Investments (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Investments [Abstract]

Schedule of Investments

The table below presents the composition of investments at fair value and amortized cost as of the following periods:

	September 30, 2024				December 31, 2023
($ in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair 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 investments	164,425		156,068		187,024		186,796
Unsecured debt investments	110,266		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, 2024		December 31, 2023
Aerospace & Defense	1.4	%	1.9	%
Application Software	15.9		15.8
Banks	1.7		2.2
Beverages	0.1		0.3
Building Products	0.2		0.3
Buildings & Real Estate	1.3		—
Capital Markets	0.4		0.3
Commercial Services & Supplies	0.7		0.5
Construction & Engineering	0.1		0.2
Consumer Finance	0.6		0.5
Diversified Consumer Services	2.2		0.3
Diversified Financial Services(1)	11.0		9.5
Diversified Support Services	0.6		0.7
Electrical Equipment	—		3.3
Entertainment	1.9		—
Equity Real Estate Investment Trusts (REITs)	0.1		—
Food & Staples Retailing	3.0		3.8
Health Care Equipment & Supplies	1.3		1.2
Health Care Technology	11.8		8.9
Health Care Providers & Services	4.9		5.4
Hotels, Restaurants & Leisure	0.6		—
Industrial Conglomerates	0.1		—
Insurance(2)	5.1		4.6
Internet & Direct Marketing Retail	0.9		—
IT Services	3.2		3.9
Joint Ventures(3)(5)	—		—
Life Sciences Tools & Services	1.4		1.8
Media	1.3		—
Multiline Retail	0.3		—
Pharmaceuticals(4)	2.0		1.5
Professional Services	4.2		3.9
Real Estate Management & Development	0.9		1.2
Systems Software	20.8		28.0
Total	100.0	%	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, 2024		December 31, 2023
United States:
Midwest	14.3	%	11.4	%
Northeast	18.2		20.0
South	26.4		25.8
West	27.3		31.4
Australia	0.2		0.3
Canada	4.3		4.4
Cayman Islands	—		0.4
Germany	0.2		0.2
Guernsey	1.1		1.4
Ireland	0.1		0.2
Israel	—		0.8
Norway	0.9		—
Spain	0.5		—
Sweden	0.6		—
Switzerland	0.2		0.3
United Kingdom	5.7		3.4
Total	100.0	%	100.0	%

As of September 30, 2024, the capital commitment and economic ownership of each Credit SLF Member is as follows:

Members	Capital Commitment		Economic ownership interest
($ in thousands)
Blue Owl Capital Corporation	$	24,500	42.8	%
Blue Owl Capital Corporation II	500		0.9	%
Blue Owl Capital Corporation III	6,250		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. II	2,500		4.4	%
Blue Owl Technology Income Corp.	2,500		4.4	%
State Teachers Retirement System of Ohio	7,143		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 expenses	602		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.