OBDC

The information contained in this section should be read in conjunction with “ITEM 1. FINANCIAL STATEMENTS.” This discussion contains forward-looking statements, which relate to future events or the future performance or financial condition of Blue Owl Capital Corporation and involves numerous risks and uncertainties, including, but not limited to, those described in our Form 10-K for fiscal year December 31, 2025, and 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 quarterly report on Form 10-Q (“Quarterly Report”). Actual results could differ materially from those implied or expressed in any forward-looking statements. Overview Blue Owl Capital Corporation (the “Company”, “we”, “us” or “our”) is a Maryland corporation formed on October 15, 2015. Our investment objective is to generate current income, and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. Our investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. Within this space, we predominantly focus on investing in institutionally-backed, upper middle-market businesses, which we categorize as those generating greater than $50 million of EBITDA annually. We invest in senior secured or unsecured loans, subordinated loans or mezzanine loans, broadly syndicated loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company’s common equity. We may hold our investments directly or through specialty financing portfolio companies and joint ventures. Except for our specialty financing company investments, our equity investments are typically not control-oriented investments and we may structure such equity investments to include provisions protecting our rights as a minority-interest holder. We are externally managed by Blue Owl Credit Advisors LLC (“the Adviser” or “our Adviser”). The Adviser is registered with the U.S. Securities and Exchange Commission (the “SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), is an indirect affiliate of Blue Owl Capital Inc. (“Blue Owl”) (NYSE: OWL) and is part of Blue Owl’s Credit platform. Subject to the overall supervision of our board of directors (“the Board” or “our Board”), the Adviser manages our day-to-day operations, and provides investment advisory and management services to us. The Adviser or its affiliates may engage in certain origination activities and receive attendant arrangement, structuring or similar fees. The Adviser is responsible for managing our business and activities, including sourcing investment opportunities, conducting research, performing diligence on potential investments, structuring our investments, and monitoring our portfolio companies on an ongoing basis through a team of investment professionals. Since July 6, 2023, our common stock trades on the NYSE under the symbol “OBDC.” The Adviser also serves as investment adviser to Blue Owl Capital Corporation II and Blue Owl Credit Income Corp. 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) Real Assets, which focuses on three primary investment strategies: net lease, real estate credit and digital infrastructure, and (3) 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. The Adviser is part of the direct lending strategy of Blue Owl’s Credit platform which offers private credit solutions to primarily upper-middle-market companies through differentiated access points. In addition to the Adviser, Blue Owl’s Credit platform’s direct lending strategy is comprised of Blue Owl Technology Credit Advisors LLC (“OTCA”), Blue Owl Technology Credit Advisors II LLC (“OTCA II”), Blue Owl Credit Private Fund Advisors LLC (“OPFA”) and Blue Owl Diversified Credit Advisors LLC (“ODCA” and together with the Adviser, OTCA, OTCA II, and OPFA, the “Blue Owl Credit Advisers”), which also are registered investment advisers. As of June 30, 2026, the Adviser and its affiliates had $158.12 billion of assets under management across Blue Owl’s Credit platform. The management of our investment portfolio is the responsibility of the Adviser and the Diversified Lending Investment Committee. The Investment Team is led by Douglas I. Ostrover, Marc S. Lipschultz and Craig W. Packer and is supported by certain members of the Adviser's senior executive team and Blue Owl’s Credit platform’s direct lending investment committees. Blue Owl’s four direct lending investment committees focus on a specific investment strategy (Diversified Lending, Technology Lending, First Lien Lending and Opportunistic Lending). Douglas I. Ostrover, Marc S. Lipschultz, Craig W. Packer and Alexis Maged sit on each of Blue Owl’s direct lending investment committees. In addition to Messers. Ostrover, Lipschultz, Packer and Maged, the Diversified Lending Investment Committee is comprised of Matthias Ederer, Patrick Linnemann, Meenal Mehta and Logan Nicholson. We consider the individuals on the Diversified Lending Investment Committee to be our portfolio managers. The Investment Team, under the Diversified Lending Investment Committee's supervision, sources investment opportunities, conducts research, performs due diligence on potential investments, structures our investments and will monitor our portfolio companies on an ongoing basis. The Diversified Lending Investment Committee meets regularly to consider our investments, direct our strategic initiatives and supervise the actions taken by the Adviser on our behalf. In addition, the Diversified Lending Investment Committee reviews and determines whether to make prospective investments (including approving parameters or guidelines pursuant to which certain investments may be made or sold consistent with our investment objective), structures financings and monitors the performance of the investment portfolio. Each investment opportunity requires the approval of a majority of the Diversified Lending Investment Committee. Follow-on investments in existing portfolio companies may require the Diversified Lending Investment Committee's 129 Table of Contents approval beyond that obtained when the initial investment in the portfolio company was made. In addition, temporary investments, such as those in cash equivalents, U.S. government securities and other high quality debt investments that mature in one year or less, may require approval by the Diversified Lending Investment Committee. The compensation packages of Diversified Lending Investment Committee members from the Adviser include various combinations of discretionary bonuses and variable incentive compensation based primarily on performance for services provided and may include shares of Blue Owl. We may be prohibited under the Investment Company Act of 1940, as amended (the “1940 Act”) from participating in certain transactions with our affiliates without the prior approval of our directors who are not interested persons, and in some cases, the prior approval of the SEC. We rely on an order for exemptive relief (the “Order”) to co-invest with other funds managed by the Adviser or certain affiliates, in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to such Order, we are generally permitted to co-invest with certain of our affiliates if such co-investments are done on the same terms and at the same time, as further detailed in the Order. The Order requires that a “required majority” (as defined in Section 57(o) of the 1940 Act) of directors who are not “interested persons” of us, the Adviser, or any of their respective affiliates, as defined in the 1940 Act (“Independent Directors”) make certain conclusions in connection with certain co-investment transactions, including (1) when we co-invest with an affiliated entity (as defined in the co-investment application) in an issuer where an affiliated entity has an existing investment in the issuer unless the transaction is completed on a pro rata basis, and (2) if we dispose of an asset acquired in a co-investment transaction unless the disposition is done on a pro rata basis or the disposition is of a tradable security. Pursuant to the Order, the Board oversees our participation in the co-investment program. As required by the Order, we have adopted, and the Board, including a required majority of the Independent Directors, has approved, policies and procedures reasonably designed to ensure compliance with the conditions of the Order. The Board, including a required majority of the Independent Directors, also reviewed the Co-Investment Policies of the Adviser to ensure that they are reasonably designed to prevent us from being disadvantaged by participation in the co-investment program. The Adviser and our Chief Compliance Officer will also provide reporting to the Board. The Blue Owl Credit Advisers’ investment allocation policies seek to ensure equitable allocation of investment opportunities and addresses the co-investment restrictions set forth under the 1940 Act. As a result of the Order, there could be significant overlap in our investment portfolio and the investment portfolio of the business development companies (“BDCs”), interval fund, private funds and separately managed accounts managed by the Blue Owl Credit Advisers (collectively, the “Blue Owl Credit Clients”) and/or other funds managed by the Adviser or its affiliates that avail themselves of the Order. In addition, the Adviser and its affiliates are permitted to allocate an investment to a number of products across platforms that it views as appropriate for the particular investment objectives, strategies and characteristics of such products. On April 27, 2016, we formed a wholly-owned subsidiary, OR Lending LLC, a Delaware limited liability company, which holds a California finance lenders license. OR Lending LLC makes loans to borrowers headquartered in California. From time to time we may form wholly-owned subsidiaries to facilitate our normal course of business. Certain consolidated subsidiaries of ours are subject to U.S. federal and state corporate-level income taxes. We have elected to be regulated as a BDC under the 1940 Act and as a regulated investment company (“RIC”) for U.S. federal income tax purposes. As a result, we are required to comply with various statutory and regulatory requirements, such as: •the requirement to invest at least 70% of our assets in “qualifying assets”, as such term is defined in the 1940 Act; •source of income limitations; •asset diversification requirements; and •the requirement to distribute (or be treated as distributing) in each taxable year at least the sum of (i) 90% of our investment company taxable income and (ii) 90% of our tax-exempt interest for that taxable year. On January 13, 2025, we consummated the transactions contemplated by the Agreement and Plan of Merger (the “Merger Agreement”), dated August 7, 2024, with Blue Owl Capital Corporation III, a Maryland corporation (“OBDE”), Cardinal Merger Sub, Inc., a Maryland corporation and our wholly-owned subsidiary (“Merger Sub”), and, solely for the limited purposes set forth therein, the Adviser, and ODCA, investment adviser to OBDE. In connection therewith, Merger Sub merged with and into OBDE, with OBDE continuing as the surviving company and our wholly-owned subsidiary and, immediately thereafter, OBDE merged with and into us, and we continued as the surviving company (together, the “Mergers”). 130 Table of Contents Our Investment Framework Our investment objective is to generate current income, and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. Our investment strategy focuses primarily on originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. Since our Adviser and its affiliates began investment activities in April 2016 through June 30, 2026, our Adviser and its affiliates have originated $197.54 billion aggregate principal amount of investments, of which $193.23 billion of aggregate principal amount of investments prior to any subsequent exits or repayments, was retained by either us or a corporation or fund advised by our Adviser or its affiliates. We seek to participate in transactions sponsored by what we believe to be high-quality private equity and venture capital firms capable of providing both operational and financial resources. We seek to generate current income primarily in U.S. middle-market companies, both sponsored and non-sponsored, through direct originations of senior secured loans or originations of unsecured loans, subordinated loans or mezzanine loans, broadly syndicated loans and, to a lesser extent, investments in equity and equity-related securities including warrants, preferred stock and similar forms of senior equity. We may hold our investments directly or through specialty financing portfolio companies and joint ventures. Except for our specialty financing company investments, our equity investments are typically not control-oriented investments and we may structure such equity investments to include provisions protecting our rights as a minority-interest holder. In general, we define “middle-market companies” to mean companies with earnings before interest expense, income tax expense, depreciation and amortization, or “EBITDA,” between $25 million and $500 million annually and/or annual revenue of $125 million to $5 billion. Within this space, we predominantly focus on investing in upper middle-market businesses, where we can structure larger transactions, which we believe to be more resilient and of greater strategic significance. We categorize “upper middle-market” companies as those generating $50 million or more of EBITDA annually. We may on occasion invest in smaller or larger companies if an attractive opportunity presents itself, especially when there are dislocations in the capital markets, including the high yield and syndicated loan markets. We note that over time, the average EBITDA of companies in our portfolio has grown significantly as the scale of private market solutions has grown. Across our investments, we typically seek to be senior in the capital structure, targeting a loan-to-value ratio (the amount of outstanding debt as a percentage of the value of the company) of 50% or below on average, which may provide a level of downside protection and help preserve capital. We expect that our portfolio composition will be comprised predominantly of directly originated debt and income producing securities, with a lesser allocation to equity or equity-linked opportunities which we may hold directly or through specialty purpose vehicles and joint ventures. In addition, we may invest a portion of our portfolio in opportunistic investments and publicly traded debt investments and we may evaluate and enter into strategic portfolio transactions that may result in additional portfolio companies that we are considered to control. These types of investments are intended to supplement our core strategy and further enhance returns to our shareholders. These investments may include high-yield bonds and broadly-syndicated loans, including “covenant light” loans (as defined below), and other publicly traded debt instruments, typically originated and structured by banks on behalf of large corporate borrowers with employee counts, revenues, EBITDAs and enterprise values larger than those of middle-market companies, and equity investments in portfolio companies that make senior secured loans or invest in broadly syndicated loans, structured products, asset-based solutions or other forms of specialty finance, which may include, but is not limited to, investments such as life settlement, royalty interests and equipment finance. In addition, we generally do not intend to invest more than 20% of our total assets in companies whose principal place of business is outside the United States, although we do not generally intend to invest in companies whose principal place of business is in an emerging market. Our portfolio composition may fluctuate from time to time based on market conditions and interest rates. Covenants are contractual restrictions that lenders place on companies to limit the corporate actions a company may pursue. The loans in which we expect to invest may have financial maintenance covenants, which are used to proactively address materially adverse changes in a portfolio company’s financial performance or may take the form of “covenant-lite” loans which generally refer to loans that do not have a complete set of financial maintenance covenants. Generally, “covenant-lite” loans provide borrower companies more freedom to negatively impact lenders because their covenants are incurrence-based, which means they are only tested and can only be breached following an affirmative action