving credit facilities, machinery and equipment term loans, real estate term loans, first-in/last-out tranches, cash flow term loans, and opportunistic / bridge financings. We made our initial commitment to Wingspire on September 24, 2019, and subsequently made periodic additional commitments to increase our total commitment to $505 million.
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 December 31, 2025, our commitment to Amergin AssetCo was $267.9 million, of which $110.6 million was equity and $157.3 million was debt. As of December 31, 2025, the fair market value of our investment in Amergin Asset Management, LLC was $2.1 million. We do not consolidate our equity interest in Amergin AssetCo.
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 December 31, 2025, our investment in Fifth Season was $403.2 million at fair value. We do not consolidate our equity 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 December 31, 2025, the fair value of our investment in LSI Financing DAC was $6.7 million and our total commitment was $6.8 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. 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 December 31, 2025, our investment at fair value in LSI Financing LLC was $210.6 million and our total commitment was $274.2 million. We do not consolidate its equity interest in LSI Financing LLC.
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 $0.50 billion at cost and fair value, respectively, and ranging in cost from $24.8 million to $304.4 million and with fair value ranging from $24.8 million to $303.9 million. The largest investment is 62.0% of the total cost of BOCSO’s portfolio. As of December 31, 2025, the portfolio asset class composition was 62% ABF — Specialty finance, 33.0% ABF — Leasing, and 5.0% ABF — Commercial Real Estate. We do not consolidate our equity interest in BOCSO.
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 .2 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 99.3 for the Blue Owl Leasing Supplemental Financial Information.
Results of Operations
For a discussion of our results for the year ended December 31, 2024, compared to the year ended December 31, 2023, please refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our a nnual r eport on Form 10-K, filed with the SEC on February 19, 2025, which are incorporated herein by reference.
The table below presents our operating results for the following periods:
For the Year Ended December 31,
($ in millions)
$ Change
Total Investment Income
Less: Total Operating Expenses
Net Investment Income (Loss) Before Taxes
Less: Income tax expense (benefit), including excise tax expense (benefit)
Net Investment Income (Loss) After Taxes
Net change in unrealized gain (loss)
Net realized gain (loss)
Net Increase (Decrease) in Net Assets Resulting from Operations
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 investment origination and exit activity, expenses, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio. For the year ended December 31, 2025, our net asset value per share decreased, primarily driven by decreases in the fair value of certain investments, partially offset by accretive share repurchases.
On January 13, 2025, we completed the transactions contemplated by the OBDE Merger Agreement and OBDE was merged with and into us. The OBDE Mergers were accounted for as an asset acquisition in accordance with ASC 805-50, Business Combinations — Related Issues. The consideration paid to OBDE’s shareholders was less than the aggregate fair values of the assets acquired and liabilities assumed, which resulted in a purchase discount (the “purchase discount”). The purchase discount was allocated to the cost of OBDE investments acquired by us on a pro-rata basis based on their relative fair values as of the closing date. Immediately following the OBDE Mergers, we marked the investments to their respective fair values and, as a result, the purchase discount allocated to the cost basis of the investments acquired was immediately recognized as unrealized appreciation on our Consolidated Statement of Operations. The purchase discount allocated to the loan investments acquired amortizes over the life of each respective loan through interest income with a corresponding adjustment recorded as unrealized depreciation on such loans acquired through their ultimate disposition. The purchase discount allocated to equity investments acquired does not amortize over the life of such investments through interest income and, assuming no subsequent change to the fair value of the equity investments acquired and disposition of such equity investments at fair value, we will recognize a realized gain with a corresponding reversal of the unrealized appreciation on disposition of such equity investments acquired. Refer to “Note 13 — Merger with Blue Owl Capital Corporation III” for additional details.
