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 Technology Finance Corp. 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 Technology Finance Corp. (the “Company”, “we”, “us” or “our”) is a Maryland corporation formed on July 12, 2018. We were formed primarily to originate and make debt and equity investments in technology-related, specifically software, companies based primarily in the United States. We originate and invest in senior secured or unsecured loans, subordinated loans or mezzanine loans, and equity-related securities including common equity, warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company’s common equity. Our investment objective is to maximize total return by generating current income from our debt investments and other income producing securities, and capital appreciation from our equity and equity-linked investments. We may hold our investments directly or through special purpose vehicles.
We are externally managed by Blue Owl Technology Credit Advisors LLC (“the Adviser” or “our Adviser”). The Adviser is registered with the U.S. Securities and Exchange Commission (the “SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), an indirect affiliate of Blue Owl Capital Inc. (“Blue Owl”) (NYSE: OWL) and part of Blue Owl’s Credit platform. Subject to the overall supervision of our board of directors (the “Board”), the Adviser manages our day-to-day operations, and provides investment advisory and management services to us. The Adviser or its affiliates may engage in certain origination activities and receive attendant arrangement, structuring or similar fees. The Adviser is responsible for managing our business and activities, including sourcing investment opportunities, conducting research, performing diligence on potential investments, structuring our investments, and monitoring our portfolio companies on an ongoing basis through a team of investment professionals.
On June 12, 2025, our common stock was listed and began trading on the New York Stock Exchange (“NYSE”) under the symbol “OTF” (the “Exchange Listing”).
Blue Owl consists of three investment platforms: (1) Credit, which includes several strategies, including direct lending, alternative credit, investment grade credit, liquid credit and other adjacent investment strategies, (2) 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 direct lending strategy of Blue Owl’s Credit platform is comprised of the Adviser, Blue Owl Credit Advisors LLC (“OCA”), Blue Owl Technology Credit Advisors II LLC (“OTCA II”), Blue Owl Credit Private Fund Advisors LLC (“OPFA”), and Blue Owl Diversified Credit Advisors LLC (“ODCA” and together with the Adviser, OCA, OTCA II, and OPFA, the “Blue Owl Credit Advisers”), which also are investment advisers. As of December 31, 2025, the Adviser and its affiliates had $157.8 billion of assets under management across Blue Owl’s Credit platform.
The management of our investment portfolio is the responsibility of the Adviser and the Technology Lending Investment Committee. We consider these individuals to be our portfolio managers. The Investment Team is also led by Douglas I. Ostrover, Marc S. Lipschultz and Craig W. Packer and is supported by certain members of the Adviser’s senior executive team and Blue Owl’s Credit platform’s direct lending investment committees. Blue Owl’s four direct lending investment committees each focus on a specific investment strategy (Diversified Lending, Technology Lending, First Lien Lending and Opportunistic Lending). Douglas I. Ostrover, Marc S. Lipschultz, Craig W. Packer and Alexis Maged sit on each of Blue Owl’s Credit platform’s investment committees. In addition to Messrs. Ostrover, Lipschultz, Packer and Maged, the Technology Lending Investment Committee is comprised of Erik Bissonnette, Pravin Vazirani, Jon ten Oever and Arthur Martini. We consider the individuals on the Technology Lending Investment Committee to be our portfolio managers. The Investment Team, under the Technology Lending Investment Committee’s supervision, sources investment opportunities, conducts research, performs due diligence on potential investments, structures our investments and will monitor our portfolio companies on an ongoing basis.
The Technology Lending Investment Committee meets regularly to consider our investments, direct our strategic initiatives and supervise the actions taken by the Adviser on our behalf. In addition, the Technology Lending Investment Committee reviews and determines whether to make prospective investments (including approving parameters or guidelines pursuant to which certain investments may be made or sold consistent with our investment objective), structures financings and monitors the performance of the investment portfolio. Each investment opportunity requires the approval of a majority of the Technology Lending Investment Committee. Follow-on investments in existing portfolio companies may require the Technology Lending Investment Committee’s approval beyond that obtained when the initial investment in the portfolio company was made. In addition, temporary investments, such as those in cash equivalents, U.S. government securities and other high quality debt investments that mature in one year or less,
may require approval by the Technology Lending Investment Committee. The compensation packages of Technology Lending Investment Committee members from the Adviser include various combinations of discretionary bonuses and variable incentive compensation based primarily on performance for services provided and may include shares of Blue Owl.
We may be prohibited under the Investment Company Act of 1940, as amended (the “1940 Act”) from participating in certain transactions with our affiliates without the prior approval of our directors who are not interested persons and, in some cases, the prior approval of the SEC. We rely on an order for exemptive relief (the “Order”) to co-invest with other funds managed by the Adviser or certain affiliates in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to the Order, we generally are permitted to co-invest with certain of our affiliates if such co-investments are done on the same terms and at the same time, as further detailed in the Order. The Order requires that a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Board make certain findings (1) in most instances when we co-invest 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 policy seeks 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 September 24, 2018, we formed a wholly-owned subsidiary, OR Tech Lending LLC, a Delaware limited liability company, which holds a California finance lenders license. OR Tech Lending LLC originates loans to borrowers headquartered in California. From time to time we may form wholly-owned subsidiaries to facilitate the normal course of business.
We have elected to be regulated as a BDC under the 1940 Act and have elected to be treated as a regulated investment company (“RIC”) for U.S. federal income tax purposes. As a result, we are required to comply with various statutory and regulatory requirements, such as:
• the requirement to invest at least 70% of our assets in “qualifying assets”, as such term is defined in the 1940 Act;
• source of income limitations;
• asset diversification requirements; and
• the requirement to distribute (or be treated as distributing) in each taxable year the sum of at least (i) 90% of our investment company taxable income and(ii) 90% of our tax-exempt interest for that taxable year.
In addition, we will not invest more than 20% of our total assets in companies whose principal place of business is outside the United States, although we do not generally intend to invest in companies whose principal place of business is in an emerging market and we have adopted a policy to invest, under normal circumstances at least 80% of the value of our total assets in “technology-related” businesses (as defined below).
On March 24, 2025, we consummated the transactions contemplated by the Agreement and Plan of Merger (the “Merger Agreement”), dated November 12, 2024, with Blue Owl Technology Finance Corp. II, a Maryland corporation (“OTF II”), Oriole Merger Sub, Inc., a Maryland corporation and our wholly-owned subsidiary (“Merger Sub”), and, solely for the limited purposes set forth therein, the Adviser, and OTCA II, investment adviser to OTF II. In connection therewith, Merger Sub merged with and into OTF II, with OTF II continuing as the surviving company and our wholly-owned subsidiary (the “Initial Merger”) and, immediately thereafter, OTF II merged with and into us, and we continued as the surviving company (together with the Initial Merger, the “Mergers”).
Our Investment Framework
We are a Maryland corporation formed primarily to originate and make loans to and make debt and equity investments in, technology-related companies based primarily in the United States, with an emphasis on enterprise software investments. We originate and invest in senior secured or unsecured loans, subordinated loans or mezzanine loans, and equity-related securities including common equity, warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company’s common equity. Our investment objective is to maximize total return by generating current income from debt investments and other income producing securities, and capital appreciation from our equity and equity-linked investments. We may hold our investments directly or through special purpose vehicles. Since our Adviser’s affiliates began investment activities in April 2016 through December 31, 2025, the Blue Owl Credit Advisers have originated $187.04 billion aggregate principal amount of investments
across multiple industries, 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 invest at least 80% of the value of our total assets in “technology-related” companies. We define technology-related companies as those that (i) operate directly in the technology industry, which includes, but is not limited to, application software, systems software, healthcare technology, information technology, technology services and infrastructure, financial technology and internet and digital media, (ii) operate indirectly through their reliance on technology (i.e., utilizing scientific knowledge or technology-enabled techniques, skills, methods, devices or processes to deliver goods and/or services) or (iii) seek to grow through technological advancements and innovations. We invest in a broad range of established and high growth technology-related companies with a focus on large, established enterprise software companies across a variety of end-markets that are capitalizing on the large and growing demand for software products and services. Within enterprise software we currently focus on investing in application software, which represents the operating layer for core business functions; systems and infrastructure software, which is the defense layer that protects enterprise data and networks and of which cybersecurity is a large component; and fintech and payments software, which provide critical means for the global movement of capital.
The companies in which we invest use our capital primarily to support their growth, acquisitions, market or product expansion, refinancings and/or recapitalizations. The debt in which we invest is generally not rated by any rating agency, but if these instruments were rated, they would likely receive a rating of below investment grade (that is, below BBB- or Baa3), which is often referred to as “high yield” or “junk”.
We leverage Blue Owl’s relationships and existing origination capabilities to focus our investments in companies with an enterprise value of at least $250 million and that are typically backed by institutional investors that are active investors in and have an expertise in technology companies and technology-related industries. We expect that our target investments typically will have maturities between three and ten years and generally range in size between $20 million and $500 million. Our expected portfolio composition will be majority debt or income producing securities, in particular directly originated debt investments, with a lesser allocation to equity related opportunities. On these investments, we typically invest at a low loan-to-value ratio, which we consider to be 50% or below. We anticipate that generally any equity related securities we hold will be minority positions. We expect that our investment size will vary with the size of our capital base and that our average investment size will be 0.5-1.5% of our entire portfolio with no investment size greater than 5%; however, from time to time certain of our investments may comprise greater than 5%. As of December 31, 2025, our average investment size in each of our portfolio companies was approximately $71.8 million based on fair value. In addition, we generally do not intend to invest more than 20% of our total assets in companies whose principal place of business is outside the United States, although we do not generally intend to invest in companies whose principal place of business is in an emerging market. Our portfolio composition may fluctuate from time to time based on market conditions and interest rates.
We expect that our portfolio composition will be comprised predominantly of directly originated debt and income producing securities, with a lesser allocation to equity or equity-linked opportunities. Our debt investments may be structured as annualized recurring revenue (“ARR”) loans, which are loans made to a company that may not currently be EBITDA positive because they have strategically determined to postpone profitability in favor of acquiring customers that will generate a high lifetime value over time. Generally, our ARR loans are made to high growth technology companies with a stable base of existing customers, providing strong revenue visibility. We believe the recurring revenue market to be underserved and find that ARR loans often have attractive risk adjusted return profiles, in the form of pricing, credit documentation, and /or loan-to-values, relative to the broader market. Our ARR loans, as a percentage of our portfolio, have decreased from its peak, and as we seek to originate additional loans we expect to increase our exposure to ARR loans.
We may also invest a portion of our portfolio in opportunistic investments and publicly traded debt investments and we may evaluate and enter into strategic portfolio transactions that may result in additional portfolio companies that we are considered to control. These types of investments are intended to supplement our core strategy and further enhance returns to our shareholders. These investments may include high-yield bonds and broadly syndicated loans, including “covenant lite” loans (as defined below), and other publicly traded debt instruments, typically originated and structured by banks on behalf of large corporate borrowers with employee counts, revenues, EBITDAs and enterprise values larger than those of middle-market companies, where OTF focuses, and equity investments in portfolio companies that make senior secured loans or invest in broadly syndicated loans, structured products, asset-based solutions or other forms of specialty finance, which may include, but is not limited to, investments such as life settlements, royalty interests and equipment finance.
Covenants are contractual restrictions that lenders place on companies to limit the corporate actions a company may pursue. The loans in which we expect to invest may have financial maintenance covenants, which are used to proactively address materially adverse changes in a portfolio company’s financial performance, or may take the form of “covenant-lite” loans, which generally refers to loans that do not have a complete set of financial maintenance covenants. Generally, “covenant-lite” loans provide borrowers more freedom to negatively impact lenders because their covenants are incurrence-based, which means they are only tested and can only be breached following an affirmative action of the borrower, rather than by a deterioration in the borrower’s financial condition. Accordingly, to the extent we invest in “covenant-lite” loans, we may have fewer rights against a borrower and may have a greater risk of loss on such investments as compared to investments in or exposure to loans with financial maintenance covenants.
Key Components of Our Results of Operations
Investments
We focus primarily on originating and making debt and equity investments in technology-related (specifically software) companies based primarily in the United States.
Our level of investment activity (both the number of investments and the size of each investment) can and will vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity for such companies, the general economic environment and the competitive environment for the types of investments we make.
In addition, as part of our risk strategy on investments, we may reduce the levels of certain investments through partial sales or syndication to additional lenders.
Revenues
We generate revenues primarily in the form of interest income from the investments we hold. In addition, we may generate income from dividends on either direct equity investments or equity interests obtained in connection with originating loans, such as options, warrants or conversion rights. Our debt investments typically have a term of three to ten years. As of December 31, 2025, 96.2% of our debt investments based on fair value bear interest at a floating rate, subject to interest rate floors, in certain cases. Interest on our debt investments is generally payable either monthly or quarterly.
Our investment portfolio consists primarily of floating rate loans. Macro trends in base interest rates like SOFR, and any other alternative reference rates may affect our net investment income over the long term. However, because we generally intend to originate loans to a small number of portfolio companies each quarter, and those investments may vary in size, our results in any given period, including the interest rate on investments that may be sold or repaid in a period compared to the interest rate of new investments made during that period, may be idiosyncratic, and reflect the characteristics of the particular portfolio companies that we invested in or exited during the period and not necessarily any trends in our business or macro trends. Generally, because our portfolio consists primarily of floating rate loans, we expect our earnings to benefit from a prolonged higher rate environment.
Loan origination fees, original issue discount and market discount or premium are capitalized, and we accrete or amortize such amounts under U.S. generally accepted accounting principles (“U.S. GAAP”) as interest income using the effective yield method for term instruments and the straight-line method for revolving or delayed draw instruments. Repayments of our debt investments can reduce interest income from period to period. The frequency or volume of these repayments may fluctuate significantly. We record prepayment premiums on loans as interest income. We may also generate revenue in the form of commitment, loan origination, structuring, or due diligence fees, fees for providing managerial assistance to our portfolio companies and possibly consulting fees.
Dividend income on equity investments is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded companies.
Our portfolio activity will also reflect the proceeds from sales of investments. We will recognize realized gains or losses on investments based on the difference between the net proceeds from the disposition and the amortized cost basis of the investment without regard to unrealized gains or losses previously recognized. We record current period changes in fair value of investments that are measured at fair value as a component of the net change in unrealized gains (losses) on investments in the Consolidated Statements of Operations.
Expenses
Our primary operating expenses include the payment of the management fee, the incentive fee, expenses reimbursable under the Administration Agreement and Investment Advisory Agreement, legal and professional fees, interest and other debt expenses, and other operating expenses. The management fee and incentive fee compensate our Adviser for work in identifying, evaluating, negotiating, closing, monitoring and realizing our investments.