of the borrower, rather than by a deterioration in the borrower’s financial condition. Accordingly, to the extent we invest in “covenant-lite” loans, we may have fewer rights against a borrower and may have a greater risk of loss on such investments as compared to investments in or exposure to loans with financial maintenance covenants. As of June 30, 2026, our average debt investment size in each of our portfolio companies was approximately $59.6 million based on fair value. The investment size will vary with the size of our capital base and market conditions. As of June 30, 2026, excluding certain investments that fall outside of our typical borrower profile, our portfolio companies representing 91.5% of our debt portfolio based on fair value had weighted average annual revenue of $1.06 billion, weighted average annual EBITDA of $242 million, an average interest coverage of 2.0x and an average net loan-to value of 47%. The companies in which we invest use our capital to support their growth, acquisitions, market or product expansion, refinancings and/or recapitalizations. The debt in which we invest typically is not rated by any rating agency, but if these instruments were rated, they would likely receive a rating of below investment grade (that is, below BBB- or Baa3), which is often referred to as “high yield” or “junk.” 131 Table of Contents Key Components of Our Results of Operations Investments We focus primarily on the direct origination of loans to institutionally-backed, upper middle-market companies domiciled in the United States. Our level of investment activity (both the number of investments and the size of each investment) can and will vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle market companies, the level of merger and acquisition activity for such companies, the general economic environment and the competitive environment for the types of investments we make. In addition, as part of our risk strategy on investments, we may reduce the levels of certain investments through partial sales or syndication to additional lenders. Revenues We generate revenues primarily in the form of interest income from the investments we hold. In addition, we generate income from dividends on either direct equity investments or equity interests obtained in connection with originating loans, such as options, warrants or conversion rights. Our debt investments typically have a term of three to ten years. As of June 30, 2026, 96.0% of our debt investments based on fair value bear interest at a floating rate, subject to interest rate floors, in certain cases. Interest on our debt investments is generally payable either monthly or quarterly. Our investment portfolio consists primarily of floating rate loans, and our credit facilities bear interest at floating rates. Macro trends in base interest rates like the Secured Overnight Financing Rate (“SOFR”) and any alternative reference rates may affect our net investment income over the long term. However, because we generally originate loans to a small number of portfolio companies each quarter, and those investments vary in size, our results in any given period, including the interest rate on investments that were sold or repaid in a period compared to the interest rate of new investments made during that period, often are idiosyncratic, and reflect the characteristics of the particular portfolio companies that we invested in or exited during the period and not necessarily any trends in our business or macro trends. Generally, because our portfolio consists primarily of floating rate loans, we expect our earnings to benefit from a prolonged higher rate environment. Loan origination fees, original issue discount and market discount or premium are capitalized, and we accrete or amortize such amounts under U.S. generally accepted accounting principles (“U.S. GAAP”) as interest income using the effective yield method for term instruments and the straight-line method for revolving or delayed draw instruments. Repayments of our debt investments can reduce interest income from period to period. The frequency or volume of these repayments may fluctuate significantly. We record prepayment premiums on loans as interest income. We may also generate revenue in the form of commitment, loan origination, structuring, or due diligence fees, fees for providing managerial assistance to our portfolio companies and possibly consulting fees. Dividend income on equity investments is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded companies. Our portfolio activity also reflects the proceeds from sales of investments. We recognize realized gains or losses on investments based on the difference between the net proceeds from the disposition and the amortized cost basis of the investment without regard to unrealized gains or losses previously recognized. We record current period changes in fair value of investments that are measured at fair value as a component of the net change in unrealized gains (losses) on investments in the consolidated statement of operations. Expenses Our primary operating expenses include the payment of the management fee, the incentive fee, expenses reimbursable under the Administration Agreement and Investment Advisory Agreement, legal and professional fees, interest and other debt expenses and other operating expenses. The management fee and incentive fee compensate our Adviser for work in identifying, evaluating, negotiating, closing, monitoring and realizing our investments. Except as specifically provided below, all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory and management services to us, the base compensation, bonus and benefits, and the routine overhead expenses of such personnel allocable to such services, are provided and paid for by the Adviser. We bear our allocable portion of the compensation paid by the Adviser (or its affiliates) to our Chief Compliance Officer and Chief Financial Officer and their respective staffs (based on a percentage of time such individuals devote, on an estimated basis, to our business affairs). We bear all other costs and expenses of our operations, administration and transactions, including, but not limited to (i) investment advisory fees, including management fees and incentive fees, to the Adviser, pursuant to the Investment Advisory Agreement; (ii) our allocable portion of overhead and other expenses incurred by the Adviser in performing its administrative obligations under the Administration Agreement; and (iii) all other costs and expenses of its operations and transactions including, without limitation, those relating to: •the cost of our organization and offerings; •the cost of calculating our net asset value, including the cost of any third-party valuation services; 132 Table of Contents •the cost of effecting any sales and repurchases of our common stock and other securities; •fees and expenses payable under any dealer manager agreements, if any; •debt service and other costs of borrowings or other financing arrangements; •costs of hedging; •expenses, including travel expense, incurred by the Adviser, or members of the investment team, or payable to third parties, performing due diligence on prospective portfolio companies and, if necessary, enforcing our rights; •transfer agent and custodial fees; •fees and expenses associated with marketing efforts; •federal and state registration fees, any stock exchange listing fees and fees payable to rating agencies; •U.S. federal, state and local taxes; •independent directors’ fees and expenses including certain travel expenses; •costs of preparing financial statements and maintaining books and records and filing reports or other documents with the SEC (or other regulatory bodies) and other reporting and compliance costs, including registration and listing fees, and the compensation of professionals responsible for the preparation of the foregoing; •costs of any reports, proxy statements or other notices to our shareholders (including printing and mailing costs), the costs of any shareholder or director meetings and the compensation of investor relations personnel responsible for the preparation of the foregoing and related matters; •commissions and other compensation payable to brokers or dealers; •research and market data; •fidelity bond, directors’ and officers’ errors and omissions liability insurance and other insurance premiums; •direct costs and expenses of administration, including printing, mailing, long distance telephone and staff; •fees and expenses associated with independent audits, outside legal and consulting costs; •costs of winding up; •costs incurred in connection with the formation or maintenance of entities or vehicles to hold our assets for tax or other purposes; •extraordinary expenses (such as litigation or indemnification); and •costs associated with reporting and compliance obligations under the 1940 Act and applicable federal and state securities laws. We expect, but cannot assure, that our general and administrative expenses will increase in dollar terms during periods of asset growth, but will decline as a percentage of total assets during such periods. Leverage The amount of leverage we use in any period depends on a variety of factors, including cash available for investing, the cost of financing and general economic and market conditions. Generally, our total borrowings are limited so that we cannot incur additional borrowings, including through the issuance of additional debt securities, if such additional indebtedness would cause our asset coverage ratio to fall below 200% or 150%, if certain requirements are met. This means that generally, $1 for every $1 of investor equity (or, if certain conditions are met, we can borrow up to $2 for every $1 of investor equity). In any period, our interest expense will depend largely on the extent of our borrowing, and we expect interest expense will increase as we increase our debt outstanding. In addition, we may dedicate assets to financing facilities. On June 8, 2020, we received shareholder approval for the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act, as amended by the Small Business Credit Availability Act. As a result, effective on June 9, 2020, our asset coverage requirement applicable to senior securities was reduced from 200% to 150%. Our current target leverage ratio is 0.90x-1.25x. Market Trends Broader geopolitical developments, including the conflict involving Iran, have contributed to elevated market volatility, even if they have not altered the fundamental operating environment for the U.S. companies in which we invest. We actively monitor these dynamics alongside other sources of risk. As part of our standard valuation and risk management processes, we conduct reviews of every investment in our portfolio on a quarterly basis and take additional, proactive steps to reassess risk across our portfolio through thematic stress tests. Year-to-date, our regular course portfolio monitoring and risk-specific stress tests, including those related to tariffs and artificial intelligence, suggest that our portfolio is well positioned, supported by borrowers with strong business fundamentals and defensive characteristics. We believe the middle-market lending environment provides opportunities for us to meet our goal of making investments that generate attractive risk-adjusted returns. 133 Table of Contents Limited Availability of Capital for Middle Market Companies — The middle market is a large addressable market. According to GE Capital’s National Center for the Middle Market Mid-Year 2026 Middle Market Indicator, there are approximately 200,000 U.S. middle market companies, which have approximately 48 million aggregate employees. Moreover, the U.S. middle market accounts for one-third of private sector gross domestic product (“GDP”). GE defines U.S. middle market companies as those between $10 million and $1 billion in annual revenue, which we believe has significant overlap with our definition of U.S. middle market companies. We believe U.S. middle market companies will continue to require access to debt capital to refinance existing debt, support growth and finance acquisitions. We believe that regulatory and structural factors, industry consolidation and general risk aversion, limit the amount of traditional financing available to U.S. middle market companies. Reportedly, many commercial and investment banks have, in recent years, de-emphasized their service and product offerings to middle market businesses in favor of lending to large corporate clients and managing capital markets transactions. In addition, these lenders may be constrained in their ability to underwrite and hold bank loans and high yield securities for middle market issuers as they seek to meet existing and future regulatory capital requirements. We also believe that there is a lack of market participants that are willing to hold meaningful amounts of certain middle market loans. As a result, we believe our ability to minimize syndication risk for a company seeking financing by being able to hold its loans without having to syndicate them, coupled with reduced capacity of traditional lenders to serve the middle-market, present an attractive opportunity to invest in middle market companies. Capital Markets Have Been Unable to Fill the Void in U.S. Middle Market Finance Left by Banks — Access to underwritten bond and syndicated loan markets is challenging for middle market companies due to loan issue size and liquidity. For example, high yield bonds are generally purchased by institutional investors, such as mutual funds and exchange traded funds (“ETFs”) who, among other things, are focused on the liquidity characteristics of the bond being issued in order to fund investor redemptions and/or comply with regulatory requirements. Accordingly, the existence of an active secondary market for bonds is an important consideration in these entities’ initial investment decision. Syndicated loans arranged through a bank are done either on a “best efforts” basis or are underwritten with terms plus provisions that permit the underwriters to change certain terms, including pricing, structure, yield and tenor, otherwise known as “flex”, to successfully syndicate the loan, in the event the terms initially marketed are insufficiently attractive to investors. Furthermore, banks are generally reluctant to underwrite sub-scale middle market loans because the arrangement fees they may earn on the placement of the debt generally are not sufficient to meet the banks’ return hurdles. Loans provided by companies such as ours provide certainty to issuers in that we have a more stable capital base and have the ability to invest in illiquid assets, and we can commit to a given amount of debt on specific terms, at stated coupons and with agreed upon fees. As we are the ultimate holder of the loans, we do not require market “flex” or other arrangements that banks may require when acting on an agency basis. In addition, our Adviser has teams focused on both liquid credit and private credit and these teams are able to collaborate with respect to syndicated loans. Secular Trends Supporting Growth for Private Credit — We believe that periods of market volatility, including volatility experienced in recent years driven by uncertainty regarding inflation, interest rates and monetary policy, geopolitical conditions, technological change, and exogenous shocks such as those to public health, have accentuated the advantages of private credit. The availability of capital in the liquid credit market is highly sensitive to market conditions whereas we believe private lending has proven to be a stable and reliable source of capital through periods of volatility. We believe the opportunity set for private credit will continue to expand even as the public markets remain open. Financial sponsors and companies today are familiar with direct lending and have seen firsthand the strong value proposition that a private solution can offer. Scale, certainty of execution and flexibility all provide borrowers with a compelling alternative to the syndicated loan and high yield markets. Based on our experience, larger, higher quality credits that have traditionally been issuers in the syndicated and high yield markets are increasingly seeking private solutions independent of credit market conditions. In our view, this is supported by financial sponsors wanting to work with 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 that the large amount of uninvested capital held by funds of private equity firms broadly, estimated by Preqin Ltd., an alternative assets industry data and research company, to be $2.7 trillion as of December 31, 2025, will continue to serve as a tailwind to the space. Attractive Investment Dynamics — An imbalance between the supply of, and demand for, middle market debt capital creates attractive pricing dynamics. We believe the directly negotiated nature of middle market financings also generally provides more favorable terms to the lender, including stronger covenant and reporting packages, better call protection, and lender-protective change of control provisions. Additionally, we believe BDC managers’ expertise in credit selection and ability to manage through credit cycles has generally resulted in BDCs experiencing lower loss rates than U.S. commercial banks through credit cycles. Further, we believe that historical middle market default rates have been lower, and recovery rates have been higher, as compared to the larger market capitalization, broadly distributed market, leading to lower cumulative losses. Lastly, we believe that in the current environment, lenders with available capital may be able to take advantage of attractive investment opportunities and may be able to achieve improved economic spreads and documentation terms as financing activity rebounds from modest levels. Conservative Capital Structures — With more conservative capital structures, U.S. middle market companies have exhibited higher levels of cash flows available to service their debt. In addition, U.S. middle market companies often are characterized by simpler capital structures than larger borrowers, which facilitates a streamlined underwriting process and, when necessary, restructuring process. 