株探米国株
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(f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.)) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Monotype Imaging Holdings Inc. | First lien senior secured loan | Non-Affiliated2026-06-300001655888obdc:AdvertisingAndMediaMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Horizon Avionics Buyer, LLC (dba Acron Aviation) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Peraton Corp.(3)(9) | Second lien senior secured loan | Non-Affiliated2026-06-300001655888STS PARENT, LLC (dba STS Aviation Group) | First lien senior secured loan | Non-Affiliated2026-06-300001655888STS PARENT, LLC (dba STS Aviation Group) | First lien senior secured revolving loan | Non-Affiliated2026-06-300001655888us-gaap:AerospaceSectorMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888Hg Genesis 8 Sumoco Limited | Unsecured facility | Non-Affiliated2026-06-300001655888Hg Genesis 9 SumoCo Limited | Unsecured facility | Non-Affiliated2026-06-300001655888Hg Saturn Luchaco Limited | Unsecured facility | Non-Affiliated2026-06-300001655888obdc:AssetBasedLendingAndFundFinanceMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888MAJCO LLC (dba Big Brand Tire & Service) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Spotless Brands, LLC | First lien senior secured loan | Non-Affiliated2026-06-300001655888Spotless Brands, LLC | First lien senior secured delayed draw term loan | Non-Affiliated2026-06-300001655888us-gaap:AutomotiveSectorMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888Associations Finance, Inc. | Unsecured notes | Non-Affiliated2026-06-300001655888Associations, Inc. | First lien senior secured loan | Non-Affiliated2026-06-300001655888Wrench Group LLC | First lien senior secured loan | Non-Affiliated2026-06-300001655888obdc:BuildingsAndRealEstateMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888Aurelia Netherlands B.V. | First lien senior secured EUR term loan | Non-Affiliated2026-06-300001655888CMG HoldCo, LLC (dba Crete United) | First lien senior secured loan | Non-Affiliated2026-06-300001655888CoolSys, Inc. | First lien senior secured loan | Non-Affiliated2026-06-300001655888DuraServ LLC | First lien senior secured loan | Non-Affiliated2026-06-300001655888DuraServ LLC | First lien senior secured revolving loan | Non-Affiliated2026-06-300001655888Gainsight, Inc. | First lien senior secured loan | Non-Affiliated2026-06-300001655888Hercules Borrower, LLC (dba The Vincit Group) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Hercules Buyer, LLC (dba The Vincit Group) | Unsecured notes | Non-Affiliated2026-06-300001655888KPSKY Acquisition, Inc. (dba BluSky) | First lien senior secured loan | Non-Affiliated2026-06-300001655888KPSKY Acquisition, Inc. (dba BluSky) | First lien senior secured delayed draw term loan | Non-Affiliated2026-06-300001655888obdc:BusinessServicesMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC) | Second lien senior secured loan | Non-Affiliated2026-06-300001655888DCG ACQUISITION CORP. (dba DuBois Chemical) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Gaylord Chemical Company, L.L.C. | First lien senior secured loan | Non-Affiliated2026-06-300001655888Rocket BidCo, Inc. (dba Recochem) | First lien senior secured revolving loan | Non-Affiliated2026-06-300001655888us-gaap:ChemicalsSectorMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888Conair Holdings LLC | First lien senior secured loan | Non-Affiliated2026-06-300001655888Conair Holdings LLC | Second lien senior secured loan | Non-Affiliated2026-06-300001655888Feradyne Outdoors, LLC | First lien senior secured loan | Non-Affiliated2026-06-300001655888Foundation Consumer Brands, LLC | First lien senior secured loan | Non-Affiliated2026-06-300001655888Lignetics Investment Corp. | First lien senior secured loan | Non-Affiliated2026-06-300001655888SWK BUYER, Inc. (dba Stonewall Kitchen) | First lien senior secured loan | Non-Affiliated2026-06-300001655888SWK BUYER, Inc. (dba Stonewall Kitchen) | First lien senior secured revolving loan | Non-Affiliated2026-06-300001655888WU Holdco, Inc. (dba PurposeBuilt Brands) | First lien senior secured loan | Non-Affiliated2026-06-300001655888us-gaap:ConsumerSectorMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888Arctic Holdco, LLC (dba Novvia Group) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Arctic Holdco, LLC (dba Novvia Group) | First lien senior secured revolving loan | Non-Affiliated2026-06-300001655888Ascend Buyer, LLC (dba PPC Flexible Packaging) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Fortis Solutions Group, LLC | First lien senior secured loan | Non-Affiliated2026-06-300001655888Indigo Buyer, Inc. (dba Inovar Packaging Group) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Pregis Topco LLC | Second lien senior secured loan 1 | Non-Affiliated2026-06-300001655888Pregis Topco LLC | Second lien senior secured loan 2 | Non-Affiliated2026-06-300001655888us-gaap:ContainerAndPackagingSectorMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888ABB/Con-cise Optical Group LLC | First lien senior secured loan | Non-Affiliated2026-06-300001655888Endries Acquisition, Inc. | First lien senior secured loan | Non-Affiliated2026-06-300001655888Offen, Inc. | First lien senior secured loan | Non-Affiliated2026-06-300001655888obdc:DistributionSectorMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888Severin Acquisition, LLC (dba PowerSchool) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Severin Acquisition, LLC (dba PowerSchool) | First lien senior secured revolving loan | Non-Affiliated2026-06-300001655888obdc:EducationMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888Dresser Utility Solutions, LLC | First lien senior secured loan | Non-Affiliated2026-06-300001655888obdc:EnergyEquipmentAndServicesMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888Baker Tilly Advisory Group, LP | First lien senior secured loan | Non-Affiliated2026-06-300001655888CCM Midco, LLC (f/k/a Cresset Capital Management, LLC) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Continental Finance Company, LLC | First lien senior secured loan | Non-Affiliated2026-06-300001655888Deerfield Dakota Holdings | First lien senior secured loan | Non-Affiliated2026-06-300001655888Deerfield Dakota Holdings | First lien senior secured revolving loan | Non-Affiliated2026-06-300001655888Klarna Holding AB | Subordinated Floating Rate Notes | Non-Affiliated2026-06-300001655888KRIV Acquisition Inc. (dba Riveron) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Minotaur Acquisition, Inc. (dba Inspira Financial) | First lien senior secured loan | Non-Affiliated2026-06-300001655888NMI Acquisitionco, Inc. (dba Network Merchants) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Smarsh Inc. | First lien senior secured loan | Non-Affiliated2026-06-300001655888Smarsh Inc. | First lien senior secured revolving loan | Non-Affiliated2026-06-300001655888Wipfli Advisory LLC | First lien senior secured loan | Non-Affiliated2026-06-300001655888us-gaap:FinancialServicesSectorMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888Balrog Acquisition, Inc. (dba Bakemark) | Second lien senior secured loan | Non-Affiliated2026-06-300001655888Blast Bidco Inc. (dba Bazooka Candy Brands) | First lien senior secured loan | Non-Affiliated2026-06-300001655888BP Veraison Buyer, LLC (dba Sun World) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Eagle Family Foods Group LLC | First lien senior secured loan | Non-Affiliated2026-06-300001655888Fiesta Purchaser, Inc. (dba Shearer's Foods) | First lien senior secured revolving loan | Non-Affiliated2026-06-300001655888Gehl Foods, LLC | First lien senior secured loan | Non-Affiliated2026-06-300001655888Hissho Parent, LLC | First lien senior secured loan | Non-Affiliated2026-06-300001655888Innovation Ventures HoldCo, LLC (dba 5 Hour Energy) | First lien senior secured loan | Non-Affiliated2026-06-300001655888KBP Brands, LLC | First lien senior secured loan | Non-Affiliated2026-06-300001655888Ole Smoky Distillery, LLC | First lien senior secured loan | Non-Affiliated2026-06-300001655888Rushmore Investment III LLC (dba Winland Foods) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Vital Bidco AB (dba Vitamin Well) | First lien senior secured loan | Non-Affiliated2026-06-300001655888us-gaap:FoodAndBeverageSectorMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888Arctic US Bidco, Inc. (dba ThermoSafe) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Arctic US Bidco, Inc. (dba ThermoSafe) | First lien senior secured delayed draw term loan | Non-Affiliated2026-06-300001655888Bamboo US BidCo LLC | First lien senior secured loan | Non-Affiliated2026-06-300001655888Bamboo US BidCo LLC | First lien senior secured EUR term loan | Non-Affiliated2026-06-300001655888Bamboo US BidCo LLC | First lien senior secured revolving loan | Non-Affiliated2026-06-300001655888Cambrex Corporation | First lien senior secured term loan | Non-Affiliated2026-06-300001655888Caris Life Sciences, Inc. | First lien senior secured loan | Non-Affiliated2026-06-300001655888Creek Parent, Inc. (dba Catalent) | First lien senior secured loan | Non-Affiliated2026-06-300001655888CSC MKG Topco LLC (dba Medical Knowledge Group) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Nelipak Holding Company | First lien senior secured loan | Non-Affiliated2026-06-300001655888NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A. | First lien senior secured EUR revolving loan | Non-Affiliated2026-06-300001655888Packaging Coordinators Midco, Inc. | First lien senior secured loan | Non-Affiliated2026-06-300001655888Packaging Coordinators Midco, Inc. | First lien senior secured delayed draw term loan | Non-Affiliated2026-06-300001655888Patriot Acquisition TopCo S.À R.L. (dba Corza Health, Inc.) | First lien senior secured loan | Non-Affiliated2026-06-300001655888PerkinElmer U.S. LLC | First lien senior secured loan | Non-Affiliated2026-06-300001655888Rhea Parent, Inc | First lien senior secured loan | Non-Affiliated2026-06-300001655888TBRS, Inc. (dba TEAM Technologies) | First lien senior secured loan | Non-Affiliated2026-06-300001655888TBRS, Inc. (dba TEAM Technologies) 2 | First lien senior secured loan | Non-Affiliated2026-06-300001655888obdc:HealthcareEquipmentAndServicesMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888Allied Benefit Systems Intermediate LLC | First lien senior secured loan | Non-Affiliated2026-06-300001655888Belmont Buyer, Inc. (dba Valenz) | First lien senior secured loan 1 | Non-Affiliated2026-06-300001655888Belmont Buyer, Inc. (dba Valenz) | First lien senior secured loan 2 | Non-Affiliated2026-06-300001655888Bristol Hospice L.L.C. | First lien senior secured loan | Non-Affiliated2026-06-300001655888Commander Buyer, Inc. (dba CenExel) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Confluent Health, LLC | First lien senior secured loan | Non-Affiliated2026-06-300001655888Covetrus, Inc. | Second lien senior secured loan | Non-Affiliated2026-06-300001655888dentalcorp Health Services Ltd. (fka Aryeh Bidco Investment Ltd.) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Engage Debtco Limited | First lien senior secured loan | Non-Affiliated2026-06-300001655888KWOL Acquisition, Inc. (dba Worldwide Clinical Trials) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Lakefield Acquisition Corp. (dba Lakefield Veterinary Group) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Maple Acquisition, LLC (dba Medicus) | First lien senior secured loan | Non-Affiliated2026-06-300001655888National Dentex Labs LLC (fka Barracuda Dental LLC) | First lien senior secured loan | Non-Affiliated2026-06-300001655888National Dentex Labs LLC (fka Barracuda Dental LLC) | First lien senior secured delayed draw term loan | Non-Affiliated2026-06-300001655888National Dentex Labs LLC (fka Barracuda Dental LLC) | First lien senior secured revolving loan | Non-Affiliated2026-06-300001655888Natural Partners, LLC | First lien senior secured loan | Non-Affiliated2026-06-300001655888Nova Women's Health, Inc. | First lien senior secured loan | Non-Affiliated2026-06-300001655888OB Hospitalist Group, Inc. | First lien senior secured loan | Non-Affiliated2026-06-300001655888Pacific BidCo Inc. | First lien senior secured loan | Non-Affiliated2026-06-300001655888PetVet Care Centers, LLC | First lien senior secured loan | Non-Affiliated2026-06-300001655888PetVet Care Centers, LLC | First lien senior secured revolving loan | Non-Affiliated2026-06-300001655888Physician Partners, LLC | First lien senior secured loan 1 | Non-Affiliated2026-06-300001655888Physician Partners, LLC | First lien senior secured loan 2 | Non-Affiliated2026-06-300001655888Plasma Buyer LLC (dba PathGroup) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Plasma Buyer LLC (dba PathGroup) | First lien senior secured delayed draw term loan | Non-Affiliated2026-06-300001655888Plasma Buyer LLC (dba PathGroup) | First lien senior secured revolving loan | Non-Affiliated2026-06-300001655888PPV Intermediate Holdings, LLC | First lien senior secured loan | Non-Affiliated2026-06-300001655888PPV Intermediate Holdings, LLC | First lien senior secured delayed draw term loan | Non-Affiliated2026-06-300001655888Premier Imaging, LLC (dba LucidHealth) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Premise Health Holding Corp. | First lien senior secured loan | Non-Affiliated2026-06-300001655888Quva Pharma, Inc. | First lien senior secured loan | Non-Affiliated2026-06-300001655888SimonMed, Inc. | First lien senior secured loan | Non-Affiliated2026-06-300001655888SimonMed, Inc. | First lien senior secured revolving loan | Non-Affiliated2026-06-300001655888Soleo Holdings, Inc. | First lien senior secured loan | Non-Affiliated2026-06-300001655888Soleo Holdings, Inc. | First lien senior secured delayed draw term loan | Non-Affiliated2026-06-300001655888Tivity Health, Inc. | First lien senior secured loan | Non-Affiliated2026-06-300001655888Unified Women's Healthcare, LP | First lien senior secured loan | Non-Affiliated2026-06-300001655888Valeris, Inc. (fka Phantom Purchaser, Inc.) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Vermont Aus Pty Ltd | First lien senior secured AUD term loan | Non-Affiliated2026-06-300001655888obdc:HealthcareProvidersAndServicesMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888BCPE Osprey Buyer, Inc. (dba PartsSource) | First lien senior secured loan | Non-Affiliated2026-06-300001655888BCPE Osprey Buyer, Inc. (dba PartsSource) | First lien senior secured delayed draw term loan | Non-Affiliated2026-06-300001655888CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) | First lien senior secured loan 1 | Non-Affiliated2026-06-300001655888CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) | First lien senior secured loan 2 | Non-Affiliated2026-06-300001655888GI Ranger Intermediate, LLC (dba Rectangle Health) (dba Datavant) | First lien senior secured loan | Non-Affiliated2026-06-300001655888GI Ranger Intermediate, LLC (dba Rectangle Health) (dba Datavant) | First lien senior secured revolving loan | Non-Affiliated2026-06-300001655888Indikami Bidco, LLC (dba IntegriChain) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Indikami Bidco, LLC (dba IntegriChain) | First lien senior secured delayed draw term loan | Non-Affiliated2026-06-300001655888Indikami Bidco, LLC (dba IntegriChain) | First lien senior secured revolving loan | Non-Affiliated2026-06-300001655888Inovalon Holdings, Inc.| First lien senior secured loan | Non-Affiliated2026-06-300001655888Inovalon Holdings, Inc. | Second lien senior secured loan | Non-Affiliated2026-06-300001655888Interoperability Bidco, Inc. (dba Lyniate) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Klick Inc. | First lien senior secured loan | Non-Affiliated2026-06-300001655888Klick Inc. | First lien senior secured delayed draw term loan | Non-Affiliated2026-06-300001655888Modernizing Medicine, Inc. (dba ModMed) | First lien senior secured loan | Non-Affiliated2026-06-300001655888RL Datix Holdings (USA), Inc. | First lien senior secured loan | Non-Affiliated2026-06-300001655888RL Datix Holdings (USA), Inc. | First lien senior secured GBP term loan | Non-Affiliated2026-06-300001655888Salinger Bidco Inc. (dba Surgical Information Systems) | First lien senior secured loan | Non-Affiliated2026-06-300001655888obdc:HealthcareTechnologySectorMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888HGH Purchaser, Inc. (dba Horizon Services) | First lien senior secured loan | Non-Affiliated2026-06-300001655888HGH Purchaser, Inc. (dba Horizon Services) | First lien senior secured revolving loan | Non-Affiliated2026-06-300001655888Mario Midco Holdings, Inc. (dba Len the Plumber) | Unsecured facility | Non-Affiliated2026-06-300001655888Mario Purchaser, LLC (dba Len the Plumber) | First lien senior secured revolving loan | Non-Affiliated2026-06-300001655888Mario Purchaser, LLC (dba Len the Plumber) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Sentinel Buyer Corp. (dba SimpliSafe) | First lien senior secured loan | Non-Affiliated2026-06-300001655888obdc:HouseholdProductsMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888Cornerstone OnDemand, Inc. | Second lien senior secured loan | Non-Affiliated2026-06-300001655888IG Investments Holdings, LLC (dba Insight Global) | First lien senior secured loan | Non-Affiliated2026-06-300001655888obdc:HumanResourceSupportServicesMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.) | First lien senior secured loan | Non-Affiliated2026-06-300001655888CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.) | First lien senior secured revolving loan | Non-Affiliated2026-06-300001655888GI Apple Midco LLC (dba Atlas Technical Consultants) | First lien senior secured loan | Non-Affiliated2026-06-300001655888GI Apple Midco LLC (dba Atlas Technical Consultants) | First lien senior secured revolving loan | Non-Affiliated2026-06-300001655888Peachtree Buyer, Inc. (dba Pond & Company) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Peachtree Buyer, Inc. (dba Pond & Company) | First lien senior secured revolving loan | Non-Affiliated2026-06-300001655888Tamarack Intermediate, L.L.C. (dba Verisk 3E) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Tamarack Intermediate, L.L.C. (dba Verisk 3E) | First lien senior secured delayed draw term loan 1 | Non-Affiliated2026-06-300001655888Tamarack Intermediate, L.L.C. (dba Verisk 3E) | First lien senior secured delayed draw term loan 2 | Non-Affiliated2026-06-300001655888VCI Asset Holdings LLC | First lien senior secured loan | Non-Affiliated2026-06-300001655888Vessco Midco Holdings, LLC | First lien senior secured loan 1 | Non-Affiliated2026-06-300001655888Vessco Midco Holdings, LLC | First lien senior secured loan 2 | Non-Affiliated2026-06-300001655888obdc:InfrastructureAndEnvironmentalServicesMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888AmeriLife Holdings LLC | First lien senior secured loan | Non-Affiliated2026-06-300001655888AmeriLife Holdings LLC | First lien senior secured revolving loan | Non-Affiliated2026-06-300001655888Brightway Holdings, LLC | First lien senior secured loan | Non-Affiliated2026-06-300001655888Diamond Mezzanine 24 LLC (dba United Risk) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Evolution BuyerCo, Inc. (dba SIAA) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Integrity Marketing Acquisition, LLC | First lien senior secured loan | Non-Affiliated2026-06-300001655888KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Norvax, LLC (dba GoHealth) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Norvax, LLC (dba GoHealth) | First lien senior secured revolving loan | Non-Affiliated2026-06-300001655888Simplicity Financial Marketing Group Holdings, Inc. | First lien senior secured loan | Non-Affiliated2026-06-300001655888THG Acquisition, LLC (dba Hilb) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Trucordia Insurance Holdings, LLC | Second lien senior secured loan | Non-Affiliated2026-06-300001655888Truist Insurance Holdings, LLC | First lien senior secured revolving loan | Non-Affiliated2026-06-300001655888USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners) | First lien senior secured loan | Non-Affiliated2026-06-300001655888us-gaap:InsuranceSectorMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888AI Titan Parent, Inc. (dba Prometheus Group) | First lien senior secured loan | Non-Affiliated2026-06-300001655888AlphaSense, Inc. | First lien senior secured loan | Non-Affiliated2026-06-300001655888Anaplan, Inc. | First lien senior secured loan | Non-Affiliated2026-06-300001655888Aptean Acquiror, Inc. (dba Aptean) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Auctane, Inc. (f/k/a Stamps.com Inc.) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Armstrong Bidco Limited | First lien senior secured GBP term loan | Non-Affiliated2026-06-300001655888Artifact Bidco, Inc. (dba Avetta) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Barracuda Parent, LLC | First lien senior secured loan | Non-Affiliated2026-06-300001655888Bayshore Intermediate #2, L.P. (dba Boomi) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Bayshore Intermediate #2, L.P. (dba Boomi) | First lien senior secured revolving loan | Non-Affiliated2026-06-300001655888BCTO WIW Holdings, Inc. (dba When I Work) | Senior convertible notes | Non-Affiliated2026-06-300001655888By Light Professional IT Services LLC | First lien senior secured loan | Non-Affiliated2026-06-300001655888Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.) | First lien senior secured loan | Non-Affiliated2026-06-300001655888CivicPlus, LLC | First lien senior secured loan | Non-Affiliated2026-06-300001655888Clearwater Analytics Holdings, Inc. | First lien senior secured loan | Non-Affiliated2026-06-300001655888Coupa Holdings, LLC | First lien senior secured loan | Non-Affiliated2026-06-300001655888Coupa Holdings, LLC | First lien senior secured revolving loan | Non-Affiliated2026-06-300001655888CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC) | Unsecured notes | Non-Affiliated2026-06-300001655888Crewline Buyer, Inc. (dba New Relic) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Denali Intermediate Holdings, Inc. (dba Dun & Bradstreet) | First lien senior secured loan | Non-Affiliated2026-06-300001655888EET Buyer, Inc. (dba e-Emphasys) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Einstein Parent, Inc. (dba Smartsheet) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Flexera Software LLC | First lien senior secured EUR term loan | Non-Affiliated2026-06-300001655888Flexera Software LLC | First lien senior secured loan | Non-Affiliated2026-06-300001655888Granicus, Inc. | First lien senior secured loan | Non-Affiliated2026-06-300001655888Granicus, Inc. | First lien senior secured delayed draw term loan | Non-Affiliated2026-06-300001655888Granicus, Inc. | First lien senior secured revolving loan | Non-Affiliated2026-06-300001655888GS Acquisitionco, Inc. (dba insightsoftware) I First lien senior secured loan | Non-Affiliated2026-06-300001655888H&F Opportunities LUX III S.À R.L (dba Checkmarx) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Hyland Software, Inc | First lien senior secured loan | Non-Affiliated2026-06-300001655888Icefall Parent, Inc. (dba EngageSmart) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Jawbreaker Parent, Inc. | First lien senior secured loan | Non-Affiliated2026-06-300001655888JS Parent, Inc. (dba Jama Software) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Litera Bidco LLC | First lien senior secured loan | Non-Affiliated2026-06-300001655888Matterhorn Finco, Inc. (dba Nexthink) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Ministry Brands Holdings, LLC | First lien senior secured loan | Non-Affiliated2026-06-300001655888NSCALE SERVICES UK LTD | First lien senior secured delayed draw term loan | Non-Affiliated2026-06-300001655888Onward Acquireco, Inc. (dba OneStream) | First lien senior secured loan | Non-Affiliated2026-06-300001655888PDI TA Holdings, Inc. | First lien senior secured loan | Non-Affiliated2026-06-300001655888PDI TA Holdings, Inc. | First lien senior secured revolving loan | Non-Affiliated2026-06-300001655888QAD, Inc. | First lien senior secured loan | Non-Affiliated2026-06-300001655888Securonix, Inc. | First lien senior secured loan | Non-Affiliated2026-06-300001655888Securonix, Inc. | First lien senior secured revolving loan | Non-Affiliated2026-06-300001655888Sitecore Holding III A/S | First lien senior secured loan | Non-Affiliated2026-06-300001655888Sitecore Holding III A/S | First lien senior secured EUR term loan | Non-Affiliated2026-06-300001655888Sitecore USA, Inc. | First lien senior secured loan | Non-Affiliated2026-06-300001655888Spaceship Purchaser, Inc. (dba Squarespace) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Themis Solutions Inc. (dba Clio) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Thunder Purchaser, Inc. (dba Vector Solutions) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Zendesk, Inc. | First lien senior secured loan | Non-Affiliated2026-06-300001655888obdc:InternetSoftwareAndServicesMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888Aerosmith Bidco 1 Limited (dba Audiotonix) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Aerosmith Bidco 1 Limited (dba Audiotonix) | First lien senior secured delayed draw term loan | Non-Affiliated2026-06-300001655888Eternal Buyer, LLC (dba Wedgewood Weddings) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Troon Golf, L.L.C. | First lien senior secured loan | Non-Affiliated2026-06-300001655888obdc:LeisureAndEntertainmentMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888Loparex Midco B.V. | First lien senior secured loan | Non-Affiliated2026-06-300001655888Loparex Midco B.V. 1 | First lien senior secured loan | Non-Affiliated2026-06-300001655888Loparex Midco B.V. | Second lien senior secured loan | Non-Affiliated2026-06-300001655888Loparex Midco B.V. 1 | Second lien senior secured loan | Non-Affiliated2026-06-300001655888MHE Intermediate Holdings, LLC (dba OnPoint Group) | First lien senior secured loan | Non-Affiliated2026-06-300001655888MHE Intermediate Holdings, LLC (dba OnPoint Group) 1 | First lien senior secured loan | Non-Affiliated2026-06-300001655888Sonny's Enterprises, LLC | First lien senior secured loan | Non-Affiliated2026-06-300001655888Sonny's Enterprises, LLC | First lien senior secured delayed draw term loan | Non-Affiliated2026-06-300001655888Sonny's Enterprises, LLC | First lien senior secured revolving loan | Non-Affiliated2026-06-300001655888obdc:ManufacturingMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888Puma Buyer, LLC (dba PANTHERx) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Senderra RX Acquisition, LLC | First lien senior secured loan | Non-Affiliated2026-06-300001655888obdc:PharmaceuticalsMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888Essential Services Holding Corporation (dba Turnpoint) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Essential Services Holding Corporation (dba Turnpoint) | First lien senior secured revolving loan | Non-Affiliated2026-06-300001655888Gerson Lehrman Group, Inc. | First lien senior secured loan | Non-Affiliated2026-06-300001655888Guidehouse Inc. | First lien senior secured loan | Non-Affiliated2026-06-300001655888Paris US Holdco, Inc. (dba Precinmac) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Sensor Technology Topco, Inc. (dba Humanetics) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Sensor Technology Topco, Inc. (dba Humanetics) | First lien senior secured EUR term loan | Non-Affiliated2026-06-300001655888Sensor Technology Topco, Inc. (dba Humanetics) | First lien senior secured revolving loan | Non-Affiliated2026-06-300001655888Vensure Employer Services, Inc. | First lien senior secured loan | Non-Affiliated2026-06-300001655888obdc:ProfessionalServicesMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888Galls, LLC | First lien senior secured loan | Non-Affiliated2026-06-300001655888Milan Laser Holdings LLC | First lien senior secured loan | Non-Affiliated2026-06-300001655888The Shade Store, LLC | First lien senior secured loan | Non-Affiliated2026-06-300001655888us-gaap:RetailSectorMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888EOS Finco S.A.R.L (dba Netceed) | First lien senior secured loan | Non-Affiliated2026-06-300001655888EOS Finco S.A.R.L (dba Netceed) | First lien senior secured delayed draw term loan | Non-Affiliated2026-06-300001655888Reinstated NewCo S.