Except as specifically provided below, we anticipate that all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory and management services to us, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, will be provided and paid for by the Adviser. In addition, the Adviser shall be solely responsible for any placement or “finder’s” fees payable to placement agents engaged by us or our affiliates in connection with the offering of securities by us. We will bear our allocable portion of the costs of the compensation, benefits and related administrative expenses (including travel expenses) of our officers who provide operational and administrative services hereunder, their respective staffs and other professionals who provide services to us (including, in each case, employees of the Adviser or an affiliate) who assist with the preparation, coordination, and administration of the foregoing or provide other “back office” or “middle office” financial or operational services to us. We shall reimburse the Adviser (or its affiliates) for an allocable portion of the compensation paid by the Adviser (or its affiliates) to such individuals (based on a percentage of time such individuals devote, on an estimated basis, to our business affairs and in acting on our behalf). We also will bear all other costs and expenses of our operations, administration and transactions, including, but not limited to (i) investment advisory fees, including Management Fees and Incentive
Fees, to the Adviser, pursuant to the Investment Advisory Agreement; (ii) our allocable portion of overhead and other expenses incurred by the Adviser in performing its administrative obligations under the Investment Advisory Agreement and (iii) all other costs and expenses of our operations and transactions including, without limitation, those relating to:
• the cost of our organization and any offerings;
• the cost of calculating our net asset value, including the cost of any third-party valuation services;
• the cost of effecting any sales and repurchases of the common stock and other securities;
• fees and expenses payable under any dealer manager agreements, if any;
• debt service and other costs of borrowings or other financing arrangements;
• costs of hedging;
• expenses, including travel expense, incurred by the Adviser, or members of the investment team, or payable to third parties, performing due diligence on prospective portfolio companies and, if necessary, enforcing our rights;
• escrow agent, transfer agent and custodial fees and expenses;
• fees and expenses associated with marketing efforts;
• federal and state registration fees, any stock exchange listing fees and fees payable to rating agencies;
• U.S. federal, state and local taxes;
• independent directors’ fees and expenses, including certain travel expenses;
• costs of preparing financial statements and maintaining books and records and filing reports or other documents with the SEC (or other regulatory bodies) and other reporting and compliance costs, including registration fees, listing fees and licenses, and the compensation of professionals responsible for the preparation of the foregoing;
• costs of any reports, proxy statements or other notices to our shareholders (including printing and mailing costs);
• costs of any shareholder or director meetings and the compensation of personnel responsible for the preparation of the foregoing and related matters;
• commissions and other compensation payable to brokers or dealers;
• research and market data;
• fidelity bond, directors and officers errors and omissions liability insurance and other insurance premiums;
• direct costs and expenses of administration, including printing, mailing, long distance telephone and staff;
• fees and expenses associated with independent audits, outside legal and consulting costs;
• costs of winding up;
• costs incurred in connection with the formation or maintenance of entities or vehicles to hold our assets for tax or other purposes;
• extraordinary expenses (such as litigation or indemnification); and
• costs associated with reporting and compliance obligations under the 1940 Act and applicable federal and state securities laws.
We expect, but cannot ensure, that our general and administrative expenses will increase in dollar terms during periods of asset growth, but will decline as a percentage of total assets during such periods.
Leverage
The amount of leverage we use in any period depends on a variety of factors, including cash available for investing, the cost of financing and general economic and market conditions. On August 7, 2018, we received shareholder approval that allowed us to reduce our asset coverage ratio from 200% to 150%, effective as of August 8, 2018. As a result, we are permitted, under specified conditions, to issue multiple classes of indebtedness and one class of stock senior to the common stock if our asset coverage, as defined in the 1940 Act, would at least be equal to 150% immediately after each such issuance. This reduced asset coverage ratio permits us to double the amount of leverage we can incur. For example, under a 150% asset coverage ratio we may borrow $2 for investment purposes of every $1 of investor equity whereas under a 200% asset coverage ratio we may only borrow $1 for investment purposes for every $1 of investor equity. Our current target leverage ratio is 0.90x-1.25x.
In any period, our interest expense will depend largely on the extent of our borrowing and we expect interest expense will increase as we increase our leverage over time subject to the limits of the 1940 Act. In addition, we may dedicate assets to financing facilities.
Market Trends
We believe the technology investment lending environment provides opportunities for us to meet our goal of making investments that generate an attractive total return based on a combination of the following factors.
Limited Availability of Capital for Technology, Specifically Enterprise Software, Companies. We believe that technology companies have limited access to capital, driven by a lack of dedicated pools of capital focused on technology companies. Traditional lenders, such as commercial and investment banks, generally do not have flexible product offerings that meet the needs of technology-related companies and there has been a reduction in activity from commercial and investment banks as a result of regulatory and structural factors, industry consolidation and general risk aversion. In recent years, many commercial and investment banks have focused their efforts and resources on lending to large corporate clients and managing capital markets transactions rather than lending to technology-related companies. In addition, these lenders may be constrained in their ability to underwrite and hold loans and high yield securities, as well as their ability to provide equity financing, as they seek to meet existing and future regulatory capital requirements. We also believe that there is a lack of scaled market participants that are willing to provide and hold meaningful amounts of a customized financing solution for technology companies. As a result, we believe our focus on technology-related companies and our ability to invest across the capital structure, coupled with a limited supply of capital providers, presents an attractive opportunity to invest in technology companies.
Capital Markets Have Been Unable to Fill the Void Left by Banks . Access to the underwritten bond and syndicated loan markets is challenging for many technology companies due to loan size and liquidity. For example, high yield bonds are generally purchased by institutional investors such as mutual funds and exchange traded funds (“ETFs”) who, among other things, are highly focused on the liquidity characteristics of the bond being issued in order to fund investor redemptions and/or comply with regulatory requirements. Accordingly, the existence of an active secondary market for bonds is an important consideration in these entities’ initial investment decision. Syndicated loans arranged through a bank are done either on a “best efforts” basis or are underwritten with terms plus provisions that permit the underwriters to change certain terms, including pricing, structure, yield and tenor, otherwise known as “flex”, to successfully syndicate the loan, in the event the terms initially marketed are insufficiently attractive to investors. Loans provided by companies such as ours provide certainty to issuers in that we can commit to a given amount of debt on specific terms, at stated coupons and with agreed upon fees. As we are the ultimate holder of the loans, we do not require market “flex” or other arrangements that banks may require when acting on an agency basis. In addition, our Adviser has teams focused on both liquid credit and private credit and these teams are able to collaborate with respect to syndicated loans.
Secular Trends Supporting Growth for Private Credit. According to Gartner, a research and advisory company, global technology spend was $5.6 trillion in 2025 and is expected to grow to more than $6.2 trillion in 2026. We believe global demand for technology products and services will continue to grow rapidly, and that growth will stimulate demand for capital from technology companies which will continue to require access to capital to refinance existing debt, support growth and finance acquisitions. We believe that periods of market volatility, such as the current period of market volatility caused, in part, by uncertainty regarding inflation and interest rates, and current geopolitical conditions, have accentuated the advantages of private credit. The availability of capital in the liquid credit market is highly sensitive to market conditions whereas we believe private lending has proven to be a stable and reliable source of capital through periods of volatility. We believe the opportunity set for private credit will continue to expand even as the public markets remain open. Financial sponsors and companies today are familiar with direct lending and have seen firsthand the strong value proposition that a private solution can offer. Scale, certainty of execution and flexibility all provide borrowers with a compelling alternative to the syndicated and high yield markets. Based on our experience, larger, higher quality credits that have traditionally been issuers in the syndicated and high yield markets are increasingly seeking private solutions independent of credit market conditions. In our view, this is supported by financial sponsors wanting to work with collaborative financing partners that have scale and breadth of capabilities. This has driven substantial growth in direct lending portfolio companies over time. Given the dynamics mentioned above, we believe this trend is poised to continue and the large amount of uninvested capital held by funds of private equity firms, estimated by Preqin Ltd., an alternative assets industry data and research company, to be $2.7 trillion as of December 31, 2025, will continue to serve as a tailwind to the space.
Attractive Investment Dynamics. With respect to the debt investments in technology companies, we believe the directly negotiated nature of such financings generally provides more favorable terms to the lender, including stronger covenant and reporting packages, better call protection, and lender protective change of control provisions. Further, we believe that historical default rates for technology and software companies have been lower, and recovery rates have been higher, as compared to the broader leveraged finance market, leading to lower cumulative losses. With respect to equity and equity-linked investments, we will seek to structure these investments with meaningful shareholder protections, including, but not limited to, anti-dilution, anti-layering, and liquidation preferences, which we believe will create the potential for meaningful risk-adjusted long-term capital gains in connection with the future liquidity events of these technology companies. Lastly, we believe that in the current environment, lenders with available capital may be able to take advantage of attractive investment opportunities.
Compelling Business Models. We believe that the products and services that technology companies, and more specifically enterprise software businesses, provide often have high switching costs and are fundamental to the operations and success of their customers across diverse industries. We generally invest in scaled or growing players in niche markets that are selling mission critical products to established customer bases. As a result, technology companies with a focus on enterprise software have attributes that make them compelling investments, including strong customer retention rates, high switching costs and highly contracted cash flows which leads to recurring and predictable revenue. Further, technology companies with a focus on enterprise software are typically highly capital efficient, with limited capital expenditures and high free cash flow conversion. In addition, the replicable nature of
technology products, specifically enterprise software, creates substantial operating leverage which typically results in strong profitability, lower loan to value ratios, high revenue retention, high gross margins and stable sale efficiency.
We believe that enterprise software businesses make compelling investments because they are inherently diversified into a variety of sectors due to end market applications and have been one of the more defensive sectors throughout economic cycles. Within enterprise software we currently focus on investing in application software, which represents the operating layer for core business functions; systems and infrastructure software, which is the defense layer that protects enterprise data and networks and of which cybersecurity is a large component; and fintech and payments software, which provide critical means for the global movement of capital. We believe that these categories of enterprise software play specific, functional roles that will be difficult to bypass even as technology shifts because the need for auditability, control and data integrity will remain constant and these categories of software will provide a stable layer through which new technology is governed and executed.
Attractive Opportunities in Investments in Technology Companies. We invest in the debt and equity of technology companies. We believe that opportunities in the debt of technology companies are significant because of the floating rate structure of most senior secured debt issuances and because of the strong defensive characteristics of these types of investments. We believe that debt issued with floating interest rates offer a superior return profile as compared with fixed-rate investments, since floating rate structures are generally less susceptible to declines in value experienced by fixed-rate securities in a rising interest rate environment.
Senior secured debt provides strong defensive characteristics because it has priority in payment among an issuer’s security holders whereby holders are due to receive payment before junior creditors and equity holders. Further, these investments are generally secured by the issuer’s assets, which may provide protection in the event of a default. We also make recurring revenue loans to companies that have made a strategic decision to postpone profitability in favor of acquiring customers that will generate a high lifetime value over time. We believe that recurring revenue loans provide attractive credit characteristics including covenant protections, lower loan-to-values and/or premium pricing.
We believe that opportunities in the equity of technology companies are significant because of the potential to generate meaningful capital appreciation by participating in the growth in the portfolio company and the demand for its products and services. We find many of these opportunities are in the form of preferred equities, where there is the opportunity to invest in large, established companies through structures that protect invested capital and also offer upside opportunities. Moreover, we believe that the high-growth profile of a technology company will generally make it a more attractive candidate for a liquidity event than a company in a non-high growth industry. We believe the technology investment lending environment provides opportunities for us to meet our goal of making investments that generate an attractive total return based on a combination of the foregoing factors.
Portfolio and Investment Activity
Our business is impacted by conditions in the financial markets and economic conditions in the United States, and to a lesser extent, globally.
During the fourth quarter of 2025, global equity and debt markets saw appreciation despite some elevated volatility in the third quarter, with U.S. equity indices reaching new all-time high 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.
During the fourth quarter of 2025 we saw a meaningful increase in origination activity and deployed $2.4 billion in new investment commitments, including $1.8 billion of new investment fundings, while repayments remained steady at $928 million. We continue to focus on investing in upper middle-market enterprise software businesses that we view to be recession resistant given their mission-critical nature and highly contracted cash flows and during the quarter ended December 31, 2025, 55% of our originations were from new borrowers.
As of January 31, 2026, we have an investment backlog of over approximately $1 billion in transactions we expect to fund in this calendar quarter. While deals in our investment backlog are expected to close, such transactions are subject to the approval of the Technology Lending Investment Committee, the acceptance of final terms and structure and the execution and delivery of satisfactory transaction documentation. In addition, certain of these investments may result in the repayment of existing investments. We cannot assure you that we will make any of these investments.
Blue Owl serves as the lead, co-lead or administrative agent on many of our investments and the majority of our investments are supported by sophisticated financial sponsors who provide operational and financial resources. As of December 31, 2025, 81.7% of our portfolio at fair value is primarily comprised of first or second lien loans. These positions have a weighted average annual revenue of $945.2 million, weighted average annual EBITDA of $289.6 million, and a weighted average enterprise value of $6.2 billion. 16.2% of our portfolio at fair value is primarily comprised of unsecured debt and equity investments. These positions have a weighted average annual revenue of $1.1 billion and enterprise value of $12.1 billion. These statistics exclude certain strategic portfolio transactions and investments that fall outside of our typical borrower profile, which comprise 2.2% of the book at fair value. In addition, Blue Owl’s direct lending strategy continues to invest in, and is often the lead lender or administrative agent on, transactions in excess of $1 billion in size, which gives us the ability to structure the terms of such deals to maximize deal economics
and credit protection and provide customized flexible solutions. The average hold size of Blue Owl’s direct lending strategy’s new investments is approximately $350 million (up from approximately $200 million in 2021) and average total new deal size is approximately $1.5 billion (up from approximately $600 million in 2021).
We believe the construction of our current portfolio coupled with our experienced investment team and strong underwriting standards leave us well-positioned for the current economic environment. Many of the companies in which we invest are continuing to see modest growth in both revenues and EBITDA and our ARR loans continue to experience strong credit performance. However, in the event of further geopolitical, economic and financial market instability, in the U.S. and elsewhere, it is possible that the results of some of the middle-market companies similar to those in which we invest could be challenged.
We also believe that our portfolio companies are well positioned to evolve as a result of developments in artificial intelligence (“AI”). We remain focused on scaled companies that offer mission-critical solutions to established customer bases, with strong customer retention rates and high switching costs. We seek to invest in companies that offer a depth of broad, integrated solutions and product offerings across a geographic diversity and we emphasize agile, adaptable technology that enables fast integration of AI and other emerging technologies to maintain a competitive edge. Within enterprise software we currently focus on investing in application software, which represents the operating layer for core business functions; systems and infrastructure software, which is the defense layer that protects enterprise data and networks and of which cybersecurity is a large component; and fintech and payments software, which provide critical means for the global movement of capital. We believe that these categories of enterprise software play specific, functional roles that will be difficult to bypass even as technology shifts because the need for auditability, control and data integrity will remain constant and these categories of software will provide a stable layer through which new technology is governed and executed. As of December 31, 2025, approximately 45% of our portfolio was comprised of application software, approximately 25% of our portfolio was comprised of systems and infrastructure software and approximately 10% of our portfolio was comprised of fintech and payments software.
While we are not seeing a meaningful increase in amendment activity, requests for increased revolver borrowings, missed payments, downward movement in our watch list or other signs of an overall, broad deterioration in our results or those of our portfolio companies at this time, there can be no assurance that the performance of certain of our portfolio companies will not be negatively impacted by economic conditions, which could have a negative impact on our future results. Virtually all of our payment-in-kind (“PIK”) was structured as PIK from inception and not implemented as a result of credit underperformance.
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 Blue Owl Credit SLF LLC (“Credit SLF”) and specialty financing portfolio companies, including Fifth Season Investments LLC (“Fifth Season”), LSI Financing 1 DAC (“LSI Financing DAC”), LSI Financing LLC (“LSI Financing LLC”), AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC and AAM Series 2.1 Aviation Feeder, LLC (collectively, “Amergin AssetCo”), and Blue Owl Cross-Strategy Opportunities LLC (“BOCSO”). We formed Blue Owl Leasing LLC (“Blue Owl Leasing”), a cross-platform joint venture that invests in equipment leases and in the future we may invest through other cross-platform investment vehicles. In the future we may invest through additional specialty finance portfolio companies, joint ventures, partnerships or other special purpose vehicles. See “Specialty Financing Portfolio Companies” and “Joint Ventures.” These companies may use our capital to support acquisitions which could lead to increased dividend income across well-diversified underlying portfolios. We also intend to identify ways to participate in growth of various industries as a result of AI. In the future, we may evaluate cross-platform opportunities to invest in data center assets and AI related equipment such as graphic processing units.
As of December 31, 2025, based on fair value, our portfolio consisted of 76.8% first lien senior secured debt investments (of which 61% we consider to be unitranche debt investments (including “last out” portions of such loans)), 4.0% second lien senior secured debt investments, 3.3% unsecured debt investments, 0.3% specialty finance debt investments, 7.5% preferred equity investments, 5.1% common equity investments, 2.6% specialty finance equity investments, and 0.4% joint ventures.