134 Table of Contents Attractive Opportunities in Investments in Loans — We invest in senior secured or unsecured loans, subordinated loans or mezzanine loans, broadly syndicated loans and, to a lesser extent, equity and equity-related securities. We believe that opportunities in senior secured loans are significant because of the floating rate structure of most senior secured debt issuances and because of the strong defensive characteristics of these types of investments. We believe that debt issues with floating interest rates offer a superior return profile as compared with fixed-rate investments, since floating rate structures are generally less susceptible to declines in value experienced by fixed-rate securities in a rising interest rate environment. Senior secured debt also provides strong defensive characteristics. Senior secured debt has priority in payment among an issuer’s security holders whereby holders are due to receive payment before junior creditors and equity holders. Further, these investments are secured by the issuer’s assets, which may provide protection in the event of a default. Portfolio and Investment Activity Our business is impacted by conditions in the financial markets and economic conditions in the United States, and to a lesser extent, globally. During the second quarter of 2026, global equity and debt markets adapted to shifts in expectations around major themes such as inflation and the trajectory of interest rates as well as ongoing geopolitical relations and the impact to energy prices. Stronger than previously indicated jobs growth and sticky inflation drove expectations of rate hikes, a reversal away from the forward rate cuts anticipated at the beginning of the second quarter. Deescalation in the Middle East, directional but not linear throughout the quarter, drove energy prices lower. Equity market dispersion continued, with single stock volatility outpacing index volatility by a wide margin as artificial intelligence (“AI”) hardware and other perceived beneficiaries of AI spend continued to drive thematic investment. The 10-year Treasury yield ended the second quarter of 2026 approximately 15 basis points higher than March 31, 2026 and experienced a peak to trough range of more than 40 basis points during the quarter. The CBOE Volatility Index peaked above 25 during the second quarter of 2026, but mostly sat below 20 as tensions in the Middle East eased throughout the quarter. We continue to approach this environment conservatively and although repayments moderated, they continued to be in excess of originations in the quarter ended June 30, 2026; however, underlying credit performance remains strong, market spreads have widened compared to year end and our leverage level is at its lowest in over two years. As a result, we have available capital to deploy into attractive risk-adjusted opportunities that meet our return and credit standards. We have also leveraged Blue Owl’s expanded capabilities in alternative and asset-based credit, as well as digital infrastructure, to access attractive risk-adjusted opportunities and adding accretive, non-correlated returns over time. We have also continued to invest in our specialty finance vehicles and joint ventures where we continue to see opportunities for higher returns that are less correlated with our core direct lending strategy. Specifically, we invest in Credit SLF, Blue Owl Leasing and specialty financing portfolio companies, including Wingspire Capital Holdings LLC (“Wingspire”), Fifth Season Investments LLC (“Fifth Season”), LSI Financing 1 DAC (“LSI Financing DAC”), LSI Financing LLC, AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC and AAM Series 2.1 Aviation Feeder, LLC (collectively, “Amergin Assetco”), Blue Owl Cross-Strategy Opportunities 2025-1 LLC (fka Blue Owl Cross-Strategy Opportunities LLC) (“BOCSO”) and OWL-HP FINANCE LLC (“Owl-HP Finance”). See “Specialty Financing Portfolio Companies and Joint Ventures.” These companies may use our capital to support acquisitions which could continue to lead to increased dividend income supported by well-diversified underlying portfolios. We view these companies as a complement to our lending strategy and expect them to help offset rate and spread volatility and support net asset value growth. These companies have strong underlying diversification and generate predictable income streams. Consistent with our last several quarters, a substantial portion of our financings are with existing borrowers. Many of these come from large, incumbent borrowers, reflecting the advantage of incumbency and scale and allowing us to support their continued growth and maintain the credit quality of our portfolio. We continue to focus on investing in upper middle-market businesses in non-cyclical industries we view as recession resistant and that we are familiar with, including defensive service-oriented sectors that provide intangible mission-critical solutions and products such as healthcare, business services, technology and insurance brokerage. These companies have diversified revenue streams, strong recurring cash flow profiles and healthy liquidity. Generally, we seek to invest not more than 20% of our portfolio in any single industry classification and target portfolio companies that comprise 1-2% of our portfolio and our current portfolio is highly diversified with an average investment size of less than 0.5% and our top ten investments representing less than 25% of the total portfolio. 135 Table of Contents Blue Owl serves as the lead, co-lead or administrative agent on many of our investments and the majority of our investments are supported by sophisticated financial sponsors who provide operational and financial resources. Our borrowers have a weighted average EBITDA of approximately $242 million (up from approximately $115 million in 2021) and average revenue of approximately $1.06 billion (up from approximately $500 million in 2021) and we believe this scale contributes to the durability of our borrowers and their ability to adapt to different economic environments. In addition, Blue Owl’s direct lending strategy continues to invest in, and is often the lead lender or administrative agent on, transactions in excess of $1 billion in size, which gives us the ability to structure the terms of such deals to maximize deal economics and credit protection and provide customized flexible solutions. The average hold size of Blue Owl’s direct lending strategy’s new investments is approximately $350 million (up from approximately $200 million in 2021) and average total new deal size is approximately $1.5 billion (up from approximately $600 million in 2021). We believe that the construction of our current portfolio coupled with our experienced investment team and strong underwriting standards leave us well-positioned for the current economic environment. Many of the companies in which we invest are continuing to see modest growth in both revenues and EBITDA. However, in the event of future geopolitical, economic or 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. The modest markdown on our portfolio was primarily driven by a small number of investments and not a deterioration in the overall quality of our portfolio. Generally we are not seeing a meaningful increase in amendment activity, requests for increased revolver borrowings, missed payments or other signs of an overall, broad deterioration in our results or those of our portfolio companies at this time although 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. The vast majority of our payment-in-kind (“PIK”) investments were structured as PIK from inception and not implemented as a result of credit underperformance. Our technology portfolio is managed by 40 dedicated investment professionals who assess the risks and opportunities of our prospective and existing investments, which has included those related to AI, for many years. As of June 30, 2026, across the industries we invest in, our software borrowers, which make up approximately 18% of the portfolio, continued to deliver strong revenue and EBITDA growth year-over-year. We also believe that our software borrowers are well positioned to evolve as a result of developments in AI and believe that a limited portion of these investments are subject to risk of significant disruption. Within software, 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 intend to continue 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. Specifically, 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. 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 June 30, 2026, based on fair value, our portfolio consisted of 73.2% first lien senior secured debt investments (of which 52% we consider to be unitranche debt investments (including “last out” portions of such loans)), 4.5% second lien senior secured debt investments, 2.5% unsecured debt investments, 1.1% specialty finance debt investments, 1.8% preferred equity investments, 4.8% common equity investments, 9.5% specialty finance equity investments and 2.6% joint ventures. As of June 30, 2026, our weighted average total yield of the portfolio at fair value and amortized cost was 9.5% and 9.4%, respectively, and our weighted average yield of accruing debt and income producing securities at fair value and amortized cost was 9.9% and 9.9%, respectively. Refer to our weighted average yields and interest rates table for more information on our calculation of weighted average yields. As of June 30, 2026, the weighted average spread of floating rate debt investments was 5.6%. As of June 30, 2026, we had investments in 229 portfolio companies with an aggregate fair value of $14.96 billion. Our current target leverage ratio is 0.90x-1.25x. As of June 30, 2026, we had net leverage of 1.11x debt-to-equity. 136 Table of Contents The table below presents our investment activity for the following periods (information presented herein is at par value unless otherwise indicated): For the Three Months Ended June 30, ($ in thousands) 2026 2025 New investment commitments: Gross originations $ 357,074 $ 1,116,767 Less: Sell downs (37,750) — Total new investment commitments $ 319,324 $ 1,116,767 Principal amount of new investments funded: First-lien senior secured debt investments $ 208,532 $ 587,980 Second-lien senior secured debt investments — 205,340 Unsecured debt investments — — Specialty finance debt investments — 9,813 Preferred equity investments — 2,914 Common equity investments — 4,401 Specialty finance equity investments 5,239 84,114 Joint venture investments 4,844 11,473 Total principal amount of new investments funded $ 218,615 $ 906,035 Drawdowns (repayments) on revolvers and delayed draw term loans, net $ 210,160 $ 142,162 Principal amount of investments sold or repaid: First-lien senior secured debt investments(1) $ (432,759) $ (1,612,475) Second-lien senior secured debt investments (33,720) (178,056) Unsecured debt investments (2,040) (24,233) Specialty finance debt investments — — Preferred equity investments (255,888) (4,933) Common equity investments (249) (78,607) Specialty finance equity investments (22,043) (8,583) Joint venture investments — — Total principal amount of investments sold or repaid $ (746,699) $ (1,906,887) Number of new investment commitments in new portfolio companies(2) 5 6 Average new investment commitment amount in new portfolio companies $ 49,525 $ 92,279 Weighted average term for new investment commitments (in years) 6.1 5.9 Percentage of new debt investment commitments at floating rates 100.0 % 99.0 % Percentage of new debt investment commitments at fixed rates — % 1.0 % Weighted average interest rate of new investment commitments(3) 8.7 % 9.7 % Weighted average spread over applicable base rate of new debt investment commitments at floating rates 4.9 % 5.4 % _______________ (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 3.73% and 4.29% as of June 30, 2026 and 2025, respectively. 137 Table of Contents The table below presents our investments as of the following periods: As of June 30, 2026 As of December 31, 2025 ($ in thousands) Amortized Cost Fair Value Amortized Cost Fair Value First-lien senior secured debt investments(1) $ 11,202,149 $ 10,937,849 $ 12,215,994 $ 12,048,934 Second-lien senior secured debt investments 931,923 674,223 975,790 848,575 Unsecured debt investments 367,689 377,224 384,569 399,962 Specialty finance debt investments 170,984 171,254 157,004 157,297 Preferred equity investments 308,544 262,536 592,714 568,977 Common equity investments 460,949 714,693 473,881 644,304 Specialty finance equity investments 1,238,485 1,426,590 1,195,614 1,386,739 Joint ventures 432,793 390,680 422,213 416,105 Total Investments $ 15,113,516 $ 14,955,049 $ 16,417,779 $ 16,470,893 _______________ (1)We consider 52% and 50% of first-lien senior secured debt investments to be unitranche loans as of June 30, 2026 and December 31, 2025, respectively. The table below presents investments by industry composition based on fair value as of the following periods: As of June 30, 2026 As of December 31, 2025 Advertising and media 2.6 % 2.4 % Aerospace and defense 1.5 1.4 Asset based lending and fund finance(1) 7.4 6.5 Automotive services 2.1 3.3 Buildings and real estate(5) 4.4 4.6 Business services 2.9 2.7 Chemicals 3.7 3.3 Consumer products 2.5 2.3 Containers and packaging 3.0 2.8 Distribution 1.3 1.3 Education 0.2 0.3 Energy equipment and services 0.5 0.5 Financial services 3.7 3.8 Food and beverage 5.2 5.0 Healthcare equipment and services 4.8 4.4 Healthcare providers and services 8.5 9.0 Healthcare technology 5.8 6.3 Household products 1.8 1.7 Human resource support services 1.6 2.0 Infrastructure and environmental services 3.0 2.3 Insurance(3) 6.1 6.3 Internet software and services 11.6 11.1 Joint ventures(2) 2.6 2.5 Leisure and entertainment 2.3 2.0 Manufacturing 3.8 5.3 Pharmaceuticals(4) 1.9 1.3 Professional services 2.4 2.9 Specialty retail 2.3 2.1 Telecommunications 0.1 0.1 Transportation 0.4 0.5 Total 100.0 % 100.0 % _______________ (1)Includes investments in Wingspire, BOCSO and Amergin AssetCo. 