À R.L. (dba Netceed) | First lien senior secured loan | Non-Affiliated2026-06-300001655888obdc:TelecommunicationMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888Lightbeam Bidco, Inc. (dba Lazer Spot) | First lien senior secured loan | Non-Affiliated2026-06-300001655888Lytx, Inc. | First lien senior secured loan | Non-Affiliated2026-06-300001655888obdc:TransportationMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2026-06-300001655888us-gaap:InvestmentUnaffiliatedIssuerMemberobdc:MiscellaneousDebtCommitmentsNettingMember2026-06-300001655888us-gaap:InvestmentUnaffiliatedIssuerMemberobdc:NetDebtAndMiscellaneousDebtInvestmentsMember2026-06-300001655888Space Exploration Technologies Corp. | Class A Common Stock | Non-Affiliated2026-06-300001655888us-gaap:AerospaceSectorMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888Amergin Asset Management, LLC | Specialty finance equity investment | Non-Affiliated2026-06-300001655888obdc:AssetBasedLendingAndFundFinanceMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888CD&R Value Building Partners I, L.P. (dba Belron) | LP Interest | Non-Affiliated2026-06-300001655888Percheron Horsepower-A LP (dba Big Brand Tire & Service) | LP Interest | Non-Affiliated2026-06-300001655888us-gaap:AutomotiveSectorMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888Hercules Buyer, LLC (dba The Vincit Group) | Common Units | Non-Affiliated2026-06-300001655888Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.) | Perpetual Preferred Stock | Non-Affiliated2026-06-300001655888obdc:BusinessServicesMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888ASP Conair Holdings LP | Class A Units | Non-Affiliated2026-06-300001655888us-gaap:ConsumerSectorMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888TCB Holdings I LLC (dba TricorBraun) | Class A Preferred Units | Non-Affiliated2026-06-300001655888us-gaap:ContainerAndPackagingSectorMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888Blend Labs, Inc. | Warrants | Non-Affiliated2026-06-300001655888Capital Integration Systems LLC (dba CAIS) | Class D Common Units | Non-Affiliated2026-06-300001655888Snowbird Manager LP | LP Interest | Non-Affiliated2026-06-300001655888us-gaap:FinancialServicesSectorMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888Hissho Sushi Holdings, LLC | Class A Units | Non-Affiliated2026-06-300001655888us-gaap:FoodAndBeverageSectorMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888KPCI Co-Invest 2, L.P. | Class A Units | Non-Affiliated2026-06-300001655888Maia Aggregator, LP | Class A-2 Units | Non-Affiliated2026-06-300001655888Patriot Holdings SCSp (dba Corza Health, Inc.) | Class A Units | Non-Affiliated2026-06-300001655888Patriot Holdings SCSp (dba Corza Health, Inc.) | Class B Units | Non-Affiliated2026-06-300001655888Rhea Acquisition Holdings, LP | Series A-2 Units | Non-Affiliated2026-06-300001655888obdc:HealthcareEquipmentAndServicesMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888Baypine Commander Co-Invest, LP | LP Interest | Non-Affiliated2026-06-300001655888KOBHG Holdings, L.P. (dba OB Hospitalist) | Class A Interests | Non-Affiliated2026-06-300001655888KWOL Acquisition, Inc. (dba Worldwide Clinical Trials) | Class A Interest | Non-Affiliated2026-06-300001655888Nova Women’s Health Partners Holdings, LP | Class A Units | Non-Affiliated2026-06-300001655888Polar Investors LP (dba Dentalcorp) | Common equity | Non-Affiliated2026-06-300001655888Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers) | Series A Preferred Stock | Non-Affiliated2026-06-300001655888XOMA Corporation | Warrants | Non-Affiliated2026-06-300001655888obdc:HealthcareProvidersAndServicesMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888BEHP Co-Investor II, L.P. | LP Interest | Non-Affiliated2026-06-300001655888Minerva Holdco, Inc. | Senior A Preferred Stock | Non-Affiliated2026-06-300001655888ModMed Software Midco Holdings, Inc. (dba ModMed) | Series A Preferred Units | Non-Affiliated2026-06-300001655888WP Irving Co-Invest, L.P. | Partnership Units | Non-Affiliated2026-06-300001655888obdc:HealthcareTechnologySectorMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888Rome Topco Holdings, LLC (dba SimpliSafe) | Class A Units | Non-Affiliated2026-06-300001655888Rome Topco Holdings, LLC (dba SimpliSafe) | Class B Units | Non-Affiliated2026-06-300001655888obdc:HouseholdProductsMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.) | Series A Preferred Stock | Non-Affiliated2026-06-300001655888obdc:HumanResourceSupportServicesMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888Valor Cl Blocker Feeder LP | LP Interest | Non-Affiliated2026-06-300001655888VCI Intermediate TopCo 1 LLC | Class B Units | Non-Affiliated2026-06-300001655888obdc:InfrastructureAndEnvironmentalServicesMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888Accelerate Topco Holdings, LLC | Common Units | Non-Affiliated2026-06-300001655888Evolution Parent, LP (dba SIAA) | LP Interest | Non-Affiliated2026-06-300001655888GoHealth, Inc. | Common stock | Non-Affiliated2026-06-300001655888GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway) | LP Interest | Non-Affiliated2026-06-300001655888Hockey Parent Holdings, L.P. | Class A Common Units | Non-Affiliated2026-06-300001655888PCF Holdco, LLC (dba Trucordia) | Warrants | Non-Affiliated2026-06-300001655888PCF Holdco, LLC (dba Trucordia) | Preferred equity | Non-Affiliated2026-06-300001655888us-gaap:InsuranceSectorMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888AlphaSense, LLC | Series E Preferred Shares | Non-Affiliated2026-06-300001655888Bird Holding B.V. (fka MessageBird Holding B.V.) | Extended Series C Warrants | Non-Affiliated2026-06-300001655888Brooklyn Lender Co-Invest 2, L.P. (dba Boomi) | Common Units | Non-Affiliated2026-06-300001655888Elliott Alto Co-Investor Aggregator L.P. | LP Interest | Non-Affiliated2026-06-300001655888GT Silver Co-Invest SCSp | LP Interest | Non-Affiliated2026-06-300001655888Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC) | LP Interest | Non-Affiliated2026-06-300001655888Nscale Global Holdings Limited | Preferred equity | Non-Affiliated2026-06-300001655888Nscale Global Holdings Limited | Series B Preferred Shares | Non-Affiliated2026-06-300001655888Project Alpine Co-Invest Fund, LP | LP Interest | Non-Affiliated2026-06-300001655888Project Hotel California Co-Invest Fund, L.P. | LP Interest | Non-Affiliated2026-06-300001655888Thunder Topco L.P. (dba Vector Solutions) | Common Units | Non-Affiliated2026-06-300001655888VEPF VIII Co-Invest 8-A, L.P. | LP Interest | Non-Affiliated2026-06-300001655888WMC Bidco, Inc. (dba West Monroe) | Senior Preferred Stock | Non-Affiliated2026-06-300001655888WP Silver Co-Invest, L.P. | LP Interest | Non-Affiliated2026-06-300001655888Zoro TopCo, L.P. | Class A Common Units | Non-Affiliated2026-06-300001655888Zoro TopCo, Inc. | Series A Preferred Equity | Non-Affiliated2026-06-300001655888obdc:InternetSoftwareAndServicesMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888Gloves Holdings, LP (dba Protective Industrial Products) | LP Interest | Non-Affiliated2026-06-300001655888Windows Entities | LLC Units | Non-Affiliated2026-06-300001655888obdc:ManufacturingMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888Equity NewCo S.A. (dba Netceed) | Common equity | Non-Affiliated2026-06-300001655888obdc:TelecommunicationMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001655888us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2026-06-300001655888Pluralsight, LLC | First lien senior secured loan 1 | Non-Affiliated2026-06-300001655888Pluralsight, LLC | First lien senior secured loan 2 | Non-Affiliated2026-06-300001655888obdc:EducationMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-06-300001655888us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberobdc:DebtInvestmentMember2026-06-300001655888us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberobdc:DebtCommitmentsMember2026-06-300001655888us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:DebtSecuritiesMember2026-06-300001655888Blue Owl Cross-Strategy Opportunities LLC | Specialty finance equity investment | Affiliated2026-06-300001655888obdc:EquityInvestmentsSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-06-300001655888Paradigmatic Holdco LLC (dba Pluralsight) | Common stock | Affiliated2026-06-300001655888obdc:EducationMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-06-300001655888LSI Financing 1 DAC | Specialty finance equity investment | Affiliated2026-06-300001655888obdc:PharmaceuticalsMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-06-300001655888us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:EquitySecuritiesMember2026-06-300001655888Swipe Acquisition Corporation (dba PLI) | First lien senior secured loan 1 | Affiliated2026-06-300001655888Swipe Acquisition Corporation (dba PLI) | First lien senior secured loan 2 | Affiliated2026-06-300001655888obdc:AdvertisingAndMediaMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-06-300001655888AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC | Specialty finance debt investment | Affiliated2026-06-300001655888AAM Series 2.1 Aviation Feeder, LLC | Specialty finance debt investment | Affiliated2026-06-300001655888obdc:AssetBasedLendingAndFundFinanceMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-06-300001655888PS Operating Company LLC (fka QC Supply, LLC) | First lien senior secured loan | Non-Affiliated2026-06-300001655888obdc:DistributionSectorMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-06-300001655888Eagle Infrastructure Services, LLC | First lien senior secured loan | Non-Affiliated2026-06-300001655888obdc:InfrastructureAndEnvironmentalServicesMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-06-300001655888Notorious Holdings LLC (dba Beauty Industry Group) | First lien senior secured loan | Affiliated2026-06-300001655888Notorious Topco, LLC (dba Beauty Industry Group) | First lien senior secured loan | Affiliated2026-06-300001655888us-gaap:RetailSectorMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-06-300001655888us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:DebtSecuritiesMember2026-06-300001655888us-gaap:InvestmentAffiliatedIssuerControlledMemberobdc:MiscellaneousDebtCommitmentsNettingMember2026-06-300001655888us-gaap:InvestmentAffiliatedIssuerControlledMemberobdc:DebtSecuritiesNettingMember2026-06-300001655888New PLI Holdings, LLC (dba PLI) | Class A Common Units | Affiliated2026-06-300001655888obdc:AdvertisingAndMediaMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-06-300001655888AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC | Specialty finance equity investment | Affiliated2026-06-300001655888AAM Series 2.1 Aviation Feeder, LLC | Specialty finance equity investment | Affiliated2026-06-300001655888Wingspire Capital Holdings LLC | Specialty finance equity investment | Affiliated2026-06-300001655888obdc:AssetBasedLendingAndFundFinanceMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-06-300001655888OWL-HP FINANCE LLC | Specialty finance equity investment | Affiliated2026-06-300001655888obdc:BuildingsAndRealEstateMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-06-300001655888PS Op Holdings LLC (fka QC Supply, LLC) | Class A Common Units | Affiliated2026-06-300001655888obdc:DistributionSectorMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-06-300001655888Eagle Infrastructure Services, LLC | Common Units | Affiliated2026-06-300001655888obdc:InfrastructureAndEnvironmentalServicesMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-06-300001655888Fifth Season Investments LLC | Specialty finance equity investment | Affiliated2026-06-300001655888us-gaap:InsuranceSectorMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-06-300001655888Blue Owl Credit SLF LLC | LLC interest | Affiliated2026-06-300001655888Blue Owl Leasing LLC | LLC Interest | Affiliated2026-06-300001655888obdc:JointVenturesMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-06-300001655888LSI Financing LLC | Specialty finance equity investment | Affiliated2026-06-300001655888obdc:PharmaceuticalsMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-06-300001655888Notorious Purchaser II, Inc. (dba Beauty Industry Group) | Class B Common Stock | Affiliated2026-06-300001655888us-gaap:RetailSectorMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-06-300001655888us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:EquitySecuritiesMember2026-06-300001655888Foreign currency forward contracts2026-01-012026-06-300001655888Interest Rate Swap, 2027 Notes2026-06-300001655888Interest Rate Swap, 2027 Notes2026-01-012026-06-300001655888Interest Rate Swap, 2029 Notes2026-06-300001655888Interest Rate Swap, 2029 Notes2026-01-012026-06-300001655888Interest Rate Swap, 2029 Notes 12026-06-300001655888Interest Rate Swap, 2029 Notes 12026-01-012026-06-300001655888Interest Rate Swap, 2030 Notes2026-06-300001655888Interest Rate Swap, 2030 Notes2026-01-012026-06-300001655888Interest Rate Swap, September 2028 Notes2026-06-300001655888Interest Rate Swap, September 2028 Notes2026-01-012026-06-300001655888Interest Rate Swap, 2031 Notes2026-06-300001655888Interest Rate Swap, 2031 Notes2026-01-012026-06-300001655888Interest Rate Swaps2026-06-300001655888Interest Rate Swaps2026-01-012026-06-300001655888Foreign currency forward contract 12026-06-300001655888Foreign currency forward contract 12026-01-012026-06-300001655888Foreign currency forward contract 22026-06-300001655888Foreign currency forward contract 22026-01-012026-06-300001655888Foreign currency forward contract 32026-06-300001655888Foreign currency forward contract 32026-01-012026-06-300001655888Foreign currency forward contract 42026-06-300001655888Foreign currency forward contract 42026-01-012026-06-300001655888Foreign currency forward contract 52026-06-300001655888Foreign currency forward contract 52026-01-012026-06-300001655888Foreign currency forward contract 62026-06-300001655888Foreign currency forward contract 62026-01-012026-06-300001655888Foreign currency forward contract 72026-06-300001655888Foreign currency forward contract 72026-01-012026-06-300001655888Foreign currency forward contract 82026-06-300001655888Foreign currency forward contract 82026-01-012026-06-300001655888Foreign currency forward contract 92026-06-300001655888Foreign currency forward contract 92026-01-012026-06-300001655888obdc:OneMonthSecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2026-06-300001655888obdc:ThreeMonthsSecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2026-06-300001655888obdc:SixMonthsSecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2026-06-300001655888us-gaap:PrimeRateMember2026-06-300001655888obdc:OneMonthEURIBORMember2026-06-300001655888obdc:ThreeMonthsEURIBORMember2026-06-300001655888obdc:SixMonthsEURIBORMember2026-06-300001655888obdc:ThreeMonthsBBSYMember2026-06-300001655888obdc:SONIAMember2026-06-300001655888obdc:ThreeMonthCORRAMember2026-06-300001655888Aerosmith Bidco 1 Limited (dba Audiotonix) | First lien senior secured delayed draw term loan2026-06-300001655888AI Titan Parent, Inc. (dba Prometheus Group) | First lien senior secured delayed draw term loan2026-06-300001655888AlphaSense, Inc. | First lien senior secured delayed draw term loan2026-06-300001655888Arctic US Bidco, Inc. (dba ThermoSafe) | First lien senior secured delayed draw term loan2026-06-300001655888Artifact Bidco, Inc. (dba Avetta) | First lien senior secured delayed draw term loan2026-06-300001655888Associations, Inc. | First lien senior secured delayed draw term loan2026-06-300001655888Brightway Holdings, LLC | First lien senior secured delayed draw term loan2026-06-300001655888Caris Life Sciences, Inc. | First lien senior secured delayed draw term loan2026-06-300001655888CCM Midco, LLC (f/k/a Cresset Capital Management, LLC) | First lien senior secured delayed draw term loan2026-06-300001655888CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.) | First lien senior secured delayed draw term loan2026-06-300001655888CivicPlus, LLC | First lien senior secured delayed draw term loan2026-06-300001655888Clearwater Analytics Holdings, Inc. | First lien senior secured delayed draw term loan2026-06-300001655888CMG HoldCo, LLC (dba Crete United) | First lien senior secured delayed draw term loan2026-06-300001655888Commander Buyer, Inc. (dba CenExel) | First lien senior secured delayed draw term loan2026-06-300001655888CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) | First lien senior secured delayed draw term loan 12026-06-300001655888CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) | First lien senior secured delayed draw term loan 22026-06-300001655888dentalcorp Health Services Ltd. (fka Aryeh Bidco Investment Ltd.) | First lien senior secured delayed draw term loan2026-06-300001655888DuraServ LLC | First lien senior secured delayed draw term loan2026-06-300001655888EOS Finco S.A.R.L (dba Netceed) | First lien senior secured delayed draw term loan2026-06-300001655888Eternal Buyer, LLC (dba Wedgewood Weddings) | First lien senior secured delayed draw term loan2026-06-300001655888GS Acquisitionco, Inc. (dba insightsoftware) | First lien senior secured delayed draw term loan2026-06-300001655888Hercules Borrower, LLC (dba The Vincit Group) | First lien senior secured delayed draw term loan2026-06-300001655888Horizon Avionics Buyer, LLC (dba Acron Aviation) | First lien senior secured delayed draw term loan2026-06-300001655888Indigo Buyer, Inc. (dba Inovar Packaging Group) | First lien senior secured delayed draw term loan 12026-06-300001655888Indigo Buyer, Inc. (dba Inovar Packaging Group) | First lien senior secured delayed draw term loan 22026-06-300001655888Integrity Marketing Acquisition, LLC | First lien senior secured delayed draw term loan2026-06-300001655888Jawbreaker Parent, Inc. | First lien senior secured delayed draw term loan2026-06-300001655888KRIV Acquisition Inc. (dba Riveron) | First lien senior secured delayed draw term loan 12026-06-300001655888KRIV Acquisition Inc. (dba Riveron) | First lien senior secured delayed draw term loan 22026-06-300001655888Lakefield Acquisition Corp. (dba Lakefield Veterinary Group) | First lien senior secured delayed draw term loan2026-06-300001655888Lightbeam Bidco, Inc. (dba Lazer Spot) | First lien senior secured delayed draw term loan2026-06-300001655888Litera Bidco LLC | First lien senior secured delayed draw term loan 12026-06-300001655888Litera Bidco LLC | First lien senior secured delayed draw term loan 22026-06-300001655888MAJCO LLC (dba Big Brand Tire & Service) | First lien senior secured delayed draw term loan2026-06-300001655888NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A. | First lien senior secured EUR delayed draw term loan2026-06-300001655888Nelipak Holding Company | First lien senior secured delayed draw term loan2026-06-300001655888Nova Women's Health, Inc. | First lien senior secured delayed draw term loan2026-06-300001655888NSCALE SERVICES UK LTD | First lien senior secured delayed draw term loan2026-06-300001655888Onward Acquireco, Inc. (dba OneStream) | First lien senior secured delayed draw term loan2026-06-300001655888Packaging Coordinators Midco, Inc. | First lien senior secured delayed draw term loan2026-06-300001655888PerkinElmer U.S. LLC | First lien senior secured delayed draw term loan2026-06-300001655888Plasma Buyer LLC (dba PathGroup) | First lien senior secured delayed draw term loan2026-06-300001655888Premise Health Holding Corp. | First lien senior secured delayed draw term loan2026-06-300001655888RL Datix Holdings (USA), Inc. | First lien senior secured delayed draw term loan2026-06-300001655888Salinger Bidco Inc. (dba Surgical Information Systems) | First lien senior secured delayed draw term loan2026-06-300001655888Sentinel Buyer Corp. (dba SimpliSafe) | First lien senior secured delayed draw term loan2026-06-300001655888Severin Acquisition, LLC (dba PowerSchool) | First lien senior secured delayed draw term loan2026-06-300001655888SimonMed, Inc. | First lien senior secured delayed draw term loan2026-06-300001655888Simplicity Financial Marketing Group Holdings, Inc. | First lien senior secured delayed draw term loan2026-06-300001655888Smarsh Inc. | First lien senior secured delayed draw term loan2026-06-300001655888Soleo Holdings, Inc. | First lien senior secured delayed draw term loan2026-06-300001655888Sonny's Enterprises, LLC | First lien senior secured delayed draw term loan2026-06-300001655888Spaceship Purchaser, Inc. (dba Squarespace) | First lien senior secured delayed draw term loan2026-06-300001655888Spotless Brands, LLC | First lien senior secured delayed draw term loan2026-06-300001655888STS PARENT, LLC (dba STS Aviation Group) | First lien senior secured delayed draw term loan2026-06-300001655888Tamarack Intermediate, L.L.C. (dba Verisk 3E) | First lien senior secured delayed draw term loan2026-06-300001655888TBRS, Inc. (dba TEAM Technologies) | First lien senior secured delayed draw term loan2026-06-300001655888Themis Solutions Inc. (dba Clio) | First lien senior secured delayed draw term loan2026-06-300001655888THG Acquisition, LLC (dba Hilb) | First lien senior secured delayed draw term loan2026-06-300001655888Troon Golf, L.L.C. | First lien senior secured delayed draw term loan2026-06-300001655888Unified Women's Healthcare, LP | First lien senior secured delayed draw term loan2026-06-300001655888Vensure Employer Services, Inc. | First lien senior secured delayed draw term loan2026-06-300001655888Vessco Midco Holdings, LLC | First lien senior secured delayed draw term loan 12026-06-300001655888Vessco Midco Holdings, LLC | First lien senior secured delayed draw term loan 22026-06-300001655888Wipfli Advisory LLC | First lien senior secured delayed draw term loan2026-06-300001655888Wrench Group LLC | First lien senior secured delayed draw term loan2026-06-300001655888WU Holdco, Inc. (dba PurposeBuilt Brands) | First lien senior secured delayed draw term loan2026-06-300001655888Aerosmith Bidco 1 Limited (dba Audiotonix) | First lien senior secured revolving loan2026-06-300001655888AI Titan Parent, Inc. (dba Prometheus Group) | First lien senior secured revolving loan2026-06-300001655888AmeriLife Holdings LLC | First lien senior secured revolving loan2026-06-300001655888Anaplan, Inc. | First lien senior secured revolving loan2026-06-300001655888Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC) | First lien senior secured revolving loan2026-06-300001655888Aptean Acquiror, Inc. (dba Aptean) | First lien senior secured revolving loan2026-06-300001655888Arctic Holdco, LLC (dba Novvia Group) | First lien senior secured revolving loan2026-06-300001655888Arctic US Bidco, Inc. (dba ThermoSafe) | First lien senior secured multi-currency revolving loan2026-06-300001655888Artifact Bidco, Inc. (dba Avetta) | First lien senior secured revolving loan2026-06-300001655888Ascend Buyer, LLC (dba PPC Flexible Packaging) | First lien senior secured revolving loan2026-06-300001655888Associations, Inc. | First lien senior secured revolving loan2026-06-300001655888Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.) | First lien senior secured revolving loan2026-06-300001655888Baker Tilly Advisory Group, LP | First lien senior secured revolving loan2026-06-300001655888Bamboo US BidCo LLC | First lien senior secured revolving loan2026-06-300001655888Bayshore Intermediate #2, L.P. (dba Boomi) | First lien senior secured revolving loan2026-06-300001655888BCPE Osprey Buyer, Inc. (dba PartsSource) | First lien senior secured revolving loan2026-06-300001655888Belmont Buyer, Inc. (dba Valenz) | First lien senior secured revolving loan2026-06-300001655888Blast Bidco Inc. (dba Bazooka Candy Brands) | First lien senior secured revolving loan2026-06-300001655888BP Veraison Buyer, LLC (dba Sun World) | First lien senior secured revolving loan2026-06-300001655888Brightway Holdings, LLC | First lien senior secured revolving loan2026-06-300001655888Bristol Hospice L.L.C. | First lien senior secured revolving loan2026-06-300001655888By Light Professional IT Services LLC | First lien senior secured revolving loan2026-06-300001655888Cambrex Corporation | First lien senior secured revolving loan2026-06-300001655888Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.) | First lien senior secured revolving loan2026-06-300001655888CCM Midco, LLC (f/k/a Cresset Capital Management, LLC) | First lien senior secured revolving loan2026-06-300001655888CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.) | First lien senior secured revolving loan2026-06-300001655888CivicPlus, LLC | First lien senior secured revolving loan2026-06-300001655888Clearwater Analytics Holdings, Inc. | First lien senior secured revolving loan2026-06-300001655888CMG HoldCo, LLC (dba Crete United) | First lien senior secured revolving loan2026-06-300001655888Commander Buyer, Inc. (dba CenExel) | First lien senior secured revolving loan2026-06-300001655888Coupa Holdings, LLC | First lien senior secured revolving loan2026-06-300001655888Creek Parent, Inc. (dba Catalent) | First lien senior secured revolving loan2026-06-300001655888Crewline Buyer, Inc. (dba New Relic) | First lien senior secured revolving loan2026-06-300001655888CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) | First lien senior secured revolving loan2026-06-300001655888DCG ACQUISITION CORP. (dba DuBois Chemical) | First lien senior secured revolving loan2026-06-300001655888Diamond Mezzanine 24 LLC (dba United Risk) | First lien senior secured revolving loan2026-06-300001655888Deerfield Dakota Holdings | First lien senior secured revolving loan2026-06-300001655888Denali Intermediate Holdings, Inc. (dba Dun & Bradstreet) | First lien senior secured revolving loan2026-06-300001655888dentalcorp Health Services Ltd. (fka Aryeh Bidco Investment Ltd.) | First lien senior secured revolving loan2026-06-300001655888Dresser Utility Solutions, LLC | First lien senior secured revolving loan2026-06-300001655888DuraServ LLC | First lien senior secured revolving loan2026-06-300001655888Eagle Family Foods Group LLC | First lien senior secured revolving loan2026-06-300001655888EET Buyer, Inc. (dba e-Emphasys) | First lien senior secured revolving loan2026-06-300001655888Einstein Parent, Inc. (dba Smartsheet) | First lien senior secured revolving loan2026-06-300001655888Essential Services Holding Corporation (dba Turnpoint) | First lien senior secured revolving loan2026-06-300001655888Eternal Buyer, LLC (dba Wedgewood Weddings) | First lien senior secured revolving loan2026-06-300001655888Evolution BuyerCo, Inc. (dba SIAA) | First lien senior secured revolving loan2026-06-300001655888Fiesta Purchaser, Inc. (dba Shearer's Foods) | First lien senior secured revolving loan2026-06-300001655888Flexera Software LLC | First lien senior secured revolving loan2026-06-300001655888Fortis Solutions Group, LLC | First lien senior secured revolving loan2026-06-300001655888Foundation Consumer Brands, LLC | First lien senior secured revolving loan2026-06-300001655888Gainsight, Inc. | First lien senior secured revolving loan2026-06-300001655888Galls, LLC | First lien senior secured revolving loan2026-06-300001655888Gaylord Chemical Company, L.L.C. | First lien senior secured revolving loan2026-06-300001655888Gerson Lehrman Group, Inc. | First lien senior secured revolving loan2026-06-300001655888GI Apple Midco LLC (dba Atlas Technical Consultants) | First lien senior secured revolving loan2026-06-300001655888GI Ranger Intermediate, LLC (dba Rectangle Health) | First lien senior secured revolving loan2026-06-300001655888Granicus, Inc. | First lien senior secured revolving loan2026-06-300001655888GS Acquisitionco, Inc. (dba insightsoftware) | First lien senior secured revolving loan2026-06-300001655888H&F Opportunities LUX III S.À R.L (dba Checkmarx) | First lien senior secured revolving loan2026-06-300001655888Hercules Borrower, LLC (dba The Vincit Group) | First lien senior secured revolving loan2026-06-300001655888HGH Purchaser, Inc. (dba Horizon Services) | First lien senior secured revolving loan2026-06-300001655888Hissho Parent, LLC | First lien senior secured revolving loan2026-06-300001655888Horizon Avionics Buyer, LLC (dba Acron Aviation) | First lien senior secured revolving loan2026-06-300001655888Hyland Software, Inc. | First lien senior secured revolving loan2026-06-300001655888Icefall Parent, Inc. (dba EngageSmart) | First lien senior secured revolving loan2026-06-300001655888IG Investments Holdings, LLC (dba Insight Global) | First lien senior secured revolving loan2026-06-300001655888Indigo Buyer, Inc. (dba Inovar Packaging Group) | First lien senior secured revolving loan2026-06-300001655888Indikami Bidco, LLC (dba IntegriChain) | First lien senior secured revolving loan2026-06-300001655888Integrity Marketing Acquisition, LLC | First lien senior secured revolving loan2026-06-300001655888Interoperability Bidco, Inc. (dba Lyniate) | First lien senior secured revolving loan2026-06-300001655888IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.)) | First lien senior secured revolving loan2026-06-300001655888Jawbreaker Parent, Inc. | First lien senior secured revolving loan2026-06-300001655888JS Parent, Inc. (dba Jama Software) | First lien senior secured revolving loan2026-06-300001655888Klick Inc. | First lien senior secured revolving loan2026-06-300001655888KRIV Acquisition Inc. (dba Riveron) | First lien senior secured revolving loan2026-06-300001655888KWOL Acquisition, Inc. (dba Worldwide Clinical Trials) | First lien senior secured revolving loan2026-06-300001655888Lakefield Acquisition Corp. (dba Lakefield Veterinary Group) | First lien senior secured revolving loan2026-06-300001655888Lightbeam Bidco, Inc. (dba Lazer Spot) | First lien senior secured revolving loan2026-06-300001655888Lignetics Investment Corp. | First lien senior secured revolving loan2026-06-300001655888Litera Bidco LLC | First lien senior secured revolving loan2026-06-300001655888MAJCO LLC (dba Big Brand Tire & Service) | First lien senior secured revolving loan2026-06-300001655888Maple Acquisition, LLC (dba Medicus) | First lien senior secured revolving loan2026-06-300001655888Mario Purchaser, LLC (dba Len the Plumber) | First lien senior secured revolving loan2026-06-300001655888Matterhorn Finco, Inc. (dba Nexthink) | First lien senior secured revolving loan2026-06-300001655888MHE Intermediate Holdings, LLC (dba OnPoint Group) | First lien senior secured revolving loan2026-06-300001655888Milan Laser Holdings LLC | First lien senior secured revolving loan2026-06-300001655888Ministry Brands Holdings, LLC | First lien senior secured revolving loan2026-06-300001655888Minotaur Acquisition, Inc. (dba Inspira Financial) | First lien senior secured revolving loan2026-06-300001655888Modernizing Medicine, Inc. (dba ModMed) | First lien senior secured revolving loan2026-06-300001655888Monotype Imaging Holdings Inc. | First lien senior secured revolving loan2026-06-300001655888National Dentex Labs LLC (fka Barracuda Dental LLC) | First lien senior secured revolving loan2026-06-300001655888Natural Partners, LLC | First lien senior secured revolving loan2026-06-300001655888NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A. | First lien senior secured EUR revolving loan2026-06-300001655888Nelipak Holding Company | First lien senior secured revolving loan2026-06-300001655888NMI Acquisitionco, Inc. (dba Network Merchants) | First lien senior secured revolving loan2026-06-300001655888Norvax, LLC (dba GoHealth) | First lien senior secured revolving loan2026-06-300001655888Nova Women's Health, Inc. | First lien senior secured revolving loan2026-06-300001655888OB Hospitalist Group, Inc. | First lien senior secured revolving loan2026-06-300001655888Offen, Inc. | First lien senior secured revolving loan2026-06-300001655888Ole Smoky Distillery, LLC | First lien senior secured revolving loan2026-06-300001655888Onward Acquireco, Inc. (dba OneStream) | First lien senior secured revolving loan2026-06-300001655888Packaging Coordinators Midco, Inc. | First lien senior secured revolving loan2026-06-300001655888Paris US Holdco, Inc. (dba Precinmac) | First lien senior secured revolving loan2026-06-300001655888Patriot Acquisition TopCo S.