As a supplement to our financial results reported in accordance with GAAP, we have provided, as detailed below, certain non-GAAP financial measures to our operating results that exclude the aforementioned purchase discount and the ongoing amortization thereof, as determined in accordance with GAAP. The non — GAAP financial measures include (i) adjusted net investment income after taxes; (ii) adjusted net realized and unrealized gains (losses); and (iii) adjusted net increase in net assets from operations. We believe that the adjustment to exclude the full effect of the purchase discount is meaningful because it is a measure that we and investors use to assess our financial condition and results of operations. Although these non — GAAP financial measures are intended to enhance investors’ understanding of our business and performance, these non — GAAP financial measures should not be considered an alternative to GAAP. The aforementioned non — GAAP financial measures may not be comparable to similar non — GAAP financial measures used by other companies.
For the Year Ended
($ in millions)
December 31, 2025
Net investment income after taxes:
Less: Purchase discount amortization
Adjusted, Non—GAAP, Net Investment Income after Taxes
Net realized and unrealized gains (losses):
Net change in unrealized (appreciation) depreciation due to the purchase discount
Realized (gain) loss due to the purchase discount
Adjusted, Non — GAAP, Net Realized and Unrealized Gains (Losses)
Net increase in net assets from operations:
Less: Purchase discount amortization
Net change in unrealized (appreciation) depreciation due to the purchase discount
Realized (gain) loss due to the purchase discount
Adjusted, Non — GAAP, Net Increase in Net Assets from Operations
Investment Income
The table below presents investment income for the following periods:
For the Year Ended December 31,
($ in millions)
$ Change
Interest income from investments
Payment-in-kind interest income from investments
Dividend income from investments
Other income
Total Investment Income
Year Ended December 31, 2025 Compared to the Year Ended December 31, 2024
Investment income increased to $1.85 billion for the year ended December 31, 2025, from $1.60 billion for the year ended December 31, 2024, primarily due to higher interest income, as a result of an increase in the par value of our debt investments from our acquisition of OBDE, partially offset by a decrease in the weighted average yield of our debt portfolio from 10.4% to 9.5% year-over-year due to lower average interest rates. Included in the 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 increased to $67.5 million for the year ended December 31, 2025, from $44.7 million in the prior year period, due to an increase in repayment activity. For the years ended December 31, 2025 and 2024, as a percentage of total income, PIK income decreased to 9.9% from 13.3%, as a result of several investments converting to cash pay and lower levels of PIK investments acquired from OBDE. Dividend income increased to $231.1 million from $198.0 million in the prior year period, primarily due to an increase in dividends earned from our equity investments, as well as $775 million growth within our equity investment portfolio period over period. Other income decreased period-over-period due to a decrease in incremental fee income, which are fees that are generally available to us as a result of closing investments and normally paid at the time of . We expect that investment income will vary based on a variety of factors including the pace of our originations and repayments.
Expenses
The table below presents our expenses for the following periods:
For the Year Ended December 31,
($ in millions)
$ Change
Interest expense
Management fee, net (1)
Performance based incentive fees
Professional fees
Directors’ fees
Other general and administrative
Total Operating Expenses
(1) Refer to “ Note 3 – Agreements and Related Party Transactions” to our consolidated financial statements included in this Annual Report 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.
Year Ended December 31, 2025 Compared to the Year Ended December 31, 2024
Total operating expenses increased for the year ended December 31, 2025, compared to the prior year period, primarily driven by increases in interest expense, management fees and incentive fees resulting from the OBDE Mergers. Interest expense increased due to an increase in daily average borrowings from $7.58 billion to $9.89 billion, primarily due to the assumption of OBDE’s debt facilities, and an increase in amortization of debt issuance costs, while the average interest rate remained flat period-over-period. Management fees increased due to an increase in average adjusted gross assets as a result of our acquisition of OBDE. Incentive fees increased due to an increase in net investment income, driven by an increase in the size of the income producing portfolio as a result of our acquisition of OBDE. As a percentage of total assets, professional fees, directors’ fees and other general and administrative expenses remained relatively consistent period-over-perio d.
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 December 31, 2025, we have generated undistributed taxable earnings “spillover” of approximately $0.36 per share. The undistributed taxable earnings spillover will be carried forward toward distributions to be paid in accordance with RIC requirements. 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 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 years ended December 31, 2025 and 2024, we recorded U.S. federal and state income tax expense (benefit) of $12.0 million and $11.6 million, respectively, including U.S. federal excise tax expense (benefit) of $6.6 million and $7.4 million, respectively.