As of December 31, 2025, our weighted average total yield of the portfolio at fair value and amortized cost was 8.8% and 8.8%, respectively, and our weighted average yield of debt and income producing securities at fair value and amortized cost was 9.6% and 9.5%, 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 debt investments was 5.4%.
As of December 31, 2025, we had investments in 199 portfolio companies with an aggregate fair value of $14.3 billion. Our current target leverage ratio is 0.90x to 1.25x. As of December 31, 2025, we had net leverage of 0.75x debt-to-equity
Our investment activity for the following periods is presented below (information presented herein is at par value unless otherwise indicated).
For the Years Ended December 31,
($ 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 ventures
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
Total principal amount of investments sold or repaid
Number of new investment commitments in new portfolio companies (2)
Average new investment commitment amount
Weighted average term for new debt 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 debt 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:
December 31, 2025
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
Specialty finance debt investments
Unsecured debt investments
Preferred equity investments
Common equity investments
Specialty finance equity investments
Joint ventures
Total Investments
(1) We consider 61% and 69% of first-lien senior secured debt investments to be unitranche loans as of December 31, 2025 and December 31, 2024, respectively.
We use GICS for classifying the industry groupings of our portfolio companies. The table below presents the industry composition of investments based on fair value as of the following periods:
December 31, 2025
December 31, 2024
Aerospace & Defense
Airlines
Application Software
Asset based lending and fund finance (6)
Banks
Beverages (1)
Building Products
Buildings & Real Estate
Capital Markets
Commercial Services & Supplies
Construction & Engineering (1)
Consumer Finance
Diversified Consumer Services
Diversified Financial Services (2)
Diversified Support Services
Entertainment
Equity Real Estate Investment Trusts (REITs)
Food & Staples Retailing
Health Care Equipment & Supplies
Health Care Providers & Services
Health Care Technology
Hotels, Restaurants & Leisure
Household Durables
Industrial Conglomerates
Insurance (3)
Internet & Direct Marketing Retail
IT Services
Joint Ventures (1)(4)
Life Sciences Tools & Services
Media
Multiline Retail
Pharmaceuticals (5)
Professional Services
Real Estate Management & Development
Road & Rail
Specialty Retail
Systems Software
Thrifts & Mortgage Finance (1)
Wireless Telecommunication Services
Total
(1) As of December 31, 2025 or December 31, 2024, our investment rounds to less than 0.1% of the fair value of the portfolio.
(2) Includes debt and equity investment in Amergin AssetCo.
(3) Includes equity investment in Fifth Season.
(4) Includes equity investment in Credit SLF, Blue Owl Leasing, and Stripe Blue Owl.
(5) Includes equity investment in LSI Financing DAC and LSI Financing LLC.
(6) Includes equity investment in BOCSO.
We classify the industries of our portfolio companies by end-market (such as health care technology) and not by the product or services (such as software) directed to those end-markets.
The table below describes investments by geographic composition based on fair value as of the following periods:
December 31, 2025
December 31, 2024
United States:
Midwest
Northeast
South
West
Australia
Brazil
Canada
Estonia
Guernsey
Ireland (1)
Israel
Netherlands (1)
Norway
Spain
Sweden
Switzerland
United Kingdom
Total
(1) As of December 31, 2025 or December 31, 2024, our investment rounds to less than 0.1% of the fair value of the portfolio.
The table below presents the weighted average yields and interest rates of our investments at fair value as of the following periods:
December 31, 2025
December 31, 2024
Weighted average total yield of portfolio (1)
Weighted average total yield of debt and income producing securities
Weighted average interest rate of debt securities
Weighted average spread over base rate of all floating rate 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 debt and income producing securities is not the same as a return on investment for our shareholders but, rather, relates to a portion of our investment portfolio and is calculated before the payment of all of our and our subsidiaries’ fees and expenses. The weighted average yield was computed using the effective interest rates as of each respective date, including accretion of original issue discount and loan origination fees, but excluding investments on non-accrual status, if any. There can be no assurance that the weighted average yield will remain at its current level.
Our Adviser monitors our portfolio companies on an ongoing basis. It monitors the financial trends of each portfolio company to determine if they are meeting their respective business plans and to assess the appropriate course of action with respect to each portfolio company. Our Adviser has several methods of evaluating and monitoring the performance and fair value of our investments, which may include the following:
• assessment of success of the portfolio company in adhering to its business plan and compliance with covenants;
• periodic and regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor, to discuss financial position, requirements and accomplishments;
• comparisons to other companies in the portfolio company’s industry; and
• review of monthly or quarterly financial statements and financial projections for portfolio companies.
An investment will be placed on the Adviser's credit watch list when select events occur and will only be removed from the watch list with oversight of the Technology Lending Investment Committee and/or other agents of Blue Owl’s credit platform. Once an investment is on the credit watch list, the Adviser works with the borrower to resolve any financial stress through amendments,
waivers or other alternatives. If a borrower defaults on its payment obligations, the Adviser's focus shifts to capital recovery. If an investment needs to be restructured, the Adviser’s workout team partners with the investment team and all material amendments, waivers and restructurings require the approval of a majority of the Technology Lending Investment Committee.
As part of the monitoring process, our Adviser employs an investment rating system to categorize our investments. In addition to various risk management and monitoring tools, our Adviser rates the credit risk of all investments on a scale of 1 to 5. This system is intended primarily to reflect the underlying risk of a portfolio investment relative to our initial cost basis in respect of such portfolio investment (i.e., at the time of origination or acquisition), although it may also take into account the performance of the portfolio company’s business, the collateral coverage of the investment and other relevant factors.
The rating system is as follows:
Investment Rating
Description
Investments with a rating of 1 involve the least amount of risk to our initial cost basis. The borrower is performing above expectations, and the trends and risk factors for this investment since origination or acquisition are generally favorable;
Investments rated 2 involve an acceptable level of risk that is similar to the risk at the time of origination or acquisition. The borrower is generally performing as expected and the risk factors are neutral to favorable. All investments or acquired investments in new portfolio companies are initially assessed a rate of 2;
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 value of the loan to the amount we anticipate will be recovered.
Our Adviser rates the investments in our portfolio at least quarterly and it is possible that the rating of a portfolio investment may be reduced or increased over time. For investments rated 3, 4 or 5, our Adviser enhances its level of scrutiny over the monitoring of such portfolio company.
The Adviser has built out its portfolio management team to include workout experts who closely monitor our portfolio companies and who, on at least a quarterly basis, assess each portfolio company’s operational and liquidity exposure and outlook to understand and mitigate risks; and, on at least a monthly basis, evaluates existing and newly identified situations where operating results are deviating from expectations. As part of its monitoring process, the Adviser focuses on projected liquidity needs and where warranted, re-underwriting credits and evaluating downside and liquidation scenarios. The Adviser focuses on downside protection by leveraging existing rights available under our credit documents; however, for investments that are significantly underperforming or which may need to be restructured, the Adviser’s workout team partners with the investment team and all material amendments, waivers and restructurings require the approval of a majority of the Technology Lending Investment Committee. As of December 31, 2025, two of our portfolio companies are on non-accrual. Our average annual gain/(loss) ratio is 0.23%.
The table below presents the composition of our portfolio on the 1 to 5 rating scale as of the following periods:
December 31, 2025
December 31, 2024
Investment Rating
Investments
at Fair Value
Percentage of
Total Portfolio
Investments
at Fair Value
Percentage of
Total Portfolio
($ in thousands)
Total
(1) As of December 31, 2025, our investment rounds to less than 0.1% of the fair value of the portfolio.
The table below presents the amortized cost of our performing and non-accrual debt investments as of the following periods:
December 31, 2025
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, Blue Owl Leasing, Revolut Ribbit Holdings LLC, and Stripe Blue Owl we did not “control” any of our portfolio companies, and, other than Amergin, BOCSO, Coherent Group, Fifth Season, Halo Purchaser LLC, Help HP SCF Investor, LSI Financing DAC, LSI Financing LLC, Pluralsight, Inc., Signifyd Inc and Walker Edison Furniture Company 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 have 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 5.0% or more of its voting securities.
($ in thousands)
Company
Industry
Type of Investment
Interest Rate
Maturity / Dissolution Date
Percentage of Class Held on a Fully Diluted Basis
Principal Number of Shares / Number of Units
Amortized Cost
Fair Value
6Sense Insights, Inc.(3)(4)—450 Mission Street, San Francisco, CA, 94105
Application Software
Series E-1 Preferred Stock
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(3)(4)—1100 Highland Drive, Boca Raton, Florida, 33487
Diversified Financial Services
Specialty finance equity investment
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(3)(4)(6)—1100 Highland Drive, Boca Raton, Florida, 33487
Diversified Financial Services
Specialty finance debt investment
AAM Series 2.1 Aviation Feeder, LLC(3)(4)—1100 Highland Drive, Boca Raton, Florida, 33487
Diversified Financial Services
Specialty finance equity investment
AAM Series 2.1 Aviation Feeder, LLC(3)(4)(6)—1100 Highland Drive, Boca Raton, Florida, 33487
Diversified Financial Services
Specialty finance debt investment
Accelerate Topco Holdings, LLC(3)(4)—2650 McCormick Drive, Clearwater, FL, 33759
Insurance
Common Units
Accommodations Plus Technologies LLC(3)(4)(9)—265 Broadhollow Road, Melville, NY, 11747
Airlines
First lien senior secured loan
Acorns Grow Incorporated(3)(4)(6)—5300 California Avenue, Irvine, CA, 92617
Capital Markets
Series F Preferred Stock
($ in thousands)
Company
Industry
Type of Investment
Interest Rate
Maturity / Dissolution Date
Percentage of Class Held on a Fully Diluted Basis
Principal Number of Shares / Number of Units
Amortized Cost
Fair Value
Acquia Inc.(3)(4)(9)—53 State Street, Boston, MA, 02109
Systems Software
First lien senior secured loan
Activate Holdings (US) Corp. (dba Absolute Software)(3)(4)(9)—1055 Dunsmuir Street, Vancouver, BC V7X 1K8, Canada
Systems Software
First lien senior secured loan
Aerosmith Bidco 1 Limited (dba Audiotonix)(3)(4)(9)—No.5 The Distillery Silverglade Business Park Leatherhead Road, Chessington, Surrey KT9 2QL, United Kingdom
Entertainment
First lien senior secured loan
AI Titan Parent, Inc. (dba Prometheus Group)(3)(4)(8)—4601 Six Forks Road, Raleigh, NC, 27609
Application Software
First lien senior secured loan
Algolia, Inc.(4)—3790 El Camino Real, Palo Alto, CA, 94306
Systems Software
Series C Preferred Stock
Algolia, Inc.(4)—3790 El Camino Real, Palo Alto, CA, 94306
Systems Software
Series D Preferred Stock
Alpha Partners Technology Merger Corp—Empire State Building, New York, NY, 10118
Application Software
Common stock
Alpha Partners Technology Merger Corp—Empire State Building, New York, NY, 10118
Application Software
Warrants
AlphaSense, Inc.(3)(4)(9)—24 Union Square East, New York, NY, 10003
Application Software
First lien senior secured loan
AlphaSense, LLC(3)(4)—24 Union Square East, New York, NY, 10003
Application Software
Series E Preferred Shares
Amergin Asset Management, LLC(3)(4)—1100 Highland Drive, Boca Raton, Florida, 33487
Diversified Financial Services
Specialty finance equity investment
AmeriLife Holdings LLC(3)(4)(9)—2650 McCormick Drive, Clearwater, FL, 33759
Insurance
First lien senior secured loan
AmeriLife Holdings LLC(3)(4)(9)—2650 McCormick Drive, Clearwater, FL, 33759
Insurance
First lien senior secured revolving loan
Anaplan, Inc.(3)(4)(9)—1450 Brickell Avenue, Miami, FL, 33131
Application Software
First lien senior secured loan
Appfire Technologies, LLC(3)(4)(9)—1500 District Avenue, Burlington, MA, 01803
Systems Software
First lien senior secured loan
Aptean Acquiror, Inc. (dba Aptean)(3)(4)(8)—4325 Alexander Drive, Alpharetta, GA, 30022
Industrial Conglomerates
First lien senior secured revolving loan
Aptean Acquiror, Inc. (dba Aptean)(3)(4)(9)—4325 Alexander Drive, Alpharetta, GA, 30022
Industrial Conglomerates
First lien senior secured loan
Arctic Wolf Networks, Inc.(3)(4)(6)—8939 Columbine Road, Eden Prairie, MN, 55347
Systems Software
Senior convertible notes
($ in thousands)
Company
Industry
Type of Investment
Interest Rate
Maturity / Dissolution Date
Percentage of Class Held on a Fully Diluted Basis
Principal Number of Shares / Number of Units
Amortized Cost
Fair Value
Arctic Wolf Networks, Inc.(3)(4)(9)—8939 Columbine Road, Eden Prairie, MN, 55347
Systems Software
First lien senior secured loan
Arctic Wolf Networks, Inc.(4)—8939 Columbine Road, Eden Prairie, MN, 55347
Systems Software
Preferred Stock
Armstrong Bidco Limited(3)(4)(19)—Armstrong Building, Oakwood Drive Loughborough University Science & Enterprise Park, Loughborough LE11 3QF, United Kingdom