À R.L. (dba Corza Health, Inc.) | First lien senior secured revolving loan2026-06-300001655888Plasma Buyer LLC (dba PathGroup) | First lien senior secured revolving loan2026-06-300001655888PDI TA Holdings, Inc. | First lien senior secured revolving loan2026-06-300001655888Peachtree Buyer, Inc. (dba Pond & Company) | First lien senior secured revolving loan2026-06-300001655888PetVet Care Centers, LLC | First lien senior secured revolving loan2026-06-300001655888PPV Intermediate Holdings, LLC | First lien senior secured revolving loan2026-06-300001655888Premise Health Holding Corp. | First lien senior secured revolving loan2026-06-300001655888Puma Buyer, LLC (dba PANTHERx) | First lien senior secured revolving loan2026-06-300001655888QAD, Inc. | First lien senior secured revolving loan2026-06-300001655888Quva Pharma, Inc. | First lien senior secured revolving loan2026-06-300001655888Rhea Parent, Inc. | First lien senior secured revolving loan2026-06-300001655888RL Datix Holdings (USA), Inc. | First lien senior secured revolving loan2026-06-300001655888Salinger Bidco Inc. (dba Surgical Information Systems) | First lien senior secured revolving loan2026-06-300001655888Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC) | First lien senior secured revolving loan2026-06-300001655888Securonix, Inc. | First lien senior secured revolving loan2026-06-300001655888Senderra RX Acquisition, LLC | First lien senior secured revolving loan2026-06-300001655888Sensor Technology Topco, Inc. (dba Humanetics) | First lien senior secured revolving loan2026-06-300001655888Severin Acquisition, LLC (dba PowerSchool) | First lien senior secured revolving loan2026-06-300001655888SimonMed, Inc. | First lien senior secured revolving loan2026-06-300001655888Simplicity Financial Marketing Group Holdings, Inc. | First lien senior secured revolving loan2026-06-300001655888Smarsh Inc. | First lien senior secured revolving loan2026-06-300001655888Soleo Holdings, Inc. | First lien senior secured revolving loan2026-06-300001655888Soliant Lower Intermediate, LLC (dba Soliant) | First lien senior secured revolving loan2026-06-300001655888Sonny's Enterprises, LLC | First lien senior secured revolving loan2026-06-300001655888Spaceship Purchaser, Inc. (dba Squarespace) | First lien senior secured revolving loan2026-06-300001655888Spotless Brands, LLC | First lien senior secured revolving loan2026-06-300001655888STS PARENT, LLC (dba STS Aviation Group) | First lien senior secured revolving loan2026-06-300001655888SWK BUYER, Inc. (dba Stonewall Kitchen) | First lien senior secured revolving loan2026-06-300001655888Tamarack Intermediate, L.L.C. (dba Verisk 3E) | First lien senior secured revolving loan2026-06-300001655888TBRS, Inc. (dba TEAM Technologies) | First lien senior secured revolving loan2026-06-300001655888Themis Solutions Inc. (dba Clio) | First lien senior secured revolving loan2026-06-300001655888THG Acquisition, LLC (dba Hilb) | First lien senior secured revolving loan2026-06-300001655888Thunder Purchaser, Inc. (dba Vector Solutions) | First lien senior secured revolving loan2026-06-300001655888Troon Golf, L.L.C. | First lien senior secured revolving loan2026-06-300001655888Truist Insurance Holdings, LLC | First lien senior secured revolving loan2026-06-300001655888Unified Women's Healthcare, LP | First lien senior secured revolving loan2026-06-300001655888USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners) | First lien senior secured revolving loan2026-06-300001655888Valeris, Inc. (fka Phantom Purchaser, Inc.) | First lien senior secured revolving loan2026-06-300001655888Vessco Midco Holdings, LLC | First lien senior secured revolving loan2026-06-300001655888Vital Bidco AB (dba Vitamin Well) | First lien senior secured revolving loan2026-06-300001655888Wipfli Advisory LLC | First lien senior secured revolving loan2026-06-300001655888Wrench Group LLC | First lien senior secured revolving loan2026-06-300001655888WU Holdco, Inc. (dba PurposeBuilt Brands) | First lien senior secured revolving loan2026-06-300001655888Zendesk, Inc. | First lien senior secured revolving loan2026-06-300001655888obdc:InvestmentNonAffiliatedIssuerNoncontrolledMemberobdc:DebtCommitmentsMember2026-06-300001655888Percheron Horsepower-A LP (dba Big Brand Tire & Service) | LP Interest2026-06-300001655888Polar Investors LP (dba Dentalcorp) | Common equity2026-06-300001655888Valor CI Blocker Feeder LP | Investment partnership2026-06-300001655888obdc:InvestmentNonAffiliatedIssuerNoncontrolledMemberobdc:EquityCommitmentsMember2026-06-300001655888Pluralsight, LLC | First lien senior secured delayed draw term loan2026-06-300001655888Pluralsight, LLC | First lien senior secured revolving loan2026-06-300001655888Controlled/affiliated - debt commitments, First lien senior secured revolving loan2026-06-300001655888Notorious Topco, LLC (dba Beauty Industry Group) | First lien senior secured revolving loan2026-06-300001655888PS Operating Company LLC (fka QC Supply, LLC) | First lien senior secured revolving loan2026-06-300001655888Swipe Acquisition Corporation (dba PLI) | First lien senior secured revolving loan2026-06-300001655888us-gaap:InvestmentAffiliatedIssuerControlledMemberobdc:DebtCommitmentsMember2026-06-300001655888AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC | Specialty finance equity investment 2026-06-300001655888LSI Financing LLC | Specialty finance equity investment 2026-06-300001655888OWL-HP FINANCE LLC | Specialty finance equity investment 2026-06-300001655888us-gaap:InvestmentAffiliatedIssuerControlledMemberobdc:EquityCommitmentsMember2026-06-300001655888obdc:PortfolioCommitmentsMember2026-06-300001655888LSI Financing 1 DAC2025-12-310001655888LSI Financing 1 DAC2026-01-012026-06-300001655888LSI Financing 1 DAC2026-06-300001655888Ideal Image Development, LLC2025-12-310001655888Ideal Image Development, LLC2026-01-012026-06-300001655888Ideal Image Development, LLC2026-06-300001655888Paradigmatic Holdco LLC (dba Pluralsight)2025-12-310001655888Paradigmatic Holdco LLC (dba Pluralsight)2026-01-012026-06-300001655888Paradigmatic Holdco LLC (dba Pluralsight)2026-06-300001655888Blue Owl Cross-Strategy Opportunities 2025-1 LLC (fka Blue Owl Cross-Strategy Opportunities LLC)2025-12-310001655888Blue Owl Cross-Strategy Opportunities 2025-1 LLC (fka Blue Owl Cross-Strategy Opportunities LLC)2026-01-012026-06-300001655888Blue Owl Cross-Strategy Opportunities 2025-1 LLC (fka Blue Owl Cross-Strategy Opportunities LLC)2026-06-300001655888AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(d)2025-12-310001655888AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(d)2026-01-012026-06-300001655888AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(d)2026-06-300001655888AAM Series 2.1 Aviation Feeder, LLC(d)2025-12-310001655888AAM Series 2.1 Aviation Feeder, LLC(d)2026-01-012026-06-300001655888AAM Series 2.1 Aviation Feeder, LLC(d)2026-06-300001655888Blue Owl Credit SLF LLC(c)2025-12-310001655888Blue Owl Credit SLF LLC(c)2026-01-012026-06-300001655888Blue Owl Credit SLF LLC(c)2026-06-300001655888OWL-HP FINANCE LLC2025-12-310001655888OWL-HP FINANCE LLC2026-01-012026-06-300001655888OWL-HP FINANCE LLC2026-06-300001655888Blue Owl Leasing LLC(c)2025-12-310001655888Blue Owl Leasing LLC(c)2026-01-012026-06-300001655888Blue Owl Leasing LLC(c)2026-06-300001655888Eagle Infrastructure Services, LLC2025-12-310001655888Eagle Infrastructure Services, LLC2026-01-012026-06-300001655888Eagle Infrastructure Services, LLC2026-06-300001655888Fifth Season Investments LLC2025-12-310001655888Fifth Season Investments LLC2026-01-012026-06-300001655888Fifth Season Investments LLC2026-06-300001655888LSI Financing LLC 12025-12-310001655888LSI Financing LLC 12026-01-012026-06-300001655888LSI Financing LLC 12026-06-300001655888New PLI Holdings, LLC (dba PLI)2025-12-310001655888New PLI Holdings, LLC (dba PLI)2026-01-012026-06-300001655888New PLI Holdings, LLC (dba PLI)2026-06-300001655888Notorious Holdings LLC (dba Beauty Industry Group)2025-12-310001655888Notorious Holdings LLC (dba Beauty Industry Group)2026-01-012026-06-300001655888Notorious Holdings LLC (dba Beauty Industry Group)2026-06-300001655888PS Operating Company LLC (fka QC Supply, LLC)2025-12-310001655888PS Operating Company LLC (fka QC Supply, LLC)2026-01-012026-06-300001655888PS Operating Company LLC (fka QC Supply, LLC)2026-06-300001655888Walker Edison Furniture Company LLC2025-12-310001655888Walker Edison Furniture Company LLC2026-01-012026-06-300001655888Walker Edison Furniture Company LLC2026-06-300001655888Wingspire Capital Holdings LLC2025-12-310001655888Wingspire Capital Holdings LLC2026-01-012026-06-300001655888Wingspire Capital Holdings LLC2026-06-300001655888Midwest Custom Windows, LLC2026-06-300001655888Greater Toronto Custom Windows, Corp.2026-06-300001655888Garden State Custom Windows, LLC2026-06-300001655888Long Island Custom Windows, LLC 2026-06-300001655888Jemico, LLC2026-06-300001655888Atlanta Custom Windows, LLC 2026-06-300001655888Fairchester Custom Windows2026-06-300001655888Blue Owl Cross-Strategy Opportunities LLC (BOCSO)2026-06-300001655888Blue Owl Cross-Strategy Opportunities LLC (BOCSO)srt:MinimumMember2026-06-300001655888Blue Owl Cross-Strategy Opportunities LLC (BOCSO)srt:MaximumMember2026-06-300001655888Blue Owl Cross-Strategy Opportunities LLC2026-06-300001655888ABF - Specialty finance2026-06-300001655888ABF - Leasing2026-06-300001655888BF - Commercial Real Estate2026-06-300001655888IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.)) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Monotype Imaging Holdings Inc. | First lien senior secured loan | Non-Affiliated2025-12-310001655888obdc:AdvertisingAndMediaMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Horizon Avionics Buyer, LLC (dba Acron Aviation) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Horizon Avionics Buyer, LLC (dba Acron Aviation) | First lien senior secured revolving loan | Non-Affiliated2025-12-310001655888Peraton Corp. | Second lien senior secured loan | Non-Affiliated2025-12-310001655888STS PARENT, LLC (dba STS Aviation Group) | First lien senior secured loan | Non-Affiliated2025-12-310001655888STS PARENT, LLC (dba STS Aviation Group) | First lien senior secured revolving loan | Non-Affiliated2025-12-310001655888us-gaap:AerospaceSectorMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888Hg Genesis 8 Sumoco Limited | Non-Affiliated2025-12-310001655888Non-Affiliated | Hg Genesis 8 Sumoco Limited | Non-Affiliated2025-12-310001655888Hg Genesis 9 SumoCo Limited | Unsecured facility | Non-Affiliated2025-12-310001655888Hg Saturn Luchaco Limited | Unsecured facility | Non-Affiliated2025-12-310001655888obdc:AssetBasedLendingAndFundFinanceMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888MAJCO LLC (dba Big Brand Tire & Service) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Spotless Brands, LLC | First lien senior secured loan | Non-Affiliated2025-12-310001655888Spotless Brands, LLC | First lien senior secured delayed draw term loan | Non-Affiliated2025-12-310001655888Spotless Brands, LLC | First lien senior secured revolving loan | Non-Affiliated2025-12-310001655888us-gaap:AutomotiveSectorMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888Associations Finance, Inc. | Unsecured notes | Non-Affiliated2025-12-310001655888Associations, Inc. | First lien senior secured loan | Non-Affiliated2025-12-310001655888Wrench Group LLC | First lien senior secured loan | Non-Affiliated2025-12-310001655888Wrench Group LLC | First lien senior secured revolving loan | Non-Affiliated2025-12-310001655888obdc:BuildingsAndRealEstateMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888Aurelia Netherlands B.V. | First lien senior secured EUR term loan | Non-Affiliated2025-12-310001655888CMG HoldCo, LLC (dba Crete United) | First lien senior secured loan | Non-Affiliated2025-12-310001655888CoolSys, Inc. | First lien senior secured loan | Non-Affiliated2025-12-310001655888DuraServ LLC | First lien senior secured loan | Non-Affiliated2025-12-310001655888DuraServ LLC | First lien senior secured revolving loan | Non-Affiliated2025-12-310001655888Gainsight, Inc. | First lien senior secured loan | Non-Affiliated2025-12-310001655888Hercules Borrower, LLC (dba The Vincit Group) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Hercules Buyer, LLC (dba The Vincit Group) | Unsecured notes | Non-Affiliated2025-12-310001655888KPSKY Acquisition, Inc. (dba BluSky) | First lien senior secured loan | Non-Affiliated2025-12-310001655888KPSKY Acquisition, Inc. (dba BluSky) | First lien senior secured delayed draw term loan | Non-Affiliated2025-12-310001655888obdc:BusinessServicesMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC) | Second lien senior secured loan | Non-Affiliated2025-12-310001655888DCG ACQUISITION CORP. (dba DuBois Chemical) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Gaylord Chemical Company, L.L.C. | First lien senior secured loan | Non-Affiliated2025-12-310001655888Gaylord Chemical Company, L.L.C. | First lien senior secured revolving loan | Non-Affiliated2025-12-310001655888Rocket BidCo, Inc. (dba Recochem) | First lien senior secured loan | Non-Affiliated2025-12-310001655888us-gaap:ChemicalsSectorMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888Conair Holdings LLC | First lien senior secured loan | Non-Affiliated2025-12-310001655888Conair Holdings LLC | Second lien senior secured loan | Non-Affiliated2025-12-310001655888Feradyne Outdoors, LLC | First lien senior secured loan | Non-Affiliated2025-12-310001655888Foundation Consumer Brands, LLC | First lien senior secured loan | Non-Affiliated2025-12-310001655888Lignetics Investment Corp. | First lien senior secured loan | Non-Affiliated2025-12-310001655888SWK BUYER, Inc. (dba Stonewall Kitchen) | First lien senior secured loan | Non-Affiliated2025-12-310001655888WU Holdco, Inc. (dba PurposeBuilt Brands) | First lien senior secured loan | Non-Affiliated2025-12-310001655888us-gaap:ConsumerSectorMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888Arctic Holdco, LLC (dba Novvia Group) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Arctic Holdco, LLC (dba Novvia Group) | First lien senior secured revolving loan | Non-Affiliated2025-12-310001655888Ascend Buyer, LLC (dba PPC Flexible Packaging) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Fortis Solutions Group, LLC | First lien senior secured loan | Non-Affiliated2025-12-310001655888Fortis Solutions Group, LLC | First lien senior secured revolving loan | Non-Affiliated2025-12-310001655888Indigo Buyer, Inc. (dba Inovar Packaging Group) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Pregis Topco LLC | Second lien senior secured loan 1 | Non-Affiliated2025-12-310001655888Pregis Topco LLC | Second lien senior secured loan 2 | Non-Affiliated2025-12-310001655888us-gaap:ContainerAndPackagingSectorMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888ABB/Con-cise Optical Group LLC | First lien senior secured loan | Non-Affiliated2025-12-310001655888Endries Acquisition, Inc. | First lien senior secured loan | Non-Affiliated2025-12-310001655888Offen, Inc. | First lien senior secured loan | Non-Affiliated2025-12-310001655888obdc:DistributionSectorMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888Severin Acquisition, LLC (dba PowerSchool) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Severin Acquisition, LLC (dba PowerSchool) | First lien senior secured delayed draw term loan | Non-Affiliated2025-12-310001655888obdc:EducationMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888Dresser Utility Solutions, LLC | First lien senior secured loan | Non-Affiliated2025-12-310001655888obdc:EnergyEquipmentAndServicesMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888Baker Tilly Advisory Group, LP | First lien senior secured loan | Non-Affiliated2025-12-310001655888CCM Midco, LLC (f/k/a Cresset Capital Management, LLC) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Continental Finance Company, LLC | First lien senior secured loan | Non-Affiliated2025-12-310001655888Deerfield Dakota Holdings | First lien senior secured loan | Non-Affiliated2025-12-310001655888Finastra USA, Inc. | First lien senior secured loan | Non-Affiliated2025-12-310001655888Klarna Holding AB | Subordinated Floating Rate Notes | Non-Affiliated2025-12-310001655888KRIV Acquisition Inc. (dba Riveron) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Minotaur Acquisition, Inc. (dba Inspira Financial) | First lien senior secured loan | Non-Affiliated2025-12-310001655888NMI Acquisitionco, Inc. (dba Network Merchants) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Smarsh Inc. | First lien senior secured loan | Non-Affiliated2025-12-310001655888Wipfli Advisory LLC | First lien senior secured loan | Non-Affiliated2025-12-310001655888us-gaap:FinancialServicesSectorMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888Balrog Acquisition, Inc. (dba Bakemark) | Second lien senior secured loan | Non-Affiliated2025-12-310001655888Blast Bidco Inc. (dba Bazooka Candy Brands) | First lien senior secured loan | Non-Affiliated2025-12-310001655888BP Veraison Buyer, LLC (dba Sun World) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Eagle Family Foods Group LLC | First lien senior secured loan | Non-Affiliated2025-12-310001655888Fiesta Purchaser, Inc. (dba Shearer's Foods) | First lien senior secured revolving loan | Non-Affiliated2025-12-310001655888Gehl Foods, LLC | First lien senior secured loan | Non-Affiliated2025-12-310001655888Hissho Parent, LLC | First lien senior secured loan | Non-Affiliated2025-12-310001655888Innovation Ventures HoldCo, LLC (dba 5 Hour Energy) | First lien senior secured loan | Non-Affiliated2025-12-310001655888KBP Brands, LLC | First lien senior secured loan | Non-Affiliated2025-12-310001655888Ole Smoky Distillery, LLC | First lien senior secured loan | Non-Affiliated2025-12-310001655888Rushmore Investment III LLC (dba Winland Foods) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Vital Bidco AB (dba Vitamin Well) | First lien senior secured loan | Non-Affiliated2025-12-310001655888us-gaap:FoodAndBeverageSectorMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888Arctic US Bidco, Inc. (dba ThermoSafe) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Bamboo US BidCo LLC | First lien senior secured loan | Non-Affiliated2025-12-310001655888Bamboo US BidCo LLC | First lien senior secured EUR term loan | Non-Affiliated2025-12-310001655888Bamboo US BidCo LLC | First lien senior secured delayed draw term loan | Non-Affiliated2025-12-310001655888Cambrex Corporation | First lien senior secured loan | Non-Affiliated2025-12-310001655888Creek Parent, Inc. (dba Catalent) | First lien senior secured loan | Non-Affiliated2025-12-310001655888CSC MKG Topco LLC (dba Medical Knowledge Group) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Nelipak Holding Company | First lien senior secured revolving loan | Non-Affiliated2025-12-310001655888Nelipak Holding Company | First lien senior secured loan | Non-Affiliated2025-12-310001655888NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A. | First lien senior secured EUR term loan | Non-Affiliated2025-12-310001655888NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A. | First lien senior secured EUR revolving loan | Non-Affiliated2025-12-310001655888Packaging Coordinators Midco, Inc. | First lien senior secured loan | Non-Affiliated2025-12-310001655888Packaging Coordinators Midco, Inc. | First lien senior secured delayed draw term loan 1 | Non-Affiliated2025-12-310001655888Packaging Coordinators Midco, Inc. | First lien senior secured delayed draw term loan 2 | Non-Affiliated2025-12-310001655888Patriot Acquisition TopCo S.À R.L. (dba Corza Health, Inc.) | First lien senior secured loan | Non-Affiliated2025-12-310001655888PerkinElmer U.S. LLC | First lien senior secured loan | Non-Affiliated2025-12-310001655888Rhea Parent, Inc. | First lien senior secured loan | Non-Affiliated2025-12-310001655888TBRS, Inc. (dba TEAM Technologies) | First lien senior secured loan | Non-Affiliated2025-12-310001655888obdc:HealthcareEquipmentAndServicesMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888Allied Benefit Systems Intermediate LLC | First lien senior secured loan | Non-Affiliated2025-12-310001655888Belmont Buyer, Inc. (dba Valenz) | First lien senior secured loan 1 | Non-Affiliated2025-12-310001655888Belmont Buyer, Inc. (dba Valenz) | First lien senior secured loan 2 | Non-Affiliated2025-12-310001655888Bristol Hospice L.L.C. | First lien senior secured loan | Non-Affiliated2025-12-310001655888Commander Buyer, Inc. (dba CenExel) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Confluent Health, LLC | First lien senior secured loan | Non-Affiliated2025-12-310001655888Covetrus, Inc. | Second lien senior secured loan | Non-Affiliated2025-12-310001655888Engage Debtco Limited | First lien senior secured loan | Non-Affiliated2025-12-310001655888Engage Debtco Limited | First lien senior secured delayed draw term loan | Non-Affiliated2025-12-310001655888EresearchTechnology, Inc. (dba Clario) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Ex Vivo Parent Inc. (dba OB Hospitalist) | First lien senior secured loan | Non-Affiliated2025-12-310001655888KABAFUSION Parent, LLC | First lien senior secured loan | Non-Affiliated2025-12-310001655888KWOL Acquisition, Inc. (dba Worldwide Clinical Trials) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Lakefield Acquisition Corp. (dba Lakefield Veterinary Group) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Maple Acquisition, LLC (dba Medicus) | First lien senior secured loan | Non-Affiliated2025-12-310001655888National Dentex Labs LLC (fka Barracuda Dental LLC) | First lien senior secured loan | Non-Affiliated2025-12-310001655888National Dentex Labs LLC (fka Barracuda Dental LLC) | First lien senior secured delayed draw term loan 1 | Non-Affiliated2025-12-310001655888National Dentex Labs LLC (fka Barracuda Dental LLC) | First lien senior secured delayed draw term loan 2 | Non-Affiliated2025-12-310001655888National Dentex Labs LLC (fka Barracuda Dental LLC) | First lien senior secured revolving loan 1 | Non-Affiliated2025-12-310001655888National Dentex Labs LLC (fka Barracuda Dental LLC) | First lien senior secured revolving loan 2 | Non-Affiliated2025-12-310001655888Natural Partners, LLC | First lien senior secured loan | Non-Affiliated2025-12-310001655888OB Hospitalist Group, Inc. | First lien senior secured loan | Non-Affiliated2025-12-310001655888Pacific BidCo Inc. | First lien senior secured loan | Non-Affiliated2025-12-310001655888PetVet Care Centers, LLC | First lien senior secured loan | Non-Affiliated2025-12-310001655888PetVet Care Centers, LLC | First lien senior secured revolving loan | Non-Affiliated2025-12-310001655888Physician Partners, LLC | First lien senior secured loan 1 | Non-Affiliated2025-12-310001655888Physician Partners, LLC | First lien senior secured loan 2 | Non-Affiliated2025-12-310001655888Plasma Buyer LLC (dba PathGroup) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Plasma Buyer LLC (dba PathGroup) | First lien senior secured delayed draw term loan | Non-Affiliated2025-12-310001655888Plasma Buyer LLC (dba PathGroup) | First lien senior secured revolving loan | Non-Affiliated2025-12-310001655888PPV Intermediate Holdings, LLC | First lien senior secured loan | Non-Affiliated2025-12-310001655888PPV Intermediate Holdings, LLC | First lien senior secured delayed draw term loan | Non-Affiliated2025-12-310001655888Premier Imaging, LLC (dba LucidHealth) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Premise Health Holding Corp. | First lien senior secured loan | Non-Affiliated2025-12-310001655888Quva Pharma, Inc. | First lien senior secured revolving loan | Non-Affiliated2025-12-310001655888Quva Pharma, Inc. | First lien senior secured loan 1 | Non-Affiliated2025-12-310001655888Quva Pharma, Inc. | First lien senior secured loan 2 | Non-Affiliated2025-12-310001655888SimonMed, Inc. | First lien senior secured loan | Non-Affiliated2025-12-310001655888SimonMed, Inc. | First lien senior secured revolving loan | Non-Affiliated2025-12-310001655888Soleo Holdings, Inc. | First lien senior secured loan | Non-Affiliated2025-12-310001655888Tivity Health, Inc. | First lien senior secured loan | Non-Affiliated2025-12-310001655888Unified Women's Healthcare, LP | First lien senior secured loan | Non-Affiliated2025-12-310001655888Unified Women's Healthcare, LP | First lien senior secured delayed draw term loan | Non-Affiliated2025-12-310001655888Valeris, Inc. (fka Phantom Purchaser, Inc.) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Vermont Aus Pty Ltd | First lien senior secured AUD term loan | Non-Affiliated2025-12-310001655888obdc:HealthcareProvidersAndServicesMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888BCPE Osprey Buyer, Inc. (dba PartsSource) | First lien senior secured loan | Non-Affiliated2025-12-310001655888BCPE Osprey Buyer, Inc. (dba PartsSource) | First lien senior secured delayed draw term loan | Non-Affiliated2025-12-310001655888BCPE Osprey Buyer, Inc. (dba PartsSource) | First lien senior secured revolving loan | Non-Affiliated2025-12-310001655888CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) | First lien senior secured loan 1 | Non-Affiliated2025-12-310001655888CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) | First lien senior secured loan 2 | Non-Affiliated2025-12-310001655888GI Ranger Intermediate, LLC (dba Rectangle Health) | First lien senior secured loan | Non-Affiliated2025-12-310001655888GI Ranger Intermediate, LLC (dba Rectangle Health) | First lien senior secured revolving loan | Non-Affiliated2025-12-310001655888Indikami Bidco, LLC (dba IntegriChain) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Indikami Bidco, LLC (dba IntegriChain) | First lien senior secured delayed draw term loan | Non-Affiliated2025-12-310001655888Indikami Bidco, LLC (dba IntegriChain) | First lien senior secured revolving loan | Non-Affiliated2025-12-310001655888Inovalon Holdings, Inc. | First lien senior secured loan | Non-Affiliated2025-12-310001655888Inovalon Holdings, Inc. | Second lien senior secured loan | Non-Affiliated2025-12-310001655888Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Interoperability Bidco, Inc. (dba Lyniate) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Klick Inc. | First lien senior secured loan | Non-Affiliated2025-12-310001655888Modernizing Medicine, Inc. (dba ModMed) | First lien senior secured loan | Non-Affiliated2025-12-310001655888RL Datix Holdings (USA), Inc. | First lien senior secured loan | Non-Affiliated2025-12-310001655888RL Datix Holdings (USA), Inc. | First lien senior secured GBP term loan | Non-Affiliated2025-12-310001655888Salinger Bidco Inc. (dba Surgical Information Systems) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Salinger Bidco Inc. (dba Surgical Information Systems) | First lien senior secured revolving loan | Non-Affiliated2025-12-310001655888obdc:HealthcareTechnologySectorMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888HGH Purchaser, Inc. (dba Horizon Services) | First lien senior secured loan | Non-Affiliated2025-12-310001655888HGH Purchaser, Inc. (dba Horizon Services) | First lien senior secured revolving loan | Non-Affiliated2025-12-310001655888Mario Midco Holdings, Inc. (dba Len the Plumber) | Unsecured facility | Non-Affiliated2025-12-310001655888Mario Purchaser, LLC (dba Len the Plumber) | First lien senior secured revolving loan | Non-Affiliated2025-12-310001655888Mario Purchaser, LLC (dba Len the Plumber) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Sentinel Buyer Corp. (dba SimpliSafe) | First lien senior secured loan | Non-Affiliated2025-12-310001655888obdc:HouseholdProductsMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888Cornerstone OnDemand, Inc. | Second lien senior secured loan | Non-Affiliated2025-12-310001655888IG Investments Holdings, LLC (dba Insight Global) | First lien senior secured loan | Non-Affiliated2025-12-310001655888obdc:HumanResourceSupportServicesMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888AWP Group Holdings, Inc. | First lien senior secured loan | Non-Affiliated2025-12-310001655888CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.) | First lien senior secured loan | Non-Affiliated2025-12-310001655888GI Apple Midco LLC (dba Atlas Technical Consultants) | First lien senior secured loan | Non-Affiliated2025-12-310001655888GI Apple Midco LLC (dba Atlas Technical Consultants) | First lien senior secured revolving loan | Non-Affiliated2025-12-310001655888Tamarack Intermediate, L.L.C. (dba Verisk 3E) | First lien senior secured loan | Non-Affiliated2025-12-310001655888VCI Asset Holdings 1 LLC | First lien senior secured loan | Non-Affiliated2025-12-310001655888Vessco Midco Holdings, LLC | First lien senior secured loan 1 | Non-Affiliated2025-12-310001655888Vessco Midco Holdings, LLC | First lien senior secured loan 2 | Non-Affiliated2025-12-310001655888Vessco Midco Holdings, LLC | First lien senior secured delayed draw term loan | Non-Affiliated2025-12-310001655888obdc:InfrastructureAndEnvironmentalServicesMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888AmeriLife Holdings LLC | First lien senior secured loan | Non-Affiliated2025-12-310001655888AmeriLife Holdings LLC | First lien senior secured revolving loan | Non-Affiliated2025-12-310001655888Brightway Holdings, LLC | First lien senior secured loan | Non-Affiliated2025-12-310001655888Brightway Holdings, LLC | First lien senior secured delayed draw term loan | Non-Affiliated2025-12-310001655888Diamond Mezzanine 24 LLC (dba United Risk) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Evolution BuyerCo, Inc. (dba SIAA) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Galway Borrower LLC | First lien senior secured delayed draw term loan | Non-Affiliated2025-12-310001655888Integrity Marketing Acquisition, LLC | First lien senior secured loan | Non-Affiliated2025-12-310001655888KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Norvax, LLC (dba GoHealth) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Norvax, LLC (dba GoHealth) | First lien senior secured revolving loan | Non-Affiliated2025-12-310001655888Simplicity Financial Marketing Group Holdings, Inc. | First lien senior secured loan | Non-Affiliated2025-12-310001655888THG Acquisition, LLC (dba Hilb) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Trucordia Insurance Holdings, LLC | Second lien senior secured loan | Non-Affiliated2025-12-310001655888USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners) | First lien senior secured loan | Non-Affiliated2025-12-310001655888us-gaap:InsuranceSectorMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888AI Titan Parent, Inc. (dba Prometheus Group) | First lien senior secured loan | Non-Affiliated2025-12-310001655888AlphaSense, Inc. | First lien senior secured loan | Non-Affiliated2025-12-310001655888Anaplan, Inc. | First lien senior secured loan | Non-Affiliated2025-12-310001655888Aptean Acquiror, Inc. (dba Aptean) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Aptean Acquiror, Inc. (dba Aptean) | First lien senior secured revolving loan | Non-Affiliated2025-12-310001655888Armstrong Bidco Limited | First lien senior secured GBP term loan | Non-Affiliated2025-12-310001655888Artifact Bidco, Inc. (dba Avetta) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Barracuda Parent, LLC | First lien senior secured loan | Non-Affiliated2025-12-310001655888Bayshore Intermediate #2, L.P. (dba Boomi) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Bayshore Intermediate #2, L.P. (dba Boomi) | First lien senior secured revolving loan | Non-Affiliated2025-12-310001655888BCTO BSI Buyer, Inc. (dba Buildertrend) | First lien senior secured loan | Non-Affiliated2025-12-310001655888BCTO WIW Holdings, Inc. (dba When I Work) | Senior convertible notes | Non-Affiliated2025-12-310001655888By Light Professional IT Services LLC | First lien senior secured loan | Non-Affiliated2025-12-310001655888Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.) | First lien senior secured loan | Non-Affiliated2025-12-310001655888CivicPlus, LLC | First lien senior secured loan | Non-Affiliated2025-12-310001655888CivicPlus, LLC | First lien senior secured delayed draw term loan | Non-Affiliated2025-12-310001655888Coupa Holdings, LLC | First lien senior secured loan | Non-Affiliated2025-12-310001655888CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC) | Unsecured notes | Non-Affiliated2025-12-310001655888Crewline Buyer, Inc. (dba New Relic) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Delinea Buyer, Inc. (f/k/a Centrify) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Denali Intermediate Holdings, Inc. (dba Dun & Bradstreet) | First lien senior secured loan | Non-Affiliated2025-12-310001655888EET Buyer, Inc. (dba e-Emphasys) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Einstein Parent, Inc. (dba Smartsheet) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Flexera Software LLC | First lien senior secured EUR term loan | Non-Affiliated2025-12-310001655888Flexera Software LLC | First lien senior secured loan | Non-Affiliated2025-12-310001655888Granicus, Inc. | First lien senior secured loan | Non-Affiliated2025-12-310001655888Granicus, Inc. | First lien senior secured delayed draw term loan | Non-Affiliated2025-12-310001655888GS Acquisitionco, Inc. (dba insightsoftware) | First lien senior secured loan | Non-Affiliated2025-12-310001655888H&F Opportunities LUX III S.À R.L (dba Checkmarx) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Hyland Software, Inc. | First lien senior secured loan | Non-Affiliated2025-12-310001655888Icefall Parent, Inc. (dba EngageSmart) | First lien senior secured loan | Non-Affiliated2025-12-310001655888JS Parent, Inc. (dba Jama Software) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Litera Bidco LLC | First lien senior secured loan | Non-Affiliated2025-12-310001655888MINDBODY, Inc. | First lien senior secured loan | Non-Affiliated2025-12-310001655888Ministry Brands Holdings, LLC | First lien senior secured loan | Non-Affiliated2025-12-310001655888Ministry Brands Holdings, LLC | First lien senior secured revolving loan | Non-Affiliated2025-12-310001655888PDI TA Holdings, Inc. | First lien senior secured loan | Non-Affiliated2025-12-310001655888QAD, Inc. | First lien senior secured loan | Non-Affiliated2025-12-310001655888Securonix, Inc. | First lien senior secured loan | Non-Affiliated2025-12-310001655888Sitecore Holding III A/S | First lien senior secured loan | Non-Affiliated2025-12-310001655888Sitecore Holding III A/S | First lien senior secured EUR term loan | Non-Affiliated2025-12-310001655888Sitecore USA, Inc. | First lien senior secured loan | Non-Affiliated2025-12-310001655888Spaceship Purchaser, Inc. (dba Squarespace) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Themis Solutions Inc. (dba Clio) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Thunder Purchaser, Inc. (dba Vector Solutions) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Zendesk, Inc. | First lien senior secured loan | Non-Affiliated2025-12-310001655888obdc:InternetSoftwareAndServicesMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888Aerosmith Bidco 1 Limited (dba Audiotonix) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Eternal Buyer, LLC (dba Wedgewood Weddings) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Troon Golf, L.L.C. | First lien senior secured loan | Non-Affiliated2025-12-310001655888obdc:LeisureAndEntertainmentMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888Faraday Buyer, LLC (dba MacLean Power Systems) | First lien senior secured loan | Non-Affiliated2025-12-310001655888FR Flow Control CB LLC (dba Trillium Flow Technologies) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Helix Acquisition Holdings, Inc. (dba MW Industries) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Loparex Midco B.V. | First lien senior secured loan 1 | Non-Affiliated2025-12-310001655888Loparex Midco B.V. | First lien senior secured loan 2 | Non-Affiliated2025-12-310001655888Loparex Midco B.V. | Second lien senior secured loan 1 | Non-Affiliated2025-12-310001655888Loparex Midco B.V. | Second lien senior secured loan 2 | Non-Affiliated2025-12-310001655888MHE Intermediate Holdings, LLC (dba OnPoint Group) | First lien senior secured loan 1 | Non-Affiliated2025-12-310001655888MHE Intermediate Holdings, LLC (dba OnPoint Group) | First lien senior secured loan 2 | Non-Affiliated2025-12-310001655888Sonny's Enterprises, LLC | First lien senior secured loan | Non-Affiliated2025-12-310001655888Sonny's Enterprises, LLC | First lien senior secured delayed draw term loan | Non-Affiliated2025-12-310001655888Sonny's Enterprises, LLC | First lien senior secured revolving loan | Non-Affiliated2025-12-310001655888obdc:ManufacturingMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888Puma Buyer, LLC (dba PANTHERx) | First lien senior secured loan | Non-Affiliated2025-12-310001655888obdc:PharmaceuticalsMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888Essential Services Holding Corporation (dba Turnpoint) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Essential Services Holding Corporation (dba Turnpoint) | First lien senior secured revolving loan | Non-Affiliated2025-12-310001655888Gerson Lehrman Group, Inc. | First lien senior secured loan | Non-Affiliated2025-12-310001655888Guidehouse Inc. | First lien senior secured loan | Non-Affiliated2025-12-310001655888Paris US Holdco, Inc. (dba Precinmac) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Relativity ODA LLC | First lien senior secured loan | Non-Affiliated2025-12-310001655888Sensor Technology Topco, Inc. (dba Humanetics) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Sensor Technology Topco, Inc. (dba Humanetics) | First lien senior secured EUR term loan | Non-Affiliated2025-12-310001655888Sensor Technology Topco, Inc. (dba Humanetics) | First lien senior secured delayed draw term loan | Non-Affiliated2025-12-310001655888Sensor Technology Topco, Inc. (dba Humanetics) | First lien senior secured EUR delayed draw term loan | Non-Affiliated2025-12-310001655888Sensor Technology Topco, Inc. (dba Humanetics) | First lien senior secured revolving loan | Non-Affiliated2025-12-310001655888Vensure Employer Services, Inc. | First lien senior secured loan | Non-Affiliated2025-12-310001655888obdc:ProfessionalServicesMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888Galls, LLC | First lien senior secured loan | Non-Affiliated2025-12-310001655888Milan Laser Holdings LLC | First lien senior secured loan | Non-Affiliated2025-12-310001655888The Shade Store, LLC | First lien senior secured loan | Non-Affiliated2025-12-310001655888us-gaap:RetailSectorMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888EOS Finco S.A.R.L | First lien senior secured loan | Non-Affiliated2025-12-310001655888obdc:TelecommunicationMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888Lightbeam Bidco, Inc. (dba Lazer Spot) | First lien senior secured loan | Non-Affiliated2025-12-310001655888Lytx, Inc. | First lien senior secured loan | Non-Affiliated2025-12-310001655888obdc:TransportationMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001655888us-gaap:InvestmentUnaffiliatedIssuerMemberobdc:MiscellaneousDebtCommitmentsNettingMember2025-12-310001655888us-gaap:InvestmentUnaffiliatedIssuerMemberobdc:NetDebtAndMiscellaneousDebtInvestmentsMember2025-12-310001655888Space Exploration Technologies Corp. | Class A Common Stock | Non-Affiliated2025-12-310001655888Space Exploration Technologies Corp. | Class C Common Stock | Non-Affiliated2025-12-310001655888us-gaap:AerospaceSectorMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888Amergin Asset Management, LLC | Specialty finance equity investment | Non-Affiliated2025-12-310001655888obdc:AssetBasedLendingAndFundFinanceMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888CD&R Value Building Partners I, L.P. (dba Belron) | LP Interest | Non-Affiliated2025-12-310001655888Metis HoldCo, Inc. (dba Mavis Tire Express Services) | Series A Convertible Preferred Stock | Non-Affiliated2025-12-310001655888Percheron Horsepower-A LP (dba Big Brand Tire & Service) | Limited Partner Interest | Non-Affiliated2025-12-310001655888us-gaap:AutomotiveSectorMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888Dodge Construction Network Holdings, L.P. | Class A-2 Common Units | Non-Affiliated2025-12-310001655888Dodge Construction Network Holdings, L.P. | Series A Preferred Units | Non-Affiliated2025-12-310001655888obdc:BuildingsAndRealEstateMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888Hercules Buyer, LLC (dba The Vincit Group) | Common Units | Non-Affiliated2025-12-310001655888Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.) | Perpetual Preferred Stock | Non-Affiliated2025-12-310001655888obdc:BusinessServicesMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888ASP Conair Holdings LP | Class A Units | Non-Affiliated2025-12-310001655888us-gaap:ConsumerSectorMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888TCB Holdings I LLC (dba TricorBraun) | Class A Preferred Units | Non-Affiliated2025-12-310001655888us-gaap:ContainerAndPackagingSectorMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888Blend Labs, Inc. | Warrants | Non-Affiliated2025-12-310001655888Snowbird Manager LP | Limited Partner Interest | Non-Affiliated2025-12-310001655888us-gaap:FinancialServicesSectorMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888Hissho Sushi Holdings, LLC | Class A Units | Non-Affiliated2025-12-310001655888us-gaap:FoodAndBeverageSectorMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888KPCI Co-Invest 2, L.P. | Class A Units | Non-Affiliated2025-12-310001655888Maia Aggregator, LP | Class A-2 Units | Non-Affiliated2025-12-310001655888Patriot Holdings SCSp (dba Corza Health, Inc.) | Class A Units | Non-Affiliated2025-12-310001655888Patriot Holdings SCSp (dba Corza Health, Inc.) | Class B Units | Non-Affiliated2025-12-310001655888Rhea Acquisition Holdings, LP | Series A-2 Units | Non-Affiliated2025-12-310001655888obdc:HealthcareEquipmentAndServicesMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888Baypine Commander Co-Invest, LP | LP Interest | Non-Affiliated2025-12-310001655888KOBHG Holdings, L.P. (dba OB Hospitalist) | Class A Interests | Non-Affiliated2025-12-310001655888KWOL Acquisition, Inc. (dba Worldwide Clinical Trials) | Class A Interest | Non-Affiliated2025-12-310001655888Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers) | Series A Preferred Stock | Non-Affiliated2025-12-310001655888XOMA Corporation | Warrants | Non-Affiliated2025-12-310001655888obdc:HealthcareProvidersAndServicesMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888BEHP Co-Investor II, L.P. | LP Interest | Non-Affiliated2025-12-310001655888Minerva Holdco, Inc. | Senior A Preferred Stock | Non-Affiliated2025-12-310001655888ModMed Software Midco Holdings, Inc. (dba ModMed) | Series A Preferred Units | Non-Affiliated2025-12-310001655888WP Irving Co-Invest, L.P. | Partnership Units | Non-Affiliated2025-12-310001655888obdc:HealthcareTechnologySectorMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888Rome Topco Holdings, LLC (dba SimpliSafe) | Class A Units | Non-Affiliated2025-12-310001655888Rome Topco Holdings, LLC (dba SimpliSafe) | Class B Units | Non-Affiliated2025-12-310001655888obdc:HouseholdProductsMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.) | Series A Preferred Stock | Non-Affiliated2025-12-310001655888obdc:HumanResourceSupportServicesMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888Valor Compute Infrastructure L.P. | LP Interest | Non-Affiliated2025-12-310001655888VCI Intermediate TopCo 1 LLC | Class B Units | Non-Affiliated2025-12-310001655888obdc:InfrastructureAndEnvironmentalServicesMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888Accelerate Topco Holdings, LLC | Common Units | Non-Affiliated2025-12-310001655888Evolution Parent, LP (dba SIAA) | LP Interest | Non-Affiliated2025-12-310001655888GoHealth, Inc. | Common stock | Non-Affiliated2025-12-310001655888GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway) | LP Interest | Non-Affiliated2025-12-310001655888Hockey Parent Holdings, L.P. | Class A Common Units | Non-Affiliated2025-12-310001655888PCF Holdco, LLC (dba Trucordia) | Warrants | Non-Affiliated2025-12-310001655888PCF Holdco, LLC (dba Trucordia) | Preferred equity | Non-Affiliated2025-12-310001655888us-gaap:InsuranceSectorMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888AlphaSense, LLC | Series E Preferred Shares | Non-Affiliated2025-12-310001655888Bird Holding B.V. (fka MessageBird Holding B.V.) | Extended Series C Warrants | Non-Affiliated2025-12-310001655888Brooklyn Lender Co-Invest 2, L.P. (dba Boomi) | Common Units | Non-Affiliated2025-12-310001655888Elliott Alto Co-Investor Aggregator L.P. | LP Interest | Non-Affiliated2025-12-310001655888Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC) | LP Interest | Non-Affiliated2025-12-310001655888Nscale Global Holdings Limited | Series B Preferred Shares | Non-Affiliated2025-12-310001655888Nscale Global Holdings Limited | Preferred equity | Non-Affiliated2025-12-310001655888Project Alpine Co-Invest Fund, LP | LP Interest | Non-Affiliated2025-12-310001655888Project Hotel California Co-Invest Fund, L.P. | LP Interest | Non-Affiliated2025-12-310001655888Thunder Topco L.P. (dba Vector Solutions) | Common Units | Non-Affiliated2025-12-310001655888VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.) | Series A Preferred Stock | Non-Affiliated2025-12-310001655888WMC Bidco, Inc. (dba West Monroe) | Senior Preferred Stock | Non-Affiliated2025-12-310001655888Zoro TopCo, L.P. | Class A Common Units | Non-Affiliated2025-12-310001655888Zoro TopCo, Inc. | Series A Preferred Equity | Non-Affiliated2025-12-310001655888obdc:InternetSoftwareAndServicesMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888Gloves Holdings, LP (dba Protective Industrial Products) | LP Interest | Non-Affiliated2025-12-310001655888Windows Entities | LLC Units | Non-Affiliated2025-12-310001655888obdc:ManufacturingMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655888us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-12-310001655888Pluralsight, LLC | First lien senior secured loan | S | 0.03 | 0.015 | Affiliated2025-12-310001655888Pluralsight, LLC | First lien senior secured loan | S | 0 | 0.075 | Affiliated2025-12-310001655888obdc:EducationMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001655888Ideal Image Development, LLC | First lien senior secured loan | S | 0 | 0.065 | Affiliated2025-12-310001655888Ideal Image Development, LLC | First lien senior secured revolving loan | S | 0.06 | 0 | Affiliated2025-12-310001655888us-gaap:RetailSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001655888us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberobdc:DebtInvestmentMember2025-12-310001655888us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberobdc:DebtCommitmentsMember2025-12-310001655888us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:DebtSecuritiesMember2025-12-310001655888Blue Owl Cross-Strategy Opportunities LLC | Specialty finance equity investment | Affiliated2025-12-310001655888obdc:EquityInvestmentsSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001655888Paradigmatic Holdco LLC (dba 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(dba DuBois Chemical) | First lien senior secured delayed draw term loan2025-12-310001655888DuraServ LLC | First lien senior secured delayed draw term loan2025-12-310001655888EresearchTechnology, Inc. (dba Clario) | First lien senior secured delayed draw term loan2025-12-310001655888Essential Services Holding Corporation (dba Turnpoint) | First lien senior secured delayed draw term loan2025-12-310001655888Eternal Buyer, LLC (dba Wedgewood Weddings) | First lien senior secured delayed draw term loan2025-12-310001655888FR Flow Control CB LLC (dba Trillium Flow Technologies) | First lien senior secured delayed draw term loan2025-12-310001655888Galls, LLC | First lien senior secured delayed draw term loan2025-12-310001655888Galway Borrower LLC | First lien senior secured delayed draw term loan 12025-12-310001655888GS Acquisitionco, Inc. (dba insightsoftware) | First lien senior secured delayed draw term loan 12025-12-310001655888GS Acquisitionco, Inc. (dba insightsoftware) | First lien senior secured delayed draw term loan 22025-12-310001655888Hercules Borrower, LLC (dba The Vincit Group) | First lien senior secured delayed draw term loan2025-12-310001655888Horizon Avionics Buyer, LLC (dba Acron Aviation) | First lien senior secured delayed draw term loan2025-12-310001655888Indigo Buyer, Inc. (dba Inovar Packaging Group) | First lien senior secured delayed draw term loan2025-12-310001655888Integrity Marketing Acquisition, LLC | First lien senior secured delayed draw term loan2025-12-310001655888Interoperability Bidco, Inc. (dba Lyniate) | First lien senior secured delayed draw term loan2025-12-310001655888Klick Inc. | First lien senior secured delayed draw term loan2025-12-310001655888KRIV Acquisition Inc. (dba Riveron) | First lien senior secured delayed draw term loan2025-12-310001655888KWOL Acquisition, Inc. (dba Worldwide Clinical Trials) | First lien senior secured delayed draw term loan2025-12-310001655888Lakefield Acquisition Corp. (dba Lakefield Veterinary Group) | First lien senior secured delayed draw term loan2025-12-310001655888Lightbeam Bidco, Inc. (dba Lazer Spot) | First lien senior secured delayed draw term loan2025-12-310001655888Litera Bidco LLC | First lien senior secured delayed draw term loan 12025-12-310001655888Litera Bidco LLC | First lien senior secured delayed draw term loan 22025-12-310001655888MAJCO LLC (dba Big Brand Tire & Service) | First lien senior secured delayed draw term loan2025-12-310001655888Maple Acquisition, LLC (dba Medicus) | First lien senior secured delayed draw term loan2025-12-310001655888Monotype Imaging Holdings Inc. | First lien senior secured delayed draw term loan2025-12-310001655888NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A. | First lien senior secured EUR delayed draw term loan2025-12-310001655888Nelipak Holding Company | First lien senior secured delayed draw term loan2025-12-310001655888Packaging Coordinators Midco, Inc. | First lien senior secured delayed draw term loan 32025-12-310001655888Packaging Coordinators Midco, Inc. | First lien senior secured delayed draw term loan 42025-12-310001655888Paris US Holdco, Inc. 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(dba SimpliSafe) | First lien senior secured delayed draw term loan2025-12-310001655888Severin Acquisition, LLC (dba PowerSchool) | First lien senior secured delayed draw term loan 12025-12-310001655888SimonMed, Inc. | First lien senior secured delayed draw term loan2025-12-310001655888Simplicity Financial Marketing Group Holdings, Inc. | First lien senior secured delayed draw term loan 12025-12-310001655888Smarsh Inc. | First lien senior secured delayed draw term loan2025-12-310001655888Soleo Holdings, Inc. | First lien senior secured delayed draw term loan2025-12-310001655888Sonny's Enterprises, LLC | First lien senior secured delayed draw term loan 12025-12-310001655888Spaceship Purchaser, Inc. 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(dba ThermoSafe) | First lien senior secured multi-currency revolving loan2025-12-310001655888Arctic Holdco, LLC (dba Novvia Group) | First lien senior secured revolving loan 12025-12-310001655888Artifact Bidco, Inc. (dba Avetta) | First lien senior secured revolving loan2025-12-310001655888Ascend Buyer, LLC (dba PPC Flexible Packaging) | First lien senior secured revolving loan2025-12-310001655888Associations, Inc. | First lien senior secured revolving loan2025-12-310001655888AWP Group Holdings, Inc. | First lien senior secured revolving loan2025-12-310001655888Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.) | First lien senior secured revolving loan2025-12-310001655888Baker Tilly Advisory Group, LP | First lien senior secured revolving loan2025-12-310001655888Bamboo US BidCo LLC | First lien senior secured revolving loan2025-12-310001655888Bayshore Intermediate #2, L.P. (dba Boomi) | First lien senior secured revolving loan 12025-12-310001655888BCPE Osprey Buyer, Inc. (dba PartsSource) | First lien senior secured revolving loan 12025-12-310001655888BCTO BSI Buyer, Inc. (dba Buildertrend) | First lien senior secured revolving loan2025-12-310001655888Belmont Buyer, Inc. (dba Valenz) | First lien senior secured revolving loan2025-12-310001655888Blast Bidco Inc. (dba Bazooka Candy Brands) | First lien senior secured revolving loan2025-12-310001655888BP Veraison Buyer, LLC (dba Sun World) | First lien senior secured revolving loan2025-12-310001655888Bristol Hospice L.L.C. | First lien senior secured revolving loan2025-12-310001655888Brightway Holdings, LLC | First lien senior secured revolving loan2025-12-310001655888By Light Professional IT Services LLC | First lien senior secured revolving loan2025-12-310001655888Cambrex Corporation | First lien senior secured revolving loan2025-12-310001655888Catalis Intermediate, Inc. 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(dba Smartsheet) | First lien senior secured revolving loan2025-12-310001655888Essential Services Holding Corporation (dba Turnpoint) | First lien senior secured revolving loan 12025-12-310001655888EresearchTechnology, Inc. (dba Clario) | First lien senior secured revolving loan2025-12-310001655888Eternal Buyer, LLC (dba Wedgewood Weddings) | First lien senior secured revolving loan2025-12-310001655888Evolution BuyerCo, Inc. (dba SIAA) | First lien senior secured revolving loan2025-12-310001655888Fiesta Purchaser, Inc. (dba Shearer's Foods) | First lien senior secured revolving loan 12025-12-310001655888Flexera Software LLC | First lien senior secured revolving loan2025-12-310001655888Fortis Solutions Group, LLC | First lien senior secured revolving loan 12025-12-310001655888Foundation Consumer Brands, LLC | First lien senior secured revolving loan2025-12-310001655888FR Flow Control CB LLC (dba Trillium Flow Technologies) | First lien senior secured revolving loan2025-12-310001655888Gainsight, Inc. | First lien senior secured revolving loan2025-12-310001655888Galls, LLC | First lien senior secured revolving loan2025-12-310001655888Galway Borrower LLC | First lien senior secured revolving loan2025-12-310001655888Gaylord Chemical Company, L.L.C. | First lien senior secured revolving loan 12025-12-310001655888Gerson Lehrman Group, Inc. | First lien senior secured revolving loan2025-12-310001655888GI Apple Midco LLC (dba Atlas Technical Consultants) | First lien senior secured revolving loan 12025-12-310001655888GI Ranger Intermediate, LLC (dba Rectangle Health) | First lien senior secured revolving loan 12025-12-310001655888Granicus, Inc. | First lien senior secured revolving loan2025-12-310001655888GS Acquisitionco, Inc. (dba insightsoftware) | First lien senior secured revolving loan2025-12-310001655888H&F Opportunities LUX III S.À R.L (dba Checkmarx) | First lien senior secured revolving loan2025-12-310001655888Hercules Borrower, LLC (dba The Vincit Group) | First lien senior secured revolving loan2025-12-310001655888Horizon Avionics Buyer, LLC (dba Acron Aviation) | First lien senior secured revolving loan 12025-12-310001655888HGH Purchaser, Inc. (dba Horizon Services) | First lien senior secured revolving loan 12025-12-310001655888Hissho Parent, LLC | First lien senior secured revolving loan2025-12-310001655888Hyland Software, Inc. | First lien senior secured revolving loan2025-12-310001655888Icefall Parent, Inc. (dba EngageSmart) | First lien senior secured revolving loan2025-12-310001655888IG Investments Holdings, LLC (dba Insight Global) | First lien senior secured revolving loan2025-12-310001655888Indigo Buyer, Inc. (dba Inovar Packaging Group) | First lien senior secured revolving loan2025-12-310001655888Indikami Bidco, LLC (dba IntegriChain) | First lien senior secured revolving loan 12025-12-310001655888Integrity Marketing Acquisition, LLC | First lien senior secured revolving loan2025-12-310001655888Interoperability Bidco, Inc. (dba Lyniate) | First lien senior secured revolving loan2025-12-310001655888Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.) | First lien senior secured revolving loan2025-12-310001655888IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.)) | First lien senior secured revolving loan2025-12-310001655888JS Parent, Inc. (dba Jama Software) | First lien senior secured revolving loan2025-12-310001655888KABAFUSION Parent, LLC | First lien senior secured revolving loan2025-12-310001655888Klick Inc. | First lien senior secured revolving loan2025-12-310001655888KRIV Acquisition Inc. (dba Riveron) | First lien senior secured revolving loan2025-12-310001655888KWOL Acquisition, Inc. (dba Worldwide Clinical Trials) | First lien senior secured revolving loan2025-12-310001655888Lakefield Acquisition Corp. (dba Lakefield Veterinary Group) | First lien senior secured revolving loan2025-12-310001655888Lightbeam Bidco, Inc. 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________________
FORM 10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2026
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from_______to
Commission File Number 814-01190
______________________________________________
BLUE OWL CAPITAL CORPORATION
(Exact name of Registrant as specified in its Charter) 
Maryland 47-5402460
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer
Identification No.)
