Compared against all funds.
1Y return
+9.0%
55th pctile · ahead of most peersas of 2026-03-03
Since inception
not stated in filings
Distribution rate
not stated in filings
exceeds net investment incomeNet assets
$3.58B
as of 2026-03-03
Net expenses
8.5%
72th pctile · pricier than median
Repurchase
5% quarterly
23 of 293 peers matchLevel 3
85.3%
53th pctile · more model-priced than peersLast offer
Filled
36 offers on record · prorated 2 times
What owning this fund costs per year
Hold period3 yrs
Net expense ratio (includes the 1.25% management fee)8.50%
Minus interest on borrowings, the cost of portfolio leverage5.56%
Minus incentive fees accrued this period, which vary with returns1.24%
Ongoing cost, determined from the filings1.66%
Ongoing cost is about 1.7% of net assets for Class I: a 1.25% management fee plus roughly 0.4% of administration, audit, legal and director costs. The reported 8.5% expense ratio also carries 5.6% of interest on borrowings and 1.2% of performance fees, which are not fixed ownership costs. Class S pays an extra 0.85% servicing fee.
Sales loadnone
Total drag per year1.66%
This is the cost for class I.
The figure above is the ongoing cost. For the period the filing covers it was 1.72%, including 0.06% of one-time costs that will not repeat.
Based on fiscal year2025 annual (year ended 12/31/2025 Form 10-K); filing's own Class I expense ratio is annual, interest and incentive fees converted from dol.
This fund's cost was determined by reading its filings in full, because the figures in its expense table do not decompose cleanly. Parts were derived from dollar amounts the filing states.
Drag is the fixed cost of ownership: paid regardless of performance. The incentive terms (12.5% of pre-incentive fee net investment income above a 1.25% quarterly hurdle with catch-up to 1.43%, plus 12.5% of cumulative realized capital gains net of realized losses and unrealized depreciation; $42.2M income incentive fee accrued in 2025 with a $1.3M capital gains fee reversal) apply only to returns earned. How this is calculated
Against all funds
Total drag
33th pctile · cheaper than most
1Y return
55th pctile · ahead of most
Gray mark is the peer median. The drag comparison uses the same 3-year hold for every fund.
Every figure below was read from this fund's filing. Hover any number to see the sentence it came from. Figures cover FY2025 annual (year ended 12/31/2025 Form 10-K); filing's own Class I expense ratio is annual, interest and incentive fees converted from dollars using average net assets derived from the 1.25% management fee; excludes the final Expense Deferral Agreement installments that ended in Q1 2025.
Open the filing on sec.gov (0001869453-26-000017)Size and leverage
Net assets$3.58B?
Borrowings$2.84B?
Leveragedebt to equity0.75x?
Asset coverage223.40%?
Investments held190?
Started2021-06-22?
What the manager charges
Management feeof net assets1.25%?
Performance fee12.5% of pre-incentive fee net investment income above a 1.25% quarterly hurdle with a catch-up to 1.43% per quarter, payable quarterly; plus 12.5% of cumulative realized capital gains net of realized losses and unrealized depreciation, payable annually?
Hurdle5.00%?
High water markYes?
Adviser is subsidising costsNo?
Getting your money back
Repurchase offersquarterly?
Share of the fund offered5.00%?
Last offer filled in fullYes?
Where distributions come from
Paid out of income100.00%?
Return of your own capital0.00%
Funded by borrowing0.00%
What it holds
Floating rate98.20%?
Not paying interestloans on non-accrual0.30%?
Priced by the managerno market price available85.30%?
MostlyApplication Software (15.6% of portfolio at fair value)?
Who is involved
AdviserBlue Owl Technology Credit Advisors II LLC?
AuditorKPMG LLP?
Valuedquarterly?
Independent valuation agentYes?
Deals with affiliatesYes?
Share classes
| Class | Ongoing fee | Entry charge | Expense ratio | Minimum |
|---|---|---|---|---|
| Class I | 0.00% | 0.00% | 8.50% | - |
| Class D | 0.25% | 1.50% | 8.70% | - |
| Class S | 0.85% | 3.50% | 9.30% | - |
Also worth knowing
- In February 2026 the fund agreed to sell $400.0 million of debt investment commitments across 60 portfolio companies at 99.6% of par to six purchasers, with proceeds used to repay debt
- The Q4 2025 tender offer settled in January 2026 for approximately $533.0 million, equal to 15.6% of shares outstanding as of September 30, 2025
- One portfolio company (Plasma Buyer LLC) was on non-accrual at year end, 0.3% of debt investments at amortized cost
- New $750 million SPV Asset Facility IV closed June 2025, lifting total committed debt capacity to $4.145 billion
- Unfunded portfolio company commitments: 859,113,000 USD (Undrawn revolver and delayed-draw obligations must be funded on demand and consume borrowing capacity that would otherwise support new income-earning assets.)
- Weighted average cost of debt: 7.1 percent (Interest is the single largest expense line and determines how much of the portfolio yield reaches shareholders.)
- Portfolio weighted average yield (debt and income producing, at fair value): 9 percent (The gross asset yield sets the ceiling on distributable income before fees, interest and credit losses.)
- PIK income share of total investment income: 8.2 percent (Non-cash income inflates reported earnings and the fee base while cash to fund distributions must come from elsewhere.)
- Undrawn credit facility capacity: 954,997,000 USD (Liquidity headroom determines the ability to fund commitments and repurchases without forced asset sales.)
- Internal risk rating distribution: 94.1% of portfolio rated 1 or 2; 5.7% rated 3; 0.2% rated 4 percent of fair value (Migration into the 3 and 4 buckets is the earliest published signal of credit deterioration in a private book.)
