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Investments
 9 Months Ended
Sep. 30, 2024
Schedule of Investments [Abstract]  
Investments Investments
Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies. Under the 1940 Act, “non-affiliated investments” are defined as investments that are neither controlled investments nor affiliated investments. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled affiliated investments is contained in the accompanying consolidated financial statements, including the consolidated schedule of investments. The information in the tables below is presented on an aggregate portfolio basis, without regard to whether they are non-controlled non-affiliated, non-controlled affiliated or controlled affiliated investments.
The table below presents the composition of investments at fair value and amortized cost as of the following periods:
September 30, 2024December 31, 2023
($ in thousands)Amortized CostFair ValueAmortized CostFair Value
First-lien senior secured debt investments(1)
$4,318,083 $4,355,248 $3,047,941 $3,068,392 
Second-lien senior secured debt investments164,425 156,068 187,024 186,796 
Unsecured debt investments110,266 111,413 72,097 73,823 
Preferred equity investments(2)
323,695 306,747 374,363 370,458 
Common equity investments(3)
135,025 152,306 104,372 108,170 
Joint ventures(4)
2,189 2,187 — — 
Total Investments$5,053,683 $5,083,969 $3,785,797 $3,807,639 
(1)Includes investment in Amergin AssetCo.
(2)Includes equity investment in LSI Financing.
(3)Includes equity investments in Amergin AssetCo and Fifth Season.
(4)Includes equity investment in Credit SLF.
The Company uses the Global Industry Classification Standard (“GICS”) for classifying the industry groupings of its portfolio companies. The table below presents the industry composition of investments based on fair value as of the following periods:
September 30, 2024December 31, 2023
Aerospace & Defense1.4 %1.9 %
Application Software15.9 15.8 
Banks1.7 2.2 
Beverages0.1 0.3 
Building Products0.2 0.3 
Buildings & Real Estate1.3 — 
Capital Markets0.4 0.3 
Commercial Services & Supplies0.7 0.5 
Construction & Engineering0.1 0.2 
Consumer Finance0.6 0.5 
Diversified Consumer Services2.2 0.3 
Diversified Financial Services(1)
11.0 9.5 
Diversified Support Services0.6 0.7 
Electrical Equipment— 3.3 
Entertainment1.9 — 
Equity Real Estate Investment Trusts (REITs)0.1 — 
Food & Staples Retailing3.0 3.8 
Health Care Equipment & Supplies1.3 1.2 
Health Care Technology11.8 8.9 
Health Care Providers & Services4.9 5.4 
Hotels, Restaurants & Leisure0.6 — 
Industrial Conglomerates0.1 — 
Insurance(2)
5.1 4.6 
Internet & Direct Marketing Retail0.9 — 
IT Services3.2 3.9 
Joint Ventures(3)(5)
— — 
Life Sciences Tools & Services1.4 1.8 
Media1.3 — 
Multiline Retail0.3 — 
Pharmaceuticals(4)
2.0 1.5 
Professional Services4.2 3.9 
Real Estate Management & Development0.9 1.2 
Systems Software20.8 28.0 
Total100.0 %100.0 %
(1)Includes investments in Amergin AssetCo.
(2)Includes investment in Fifth Season.
(3)Includes equity investment in Credit SLF.
(4)Includes equity investment in LSI Financing.
(5)As of September 30, 2024, our investment in Joint Ventures is insignificant.
The table below presents the geographic composition of investments based on fair value as of the following periods:
September 30, 2024December 31, 2023
United States:
Midwest14.3 %11.4 %
Northeast18.2 20.0 
South26.4 25.8 
West27.3 31.4 
Australia0.2 0.3 
Canada4.3 4.4 
Cayman Islands— 0.4 
Germany0.2 0.2 
Guernsey1.1 1.4 
Ireland0.1 0.2 
Israel— 0.8 
Norway0.9 — 
Spain0.5 — 
Sweden0.6 — 
Switzerland0.2 0.3 
United Kingdom5.7 3.4 
Total100.0 %100.0 %
Blue Owl Credit SLF LLC
On May 6, 2024 Credit SLF, a Delaware limited liability company, was formed as a joint venture between the Company, Blue Owl Capital Corporation, Blue Owl Capital Corporation II, Blue Owl Capital Corporation III, Blue Owl Credit Income Corp., Blue Owl Technology Finance Corp., Blue Owl Technology Income Corp., and State Teachers Retirement System of Ohio (“OSTRS”) (each, a “Credit SLF Member” and collectively, 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. The Company’s investment in Credit SLF is a co-investment made with its affiliates in accordance with the terms of the exemptive relief that it received from the SEC. The Company does not consolidate its non-controlling interest in Credit SLF. Credit SLF’s investments at fair value are determined in accordance with FASB ASC 820, as amended; however, such fair value is not included in the Company's valuation process.
As of September 30, 2024, the capital commitment and economic ownership of each Credit SLF Member is as follows:
MembersCapital CommitmentEconomic ownership interest
($ in thousands)
Blue Owl Capital Corporation$24,500 42.8 %
Blue Owl Capital Corporation II500 0.9 %
Blue Owl Capital Corporation III6,250 10.9 %
Blue Owl Credit Income Corp.11,250 19.7 %
Blue Owl Technology Finance Corp.2,500 4.4 %
Blue Owl Technology Finance Corp. II2,500 4.4 %
Blue Owl Technology Income Corp.2,500 4.4 %
State Teachers Retirement System of Ohio7,143 12.5 %
Total$57,143 100.0 %
The table below sets forth Credit SLF’s consolidated financial data (unaudited) as of and for the following periods:
As of
($ in thousands)
September 30, 2024
Consolidated Balance Sheet Data
Cash$16,174 
Investments at fair value$150,220 
Total Assets$166,462 
Total Debt (net of unamortized debt issuance costs)$31,326 
Total Liabilities$116,474 
Total Credit SLF Members' Equity$49,988 
For the Three Months Ended September 30,
For the Nine Months Ended September 30,
($ in thousands)
2024(1)
2024(1)
Consolidated Statement of Operations Data
Investment income$556 $556 
Net operating expenses602 672 
Net investment income (loss)$(46)$(116)
Total net realized and unrealized gain (loss)104 104 
Net increase (decrease) in Credit SLF Members' Equity resulting from operations$58 $(12)
(1) Credit SLF commenced operations on May 6, 2024.