Application Software
First lien senior secured GBP term loan
Arrow Borrower 2025, Inc. (dba AvidXchange)(3)(4)(9)—1210 AvidXchange Lane, Charlotte, NC, 28206
Application Software
First lien senior secured loan
Artifact Bidco, Inc. (dba Avetta)(3)(4)(9)—3300 North Triumph Boulevard, Lehi, UT, 84043
Application Software
First lien senior secured loan
Associations Finance, Inc.(3)(4)(6)—5401 North Central Expressway, Dallas, TX, 75205
Buildings & Real Estate
Unsecured notes
Associations, Inc.(3)(4)(9)—5401 North Central Expressway, Dallas, TX, 75205
Buildings & Real Estate
First lien senior secured loan
Asurion, LLC(3)(8)—140 11th Avenue North, Nashville, TN, 37203
Insurance
First lien senior secured loan
Asurion, LLC(3)(8)—140 11th Avenue North, Nashville, TN, 37203
Insurance
Second lien senior secured loan
Athenahealth Group Inc.(3)(8)—Boston Landing, Boston, MA, 02135
Health Care Technology
First lien senior secured loan
Aurelia Netherlands B.V.(3)(4)(14)—Grensen 5, Oslo, 0159, Norway
Internet & Direct Marketing Retail
First lien senior secured EUR term loan
Axonius, Inc.(4)—41 Madison Avenue, New York, NY, 10010
Systems Software
Series E Preferred Stock
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)(3)(4)(8)—3347 Michelson Drive, Irvine, CA, 92612
Systems Software
First lien senior secured loan
Bamboo US BidCo LLC(3)(4)(14)—1 Baxter Parkway, Deerfield, IL, 60015
Life Sciences Tools & Services
First lien senior secured EUR term loan
Bamboo US BidCo LLC(3)(4)(8)—1 Baxter Parkway, Deerfield, IL, 60015
Life Sciences Tools & Services
First lien senior secured delayed draw term loan
Bamboo US BidCo LLC(3)(4)(9)—1 Baxter Parkway, Deerfield, IL, 60015
Life Sciences Tools & Services
First lien senior secured delayed draw term loan
Barracuda Parent, LLC(3)(4)(9)—3175 Winchester Boulevard, Campbell, CA, 95008
Systems Software
Second lien senior secured loan
($ in thousands)
Company
Industry
Type of Investment
Interest Rate
Maturity / Dissolution Date
Percentage of Class Held on a Fully Diluted Basis
Principal Number of Shares / Number of Units
Amortized Cost
Fair Value
Barracuda Parent, LLC(3)(4)(9)—3175 Winchester Boulevard, Campbell, CA, 95008
Systems Software
First lien senior secured loan
Barracuda Parent, LLC(3)(9)—3175 Winchester Boulevard, Campbell, CA, 95008
Systems Software
First lien senior secured loan
Baypine Commander Co-Invest, LP(3)(4)—310 East 4500 South, Salt Lake City, UT, 84107
Life Sciences Tools & Services
LP Interest
Bayshore Intermediate #2, L.P. (dba Boomi)(3)(4)(9)—1 West Elm Street, Conshohocken, PA, 19428
Systems Software
First lien senior secured loan
Bayshore Intermediate #2, L.P. (dba Boomi)(3)(4)(9)—1 West Elm Street, Conshohocken, PA, 19428
Systems Software
First lien senior secured revolving loan
BCPE Osprey Buyer, Inc. (dba PartsSource)(3)(4)(8)—50 Executive Parkway, Hudson, OH, 44236
Health Care Technology
First lien senior secured delayed draw term loan
BCPE Osprey Buyer, Inc. (dba PartsSource)(3)(4)(8)—50 Executive Parkway, Hudson, OH, 44236
Health Care Technology
First lien senior secured revolving loan
BCPE Osprey Buyer, Inc. (dba PartsSource)(3)(4)(9)—50 Executive Parkway, Hudson, OH, 44236
Health Care Technology
First lien senior secured loan
BCTO BSI Buyer, Inc. (dba Buildertrend)(3)(4)(9)—11818 I Street, Omaha, NE, 68137
Household Durables
First lien senior secured loan
BCTO WIW Holdings, Inc. (dba When I Work)(3)(4)(6)—420 North 5th Street, Minneapolis, MN, 55401
Professional Services
Senior convertible notes
BEHP Co-Investor II, L.P.(3)(4)—11511 Reed Hartman Highway, Blue Ash, OH, 45241
Health Care Technology
LP Interest
Bird Holding B.V. (fka MessageBird Holding B.V.)(3)(4)—Postbus 14674, 1001 LD Amsterdam, The Netherlands
Application Software
Extended Series C Warrants
Blackhawk Network Holdings, Inc.(3)(9)—6220 Stoneridge Mall Rd, Pleasanton, CA, 94588
Diversified Financial Services
First lien senior secured loan
Blend Labs, Inc.(3)(4)—415 Kearny Street, San Francisco, CA, 94108
Thrifts & Mortgage Finance
Warrants
Blue Owl Credit SLF LLC(3)(5)—399 Park Avenue, 37th Floor, New York, NY 10022
Joint Venture
LLC Interest
Blue Owl Cross-Strategy Opportunities LLC(3)(5)—399 Park Avenue, New York, NY 10022
Asset Based Lending and Fund Finance
Specialty finance equity investment
Blue Owl Leasing LLC(3)(5)—399 Park Avenue, 37th Floor, New York, NY 10022
Joint Venture
LLC Interest
Bolt Technology OÜ(4)—Vana-Lõuna tn 15, 10134 Tallinn, Estonia
Road & Rail
Preferred Stock
($ in thousands)
Company
Industry
Type of Investment
Interest Rate
Maturity / Dissolution Date
Percentage of Class Held on a Fully Diluted Basis
Principal Number of Shares / Number of Units
Amortized Cost
Fair Value
Boxer Parent Company Inc. (f/k/a BMC)(3)(9)—2103 CityWest Boulevard, Houston, TX, 77042
Application Software
First lien senior secured loan
Bracket Intermediate Holding Corp.(3)(4)(9)—785 Arbor Way, Blue Bell, PA, 19422
Life Sciences Tools & Services
First lien senior secured loan
Brex, Inc.(3)(4)—650 South 500 West, Salt Lake City, UT, 84101
Diversified Financial Services
Class A Units
Brex, Inc.(4)—650 South 500 West, Salt Lake City, UT, 84101
Diversified Financial Services
Preferred Stock
Bristol Hospice L.L.C.(3)(4)(9)—206 North 2100 West, Salt Lake City, UT, 84116
Health Care Providers & Services
First lien senior secured loan
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(3)(4)—1 West Elm Street, Conshohocken, PA, 19428
Systems Software
Common Units
BTRS Holdings Inc. (dba Billtrust)(3)(4)(9)—11D South Gold Drive, Hamilton, NJ, 08691
Diversified Financial Services
First lien senior secured loan
BusinessSolver.com, Inc.(3)(4)(9)—1025 Ashworth Road, West Des Moines, IA, 50265
Application Software
First lien senior secured loan
CALABRIO, INC.(3)(4)(9)—241 North 5th Avenue, Minneapolis, MN, 55401
Application Software
First lien senior secured loan
Cambrex Corporation(3)(4)(8)—One Meadowlands Plaza, East Rutherford, NJ, 07073
Health Care Equipment & Supplies
First lien senior secured loan
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(3)(4)(9)—3025 Windward Plaza, Alpharetta, GA, 30005
Application Software
First lien senior secured loan
CCI BUYER, INC. (dba Consumer Cellular)(3)(4)(9)—9363 East Bahia Drive, Scottsdale, AZ, 85260
Wireless Telecommunication Services
First lien senior secured loan
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)(3)(4)(8)—444 West Lake Street, Chicago, IL, 60606
Capital Markets
First lien senior secured loan
Certinia Inc.(3)(4)(9)—301 Congress Avenue, Austin, TX, 78701
Professional Services
First lien senior secured loan
Chrome Investors LP(3)(4)—5301 Southwest Parkway, Austin, TX, 78735
Systems Software
LP Interest
Circle Internet Services, Inc.(4)—2261 Market Street, San Francisco, CA, 94114
Systems Software
Subordinated Convertible Security
Circle Internet Services, Inc.(4)—2261 Market Street, San Francisco, CA, 94114
Systems Software
Warrants
($ in thousands)
Company
Industry
Type of Investment
Interest Rate
Maturity / Dissolution Date
Percentage of Class Held on a Fully Diluted Basis
Principal Number of Shares / Number of Units
Amortized Cost
Fair Value
Circle Internet Services, Inc.(4)—2261 Market Street, San Francisco, CA, 94114
Systems Software
Series D Preferred Stock
Circle Internet Services, Inc.(4)—2261 Market Street, San Francisco, CA, 94114
Systems Software
Series E Preferred Stock
Circle Internet Services, Inc.(4)—2261 Market Street, San Francisco, CA, 94114
Systems Software
Series F Preferred Stock
CivicPlus, LLC(3)(4)(9)—302 South 4th Street, Manhattan, KS, 66502
Application Software
First lien senior secured loan
CivicPlus, LLC(3)(4)(9)—302 South 4th Street, Manhattan, KS, 66502
Application Software
First lien senior secured delayed draw term loan
CloudPay, Inc.(3)(4)(6)—Kingsgate House, Newbury Road, Andover, Hampshire SP10 4DU, United Kingdom
Professional Services
Series E Preferred Stock
CloudPay, Inc.(3)(4)(9)—Kingsgate House, Newbury Road, Andover, Hampshire SP10 4DU, United Kingdom
Professional Services
First lien senior secured loan
Coherent Group Inc.(3)(4)(6)—1450 Broadway, New York, NY, 10018
Insurance
Convertible notes
Coherent Group Inc.(4)—1450 Broadway, New York, NY, 10018
Insurance
Series B Preferred Shares
Color Intermediate, LLC (dba ClaimsXten)(3)(4)(9)—3803 West Chester Pike, Newtown Square, PA, 19073
Health Care Technology
First lien senior secured loan
Commander Buyer, Inc. (dba CenExel)(3)(4)(9)—310 East 4500 South, Salt Lake City, UT, 84107
Life Sciences Tools & Services
First lien senior secured loan
Computer Services, Inc. (dba CSI)(3)(4)(9)—3901 Technology Drive, Paducah, KY, 42001
Diversified Financial Services
First lien senior secured loan
ConnectWise, LLC(3)(9)—400 North Tampa Street, Tampa, FL, 33602
Systems Software
First lien senior secured loan
CoreTrust Purchasing Group LLC(3)(4)(8)—601 11th Avenue North, Nashville, TN, 37203
Diversified Support Services
First lien senior secured loan
Cornerstone OnDemand, Inc.(3)(4)(8)—1601 Cloverfield Boulevard, Santa Monica, CA, 90404
Professional Services
Second lien senior secured loan
Coupa Holdings, LLC(3)(4)(9)—950 Tower Lane, Foster City, CA, 94404
Application Software
First lien senior secured loan
Covetrus, Inc.(3)(4)(9)—12 Mountfort Street, Portland, ME, 04101
Health Care Providers & Services
Second lien senior secured loan
CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC)(3)(4)(10)—302 South 4th Street, Manhattan, KS, 66502
Application Software
Unsecured notes
($ in thousands)
Company
Industry
Type of Investment
Interest Rate
Maturity / Dissolution Date
Percentage of Class Held on a Fully Diluted Basis
Principal Number of Shares / Number of Units
Amortized Cost
Fair Value
Creek Parent, Inc. (dba Catalent)(3)(4)(8)—200 Crossing Boulevard, Bridgewater, NJ, 08807
Life Sciences Tools & Services
First lien senior secured loan
Crewline Buyer, Inc. (dba New Relic)(3)(4)(9)—188 Spear Street, San Francisco, CA, 94105
Systems Software
First lien senior secured loan
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)(3)(4)(8)—2222 West Dunlap Avenue, Phoenix, AZ, 85021
Health Care Technology
First lien senior secured loan
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)(3)(4)(8)—2222 West Dunlap Avenue, Phoenix, AZ, 85021
Health Care Technology
First lien senior secured delayed draw term loan
Databricks, Inc.(3)(4)(8)—160 Spear Street, 15th Floor, San Francisco, CA, 94105
Systems Software
First lien senior secured loan
Deerfield Dakota Holdings(3)(4)(9)—One World Trade Center, New York, NY, 10007
Diversified Financial Services
First lien senior secured loan
Delinea Buyer, Inc. (f/k/a Centrify)(3)(4)(9)—221 Main Street, San Francisco, CA, 94105
Systems Software
First lien senior secured loan
Delta TopCo, Inc. (dba Infoblox, Inc.)(3)(8)—2390 Mission College Boulevard, Santa Clara, CA, 95054
Systems Software
Second lien senior secured loan
Denali Intermediate Holdings, Inc. (dba Dun & Bradstreet)(3)(4)(8)—5335 Gate Parkway, Jacksonville, FL, 32256
Capital Markets
First lien senior secured loan
Diamond Insure Bidco (dba Acturis)(3)(4)(14)—100 Hatton Garden, London , EC1N 8NX, United Kingdom
Insurance
First lien senior secured EUR term loan
Diamond Insure Bidco (dba Acturis)(3)(4)(19)—100 Hatton Garden, London , EC1N 8NX, United Kingdom
Insurance
First lien senior secured GBP term loan
Diligent Preferred Issuer, Inc. (dba Diligent Corporation)(3)(4)(6)—61 West 23rd Street, New York, NY, 10010
Application Software
Preferred Stock
Dodge Construction Network Holdings, L.P.(3)(4)—56 Broad Street, Boston, MA, 02109
Construction & Engineering
Class A-2 Common Units
Dodge Construction Network Holdings, L.P.(3)(4)(6)—56 Broad Street, Boston, MA, 02109
Construction & Engineering
Series A Preferred Units
Dodge Construction Network LLC(3)(4)(9)—56 Broad Street, Boston, MA, 02109
Construction & Engineering
First lien senior secured loan
Dodge Construction Network LLC(3)(9)—56 Broad Street, Boston, MA, 02109
Construction & Engineering
First lien senior secured loan
($ in thousands)
Company
Industry
Type of Investment
Interest Rate
Maturity / Dissolution Date
Percentage of Class Held on a Fully Diluted Basis
Principal Number of Shares / Number of Units
Amortized Cost
Fair Value
Eagan Parent, Inc. (dba Elite)(3)(4)(9)—675 3rd Avenue, New York, NY, 10017
Diversified Consumer Services
First lien senior secured loan
EET Buyer, Inc. (dba e-Emphasys)(3)(4)(9)—2501 Weston Parkway, Cary, NC, 27513
Building Products
First lien senior secured loan
Einstein Parent, Inc. (dba Smartsheet)(3)(4)(9)—500 108th Avenue Northeast, Bellevue, WA, 98004
Application Software
First lien senior secured loan
Elliott Alto Co-Investor Aggregator L.P.(3)(4)—851 Cypress Creek Road, Fort Lauderdale, FL, 33309
Systems Software
LP Interest
Engage Debtco Limited(3)(4)(9)—Courtyard House, The Weighbridge Brewery, High St, Marlow SL7 2FF, United Kingdom
Health Care Providers & Services
First lien senior secured loan
Engage Debtco Limited(3)(4)(9)—Courtyard House, The Weighbridge Brewery, High St, Marlow SL7 2FF, United Kingdom
Health Care Providers & Services
First lien senior secured delayed draw term loan
EresearchTechnology, Inc. (dba Clario)(3)(4)(8)—1818 Market Street, Philadelphia, PA, 19103
Health Care Providers & Services
First lien senior secured loan
EShares, Inc. (dba Carta)(4)—333 Bush Street, San Francisco, CA, 94104
Application Software
Series E Preferred Stock
Excalibur CombineCo, L.P.(3)(4)—1051 East Hillsdale Boulevard, Foster City, CA, 94404
Systems Software
Class A Units
Fifth Season Investments LLC(3)(4)—201 Broad St, Suite 500, Stamford, Connecticut 06901, US, Stamford, CT, 06901
Insurance
Specialty finance equity investment
Finastra USA, Inc.(3)(4)(9)—4 Kingdom Street, Paddington, London W2 6BD, United Kingdom
Banks
First lien senior secured loan
Flexera Software LLC(3)(4)(13)—300 Park Boulevard, Itasca, IL, 60143
IT Services
First lien senior secured EUR term loan
Flexera Software LLC(3)(4)(9)—300 Park Boulevard, Itasca, IL, 60143
IT Services
First lien senior secured loan
Forescout Technologies, Inc.(3)(4)(9)—300 Santana Row, San Jose, CA, 95128
Systems Software
First lien senior secured loan
Foundation Consumer Brands, LLC(3)(4)(9)—1190 Omega Drive, Pittsburgh, PA, 15205
Pharmaceuticals
First lien senior secured loan
Gainsight, Inc.(3)(4)(9)—350 Bay Street, San Francisco, CA, 94133
Application Software
First lien senior secured loan
Galway Borrower LLC(3)(4)(9)—1 California Street, San Francisco, CA 94111
Insurance
First lien senior secured delayed draw term loan
($ in thousands)
Company
Industry
Type of Investment
Interest Rate
Maturity / Dissolution Date
Percentage of Class Held on a Fully Diluted Basis
Principal Number of Shares / Number of Units