Certain of our consolidated subsidiaries are subject to U.S. federal and state income taxes. For the years ended December 31, 2025 and 2024, we recorded a current tax expense of approximately $(1.3) million and $2.5 million for taxable subsidiaries, respectively. The income tax expense for our taxable consolidated subsidiaries will vary depending on the level of investment income earnings and realized gains from the exits of investments held by such taxable subsidiaries during the respective periods.
Net Unrealized Gains (Losses)
We fair value our portfolio investments quarterly and any changes in fair value are recorded as unrealized gains or losses. During the following periods, net unrealized gains (losses) were as follows:
For the Year Ended December 31,
($ in millions)
$ Change
Net change in unrealized gain (loss) on investments
Income tax (provision) benefit
Net change in translation of assets and liabilities in foreign currencies and other transactions
Net Change in Unrealized Gain (Loss)
Year Ended December 31, 2025 Compared to the Year Ended December 31, 2024
For the year ended December 31, 2025, the net unrealized gain included $46.8 million of net unrealized gain due to purchase discount from the OBDE Mergers across 189 portfolio companies that were acquired, an increase in the fair value of certain debt and equity investments, as well as reversals of prior period unrealized losses that were realized during the period related to exited investments. This was partially offset by a decrease in the fair value of certain debt investments and reversals of prior period unrealized gains that were realized from investments exits.
For the year ended December 31, 2024, the net unrealized loss was primarily driven by a decrease in the fair value of certain debt investments, partially offset by an increase in the fair value of certain equity investments, credit spreads tightening across broader markets, and the reversal of a prior period unrealized loss that was realized during the period in connection with the restructuring of a debt investment. The ten largest contributors to the change in net unrealized gain (loss) on investments during the periods consisted of the following:
For the Year Ended December 31, 2025
For the Year Ended December 31, 2024
Portfolio Company
Net Change in Unrealized
Gain (Loss)
Portfolio Company
Net Change in Unrealized
Gain (Loss)
($ in millions)
($ in millions)
H-Food Holdings, LLC
KPCI Holdings, L.P.
Remaining Portfolio Companies
Fifth Season Investments LLC (1)
Eagle Infrastructure Services, LLC (1)
The Better Being Co., LLC (fka Nutraceutical International Corporation)
Wingspire Capital Holdings LLC (1)
PHM Netherlands Midco B.V. (dba Loparex)
CIBT Global, Inc.
Remaining Portfolio Companies
Pluralsight, LLC (2)
Tall Tree Foods, Inc.
PCF Midco II, LLC (dba PCF Insurance Services)
PS Operating Company LLC (fka QC Supply, LLC) (1)
Ideal Image Development, LLC (2)
Cornerstone OnDemand, Inc.
Packaging Coordinators Midco, Inc.
National Dentex Labs LLC (fka Barracuda Dental LLC)
National Dentex Labs LLC (fka Barracuda Dental LLC)
Walker Edison Furniture Company LLC (1)
Conair Holdings LLC
H-Food Holdings, LLC
Total
Total
(1) Portfolio company is a controlled, affiliated investment.
(2) Portfolio company is a non-controlled, affiliated investment.
Net Realized Gains (Losses)
The table below presents the realized gains and losses on fully exited and partially exited portfolio companies during the following periods:
For the Year Ended December 31,
($ in millions)
$ Change
Net realized gain (loss) on investments
Net realized gain (loss) on foreign currency transactions
Net Realized Gain (Loss)
For the year ended December 31, 2025, we recognized net realized losses on investments of $172.2 million, primarily driven by the full or partial sales of investments and the restructuring of certain debt investments. We incurred additional losses of $7.0 million for the year ended December 31, 2025, on foreign currency transactions, primarily as a result of fluctuations in the GBP and EUR exchange rates vs. USD.