138 Table of Contents (2)Includes investment in Credit SLF and Blue Owl Leasing. (3)Includes investment in Fifth Season. (4)Includes investments in LSI Financing DAC and LSI Financing LLC. (5)Includes investments in Owl-HP Finance. The table below presents investments by geographic composition based on fair value as of the following periods: As of June 30, 2026 As of December 31, 2025 United States: Midwest 21.2 % 20.6 % Northeast 18.7 21.2 South 37.5 36.8 West 15.4 14.8 International 7.2 6.6 Total 100.0 % 100.0 % The table below presents the weighted average yields and interest rates of our investments at fair value as of the following periods: As of June 30, 2026 As of December 31, 2025 Weighted average total yield of portfolio(1) 9.5 % 9.5 % Weighted average total yield of debt and income producing securities(1) 9.9 % 10.0 % Weighted average interest rate of debt securities 9.4 % 9.6 % Weighted average spread over base rate of floating rate debt investments 5.6 % 5.7 % _______________ (1)For non-stated rate income producing investments, computed based on (a) the dividend or interest income earned for the respective trailing twelve months ended on the measurement date, divided by (b) the ending fair value. In instances where historical dividend or interest income data is not available or not representative for the trailing twelve months ended, the dividend or interest income is annualized. The weighted average yield of our accruing debt and income producing securities is not the same as a return on investment for our shareholders but, rather, relates to our investment portfolio and is calculated before the payment of all of our and our subsidiaries’ fees and expenses. The weighted average yield was computed using the effective interest rates as of each respective date, including accretion of original issue discount and loan origination fees, but excluding investments on non-accrual status, if any. There can be no assurance that the weighted average yield will remain at its current level. Our Adviser monitors our portfolio companies on an ongoing basis. It monitors the financial trends of each portfolio company to determine if they are meeting their respective business plans and to assess the appropriate course of action with respect to each portfolio company. Our Adviser has several methods of evaluating and monitoring the performance and fair value of our investments, which may include the following: •assessment of success of the portfolio company in adhering to its business plan and compliance with covenants; •periodic and regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor, to discuss financial position, requirements and accomplishments; •comparisons to other companies in the portfolio company’s industry; and •review of monthly or quarterly financial statements and financial projections for portfolio companies. An investment will be placed on the Adviser's credit watch list when select events occur and will only be removed from the watch list with oversight of the Diversified Lending Investment Committee and/or other agents of Blue Owl’s Credit platform. Once an investment is on the credit watch list, the Adviser works with the borrower to resolve any financial stress through amendments, waivers or other alternatives. If a borrower defaults on its payment obligations, the Adviser's focus shifts to capital recovery. If an investment needs to be restructured, the Adviser’s workout team partners with the investment team and all material amendments, waivers and restructurings require the approval of a majority of the Diversified Lending Investment Committee. As part of the monitoring process, our Adviser employs an investment rating system to categorize our investments. In addition to various risk management and monitoring tools, our Adviser rates the credit risk of all investments on a scale of 1 to 5. This system is intended primarily to reflect the underlying risk of a portfolio investment relative to our initial cost basis in respect of such portfolio investment (i.e., at the time of origination or acquisition), although it may also take into account the performance of the portfolio company’s business, the collateral coverage of the investment and other relevant factors. The rating system is as follows: 139 Table of Contents Investment Rating Description 1 Investments rated 1 involve the least amount of risk to our initial cost basis. The borrower is performing above expectations, and the trends and risk factors for this investment since origination or acquisition are generally favorable; 2 Investments rated 2 involve an acceptable level of risk that is similar to the risk at the time of origination or acquisition. The borrower is generally performing as expected and the risk factors are neutral to favorable. All investments or acquired investments in new portfolio companies are initially assessed a rating of 2; 3 Investments rated 3 involve a borrower performing below expectations and indicates that the loan’s risk has increased somewhat since origination or acquisition; 4 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 5 Investments rated 5 involve a borrower performing substantially below expectations and indicates that the loan’s risk has increased substantially since origination or acquisition. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. Loans rated 5 are not anticipated to be repaid in full and we will reduce the fair market value of the loan to the amount we anticipate will be recovered. Our Adviser rates the investments in our portfolio at least quarterly and it is possible that the rating of a portfolio investment may be reduced or increased over time. For investments rated 3, 4 or 5, our Adviser enhances its level of scrutiny over the monitoring of such portfolio company. The Adviser has built out its portfolio management team to include workout experts who closely monitor our portfolio companies and who, on at least a quarterly basis, assess each portfolio company’s operational and liquidity exposure and outlook to understand and mitigate risks; and, on at least a monthly basis, evaluates existing and newly identified situations where operating results are deviating from expectations. As part of its monitoring process, the Adviser focuses on projected liquidity needs and where warranted, re-underwriting credits and evaluating downside and liquidation scenarios. The Adviser focuses on downside protection by leveraging existing rights available under our credit documents; however, for investments that are significantly underperforming or which may need to be restructured, the Adviser’s workout team partners with the Investment Team and all material amendments, waivers and restructurings require the approval of a majority of the Diversified Lending Investment Committee. As of June 30, 2026, seven of our portfolio companies are on non-accrual, which represents 0.8% of our portfolio at fair value. Our annual net gain (loss) ratio is approximately (0.32)%. The table below presents the composition of our portfolio on the 1 to 5 rating scale as of the following periods: As of June 30, 2026 As of December 31, 2025 Investment Rating Investments at Fair Value Percentage of Total Portfolio(1) Investments at Fair Value Percentage of Total Portfolio(1) ($ in thousands) 1 $ 1,227,364 8.2 % $ 1,358,369 8.2 % 2 12,482,505 83.5 13,595,328 82.5 3 1,075,059 7.2 1,285,575 7.8 4 46,914 0.3 122,826 0.7 5 123,207 0.8 108,795 0.7 Total $ 14,955,049 100.0 % $ 16,470,893 100.0 % _______________ (1)Totals presented may not sum due to rounding. The table below presents the amortized cost and fair value of our performing and non-accrual investments as of the following periods: As of June 30, 2026 As of December 31, 2025 ($ in thousands) Amortized Cost Percentage Fair value Percentage Amortized Cost Percentage Fair value Percentage Performing $ 14,684,800 97.2 % $ 14,828,641 99.2 % $ 16,041,906 97.7 % $ 16,283,196 98.9 % Non-accrual 428,716 2.8 126,408 0.8 375,873 2.3 187,697 1.1 Total $ 15,113,516 100.0 % $ 14,955,049 100.0 % $ 16,417,779 100.0 % $ 16,470,893 100.0 % 140 Table of Contents 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. Specialty Financing Portfolio Companies and Joint Ventures We leverage the expanding role that private lenders are being asked to play in the broader credit markets to evaluate cross-platform opportunities including strategic equity and accretive joint venture investments that have cash flow and credit profiles that provide consistent income. Specialty Financing Portfolio Companies Wingspire is an independent diversified direct lender focused on providing asset-based commercial finance loans and related senior secured loans to U.S.-based middle-market borrowers. Wingspire offers a wide variety of asset-based financing solutions to businesses in an array of industries, including revolving credit facilities, machinery and equipment term loans, real estate term loans, first-in/last-out tranches, cash flow term loans, and opportunistic / bridge financings. We made our initial commitment to Wingspire on September 24, 2019, and subsequently made periodic additional commitments to increase our total commitment to $504.6 million. As of June 30, 2026, the fair value of the Company’s investment in Wingspire was $607.1 million. We do not consolidate our equity interest in Wingspire. 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 June 30, 2026, our commitment to Amergin AssetCo was $269.9 million, of which $98.6 million was equity and $171.3 million was debt. As of June 30, 2026, the fair value of the Company’s investment in Amergin AssetCo was $266.2 million. We do not consolidate our equity interest in Amergin AssetCo. Fifth Season is a portfolio company created to invest in life insurance based assets, including secondary and tertiary life settlement and other life insurance exposures using detailed analytics, internal life expectancy review and sophisticated portfolio management techniques. On July 18, 2022, we made an initial equity investment in Fifth Season. As of June 30, 2026, our investment in Fifth Season was $302.7 million at fair value. We do not consolidate our equity interest in Fifth Season. LSI Financing DAC is a portfolio company formed to acquire contractual rights to revenue pursuant to earnout agreements generally in the life sciences space. On December 14, 2022, we made an initial equity commitment to LSI Financing DAC. As of June 30, 2026, the fair value of our investment in LSI Financing DAC was $5.2 million and our total commitment was $5.3 million. We do not consolidate our equity interest in LSI Financing DAC. LSI Financing LLC is a separately managed portfolio company formed to indirectly own royalty purchase agreements and loans in the life sciences space. The Adviser provides consulting services to a subsidiary of LSI Financing LLC in exchange for a fee. The Adviser has agreed to waive a portion of the management fee payable by us pursuant to the Investment Advisory Agreement equal to the pro rata amount of such consulting fee. On November 25, 2024, we redeemed a portion of our interest in LSI Financing DAC in exchange for common shares of LSI Financing LLC. As of June 30, 2026, our investment at fair value in LSI Financing LLC was $257.9 million and our total commitment was $297.3 million. We do not consolidate our equity interest in LSI Financing LLC. BOCSO was formed to hold alternative credit assets, including ABF. ABF is a subsector of private credit focused on generating income from pools of financial, physical or other assets. As of June 30, 2026, the portfolio consists of five investments totaling $1.25 billion and $1.24 billion at cost and fair value, and ranging in cost from $24.9 million to $454.4 million and with fair value ranging from $24.9 million to $450.6 million. The largest investment is 36.3% of the total cost of BOCSO’s portfolio. As of June 30, 2026, the portfolio asset class composition was 71.7% ABF — Specialty finance, 26.3% ABF — Leasing, and 2.0% ABF — Commercial Real Estate. We do not consolidate our equity interest in BOCSO. Owl-HP Finance is an investment partnership with Hearthstone Residential Holdings (“Hearthstone”), a majority-owned subsidiary of Five Point Holdings, LLC (NYSE:FPH). Owl-HP Finance was created to invest in residential land banking (or lot option) programs that provide capital to public home builders. As of June 30, 2026, the Company’s investment at fair value in Owl-HP Finance was $40.9 million and our total commitment was $84.5 million. We do not consolidate our equity interest in Owl-HP Finance. 141 Table of Contents Joint Ventures On May 6, 2024, Credit SLF, a Delaware limited liability company, was formed as a joint venture between the Credit SLF Members. The Credit SLF Members co-manage Credit SLF. Credit SLF’s principal purpose is to make investments in senior secured loans to middle-market companies, broadly syndicated loans and senior and subordinated notes issued by collateralized loan obligations. Credit SLF is managed by a board consisting of an equal number of representatives appointed by each Credit SLF Member and which acts unanimously. Investment decisions must be approved by Credit SLF’s board. Our investment in Credit SLF is a co-investment made with our affiliates in accordance with the terms of the exemptive relief that we received from the SEC. We do not consolidate our non-controlling interest in Credit SLF. Refer to Exhibit 99.1 for the Credit SLF Supplemental Financial Information. On June 30, 2025, Blue Owl Leasing, a Delaware limited liability company, was formed as a joint venture between the Blue Owl Leasing Members. The Blue Owl Leasing Members co-manage Blue Owl Leasing. Blue Owl Leasing’s principal purpose is to make investments in leases and loans. Investment decisions must be approved by Blue Owl Leasing. Our investment in Blue Owl Leasing is a co-investment made with our affiliates in accordance with the terms of the exemptive relief that we received from the SEC. We do not consolidate our non-controlling interest in Blue Owl Leasing. Refer to Exhibit 99.2 for the Blue Owl Leasing Supplemental Financial Information. Results of Operations The table below presents our operating results for the following periods: For the Three Months Ended June 30, For the Six Months Ended June 30, ($ in millions) 2026 2025 $ Change(1) 2026 2025 $ Change(1) Total Investment Income $ 401.3 $ 485.8 $ (84.5) $ 798.1 $ 950.4 $ (152.3) Less: Total Operating Expenses 224.5 266.8 (42.3) 459.6 526.4 (66.8) Net Investment Income (Loss) Before Taxes $ 176.8 $ 219.0 $ (42.2) $ 338.5 $ 424.0 $ (85.5) Less: Income tax expense (benefit), including excise tax expense (benefit) 0.7 2.3 (1.6) 3.2 6.0 (2.8) Net Investment Income (Loss) After Taxes $ 176.1 $ 216.7 $ (40.6) $ 335.3 $ 418.0 $ (82.7) Net change in unrealized gain (loss) (95.5) (89.8) (5.7) (196.3) 105.1 (301.4) Net realized gain (loss) (14.9) 10.6 (25.6) (97.7) (142.9) 45.2 Net Increase (Decrease) in Net Assets Resulting from Operations(1) $ 65.7 $ 137.5 $ (71.8) $ 41.4 $ 380.2 $ (338.8) _______________ (1)Totals presented may not sum due to rounding. Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including the level of investment origination and exit activity, expenses, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio. For the six months ended June 30, 2026, our net asset value per share decreased, primarily driven by widening spreads contributing to decreases in the fair values in certain of our portfolio investments and distributions in excess of our net investment income, partially offset by accretive share repurchases. 