Amortized Cost
Fair Value
Gerson Lehrman Group, Inc.(3)(4)(9)—60 East 42nd Street, New York, NY, 10165
Professional Services
First lien senior secured loan
GI Ranger Intermediate, LLC (dba Rectangle Health)(3)(4)(9)—115 East Stevens Avenue, Valhalla, NY, 10595
Health Care Technology
First lien senior secured loan
GI Ranger Intermediate, LLC (dba Rectangle Health)(3)(4)(9)—115 East Stevens Avenue, Valhalla, NY, 10595
Health Care Technology
First lien senior secured revolving loan
Granicus, Inc.(3)(4)(9)—1999 Broadway, Denver, CO, 80202
Application Software
First lien senior secured loan
Granicus, Inc.(3)(4)(9)—1999 Broadway, Denver, CO, 80202
Application Software
First lien senior secured delayed draw term loan
Greenway Health, LLC(3)(4)(9)—4301 West Boy Scout Boulevard, Tampa, FL, 33607
Health Care Technology
First lien senior secured loan
GS Acquisitionco, Inc. (dba insightsoftware)(3)(4)(9)—8529 Six Forks Road, Raleigh, NC, 27615
Application Software
First lien senior secured loan
Gusto, Inc.(3)(4)(9)—525 20th Street, San Francisco, CA, 94107
Application Software
First lien senior secured loan
H&F Opportunities LUX III S.À R.L (dba Checkmarx)(3)(4)(8)—140 East Ridgewood Avenue, Paramus, NJ, 07652
Systems Software
First lien senior secured loan
Halo Purchaser, LLC(3)(4)—11095 Viking Drive, Eden Prairie, MN, 55344
Systems Software
Class H Warrant Units
Halo Purchaser, LLC(3)(4)(6)—11095 Viking Drive, Eden Prairie, MN, 55344
Systems Software
Class B PIK Preferred Equity
HARNESS INC.(4)—2317 Broadway Street, Redwood City, CA, 94063
Systems Software
Series D Preferred Stock
Help HP SCF Investor, LP(3)(4)—11095 Viking Drive, Eden Prairie, MN, 55344
Systems Software
LP Interest
Hg Genesis 8 Sumoco Limited(3)(4)(19)—2 More London Riverside, London SE1 2AP, United Kingdom
Diversified Financial Services
Unsecured facility
Hg Genesis 9 SumoCo Limited(3)(4)(14)—2 More London Riverside, London SE1 2AP, United Kingdom
Diversified Financial Services
Unsecured facility
Hg Saturn Luchaco Limited(3)(4)(19)—2 More London Riverside, London SE1 2AP, United Kingdom
Diversified Financial Services
Unsecured facility
Himalaya Topco LLC (dba HealthEdge)(3)(4)(8)—470 Atlantic Avenue, Boston, MA, 02210
Health Care Technology
First lien senior secured loan
Hyland Software, Inc.(3)(4)(9)—28105 Clemens Road, Westlake, OH, 44145
Health Care Technology
First lien senior secured loan
($ in thousands)
Company
Industry
Type of Investment
Interest Rate
Maturity / Dissolution Date
Percentage of Class Held on a Fully Diluted Basis
Principal Number of Shares / Number of Units
Amortized Cost
Fair Value
Icefall Parent, Inc. (dba EngageSmart)(3)(4)(9)—10 Fan Pier Boulevard, Boston, MA, 02210
Diversified Consumer Services
First lien senior secured loan
Illumio, Inc.(4)—920 De Guigne Drive, Sunnyvale, CA, 94085
Systems Software
Common stock
Illumio, Inc.(4)—920 De Guigne Drive, Sunnyvale, CA, 94085
Systems Software
Series F Preferred Stock
Indikami Bidco, LLC (dba IntegriChain)(3)(4)(8)—8 Penn Center, 1628 JFK Boulevard, Philadelphia, PA, 19103
Health Care Technology
First lien senior secured loan
Indikami Bidco, LLC (dba IntegriChain)(3)(4)(8)—8 Penn Center, 1628 JFK Boulevard, Philadelphia, PA, 19103
Health Care Technology
First lien senior secured delayed draw term loan
Indikami Bidco, LLC (dba IntegriChain)(3)(4)(8)—8 Penn Center, 1628 JFK Boulevard, Philadelphia, PA, 19103
Health Care Technology
First lien senior secured revolving loan
Infobip Inc.(3)(4)(9)—35 – 38 New Bridge Street, London EC4V 6BW, United Kingdom
Application Software
First lien senior secured loan
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(3)(4)(8)—38955 Hills Tech Drive, Farmington Hills, MI, 48331
Beverages
First lien senior secured loan
Inovalon Holdings, Inc.(3)(4)(9)—4321 Collington Road, Bowie, MD, 20716
Health Care Technology
First lien senior secured loan
Inovalon Holdings, Inc.(3)(4)(9)—4321 Collington Road, Bowie, MD, 20716
Health Care Technology
Second lien senior secured loan
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)(3)(4)—302 South 4th Street, Manhattan, KS, 66502
Application Software
LP Interest
Integrity Marketing Acquisition, LLC(3)(4)(9)—1445 Ross Avenue, Dallas, TX, 75202
Insurance
First lien senior secured loan
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(3)(4)(9)—305 Church at North Hills Street, Raleigh, NC, 27609
Health Care Technology
First lien senior secured loan
Interoperability Bidco, Inc. (dba Lyniate)(3)(4)(9)—One Beacon Street, Boston, MA, 02108
Health Care 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.))(3)(4)(8)—203 North LaSalle Street, Chicago, IL, 60601
Food & Staples Retailing
First lien senior secured loan
Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages)(3)(4)(9)—1811 Aston Avenue, Carlsbad, CA, 92008
Insurance
First lien senior secured loan
($ in thousands)
Company
Industry
Type of Investment
Interest Rate
Maturity / Dissolution Date
Percentage of Class Held on a Fully Diluted Basis
Principal Number of Shares / Number of Units
Amortized Cost
Fair Value
Jeppesen Holdings, LLC(3)(4)(9)—55 Inverness Drive East, Denver, CO, 80112
Aerospace & Defense
First lien senior secured loan
JS Parent, Inc. (dba Jama Software)(3)(4)(9)—135 Southwest Taylor, Portland, OR, 97204
Application Software
First lien senior secured loan
JumpCloud, Inc.(4)—361 Centennial Parkway, Louisville, CO, 80027
IT Services
Series B Preferred Stock
JumpCloud, Inc.(4)—361 Centennial Parkway, Louisville, CO, 80027
IT Services
Series F Preferred Stock
Juniper Square, Inc.(3)(4)—555 Montgomery Street, San Francisco, CA, 94111
Diversified Financial Services
Warrants
Kajabi Holdings, LLC(4)—880 Newport Center Drive, Newport Beach, CA, 92660
Internet & Direct Marketing Retail
Senior Preferred Class D Units
Kaseya Inc.(3)(8)—701 Brickell Avenue, Miami, FL, 33131
IT Services
First lien senior secured loan
Kaseya Inc.(3)(8)—701 Brickell Avenue, Miami, FL, 33131
IT Services
Second lien senior secured loan
Klarna Holding AB(3)(4)(9)—Sveavägen 46, 111 34 Stockholm, Sweden
Consumer Finance
Subordinated Floating Rate Notes
Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)(3)(4)(10)—701 Brickell Avenue, Miami, FL, 33131
IT Services
Perpetual Preferred Stock
KPCI Co-Invest 2, L.P.(3)(4)—3001 Red Lion Road, Philadelphia, PA, 19114
Health Care Equipment & Supplies
Class A Units
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)(3)(4)—600 Park Offices Drive, Durham, NC, 27713
Health Care Providers & Services
Class A Interest
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)(3)(4)(8)—600 Park Offices Drive, Durham, NC, 27713
Health Care Providers & Services
First lien senior secured loan
Lighthouse Buyer, Inc. (dba Harbor Compliance)(3)(4)(11)—1830 Colonial Village Lane, Lancaster, PA, 17601
Application Software
First lien senior secured loan
Linked Store Cayman Ltd. (dba Nuvemshop)(3)(4)—Alameda Vicente Pinzon, 173 173 - Vila Olimpia, São Paulo, Brazil
Internet & Direct Marketing Retail
Series E Preferred Stock
Litera Bidco LLC(3)(4)(8)—550 West Jackson Boulevard, Chicago, IL, 60661
Diversified Consumer Services
First lien senior secured loan
LogRhythm, Inc.(3)(4)(9)—1051 East Hillsdale Boulevard, Foster City, CA, 94404
Systems Software
First lien senior secured loan
LSI Financing 1 DAC(3)(4)—Victoria Building, 1-2 Haddington Rd, Dublin D04 XN32, Ireland
Pharmaceuticals
Specialty finance equity investment
($ in thousands)
Company
Industry
Type of Investment
Interest Rate
Maturity / Dissolution Date
Percentage of Class Held on a Fully Diluted Basis
Principal Number of Shares / Number of Units
Amortized Cost
Fair Value
LSI Financing LLC(3)(5)—1521 Concord Pike, Suite 201, Wilmington, DE 19803
Pharmaceuticals
Specialty finance equity investment
Magnet Forensics, LLC (f/k/a Grayshift, LLC)(3)(4)(8)—2220 University Ave E, Waterloo, ON N2K 0A2, Canada
Application Software
First lien senior secured loan
ManTech International Corporation(3)(4)(9)—2251 Corporate Park Drive, Herndon, VA, 20171
Aerospace & Defense
First lien senior secured loan
McQueen Bidco PTY LTD. (dba Infomedia)(3)(4)(9)—Level 5, 155 Clarence Street, Sydney NSW 2000 Australia
Specialty Retail
First lien senior secured loan
MINDBODY, Inc.(3)(4)(9)—689 Tank Farm Road, San Luis Obispo, CA, 93401
Hotels, Restaurants & Leisure
First lien senior secured loan
Minerva Holdco, Inc.(3)(4)(6)—Boston Landing, Boston, MA, 02135
Health Care Technology
Senior A Preferred Stock
Ministry Brands Holdings, LLC(3)(4)(12)—10133 Sherrill Boulevard, Knoxville, TN, 37932
Application Software
First lien senior secured revolving loan
Ministry Brands Holdings, LLC(3)(4)(8)—10133 Sherrill Boulevard, Knoxville, TN, 37932
Application Software
First lien senior secured loan
Minotaur Acquisition, Inc. (dba Inspira Financial)(3)(4)(8)—2001 Spring Road, Oak Brook, IL, 60523
Diversified Financial Services
First lien senior secured loan
ML Holdco, Inc. (dba Meridian Link)(3)(4)(9)—3560 Hyland Avenue, Costa Mesa, CA, 92626
Diversified Financial Services
First lien senior secured loan
Modernizing Medicine, Inc. (dba ModMed)(3)(4)(9)—4700 Exchange Court, Boca Raton, FL, 33431
Health Care Technology
First lien senior secured loan
ModMed Software Midco Holdings, Inc. (dba ModMed)(3)(4)(6)—4700 Exchange Court, Boca Raton, FL, 33431
Health Care Technology
Series A Preferred Units
Monotype Imaging Holdings Inc.(3)(4)(8)—600 Unicorn Park Drive, Woburn, MA, 01801
Media
First lien senior secured loan
Natural Partners, LLC(3)(4)(9)—360 Albert St, Ottawa, ON K1R 7X7, Canada
Health Care Providers & Services
First lien senior secured loan
Neptune Holdings, Inc. (dba NexTech)(3)(4)(9)—4221 West Boy Scout Boulevard, Tampa, FL, 33607
Health Care Technology
First lien senior secured loan
NMI Acquisitionco, Inc. (dba Network Merchants)(3)(4)(8)—1450 American Lane, Schaumburg, IL, 60173
Diversified Financial Services
First lien senior secured loan
($ in thousands)
Company
Industry
Type of Investment
Interest Rate
Maturity / Dissolution Date
Percentage of Class Held on a Fully Diluted Basis
Principal Number of Shares / Number of Units
Amortized Cost
Fair Value
Nscale Global Holdings Limited(3)(4)—16 New Burlington Place, London, W1S 2HX, United Kingdom
IT Services
Preferred equity
Nscale Global Holdings Limited(3)(4)—16 New Burlington Place, London, W1S 2HX, United Kingdom
IT Services
Series B Preferred Shares
Nylas, Inc.(4)—944 Market Street, San Francisco, CA, 94102
Application Software
Series C Preferred Stock
OECONNECTION LLC(3)(4)(8)—3600 Embassy Parkway, Fairlawn, OH, 44333
Specialty Retail
First lien senior secured loan
One, Inc. Software Corporation(3)(4)(9)—620 Coolidge Drive, Folsom, CA, 95630
Insurance
First lien senior secured loan
OneOncology, LLC(3)(4)(9)—1301 West Colonial Drive, Orlando, FL, 32804
Health Care Providers & Services
First lien senior secured loan
OneOncology, LLC(3)(4)(9)—1301 West Colonial Drive, Orlando, FL, 32804
Health Care Providers & Services
First lien senior secured delayed draw term loan
OneOncology, LLC(3)(4)(9)—1301 West Colonial Drive, Orlando, FL, 32804
Health Care Providers & Services
First lien senior secured delayed draw term loan
Orange Blossom Parent, Inc.(3)(4)—9600 West Bryn Mawr Avenue, Rosemont, IL, 60018
Health Care Technology
Common Units
Pacific BidCo Inc.(3)(4)(10)—Aeschenvorstadt 71, 4051 Basel, Switzerland
Pharmaceuticals
First lien senior secured delayed draw term loan
Packaging Coordinators Midco, Inc.(3)(4)(19)—3001 Red Lion Road, Philadelphia, PA, 19114
Health Care Equipment & Supplies
First lien senior secured delayed draw term loan
Packaging Coordinators Midco, Inc.(3)(4)(9)—3001 Red Lion Road, Philadelphia, PA, 19114
Health Care Equipment & Supplies
First lien senior secured loan
Packaging Coordinators Midco, Inc.(3)(4)(9)—3001 Red Lion Road, Philadelphia, PA, 19114
Health Care Equipment & Supplies
First lien senior secured delayed draw term loan
Paradigmatic Holdco LLC (dba Pluralsight)(3)(4)—1500 Solana Boulevard, Westlake, TX, 76262
IT Services
Common stock
PDI TA Holdings, Inc.(3)(4)(9)—11675 Rainwater Drive, Alpharetta, GA, 30009
Multiline Retail
First lien senior secured loan
Peraton Corp.(3)(9)—1875 Explorer Street, Reston, VA, 20190
Aerospace & Defense
Second lien senior secured loan
($ in thousands)
Company
Industry
Type of Investment
Interest Rate
Maturity / Dissolution Date
Percentage of Class Held on a Fully Diluted Basis
Principal Number of Shares / Number of Units
Amortized Cost
Fair Value
PerkinElmer U.S. LLC(3)(4)(8)—710 Bridgeport Avenue, Shelton, CT, 06484
Health Care Equipment & Supplies
First lien senior secured loan
PetVet Care Centers, LLC(3)(4)(8)—One Gorham Island Road, Westport, CT, 06880
Health Care Providers & Services
First lien senior secured loan
PetVet Care Centers, LLC(3)(4)(8)—One Gorham Island Road, Westport, CT, 06880
Health Care Providers & Services
First lien senior secured revolving loan
Pike Corp.(4)(9)—615 South College Street, Charlotte, NC, 28202
Construction & Engineering
First lien senior secured loan
Pluralsight, LLC(3)(4)(9)—1500 Solana Boulevard, Westlake, TX, 76262
IT Services
First lien senior secured loan
Pluralsight, LLC(3)(4)(9)—1500 Solana Boulevard, Westlake, TX, 76262
IT Services
First lien senior secured loan
Project Alpine Co-Invest Fund, LP(3)(4)—1450 Brickell Avenue, Miami, FL, 33131
Application Software
LP Interest
Project Hotel California Co-Invest Fund, L.P.(3)—11120 Four Points Drive, Austin, TX, 78726
Systems Software
LP Interest
Proofpoint, Inc.(3)(4)(14)—925 West Maude Avenue, Sunnyvale, CA, 94085
Professional Services
Second lien senior secured loan
Proofpoint, Inc.(3)(4)(9)—925 West Maude Avenue, Sunnyvale, CA, 94085
Professional Services
Second lien senior secured loan
Proofpoint, Inc.(3)(9)—925 West Maude Avenue, Sunnyvale, CA, 94085
Professional Services
First lien senior secured loan
QAD, Inc.(3)(4)(8)—101 Innovation Place, Santa Barbara, CA, 93108
Industrial Conglomerates
First lien senior secured loan
RealPage, Inc.(3)(9)—2201 Lakeside Boulevard, Richardson, TX, 75082
Real Estate Management & Development
First lien senior secured loan
Relativity ODA LLC(3)(4)(8)—231 South LaSalle Street, Chicago, IL, 60604
Diversified Consumer Services
First lien senior secured loan
Replicated, Inc.(4)—8605 Santa Monica Boulevard, West Hollywood, CA, 90069
IT Services
Series C Preferred Stock
Revolut Ribbit Holdings, LLC(4)—7 Westferry Circus, London E14 4HB, United Kingdom
Diversified Financial Services
LLC Interest
RL Datix Holdings (USA), Inc.(3)(4)(10)—311 South Wacker Drive, Chicago, IL, 60606
Health Care Technology
First lien senior secured loan
RL Datix Holdings (USA), Inc.(3)(4)(19)—311 South Wacker Drive, Chicago, IL, 60606
Health Care Technology
First lien senior secured GBP term loan
($ in thousands)
Company
Industry
Type of Investment