Realized Gross Internal Rate of Return
Since we began investing in 2016 through December 31, 2025, our exited investments have resulted in an aggregate cash flow realized gross internal rate of return to us of approximately 10% (based on total capital invested of $21.86 billion and total proceeds from these exited investments of $26.79 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, debt securitization transactions, and other secured and unsecured debt. We may also generate cash flow from operations, future borrowings and future offerings of securities including public and/or private issuances of debt and/or equity securities through both registered offerings off of our shelf registration statement and private offerings. 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), (iii) debt service, repayment and other financing costs of any borrowings and (iv) 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. 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%. Our current target ratio is 0.90x-1.25x. As of December 31, 2025, our weighted average total cost of debt was 6.0%. 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 December 31, 2025 and 2024, our asset coverage ratio was 178% and 178%, 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.
Cash and restricted cash as of December 31, 2025, taken together with our available debt, is expected to be sufficient for our investing activities and to conduct our operations in the near term. As of December 31, 2025, we had $3.26 billion available under our credit facilities.
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. 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 December 31, 2025, we had $568.5 million in cash and restricted cash, including foreign cash. During the year ended December 31, 2025, $1.74 billion in cash was provided by operating activities, primarily as a result of sell downs and repayments of $4.44 billion and other operating activity of $718.9 million partially offset by funding portfolio investments of $3.42 billion. Cash used in financing activities was $1.69 billion during the period, which was primarily the result of net repayments of $768.6 million, distributions paid of $752.5 million, debt issuance costs of $20.9 million and share repurchases of $148.2 million, partially offset by equity issuances of $3.1 million.
Equity
Equity Issuances
We have the authority to issue 1,000,000,000 common shares at $0.01 per share par value.
On January 13, 2025, as a result of the OBDE Mergers, we issued an aggregate of approximately 120,630,330 shares of our common stock.
“At the Market” Offerings
We are party to an equity distribution agreement with several banks (the “Equity Distribution Agreement”). The Equity Distribution Agreement provides that we may from time to time issue and sell, by means of “at the market” offerings, up to $750.0 million of our common stock. Subject to the terms and conditions of the Equity Distribution Agreement, sales of common shares, if any, may be made in transactions that are deemed to be “at the market” offerings as defined in Rule 415(a)(4) under the Securities Act. Under the Equity Distribution Agreement, common shares with an aggregate offering amount of $746.9 million remained available for issuance as of December 31, 2025.
We may from time to time issue and sell shares of our common stock through public or “at the market” offerings. There were no sales of our common stock during the year ended December 31, 2024. We issued and sold the following shares of common stock during the year ended December 31, 2025:
Issuances of Common Stock
Number of Shares Issued
Gross Proceeds
Underwriting Fees/Offering Expenses
Net Proceeds
Average Offering Price Per Share (1)
($ in thousands, except share and per share data)
“At the market” offerings
(1) Represents the gross offering price per share before deducting underwriting discounts and commissions and offering expenses .
Distributions
The following tables present the distributions declared on shares of our common stock for the following periods:
For the Year Ended December 31, 2025
Date Declared
Record Date
Payment Date
Distribution per Share
November 4, 2025
December 31, 2025
January 15, 2026
August 5, 2025
September 30, 2025
October 15, 2025
August 5, 2025 (supplemental dividend)
August 29, 2025
September 15, 2025
May 6, 2025
June 30, 2025
July 15, 2025
May 6, 2025 (supplemental dividend)
May 30, 2025
June 13, 2025
February 18, 2025
March 31, 2025
April 15, 2025
February 18, 2025 (supplemental dividend)
February 28, 2025
March 17, 2025
For the Year Ended December 31, 2024
Date Declared
Record Date
Payment Date
Distribution per Share
November 5, 2024
December 31, 2024
January 15, 2025
November 5, 2024 (supplemental dividend)
November 29, 2024
December 13, 2024
August 6, 2024
September 30, 2024
October 15, 2024
August 6, 2024 (supplemental dividend)
August 30, 2024
September 13, 2024
May 7, 2024
June 28, 2024
July 15, 2024
May 7, 2024 (supplemental dividend)
May 31, 2024
June 14, 2024
February 21, 2024
March 29, 2024
April 15, 2024
February 21, 2024 (supplemental dividend)
March 1, 2024
March 15, 2024
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
Pursuant to our second amended and restated dividend reinvestment plan, 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 as described below, rather than receiving the cash dividend or other distribution. Any fractional share otherwise issuable to a participant in the dividend reinvestment plan will instead be paid in cash.