142 Table of Contents On January 13, 2025, we completed the transactions contemplated by the OBDE Merger Agreement and OBDE was merged with and into us. The OBDE Mergers were accounted for as an asset acquisition in accordance with ASC 805-50, Business Combinations — Related Issues. The consideration paid to OBDE’s shareholders was less than the aggregate fair values of the assets acquired and liabilities assumed, which resulted in a purchase discount (the “purchase discount”). The purchase discount was allocated to the cost of OBDE investments acquired by us on a pro-rata basis based on their relative fair values as of the closing date. Immediately following the OBDE Mergers, we marked the investments to their respective fair values and, as a result, the purchase discount allocated to the cost basis of the investments acquired was immediately recognized as unrealized appreciation on our Consolidated Statement of Operations. The purchase discount allocated to the loan investments acquired amortizes over the life of each respective loan through interest income with a corresponding adjustment recorded as unrealized depreciation on such loans acquired through their ultimate disposition. The purchase discount allocated to equity investments acquired does not amortize over the life of such investments through interest income and, assuming no subsequent change to the fair value of the equity investments acquired and disposition of such equity investments at fair value, we will recognize a realized gain with a corresponding reversal of the unrealized appreciation on disposition of such equity investments acquired. Refer to “Note 13 — Merger with Blue Owl Capital Corporation III” for additional details. As a supplement to our financial results reported in accordance with GAAP, we have provided, as detailed below, certain non-GAAP financial measures to our operating results that exclude the aforementioned purchase discount and the ongoing amortization thereof, as determined in accordance with GAAP. The non—GAAP financial measures include (i) adjusted net investment income after taxes; (ii) adjusted net realized and unrealized gains (losses); and (iii) adjusted net increase in net assets from operations. We believe that the adjustment to exclude the full effect of the purchase discount is meaningful because it is a measure that we and investors use to assess our financial condition and results of operations. Although these non—GAAP financial measures are intended to enhance investors’ understanding of our business and performance, these non—GAAP financial measures should not be considered an alternative to GAAP. The aforementioned non—GAAP financial measures may not be comparable to similar non—GAAP financial measures used by other companies. For the Three Months Ended June 30, For the Six Months Ended June 30, ($ in millions) 2026 2025 $ Change 2026 2025 $ Change Net investment income after taxes: $ 176.1 $ 216.7 $ (40.6) $ 335.3 $ 418.0 $ (82.7) Less: Purchase discount amortization (5.6) (10.9) 5.3 (11.8) (18.8) 7.0 Adjusted, Non—GAAP, Net Investment Income after Taxes $ 170.5 $ 205.8 $ (35.3) $ 323.5 $ 399.2 $ (75.7) Net realized and unrealized gains (losses): $ (110.4) $ (79.2) $ (31.2) $ (294.0) $ (37.8) $ (256.2) Net change in unrealized (appreciation) depreciation due to the purchase discount 5.0 11.3 (6.3) 9.9 (63.7) 73.6 Realized (gain) loss due to the purchase discount 0.6 (0.4) 1.0 1.9 (0.5) 2.4 Adjusted, Non—GAAP, Net Realized and Unrealized Gains (Losses) $ (104.8) $ (68.3) $ (36.5) $ (282.2) $ (102.0) $ (180.2) Net increase in net assets from operations: $ 65.7 $ 137.5 $ (71.8) $ 41.4 $ 380.2 $ (338.8) Less: Purchase discount amortization (5.6) (10.9) 5.3 (11.8) (18.8) 7.0 Net change in unrealized (appreciation) depreciation due to the purchase discount 5.0 11.3 (6.3) 9.9 (63.7) 73.6 Realized (gain) loss due to the purchase discount 0.6 (0.4) 1.0 1.9 (0.5) 2.4 Adjusted, Non—GAAP, Net Increase in Net Assets from Operations(1) $ 65.7 $ 137.5 $ (71.8) $ 41.4 $ 297.2 $ (255.8) _______________ (1)Totals presented may not sum due to rounding. 143 Table of Contents Investment Income The table below presents investment income for the following periods: For the Three Months Ended June 30, For the Six Months Ended June 30, ($ in millions) 2026 2025 $ Change 2026 2025 $ Change Interest income from investments $ 283.2 $ 394.8 $ (111.6) $ 583.5 $ 760.8 $ (177.3) PIK interest income from investments 31.6 30.5 1.1 63.1 66.9 (3.8) Dividend income from investments 66.2 55.2 11.0 127.8 111.7 16.1 Other income 20.3 5.3 15.0 23.7 11.0 12.7 Total Investment Income $ 401.3 $ 485.8 $ (84.5) $ 798.1 $ 950.4 $ (152.3) We expect that investment income will vary based on a variety of factors including the pace of our originations and repayments. Three Months Ended June 30, 2026 Compared to the Three Months Ended June 30, 2025 Investment income decreased by $84.5 million for the three months ended June 30, 2026, as compared to the same period in the prior year, primarily due to lower interest income, partially offset by higher other income and dividend income from our equity investments. Interest income was lower by $111.6 million period-over-period due to a reduction in our portfolio size from net repayments of approximately $1.6 billion, and a decrease in the weighted average yield of our debt portfolio from 10.1% to 9.5% due to lower average interest rates. 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 decreased to $6.1 million for the three months ended June 30, 2026 from $32.1 million for the same period in the prior year, due to a decrease in repayment activity period-over-period. Other income increased by $15.0 million 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. Dividend income increased by $11.0 million period-over-period, primarily due to an increase in dividends earned from our equity investments as a result of growth in our strategic equity investments. Payment-in-kind (“PIK”) interest income from investments increased by $1.1 million remaining relatively flat period-over-period. PIK income as a percentage of overall income increased slightly to 10.7% from 9.1% in the prior period, due to a decrease in total investment income relative to PIK income. Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025 Investment income decreased by $152.3 million for the six months ended June 30, 2026, as compared to the same period in the prior year, primarily due to lower interest income, including lower interest income from our PIK investments, partially offset by dividend income and other income. Interest income decreased by $177.3 million as a result of a decrease in the par value of our debt investments period-over-period, as well as a decrease in the weighted average yield of our debt portfolio from 10.1% to 9.5%, due to lower average interest rates. 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 decreased to $13.9 million for the six months ended June 30, 2026, from $40.3 million in the prior year period, due to a decrease in repayment activity. PIK interest income decreased by $3.8 million year-over-year. For the six months ended June 30, 2026 and 2025, as a percentage of total income, PIK interest income increased to 11.2% from 9.9%, due to a decrease in total investment income relative to PIK income. Dividend income increased by $16.1 million from the prior year period, primarily due to an increase in dividends earned from our strategic equity investments. Other income increased by $12.7 million from the prior year period due to an increase in incremental fee income, which are fees that are generally available to us as a result of closing investments and normally paid at the time of closing. 144 Table of Contents Expenses The table below presents our expenses for the following periods: For the Three Months Ended June 30, For the Six Months Ended June 30, ($ in millions) 2026 2025 $ Change 2026 2025 $ Change Interest expense $ 123.0 $ 151.6 $ (28.6) $ 257.3 $ 300.1 $ (42.8) Management fee, net(1) 57.4 64.6 (7.2) 118.0 126.7 (8.7) Performance based incentive fees 36.2 43.6 (7.4) 68.6 84.7 (16.1) Professional fees 4.3 3.5 0.8 8.5 7.1 1.4 Directors’ fees 0.4 0.3 0.1 0.9 0.6 0.3 Other general and administrative 3.2 3.2 — 6.3 7.2 (0.9) Total Operating Expenses $ 224.5 $ 266.8 $ (42.3) $ 459.6 $ 526.4 $ (66.8) _______________ (1)Refer to “Note 3 – Agreements and Related Party Transactions” to our consolidated financial statements included in this Quarterly 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. Three Months Ended June 30, 2026 Compared to the Three Months Ended June 30, 2025 Total operating expenses decreased by $42.3 million year-over-year for the three months ended June 30, 2026, compared to the prior year period, primarily driven by decreases in interest expense, performance based incentive fees and management fees. Interest expense decreased by $28.6 million due to a decrease in daily average borrowings from $10.0 billion to $8.4 billion, largely due to repayments, as well as a decrease in the average interest rate from 5.5% to 5.2% period-over-period. Performance based incentive fees decreased by $7.4 million due to lower net investment income. Management fees decreased by $7.2 million due to decreases in average adjusted gross assets driven by sales and repayments of portfolio investments. As a percentage of total assets, professional fees, directors’ fees and other general and administrative expenses remained relatively consistent period-over-period. Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025 Total operating expenses decreased by $66.8 million year-over-year for the six months ended June 30, 2026, compared to the prior year period, primarily driven by decreases in interest expense, performance based incentive fees and management fees. Interest expense decreased by $42.8 million due to a decrease in daily average borrowings from $10.1 billion to $8.9 billion, largely due to repayments, as well as a decrease in the average interest rate from 5.6% to 5.2% period-over-period. Performance based incentive fees decreased by $16.1 million due to lower net investment income. Management fees decreased by $8.7 million due to decreases in average adjusted gross assets driven by sales and repayments of portfolio investments. As a percentage of total assets, professional fees, directors’ fees and other general and administrative expenses remained relatively consistent period-over-period. 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 June 30, 2026, we have generated undistributed taxable earnings “spillover” of approximately $0.29 per share. The undistributed taxable earnings spillover will be carried forward toward distributions to be paid in accordance with RIC requirements. To maintain our tax treatment as a RIC, we, among other things, intend to make the requisite distributions to our shareholders, which generally relieves us from U.S. federal income taxes at corporate rates. Depending on the level of taxable income earned in a tax year, we can be expected to carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, we will accrue excise tax on estimated excess taxable income. For the three and six months ended June 30, 2026, we recorded U.S. federal and state income tax expense (benefit) of $0.7 million, and $3.2 million, respectively, including U.S. federal excise tax expense (benefit) of $1.1 million and $2.8 million, 145 Table of Contents respectively. For the three and six months ended June 30, 2025, we recorded U.S. federal and state income tax expense (benefit) of $2.3 million, and $6.0 million, respectively, including U.S. federal excise tax expense (benefit) of $1.0 million and $3.0 million, respectively. Certain of our consolidated subsidiaries are subject to U.S. federal and state income taxes. For the three and six months ended June 30, 2026, we recorded a tax expense (benefit) of approximately $(0.4) million and $0.4 million for taxable subsidiaries, respectively. For the three and six months ended June 30, 2025, we recorded a tax expense of approximately $1.3 million, and $3.0 million for taxable subsidiaries, respectively. The income tax expense for our taxable consolidated subsidiaries will vary depending on the level of investment income earnings and realized gains from the exits of investments held by such taxable subsidiaries during the respective periods. Net Unrealized Gains (Losses) We fair value our portfolio investments quarterly and any changes in fair value are recorded as unrealized gains or losses. During the following periods, net unrealized gains (losses) were as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, ($ in millions) 2026 2025 $ Change 2026 2025 $ Change Net change in unrealized gain (loss) on investments $ (99.4) $ (103.0) $ 3.6 $ (197.6) $ 89.4 $ (287.0) Net change in translation of assets and liabilities in foreign currencies and other transactions 4.0 13.4 (9.4) 0.8 17.4 (16.6) Income tax (provision) benefit (0.2) (0.2) — 0.5 (1.7) 2.2 Net Change in Unrealized Gain (Loss) $ (95.5) $ (89.8) $ (5.7) $ (196.3) $ 105.1 $ (301.4) 146 Table of Contents Three Months Ended June 30, 2026 Compared to the Three Months Ended June 30, 2025 For the three months ended June 30, 2026, the net unrealized losses were driven by decreases in the fair value of certain debt investments and reversals of prior period unrealized gains that were realized during the period, partially offset by reversals of prior period unrealized losses that were realized during the period and increases in the fair value of certain debt and equity investments as further detailed below. For the three months ended June 30, 2025, the net unrealized loss was driven by a decrease in the fair value of certain debt and equity investments and reversals of prior period unrealized gains that were realized in the quarter related to exited investments, partially offset by an increase in the fair value of certain debt investments as detailed below. The ten largest contributors to the change in net unrealized gain (loss) on investments consisted of the following: Portfolio Company For the Three Months Ended June 30, 2026 Portfolio Company For the Three Months Ended June 30, 2025 ($ in millions) ($ in millions) Loparex Midco B.V. $ (79.1) National Dentex Labs LLC (fka Barracuda Dental LLC) $ (40.5) Cornerstone OnDemand, Inc. (26.8) Trucordia Insurance Holdings, LLC (36.8) Metis HoldCo, Inc. (dba Mavis Tire Express Services) (17.1) Conair Holdings, LLC (26.3) Feradyne Outdoors, LLC (15.9) Notorious Topco, LLC (dba Beauty Industry Group) (26.1) Trucordia Insurance Holdings, LLC (11.5) Ideal Image Development, LLC(2) (13.3) Pluralsight, LLC(2) (9.9) Inovalon Holdings, Inc. (7.0) CD&R Value Building Partners I, L.P. (dba Belron) 5.6 AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC / AAM Series 2.1 Aviation Feeder, LLC(1) 8.8 Space Exploration Technologies Corp. 9.2 Blue Owl Credit SLF LLC(1) 8.9 Eagle Infrastructure Services, LLC(1) 16.6 Wingspire Capital Holdings LLC(1) 13.8 Conair Holdings LLC 43.5 Cornerstone OnDemand, Inc. 16.8 Remaining portfolio companies (14.0) Remaining portfolio companies (1.3) Total $ (99.4) Total $ (103.0) _______________ (1)Portfolio company is a controlled, affiliated investment. (2)Portfolio company is a non-controlled, affiliated investment. 147 Table of Contents Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025 For the six months ended June 30, 2026, the net unrealized loss was driven by widening of credit spreads and decreases in the fair value of certain debt and equity investments, partially offset by increases in the fair value of certain debt and equity investments, as well as reversals of prior period unrealized losses that were realized in the current period. For the six months ended June 30, 2025, the net unrealized gain included $63.7 million of net unrealized gain due to purchase discount from the Mergers across 189 portfolio companies that were acquired, an increase in the fair value of certain debt and equity investments, as well as reversals of prior period unrealized losses that were realized during the period related to exited investments. This is partially offset by a decrease in the fair value of certain debt investments and reversals of prior period unrealized gains that were realized in the quarter related to exited investments, as detailed below. The ten largest contributors to the change in net unrealized gain (loss) on investments consisted of the following: Portfolio Company For the Six Months Ended June 30, 2026 Portfolio Company For the Six Months Ended June 30, 2025 ($ in millions) ($ in millions) Loparex Midco B.V. $ (114.5) H-Food Holdings, LLC $ 115.3 Cornerstone OnDemand, Inc. (84.3) CIBT Global, Inc. 27.1 Blue Owl Credit SLF LLC(1) (36.0) AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC / AAM Series 2.1 Aviation Feeder, LLC(1) 19.8 Pluralsight, LLC(2) (22.6) Tall Tree Foods, Inc. 15.6 Feradyne Outdoors, LLC (19.8) Cornerstone OnDemand, Inc. 15.0 Trucordia Insurance Holdings, LLC (16.6) Ideal Image Development, LLC(2) (14.2) Ideal Image Development, LLC(2) 36.8 Trucordia Insurance Holdings, LLC (30.8) Eagle Infrastructure Services, LLC(1) 43.1 Conair Holdings, LLC (32.2) Walker Edison Furniture Company LLC(1) 61.4 Notorious Topco, LLC (dba Beauty Industry Group)(1) (37.8) Conair Holdings LLC 69.2 National Dentex Labs LLC (fka Barracuda Dental LLC) (49.8) Remaining portfolio companies (114.3) Remaining portfolio companies 61.4 Total $ (197.6) Total $ 89.4 _______________ (1)Portfolio company is a controlled, affiliated investment. (2)Portfolio company is a non-controlled, affiliated investment. 