- Joint venture and specialty finance equity exposure: 1.8% of portfolio at fair value (specialty finance 1.4%, joint ventures 0.4%) percent (Investments in affiliated vehicles carry a second layer of economics and are valued at net asset value rather than through the fund's own Level 3 process.)
- Nearest debt maturity: 100,000,000 USD due within one year (Refinancing risk in the next twelve months bears directly on interest cost and liquidity.)
Fees
Liquidity terms
Repurchase frequencyvaries across filingsquarterly
Repurchase percentage of shares outstandingunchanged, 2 filings5%
Notice period, days60
Valuation
Fair value determined byunchanged, 6 filingsAdviser as valuation designee
Independent valuation firmunchanged, 6 filingsEngaged, name in filing
Valuation frequencychanged from Monthly · Apr 2026monthly
Structure
Legal structurevaries across filings
Share classesunchanged, 6 filingsClass S, Class D, Class I
Feeder structureFeeder FIC ORTIC
Tax reporting formunchanged, 6 filings1099
Every value links to the SEC filing it came from. A chip marks a change against the prior filing of the same type; hover a green-dotted value for what changed and why, as stated in the filing.
What the fund reported over time, each point sourced to its filing. Series deepen as older shareholder reports are read.
2025-04-162026-08-07
Each point is a value from one SEC filing, dated as reported. Hover a point for its value.
Offer dateOfferedRequestedAcceptedSource
2026-08-26···SC TO-I
2026-06-30··prorated 13.1%SC TO-I/A
2026-05-26···SC TO-I
2026-03-31··prorated 14.38%SC TO-I/A
2026-02-27···SC TO-I
2026-01-08···SC TO-I/A
2025-11-26···SC TO-I
2025-09-30···SC TO-I/A
2025-08-26···SC TO-I
2025-06-30···SC TO-I/A
2025-05-23···SC TO-I
2025-03-31···SC TO-I/A
2025-03-06···SC TO-I/A
2025-02-26···SC TO-I
2024-12-31···SC TO-I/A
2024-11-26···SC TO-I
2024-09-30···SC TO-I/A
2024-08-26···SC TO-I
2024-06-28···SC TO-I/A
2024-05-23···SC TO-I
2024-03-31···SC TO-I/A
2024-03-28···SC TO-I/A
2024-02-27···SC TO-I
2023-12-29···SC TO-I/A
2023-11-27···SC TO-I
2023-09-29···SC TO-I/A
2023-08-24···SC TO-I
2023-06-30···SC TO-I/A
2023-05-25···SC TO-I
2023-03-31···SC TO-I/A
2023-03-13···SC TO-I/A
2023-02-28···SC TO-I
2022-12-30···SC TO-I/A
2022-11-28···SC TO-I
2022-09-30···SC TO-I/A
2022-08-25···SC TO-I
2026-08-26SC TO-IIssuer tender offer2026-08-07424B3Prospectus supplement2026-08-0610-QQuarterly report2026-07-24SC TO-I/AAmended issuer tender offer2026-05-26SC TO-IIssuer tender offer2026-05-12424B3Prospectus supplement2026-05-1110-QQuarterly report2026-04-27SC TO-I/AAmended issuer tender offer2026-04-21486BPOSPost-effective amendment, effective2026-03-04SC TO-I/AAmended issuer tender offer2026-03-0310-KAnnual report2026-02-27SC TO-IIssuer tender offer2026-01-29SC TO-I/AAmended issuer tender offer2025-12-23SC TO-I/AAmended issuer tender offer2025-11-26SC TO-IIssuer tender offer2025-10-24SC TO-I/AAmended issuer tender offer2025-08-26SC TO-IIssuer tender offer2025-07-24SC TO-I/AAmended issuer tender offer2025-05-23SC TO-IIssuer tender offer2025-04-24SC TO-I/AAmended issuer tender offer2025-04-16N-2Registration statement and prospectus2025-03-06SC TO-I/AAmended issuer tender offer2025-03-0510-KAnnual report2025-02-26SC TO-IIssuer tender offer2025-01-27SC TO-I/AAmended issuer tender offer2024-11-26SC TO-IIssuer tender offer2024-10-24SC TO-I/AAmended issuer tender offer2024-08-26SC TO-IIssuer tender offer2024-07-24SC TO-I/AAmended issuer tender offer2024-05-23SC TO-IIssuer tender offer2024-04-23SC TO-I/AAmended issuer tender offer2024-03-07SC TO-I/AAmended issuer tender offer2024-02-27SC TO-IIssuer tender offer2024-01-25SC TO-I/AAmended issuer tender offer2023-11-27SC TO-IIssuer tender offer2023-10-25SC TO-I/AAmended issuer tender offer2023-08-24SC TO-IIssuer tender offer2023-07-27SC TO-I/AAmended issuer tender offer2023-05-25SC TO-IIssuer tender offer2023-04-26SC TO-I/AAmended issuer tender offer2023-03-13SC TO-I/AAmended issuer tender offer2023-02-28SC TO-IIssuer tender offer2023-01-27SC TO-I/AAmended issuer tender offer2022-11-28SC TO-IIssuer tender offer2022-10-26SC TO-I/AAmended issuer tender offer2022-08-25SC TO-IIssuer tender offer2022-02-09N-2/AAmended registration statement
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Data from public SEC filings. Argus is not a broker-dealer. Nothing here is an offer or investment advice. Every value shows the filing it came from and the date of that filing. Peer percentiles describe where a value sits in the comparison set, never fund quality. "Not stated in filings" is a fact about a document, never a verdict about this fund.