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). For example, if the most recently computed net asset value per share is $15.00 and the market price on the payment date of a cash dividend is $16.00 per share, we will issue shares at $15.20 per share (95% of the current market price). If the most recently computed net asset value per share is $15.00 and the market price on the payment date of a cash dividend is $15.50 per share, we will issue shares at $15.00 per share, as net asset value is greater than 95% ($14.73 per share) of the current market price. Pursuant to our second amended and 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 tables below present the shares distributed pursuant to the dividend reinvestment plan for the following periods:
For the Year Ended December 31, 2025
Date Declared
Record Date
Payment Date
Shares
August 5, 2025
September 30, 2025
October 15, 2025
August 5, 2025 (supplemental dividend)
August 29, 2025
September 15, 2025
May 6, 2025
June 30, 2025
July 15, 2025
May 6, 2025 (supplemental dividend)
May 30, 2025
June 13, 2025
February 18, 2025
March 31, 2025
April 15, 2025
February 18, 2025 (supplemental dividend)
February 28, 2025
March 17, 2025
November 5, 2024
December 31, 2024
January 15, 2025
(1) Shares purchased in the open market in order to satisfy dividends reinvested under our dividend reinvestment program.
For the Year Ended December 31, 2024
Date Declared
Record Date
Payment Date
Shares
November 5, 2024 (supplemental dividend)
November 29, 2024
December 13, 2024
August 6, 2024
September 30, 2024
October 15, 2024
August 6, 2024 (supplemental dividend)
August 30, 2024
September 13, 2024
May 7, 2024
June 28, 2024
July 15, 2024
May 7, 2024 (supplemental dividend)
May 31, 2024
June 14, 2024
February 21, 2024
March 29, 2024
April 15, 2024
February 21, 2024 (supplemental dividend)
March 1, 2024
March 15, 2024
November 7, 2023
December 29, 2023
January 12, 2024
(1) Shares purchased in the open market in order to satisfy dividends reinvested under our dividend reinvestment program.
Stock Repurchase Programs
2022 Stock Repurchase Program
On November 1, 2022, our Board approved a repurchase program (the “2022 Stock Repurchase Program”) under which we were authorized to repurchase up to $150 million of our outstanding common stock. Under the 2022 Stock Repurchase Program, purchases were made at management’s discretion from time to time in open-market transactions, in accordance with all applicable securities laws and regulations. On May 2, 2024, the 2022 Stock Repurchase Program ended in accordance with its terms. While the 2022 Stock Repurchase Program was in effect, the agent has repurchased 4,090,138 shares of common stock pursuant to the 2022 Stock Repurchase Program for approximately $50.0 million. There were no repurchases under the 2022 Stock Repurchase Program during the period ended December 31, 2024.
2024 Stock Repurchase Program
On May 6, 2024, our Board approved a repurchase program (the “2024 Stock Repurchase Program”) under which we may repurchase up to $150 million of our common stock. Under the 2024 Stock Repurchase Program, purchases may be made at management's discretion from time to time in open-market transactions, in accordance with all applicable rules and regulations. On November 6, 2025, the 2024 Stock Repurchase Program ended in accordance with its terms. There were no repurchases under the 2024 Stock Repurchase Program.
2025 Stock Repurchase Program
On November 4, 2025, the Board approved a repurchase program (the “2025 Stock Repurchase Program”) under which we may repurchase up to $200.0 million of our common stock. Under the 2025 Repurchase Program, purchases may be made at management’s discretion from time to time in open-market transactions, including pursuant to trading plans with investment banks pursuant to Rule 10b5-1 of the Exchange Act, in accordance with all applicable rules and regulations. Unless extended by the Board, the 2025 Stock Repurchase Program will terminate 18-months from the date it was approved.