148 Table of Contents Net Realized Gains (Losses) The table below presents the realized gains and losses on fully exited and partially exited portfolio companies during the following periods: For the Three Months Ended June 30, For the Six Months Ended June 30, ($ in millions) 2026 2025 $ Change 2026 2025 $ Change Net realized gain (loss) on investments $ (14.1) $ 20.8 $ (34.9) $ (99.0) $ (131.1) $ 32.1 Net realized gain (loss) on foreign currency transactions (0.8) (10.2) 9.4 1.3 (11.8) 13.1 Net Realized Gain (Loss) $ (14.9) $ 10.6 $ (25.5) $ (97.7) $ (142.9) $ 45.2 Three Months Ended June 30, 2026 Compared to the Three Months Ended June 30, 2025 For the three months ended June 30, 2026, we recognized net realized losses on investments of $14.1 million, primarily driven by the full or partial sales of investments. For the three months ended June 30, 2025, we recognized net realized gains on investments of $20.8 million primarily driven by the restructuring of certain debt and equity investments. For the three months ended June 30, 2026 and 2025, we incurred losses on foreign currency transactions of $0.8 million and $10.2 million, respectively, primarily as a result of fluctuations in the GBP, EUR, AUD and CAD exchange rates vs. US Dollar. The largest contributors to the change in net realized gain (loss) on investments consisted of the following: Portfolio Company For the Three Months Ended June 30, 2026 ($ in millions) Conair Holdings LLC $ (9.8) Walker Edison Furniture Company LLC(1) (6.0) Dodge Construction Network Holdings, L.P. (2.0) Remaining portfolio companies 3.7 Total $ (14.1) ______________________________ (1)Portfolio company is a controlled, affiliated investment. Portfolio Company For the Three Months Ended June 30, 2025 ($ in millions) PCF Holdco, LLC (dba PCF Insurance Services) $ 22.2 GoHealth, Inc. (1.4) Remaining portfolio companies (0.1) Total $ 20.8 149 Table of Contents Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025 For the six months ended June 30, 2026 and 2025, we recognized net realized losses on investments of $99.0 million and $131.1 million, respectively, primarily driven by the full or partial sales of investments and the restructuring of certain debt and equity investments, partially offset by the realized gain of $1.7 million from our strategic asset sale in the first quarter of 2026, see “Note 4 – Investments – Asset Sale” for additional details. For the six months ended June 30, 2026 and 2025, we incurred gains (losses) on foreign currency transactions of $1.3 million and $(11.8) million, respectively, primarily as a result of fluctuations in the GBP, EUR, AUD and CAD exchange rates vs. US Dollar. The largest contributors to the change in net realized gain (loss) on investments consisted of the following: Portfolio Company For the Six Months Ended June 30, 2026 ($ in millions) Walker Edison Furniture Company LLC(1) $ (62.4) Ideal Image Development, LLC(2) (37.8) EOS Finco S.A.R.L (dba Netceed) (12.7) Conair Holdings LLC (9.8) Dodge Construction Network Holdings, L.P. (2.0) Brightway Holdings, LLC 0.5 Lignetics Investment Corp. 1.0 Tall Tree Foods, Inc. 1.0 VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.) 6.2 Space Exploration Technologies Corp. 13.5 Remaining portfolio companies 3.5 Total $ (99.0) ______________________________ (1)Portfolio company is a controlled, affiliated investment. (2)Portfolio company is a non-controlled, affiliated investment. Portfolio Company For the Six Months Ended June 30, 2025 ($ in millions) H-Food Holdings, LLC $ (113.7) CIBT Global, Inc. (27.1) Tall Tree Foods, Inc. (14.1) GoHealth, Inc. (4.4) Amergin Asset Management, LLC 1.1 EOS Finco S.A.R.L 1.1 Physician Partners, LLC 3.0 PCF Holdco, LLC (dba PCF Insurance Services) 22.2 Remaining portfolio companies 0.7 Total $ (131.1) Realized Gross Internal Rate of Return Since we began investing in 2016 through June 30, 2026, our exited investments have resulted in an aggregate cash flow realized gross internal rate of return to us of approximately 10% (based on total capital invested of $24.75 billion and total proceeds from these exited investments of $30.23 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. 150 Table of Contents Realized returns, with respect to an investment, represents the total cash received with respect to each investment, including all amortization payments, interest, dividends, prepayment fees, upfront fees (except upfront fees paid at closing for the term loan portion of an investment), administrative fees, agent fees, amendment fees, accrued interest, and other fees and proceeds. Gross IRR, with respect to an investment, is calculated based on the dates that we invested capital and dates we received distributions, regardless of when we made distributions to our shareholders. Initial investments are assumed to occur at time zero. Gross IRR reflects historical results relating to our past performance and is not necessarily indicative of our future results. In addition, gross IRR does not reflect the effect of management fees, expenses, incentive fees or taxes borne, or to be borne, by us or our shareholders, and would be lower if it did. Aggregate cash flow realized gross IRR on our exited investments reflects only invested and realized cash amounts as described above, and does not reflect any unrealized gains or losses in our portfolio. Financial Condition, Liquidity and Capital Resources Our liquidity and capital resources are generated primarily from cash flows from interest, dividends and fees earned from our investments and principal repayments, our credit facilities, debt securitization transactions, and other secured and unsecured debt. We may also generate cash flow from operations, future borrowings and future offerings of securities including public and/or private issuances of debt and/or equity securities through both registered offerings off of our shelf registration statement and private offerings. The primary uses of our cash are (i) investments in portfolio companies and other investments and to comply with certain portfolio diversification requirements, (ii) the cost of operations (including paying or reimbursing our Adviser), (iii) debt service, repayment and other financing costs of any borrowings and (iv) cash distributions to the holders of our shares. We may from time to time enter into additional credit facilities, increase the size of our existing credit facilities, enter into additional debt securitization transactions, or issue additional debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. Our current target ratio is 0.90x-1.25x. As of June 30, 2026, our weighted average total cost of debt was 5.8%. 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 June 30, 2026 and December 31, 2025, our asset coverage ratio was 187% and 178%, respectively. We seek to carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage. Further, we maintain sufficient borrowing capacity within the 150% asset coverage limitation to cover any outstanding unfunded commitments we are required to fund. Cash and restricted cash as of June 30, 2026, taken together with our available debt, is expected to be sufficient for our investing activities and to conduct our operations in the near term. As of June 30, 2026, we had $4.14 billion available under our credit facilities, including any limitations related to each credit facility’s borrowing base. Our long-term cash needs will include principal payments on outstanding indebtedness and funding of additional portfolio investments. Funding for long-term cash needs will come from unused net proceeds from financing activities. We believe that our liquidity and sources of capital are adequate to satisfy our short and long-term cash requirements. We cannot, however, be certain that these sources of funds will be available at a time and upon terms acceptable to us in sufficient amounts in the future. As of June 30, 2026, we had $238.0 million in cash and restricted cash, including foreign cash. During the six months ended June 30, 2026, $1.51 billion in cash was provided by operating activities, primarily as a result of sell downs and repayments of $2.38 billion and other operating activity of $187.1 million, partially offset by funding portfolio investments of $1.05 billion. Cash used in financing activities was $1.85 billion during the period, which was primarily the result of net repayments of $1.37 billion, distributions paid of $368.6 million, share repurchases of $70.3 million and debt issuance costs of $35.3 million. Equity Equity Issuances We have the authority to issue 1,000,000,000 common shares at $0.01 per share par value. On January 13, 2025, as a result of the OBDE Mergers, we issued an aggregate of approximately 120,630,330 shares of our common stock. 151 Table of Contents “At the Market” Offerings We are party to an equity distribution agreement with several banks (the “Equity Distribution Agreement”). The Equity Distribution Agreement provides that we may from time to time issue and sell, by means of “at the market” offerings, up to $750.0 million of our common stock. Subject to the terms and conditions of the Equity Distribution Agreement, sales of common shares, if any, may be made in transactions that are deemed to be “at the market” offerings as defined in Rule 415(a)(4) under the Securities Act. Under the Equity Distribution Agreement, common shares with an aggregate offering amount of $746.9 million remained available for issuance as of June 30, 2026. We may from time to time issue and sell shares of our common stock through public or “at the market” offerings. There were no sales of the Company’s common stock during the period ended June 30, 2026. The Company issued and sold the following shares of common stock during the period ended June 30, 2025: ​ For the Six Months Ended June 30, 2025 Issuances of Common Stock Number of Shares Issued Gross Proceeds Underwriting Fees/Offering Expenses Net Proceeds Average Offering Price per Share(1) ($ in thousands, except share and per share data) “At the market” offerings 200,603 $ 3,089 $ 19 $ 3,070 $ 15.40 200,603 $ 3,089 $ 19 $ 3,070 $ 15.40 _______________ (1)Represents the gross offering price per share before deducting underwriting discounts and commissions and offering expenses. Distributions The following tables present the distributions declared on shares of our common stock for the following periods: For the Six Months Ended June 30, 2026 Date Declared Record Date Payment Date Distribution per Share February 18, 2026 March 31, 2026 April 15, 2026 $ 0.37 May 5, 2026 June 30, 2026 July 15, 2026 0.31 For the Six Months Ended June 30, 2025 Date Declared Record Date Payment Date Distribution per Share May 6, 2025 June 30, 2025 July 15, 2025 $ 0.37 May 6, 2025 (supplemental dividend) May 30, 2025 June 13, 2025 0.01 February 18, 2025 March 31, 2025 April 15, 2025 0.37 February 18, 2025 (supplemental dividend) February 28, 2025 March 17, 2025 0.05 During certain periods, our distributions may exceed our earnings. As a result, it is possible that a portion of the distributions we make may represent a return of capital. A return of capital generally is a return of a shareholder’s investment rather than a return of earnings or gains derived from our investment activities. Each year, a statement on Form 1099-DIV identifying the tax character of the distributions will be mailed to our shareholders. The tax character of the distributions are not determined until our taxable year end. Dividend Reinvestment Pursuant to our second amended and restated dividend reinvestment plan, we will reinvest all cash distributions declared by the Board on behalf of our shareholders who do not elect to receive their distribution in cash as provided below. As a result, if the Board authorizes, and we declare, a cash dividend or other distribution, then our shareholders who have not opted out of our dividend reinvestment plan will have their cash distributions automatically reinvested in additional shares of our common stock as described below, rather than receiving the cash dividend or other distribution. Any fractional share otherwise issuable to a participant in the dividend reinvestment plan will instead be paid in cash. If newly issued shares are used to implement the dividend reinvestment plan, the number of shares to be issued to a shareholder will be determined by dividing the total dollar amount of the cash dividend or distribution payable to a shareholder by the market price per share of our common stock at the close of regular trading on the NYSE on the payment date of a distribution, or if no sale is reported for such day, the average of the reported bid and ask prices. However, if the market price per share on the payment date of a cash dividend or distribution exceeds the most recently computed net asset value per share, we will issue shares at the greater of (i) the most recently computed net asset value per share and (ii) 95% of the current market price per share (or such lesser discount to the current market price per share that still exceeded the most recently computed net asset value per share). For example, if the most recently computed net asset value per share is $15.00 and the market price on the payment date of a cash dividend is $16.00 per share, we will issue shares at $15.20 per share (95% of the current market price). If the most recently computed net asset value per share is $15.00 and the market price on the payment date of a cash dividend is $15.50 per share, we will issue shares at $15.00 per share, as net 152 Table of Contents asset value is greater than 95% ($14.73 per share) of the current market price. 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 tables below present the shares distributed pursuant to the dividend reinvestment plan for the following periods: For the Six Months Ended June 30, 2026 Date Declared Record Date Payment Date Shares February 18, 2026 March 31, 2026 April 15, 2026 1,373,306 (1) November 4, 2025 December 31, 2025 January 15, 2026 1,070,678 (1) _______________ (1)Shares purchased in the open market in order to satisfy dividends reinvested under our dividend reinvestment program. For the Six Months Ended June 30, 2025 Date Declared Record Date Payment Date Shares May 6, 2025 (supplemental dividend) May 30, 2025 June 13, 2025 25,513 '(1) February 18, 2025 March 31, 2025 April 15, 2025 998,642 '(1) February 18, 2025 (supplemental dividend) February 28, 2025 March 17, 2025 146,066 (1) November 5, 2024 December 31, 2024 January 15, 2025 552,015 (1) _______________ (1)Shares purchased in the open market in order to satisfy dividends reinvested under our dividend reinvestment program. 2025 Stock Repurchase Program On November 4, 2025, the Board approved a repurchase program (the “2025 Stock Repurchase Program”) under which the Company could repurchase up to $200.0 million of the Company’s common stock. Under the 2025 Repurchase Program, purchases could 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. The 2025 Stock Repurchase Program terminated on February 17, 2026, in connection with the entry into the 2026 Stock Repurchase Program, as defined below. As of the program termination date, 11,599,738 shares of our common stock have been repurchased pursuant to the 2025 Stock Repurchase Program for approximately $148.2 million since the 2025 Stock Repurchase Program’s inception. No shares were repurchased in 2026 under the 2025 Stock Repurchase Program. There were no repurchases made under the 2025 Stock Repurchase Program in the six months ended June 30, 2025. 