399 Park Avenue, New York, New York
 10022
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (212) 419-3000
______________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $0.01 par value per share OBDC The New York Stock Exchange
______________________________________________
Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ NO ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ NO ☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒
 Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO ☒
As of July 31, 2026, the registrant had 493,142,569 shares of common stock, $0.01 par value per share, outstanding.

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Page
Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2026 and 2025 (Unaudited)
Consolidated Schedules of Investments as of June 30, 2026 (Unaudited) and December 31, 2025
Item 2.
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about Blue Owl Capital Corporation (the “Company,” “we” or “our”), our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:
•an economic downturn could impair our portfolio companies’ ability to continue to operate, which could lead to the loss of some or all of our investments in such portfolio companies;
•an economic downturn could disproportionately impact the companies that we intend to target for investment, potentially causing us to experience a decrease in investment opportunities and diminished demand for capital from these companies;
•the impact of elevated inflation rates, fluctuating interest rates, ongoing supply chain and labor market disruptions, including those as a result of strikes, work stoppages or accidents, instability in the U.S. and international banking systems, changes in law or regulation, including the impact of tariff enactment and tax reductions, trade disputes with other countries, and the risk of recession or future government shutdowns could impact our business prospects and the prospects of our portfolio companies;
•an economic downturn could also impact availability and pricing of our financing and our ability to access the debt and equity capital markets;
•a contraction of available credit and/or an inability to access the equity markets could impair our lending and investment activities;
•changes in base interest rates and significant market volatility on our business and our portfolio companies (including our business prospects and the prospects of our portfolio companies including the ability to achieve our and their business objectives), our industry and the global economy including as a result of ongoing supply chain disruptions;
•interest rate volatility could adversely affect our results, particularly because we use leverage as part of our investment strategy;
•currency fluctuations could adversely affect the results of our investments in foreign companies, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;
•our future operating results;
•our contractual arrangements and relationships with third parties;
•the ability of our portfolio companies to achieve their objectives;
•competition with other entities and our affiliates for investment opportunities;
•risks related to the uncertainty of the value of our portfolio investments, particularly those having no liquid trading market;
•the use of borrowed money to finance a portion of our investments as well as any estimates regarding potential use of leverage;
•the adequacy of our financing sources and working capital;
•the loss of key personnel;
•the timing of cash flows, if any, from the operations of our portfolio companies;
•the ability of Blue Owl Credit Advisors LLC (“the Adviser” or “our Adviser”) to locate suitable investments for us and to monitor and administer our investments;
•the ability of the Adviser to attract and retain highly talented professionals;
•our ability to qualify for and maintain our tax treatment as a regulated investment company (“RIC”) under subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”);
•the impact that environmental, social and governance matters could have on our brand and reputation and our portfolio companies;
•the effect of legal, tax and regulatory changes on our business and our portfolio companies;
•the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks, and the increasing use of artificial intelligence and machine learning technology;
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•the impact of geo-political conditions, including revolution, insurgency, terrorism or war, including those arising out of the ongoing war between Russia and Ukraine, continued political unrest in various countries such as Venezuela, as well as political and social unrest in the Middle East and North Africa regions, uncertainty with respect to immigration, and general uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the European Union and China, on financial market volatility, global economic markets, and various markets for commodities globally such as oil and natural gas; and
•other risks, uncertainties and other factors previously identified in the reports and other documents we have filed with the Securities and Exchange Commission (“SEC”).
Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These forward-looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements. Because we are an investment company, the forward-looking statements and projections contained in this report are excluded from the safe harbor protection provided by Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”).
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Blue Owl Capital Corporation
Consolidated Statements of Assets and Liabilities
(Amounts in thousands, except share and per share amounts)
As of June 30, 2026 (Unaudited)
As of December 31, 2025
Assets
Investments at fair value:
Non-controlled, non-affiliated investments (amortized cost of $12,793,396 and $14,060,097, respectively)
 $ 12,439,882  $ 13,995,055 
Non-controlled, affiliated investments (amortized cost of $190,543 and $176,078, respectively)
 142,746 114,192 
Controlled, affiliated investments (amortized cost of $2,129,577, and $2,181,604, respectively)
 2,372,421 2,361,646
Total investments at fair value (amortized cost of $15,113,516 and $16,417,779, respectively)
 14,955,049 16,470,893
Cash (restricted cash of $20,399 and $47,448, respectively)
 237,438 558,703
Foreign cash (cost of $625 and $9,722, respectively)
 611 9,839
Interest and dividend receivable
 91,333 104,576
Receivable from a controlled affiliate 33,012 26,846
Prepaid expenses and other assets 37,161 15,508
Total Assets $ 15,354,604  $ 17,186,365 
Liabilities
Debt (net of unamortized debt issuance costs of $101,772 and $93,186, respectively)
 $ 7,903,533  $ 9,300,076 
Distribution payable 152,874  184,877 
Management fee payable 57,348  63,145 
Incentive fee payable 36,156  38,899 
Payables to affiliates 8,457  12,572 
Accrued expenses and other liabilities 164,477  189,517 
Total Liabilities $ 8,322,845  $ 9,789,086 
Commitments and contingencies (Note 8)
Net Assets
Common shares $0.01 par value, 1,000,000,000 shares authorized; 493,142,569 and 499,448,499 shares issued and outstanding, respectively
 $ 4,931  $ 4,994 
Additional paid-in-capital 7,442,001  7,512,234 
Accumulated undistributed (overdistributed) earnings (415,173) (119,949)
Total Net Assets $ 7,031,759  $ 7,397,279 
Total Liabilities and Net Assets $ 15,354,604  $ 17,186,365 
Net Asset Value Per Share $ 14.26  $ 14.81 

The accompanying notes are an integral part of these consolidated financial statements.
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Blue Owl Capital Corporation
Consolidated Statements of Operations
(Amounts in thousands, except share and per share amounts)
(Unaudited)



For the Three Months Ended June 30,
For the Six Months Ended June 30,
2026 2025 2026 2025
Investment Income
Investment income from non-controlled, non-affiliated investments:
Interest income $ 272,242  $ 384,762  $ 564,166  $ 741,225 
Payment-in-kind (“PIK”) interest income 29,145  29,581  56,379  64,973 
Dividend income 17,971  20,810  38,180  42,341
Other income 19,960  5,268  23,118  10,858
Total investment income from non-controlled, non-affiliated investments 339,318  440,421  681,843  859,397
Investment income from non-controlled, affiliated investments:
Interest income 310  219  702  834 
PIK interest income 169  865  257  1,904 
Dividend income 3,575  555  6,770  555 
Other income 24  34  50  70 
Total investment income from non-controlled, affiliated investments 4,078  1,673  7,779  3,363 
Investment income from controlled, affiliated investments:
Interest income 10,638  9,847  18,635  18,799
PIK interest income 2,272  —  6,431  — 
Dividend income 44,678  33,869  82,867  68,874
Other income 358  33  561  56
Total investment income from controlled, affiliated investments 57,946  43,749  108,494  87,729
Total Investment Income 401,342  485,843  798,116  950,489
Operating Expenses
Interest expense $ 122,983  $ 151,571  $ 257,299  $ 300,103 
Management fees, net(1)
57,346  64,586  118,039  126,744
Performance based incentive fees 36,156  43,649  68,568  84,678
Professional fees 4,305  3,538  8,511  7,070
Directors' fees 445  320  890  640
Other general and administrative 3,222  3,185  6,307  7,212
Total Operating Expenses 224,457  266,849  459,614  526,447 
Net Investment Income (Loss) Before Taxes 176,885 218,994 338,502 424,042
Income tax expense (benefit), including excise tax expense (benefit) 712  2,286  3,159  6,032 
Net Investment Income (Loss) After Taxes $ 176,173  $ 216,708  $ 335,343  $ 418,010 
Net Realized and Change in Unrealized Gain (Loss)
Net change in unrealized gain (loss):
Non-controlled, non-affiliated investments $ (110,049) $ (125,752) $ (274,474) $ 70,764 
Non-controlled, affiliated investments (9,673) (14,711) 14,091  (15,411)
Controlled, affiliated investments
 20,372  37,485  62,802  34,095 
Translation of assets and liabilities in foreign currencies and other transactions 4,049  13,351  780  17,367 
Income tax (provision) benefit (207) (200) 500  (1,762)
Total Net Change in Unrealized Gain (Loss) (95,508) (89,827) (196,301) 105,053 
Net realized gain (loss):
Non-controlled, non-affiliated investments $ (9,477) $ 20,834  $ 1,196  $ (131,098)
Non-controlled, affiliated investments 1,427  —  (37,795) — 
Controlled, affiliated investments (6,032) —  (62,388) — 
Foreign currency transactions (844) (10,209) 1,302  (11,828)
Total Net Realized Gain (Loss) (14,926) 10,625  (97,685) (142,926)
Total Net Realized and Change in Unrealized Gain (Loss) (110,434) (79,202) (293,986) (37,873)
Net Increase (Decrease) in Net Assets Resulting from Operations $ 65,739  $ 137,506  $ 41,357  $ 380,137 
Earnings Per Share - Basic and Diluted $ 0.13  $ 0.27  $ 0.08  $ 0.76 
Weighted Average Shares Outstanding - Basic and Diluted 495,377,115  511,048,237  497,130,632  502,981,791 
____________
(1)Refer to “Note 3 — Agreements and Related Party Transactions” for additional details on management fee waiver.
The accompanying notes are an integral part of these consolidated financial statements.
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Blue Owl Capital Corporation
Consolidated Statements of Changes in Net Assets
(Amounts in thousands)
(Unaudited)


For the Three Months Ended June 30,
For the Six Months Ended June 30,
2026 2025 2026 2025
Increase (Decrease) in Net Assets Resulting from Operations
Net investment income (loss) $ 176,173  $ 216,708  $ 335,343  $ 418,010 
Net change in unrealized gain (loss) (95,508) (89,827) (196,301) 105,053 
Net realized gain (loss) (14,926) 10,625  (97,685) (142,926)
Net Increase (Decrease) in Net Assets Resulting from Operations 65,739  137,506  41,357  380,137 
Distributions
Distributions declared from earnings(1)
(152,874) (194,198) (336,581) (408,832)
Net Decrease in Net Assets Resulting from Shareholders' Distributions (152,874) (194,198) (336,581) (408,832)
Capital Share Transactions
Repurchase of common shares
 (35,106) —  (70,296) — 
Issuance of common shares —  —  —  3,070 
Issuance of common shares in connection with the Mergers(2)
—  —  —  1,755,181 
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions (35,106) —  (70,296) 1,758,251 
Total Increase (Decrease) in Net Assets (122,241) (56,692) (365,520) 1,729,556 
Net Assets, at beginning of period $ 7,154,000  $ 7,739,089  $ 7,397,279  $ 5,952,841 
Net Assets, at End of Period
 $ 7,031,759  $ 7,682,397  $ 7,031,759  $ 7,682,397 
_______________
(1)For the three and six months ended June 30, 2026, distributions declared were derived from net investment income and capital gains. For the three and six months ended June 30, 2025, distributions declared from earnings were derived from net investment income.
(2)Refer to “Note 13 — Merger with Blue Owl Capital Corporation III” (“OBDE”) for additional information on the OBDE Mergers.
The accompanying notes are an integral part of these consolidated financial statements.
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Blue Owl Capital Corporation
Consolidated Statements of Cash Flows
(Amounts in thousands)
(Unaudited)






For the Six Months Ended June 30,
2026
 2025
Cash Flows from Operating Activities
Net Increase (Decrease) in Net Assets Resulting from Operations $ 41,357  $ 380,137 
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of investments, net (1,048,848) (1,717,316)
Proceeds from investments and investment repayments, net 2,376,459  2,343,003 
Net amortization/accretion of premium/discount on investments (33,985) (60,603)
PIK interest and dividends (85,314) (83,275)
Net change in unrealized (gain) loss on investments 197,581  (89,449)
Net change in interest rate swap attributed to unsecured notes (16,942) 37,154 
Net change in unrealized (gain) loss on foreign currency forward contracts (14,951) 5,540 
Net change in unrealized (gain) loss on translation of assets and liabilities in foreign currencies 14,171  (22,863)
Net realized (gain) loss on investments 98,987  131,098 
Net realized (gain) loss on foreign currency transactions relating to investments (3,036) (3,228)
Amortization of debt issuance costs 26,705  21,318 
Cash acquired in the OBDE Mergers —  125,621 
Changes in operating assets and liabilities:
(Increase) decrease in interest and dividend receivable 13,243  37,850 
(Increase) decrease in receivable from a controlled affiliate (6,166) (9,260)
(Increase) decrease in prepaid expenses and other assets (17,053) 16,349 
Increase (decrease) in management fee payable (5,797) 12,590 
Increase (decrease) in incentive fee payable (2,743) 3,230 
Increase (decrease) in payables to affiliate (4,115) 2,127 
Increase (decrease) in payable for investments purchased —  802 
Increase (decrease) in accrued expenses and other liabilities (14,860) (81,249)
Net cash provided by (used in) operating activities 1,514,693  1,049,576 
Cash Flows from Financing Activities
Borrowings on debt 3,288,000  2,964,776 
Payments on debt (4,659,015) (3,784,059)
Debt issuance costs (35,291) (23,205)
Repurchases of common stock (70,296) — 
Shares issued under the "at the market" offering —  3,070 
Cash distributions paid to shareholders (368,584) (364,125)
Net cash provided by (used in) financing activities (1,845,186) (1,203,543)
Net increase (decrease) in cash and restricted cash, including foreign cash (restricted cash of $(27,049) and $(17,982), respectively)
 (330,493) (153,967)
Cash and restricted cash, including foreign cash, beginning of period (restricted cash of $47,448 and $82,387, respectively)
 568,542  514,156 
Cash and restricted cash, including foreign cash, end of period (restricted cash of $20,399 and $64,405, respectively)
 $ 238,049  $ 360,189 
The accompanying notes are an integral part of these consolidated financial statements.
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Blue Owl Capital Corporation
Consolidated Statements of Cash Flows
(Amounts in thousands)
(Unaudited)






For the Six Months Ended June 30,
2026
 2025
Supplemental and Non-Cash Information
Interest paid during the period $ 251,255  $ 303,742 
Distributions declared during the period 336,581  408,832 
Distributions payable 152,874  189,088 
Issuance of shares in connection with the OBDE Mergers(1)
—  1,755,181 
Receivable for investments sold 1,344  1,000 
Taxes, including excise tax, paid during the period 6,856  1,832 
_______________
(1)On January 13, 2025, in connection with the OBDE Mergers, the Company acquired net assets of $1.85 billion for the total stock consideration of $1.76 billion, inclusive of $7.0 million of transaction costs. Refer to “Note 13 — Merger with Blue Owl Capital Corporation III” (“OBDE”) for additional information on the OBDE Mergers.
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Table of Contents
Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of June 30, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
Interest
Company(1)(25) Investment Ref. Rate Cash PIK Maturity Date Par
Shares/Units
 Amortized Cost(2)(27) Fair Value % of Net Assets
Non-controlled/non-affiliated portfolio company investments
Debt Investments(7)
Advertising and media
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))(3)(4)(8) First lien senior secured loan S+ 4.25% 12/2029 $ 42,404  —  $ 42,098  $ 42,086 
Monotype Imaging Holdings Inc.(3)(4)(8) First lien senior secured loan S+ 5.25% 2/2031 143,630  —  142,403  141,476 
184,501  183,562  2.6  %
Aerospace and defense
Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC)(4)(9) First lien senior secured loan S+ 2.69% 3.61% 7/2027 43,352  —  37,498  24,277 
Horizon Avionics Buyer, LLC (dba Acron Aviation)(3)(4)(9)(22) First lien senior secured loan S+ 4.75% 3/2032 19,555  —  19,451  19,440 
Peraton Corp.(3)(4)(9) Second lien senior secured loan S+ 7.75% 2/2029 60,393  —  57,957  40,463 
STS PARENT, LLC (dba STS Aviation Group)(3)(4)(9) First lien senior secured loan S+ 5.00% 10/2031 110,876  —  109,934  109,490 
STS PARENT, LLC (dba STS Aviation Group)(3)(4)(9)(22) First lien senior secured revolving loan S+ 5.00% 10/2030 9,824  —  9,742  9,669 
234,582  203,339  2.9  %
Asset based lending and fund finance
Hg Genesis 8 Sumoco Limited(3)(4)(19)(31) Unsecured facility SA+ 6.00% 9/2027 £ 3,967  —  5,039  5,265 
Hg Genesis 9 SumoCo Limited(3)(4)(14)(31) Unsecured facility E+ 6.25% 3/2029 € 37,502  —  40,048  42,876 
Hg Saturn Luchaco Limited(3)(4)(19)(31) Unsecured facility SA+ 8.25% 3/2027 £ 53,937  —  68,128  71,588 
113,215  119,729  1.7  %
Automotive services
MAJCO LLC (dba Big Brand Tire & Service)(3)(4)(9)(22) First lien senior secured loan S+ 4.50% 9/2032 86,967  —  86,453  85,481 
Spotless Brands, LLC(3)(4)(10) First lien senior secured loan S+ 5.75% 7/2028 93,562  —  92,545  93,562 
Spotless Brands, LLC(3)(4)(9)(22) First lien senior secured delayed draw term loan S+ 5.00% 7/2028 11,120  —  11,002  10,968 
190,000  190,011  2.7  %
Buildings and real estate
Associations Finance, Inc.(3)(4)(6) Unsecured notes N/A 14.25% 5/2030 211,390  —  210,115  211,390 
Associations, Inc.(3)(4)(9)(22) First lien senior secured loan S+ 6.50% 7/2028 318,408  —  316,965  318,408 
Wrench Group LLC(3)(4)(9) First lien senior secured loan S+ 4.75% 9/2032 93,503  —  93,017  92,568 
620,097  622,366  8.9  %
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Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of June 30, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
Interest
Company(1)(25) Investment Ref. Rate Cash PIK Maturity Date Par
Shares/Units
 Amortized Cost(2)(27) Fair Value % of Net Assets
Business services
Aurelia Netherlands B.V.(3)(4)(14)(31) First lien senior secured EUR term loan E+ 4.75% 5/2031 € 64,136  —  72,487  73,327 
CMG HoldCo, LLC (dba Crete United)(3)(4)(10)(22) First lien senior secured loan S+ 5.00% 11/2030 1,490  —  1,466  1,413 
CoolSys, Inc.(3)(9) First lien senior secured loan S+ 3.50% 2.50% 8/2028 12,065  —  11,915  9,215 
DuraServ LLC(3)(4)(8) First lien senior secured loan S+ 5.00% 6/2031 127,959  —  126,986  126,039 
DuraServ LLC(3)(4)(8)(22) First lien senior secured revolving loan S+ 5.00% 6/2030 6,334  —  6,275  6,070 
Gainsight, Inc.(3)(4)(9) First lien senior secured loan S+ 5.50% 7/2027 30,123  —  29,999  29,747 
Hercules Borrower, LLC (dba The Vincit Group)(3)(4)(9) First lien senior secured loan S+ 4.75% 12/2028 119,306  —  118,999  119,306 
Hercules Buyer, LLC (dba The Vincit Group)(3)(4)(6)(33) Unsecured notes N/A 0.48% 12/2029 6,316  —  6,462  9,582 
KPSKY Acquisition, Inc. (dba BluSky)(3)(4)(9) First lien senior secured loan S+ 5.50% 10/2028 42,874  —  40,167  38,051 
KPSKY Acquisition, Inc. (dba BluSky)(3)(4)(9) First lien senior secured delayed draw term loan S+ 5.75% 10/2028 31  —  30  27 
414,786  412,777  5.9  %
Chemicals
Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC)(3)(4)(9) Second lien senior secured loan S+ 7.75% 11/2028 16,500  —  16,245  15,098 
DCG ACQUISITION CORP. (dba DuBois Chemical)(3)(4)(9) First lien senior secured loan S+ 5.00% 6/2031 79,048  —  78,255  77,863 
Gaylord Chemical Company, L.L.C.(3)(4)(9)(22) First lien senior secured loan S+ 5.75% 12/2027 180,640  —  179,924  180,166 
Rocket BidCo, Inc. (dba Recochem)(3)(4)(9)(31) First lien senior secured loan S+ 4.75% 11/2030 250,229  —  246,043  248,978 
520,467  522,105  7.4  %
Consumer products
Conair Holdings LLC(3)(8) First lien senior secured loan S+ 3.75% 5/2028 12,344  —  11,519  10,599 
Conair Holdings LLC(3)(4)(8) Second lien senior secured loan S+ 7.50% 5/2029 127,896  —  125,520  103,276 
Feradyne Outdoors, LLC(3)(4)(9)(28) First lien senior secured loan S+ 6.75% 5/2028 85,124  —  78,196  34,688 
Foundation Consumer Brands, LLC(3)(4)(8) First lien senior secured loan S+ 5.00% 2/2029 15,281  —  15,161  15,281 
Lignetics Investment Corp.(3)(4)(9)(22) First lien senior secured loan S+ 5.50% 3/2028 114,820  —  114,696  114,820 
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Table of Contents
Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of June 30, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
Interest
Company(1)(25) Investment Ref. Rate Cash PIK Maturity Date Par
Shares/Units
 Amortized Cost(2)(27) Fair Value % of Net Assets
SWK BUYER, Inc. (dba Stonewall Kitchen)(3)(4)(9) First lien senior secured loan S+ 5.25% 3/2029 1,448  —  1,417  1,322 
SWK BUYER, Inc. (dba Stonewall Kitchen)(3)(4)(10)(22) First lien senior secured revolving loan S+ 5.25% 3/2029 77  —  75  65 
WU Holdco, Inc. (dba PurposeBuilt Brands)(3)(4)(9) First lien senior secured loan S+ 4.75% 4/2032 93,123  —  92,922  92,658 
439,506  372,709  5.3  %
Containers and packaging
Arctic Holdco, LLC (dba Novvia Group)(3)(4)(9) First lien senior secured loan S+ 5.25% 1/2032 102,842  —  102,459  102,071 
Arctic Holdco, LLC (dba Novvia Group)(3)(4)(9)(22) First lien senior secured revolving loan S+ 5.25% 1/2031 1,987  —  1,960  1,934 
Ascend Buyer, LLC (dba PPC Flexible Packaging)(3)(4)(9)(22) First lien senior secured loan S+ 5.25% 9/2028 71,434  —  70,598  70,650 
Fortis Solutions Group, LLC(3)(4)(9)(22) First lien senior secured loan S+ 5.50% 10/2028 36,904  —  36,155  36,229 
Indigo Buyer, Inc. (dba Inovar Packaging Group)(3)(4)(9)(22) First lien senior secured loan S+ 5.25% 5/2028 14,074  —  13,960  14,074 