Interest Rate
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)(3)(4)—100 Summer Street, Boston, MA, 02110
Commercial Services & Supplies
Class A Units
Rome Topco Holdings, LLC (dba SimpliSafe)(3)(4)—100 Summer Street, Boston, MA, 02110
Commercial Services & Supplies
Class B Units
Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers)(3)(4)(6)—One Gorham Island Road, Westport, CT, 06880
Health Care Providers & Services
Series A Preferred Stock
Salinger Bidco Inc. (dba Surgical Information Systems)(3)(4)(9)—8000 Avalon Boulevard, Alpharetta, GA, 30009
Health Care Technology
First lien senior secured loan
Salinger Bidco Inc. (dba Surgical Information Systems)(3)(4)(9)—8000 Avalon Boulevard, Alpharetta, GA, 30009
Health Care Technology
First lien senior secured revolving loan
Saturn Ultimate, Inc.(3)(4)—1180 West Peachtree Street Northwest, Atlanta, GA, 30309
Application Software
Common stock
Securonix, Inc.(3)(4)(9)—5080 Spectrum Drive, Addison, TX, 75001
Systems Software
First lien senior secured loan
Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(14)—23300 Haggerty Road, Farmington Hills, MI, 48335
Professional Services
First lien senior secured EUR term loan
Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(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)(3)(4)(8)—23300 Haggerty Road, Farmington Hills, MI, 48335
Professional Services
First lien senior secured revolving loan
Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(9)—23300 Haggerty Road, Farmington Hills, MI, 48335
Professional Services
First lien senior secured loan
Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(9)—23300 Haggerty Road, Farmington Hills, MI, 48335
Professional Services
First lien senior secured delayed draw term loan
Sentinel Buyer Corp. (dba SimpliSafe)(3)(4)(8)—100 Summer Street, Boston, MA, 02110
Commercial Services & Supplies
First lien senior secured loan
Severin Acquisition, LLC (dba PowerSchool)(3)(4)(8)—150 Parkshore Drive, Folsom, CA, 95630
IT Services
First lien senior secured loan
Severin Acquisition, LLC (dba PowerSchool)(3)(4)(8)—150 Parkshore Drive, Folsom, CA, 95630
IT Services
First lien senior secured delayed draw term loan
($ in thousands)
Company
Industry
Type of Investment
Interest Rate
Maturity / Dissolution Date
Percentage of Class Held on a Fully Diluted Basis
Principal Number of Shares / Number of Units
Amortized Cost
Fair Value
Signifyd Inc.(4)(6)—99 Almaden Boulevard, San Jose, CA, 95113
Internet & Direct Marketing Retail
Preferred equity
Simpler Postage, Inc. (dba Easypost)(3)(4)—2600 North Ashton Boulevard, Lehi, UT, 84043
Application Software
Warrants
Simpler Postage, Inc. (dba Easypost)(3)(4)(8)—2600 North Ashton Boulevard, Lehi, UT, 84043
Application Software
First lien senior secured loan
Simplicity Financial Marketing Group Holdings, Inc.(3)(4)(9)—86 Summit Avenue, Summit, NJ, 07901
Insurance
First lien senior secured loan
Sitecore Holding III A/S(3)(4)(14)—101 California StreetFloor 16, San Francisco, CA, 94111
Systems Software
First lien senior secured EUR term loan
Sitecore Holding III A/S(3)(4)(9)—101 California StreetFloor 16, San Francisco, CA, 94111
Systems Software
First lien senior secured loan
Sitecore USA, Inc.(3)(4)(9)—101 California StreetFloor 16, San Francisco, CA, 94111
Systems Software
First lien senior secured loan
SLA Eclipse Co-Invest, L.P.—3601 Walnut Street, Denver, CO, 80205
Diversified Consumer Services
LP Interest
Smarsh Inc.(3)(4)(9)—851 South West 6th Avenue, Portland, OR, 97204
Diversified Financial Services
First lien senior secured revolving loan
Sophos Holdings, LLC(3)(8)—Abingdon Science Park, Abingdon OX14 3YP, United Kingdom
Systems Software
First lien senior secured loan
Sovos Compliance, LLC(3)(8)—200 Ballardvale Street, Wilmington, MA, 01887
Professional Services
First lien senior secured loan
Space Exploration Technologies Corp.(3)(4)—1 Rocket Road, Hawthorne, CA, 90250
Aerospace & Defense
Class A Common Stock
Space Exploration Technologies Corp.(3)(4)—1 Rocket Road, Hawthorne, CA, 90250
Aerospace & Defense
Class C Common Stock
Spaceship Purchaser, Inc. (dba Squarespace)(3)(4)(9)—225 Varick Street, New York, NY, 10014
IT Services
First lien senior secured loan
Storable Intermediate Holdings, LLC(3)(4)(8)—10900 Research Boulevard, Austin, TX, 78759
Equity Real Estate Investment Trusts (REITs)
First lien senior secured loan
Storable, Inc.(3)(8)—10900 Research Boulevard, Austin, TX, 78759
Equity Real Estate Investment Trusts (REITs)
First lien senior secured loan
Stripe Blue Owl Holdings LLC(3)(5)—399 Park Avenue, 37th Floor, New York, NY 10022
Joint Venture
LLC Interest
($ in thousands)
Company
Industry
Type of Investment
Interest Rate
Maturity / Dissolution Date
Percentage of Class Held on a Fully Diluted Basis
Principal Number of Shares / Number of Units
Amortized Cost
Fair Value
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)(3)(4)(6)—1601 Cloverfield Boulevard, Santa Monica, CA, 90404
Professional Services
Series A Preferred Stock
Talon MidCo 2 Limited(3)(4)(8)—10 Summer Street, Boston, MA, 02132
Systems Software
First lien senior secured loan
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(3)(4)(9)—3207 Grey Hawk Court, Carlsbad, CA, 92029
Application Software
First lien senior secured loan
Themis Solutions Inc. (dba Clio)(3)(4)(8)—Suite 300 4611 Canada Way, Burnaby, BC V5G, 4X3, Canada
Diversified Consumer Services
First lien senior secured loan
Thunder Purchaser, Inc. (dba Vector Solutions)(3)(4)(9)—4890 West Kennedy Boulevard, Tampa, FL, 33609
Professional Services
First lien senior secured loan
Thunder Topco L.P. (dba Vector Solutions)(3)(4)—4890 West Kennedy Boulevard, Tampa, FL, 33609
Professional Services
Common Units
TK Operations Ltd (dba Travelperk, Inc.)(3)(4)(6)—33 Arch Street, Boston, MA, 02110
Professional Services
First lien senior secured loan
TravelPerk, Inc.(3)(4)—33 Arch Street, Boston, MA, 02110
Professional Services
Warrants
Tricentis Operations Holdings, Inc.(3)(4)(9)—5301 Southwest Parkway, Austin, TX, 78735
Systems Software
First lien senior secured loan
Trucordia Insurance Holdings, LLC(3)(4)(8)—2745 West 600 North, Lindon, UT, 84042
Insurance
Second lien senior secured loan
Valeris, Inc. (fka Phantom Purchaser, Inc.)(3)(4)(9)—150 Hilton Drive, Jeffersonville, IN, 47130
Health Care Providers & Services
First lien senior secured loan
Valeris, Inc. (fka Phantom Purchaser, Inc.)(3)(4)(9)—150 Hilton Drive, Jeffersonville, IN, 47130
Health Care Providers & Services
First lien senior secured loan
Valor Compute Infrastructure L.P.(3)(4)—1450 Page Mill Road, Palo Alto, CA, 94304
Application Software
LP Interest
VCI Asset Holdings 1 LLC(3)(4)(6)—1450 Page Mill Road, Palo Alto, CA, 94304
Application Software
First lien senior secured loan
VCI Intermediate TopCo 1 LLC(3)(4)—1450 Page Mill Road, Palo Alto, CA, 94304
Application Software
Class B Units
Veeam Software Group(3)(4)—3000 Carillon Point, Seattle, WA, 98033
Systems Software
Series C Preferred Shares
($ in thousands)
Company
Industry
Type of Investment
Interest Rate
Maturity / Dissolution Date
Percentage of Class Held on a Fully Diluted Basis
Principal Number of Shares / Number of Units
Amortized Cost
Fair Value
Velocity HoldCo III Inc. (dba VelocityEHS)(3)(4)(9)—222 Merchandise Mart Plaza, Chicago, IL, 60654
Application Software
First lien senior secured loan
VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.)(3)(4)(6)—689 Tank Farm Road, San Luis Obispo, CA, 93401
Hotels, Restaurants & Leisure
Series A Preferred Stock
Vermont Aus Pty Ltd(3)(4)(17)—1 Epping Road, North Ryde, New South Wales, 2113 Australia
Health Care Providers & Services
First lien senior secured AUD term loan
BBSY+
Vestwell Holdings Inc.(3)(4)—360 Madison Avenue, New York, NY, 10017
Professional Services
Series D Preferred Stock
Walker Edison Furniture Company LLC(3)(4)(6)—1553 West 9000 South, West Jordan, UT, 84088
Internet & Direct Marketing Retail
First lien senior secured loan
Walker Edison Furniture Company LLC(3)(4)(9)—1553 West 9000 South, West Jordan, UT, 84088
Internet & Direct Marketing Retail
First lien senior secured loan
Walker Edison Furniture Company LLC(3)(4)(9)—1553 West 9000 South, West Jordan, UT, 84088
Internet & Direct Marketing Retail
First lien senior secured revolving loan
Walker Edison Holdco LLC(3)(4)—1553 West 9000 South, West Jordan, UT, 84088
Internet & Direct Marketing Retail
Common Units
WMC Bidco, Inc. (dba West Monroe)(3)(4)(6)—222 West Adams Street, Chicago, IL, 60606
IT Services
Senior Preferred Stock
WP Irving Co-Invest, L.P.(3)(4)—11511 Reed Hartman Highway, Blue Ash, OH, 45241
Health Care Technology
Partnership Units
XOMA Corporation(3)(4)—2200 Powell Street, Emeryville, CA, 94608
Pharmaceuticals
Warrants
XPLOR T1, LLC(3)(4)(9)—11330 Olive BoulevardSuite 200, Creve Coeur, MO, 63141
Application Software
First lien senior secured loan
Zendesk, Inc.(3)(4)(9)—181 South Fremont Street, San Francisco, CA, 94105
Application Software
First lien senior secured loan
Zoro TopCo, Inc.(3)(4)(9)—181 South Fremont Street, San Francisco, CA, 94105
Application Software
Series A Preferred Equity
Zoro TopCo, L.P.(3)(4)—181 South Fremont Street, San Francisco, CA, 94105
Application Software
Class A Common Units
Total
(1) - (5) Reserved.
(6) Contains a fixed-rate structure.
(7) Unless otherwise indicated, loan contains a variable rate structure and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the Secured Overnight Financing Rate (“SOFR” or “S,” which can include one-, three-, six- or twelve-month SOFR), Euro Interbank Offered Rate (“EURIBOR” or “E”, which can include one-, three- or six-month EURIBOR), SONIA (“SONIA” or “SA”), Australian Bank Bill Swap Bid Rate (“BBSY” or “BB”) (which can include one-, three-, or six-month BBSY) or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate), at the borrower’s option, and which reset periodically based on the terms of the loan agreement.
(8) The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2025 was 3.69%.
(9) The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2025 was 3.65%.
(10) The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2025 was 3.57%.
(11) The interest rate on these loans is subject to 12 month SOFR, which as of December 31, 2025 was 3.42%.
(12) The interest rate on these loans is subject to Prime, which as of December 31, 2025 was 6.75%.
(13) The interest rate on these loans is subject to 1 month EURIBOR, which as of December 31, 2025 was 1.94%.
(14) The interest rate on these loans is subject to 3 month EURIBOR, which as of December 31, 2025 was 2.03%.
(15) Reserved.
(16) Reserved.
(17) The interest rate on this loan is subject to 3 month BBSY, which as of December 31, 2025 was 3.74%.
(18) Reserved.
(19) The interest rate on these loans is subject to SONIA, which as of December 31, 2025 was 3.73%.
Specialty Financing Portfolio Companies and Joint Ventures
We leverage the expanding role that private lenders are being asked to play in the broader credit markets to evaluate cross-platform opportunities including strategic equity and accretive joint venture investments that have cash flow and credit profiles that provide consistent income.
Specialty Financing Portfolio Companies
Amergin was created to invest in a leasing platform focused on railcar, aviation and other long-lived transportation assets. Amergin acquires existing on-lease portfolios of new and end-of-life railcars and related equipment and selectively purchases off-lease assets and is building a commercial aircraft portfolio through aircraft financing and engine acquisition on a sale and lease back basis. Amergin consists of Amergin AssetCo and Amergin Asset Management LLC, which has entered into a Servicing Agreement with Amergin AssetCo. We made an initial equity commitment to Amergin AssetCo on July 1, 2022. As of December 31, 2025, our commitment to Amergin AssetCo is $62.2 million, of which $24.7 million is equity and $37.5 million is debt. We do not consolidate our equity interest in Amergin AssetCo.
BOCSO was formed to hold alternative credit assets, including asset-based finance (“ABF”). ABF is a subsector of private credit focused on generating income from pools of financial, physical or other assets. We believe exposure to alternative credit presents an attractive opportunity as alternative credit is a growing subsector of private credit. On September 18, 2025, we made an initial equity contribution to BOCSO. As of December 31, 2025, our investment at fair value in BOCSO was $57.7 million and our total commitment was $57.7 million. As of December 31, 2025, the portfolio consists of three investments totaling $0.5 billion at cost and fair value, respectively, ranging in cost from $24.8 million to $304.4 million and with a fair value ranging from $24.8 million to $303.9 million. The largest investment is 62% of the total cost of BOCSO’s portfolio. As of December 31, 2025, the portfolio asset class composition was 62% ABF – Specialty Finance, 33% ABF – Leasing, and 5% ABF – Commercial Real Estate. We do not consolidate our equity interest in BOCSO.
Fifth Season is a portfolio company created to invest in life insurance based assets, including secondary and tertiary life settlement and other life insurance exposures using detailed analytics, internal life expectancy review and sophisticated portfolio management techniques. On July 18, 2022, we made an initial equity investment in Fifth Season. As of December 31, 2025, our investment in Fifth Season was $184.5 million based on fair value. We do not consolidate our interest in Fifth Season.
LSI Financing DAC is a portfolio company formed to acquire contractual rights to revenue pursuant to earnout agreements generally in the life sciences space. On December 14, 2022, we made an initial equity commitment to LSI Financing DAC. As of December 31, 2025, our investment in LSI Financing DAC was $6.7 million based on fair value and our total commitment was $6.7 million. We do not consolidate our equity interest in LSI Financing DAC.
LSI Financing LLC is a separately managed portfolio company formed to indirectly own royalty purchase agreements and loans in the life sciences space. An affiliate of the Adviser provides consulting services to a subsidiary of LSI Financing LLC in exchange for a fee. The Adviser has agreed to waive a portion of the management fee payable by us pursuant to the Investment Advisory Agreement equal to the pro rata amount of such consulting fee. On November 25, 2024, we redeemed a portion of its interest in LSI Financing DAC in exchange for common shares of LSI Financing LLC. As of December 31, 2025, the fair value of our investment in LSI Financing LLC was $102.2 million and our total commitment was $124.4 million. We do not consolidate our equity interest in LSI Financing LLC.