2026 Stock Repurchase Program On February 17, 2026, the Board approved a repurchase program (the “2026 Stock Repurchase Program”) under which the Company may repurchase up to $300.0 million of its common stock. Under the 2026 Repurchase Program, purchases may be made at management’s discretion from time to time in open-market transactions, including pursuant to trading plans with investment banks pursuant to Rule 10b5-1 of the Exchange Act, in accordance with all applicable rules and regulations. Unless extended by the Board, the 2026 Stock Repurchase Program will terminate 18-months from the date it was approved. In the three and six months ended June 30, 2026, we had the following repurchase activity under the 2026 Stock Repurchase Program: Period($ in thousands, except share and per share amounts) Total Number of Shares Repurchased Average Price Paid per Share Approximate Dollar Value of Shares that have been Purchased Under the Plans Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan January 1, 2026 to January 31, 2026 — $ — $ — $ — February 1, 2026 to February 28, 2026 — — — 300,000 March 1, 2026 to March 31, 2026 3,143,108 11.20 35,190 264,811 April 1, 2026 to April 30, 2026 — — — 264,811 May 1, 2026 to May 31, 2026 1,148,354 11.20 12,866 251,945 June 1, 2026 to June 30, 2026 2,014,501 11.04 22,240 229,705 6,305,963 $ 70,296 153 Table of Contents Debt As of June 30, 2026, we had in place an Amended and Restated Senior Secured Revolving Credit Agreement (as amended from time to time, the “Revolving Credit Facility”), as well as special purpose vehicle asset credit facilities, CLOs, and unsecured notes and in the future we may enter into additional borrowing arrangements of these types. See “Note 5 — Debt” to our consolidated financial statements included in this Quarterly Report. Aggregate Borrowings The tables below present debt obligations as of the following periods: As of June 30, 2026 ($ in thousands) Maturity Date Aggregate Principal Committed Outstanding Principal Unused Portion(5) AmountAvailable(3) Unamortized Debt Issuance Costs Net Carrying Value Revolving Credit Facility(1)(4) June 25, 2031 $ 4,000,000 $ 105,500 $ 3,856,721 $ 3,856,721 $ (34,124) $ 71,376 SPV Asset Facility II April 17, 2036 300,000 256,200 43,800 43,800 (5,295) 250,905 SPV Asset Facility V March 15, 2030 525,000 430,500 94,500 94,500 (4,412) 426,088 SPV Asset Facility VI December 2, 2029 500,000 310,000 190,000 143,051 (3,530) 306,470 CLO III April 20, 2036 260,000 260,000 — — (1,638) 258,362 CLO IV August 20, 2033 219,948 219,948 — — (2,782) 217,166 CLO V April 20, 2034 509,625 509,625 — — (1,939) 507,686 CLO VII April 20, 2038 330,500 330,500 — — (2,041) 328,459 CLO X April 20, 2037 272,000 272,000 — — (1,833) 270,167 July 2026 Notes July 15, 2026 1,000,000 1,000,000 — — (197) 999,803 2027 Notes(2) January 15, 2027 500,000 500,000 — — (9,073) 489,826 April 2027 Notes April 13, 2027 325,000 325,000 — — (665) 324,335 July 2027 Notes July 21, 2027 250,000 250,000 — — (962) 249,038 2028 Notes June 11, 2028 850,000 850,000 — — (5,251) 844,749 June 2028 Notes June 29, 2028 100,000 100,000 — — (469) 99,531 September 2028 Notes(2) September 15, 2028 400,000 400,000 — — (2,861) 393,582 2029 Notes(2) March 15, 2029 1,000,000 1,000,000 — — (6,965) 986,672 2030 Notes(2) July 15, 2030 500,000 500,000 — — (9,041) 486,848 2031 Notes(2) August 15, 2031 400,000 400,000 — — (8,694) 392,470 Total Debt $ 12,242,073 $ 8,019,273 $ 4,185,021 $ 4,138,072 $ (101,772) $ 7,903,533 _______________ (1)The amount available and unused portion are reduced by $37.8 million of outstanding letters of credit. (2)Net carrying value is inclusive of change in fair market value of effective hedge. (3)The amount available reflects any limitations related to each credit facility’s borrowing base. (4)As of June 30, 2026, the Company's Revolving Credit Facility borrowing base value was $5.65 billion excluding cash. (5)The unused portion is the amount upon which commitment fees, if any, are based. 154 Table of Contents As of December 31, 2025 ($ in thousands) Maturity Date Aggregate Principal Committed Outstanding Principal Unused Portion(5) Amount Available(3) Unamortized Debt Issuance Costs Net Carrying Value Revolving Credit Facility(1)(4) November 22, 2029 $ 4,025,000 $ 1,012,000 $ 2,970,841 $ 2,970,841 $ (27,931) $ 984,069 SPV Asset Facility II April 17, 2036 300,000 161,700 138,300 137,146 (5,562) 156,138 SPV Asset Facility V March 15, 2030 525,000 384,000 141,000 48,167 (5,001) 378,999 SPV Asset Facility VI December 2, 2029 500,000 300,000 200,000 92,046 (4,041) 295,959 SPV Asset Facility VII March 20, 2029 300,000 210,000 90,000 9,964 (1,601) 208,399 CLO I February 20, 2036 390,000 390,000 — — (3,489) 386,511 CLO III April 20, 2036 260,000 260,000 — — (1,727) 258,273 CLO IV August 20, 2033 275,463 275,463 — — (3,346) 272,117 CLO V April 20, 2034 509,625 509,625 — — (2,062) 507,563 CLO VII April 20, 2038 330,500 330,500 — — (2,127) 328,373 CLO X April 20, 2037 272,000 272,000 — — (1,797) 270,203 CLO XIV October 20, 2035 260,000 260,000 — — (1,578) 258,422 2026 Notes January 15, 2026 500,000 500,000 — — (91) 499,909 July 2026 Notes July 15, 2026 1,000,000 1,000,000 — — (2,717) 997,283 2027 Notes(2) January 15, 2027 500,000 500,000 — — (2,117) 483,987 April 2027 Notes April 13, 2027 325,000 325,000 — — (1,078) 323,922 July 2027 Notes July 21, 2027 250,000 250,000 — — (1,389) 248,611 2028 Notes June 11, 2028 850,000 850,000 — — (6,549) 843,451 June 2028 Notes June 29, 2028 100,000 100,000 — — (585) 99,415 2029 Notes(2) March 15, 2029 1,000,000 1,000,000 — — (8,373) 1,002,667 2030 Notes(2) July 15, 2030 500,000 500,000 — — (10,025) 495,805 Total Debt $ 12,972,588 $ 9,390,288 $ 3,540,141 $ 3,258,164 $ (93,186) $ 9,300,076 _______________ (1)The amount available and unused portion are reduced by $42.2 million of outstanding letters of credit. (2)Net carrying value is inclusive of change in fair market value of effective hedge. (3)The amount available reflects any limitations related to each credit facility’s borrowing base. (4)As of December 31, 2025, the Company's Revolving Credit Facility borrowing base value was $5.90 billion excluding cash. (5)The unused portion is the amount upon which commitment fees, if any, are based. The table below presents the components of interest expense for the following periods: For the Three Months Ended June 30, For the Six Months Ended June 30, ($ in thousands) 2026 2025 2026 2025 Interest expense $ 108,538 $ 139,775 $ 230,046 $ 281,130 Amortization of debt issuance costs 14,318 11,516 26,705 21,318 Net change in unrealized (gain) loss on effective interest rate swaps and hedged items included in interest expense(1) 127 280 548 (2,345) Total Interest Expense $ 122,983 $ 151,571 $ 257,299 $ 300,103 Average interest rate 5.2% 5.5% 5.2% 5.6% Average daily borrowings $ 8,418,935 $ 9,965,559 $ 8,880,096 $ 10,069,798 _______________ (1)Refer to “Note 5 — Debt – 2027 Notes, September 2028 Notes, 2029 Notes, 2030 Notes and 2031 Notes” and to “Note 7 — Derivative Instruments” to our consolidated financial statements included in this Quarterly Report for details on the associated interest rate swaps. 155 Table of Contents Senior Securities The table below presents information about our senior securities as of the following periods: Class and Period Total Amount Outstanding Exclusive of Treasury Securities(1)($ in millions) Asset Coverage per Unit(2) Involuntary Liquidating Preference per Unit(3) Average Market Value per Unit(4) Revolving Credit Facility June 30, 2026 (Unaudited) $ 105.5 $ 1,869 — N/A December 31, 2025 1,012.0 1,778 — N/A December 31, 2024 292.3 1,778 — N/A December 31, 2023 419.0 1,830 — N/A December 31, 2022 557.1 1,788 — N/A December 31, 2021 892.3 1,820 — N/A December 31, 2020 252.5 2,060 — N/A December 31, 2019 480.9 2,926 — N/A December 31, 2018 308.6 2,254 — N/A December 31, 2017 — 2,580 — N/A SPV Asset Facility I(6) December 31, 2020 $ — $ — — N/A December 31, 2019 300.0 2,926 — N/A December 31, 2018 400.0 2,254 — N/A December 31, 2017 400.0 2,580 — N/A SPV Asset Facility II June 30, 2026 (Unaudited) $ 256.2 $ 1,869 — N/A December 31, 2025 161.7 1,778 — N/A December 31, 2024 300.0 1,778 — N/A December 31, 2023 250.0 1,830 — N/A December 31, 2022 250.0 1,788 — N/A December 31, 2021 100.0 1,820 — N/A December 31, 2020 100.0 2,060 — N/A December 31, 2019 350.0 2,926 — N/A December 31, 2018 550.0 2,254 — N/A SPV Asset Facility III(9) December 31, 2023 $ — $ — — N/A December 31, 2022 250.0 1,788 — N/A December 31, 2021 190.0 1,820 — N/A December 31, 2020 375.0 2,060 — N/A December 31, 2019 255.0 2,926 — N/A December 31, 2018 300.0 2,254 — N/A SPV Asset Facility IV(8) December 31, 2022 $ — $ — — N/A December 31, 2021 155.0 1,820 — N/A December 31, 2020 295.0 2,060 — N/A December 31, 2019 60.3 2,926 — N/A SPV Asset Facility V June 30, 2026 (Unaudited) $ 430.5 $ 1,869 — N/A December 31, 2025 384.0 1,778 — N/A SPV Asset Facility VI June 30, 2026 (Unaudited) $ 310.0 $ 1,869 — N/A December 31, 2025 300.0 1,778 — N/A SPV Asset Facility VII(16) June 30, 2026 (Unaudited) $ — $ 1,869 — N/A December 31, 2025 210.0 1,778 — N/A 156 Table of Contents Class and Period Total Amount Outstanding Exclusive of Treasury Securities(1)($ in millions) Asset Coverage per Unit(2) Involuntary Liquidating Preference per Unit(3) Average Market Value per Unit(4) CLO I(16) June 30, 2026 (Unaudited) $ — $ 1,869 — N/A December 31, 2025 390.0 1,778 — N/A December 31, 2024 390.0 1,778 — N/A December 31, 2023 276.6 1,830 — N/A December 31, 2022 390.0 1,788 — N/A December 31, 2021 390.0 1,820 — N/A December 31, 2020 390.0 2,060 — N/A December 31, 2019 390.0 2,926 — N/A CLO II(15) December 31, 2025 $ — $ — — N/A December 31, 2024 260.0 1,778 — N/A December 31, 2023 260.0 1,830 — N/A December 31, 2022 260.0 1,788 — N/A December 31, 2021 260.0 1,820 — N/A December 31, 2020 260.0 2,060 — N/A December 31, 2019 260.0 2,926 — N/A CLO III June 30, 2026 (Unaudited) $ 260.0 $ 1,869 — N/A December 31, 2025 260.0 1,778 — N/A December 31, 2024 260.0 1,778 — N/A December 31, 2023 260.0 1,830 — N/A December 31, 2022 260.0 1,788 — N/A December 31, 2021 260.0 1,820 — N/A December 31, 2020 260.0 2,060 — N/A CLO IV June 30, 2026 (Unaudited) $ 219.9 $ 1,869 — N/A December 31, 2025 275.5 1,778 — N/A December 31, 2024 292.5 1,778 — N/A December 31, 2023 292.5 1,830 — N/A December 31, 2022 292.5 1,788 — N/A December 31, 2021 292.5 1,820 — N/A December 31, 2020 252.0 2,060 — N/A CLO V June 30, 2026 (Unaudited) $ 509.6 $ 1,869 — N/A December 31, 2025 509.6 1,778 — N/A December 31, 2024 509.6 1,778 — N/A December 31, 2023 509.6 1,830 — N/A December 31, 2022 509.6 1,788 — N/A December 31, 2021 196.0 1,820 — N/A December 31, 2020 196.0 2,060 — N/A CLO VI(10) December 31, 2024 $ — $ — — N/A December 31, 2023 260.0 1,830 — N/A December 31, 2022 260.0 1,788 — N/A December 31, 2021 260.0 1,820 — N/A CLO VII June 30, 2026 (Unaudited) $ 330.5 $ 1,869 — N/A December 31, 2025 330.5 1,778 — N/A December 31, 2024 239.2 1,778 — N/A December 31, 2023 239.2 1,830 — N/A 157 Table of Contents Class and Period Total Amount Outstanding Exclusive of Treasury Securities(1)($ in millions) Asset Coverage per Unit(2) Involuntary Liquidating Preference per Unit(3) Average Market Value per Unit(4) December 31, 2022 239.2 1,788 — N/A CLO X June 30, 2026 (Unaudited) $ 272.0 $ 1,869 — N/A December 31, 2025 272.0 1,778 — N/A December 31, 2024 260.0 1,778 — N/A December 31, 2023 260.0 1,830 — N/A CLO XIV(16) June 30, 2026 (Unaudited) $ — $ 1,869 — N/A December 31, 2025 260.0 1,778 — N/A Subscription Credit Facility(5) December 31, 2019 $ — $ — — N/A December 31, 2018 883.0 2,254 — N/A December 31, 2017 393.5 2,580 — N/A December 31, 2016 495.0 2,375 — N/A 2023 Notes(7) December 31, 2021 $ — $ — — N/A December 31, 2020 150.0 2,060 — N/A December 31, 2019 150.0 2,926 — N/A December 31, 2018 150.0 2,254 — N/A December 31, 2017 138.5 2,580 — N/A 2024 Notes(11) December 31, 2024 $ — $ — — N/A December 31, 2023 400.0 1,830 — N/A December 31, 2022 400.0 1,788 — N/A December 31, 2021 400.0 1,820 — N/A December 31, 2020 400.0 2,060 — N/A December 31, 2019 400.0 2,926 — N/A 2025 Notes(12) December 31, 2025 $ — $ — — N/A December 31, 2024 425.0 1,778 — N/A December 31, 2023 425.0 1,830 — N/A December 31, 2022 425.0 1,788 — N/A December 31, 2021 425.0 1,820 — N/A December 31, 2020 425.0 2,060 — N/A December 31, 2019 425.0 2,926 — N/A July 2025 Notes(14) December 31, 2025 $ — $ — — N/A December 31, 2024 500.0 1,778 — N/A December 31, 2023 500.0 1,830 — N/A December 31, 2022 500.0 1,788 — N/A December 31, 2021 500.0 1,820 — N/A December 31, 2020 500.0 2,060 — N/A July 2025 Notes II(13) December 31, 2025 $ — $ — — N/A 2026 Notes(17) June 30, 2026 (Unaudited) $ — $ 1,869 — N/A December 31, 2025 500.0 1,778 — N/A December 31, 2024 500.0 1,778 — N/A December 31, 2023 500.0 1,830 — N/A December 31, 2022 500.0 1,788 — N/A December 31, 2021 500.0 1,820 — N/A December 31, 2020 500.0 2,060 — N/A 158 Table of Contents Class and Period Total Amount Outstanding Exclusive of Treasury Securities(1)($ in millions) Asset Coverage per Unit(2) Involuntary Liquidating Preference per Unit(3) Average Market Value per Unit(4) July 2026 Notes June 30, 2026 (Unaudited) $ 1,000.0 $ 1,869 — N/A December 31, 2025 1,000.0 1,778 — N/A December 31, 2024 1,000.0 1,778 — N/A December 31, 2023 1,000.0 1,830 — N/A December 31, 2022 1,000.0 1,788 — N/A December 31, 2021 1,000.0 1,820 — N/A December 31, 2020 1,000.0 2,060 — N/A 2027 Notes June 30, 2026 (Unaudited) $ 500.0 $ 1,869 — N/A December 31, 2025 500.0 1,778 — N/A December 31, 2024 500.0 1,778 — N/A December 31, 2023 500.0 1,830 — N/A December 31, 2022 500.0 1,788 — N/A December 31, 2021 500.0 1,820 — N/A April 2027 Notes June 30, 2026 (Unaudited) $ 325.0 $ 1,869 — N/A December 31, 2025 325.0 1,778 — N/A July 2027 Notes June 30, 2026 (Unaudited) $ 250.0 $ 1,869 — N/A December 31, 2025 250.0 1,778 — N/A 2028 Notes June 30, 2026 (Unaudited) $ 850.0 $ 1,869 — N/A December 31, 2025 850.0 1,778 — N/A December 31, 2024 850.0 1,778 — N/A December 31, 2023 850.0 1,830 — N/A December 31, 2022 850.0 1,788 — N/A December 31, 2021 850.0 1,820 — N/A June 2028 Notes June 30, 2026 (Unaudited) $ 100.0 $ 1,869 — N/A December 31, 2025 100.0 1,778 — N/A September 2028 Notes June 30, 2026 (Unaudited) $ 400.0 $ 1,869 — N/A 2029 Notes June 30, 2026 (Unaudited) $ 1,000.0 $ 1,869 — N/A December 31, 2025 1,000.0 1,778 — N/A December 31, 2024 1,000.0 1,778 — N/A 2030 Notes June 30, 2026 (Unaudited) $ 500.0 $ 1,869 — N/A December 31, 2025 500.0 1,778 — N/A 2031 Notes June 30, 2026 (Unaudited) $ 400.0 $ 1,869 — N/A _______________ (1)Total amount of each class of senior securities outstanding at the end of the period presented. (2)Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis. (3)The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. The “—” in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities. (4)Not applicable as such senior securities are not registered for public trading on a stock exchange. (5)Facility was terminated in 2019. (6)Facility was terminated in 2020. (7)On November 23, 2021, we caused notice to be issued to the holders of the 2023 Notes regarding our exercise of the option to redeem in full all $150,000,000 in aggregate principal amount of the 2023 Notes at 100% of their principal amount, plus the accrued and unpaid interest thereon 159 Table of Contents through, but excluding, the redemption date, December 23, 2021. On December 23, 2021, we redeemed in full all $150,000,000 in aggregate principal amount of the 2023 Notes at 100% of their principal amount, plus the accrued and unpaid interest thereon through, but excluding, December 23, 2021. (8)Facility was terminated in 2022. (9)Facility was terminated in 2023. (10)Facility was terminated in 2024. (11)On February 21, 2024, we caused notice to be issued to the holders of the 2024 Notes regarding our exercise of the option to redeem in full all $400,000,000 in aggregate principal amount of the 2024 Notes at 100% of their principal amount, plus the accrued and unpaid interest thereon through, but excluding, the redemption date, March 22, 2024. On March 22, 2024, we redeemed in full all $400,000,000 in aggregate principal amount of the 2024 Notes at 100% of their principal amount, plus the accrued and unpaid interest thereon through, but excluding, March 22, 2024. (12)On March 31, 2025, we redeemed in full all $425,000,000 in aggregate principal amount of the 2025 Notes at 100% of their principal amount, plus the accrued and unpaid interest thereon through, but excluding, March 31, 2025. (13)On April 28, 2025, we redeemed in full all $142,000,000 in aggregate principal amount of the July 2025 Notes II at 100% of their principal amount, plus the accrued and unpaid interest thereon through, but excluding, April 28, 2025. (14)On July 22, 2025, we redeemed in full all $500,000,000 in aggregate principal amount of the July 2025 Notes at 100% of their principal amount, plus the accrued and unpaid interest thereon through, but excluding, July 22, 2025. (15)Facility was terminated in 2025. (16)CLO or Facility was terminated in 2026. (17)On January 15, 2026, we redeemed in full all $500,000,000 in aggregate principal amount of the 2026 Notes at 100% of their principal amount, plus the accrued and unpaid interest thereon through, but excluding, January 15, 2026. 