Pregis Topco LLC(3)(4)(8) Second lien senior secured loan S+ 7.75% 8/2029 25,720  —  25,474  25,720 
Pregis Topco LLC(3)(4)(8) Second lien senior secured loan S+ 6.75% 8/2029 150,056  —  148,701  150,056 
399,307  400,734  5.7  %
Distribution
ABB/Con-cise Optical Group LLC(3)(4)(9) First lien senior secured loan S+ 7.50% 2/2028 64,629  —  64,284  64,467 
Endries Acquisition, Inc.(3)(4)(8) First lien senior secured loan S+ 5.50% 12/2028 118,563  —  117,792  116,785 
Offen, Inc.(3)(4)(8) First lien senior secured loan S+ 5.00% 7/2030 14,679  —  14,556  14,495 
196,632  195,747  2.8  %
Education
Severin Acquisition, LLC (dba PowerSchool)(3)(4)(8)(22) First lien senior secured loan S+ 2.75% 2.25% 10/2031 1,615  —  1,590  1,538 
Severin Acquisition, LLC (dba PowerSchool)(3)(4)(8)(22) First lien senior secured revolving loan S+ 4.75% 10/2031 94  —  93  86 
1,683  1,624  —  %
Energy equipment and services
Dresser Utility Solutions, LLC(3)(4)(8) First lien senior secured loan S+ 5.25% 3/2029 74,054  —  73,453  74,054 
73,453  74,054  1.1  %
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Table of Contents
Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of June 30, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
Interest
Company(1)(25) Investment Ref. Rate Cash PIK Maturity Date Par
Shares/Units
 Amortized Cost(2)(27) Fair Value % of Net Assets
Financial services
Baker Tilly Advisory Group, LP(3)(4)(8) First lien senior secured loan S+ 4.75% 6/2031 81,172  —  80,094  81,172 
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)(3)(4)(8)(22) First lien senior secured loan S+ 4.50% 6/2030 39,459  —  38,965  39,459 
Continental Finance Company, LLC(3)(4)(8) First lien senior secured loan S+ 8.00% 3/2029 7,500  —  7,446  7,444 
Deerfield Dakota Holdings(3)(4)(9) First lien senior secured loan S+ 3.00% 2.75% 9/2032 116,792  —  116,273  116,208 
Deerfield Dakota Holdings(3)(4)(8)(22) First lien senior secured revolving loan S+ 5.25% 9/2032 3,947  —  3,900  3,894 
Klarna Holding AB(3)(4)(9)(31) Subordinated Floating Rate Notes S+ 7.00% 4/2034 1,000  —  1,000  1,000 
KRIV Acquisition Inc. (dba Riveron)(3)(4)(9)(22) First lien senior secured loan S+ 4.75% 7/2031 8,108  —  7,956  8,108 
Minotaur Acquisition, Inc. (dba Inspira Financial)(3)(4)(8) First lien senior secured loan S+ 5.00% 6/2030 219,796  —  217,397  219,247 
NMI Acquisitionco, Inc. (dba Network Merchants)(3)(4)(8)(22) First lien senior secured loan S+ 4.50% 9/2028 46,402  —  46,274  45,934 
Smarsh Inc.(3)(4)(9)(22) First lien senior secured loan S+ 4.75% 2/2029 2,031  —  2,014  1,939 
Smarsh Inc.(3)(4)(8)(22) First lien senior secured revolving loan S+ 4.75% 2/2029 114  —  113  105 
Wipfli Advisory LLC(3)(4)(9)(22) First lien senior secured loan S+ 4.25% 10/2032 26,341  —  26,270  26,105 
547,702  550,615  7.8  %
Food and beverage
Balrog Acquisition, Inc. (dba Bakemark)(3)(4)(8) Second lien senior secured loan S+ 7.00% 9/2029 28,000  —  27,822  18,760 
Blast Bidco Inc. (dba Bazooka Candy Brands)(3)(4)(9) First lien senior secured loan S+ 6.00% 10/2030 37,203  —  36,572  37,017 
BP Veraison Buyer, LLC (dba Sun World)(3)(4)(9) First lien senior secured loan S+ 5.25% 5/2029 136,645  —  135,571  136,645 
Eagle Family Foods Group LLC(3)(4)(9) First lien senior secured loan S+ 4.75% 8/2030 1,703  —  1,688  1,699 
Fiesta Purchaser, Inc. (dba Shearer's Foods)(3)(4)(9)(22) First lien senior secured revolving loan S+ 2.75% 2/2029 1,831  —  1,831  1,708 
Gehl Foods, LLC(3)(4)(9) First lien senior secured loan S+ 6.25% 6/2030 97,846  —  96,825  97,846 
Hissho Parent, LLC(3)(4)(9) First lien senior secured loan S+ 4.75% 5/2029 16,422  —  16,318  16,422 
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(3)(4)(8) First lien senior secured loan S+ 6.25% 3/2027 27,682  —  27,375  27,682 
KBP Brands, LLC(3)(4)(8) First lien senior secured loan S+ 5.25% 5/2027 1,050  —  1,035  1,034 
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Table of Contents
Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of June 30, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
Interest
Company(1)(25) Investment Ref. Rate Cash PIK Maturity Date Par
Shares/Units
 Amortized Cost(2)(27) Fair Value % of Net Assets
Ole Smoky Distillery, LLC(3)(4)(8) First lien senior secured loan S+ 5.50% 3/2028 846  —  840  776 
Rushmore Investment III LLC (dba Winland Foods)(3)(4)(9) First lien senior secured loan S+ 5.25% 10/2030 330,508  —  327,419  329,682 
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)(3)(4)(9)(22) First lien senior secured loan S+ 5.00% 7/2027 53,851  —  53,825  52,314 
Vital Bidco AB (dba Vitamin Well)(3)(4)(8)(31) First lien senior secured loan S+ 4.25% 10/2031 61,263  —  60,335  61,263 
787,456  782,848  11.1  %
Healthcare equipment and services
Arctic US Bidco, Inc. (dba ThermoSafe)(3)(4)(9) First lien senior secured loan S+ 4.52% 11/2032 34,635  —  34,475  34,462 
Arctic US Bidco, Inc. (dba ThermoSafe)(3)(4)(9)(22) First lien senior secured multi-currency revolving loan S+ 4.50% 11/2032 2,083  —  2,052  2,049 
Bamboo US BidCo LLC(3)(4)(9) First lien senior secured loan S+ 5.25% 9/2030 10,642  —  10,582  10,642 
Bamboo US BidCo LLC(3)(4)(14) First lien senior secured EUR term loan E+ 5.25% 9/2030 € 4,639  —  4,814  5,304 
Bamboo US BidCo LLC(3)(4)(8)(22) First lien senior secured revolving loan S+ 5.25% 10/2029 538  —  538  538 
Cambrex Corporation(3)(4)(8)(22) First lien senior secured loan S+ 4.75% 3/2032 920  —  912  916 
Caris Life Sciences, Inc.(3)(4)(9)(31) First lien senior secured loan S+ 5.00% 4/2031 19,714  —  19,620  19,616 
Creek Parent, Inc. (dba Catalent)(3)(4)(8) First lien senior secured loan S+ 5.00% 12/2031 112,797  —  110,701  111,951 
CSC MKG Topco LLC (dba Medical Knowledge Group)(3)(4)(8) First lien senior secured loan S+ 5.50% 2/2029 4,594  —  4,517  4,594 
Nelipak Holding Company(3)(4)(9) First lien senior secured loan S+ 5.50% 3/2031 29,564  —  29,104  29,195 
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.(3)(4)(14) First lien senior secured EUR term loan E+ 5.50% 3/2031 € 44,105  —  46,358  49,795 
Packaging Coordinators Midco, Inc.(3)(4)(9)(22) First lien senior secured loan S+ 5.00% 10/2032 159,730  —  158,034  158,131 
Packaging Coordinators Midco, Inc.(3)(4)(19) First lien senior secured delayed draw term loan SA+ 5.00% 10/2032 £ 14,373  —  18,905  18,887 
Patriot Acquisition TopCo S.À R.L. (dba Corza Health, Inc.)(3)(4)(9)(31) First lien senior secured loan S+ 4.75% 1/2028 143,232  —  142,456  143,232 
PerkinElmer U.S. LLC(3)(4)(9) First lien senior secured loan S+ 4.50% 3/2029 25,721  —  25,682  25,592 
Rhea Parent, Inc.(3)(4)(9) First lien senior secured loan S+ 5.00% 12/2030 40,164  —  39,806  39,763 
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Table of Contents
Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of June 30, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
Interest
Company(1)(25) Investment Ref. Rate Cash PIK Maturity Date Par
Shares/Units
 Amortized Cost(2)(27) Fair Value % of Net Assets
TBRS, Inc. (dba TEAM Technologies)(3)(4)(9) First lien senior secured loan S+ 4.75% 11/2031 40,925  —  40,615  40,721 
TBRS, Inc. (dba TEAM Technologies)(3)(4)(9)(22) First lien senior secured revolving loan S+ 4.75% 11/2030 442  —  421  415 
689,592  695,803  9.9  %
Healthcare providers and services
Allied Benefit Systems Intermediate LLC(3)(4)(8) First lien senior secured loan S+ 5.00% 10/2030 5,206  —  5,206  5,180 
Belmont Buyer, Inc. (dba Valenz)(3)(4)(9)(22) First lien senior secured loan S+ 6.50% 6/2029 4,547  —  4,484  4,547 
Belmont Buyer, Inc. (dba Valenz)(3)(4)(9) First lien senior secured loan S+ 5.25% 6/2029 3,112  —  3,059  3,089 
Bristol Hospice L.L.C.(3)(4)(8) First lien senior secured loan S+ 5.25% 8/2032 41,783  —  41,593  41,783 
Commander Buyer, Inc. (dba CenExel)(3)(4)(8) First lien senior secured loan S+ 4.50% 6/2032 55,821  —  55,550  55,542 
Confluent Health, LLC(3)(4)(8) First lien senior secured loan S+ 5.00% 11/2028 4,888  —  4,785  4,374 
Covetrus, Inc.(3)(4)(9) Second lien senior secured loan S+ 9.25% 10/2030 30,000  —  28,987  30,000 
dentalcorp Health Services Ltd. (fka Aryeh Bidco Investment Ltd.)(3)(4)(21)(22)(31) First lien senior secured loan C+ 5.00% 1/2033 C$ 116,296  —  83,305  81,515 
Engage Debtco Limited(3)(4)(9)(31) First lien senior secured loan S+ 3.08% 2.75% 7/2029 2,155  —  2,111  1,956 
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)(3)(4)(9) First lien senior secured loan S+ 5.00% 12/2029 118,433  —  117,239  117,840 
Lakefield Acquisition Corp. (dba Lakefield Veterinary Group)(3)(4)(8)(22) First lien senior secured loan S+ 4.00% 9/2030 695  —  693  693 
Maple Acquisition, LLC (dba Medicus)(3)(4)(10) First lien senior secured loan S+ 4.75% 5/2031 77,844  —  77,176  77,844 
National Dentex Labs LLC (fka Barracuda Dental LLC)(3)(4)(8)(28) First lien senior secured loan S+ 10.00% 7/2026 169,568  —  142,633  64,962 
National Dentex Labs LLC (fka Barracuda Dental LLC)(3)(4)(8)(28) First lien senior secured delayed draw term loan S+ 12.00% 7/2026 23,987  —  14,248  7,916 
National Dentex Labs LLC (fka Barracuda Dental LLC)(3)(4)(8)(22)(28) First lien senior secured revolving loan S+ 9.00% 7/2026 12,335  —  10,147  3,998 
Natural Partners, LLC(3)(4)(9)(31) First lien senior secured loan S+ 4.50% 11/2030 6,426  —  6,341  6,426 
Nova Women's Health, Inc.(3)(4)(9)(22) First lien senior secured loan S+ 5.25% 1/2032 14,682  —  14,567  14,608 
OB Hospitalist Group, Inc.(3)(4)(9)(22) First lien senior secured loan S+ 5.50% 1/2031 120,286  —  119,560  120,286 
Pacific BidCo Inc.(3)(4)(10)(31) First lien senior secured loan S+ 5.75% 8/2029 48,719  —  47,898  47,745 
13
Table of Contents
Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of June 30, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
Interest
Company(1)(25) Investment Ref. Rate Cash PIK Maturity Date Par
Shares/Units
 Amortized Cost(2)(27) Fair Value % of Net Assets
PetVet Care Centers, LLC(3)(4)(8) First lien senior secured loan S+ 6.00% 11/2030 130,337  —  128,375  113,393 
PetVet Care Centers, LLC(3)(4)(8)(22) First lien senior secured revolving loan S+ 6.00% 11/2029 5,490  —  5,325  3,111 
Physician Partners, LLC(3)(9) First lien senior secured loan S+ 6.00% 12/2029 11,315  —  10,824  11,230 
Physician Partners, LLC(3)(9) First lien senior secured loan S+ 1.50% 2.50% 12/2029 6,596  —  4,589  5,931 
Plasma Buyer LLC (dba PathGroup)(3)(4)(9)(28) First lien senior secured loan S+ 5.75% 5/2029 1,512  —  1,347  809 
Plasma Buyer LLC (dba PathGroup)(3)(4)(9)(22)(28) First lien senior secured delayed draw term loan S+ 6.25% 3/2027 31  —  29  31 
Plasma Buyer LLC (dba PathGroup)(3)(4)(9)(28) First lien senior secured revolving loan S+ 5.75% 5/2028 163  —  149  87 
PPV Intermediate Holdings, LLC(3)(4)(9)(22) First lien senior secured loan S+ 5.75% 8/2029 29,068  —  28,667  28,232 
PPV Intermediate Holdings, LLC(3)(4)(9) First lien senior secured delayed draw term loan S+ 6.00% 8/2029 1,751  —  1,727  1,711 
Premier Imaging, LLC (dba LucidHealth)(3)(4)(9) First lien senior secured loan S+ 6.00% 10/2027 46,872  —  46,824  37,965 
Premise Health Holding Corp.(3)(4)(9)(22) First lien senior secured loan S+ 4.75% 11/2032 88,501  —  88,076  87,148 
Quva Pharma, Inc.(3)(4)(9) First lien senior secured loan S+ 2.75% 3.00% 4/2028 68,299  —  67,423  66,591 
SimonMed, Inc.(3)(4)(9)(22) First lien senior secured loan S+ 4.75% 2/2032 532  —  529  529 
SimonMed, Inc.(3)(4)(9)(22) First lien senior secured revolving loan S+ 4.75% 2/2031 33  —  33  33 
Soleo Holdings, Inc.(3)(4)(9) First lien senior secured loan S+ 4.50% 2/2032 71,423  —  71,114  71,423 
Soleo Holdings, Inc.(3)(4)(8) First lien senior secured delayed draw term loan S+ 4.50% 2/2032 8,573  —  8,514  8,573 
Tivity Health, Inc.(3)(4)(8) First lien senior secured loan S+ 5.00% 6/2029 139  —  139  139 
Unified Women's Healthcare, LP(3)(4)(9) First lien senior secured loan S+ 5.00% 6/2029 57,023  —  56,545  56,738 
Valeris, Inc. (fka Phantom Purchaser, Inc.)(3)(4)(9) First lien senior secured loan S+ 5.00% 9/2031 41,918  —  41,394  41,918 
Vermont Aus Pty Ltd(3)(4)(17)(31) First lien senior secured AUD term loan B+ 4.50% 3/2028 A$ 2,067  —  1,365  1,429 
1,342,570  1,227,325  17.5  %
Healthcare technology
BCPE Osprey Buyer, Inc. (dba PartsSource)(3)(4)(9) First lien senior secured loan S+ 5.75% 8/2028 177,685  —  175,899  176,796 
BCPE Osprey Buyer, Inc. (dba PartsSource)(3)(4)(8)(22) First lien senior secured delayed draw term loan S+ 5.75% 8/2028 49,617  —  49,071  49,345 
14
Table of Contents
Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of June 30, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
Interest
Company(1)(25) Investment Ref. Rate Cash PIK Maturity Date Par
Shares/Units
 Amortized Cost(2)(27) Fair Value % of Net Assets
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)(3)(4)(8)(22) First lien senior secured loan S+ 5.00% 8/2031 87,491  —  86,493  87,491 
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)(3)(4)(8) First lien senior secured loan S+ 4.75% 8/2031 12,694  —  12,638  12,631 
GI Ranger Intermediate, LLC (dba Rectangle Health)(3)(4)(9) First lien senior secured loan S+ 6.00% 10/2028 24,504  —  23,987  22,237 
GI Ranger Intermediate, LLC (dba Rectangle Health)(3)(4)(9)(22) First lien senior secured revolving loan S+ 6.00% 10/2027 1,191  —  1,176  1,002 
Indikami Bidco, LLC (dba IntegriChain)(3)(4)(8) First lien senior secured loan S+ 4.00% 2.50% 12/2030 22,116  —  21,760  21,452 
Indikami Bidco, LLC (dba IntegriChain)(3)(4)(8) First lien senior secured delayed draw term loan S+ 6.00% 12/2030 334  —  334  324 
Indikami Bidco, LLC (dba IntegriChain)(3)(4)(8)(22) First lien senior secured revolving loan S+ 6.00% 6/2030 1,753  —  1,727  1,691 
Inovalon Holdings, Inc.(3)(4)(9) First lien senior secured loan S+ 2.75% 2.75% 11/2028 155,485  —  155,299  148,100 
Inovalon Holdings, Inc.(3)(4)(9) Second lien senior secured loan S+ 8.50% 11/2033 67,363  —  67,363  56,585 
Interoperability Bidco, Inc. (dba Lyniate)(3)(4)(9) First lien senior secured loan S+ 5.25% 3/2028 71,397  —  71,201  70,861 
Klick Inc.(3)(4)(9)(31) First lien senior secured loan S+ 5.00% 11/2032 67,484  —  67,170  67,146 
Klick Inc.(3)(4)(8)(31) First lien senior secured delayed draw term loan S+ 5.00% 11/2032 7,216  —  7,182  7,180 
Modernizing Medicine, Inc. (dba ModMed)(3)(4)(9) First lien senior secured loan S+ 2.50% 2.25% 4/2032 781  —  774  781 
RL Datix Holdings (USA), Inc.(3)(4)(10) First lien senior secured loan S+ 5.00% 4/2031 55,712  —  55,713  54,737 
RL Datix Holdings (USA), Inc.(3)(4)(19) First lien senior secured GBP term loan SA+ 5.00% 4/2031 £ 25,885  —  34,933  33,755 
Salinger Bidco Inc. (dba Surgical Information Systems)(3)(4)(9) First lien senior secured loan S+ 5.75% 8/2031 40,704  —  40,161  40,704 
872,881  852,818  12.1  %
Household products
HGH Purchaser, Inc. (dba Horizon Services)(3)(4)(9) First lien senior secured loan S+ 3.25% 3.75% 11/2028 197,580  —  196,971  182,761 
HGH Purchaser, Inc. (dba Horizon Services)(3)(4)(9)(22) First lien senior secured revolving loan S+ 6.50% 11/2028 13,454  —  13,392  12,206 
15
Table of Contents
Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of June 30, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
Interest
Company(1)(25) Investment Ref. Rate Cash PIK Maturity Date Par
Shares/Units
 Amortized Cost(2)(27) Fair Value % of Net Assets
Mario Midco Holdings, Inc. (dba Len the Plumber)(3)(4)(9) Unsecured facility S+ 10.75% 4/2032 9,544  —  9,354  8,184 
Mario Purchaser, LLC (dba Len the Plumber)(3)(4)(9)(22) First lien senior secured revolving loan S+ 5.75% 4/2028 761  —  742  606 
Mario Purchaser, LLC (dba Len the Plumber)(3)(4)(9) First lien senior secured loan S+ 4.00% 2.00% 4/2029 27,981  —  27,541  25,743 
Sentinel Buyer Corp. (dba SimpliSafe)(3)(4)(8) First lien senior secured loan S+ 5.00% 11/2032 40,313  —  39,938  39,809 
287,938  269,309  3.8  %
Human resource support services
Cornerstone OnDemand, Inc.(3)(4)(8) Second lien senior secured loan S+ 6.50% 10/2029 160,417  —  154,594  92,240 
IG Investments Holdings, LLC (dba Insight Global)(3)(4)(9) First lien senior secured loan S+ 5.00% 9/2028 111,668  —  110,830  111,668 
265,424  203,908  2.9  %
Infrastructure and environmental services
CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.)(3)(4)(9)(22) First lien senior secured loan S+ 5.00% 1/2031 51,169  —  50,659  51,169 
CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.)(3)(4)(9)(22) First lien senior secured revolving loan S+ 5.00% 1/2030 288  —  277  288 
GI Apple Midco LLC (dba Atlas Technical Consultants)(3)(4)(8) First lien senior secured loan S+ 6.75% 4/2030 922  —  913  897 
GI Apple Midco LLC (dba Atlas Technical Consultants)(3)(4)(8)(22) First lien senior secured revolving loan S+ 6.75% 4/2029 74  —  73  71 
Peachtree Buyer, Inc. (dba Pond & Company)(3)(4)(9) First lien senior secured loan S+ 5.00% 12/2032 38,062  —  37,689  37,682 
Peachtree Buyer, Inc. (dba Pond & Company)(3)(4)(8)(22) First lien senior secured revolving loan S+ 4.50% 12/2032 276  —  258  244 
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(3)(4)(9) First lien senior secured loan S+ 4.95% 3/2029 1,214  —  1,201  1,190 
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(3)(4)(9)(22) First lien senior secured delayed draw term loan S+ 5.00% 3/2029 233  —  230  225 
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(3)(4)(9) First lien senior secured delayed draw term loan S+ 4.81% 3/2029 135  —  133  132 
VCI Asset Holdings LLC(3)(4)(6)(31) First lien senior secured loan N/A 10.00% 11/2030 81,409  —  80,675  86,701 
16
Table of Contents
Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of June 30, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
Interest
Company(1)(25) Investment Ref. Rate Cash PIK Maturity Date Par
Shares/Units
 Amortized Cost(2)(27) Fair Value % of Net Assets
Vessco Midco Holdings, LLC(3)(4)(8) First lien senior secured loan S+ 4.50% 7/2031 45,722  —  45,218  45,722 
Vessco Midco Holdings, LLC(3)(4)(10)(22) First lien senior secured loan S+ 4.50% 7/2031 29,530  —  29,344  29,530 
246,670  253,851  3.6  %
Insurance
AmeriLife Holdings LLC(3)(4)(9) First lien senior secured loan S+ 5.00% 8/2029 13,273  —  13,062  13,174 
AmeriLife Holdings LLC(3)(4)(9)(22) First lien senior secured revolving loan S+ 5.00% 8/2028 250  —  247  243 
Brightway Holdings, LLC(3)(4)(9)(22) First lien senior secured loan S+ 5.00% 12/2029 51,782  —  51,652  51,782 
Diamond Mezzanine 24 LLC (dba United Risk)(3)(4)(9) First lien senior secured loan S+ 4.50% 10/2030 25,038  —  24,825  25,038 
Evolution BuyerCo, Inc. (dba SIAA)(3)(4)(9) First lien senior secured loan S+ 4.75% 4/2030 414  —  409  414 
Integrity Marketing Acquisition, LLC(3)(4)(9) First lien senior secured loan S+ 5.00% 8/2028 96,938  —  96,179  96,938 
KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners)(3)(4)(8) First lien senior secured loan S+ 10.50% 7/2030 72,349  —  71,799  72,349 
Norvax, LLC (dba GoHealth)(3)(4)(12)(28) First lien senior secured loan P+ 6.50% 11/2029 2,483  —  2,259  410 
Norvax, LLC (dba GoHealth)(3)(4)(12)(28) First lien senior secured revolving loan P+ 8.25% 8/2029 4,184  —  1,577  — 
Simplicity Financial Marketing Group Holdings, Inc.(3)(4)(9)(22) First lien senior secured loan S+ 5.00% 12/2031 50,615  —  50,028  49,977 
THG Acquisition, LLC (dba Hilb)(3)(4)(8)(22) First lien senior secured loan S+ 4.75% 10/2031 43,157  —  42,692  42,563 
Trucordia Insurance Holdings, LLC(3)(4)(9) Second lien senior secured loan S+ 5.75% 6/2033 150,000  —  148,639  135,375 
Truist Insurance Holdings, LLC(3)(4)(9)(22) First lien senior secured revolving loan S+ 3.25% 5/2029 51  —  51  24 
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(3)(4)(8) First lien senior secured loan S+ 4.75% 12/2029 51,040  —  50,708  51,040 
554,127  539,327  7.7  %
Internet software and services
AI Titan Parent, Inc. (dba Prometheus Group)(3)(4)(8)(22) First lien senior secured loan S+ 4.50% 8/2031 7,887  —  7,711  7,666 
AlphaSense, Inc.(3)(4)(9) First lien senior secured loan S+ 6.25% 6/2029 707  —  702  703 
Anaplan, Inc.(3)(4)(9) First lien senior secured loan S+ 4.50% 6/2029 63,435  —  63,435  62,325 
Aptean Acquiror, Inc. (dba Aptean)(3)(4)(9)(22) First lien senior secured loan S+ 4.75% 1/2031 19,480  —  19,158  18,910 
17
Table of Contents
Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of June 30, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
Interest
Company(1)(25) Investment Ref. Rate Cash PIK Maturity Date Par
Shares/Units
 Amortized Cost(2)(27) Fair Value % of Net Assets
Auctane, Inc. (f/k/a Stamps.com Inc.)(3)(4)(9) First lien senior secured loan S+ 5.75% 6/2033 24,625  —  24,259  24,256 
Armstrong Bidco Limited(3)(4)(19)(31) First lien senior secured GBP term loan SA+ 5.25% 6/2029 £ 1,846  —  2,243  2,376 
Artifact Bidco, Inc. (dba Avetta)(3)(4)(9) First lien senior secured loan S+ 4.15% 7/2031 12,011  —  11,918  11,981 
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)(3)(4)(8) First lien senior secured loan S+ 6.00% 3/2031 15,778  —  15,568  15,502 
Barracuda Parent, LLC(3)(9) First lien senior secured loan S+ 4.50% 8/2029 12,601  —  11,986  8,511 
Bayshore Intermediate #2, L.P. (dba Boomi)(3)(4)(9) First lien senior secured loan S+ 2.50% 3.00% 10/2028 90,241  —  90,055  88,662 
Bayshore Intermediate #2, L.P. (dba Boomi)(3)(4)(9)(22) First lien senior secured revolving loan S+ 5.00% 10/2027 3,605  —  3,594  3,475 
BCTO WIW Holdings, Inc. (dba When I Work)(3)(4)(6) Senior convertible notes N/A 5.50% 8/2030 —  4,871,573  4,694  4,694 
By Light Professional IT Services LLC(3)(4)(8)(22) First lien senior secured loan S+ 5.50% 7/2031 45,622  —  44,992  43,970 
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(3)(4)(9) First lien senior secured loan S+ 5.25% 8/2027 22,230  —  21,957  21,229 
CivicPlus, LLC(3)(4)(9)(22) First lien senior secured loan S+ 3.25% 2.75% 8/2030 79,806  —  79,481  78,145 
Clearwater Analytics Holdings, Inc.(3)(4)(9) First lien senior secured loan S+ 4.50% 6/2033 38,402  —  38,210  38,210 
Coupa Holdings, LLC(3)(4)(9) First lien senior secured loan S+ 5.25% 2/2030 1,679  —  1,667  1,616 
Coupa Holdings, LLC(3)(4)(9)(22) First lien senior secured revolving loan S+ 5.25% 2/2029 72  —  72  68 
CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC)(3)(4)(9) Unsecured notes S+ 11.75% 6/2034 23,049  —  22,849  22,645 
Crewline Buyer, Inc. (dba New Relic)(3)(4)(9) First lien senior secured loan S+ 6.75% 11/2030 146,812  —  144,686  143,509 
Denali Intermediate Holdings, Inc. (dba Dun & Bradstreet)(3)(4)(8)(22) First lien senior secured loan S+ 5.50% 8/2032 78,370  —  77,224  72,016 
EET Buyer, Inc. (dba e-Emphasys)(3)(4)(9) First lien senior secured loan S+ 5.50% 11/2029 15,039  —  14,920  14,814 
Einstein Parent, Inc. (dba Smartsheet)(3)(4)(9) First lien senior secured loan S+ 5.25% 1/2031 43,387  —  43,008  42,627 
Flexera Software LLC(3)(4)(13) First lien senior secured EUR term loan E+ 4.50% 8/2032 € 5,300  —  6,194  5,908 
Flexera Software LLC(3)(4)(9) First lien senior secured loan S+ 4.50% 8/2032 17,563  —  17,524  17,124 
18
Table of Contents
Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of June 30, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