Joint Ventures
On May 6, 2024, Credit SLF, a Delaware limited liability company, was formed as a joint venture between the Credit SLF Members. The Credit SLF Members co-manage Credit SLF. Credit SLF’s principal purpose is to make investments in senior secured loans to middle-market companies, broadly syndicated loans and senior and subordinated notes issued by collateralized loan obligations. Credit SLF is managed by a board consisting of an equal number of representatives appointed by each Credit SLF Member and which acts unanimously. Investment decisions must be approved by Credit SLF’s board. Our investment in Credit SLF is a co-investment made with our affiliates in accordance with the terms of the exemptive relief that we received from the SEC. We do not consolidate our non-controlling interest in Credit SLF.
Refer to Exhibit 99.2 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.
Refe r 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 Annual Report on Form 10-K, filed with the SEC on March 6, 2025.
The table below represents the operating results for the following periods:
For the Years Ended December 31,
($ in thousands)
$ Change
Total Investment Income
Less: Expenses
Net Investment Income (Loss) Before Taxes
Less: Income taxes, including excise taxes
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 new investment commitments, 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 increased, primarily driven by an increase from net change in unrealized gains.
Investment Income
The table below presents the investment income for the following periods:
For the Years Ended December 31,
($ in thousands)
$ Change
Interest income
Payment-in-kind interest income
Dividend income
Payment-in-kind dividend income
Other income
Total investment income
We generate revenues primarily in the form of interest income from the investments we hold. In addition, we may generate income from dividends on either direct equity investments or equity interests obtained in connection with originating loans, such as options, warrants or conversion rights.
Year Ended December 31, 2025 Compared to the Year Ended December 31, 2024
Investment income increased to $1.1 billion for the year ended December 31, 2025, from $684.0 million for the same period in prior year primarily due to an increase in interest income as a result of an increase in our debt portfolio following the Mergers, which at par increased from $5.1 billion as of December 31, 2024 to $12.2 billion as of December 31, 2025. Included in interest income are other fees such as prepayment fees and accelerated amortization of upfront fees from unscheduled paydowns which are non-recurring in nature. Fees received from unscheduled paydowns increased to $23.4 million for the year ended December 31, 2025 from $16.3 million for the same period in prior year due to an increase in repayment activity for the period. Dividend income and PIK dividend income increased to $92.3 million from $49.1 million in the prior period, primarily due to an increase in investments which paid dividends following the Mergers. PIK interest income as a percentage of total investment income decreased to 8.1% for the year ended December 31, 2025 from 15.6% for the year ended December 31, 2024 primarily driven by a decrease in PIK interest earning
investments in our portfolio. PIK dividend income as a percentage of total investment income decreased to 5.8% for the year ended December 31, 2025 from 5.9% for the year ended December 31, 2024. Other income increased period-over-period due to an increase in incremental fee income, which are fees that are generally available to us as a result of closing investments and normally paid at the time of closing. We expect that investment income will vary based on a variety of factors including the pace of our originations and repayments.
Expenses
The table below presents our expenses for the following periods:
For the Years Ended December 31,
($ in thousands)
$ Change
Interest expense
Management fees, net (1)
Performance based incentive fees
Capital gains incentive fees
Professional fees
Listing advisory fees (net of Adviser reimbursement)
Directors' fees
Other general and administrative
Total 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 expenses increased to $625.9 million for the year ended December 31, 2025, from $298.4 million for the same period in the prior year primarily due to an increase in interest expense, management fees, and incentive fees following the Mergers. The increase in interest expense was driven by an increase in average daily borrowings to $4.8 billion from $3.0 billion primarily due to the assumption of OTF II’s debt facilities, offset by a decrease in the average interest rate to 6.0% from 6.1%, period over period. Management fees increased due to an increase in average adjusted gross assets as a result of our acquisition of OTF II and an increase in the management fee rate as a result of the listing. Performance based 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 OTF II and an increase in the incentive fee rate as a result of the listing. As a percentage of total assets, offering expenses, professional fees, directors’ fees and other general and administrative expenses remained relatively consistent.
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 $0.40 per share. To maintain our tax treatment as a RIC, we, among other things, intend to make the requisite distributions to our shareholders, which generally relieves us from U.S. federal income taxes at corporate tax rates.
Depending on the level of taxable income earned in a tax year, we can be expected to carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, we will accrue excise tax on estimated excess taxable income.
For the years ended December 31, 2025 and 2024, we recorded U.S. federal and state corporate-level income tax expense/(benefit) of $7.5 million and $11.5 million, including U.S. federal excise tax expense of $7.5 million and $11.5 million, respectively.
Taxable Subsidiaries
Certain of our consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. For the year ended December 31, 2025 and 2024 we recorded U.S. federal and state income tax expense/(benefit) of $(51) thousand and (6) thousand, respectively.
We recorded a net deferred tax liability of $797 thousand as of December 31, 2025, for taxable subsidiaries, which is significantly related to GAAP to tax outside basis differences in the taxable subsidiaries’ investment in certain partnership interests. We recorded a net deferred tax liability of $36 thousand for taxable subsidiaries as of December 31, 2024.
Net Change in Unrealized Gains (Losses)
We fair value our portfolio investments quarterly and any changes in fair value are recorded as unrealized gains or losses. During the following periods, net unrealized gains (losses) were:
For the Years Ended December 31,
($ in thousands)
$ Change
Net change in unrealized gain (loss) on investments
Net change in unrealized gain (loss) on translation of assets and liabilities in foreign currencies
Income tax (provision) benefit
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 was primarily driven by an increase in the fair value of certain of our equity investments, partially offset by a decrease in the fair value of certain of our equity investments. As of December 31, 2025, the fair value of our debt investments as a percentage of principal was 99.3%, as compared to 99.0% as of December 31, 2024. For the year ended December 31, 2024, the net unrealized gain was primarily driven by an increase in the fair value of certain of our debt and equity investments and reversals of prior period unrealized losses that were realized during the period related to exited investments.
The ten largest contributors to the change in net unrealized gain (loss) on investments during the period 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)
Space Exploration Technologies Corp.
Space Exploration Technologies Corp.
Revolut Ribbit Holdings, LLC
Revolut Ribbit Holdings, LLC
Pluralsight, LLC
Robinhood Markets, Inc.
Halo Parent Newco, LLC
Klaviyo, Inc.
SalesLoft, Inc.
Peraton Corp.
Signifyd Inc.
Walker Edison Furniture Company LLC
Excalibur CombineCo, L.P.
Circle Internet Services, Inc.
E2Open Parent Holdings, Inc.
Cornerstone OnDemand, Inc.
Elliott Alto Co-Investor Aggregator L.P.
Toast, Inc.
Inovalon Holdings, Inc.
Algolia, Inc.
Remaining portfolio companies
Remaining portfolio companies
Total
Total
Net Realized Gains (Losses)
The realized gains and losses on fully exited portfolio companies, partially exited portfolio companies and foreign currency transactions during the following periods were:
For the Years Ended December 31,
($ in thousands)
$ 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 gains on investments of $54.6 million, primarily driven by sales of certain of our equity investments. We incurred losses of $21.5 million on foreign currency transactions for the year ended December 31, 2025, primarily as a result of fluctuations in the AUD, GBP and EUR exchange rates versus USD.
Realized Gross Internal Rate of Return
Since we began investing in 2018 through December 31, 2025, our exited investments have resulted in an aggregate cash flow realized gross internal rate of return to us of over 10.5% (based on total capital invested of $7.5 billion and total proceeds from these exited investments of $9.0 billion.
IRR, is a measure of our discounted cash flows (inflows and outflows). Specifically, IRR is the discount rate at which the net present value of all cash flows is equal to zero. That is, IRR is the discount rate at which the present value of total capital invested in each of our investments is equal to the present value of all realized returns from that investment. Our IRR calculations are unaudited.
Capital invested, with respect to an investment, represents the aggregate cost basis allocable to the realized or unrealized portion of the investment, net of any upfront fees paid at closing for the term loan portion of the investment.
Realized returns, with respect to an investment, represents the total cash received with respect to each investment, including all amortization payments, interest, dividends, prepayment fees, upfront fees (except upfront fees paid at closing for the term loan portion of an investment), administrative fees, agent fees, amendment fees, accrued interest, and other fees and proceeds.
Gross IRR, with respect to an investment, is calculated based on the dates that we invested capital and dates we received distributions, regardless of when we made distributions to our shareholders. Initial investments are assumed to occur at time zero.
Gross IRR reflects historical results relating to our past performance and is not necessarily indicative of our future results. In addition, gross IRR does not reflect the effect of management fees, expenses, incentive fees or taxes borne, or to be borne, by us or our shareholders, and would be lower if it did.
Aggregate cash flow realized gross IRR on our exited investments reflects only invested and realized cash amounts as described above, and does not reflect any unrealized gains or losses in our portfolio.
Financial Condition, Liquidity and Capital Resources
Our liquidity and capital resources are generated primarily from cash flows from interest, dividends and fees earned from our investments and principal repayments, our credit facilities, and other secured and unsecured debt. The primary uses of our cash are (i) investments in portfolio companies and other investments and to comply with certain portfolio diversification requirements, (ii) the cost of operations (including paying or reimbursing our Adviser) and (iii) cash distributions to the holders of our shares.
We may from time to time enter into additional credit facilities, increase the size of our existing credit facilities, enter into additional debt securitization transactions or issue additional debt securities. Additional financings could include SPV drop down facilities and unsecured notes. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. As of December 31, 2025 and December 31, 2024, our asset coverage was 226% and 220%, respectively. We seek to carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage. Further, we maintain sufficient borrowing capacity within the 150% asset coverage limitation to cover any outstanding unfunded commitments we are required to fund. Our current target ratio is 0.90x-1.25x. For the year ended December 31, 2025, our weighted average cost of debt was 6.7%. In addition, from time to time, we may seek to retire, repurchase, or exchange debt securities in open market purchases or by other means, including privately negotiated transactions, in each case dependent on market conditions, liquidity, contractual obligations, and other matters. The amounts involved in any such transactions, individually or in the aggregate, may be material.
As of December 31, 2025, cash, taken together with our available debt capacity of $1.45 billion is expected to be sufficient for our investing activities and to conduct our operations in the near term. Our long-term cash needs will include principal payments on
outstanding indebtedness and funding of additional portfolio investments. Funding for long-term cash needs will come from unused net proceeds from financing activities and our capital commitments. We believe that our liquidity and sources of capital are adequate to satisfy our short and long-term cash requirements. We cannot, however, be certain that these sources of funds will be available at a time and upon terms acceptable to us in sufficient amounts in the future.
As of December 31, 2025, we had $282.9 million in cash and restricted cash. During the year ended December 31, 2025, $916.0 million in cash was used in operating activities, primarily as a result of funding portfolio investments of $3.8 billion offset by sell downs and repayments of $1.9 billion and other operating activity of $920.0 million. Lastly, cash provided by financing activities was $0.9 billion during the period, primarily from net borrowings on debt.
Equity
We have the authority to issue 1,000,000,000 common shares at $0.01 per share par value.
On March 24, 2025, as a result of the Mergers, we issued an aggregate of approximately 250,738,523 shares of our common stock.
On June 12, 2025, our common stock was listed and began trading on the New York Stock Exchange (“NYSE”) under the symbol “OTF” (the “Exchange Listing”).
In connection with the Exchange Listing, the Board has determined to eliminate any outstanding fractional shares of our common stock (the “Fractional Shares”), as permitted by the Maryland General Corporation Law by rounding up the number of Fractional Shares held by each shareholder to the nearest whole share.
Our amended and restated articles of incorporation (the “Charter”) provides for three separate restricted periods during which shares of our common stock may not be transferred as follows:
• One period is 180 days after the Exchange Listing and applies to all of the shares of our common stock outstanding prior to the Listing (the “First Lock-Up Period”);
• One period is 270 days after the Exchange Listing and applies to two-thirds of the shares of our common stock outstanding prior to the Listing (the “Second Lock-Up Period”); and
• One period is 365 days after the Exchange Listing and applies to one-third of the shares of our common stock outstanding prior to the Listing (the “Third Lock-Up Period”).
In connection with the Exchange Listing, the Board waived the transfer restrictions with respect to 23,256,814 shares of our common stock and a pro rata portion of each shareholder’s shares of our common stock were released from each of the First, Second and Third Lock-Up Periods. Effective as of September 9, 2025, the Board waived the transfer restrictions with respect to 46,513,271 shares of our common stock and a pro rata portion of each shareholder’s shares of our common stock were released from the First Lock-Up Period. On November 4, 2025, the Board waived the transfer restrictions with respect to shares of the Company’s common stock as follows:
Approximate Number of Shares Being Released from Transfer Restrictions
Effective Date
50.4 million (1)
November 13, 2025
49.1 million (2)
January 20, 2026
49.1 million (2)
February 20, 2026
49.1 million (3)
April 20, 2026
49.1 million (3)
May 20, 2026
(1) A pro rata portion of each shareholder’s shares of the Company’s common stock will be released from the First Lock-Up Period.
(2) A pro rata portion of each shareholder’s shares of the Company’s common stock will be released from the Second Lock-Up Period.
(3) A pro rata portion of each shareholder’s shares of the Company’s common stock will be released from the Third Lock-Up Period.
Generally, all of the Company’s common stock that has been outstanding for more than six months is eligible for public sale pursuant to Rule 144 under the Securities Act; however, certain affiliates will have to comply with the additional requirements relating to the manner of sale, volume limitation and notice provisions in order to rely on Rule 144.
Distributions
The table below reflects the distributions declared on shares of our common stock during the following periods:
For the Year Ended December 31, 2025
Date Declared
Record Date
Payment Date
Distribution per Share
November 5, 2025
December 31, 2025
January 15, 2026
August 5, 2025
September 30, 2025
October 15, 2025
June 2, 2025 (supplemental dividend)
September 21, 2026
October 6, 2026
June 2, 2025 (supplemental dividend)
June 22, 2026
July 7, 2026
June 2, 2025 (supplemental dividend)
March 23, 2026
April 7, 2026
June 2, 2025 (supplemental dividend)
December 23, 2025
January 7, 2026
June 2, 2025 (supplemental dividend)
September 22, 2025
October 7, 2025
June 2, 2025
June 30, 2025
July 15, 2025
March 14, 2025
March 17, 2025
March 18, 2025
For the Year Ended December 31, 2024
Date Declared
Record Date
Payment Date
Distribution per Share
October 1, 2024
December 31, 2024
January 31, 2025
August 6, 2024
September 30, 2024
November 15, 2024
May 7, 2024
June 28, 2024
August 15, 2024
February 21, 2024(1)
March 29, 2024
May 15, 2024
(1) Expected to be paid or was partially paid from sources other than ordinary income, including long-term capital gains.
During certain periods, our distributions may exceed our earnings. As a result, it is possible that a portion of the distributions we make may represent a return of capital. A return of capital generally is a return of a shareholder’s investment rather than a return of earnings or gains derived from our investment activities. Each year, a statement on Form 1099-DIV identifying the tax character of the distributions will be mailed to our shareholders. The tax character of the distributions are not determined until our taxable year end.
Dividend Reinvestment
We have adopted a dividend reinvestment plan, pursuant to which, we will reinvest all cash distributions declared by the Board on behalf of our shareholders who do not elect to receive their distribution in cash as provided below. As a result, if the Board authorizes, and we declare, a cash dividend or other distribution, then our shareholders who have not opted out of our dividend reinvestment plan will have their cash distributions automatically reinvested in additional shares of our common stock rather than receiving the cash dividend or other distribution. As described below, we may purchase shares in the open market or use newly issued shares to implement the dividend reinvestment plan. Any fractional share otherwise issuable to a participant in the dividend reinvestment plan will instead be paid in cash.