160 Table of Contents Off-Balance Sheet Arrangements Portfolio Company Commitments From time to time, we may enter into commitments to fund investments in the form of revolving credit, delayed draw, or equity commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. We had the following outstanding commitments as of the following periods: ($ in thousands) As of June 30, 2026 As of December 31, 2025 Revolving loan commitments $ 793,191 $ 888,190 Delayed draw loan commitments 555,743 652,746 Debt commitments $ 1,348,934 $ 1,540,936 Specialty finance equity commitments $ 134,465 $ 129,076 Common equity commitments 3,158 4,946 Equity commitments $ 137,623 $ 134,022 Total Unfunded Commitments $ 1,486,557 $ 1,674,958 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 June 30, 2026, we believed we had adequate financial resources to satisfy the unfunded portfolio company commitments. Other Commitments and Contingencies Refer to “Note 9 — Net Assets” for details on the Company’s stock repurchase program. In the ordinary course of business, we may guarantee certain obligations in connection with our portfolio companies (in particular, certain controlled portfolio companies). Under these guarantee arrangements, payments may be required to be made to third parties if such guarantees are called upon or if the portfolio companies were to default on their related obligations, as applicable. From time to time, we may become a party to certain legal proceedings incidental to the normal course of its business. At June 30, 2026, management were not aware of any material pending or threatened litigation that would require accounting recognition or financial statement disclosure. 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, we, our Adviser and certain of our Adviser’s affiliates have been granted exemptive relief by the SEC to co-invest with other funds managed by the Adviser or its affiliates, in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Additionally, we invest in Wingspire, Amergin AssetCo, Fifth Season, LSI Financing LLC, Credit SLF, Blue Owl Leasing and Owl-HP Finance, controlled affiliated investments, as defined in the 1940 Act and in LSI Financing DAC and BOCSO, non-controlled affiliated investments, as defined in the 1940 Act. Refer to “Note 3 — Agreements and Related Party Transactions” to our consolidated financial statements included in this Quarterly 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 our Form 10-K for the fiscal year ended December 31, 2025, 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 161 Table of Contents method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period. Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Pursuant to Rule 2a-5, the Board designated the Adviser as our valuation designee to perform fair value determinations relating to the value of assets held by us for which market quotations are not readily available. Investments for which market quotations are readily available are typically valued at the average bid price of those market quotations. To validate market quotations, we utilize a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available, as is the case for substantially all of our investments, are valued at fair value as determined in good faith by our Adviser, as the valuation designee, based on, among other things, the input of the independent third-party valuation firm(s) engaged at the direction of our Adviser. As part of the valuation process, our Adviser, as the valuation designee takes into account relevant factors in determining the fair value of our investments, including: the estimated enterprise value of a portfolio company (i.e., the total fair value of the portfolio company’s debt and equity), the nature and realizable value of any collateral, the portfolio company’s ability to make payments based on its earnings and cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company’s securities to any similar publicly traded securities, and overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Board considers whether the pricing indicated by the external event corroborates its valuation. Our Adviser, as the valuation designee, undertakes a multi-step valuation process, which includes, among other procedures, the following: •With respect to investments for which market quotations are readily available, those investments will typically be valued at the average bid price of those market quotations; •With respect to investments for which market quotations are not readily available, the valuation process begins with the independent valuation firm(s) providing a preliminary valuation of each investment to the Adviser’s valuation committee; •Preliminary valuation conclusions are documented and discussed with the Adviser’s valuation committee; •Our Adviser, as the valuation designee, reviews the recommended valuations and determines the fair value of each investment; •Each quarter, our Adviser, as the valuation designee, provides the Audit Committee a summary or description of material fair value matters that occurred in the prior quarter and on an annual basis, our Adviser, as the valuation designee, will provide the Audit Committee with a written assessment of the adequacy and effectiveness of its fair value process; and •The Audit Committee oversees the valuation designee and will report to the Board on any valuation matters requiring the Board’s attention. We conduct this valuation process on a quarterly basis. We apply ASC 820, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. ASC 820 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, we consider its principal market to be the market that has the greatest volume and level of activity. ASC 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance with ASC 820, these levels are summarized below: •Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access. •Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. •Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement. Transfers between levels, if any, are recognized at the beginning of the period in which the transfer occurred. In addition to using the above inputs in investment valuations, we apply the valuation policy approved by our Board that is consistent with ASC 820. Consistent with the valuation policy, our Adviser, as the valuation designee, evaluates the source of the inputs, including any markets in which our investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When an investment is valued based on prices provided by reputable dealers or pricing services (that is, broker quotes), our Adviser, 162 Table of Contents as the valuation designee, subjects those prices to various criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment. For example, our Adviser, as the valuation designee, or the independent valuation firm(s), review pricing support provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs. The Company applies the practical expedient provided by the ASC Topic 820 relating to investments in certain entities that calculate net asset value per share (or its equivalent). ASC Topic 820 permits an entity holding investments in certain entities that either are investment companies, or have attributes similar to an investment company, and calculate net asset value (“NAV”) per share or its equivalent for which the fair value is not readily determinable, to measure the fair value of such investments on the basis of that NAV per share, or its equivalent, without adjustment. Investments which are valued using NAV per share as a practical expedient are not categorized within the fair value hierarchy as per ASC Topic 820. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize amounts that are different from the amounts presented and such differences could be material. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein. Financial and Derivative Instruments Rule 18f-4 requires BDCs that use derivatives to, among other things, comply with a value-at-risk leverage limit, adopt a derivatives risk management program, and implement certain testing and board reporting procedures. Rule 18f-4 exempts BDCs that qualify as “limited derivatives users” from the aforementioned requirements, provided that these BDCs adopt written policies and procedures that are reasonably designed to manage the BDC’s derivatives risks and comply with certain recordkeeping requirements. Rule 18f-4 provides that a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. Pursuant to Rule 18f-4, when we trade reverse repurchase agreements or similar financing transactions, including certain tender option bonds, we need to aggregate the amount of any other senior securities representing indebtedness (e.g., bank borrowings, if applicable) when calculating our asset coverage ratio. The Company currently qualifies as a “limited derivatives user” and expects to continue to do so. The Company has adopted a derivatives policy and complies with the recordkeeping requirements of Rule 18f-4. Interest and Dividend Income Recognition Interest income is recorded on the accrual basis and includes amortization and accretion of discounts or premiums. Certain investments may have contractual PIK interest or dividends, the majority of which is structured at initial underwriting. PIK interest or dividends represent accrued interest or dividends that are added to the principal amount of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or at the occurrence of a liquidation event. Discounts to par value on securities purchased are amortized into interest income over the contractual life of the respective security using the effective yield method. Premiums to par value on securities purchased are amortized to first call date. The amortized cost of investments represents the original cost adjusted for the amortization or accretion of discounts or premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period. Investments 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 an investment is placed on non-accrual status. Interest payments received on non-accrual investments 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 investments 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 an investment on non-accrual status if the investment 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. 163 Table of Contents Distributions We have elected to be treated for U.S. federal income tax purposes, and qualify annually thereafter, as a RIC under subchapter M of the Code. To obtain and maintain our tax treatment as a RIC, we must timely distribute (or be deemed to distribute) in each taxable year to our shareholders at least the sum of: •90% of our investment company taxable income (which is generally our ordinary income plus the excess of realized short-term capital gains over realized net long-term capital losses), determined without regard to the deduction for dividends paid, for such taxable year; and •90% of our net tax-exempt interest income (which is the excess of our gross tax-exempt interest income over certain disallowed deductions) for such taxable year. As a RIC, we (but not our shareholders) generally will not be subject to U.S. federal tax on investment company taxable income and net capital gains that we distribute to our shareholders. We intend to distribute annually all or substantially all of such income. To the extent that we retain our net capital gains or any investment company taxable income, we generally will be subject to U.S. federal income tax at corporate rates. We can be expected to carry forward our net capital gains or any investment company taxable income in excess of current year dividend distributions, and pay the U.S. federal excise tax as described below. Amounts not distributed on a timely basis in accordance with a calendar year distribution requirement are subject to a nondeductible 4% U.S. federal excise tax payable by us. We may be subject to a nondeductible 4% U.S. federal excise tax if we do not distribute (or are treated as distributing) during each calendar year an amount at least equal to the sum of: •98% of our net ordinary income excluding certain ordinary gains or losses for that calendar year; •98.2% of our capital gain net income, adjusted for certain ordinary gains and losses, recognized for the twelve-month period ending on October 31 of that calendar year; and •certain undistributed amounts from previous years in which we paid no U.S. federal income tax. While we intend to distribute any income and capital gains in the manner necessary to minimize imposition of the 4% U.S. federal excise tax, sufficient amounts of our taxable income and capital gains may not be distributed and as a result, in such cases, the excise tax will be imposed. In such an event, we will be liable for this tax only on the amount by which we do not meet the foregoing distribution requirement. We intend to pay quarterly distributions to our shareholders out of assets legally available for distribution. All distributions will be paid at the discretion of our Board and will depend on our earnings, financial condition, maintenance of our tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as our Board may deem relevant from time to time. To the extent our current taxable earnings for a year fall below the total amount of our distributions for that year, a portion of those distributions may be deemed a return of capital to our shareholders for U.S. federal income tax purposes. Thus, the source of a distribution to our shareholders may be the original capital invested by the shareholder rather than our income or gains. Shareholders should read written disclosure carefully and should not assume that the source of any distribution is our ordinary income or gains. We have adopted an “opt out” dividend reinvestment plan for our common shareholders. As a result, if we declare a cash dividend or other distribution, each shareholder that has not “opted out” of our dividend reinvestment plan will have their dividends or distributions automatically reinvested in additional shares of our common stock rather than receiving cash distributions. Shareholders who receive distributions in the form of shares of common stock will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions. Income Taxes We have elected to be treated as a BDC under the 1940 Act. We have also elected to be treated as a RIC under the Code beginning with the taxable year ending December 31, 2016 and intend to continue to qualify as a RIC. So long as we maintain our tax treatment as a RIC, we generally will not pay U.S. federal income taxes on any ordinary income or capital gains that we distribute at least annually to our shareholders as distributions. Rather, any tax liability related to income earned and distributed by us represents obligations of our investors and will not be reflected in our consolidated financial statements. However, we will be subject to U.S. federal income tax imposed at corporate rates on any income, including capital gains, not distributed (or deemed distributed) to our stockholders. To qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, we generally must distribute to our shareholders, for each taxable year, at least (i) 90% of our “investment company taxable income” for that year, which is generally our net ordinary income plus the excess, if any, of our realized net short-term capital gains over our realized net long-term capital losses and (ii) our net tax-exempt income. In order for us to not be subject to U.S. federal excise taxes, we must distribute annually an amount at least equal to the sum of (i) 98% of our net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of our capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (iii) certain undistributed amounts from previous 164 Table of Contents years on which we paid no U.S. federal income tax. We, at our discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. excise tax on this income. Certain consolidated subsidiaries of ours are subject to U.S. federal and state income taxes imposed at corporate rates. We evaluate tax positions taken or expected to be taken in the course of preparing our consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. There were no material uncertain tax positions through December 31, 2025. As applicable, our prior three tax years remain subject to examination by U.S. federal, state and local tax authorities. Recent Developments Dividend On August 4, 2026, our Board declared a third quarter dividend of $0.31 per share for stockholders of record as of September 30, 2026, payable on or before October 15, 2026 and a second quarter supplemental dividend of $0.02 per share for stockholders of record as of August 31, 2026, payable on or before September 15, 2026. July 2026 Notes Repayment The July 2026 Notes matured on July 15, 2026, and we repaid all $1.00 billion of the July 2026 Notes at 100.0% of their principal amount, plus the accrued interest.