Interest
Company(1)(25) Investment Ref. Rate Cash PIK Maturity Date Par
Shares/Units
 Amortized Cost(2)(27) Fair Value % of Net Assets
Granicus, Inc.(3)(4)(9) First lien senior secured loan S+ 3.50% 2.25% 1/2031 17,968  —  17,762  17,743 
Granicus, Inc.(3)(4)(9) First lien senior secured delayed draw term loan S+ 3.00% 2.25% 1/2031 2,668  —  2,628  2,601 
Granicus, Inc.(3)(4)(12)(22) First lien senior secured revolving loan P+ 4.25% 1/2031 197  —  190  167 
GS Acquisitionco, Inc. (dba insightsoftware)(3)(4)(9) First lien senior secured loan S+ 5.25% 5/2028 9,686  —  9,535  9,275 
H&F Opportunities LUX III S.À R.L (dba Checkmarx)(3)(4)(8)(31) First lien senior secured loan S+ 6.50% 4/2028 16,367  —  16,233  16,122 
Hyland Software, Inc.(3)(4)(8) First lien senior secured loan S+ 4.75% 9/2030 65,796  —  65,796  63,822 
Icefall Parent, Inc. (dba EngageSmart)(3)(4)(9) First lien senior secured loan S+ 4.50% 1/2030 4,197  —  4,197  4,166 
Jawbreaker Parent, Inc.(3)(4)(9) First lien senior secured loan S+ 4.75% 1/2033 61,466  —  61,139  60,544 
JS Parent, Inc. (dba Jama Software)(3)(4)(9) First lien senior secured loan S+ 4.75% 4/2031 896  —  892  896 
Litera Bidco LLC(3)(4)(8)(22) First lien senior secured loan S+ 5.00% 5/2028 150,434  —  149,981  147,760 
Matterhorn Finco, Inc. (dba Nexthink)(3)(4)(9) First lien senior secured loan S+ 5.50% 3/2033 34,466  —  34,299  34,293 
Ministry Brands Holdings, LLC(3)(4)(8) First lien senior secured loan S+ 5.50% 12/2028 11,821  —  11,614  11,525 
NSCALE SERVICES UK LTD(3)(4)(9)(22)(31) First lien senior secured delayed draw term loan S+ 5.00% 2/2031 1,397  —  831  900 
Onward Acquireco, Inc. (dba OneStream)(3)(4)(8) First lien senior secured loan S+ 2.38% 2.68% 4/2033 60,128  —  59,910  59,902 
PDI TA Holdings, Inc.(3)(4)(9) First lien senior secured loan S+ 3.50% 2.50% 2/2031 21,815  —  21,416  20,834 
PDI TA Holdings, Inc.(3)(4)(9) First lien senior secured revolving loan S+ 5.50% 2/2031 1,824  —  1,811  1,742 
QAD, Inc.(3)(4)(8) First lien senior secured loan S+ 4.75% 11/2027 69,265  —  68,785  68,573 
Securonix, Inc.(3)(4)(9) First lien senior secured loan S+ 4.00% 3.75% 4/2029 1,794  —  1,699  1,399 
Securonix, Inc.(3)(4)(9)(22) First lien senior secured revolving loan S+ 7.00% 4/2029 102  —  90  35 
Sitecore Holding III A/S(3)(4)(10) First lien senior secured loan S+ 6.00% 3/2029 4,574  —  4,557  4,448 
Sitecore Holding III A/S(3)(4)(15) First lien senior secured EUR term loan E+ 6.00% 3/2029 € 26,382  —  27,823  29,333 
Sitecore USA, Inc.(3)(4)(10) First lien senior secured loan S+ 6.00% 3/2029 27,576  —  27,472  26,818 
Spaceship Purchaser, Inc. (dba Squarespace)(3)(4)(9) First lien senior secured loan S+ 3.75% 10/2031 12,788  —  12,788  12,660 
Themis Solutions Inc. (dba Clio)(3)(4)(8)(31) First lien senior secured loan S+ 1.75% 3.75% 10/2032 8,975  —  8,894  8,795 
19
Table of Contents
Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of June 30, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
Interest
Company(1)(25) Investment Ref. Rate Cash PIK Maturity Date Par
Shares/Units
 Amortized Cost(2)(27) Fair Value % of Net Assets
Thunder Purchaser, Inc. (dba Vector Solutions)(3)(4)(9) First lien senior secured loan S+ 5.25% 6/2028 96,699  —  96,071  95,007 
Zendesk, Inc.(3)(4)(9) First lien senior secured loan S+ 5.00% 11/2028 116,650  —  115,298  112,859 
1,589,818  1,563,161  22.2  %
Leisure and entertainment
Aerosmith Bidco 1 Limited (dba Audiotonix)(3)(4)(9)(31) First lien senior secured loan S+ 5.25% 7/2031 174,694  —  172,429  174,694 
Aerosmith Bidco 1 Limited (dba Audiotonix)(3)(4)(10)(31) First lien senior secured delayed draw term loan S+ 5.25% 7/2031 43,934  —  43,451  43,934 
Eternal Buyer, LLC (dba Wedgewood Weddings)(3)(4)(8) First lien senior secured loan S+ 4.25% 6/2032 34,738  —  34,584  34,564 
Troon Golf, L.L.C.(3)(4)(9)(22) First lien senior secured loan S+ 4.50% 8/2028 85,785  —  85,247  85,785 
335,711  338,977  4.8  %
Manufacturing
Loparex Midco B.V.(3)(4)(9)(28) First lien senior secured loan S+ 6.00% 2/2027 782  —  782  802 
Loparex Midco B.V.(3)(4)(9)(28) First lien senior secured loan S+ 4.50% 7/2027 4,122  —  3,934  886 
Loparex Midco B.V.(3)(4)(9)(28) Second lien senior secured loan S+ 8.75% 7/2027 112,000  —  110,162  5,600 
Loparex Midco B.V.(3)(4)(9)(28) Second lien senior secured loan S+ 8.50% 7/2027 21,000  —  20,459  1,050 
MHE Intermediate Holdings, LLC (dba OnPoint Group)(3)(4)(9)(22) First lien senior secured loan S+ 6.00% 7/2027 109,812  —  109,445  105,994 
MHE Intermediate Holdings, LLC (dba OnPoint Group)(3)(4)(9) First lien senior secured loan S+ 6.25% 7/2027 2,488  —  2,466  2,413 
Sonny's Enterprises, LLC(3)(4)(9) First lien senior secured loan S+ 5.50% 8/2028 269,940  —  268,090  267,241 
Sonny's Enterprises, LLC(3)(4)(9)(22) First lien senior secured delayed draw term loan S+ 6.50% 8/2028 17,476  —  17,347  17,476 
Sonny's Enterprises, LLC(3)(4)(9)(22) First lien senior secured revolving loan S+ 5.50% 8/2027 17,776  —  17,718  17,554 
550,403  419,016  6.0  %
Pharmaceuticals
Puma Buyer, LLC (dba PANTHERx)(3)(4)(9) First lien senior secured loan S+ 4.25% 3/2032 1,206  —  1,199  1,206 
Senderra RX Acquisition, LLC(3)(4)(8)(22) First lien senior secured loan S+ 4.75% 3/2033 25,847  —  25,558  25,546 
26,757  26,752  0.4  %
20
Table of Contents
Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of June 30, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
Interest
Company(1)(25) Investment Ref. Rate Cash PIK Maturity Date Par
Shares/Units
 Amortized Cost(2)(27) Fair Value % of Net Assets
Professional services
Essential Services Holding Corporation (dba Turnpoint)(3)(4)(9) First lien senior secured loan S+ 2.88% 2.75% 6/2031 25,334  —  25,038  24,447 
Essential Services Holding Corporation (dba Turnpoint)(3)(4)(9)(22) First lien senior secured revolving loan S+ 5.25% 6/2030 1,360  —  1,339  1,252 
Gerson Lehrman Group, Inc.(3)(4)(9) First lien senior secured loan S+ 5.00% 12/2028 149,668  —  148,720  147,423 
Guidehouse Inc.(3)(4)(8) First lien senior secured loan S+ 4.75% 12/2030 49,202  —  48,399  46,988 
Paris US Holdco, Inc. (dba Precinmac)(3)(4)(8)(22) First lien senior secured loan S+ 4.75% 12/2031 35,721  —  35,282  35,721 
Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(9) First lien senior secured loan S+ 6.50% 5/2028 89,494  —  89,131  89,047 
Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(14) First lien senior secured EUR term loan E+ 6.75% 5/2028 € 15,338  —  16,388  17,448 
Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(8)(22) First lien senior secured revolving loan S+ 6.50% 5/2028 969  —  944  933 
Vensure Employer Services, Inc.(3)(4)(9)(22) First lien senior secured loan S+ 5.00% 9/2031 2,379  —  2,338  2,353 
367,579  365,612  5.2  %
Specialty retail
Galls, LLC(3)(4)(9)(22) First lien senior secured loan S+ 5.50% 3/2030 156,395  —  154,697  156,395 
Milan Laser Holdings LLC(3)(4)(9) First lien senior secured loan S+ 5.00% 4/2027 62,598  —  62,267  62,441 
The Shade Store, LLC(3)(4)(9)(35) First lien senior secured loan S+ 6.00% 10/2029 23,469  —  19,064  14,610 
236,028  233,446  3.3  %
Telecommunications
EOS Finco S.A.R.L (dba Netceed)(3)(4)(10)(31) First lien senior secured loan S+ 5.00% 1/2032 7,537  —  6,264  6,218 
EOS Finco S.A.R.L (dba Netceed)(3)(4)(15)(22)(31) First lien senior secured delayed draw term loan E+ 6.25% 1/2032 € 603  —  650  624 
Reinstated NewCo S.À R.L. (dba Netceed)(3)(4)(9)(31) First lien senior secured loan S+ 9.00% 1/2033 4,490  —  3,383  3,188 
10,297  10,030  0.1  %
Transportation
Lightbeam Bidco, Inc. (dba Lazer Spot)(3)(4)(9)(22) First lien senior secured loan S+ 4.80% 5/2030 5,012  —  5,010  4,987 
Lytx, Inc.(3)(4)(8) First lien senior secured loan S+ 5.00% 2/2028 61,543  —  61,543  61,543 
66,553  66,530  0.9  %
21
Table of Contents
Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of June 30, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
Interest
Company(1)(25) Investment Ref. Rate Cash PIK Maturity Date Par
Shares/Units
 Amortized Cost(2)(27) Fair Value % of Net Assets
Total non-controlled/non-affiliated debt investments $ 12,165,735  $ 11,698,085  166.4  %
Total non-controlled/non-affiliated misc. debt commitments(22)(23)(Note 8) $ (3,729) $ (7,236) (0.1) %
Total non-controlled/non-affiliated portfolio company debt investments $ 12,162,006  $ 11,690,849  166.3  %
Equity Investments
Aerospace and defense
Space Exploration Technologies Corp.(3)(29)(30) Class A Common Stock N/A N/A —  139,915  1,754  23,906 
1,754  23,906  0.3  %
Asset based lending and fund finance
Amergin Asset Management, LLC(3)(4)(29)(30) Specialty finance equity investment N/A N/A —  50,000,000  382  2,061 
382  2,061  —  %
Automotive services
CD&R Value Building Partners I, L.P. (dba Belron)(3)(5)(29)(30)(31) LP Interest N/A N/A 73,986  —  77,227  109,354 
Percheron Horsepower-A LP (dba Big Brand Tire & Service)(3)(5)(22)(29)(30)(31) LP Interest N/A N/A —  1,509,355  12,246  15,840 
89,473  125,194  1.8  %
Business services
Hercules Buyer, LLC (dba The Vincit Group)(3)(4)(29)(30)(33) Common Units N/A N/A —  2,640,000  2,728  4,004 
Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)(3)(4)(10)(30) Perpetual Preferred Stock S+ 10.75% N/A —  12,600  18,659  10,834 
21,387  14,838  0.2  %
Consumer products
ASP Conair Holdings LP(3)(4)(29)(30) Class A Units N/A N/A —  59,712  6,057  1,075 
6,057  1,075  —  %
Containers and packaging
TCB Holdings I LLC (dba TricorBraun)(3)(4)(6)(30) Class A Preferred Units N/A 14.00% N/A —  43,500  51,441  47,042 
51,441  47,042  0.7  %
22
Table of Contents
Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of June 30, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
Interest
Company(1)(25) Investment Ref. Rate Cash PIK Maturity Date Par
Shares/Units
 Amortized Cost(2)(27) Fair Value % of Net Assets
Financial services
Blend Labs, Inc.(3)(4)(29)(30) Warrants N/A N/A —  179,529  975  2 
Capital Integration Systems LLC (dba CAIS)(3)(4)(29)(30) Class D Common Units N/A N/A —  6,372  5,000  5,000 
Snowbird Manager LP(3)(5)(29)(30)(31) LP Interest N/A N/A —  786,491  4,225  4,345 
10,200  9,347  0.1  %
Food and beverage
Hissho Sushi Holdings, LLC(3)(4)(29)(30) Class A Units N/A N/A —  15,004  129  213 
129  213  —  %
Healthcare equipment and services
KPCI Co-Invest 2, L.P.(3)(4)(29)(30)(31) Class A Units N/A N/A —  851,604  8,516  8,104 
Maia Aggregator, LP(3)(4)(29)(30) Class A-2 Units N/A N/A —  280,899  268  333 
Patriot Holdings SCSp (dba Corza Health, Inc.)(3)(4)(6)(30)(31) Class A Units N/A 8.00% N/A —  9,739  14,595  14,618 
Patriot Holdings SCSp (dba Corza Health, Inc.)(3)(4)(29)(30)(31) Class B Units N/A N/A —  134,107  266  1,158 
Rhea Acquisition Holdings, LP(3)(4)(29)(30) Series A-2 Units N/A N/A —  260,435  260  228 
23,905  24,441  0.3  %
Healthcare providers and services
Baypine Commander Co-Invest, LP(3)(4)(29)(30)(31) LP Interest N/A N/A 3,068  —  3,086  3,214 
KOBHG Holdings, L.P. (dba OB Hospitalist)(3)(4)(29)(30) Class A Interests N/A N/A —  9,687  9,376  13,359 
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)(3)(4)(29)(30) Class A Interest N/A N/A —  542  5,522  7,147 
Nova Women’s Health Partners Holdings, LP(3)(4)(29)(30) Class A Units N/A N/A —  1,188,811  1,545  1,545 
Polar Investors LP (dba Dentalcorp)(3)(4)(22)(29)(30)(31) Common equity N/A N/A 3,409  —  3,409  3,409 
Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers)(3)(4)(6)(30) Series A Preferred Stock N/A 15.00% N/A —  17,918  21,402  17,073 
XOMA Corporation(3)(4)(29)(30) Warrants N/A N/A —  36,000  269  692 
44,609  46,439  0.7  %
Healthcare technology
BEHP Co-Investor II, L.P.(3)(4)(29)(30)(31) LP Interest N/A N/A 1,270  —  157  2,543 
23
Table of Contents
Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of June 30, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
Interest
Company(1)(25) Investment Ref. Rate Cash PIK Maturity Date Par
Shares/Units
 Amortized Cost(2)(27) Fair Value % of Net Assets
Minerva Holdco, Inc.(3)(4)(6)(30) Senior A Preferred Stock N/A 10.75% N/A —  9,000  14,228  13,904 
ModMed Software Midco Holdings, Inc. (dba ModMed)(3)(4)(6)(30) Series A Preferred Units N/A 13.00% N/A —  170  192  196 
WP Irving Co-Invest, L.P.(3)(4)(29)(30)(31) Partnership Units N/A N/A —  1,250,000  719  2,503 
15,296  19,146  0.3  %
Household products
Rome Topco Holdings, LLC (dba SimpliSafe)(3)(4)(29)(30) Class A Units N/A N/A —  1,955  1,955  2,028 
Rome Topco Holdings, LLC (dba SimpliSafe)(3)(4)(29)(30) Class B Units N/A N/A —  1,954,656  —  169 
1,955  2,197  —  %
Human resource support services
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)(3)(4)(6)(30) Series A Preferred Stock N/A 10.50% N/A —  51,250  79,645  39,846 
79,645  39,846  0.6  %
Infrastructure and environmental services
Valor CI Blocker Feeder LP(3)(4)(22)(29)(30)(31) LP Interest N/A N/A 4,184  —  4,069  4,366 
VCI Intermediate TopCo 1 LLC(3)(4)(29)(30)(31) Class B Units N/A N/A 4,523  —  4,382  4,613 
8,451  8,979  0.1  %
Insurance
Accelerate Topco Holdings, LLC(3)(4)(29)(30) Common Units N/A N/A —  5,641  254  255 
Evolution Parent, LP (dba SIAA)(3)(4)(29)(30) LP Interest N/A N/A —  51,757  5,279  8,900 
GoHealth, Inc.(3)(4)(29)(30) Common stock N/A N/A —  33,357  186  — 
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)(3)(4)(29)(30) LP Interest N/A N/A —  124,940  1,014  1,412 
Hockey Parent Holdings, L.P.(3)(4)(29)(30) Class A Common Units N/A N/A —  17,500  18,225  22,914 
PCF Holdco, LLC (dba Trucordia)(3)(4)(29)(30) Warrants N/A N/A —  1,624,016  5,437  4,474 
PCF Holdco, LLC (dba Trucordia)(3)(4)(6)(30) Preferred equity N/A 14.00% N/A —  20,983  26,590  30,759 
56,985  68,714  1.0  %
Internet software and services
AlphaSense, LLC(3)(4)(29)(30) Series E Preferred Shares N/A N/A —  16,929  153  258 
24
Table of Contents
Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of June 30, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
Interest
Company(1)(25) Investment Ref. Rate Cash PIK Maturity Date Par
Shares/Units
 Amortized Cost(2)(27) Fair Value % of Net Assets
Bird Holding B.V. (fka MessageBird Holding B.V.)(3)(4)(29)(30)(31) Extended Series C Warrants N/A N/A —  148,430  790  168 
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(3)(4)(29)(30) Common Units N/A N/A —  9,233,282  10,049  14,303 
Elliott Alto Co-Investor Aggregator L.P.(3)(4)(29)(30)(31) LP Interest N/A N/A 6,007  —  7,542  13,742 
GT Silver Co-Invest SCSp(3)(4)(29)(30)(31) LP Interest N/A N/A 1,182  —  1,182  1,182 
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)(3)(4)(29)(30)(31) LP Interest N/A N/A 1,709  —  1,817  2,065 
Nscale Limited(3)(4)(29)(30)(31) Preferred equity N/A N/A —  299,760  5,502  6,701 
Nscale Limited(3)(4)(29)(30)(31) Series B Preferred Shares N/A N/A —  579,420  3,669  9,299 
Project Alpine Co-Invest Fund, LP(3)(4)(29)(30)(31) LP Interest N/A N/A 12,000  —  12,582  13,732 
Project Hotel California Co-Invest Fund, L.P.(3)(29)(30)(31) LP Interest N/A N/A 4,027  —  4,182  4,320 
Thunder Topco L.P. (dba Vector Solutions)(3)(4)(29)(30) Common Units N/A N/A —  5,968,267  6,324  6,273 
VEPF VIII Co-Invest 8-A, L.P.(3)(4)(29)(30)(31) LP Interest N/A N/A 982  —  982  982 
WMC Bidco, Inc. (dba West Monroe)(3)(4)(6)(30) Senior Preferred Stock N/A 11.25% N/A —  50,077  82,293  81,920 
WP Silver Co-Invest, L.P.(3)(4)(29)(30)(31) LP Interest N/A N/A 1,182  —  1,182  1,182 
Zoro TopCo, L.P.(3)(4)(29)(30) Class A Common Units N/A N/A —  1,064,900  10,830  8,595 
Zoro TopCo, Inc.(3)(4)(9)(30) Series A Preferred Equity S+ 9.50% N/A —  3,076  4,770  4,704 
153,849  169,426  2.4  %
Manufacturing
Gloves Holdings, LP (dba Protective Industrial Products)(3)(4)(29)(30) LP Interest N/A N/A —  48,099  5,395  7,433 
Windows Entities(3)(4)(30)(32) LLC Units N/A N/A —  31,844  60,319  138,629 
65,714  146,062  2.1  %
Telecommunications
Equity NewCo S.A. (dba Netceed)(3)(4)(29)(30)(31) Common equity N/A N/A —  24,178,147  158  107 
158  107  —  %
25
Table of Contents
Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of June 30, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
Interest
Company(1)(25) Investment Ref. Rate Cash PIK Maturity Date Par
Shares/Units
 Amortized Cost(2)(27) Fair Value % of Net Assets
Total non-controlled/non-affiliated portfolio company equity investments $ 631,390  $ 749,033  10.7  %
Total non-controlled/non-affiliated portfolio company investments $ 12,793,396  $ 12,439,882  176.9  %
Non-controlled/affiliated portfolio company investments(24)
Debt Investments(7)
Education
Pluralsight, LLC(3)(4)(8) First lien senior secured loan S+ 3.00% 1.50% 8/2029 23,280  —  23,203  20,836 
Pluralsight, LLC(3)(4)(8)(28)(35) First lien senior secured loan S+ 7.50% 8/2029 28,428  —  25,749  2,274 
48,952  23,110  0.3  %
Total non-controlled/affiliated debt investments 48,952  23,110  0.3  %
Total non-controlled/affiliated misc. debt commitments(22)(23)(Note 8) $ —  $ (1,400) —  %
Total non-controlled/affiliated portfolio company debt investments $ 48,952  $ 21,710  0.3  %
Equity Investments
Asset based lending and fund finance
Blue Owl Cross-Strategy Opportunities 2025-1 LLC (fka Blue Owl Cross-Strategy Opportunities LLC)(3)(5)(26)(30)(31)(34) Specialty finance equity investment N/A N/A 116,143  —  116,143  115,840 
116,143  115,840  1.6  %
Education
Paradigmatic Holdco LLC (dba Pluralsight)(3)(4)(29)(30) Common stock N/A N/A —  7,619,079  20,149  — 
20,149  —  —  %
Pharmaceuticals
LSI Financing 1 DAC(3)(4)(30)(31) Specialty finance equity investment N/A N/A 5,261  —  5,299  5,196 
5,299  5,196  0.1  %
Total non-controlled/affiliated equity portfolio company investments $ 141,591  $ 121,036  1.7  %
Total non-controlled/affiliated portfolio company investments $ 190,543  $ 142,746  2.0  %
Controlled/affiliated portfolio company investments(24)
Debt Investments(7)
Advertising and media
Swipe Acquisition Corporation (dba PLI)(3)(4)(9) First lien senior secured loan S+ 8.00% 11/2027 72,529  —  72,363  72,529 
Swipe Acquisition Corporation (dba PLI)(3)(4)(9)(22) First lien senior secured loan S+ 5.00% 11/2027 47,828  —  47,654  47,828 
120,017  120,357  1.7  %
26
Table of Contents
Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of June 30, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
Interest
Company(1)(25) Investment Ref. Rate Cash PIK Maturity Date Par
Shares/Units
 Amortized Cost(2)(27) Fair Value % of Net Assets
Asset based lending and fund finance
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(3)(4)(6)(31) Specialty finance debt investment N/A 12.00% 7/2030 69,510  —  69,391  69,510 
AAM Series 2.1 Aviation Feeder, LLC(3)(4)(6)(31) Specialty finance debt investment N/A 12.00% 11/2030 101,744  —  101,593  101,744 
170,984  171,254  2.4  %
Distribution
PS Operating Company LLC (fka QC Supply, LLC)(4)(9)(22)(28) First lien senior secured loan S+ 6.00% 6/2028 22,166  —  17,045  2,895 
17,045  2,895  —  %
Infrastructure and environmental services
Eagle Infrastructure Services, LLC(4)(9) First lien senior secured loan S+ 7.50% 4/2028 87,138  —  86,420  87,138 
86,420  87,138  1.2  %
Specialty retail
Notorious Holdings LLC (dba Beauty Industry Group)(3)(4)(9) First lien senior secured loan S+ 9.00% 12/2031 22,088  —  21,894  21,425 
Notorious Topco, LLC (dba Beauty Industry Group)(3)(4)(9) First lien senior secured loan S+ 7.25% 12/2030 45,600  —  45,427  45,030 
67,321  66,455  0.9  %
Total controlled/affiliated debt company investments $ 461,787  $ 448,099  6.4  %
Total controlled/affiliated misc. debt commitments(22)(23)(Note 8) $ —  $ (108) —  %
Total controlled/affiliated debt portfolio company investments $ 461,787  $ 447,991  6.4  %
Equity Investments
Advertising and media
New PLI Holdings, LLC (dba PLI)(3)(4)(29)(30) Class A Common Units N/A N/A —  86,745  48,007  87,890 
48,007  87,890  1.2  %
Asset based lending and fund finance
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(3)(4)(22)(29)(30)(31) Specialty finance equity investment N/A N/A 31,923  —  32,417  39,597 
AAM Series 2.1 Aviation Feeder, LLC(3)(4)(29)(30)(31) Specialty finance equity investment N/A N/A 36,050  —  37,066  55,378 
Wingspire Capital Holdings LLC(3)(4)(26)(30) Specialty finance equity investment N/A N/A —  89,576,091  504,552  607,054 
574,035  702,029  10.0  %
Buildings and real estate
OWL-HP FINANCE LLC(3)(5)(22)(26)(29)(30)(31) Specialty finance equity investment N/A N/A 40,923  —  40,924  40,871 
40,924  40,871 
27
Table of Contents
Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of June 30, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
Interest
Company(1)(25) Investment Ref. Rate Cash PIK Maturity Date Par
Shares/Units
 Amortized Cost(2)(27) Fair Value % of Net Assets
Distribution
PS Op Holdings LLC (fka QC Supply, LLC)(4)(29)(30) Class A Common Units N/A N/A —  248,271  4,300  — 
4,300  —  —  %
Infrastructure and environmental services
Eagle Infrastructure Services, LLC(4)(29)(30) Common Units N/A N/A —  576,276  24,058  101,676 
24,058  101,676  1.4  %
Insurance
Fifth Season Investments LLC(3)(4)(30) Specialty finance equity investment N/A N/A —  27  264,925  302,656 
264,925  302,656  4.3  %
Joint ventures
Blue Owl Credit SLF LLC(3)(5)(26)(30)(31) LLC interest N/A N/A 427,085  —  431,933  389,815 
Blue Owl Leasing LLC(3)(5)(26)(29)(30)(31) LLC Interest N/A N/A 860  —  860  865 
432,793  390,680  5.6  %
Pharmaceuticals
LSI Financing LLC(3)(5)(22)(30)(31) Specialty finance equity investment N/A N/A 237,107  —  236,777  257,937 
236,777  257,937  3.7  %
Specialty retail
Notorious Purchaser II, Inc. (dba Beauty Industry Group)(3)(4)(29)(30) Class B Common Stock N/A N/A —  3,440  41,971  40,691 
41,971  40,691  0.6  %
Total controlled/affiliated equity company investments $ 1,667,790  $ 1,924,430  27.4  %
Total controlled/affiliated portfolio company investments $ 2,129,577  $ 2,372,421  33.7  %
Total Investments $ 15,113,516  $ 14,955,049  212.7  %
28
Table of Contents
Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of June 30, 2026
(Amounts in thousands, except share amounts)
(Unaudited)

Interest Rate Swaps as of June 30, 2026
Company Receives Company Pays
Counterparty(a)
Maturity Date Notional Amount Fair Value Upfront Payments/Receipts
Unrealized Appreciation (Depreciation)(b)
 Hedged Instrument Footnote Reference
Interest rate swap
2.63%
S - 0.907%
 Deutsche Bank AG 1/15/2027 $ 500,000  $ (1,128) $ —  $ (1,128) 2027 Notes Notes 5 and 7
Interest rate swap
5.95%
S + 2.255%
 Goldman Sachs Bank USA 2/15/2029 600,000  (6,739) —  (6,739) 2029 Notes Notes 5 and 7
Interest rate swap
5.95%
S + 1.922%
 Goldman Sachs Bank USA 2/15/2029 400,000  (295) —  (295) 2029 Notes Notes 5 and 7
Interest rate swap
6.20%
S + 2.392%
 Deutsche Bank AG 7/15/2030 500,000  (4,353) —  (4,353) 2030 Notes Notes 5 and 7
Interest rate swap
6.45%
S + 2.664%
 Royal Bank of Canada 9/15/2028 400,000  (3,644) —  (3,644)
September 2028 Notes
 Notes 5 and 7
Interest rate swap
6.30%
S + 2.209%
 SMBC Capital Markets, Inc. 8/15/2031 400,000  1,147  —  1,147 
2031 Notes
 Notes 5 and 7
Total $ 2,800,000  $ (15,012) $ (15,012)
_______________
(a)    The Company maintains International Swaps and Derivatives Association (“ISDA”) contracts with its derivatives counterparties.