Prior to the Exchange Listing, the number of shares to be issued to a shareholder under the dividend reinvestment plan was determined by dividing the total dollar amount of the distribution payable to such shareholder by the net asset value per share of the Company’s common stock, as of the last day of the Company’s calendar quarter immediately preceding the date such distribution was declared. In connection with listing our common stock on the NYSE, we entered into our second amended and restated dividend reinvestment plan, pursuant to which, if newly issued shares are used to implement the dividend reinvestment plan, the number of shares to be issued to a shareholder will be determined by dividing the total dollar amount of the cash dividend or distribution payable to a shareholder by the market price per share of our common stock at the close of regular trading on the NYSE on the payment date of a distribution, or if no sale is reported for such day, the average of the reported bid and ask prices. However, if the market price per share on the payment date of a cash dividend or distribution exceeds the most recently computed net asset value per share, we will issue shares at the greater of (i) the most recently computed net asset value per share and (ii) 95% of the current market price per share (or such lesser discount to the current market price per share that still exceeded the most recently computed net asset value per share). Pursuant to our second amended and restated dividend reinvestment plan, if shares are purchased in the open market to implement the dividend reinvestment plan, the number of shares to be issued to a shareholder shall be determined by dividing the dollar amount of the cash dividend payable to such shareholder by the weighted average price per share for all shares purchased by the plan administrator in the open market in connection with the dividend. Shareholders who receive distributions in the form of shares of common stock will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.
The table below reflects the common stock issued pursuant to the dividend reinvestment plan during the following periods:
For the Year Ended December 31, 2025
Date Declared
Record Date
Payment Date
Shares
August 5, 2025
September 30, 2025
October 15, 2025
June 2, 2025 (supplemental dividend)
September 22, 2025
October 7, 2025
June 2, 2025
June 30, 2025
July 15, 2025
March 14, 2025
March 17, 2025
March 18, 2025
October 1, 2024
December 31, 2024
January 31, 2025
For the Year Ended December 31, 2024
Date Declared
Record Date
Payment Date
Shares
August 6, 2024
September 30, 2024
November 15, 2024
May 7, 2024
June 28, 2024
August 15, 2024
February 21, 2024
March 29, 2024
May 15, 2024
November 7, 2023
December 29, 2023
January 31, 2024
2025 Stock Repurchase Program
On May 27, 2025, the Board approved the 2025 Stock Repurchase Program (the “2025 Stock Repurchase Program”) under which we may repurchase up to $200 million of its outstanding common stock. Under the 2025 Stock Repurchase Program, purchases may be made at management's discretion from time to time in open-market transactions, in accordance with applicable securities laws and regulations. Unless extended by the Board, the 2025 Stock Repurchase Program will terminate 18-months from the date of the Exchange Listing. As of December 31, 2025, 5,192,408 shares of our common stock have been repurchased pursuant to the 2025 Stock Repurchase Program for approximately $73.4 million since the 2025 Stock Repurchase Program’s inception.
Debt
Aggregate Borrowings
The tables below present debt obligations as of the following periods (4) :
December 31, 2025
($ in thousands)
Aggregate Principal Committed
Outstanding Principal
Amount Available (1)
Unamortized Debt Issuance Costs (Premium)
Net Carrying Value
Revolving Credit Facility (2)
SPV Asset Facility I
SPV Asset Facility II
SPV Asset Facility III
SPV Asset Facility IV
Athena CLO II
Athena CLO IV
Athena CLO V
June 2026 Notes
January 2027 Notes
March 2028 Notes (3)
September 2028 Notes
April 2029 Notes (3)
Total Debt
(1) The amount available reflects any limitations related to each credit facility’s borrowing base.
(2) The amount available is reduced by $3.0 million of outstanding letters of credit.
(3) Net carrying value is inclusive of change in fair market value of effective hedge.
(4) Refer to “Note 5 — Debt” to our consolidated financial statements included in this Annual Report for more information on our present debt obligations.
December 31, 2024
($ in thousands)
Aggregate Principal Committed
Outstanding Principal
Amount Available (1)
Unamortized Debt Issuance Costs (Premium)
Net Carrying Value
Revolving Credit Facility
SPV Asset Facility I
SPV Asset Facility II
June 2025 Notes
December 2025 Notes
June 2026 Notes
January 2027 Notes
CLO 2020-1
Total Debt
(1) The amount available reflects any collateral related limitations at the Company level related to each credit facility’s borrowing base.
The table below presents the components of interest expense for the following periods:
For the Years Ended December 31,
($ in thousands)
Interest expense
Amortization of debt issuance costs, net
Net change in unrealized (gain) loss on effective interest rate swaps and hedged items (1)
Total Interest Expense
Average interest rate
Average daily borrowings
(1) Refer to “ Note 5 — Debt — March 2028 Notes and April 2029 Notes” to our consolidated financial statements included in this Annual Report for details on the 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)
December 31, 2025
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 May 27, 2025, our Board approved a repurchase program (the “2025 Stock Repurchase Program”) under which we may repurchase up to $200 million of our outstanding common stock. Under the 2025 Stock Repurchase Program, purchases were made at
management's discretion from time to time in open-market transactions, in accordance with applicable securities laws and regulations. Unless extended by the Board, the 2025 Stock Repurchase Program will terminate 18-months from the date of the Exchange Listing. As of December 31, 2025, 5,192,408 shares of the Company’s common stock have been repurchased pursuant to the 2025 Stock Repurchase Program for approximately $73.4 million since the 2025 Stock Repurchase Program’s inception. All shares purchased by us pursuant to 2025 Stock Repurchase Program have been retired and are authorized and unissued shares.
From time to time, we may become a party to certain legal proceedings incidental to the normal course of our business. At December 31, 2025, management was not aware of any pending or threatened litigation.
Contractual Obligations
A summary of our contractual payment obligations under our credit facilities and notes as of December 31, 2025, is as follows:
Payments Due by Period
($ in thousands)
Total
Less than 1 year
1-3 years
3-5 years
After 5 years
Revolving Credit Facility
SPV Asset Facility I
SPV Asset Facility II
SPV Asset Facility III
SPV Asset Facility IV
Athena CLO II
Athena CLO IV
Athena CLO V
June 2026 Notes
January 2027 Notes
March 2028 Notes
September 2028 Notes
April 2029 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 certain affiliates, in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors.
Additionally, we invest in Credit SLF, Blue Owl Leasing, and Stripe Blue Owl Holdings LLC (“Stripe Blue Owl”), controlled affiliated investments, and Amergin, BOCSO, Fifth Season, LSI Financing DAC, and LSI Financing LLC, which are non-controlled affiliated investments, as defined in the 1940 Act.
See “ Note 3 —Agreements and Related Party Transactions ” to our consolidated financial statements included in this 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 independent third-party valuation firm(s) engaged at the direction of our Adviser.
As part of the valuation process, our Adviser, as the valuation designee, takes into account relevant factors in determining the fair value of our investments, including: the estimated enterprise value of a portfolio company (i.e., the total fair value of the portfolio company’s debt and equity), the nature and realizable value of any collateral, the portfolio company’s ability to make payments based on its earnings and cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company’s securities to any similar publicly traded securities, and overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Adviser, as the valuation designee, considers whether the pricing indicated by the external event corroborates its valuation.
Our Adviser, as the valuation designee, undertakes a multi-step valuation process, which includes, among other procedures, the following:
• With respect to investments for which market quotations are readily available, those investments will typically be valued at the average bid price of those market quotations;
• With respect to investments for which market quotations are not readily available, the valuation process begins with the independent valuation firm(s) providing a preliminary valuation of each investment to the Adviser’s valuation committee;
• Preliminary valuation conclusions are documented and discussed with the Adviser’s valuation committee;
• Our Adviser, as the valuation designee, reviews the recommended valuations and determines the fair value of each investment;
• Each quarter, our Adviser, as the valuation designee, provides the Audit Committee a summary or description of material fair value matters that occurred in the prior quarter and on an annual basis, our Adviser, as the valuation designee, will provide the Audit Committee with a written assessment of the adequacy and effectiveness of its fair value process; and
• The Audit Committee oversees the valuation designee and will report to the Board on any valuation matters requiring the Board’s attention.
We conduct this valuation process on a quarterly basis.
We apply Financial Accounting Standards Board Accounting Standards Codification 820, Fair Value Measurements (“ASC 820”), as amended, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. ASC 820 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, we consider its principal market to be the market that has the greatest volume and level of activity. ASC 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance with ASC 820, these levels are summarized below:
• Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access.
• Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
• Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.
Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfer occurred. In addition to using the above inputs in investment valuations, we apply the valuation policy approved by our Board that is consistent with ASC 820. Consistent with the valuation policy, our Adviser, as the valuation designee, evaluates the source of the inputs, including any markets in which our investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When an investment is valued based on prices provided by reputable dealers or pricing services (that is, broker quotes), our Adviser,
as the valuation designee, subjects those prices to various criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment. For example, our Adviser, as the valuation designee, or the independent valuation firm(s), review pricing support provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs.
We apply the practical expedient provided by the ASC Topic 820 relating to investments in certain entities that calculate net asset value per share (or its equivalent). ASC Topic 820 permits an entity holding investments in certain entities that either are investment companies, or have attributes similar to an investment company, and calculate NAV per share or its equivalent for which the fair value is not readily determinable, to measure the fair value of such investments on the basis of that NAV per share, or its equivalent, without adjustment. Investments which are valued using NAV per share as a practical expedient are not categorized within the fair value hierarchy as per ASC Topic 820.
Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If we were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material.
In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein.
Financial and Derivative Instruments
Rule 18f-4 requires BDCs that use derivatives to, among other things, comply with a value-at-risk leverage limit, adopt a derivatives risk management program, and implement certain testing and board reporting procedures. Rule 18f-4 exempts BDCs that qualify as “limited derivatives users” from the aforementioned requirements, provided that these BDCs adopt written policies and procedures that are reasonably designed to manage the BDC’s derivatives risks and comply with certain recordkeeping requirements. Rule 18f-4 provides that a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. Pursuant to Rule 18f-4, when we trade reverse repurchase agreements or similar financing transactions, including certain tender option bonds, we need to aggregate the amount of any other senior securities representing indebtedness (e.g., bank borrowings, if applicable) when calculating our asset coverage ratio. We currently qualify as a “limited derivatives user” and expect to continue to do so. We adopted a derivatives policy and comply with Rule 18f-4’s recordkeeping requirements.
Interest and Dividend Income Recognition
Interest income is recorded on the accrual basis and includes amortization and accretion of discounts or premiums. Certain investments may have contractual payment-in-kind (“PIK”) interest or dividends, the majority of which is structured at initial underwriting. PIK interest and dividends represent accrued interest or dividends that are added to the principal amount or liquidation amount of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally become due at maturity or at the occurrence of a liquidation event. Discounts and premiums to par value on securities purchased are amortized into interest income over the contractual life of the respective security using the effective yield method. The amortized cost of investments represents the original cost adjusted for the amortization and accretion of discounts or premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.
Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. If, at any point, we believe PIK interest is not expected to be realized, the investment generating PIK interest will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are generally reversed through interest income. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.
Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.
Distributions
We have elected to be treated for U.S. federal income tax purposes, and qualify annually thereafter, as a RIC under subchapter M of the Code. To maintain our tax treatment as a RIC, we must timely distribute (or be deemed to distribute) in each taxable year to our shareholders at least the sum of:
• 90% of our investment company taxable income (which is generally our ordinary income plus the excess of realized short-term capital gains over realized net long-term capital losses), determined without regard to the deduction for dividends paid, for such taxable year; and
• 90% of our net tax-exempt interest income (which is the excess of our gross tax-exempt interest income over certain disallowed deductions) for such taxable year.
As a RIC, we (but not our shareholders) generally will not be subject to U.S. federal tax on investment company taxable income and net capital gains that we distribute to our shareholders.
We intend to distribute annually all or substantially all of such income. To the extent that we retain our net capital gains or any investment company taxable income, we generally will be subject to U.S. federal income tax at corporate rates. We can be expected to carry forward our net capital gains or any investment company taxable income in excess of current year dividend distributions, and pay the U.S. federal excise tax as described below.
Amounts not distributed on a timely basis in accordance with a calendar year distribution requirement are subject to a nondeductible 4% U.S. federal excise tax payable by us. We may be subject to a nondeductible 4% U.S. federal excise tax if we do not distribute (or are treated as distributing) during each calendar year an amount at least equal to the sum of:
• 98% of our net ordinary income excluding certain ordinary gains or losses for that calendar year;
• 98.2% of our capital gain net income, adjusted for certain ordinary gains and losses, recognized for the twelve-month period ending on October 31 of that calendar year; and
• certain undistributed amounts from previous years in which we paid no U.S. federal income tax.
While we intend to distribute any income and capital gains in the manner necessary to minimize imposition of the 4% U.S. federal excise tax, sufficient amounts of our taxable income and capital gains may not be distributed and as a result, in such cases, the excise tax will be imposed. In such an event, we will be liable for this tax only on the amount by which we do not meet the foregoing distribution requirement.
We intend to pay quarterly distributions to our shareholders out of assets legally available for distribution. All distributions will be paid at the discretion of our Board and will depend on our earnings, financial condition, maintenance of our tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as our Board may deem relevant from time to time.
To the extent our current taxable earnings for a year fall below the total amount of our distributions for that year, a portion of those distributions may be deemed a return of capital to our shareholders for U.S. federal income tax purposes. Thus, the source of a distribution to our shareholders may be the original capital invested by the shareholder rather than our income or gains. Shareholders should read written disclosure carefully and should not assume that the source of any distribution is our ordinary income or gains.
We have adopted an “opt out” dividend reinvestment plan for our common shareholders. As a result, if we declare a cash dividend or other distribution, each shareholder that has not “opted out” of our dividend reinvestment plan will have their dividends or distributions automatically reinvested in additional shares of our common stock rather than receiving cash distributions. Shareholders who receive distributions in the form of shares of common stock will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.
Income Taxes
We have elected to be treated as a BDC under the 1940 Act. We have also elected to be treated as a RIC under the Code beginning with the taxable year ending December 31, 2018 and intend to continue to qualify as a RIC. So long as we maintain our tax treatment as a RIC, we generally will not pay U.S. federal income taxes on any ordinary income or capital gains that we distribute at least annually to our shareholders as dividends. Instead, any tax liability related to income earned and distributed by us represents obligations of our investors and will not be reflected in our consolidated financial statements. However, we will be subject to U.S. federal income tax imposed at corporate rates on any income, including capital gains, not distributed (or deemed distributed) to our stockholders.
To qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, we generally must distribute to our shareholders, for each taxable year, at least (i) 90% of our “investment company taxable income” for that year, which is generally our net ordinary income plus the excess, if any, of our realized net short-term capital gains over our realized net long-term capital losses and (ii) our net tax-exempt income. In order for us not to be subject to U.S. federal excise taxes, we must distribute annually an amount at least equal to the sum of (i) 98% of our net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of our capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (iii) certain undistributed amounts from previous
years on which we paid no U.S. federal income tax. We, at our discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income.
Certain of our consolidated subsidiaries are subject to U.S. federal and state income taxes imposed at corporate rates.
We evaluate tax positions taken or expected to be taken in the course of preparing our consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. There were no material uncertain tax positions through December 31, 2025. As applicable, our prior three tax years remain subject to examination by U.S. federal, state and local tax authorities.
Recent Developments
We have evaluated subsequent events through the date of issuance of these consolidated financial statements and determined there are no subsequent events to disclose except for the following:
January 2031 Notes
On January 23, 2026, we issued $400.0 million aggregate principal amount of 6.125% notes due 2031. In connection with the issuance of the January 2031 Notes, on January 20, 2026 we entered into a bilateral interest rate swap. The notional amount of the interest rate swap is $400.0 million. We will receive fixed rate interest at 6.125% and pay variable rate interest based on SOFR plus 2.495%. The interest rate swap matures on January 23, 2031.
Dividend
On February 18, 2026, the Board approved a first quarter dividend of $0.35 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.