In the year ended December 31, 2025, we had the following repurchase activity:
Period
($ 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
November 1, 2025 to November 30, 2025
December 1, 2025 to December 31, 2025
Debt
Aggregate Borrowings
The tables below present debt obligations as of the following periods (4) :
As of December 31, 2025
($ in thousands)
Aggregate Principal
Committed
Outstanding Principal
Amount
Available (3)
Unamortized Debt Issuance Costs
Net Carrying
Value
Revolving Credit Facility (1)
SPV Asset Facility II
SPV Asset Facility V
SPV Asset Facility VI
SPV Asset Facility VII
CLO I
CLO III
CLO IV
CLO V
CLO VII
CLO X
CLO XIV
2026 Notes
July 2026 Notes
2027 Notes (2)
April 2027 Notes
July 2027 Notes
2028 Notes
June 2028 Notes
2029 Notes (2)
2030 Notes (2)
Total Debt
(1) The amount available is reduced by $42.2 million of outstanding letters of credit.
(2) Net carrying value is inclusive of change in fair market value of effective hedge.
(3) The amount available reflects any limitations related to each credit facility’s borrowing base.
(4) Refer to “Note 5 — Debt” to our consolidated financial statements included in this Annual Report for more information on our present debt obligations.
As of December 31, 2024
($ in thousands)
Aggregate Principal Committed
Outstanding Principal
Amount Available (1)
Unamortized Debt Issuance Costs
Net Carrying Value
Revolving Credit Facility (2)(4)
SPV Asset Facility II
CLO I
CLO II
CLO III
CLO IV
CLO V
CLO VII
CLO X
2025 Notes
July 2025 Notes
2026 Notes
July 2026 Notes
2027 Notes (3)
2028 Notes
2029 Notes (3)
Total Debt
(1) The amount available reflects any limitations related to each credit facility’s borrowing base.
(2) Includes the unrealized translation gain (loss) on borrowings denominated in foreign currencies.
(3) Net carrying value is inclusive of change in fair market value of effective hedge.
(4) The amount available is reduced by $43.2 million of outstanding letters of credit.
The table below presents the components of interest expense for the following periods:
For the Year Ended December 31,
($ in thousands)
Interest expense
Amortization of debt issuance costs
Net change in unrealized (gain) loss on effective interest rate swaps and hedged items included in interest expense (1)
Net realized (gain) loss on interest rate swaps
Total Interest Expense
Average interest rate
Average daily borrowings
(1) Refer to “Note 5 — Debt” to our consolidated financial statements included in this Annual Report for details on each facility’s interest rate swap.
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 December 31, 2025
As of December 31, 2024
Total unfunded revolving loan commitments
Total unfunded delayed draw loan commitments
Total unfunded debt commitments
Total unfunded specialty finance equity commitments
Total unfunded common equity commitments
Total unfunded equity commitments
Total Unfunded Commitments
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 December 31, 2025, we believed we had adequate financial resources to satisfy the unfunded portfolio company commitments.
Other Commitments and Contingencies
On November 1, 2022, our Board approved a repurchase program (the “2022 Stock Repurchase Program”) under which we were authorized to repurchase up to $150 million of our outstanding common stock. Under the 2022 Stock Repurchase Program, purchases were made at management’s discretion from time to time in open-market transactions, in accordance with all applicable securities laws and regulations. On May 2, 2024, the 2022 Stock Repurchase Program ended in accordance with its terms. While the 2022 Stock Repurchase Program was in effect, the agent has repurchased 4,090,138 shares of common stock pursuant to the 2022 Stock Repurchase Program for approximately $50.0 million.
On May 6, 2024, our Board approved a repurchase program (the “2024 Stock Repurchase Program”) under which we may repurchase up to $150 million of our common stock. Under the 2024 Stock Repurchase Program, purchases may be made at management's discretion from time to time in open-market transactions, in accordance with all applicable rules and regulations. On November 6, 2025, the 2024 Stock Repurchase Program ended in accordance with its terms. There were no repurchases under the 2024 Stock Repurchase Program.
On November 4, 2025, the Board approved a repurchase program (the “2025 Stock Repurchase Program”) under which we may repurchase up to $200.0 million of our common stock. Under the 2025 Repurchase Program, purchases may be made at management’s discretion from time to time in open-market transactions, including pursuant to trading plans with investment banks pursuant to Rule 10b5-1 of the Exchange Act, in accordance with all applicable rules and regulations. Unless extended by the Board, the 2025 Stock Repurchase Program will terminate 18-months from the date it was approved. Refer to “ Note 9 — Net Assets ” to our consolidated financial statements included in this Annual Report for further details on repurchases made during 2025.
From time to time, we may become a party to certain legal proceedings incidental to the normal course of its business. At December 31, 2025, we were not aware of any material pending or threatened litigation that would require accounting recognition or financial statement disclosure.
Contractual Obligations
The table below presents a summary of our contractual payment obligations under our credit facilities as of December 31, 2025:
Payments Due by Period
($ in thousands)
Total
Less than 1 year
1-3 years
3-5 years
After 5 years
Revolving Credit Facility
SPV Asset Facility II
SPV Asset Facility V
SPV Asset Facility VI
SPV Asset Facility VII
CLO I
CLO III
CLO IV
CLO V
CLO VII
CLO X
CLO XIV
2026 Notes
July 2026 Notes
2027 Notes
April 2027 Notes
July 2027 Notes
2028 Notes
June 2028 Notes
2029 Notes
2030 Notes
Total Contractual Obligations
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 its 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 Wingspire, Amergin AssetCo, Fifth Season, Credit SLF, Blue Owl Leasing and LSI Financing LLC, controlled affiliated investments, as defined in the 1940 Act and in LSI Financing DAC and BOCSO, non-controlled affiliated investments, as defined in the 1940 Act. Refer to “ Note 3 — Agreements and Related Party Transactions” to our consolidated financial statements included in this Annual 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 “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 the 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 Board 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 ASC 820, 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 period 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.
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 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, we 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. The Company currently qualifies as a “limited derivatives user” and expects to continue to do so. The Company has adopted a derivatives policy and complies with the recordkeeping requirements of Rule 18f-4.
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 payment-in-kind (“PIK”) interest or dividends, the majority of which is structured at initial underwriting. PIK interest or dividends represent accrued interest or dividends that are added to the principal 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. Discounts to par value on securities purchased are amortized into interest income over the contractual life of the respective security using the effective yield method. Premiums to par value on securities purchased are amortized to first call date. The amortized cost of investments represents the original cost adjusted for the amortization or 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 obtain and 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, 2016 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 distributions. Rather, 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 to not 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. excise tax on this income.
Certain consolidated subsidiaries of ours 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
Dividend
On February 18, 2026, our Board declared a first quarter dividend of $0.37 per share for stockholders of record as of March 31, 2026, payable on or before April 15, 2026.
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. Upon entering into the 2026 Stock Repurchase Program, the 2025 Stock Repurchase Program will terminate.
2026 Notes Repayment
On January 15, 2026, we repaid all $500.0 million of the 2026 Notes at 100.0% of their principal amount, plus the accrued interest thereon.
CLO XIV Redemption
On January 20, 2026, the CLO XIV Issuer redeemed all classes of the CLO XIV Debt in full, along with accrued and unpaid interest.
Asset Sale
On February 18, 2026, we entered into six separately negotiated loan sale agreements totaling $400.0 million in investment commitments (each, a “Subject Portfolio” and collectively, the “Subject Portfolios”). Excluding unfunded commitments, the aggregate fair value of the Subject Portfolios as of February 12, 2026 was $357.6 million, equivalent to 99.8% of par value. The Subject Portfolios consist of 91.9% first-lien investments, 4.7% second-lien investments and 3.4% unsecured investments and include investments in 74 portfolio companies across 24 industries. 98.3% of investments in the Subject Portfolios are floating rate and 100% of investments in the Subject Portfolios are 1- or 2-rated on our 5-point internal investment ratings scale. The Subject Portfolios have an average investment size of $4.8 million and a weighted average spread of 5.5% and consist of partial sales representing 5% of our exposure to each underlying portfolio company as of December 31, 2025. The settlement of the sales of such portfolio company investments is expected to be completed in the first quarter of 2026. We intend to use the proceeds from the loan sale agreements to repay indebtedness.