(b)    Amounts are presented in accordance with Regulation S-X 17 CFR § 210.12-13C. Refer to “Note 7 — Derivative Instruments” for additional details on the Company’s interest rate swaps.

Forward Contracts as of June 30, 2026
Notional Amount to be Purchased Notional Amount to be Sold
Counterparty(a)
Maturity Date
Unrealized Appreciation / (Depreciation)(b)
Foreign currency forward contract $ 116,749  £ 86,225  Goldman Sachs Bank USA 7/20/2026 $ 2,398 
Foreign currency forward contract $ 247,519  € 208,670  Goldman Sachs Bank USA 7/17/2026 8,998 
Foreign currency forward contract $ 1,491  A$ 2,080  Goldman Sachs Bank USA 7/20/2026 52 
Foreign currency forward contract € 14,100  $ 16,376  Goldman Sachs Bank USA 7/17/2026 (260)
Foreign currency forward contract £ 1,081  $ 1,474  Goldman Sachs Bank USA 7/20/2026 (41)
Foreign currency forward contract $ 20,016  £ 14,775  SMBC Capital Markets, Inc. 7/20/2026 421 
Foreign currency forward contract $ 6,296  € 5,301  SMBC Capital Markets, Inc. 7/17/2026 237 
Foreign currency forward contract $ 2,186  C$ 2,967  Royal Bank of Canada 10/13/2026 85 
Foreign currency forward contract $ 81,237  C$ 111,549  Royal Bank of Canada 10/13/2026 2,268 
Total $ 14,158 
_______________
(a)    The Company maintains ISDA contracts with its derivatives counterparties.
(b)    Amounts are presented in accordance with Regulation S-X 17 CFR § 210.12-13B. Refer to “Note 7 — Derivative Instruments” for additional details on the Company’s foreign currency forward contracts.
_______________
(1)Certain portfolio company investments are subject to contractual restrictions on sales. Refer to footnote 30 for additional information on the Company’s restricted securities.
(2)The amortized cost represents the original cost adjusted for the amortization or accretion of premium or discount, as applicable, on debt investments using the effective interest method.
(3)Represents co-investment made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. See “Note 3 — Agreements and Related Party Transactions.”
(4)These investments were valued using unobservable inputs and are considered Level 3 investments.
(5)Investment measured at net asset value (“NAV”).
(6)Investment contains a fixed-rate structure.
(7)Unless otherwise indicated, loan contains a variable rate structure and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the Secured Overnight Financing Rate (“SOFR” or “S,” which can include one-, three-, six- or twelve-month SOFR), Euro Interbank Offered Rate (“EURIBOR” or “E”, which can include one-, three- or six-month EURIBOR), Canadian Overnight Repo Rate Average (“CORRA” or “C”) (which can include one- or three-month CORRA), SONIA (“SONIA” or “SA”), Australian Bank Bill Swap Bid Rate (“BBSY” or “B”) (which can include one-, three-, or six-month BBSY) or an alternate base rate (which can include
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Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of June 30, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
the Federal Funds Effective Rate or the Prime Rate), at the borrower’s option, and which reset periodically based on the terms of the loan agreement.
(8)The interest rate on these loans is subject to 1 month SOFR, which as of June 30, 2026 was 3.65%.
(9)The interest rate on these loans is subject to 3 month SOFR, which as of June 30, 2026 was 3.73%.
(10)The interest rate on these loans is subject to 6 month SOFR, which as of June 30, 2026 was 3.85%.
(11)Reserved.
(12)The interest rate on these loans is subject to Prime, which as of June 30, 2026 was 6.75%.
(13)The interest rate on this loan is subject to 1 month EURIBOR, which as of June 30, 2026 was 2.20%.
(14)The interest rate on this loan is subject to 3 month EURIBOR, which as of June 30, 2026 was 2.32%.
(15)The interest rate on this loan is subject to 6 month EURIBOR, which as of June 30, 2026 was 2.57%.
(16)Reserved.
(17)The interest rate on this loan is subject to 3 month BBSY, which as of June 30, 2026 was 4.46%.
(18)Reserved.
(19)The interest rate on this loan is subject to SONIA, which as of June 30, 2026 was 3.73%.
(20)Reserved.
(21)The interest rate on these loans is subject to 3 month CORRA, which as of June 30, 2026 was 2.29%.
(22)Position or portion thereof is a partially unfunded debt or equity commitment. See “Note 8 — Commitments and Contingencies.”
Unfunded
Company Commitment Type Commitment Expiration Date Funded Commitment Commitment
Fair Value(23)
Non-controlled/non-affiliated - debt commitments
Aerosmith Bidco 1 Limited (dba Audiotonix) First lien senior secured delayed draw term loan 7/2027 $ —  $ 20,679  $ — 
AI Titan Parent, Inc. (dba Prometheus Group) First lien senior secured delayed draw term loan 9/2026 340  1,170  — 
AlphaSense, Inc. First lien senior secured delayed draw term loan 6/2029 —  143  (1)
Arctic US Bidco, Inc. (dba ThermoSafe) First lien senior secured delayed draw term loan 11/2027 —  20,833  — 
Artifact Bidco, Inc. (dba Avetta) First lien senior secured delayed draw term loan 7/2027 —  2,940  — 
Associations, Inc. First lien senior secured delayed draw term loan 7/2028 12,624  11,343  — 
Brightway Holdings, LLC First lien senior secured delayed draw term loan 7/2027 632  5,050  — 
Caris Life Sciences, Inc. First lien senior secured delayed draw term loan 4/2027 —  14,786  (37)
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC) First lien senior secured delayed draw term loan 1/2027 111  8,843  — 
CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.) First lien senior secured delayed draw term loan 9/2027 1,080  7,562  — 
CivicPlus, LLC First lien senior secured delayed draw term loan 5/2027 9,548  6,554  — 
Clearwater Analytics Holdings, Inc. First lien senior secured delayed draw term loan 12/2028 —  7,111  (18)
CMG HoldCo, LLC (dba Crete United) First lien senior secured delayed draw term loan 7/2027 547  729  (29)
Commander Buyer, Inc. (dba CenExel) First lien senior secured delayed draw term loan 6/2027 —  15,339  — 
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) First lien senior secured delayed draw term loan 7/2027 590  2,434  — 
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) First lien senior secured delayed draw term loan 8/2027 —  732  (4)
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Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of June 30, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
Unfunded
Company Commitment Type Commitment Expiration Date Funded Commitment Commitment
Fair Value(23)
dentalcorp Health Services Ltd. (fka Aryeh Bidco Investment Ltd.) First lien senior secured delayed draw term loan 1/2028 2,091  12,547  — 
DuraServ LLC First lien senior secured delayed draw term loan 11/2027 —  28,387  (284)
EOS Finco S.A.R.L (dba Netceed) First lien senior secured delayed draw term loan 7/2027 689  1,045  — 
Eternal Buyer, LLC (dba Wedgewood Weddings) First lien senior secured delayed draw term loan 6/2027 —  7,000  — 
GS Acquisitionco, Inc. (dba insightsoftware) First lien senior secured delayed draw term loan 5/2027 —  888  (36)
Hercules Borrower, LLC (dba The Vincit Group) First lien senior secured delayed draw term loan 9/2026 —  6,587  — 
Horizon Avionics Buyer, LLC (dba Acron Aviation) First lien senior secured delayed draw term loan 11/2027 2,523  3,887  — 
Indigo Buyer, Inc. (dba Inovar Packaging Group) First lien senior secured delayed draw term loan 7/2026 5,775  946  — 
Indigo Buyer, Inc. (dba Inovar Packaging Group) First lien senior secured delayed draw term loan 3/2028 —  2,179  — 
Integrity Marketing Acquisition, LLC First lien senior secured delayed draw term loan 8/2026 —  6,191  — 
Jawbreaker Parent, Inc. First lien senior secured delayed draw term loan 1/2029 —  8,017  (80)
KRIV Acquisition Inc. (dba Riveron) First lien senior secured delayed draw term loan 9/2027 —  519  — 
KRIV Acquisition Inc. (dba Riveron) First lien senior secured delayed draw term loan 2/2028 —  2,617  — 
Lakefield Acquisition Corp. (dba Lakefield Veterinary Group) First lien senior secured delayed draw term loan 9/2026 138  261  — 
Lightbeam Bidco, Inc. (dba Lazer Spot) First lien senior secured delayed draw term loan 12/2027 602  249  — 
Litera Bidco LLC First lien senior secured delayed draw term loan 11/2026 30,767  2,726  — 
Litera Bidco LLC First lien senior secured delayed draw term loan 5/2027 —  14,154  (248)
MAJCO LLC (dba Big Brand Tire & Service) First lien senior secured delayed draw term loan 9/2027 18,643  18,147  — 
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A. First lien senior secured EUR delayed draw term loan 3/2027 —  19,862  (99)
Nelipak Holding Company First lien senior secured delayed draw term loan 3/2027 —  3,566  (18)
Nova Women's Health, Inc. First lien senior secured delayed draw term loan 7/2027 3,091  16,227  — 
NSCALE SERVICES UK LTD First lien senior secured delayed draw term loan 8/2027 1,397  38,344  — 
Onward Acquireco, Inc. (dba OneStream) First lien senior secured delayed draw term loan 4/2028 —  25,601  (48)
Packaging Coordinators Midco, Inc. First lien senior secured delayed draw term loan 10/2027 2,547  22,099  (54)
PerkinElmer U.S. LLC First lien senior secured delayed draw term loan 10/2027 —  4,907  (6)
Plasma Buyer LLC (dba PathGroup) First lien senior secured delayed draw term loan 3/2027 31  71  — 
Premise Health Holding Corp. First lien senior secured delayed draw term loan 11/2027 3,976  2,664  — 
RL Datix Holdings (USA), Inc. First lien senior secured delayed draw term loan 4/2027 —  12,566  (94)
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Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of June 30, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
Unfunded
Company Commitment Type Commitment Expiration Date Funded Commitment Commitment
Fair Value(23)
Salinger Bidco Inc. (dba Surgical Information Systems) First lien senior secured delayed draw term loan 8/2026 —  3,939  — 
Sentinel Buyer Corp. (dba SimpliSafe) First lien senior secured delayed draw term loan 11/2027 —  3,358  (25)
Severin Acquisition, LLC (dba PowerSchool) First lien senior secured delayed draw term loan 10/2027 81  233  — 
SimonMed, Inc. First lien senior secured delayed draw term loan 2/2027 68  22  — 
Simplicity Financial Marketing Group Holdings, Inc. First lien senior secured delayed draw term loan 12/2026 10,145  713  — 
Smarsh Inc. First lien senior secured delayed draw term loan 1/2027 42  331  (7)
Soleo Holdings, Inc. First lien senior secured delayed draw term loan 6/2028 —  13,173  — 
Sonny's Enterprises, LLC First lien senior secured delayed draw term loan 6/2027 17,476  8,317  — 
Spaceship Purchaser, Inc. (dba Squarespace) First lien senior secured delayed draw term loan 10/2027 —  2,492  (44)
Spotless Brands, LLC First lien senior secured delayed draw term loan 3/2027 11,120  18,356  — 
STS PARENT, LLC (dba STS Aviation Group) First lien senior secured delayed draw term loan 10/2026 —  31,189  (234)
Tamarack Intermediate, L.L.C. (dba Verisk 3E) First lien senior secured delayed draw term loan 7/2027 114  276  — 
TBRS, Inc. (dba TEAM Technologies) First lien senior secured delayed draw term loan 11/2026 —  4,838  — 
Themis Solutions Inc. (dba Clio) First lien senior secured delayed draw term loan 10/2027 —  3,750  (75)
THG Acquisition, LLC (dba Hilb) First lien senior secured delayed draw term loan 10/2026 6,023  2,101  — 
Troon Golf, L.L.C. First lien senior secured delayed draw term loan 9/2026 6,154  6,248  — 
Unified Women's Healthcare, LP First lien senior secured delayed draw term loan 9/2027 —  331  — 
Vensure Employer Services, Inc. First lien senior secured delayed draw term loan 3/2028 3  249  — 
Vessco Midco Holdings, LLC First lien senior secured delayed draw term loan 7/2026 14,987  254  — 
Vessco Midco Holdings, LLC First lien senior secured delayed draw term loan 5/2028 —  14,139  — 
Wipfli Advisory LLC First lien senior secured delayed draw term loan 4/2028 1,532  7,771  — 
Wrench Group LLC First lien senior secured delayed draw term loan 9/2027 —  12,814  (64)
WU Holdco, Inc. (dba PurposeBuilt Brands) First lien senior secured delayed draw term loan 4/2027 —  22,823  (57)
Aerosmith Bidco 1 Limited (dba Audiotonix) First lien senior secured revolving loan 7/2030 —  27,625  — 
AI Titan Parent, Inc. (dba Prometheus Group) First lien senior secured revolving loan 8/2031 —  943  (24)
AmeriLife Holdings LLC First lien senior secured revolving loan 8/2028 250  750  — 
Anaplan, Inc. First lien senior secured revolving loan 6/2028 —  11,589  (203)
Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC)* First lien senior secured revolving loan 7/2027 3,595  —  — 
Aptean Acquiror, Inc. (dba Aptean) First lien senior secured revolving loan 1/2031 350  1,180  — 
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Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of June 30, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
Unfunded
Company Commitment Type Commitment Expiration Date Funded Commitment Commitment
Fair Value(23)
Arctic Holdco, LLC (dba Novvia Group) First lien senior secured revolving loan 1/2031 1,987  5,111  — 
Arctic US Bidco, Inc. (dba ThermoSafe) First lien senior secured multi-currency revolving loan 11/2032 2,083  4,861  — 
Artifact Bidco, Inc. (dba Avetta) First lien senior secured revolving loan 7/2030 —  2,100  (5)
Ascend Buyer, LLC (dba PPC Flexible Packaging) First lien senior secured revolving loan 9/2028 1,133  6,962  — 
Associations, Inc. First lien senior secured revolving loan 7/2028 —  19,328  — 
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.) First lien senior secured revolving loan 3/2031 —  1,758  (31)
Baker Tilly Advisory Group, LP First lien senior secured revolving loan 6/2030 —  15,134  — 
Bamboo US BidCo LLC First lien senior secured revolving loan 10/2029 538  1,000  — 
Bayshore Intermediate #2, L.P. (dba Boomi) First lien senior secured revolving loan 10/2027 3,605  3,782  — 
BCPE Osprey Buyer, Inc. (dba PartsSource) First lien senior secured revolving loan 8/2028 14,454  4,770  — 
Belmont Buyer, Inc. (dba Valenz) First lien senior secured revolving loan 6/2029 116  320  — 
Blast Bidco Inc. (dba Bazooka Candy Brands) First lien senior secured revolving loan 10/2029 —  4,440  (22)
BP Veraison Buyer, LLC (dba Sun World) First lien senior secured revolving loan 5/2029 —  27,932  — 
Brightway Holdings, LLC First lien senior secured revolving loan 12/2029 —  5,263  — 
Bristol Hospice L.L.C. First lien senior secured revolving loan 8/2032 —  4,007  — 
By Light Professional IT Services LLC First lien senior secured revolving loan 7/2031 1,589  1,589  — 
Cambrex Corporation First lien senior secured revolving loan 3/2032 29  73  — 
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.) First lien senior secured revolving loan 8/2027 —  1,674  (75)
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC) First lien senior secured revolving loan 6/2029 —  2,239  — 
CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.) First lien senior secured revolving loan 1/2030 288  2,594  — 
CivicPlus, LLC First lien senior secured revolving loan 8/2030 —  4,795  (96)
Clearwater Analytics Holdings, Inc. First lien senior secured revolving loan 6/2033 —  4,622  (23)
CMG HoldCo, LLC (dba Crete United) First lien senior secured revolving loan 11/2030 88  193  — 
Commander Buyer, Inc. (dba CenExel) First lien senior secured revolving loan 6/2032 —  10,226  (51)
Coupa Holdings, LLC First lien senior secured revolving loan 2/2029 72  36  — 
Creek Parent, Inc. (dba Catalent) First lien senior secured revolving loan 12/2031 —  16,401  (123)
Crewline Buyer, Inc. (dba New Relic) First lien senior secured revolving loan 11/2030 —  14,729  (331)
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) First lien senior secured revolving loan 8/2031 —  7,573  — 
DCG ACQUISITION CORP. (dba DuBois Chemical) First lien senior secured revolving loan 6/2031 —  11,816  (177)
Diamond Mezzanine 24 LLC (dba United Risk)* First lien senior secured revolving loan 10/2030 1,161  —  — 
Deerfield Dakota Holdings First lien senior secured revolving loan 9/2032 3,947  6,818  — 
Denali Intermediate Holdings, Inc. (dba Dun & Bradstreet) First lien senior secured revolving loan 8/2032 1,393  6,344  — 
dentalcorp Health Services Ltd. (fka Aryeh Bidco Investment Ltd.) First lien senior secured revolving loan 1/2033 1,255  9,201  — 
Dresser Utility Solutions, LLC First lien senior secured revolving loan 3/2029 —  8,829  — 
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Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of June 30, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
Unfunded
Company Commitment Type Commitment Expiration Date Funded Commitment Commitment
Fair Value(23)
DuraServ LLC First lien senior secured revolving loan 6/2030 6,334  11,260  — 
Eagle Family Foods Group LLC First lien senior secured revolving loan 8/2030 —  216  (1)
EET Buyer, Inc. (dba e-Emphasys) First lien senior secured revolving loan 11/2029 —  2,409  (36)
Einstein Parent, Inc. (dba Smartsheet) First lien senior secured revolving loan 1/2031 —  4,488  (79)
Essential Services Holding Corporation (dba Turnpoint) First lien senior secured revolving loan 6/2030 1,360  1,731  — 
Eternal Buyer, LLC (dba Wedgewood Weddings) First lien senior secured revolving loan 6/2032 —  7,000  (35)
Evolution BuyerCo, Inc. (dba SIAA) First lien senior secured revolving loan 4/2030 —  23  — 
Fiesta Purchaser, Inc. (dba Shearer's Foods) First lien senior secured revolving loan 2/2029 1,831  6,366  — 
Flexera Software LLC First lien senior secured revolving loan 8/2032 —  1,348  (34)
Fortis Solutions Group, LLC First lien senior secured revolving loan 10/2027 1,986  1,625  — 
Foundation Consumer Brands, LLC First lien senior secured revolving loan 2/2029 —  4,610  — 
Gainsight, Inc. First lien senior secured revolving loan 7/2027 —  4,152  (52)
Galls, LLC First lien senior secured revolving loan 3/2030 10,923  4,301  — 
Gaylord Chemical Company, L.L.C. First lien senior secured revolving loan 12/2027 7,165  9,119  — 
Gerson Lehrman Group, Inc. First lien senior secured revolving loan 12/2028 —  7,595  (114)
GI Apple Midco LLC (dba Atlas Technical Consultants) First lien senior secured revolving loan 4/2029 74  37  — 
GI Ranger Intermediate, LLC (dba Rectangle Health) First lien senior secured revolving loan 10/2027 1,191  851  — 
Granicus, Inc. First lien senior secured revolving loan 1/2031 197  2,270  — 
GS Acquisitionco, Inc. (dba insightsoftware)* First lien senior secured revolving loan 5/2028 247  —  — 
H&F Opportunities LUX III S.À R.L (dba Checkmarx) First lien senior secured revolving loan 4/2028 —  2,199  (33)
Hercules Borrower, LLC (dba The Vincit Group) First lien senior secured revolving loan 12/2028 —  10,202  — 
HGH Purchaser, Inc. (dba Horizon Services) First lien senior secured revolving loan 11/2028 13,454  3,177  — 
Hissho Parent, LLC First lien senior secured revolving loan 5/2029 —  2,291  — 
Horizon Avionics Buyer, LLC (dba Acron Aviation) First lien senior secured revolving loan 3/2032 1,686  1,519  — 
Hyland Software, Inc. First lien senior secured revolving loan 9/2029 —  3,198  (96)
Icefall Parent, Inc. (dba EngageSmart) First lien senior secured revolving loan 1/2030 —  511  (4)
IG Investments Holdings, LLC (dba Insight Global) First lien senior secured revolving loan 9/2028 —  11,989  — 
Indigo Buyer, Inc. (dba Inovar Packaging Group) First lien senior secured revolving loan 5/2028 —  193  — 
Indikami Bidco, LLC (dba IntegriChain) First lien senior secured revolving loan 6/2030 1,753  334  — 
Integrity Marketing Acquisition, LLC First lien senior secured revolving loan 8/2028 —  4,599  — 
Interoperability Bidco, Inc. (dba Lyniate) First lien senior secured revolving loan 3/2028 —  5,642  (42)
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.)) First lien senior secured revolving loan 12/2028 —  4,007  (30)
Jawbreaker Parent, Inc. First lien senior secured revolving loan 1/2033 —  8,017  (120)
JS Parent, Inc. (dba Jama Software) First lien senior secured revolving loan 4/2031 —  88  — 
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Table of Contents
Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of June 30, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
Unfunded
Company Commitment Type Commitment Expiration Date Funded Commitment Commitment
Fair Value(23)
Klick Inc. First lien senior secured revolving loan 11/2031 —  7,216  (36)
KRIV Acquisition Inc. (dba Riveron) First lien senior secured revolving loan 7/2031 578  867  — 
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials) First lien senior secured revolving loan 12/2029 —  15,542  (78)
Lakefield Acquisition Corp. (dba Lakefield Veterinary Group) First lien senior secured revolving loan 9/2029 —  67  — 
Lightbeam Bidco, Inc. (dba Lazer Spot) First lien senior secured revolving loan 5/2029 —  476  (2)
Lignetics Investment Corp. First lien senior secured revolving loan 3/2028 5,880  6,166  — 
Litera Bidco LLC First lien senior secured revolving loan 5/2028 —  8,056  (141)
MAJCO LLC (dba Big Brand Tire & Service) First lien senior secured revolving loan 9/2032 —  10,511  (158)
Maple Acquisition, LLC (dba Medicus) First lien senior secured revolving loan 5/2030 —  11,682  — 
Mario Purchaser, LLC (dba Len the Plumber) First lien senior secured revolving loan 4/2028 761  1,173  — 
Matterhorn Finco, Inc. (dba Nexthink) First lien senior secured revolving loan 3/2033 —  5,302  (27)
MHE Intermediate Holdings, LLC (dba OnPoint Group) First lien senior secured revolving loan 7/2027 11,464  7,643  — 
Milan Laser Holdings LLC First lien senior secured revolving loan 4/2027 —  8,112  (20)
Ministry Brands Holdings, LLC First lien senior secured revolving loan 12/2027 —  1,076  (27)
Minotaur Acquisition, Inc. (dba Inspira Financial) First lien senior secured revolving loan 6/2030 —  17,308  (43)
Modernizing Medicine, Inc. (dba ModMed) First lien senior secured revolving loan 4/2032 —  71  — 
Monotype Imaging Holdings Inc. First lien senior secured revolving loan 2/2030 —  17,932  (269)
National Dentex Labs LLC (fka Barracuda Dental LLC) First lien senior secured revolving loan 7/2026 12,335  109  — 
Natural Partners, LLC First lien senior secured revolving loan 11/2030 —  469  — 
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A. First lien senior secured EUR revolving loan 3/2031 —  3,706  (46)
Nelipak Holding Company First lien senior secured revolving loan 3/2031 —  6,993  (87)
NMI Acquisitionco, Inc. (dba Network Merchants) First lien senior secured revolving loan 9/2028 1,567  522  — 
Norvax, LLC (dba GoHealth)* First lien senior secured revolving loan 8/2029 4,184  —  — 
Nova Women's Health, Inc. First lien senior secured revolving loan 1/2032 —  1,545  (8)
OB Hospitalist Group, Inc. First lien senior secured revolving loan 1/2031 2,005  13,418  — 
Offen, Inc. First lien senior secured revolving loan 7/2029 —  1,977  (25)
Ole Smoky Distillery, LLC First lien senior secured revolving loan 3/2028 —  116  (10)
Onward Acquireco, Inc. (dba OneStream) First lien senior secured revolving loan 4/2033 —  10,666  (40)
Packaging Coordinators Midco, Inc. First lien senior secured revolving loan 10/2032 —  16,889  (169)
Paris US Holdco, Inc. (dba Precinmac) First lien senior secured revolving loan 12/2031 275  3,397  — 
Patriot Acquisition TopCo S.À R.L. (dba Corza Health, Inc.) First lien senior secured revolving loan 1/2028 —  14,863  — 
Plasma Buyer LLC (dba PathGroup)* First lien senior secured revolving loan 5/2028 163  —  — 
PDI TA Holdings, Inc.* First lien senior secured revolving loan 2/2031 1,824  —  — 
Peachtree Buyer, Inc. (dba Pond & Company) First lien senior secured revolving loan 12/2032 276  1,566  — 
PetVet Care Centers, LLC First lien senior secured revolving loan 11/2029 5,490  12,809  — 
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Table of Contents
Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of June 30, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
Unfunded
Company Commitment Type Commitment Expiration Date Funded Commitment Commitment
Fair Value(23)
PPV Intermediate Holdings, LLC First lien senior secured revolving loan 8/2029 728  1,353  — 
Premise Health Holding Corp. First lien senior secured revolving loan 11/2031 —  8,571  (129)
Puma Buyer, LLC (dba PANTHERx) First lien senior secured revolving loan 3/2032 —  208  — 
QAD, Inc. First lien senior secured revolving loan 11/2027 —  9,119  (91)
Quva Pharma, Inc. First lien senior secured revolving loan 4/2028 —  5,182  (130)
Rhea Parent, Inc. First lien senior secured revolving loan 12/2030 —  4,446  (44)
RL Datix Holdings (USA), Inc. First lien senior secured revolving loan 10/2030 —  11,003  (193)
Salinger Bidco Inc. (dba Surgical Information Systems) First lien senior secured revolving loan 5/2031 —  3,939  — 
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC) First lien senior secured revolving loan 7/2027 6,934  2,066  — 
Securonix, Inc. First lien senior secured revolving loan 4/2028 102  203  — 
Senderra RX Acquisition, LLC First lien senior secured revolving loan 3/2033 462  4,154  — 
Sensor Technology Topco, Inc. (dba Humanetics) First lien senior secured revolving loan 5/2028 969  6,300  — 
Severin Acquisition, LLC (dba PowerSchool) First lien senior secured revolving loan 10/2031 94  94  — 
SimonMed, Inc. First lien senior secured revolving loan 2/2031 33  27  — 
Simplicity Financial Marketing Group Holdings, Inc. First lien senior secured revolving loan 12/2031 —  5,464  (68)
Smarsh Inc. First lien senior secured revolving loan 2/2029 114  85  — 
Soleo Holdings, Inc. First lien senior secured revolving loan 2/2032 —  8,595  — 
Soliant Lower Intermediate, LLC (dba Soliant) First lien senior secured revolving loan 6/2031 —  4,444  (1,207)
Sonny's Enterprises, LLC First lien senior secured revolving loan 8/2027 17,776  4,408  — 
Spaceship Purchaser, Inc. (dba Squarespace) First lien senior secured revolving loan 10/2031 —  2,076  (47)
Spotless Brands, LLC First lien senior secured revolving loan 7/2028 —  2,610  — 
STS PARENT, LLC (dba STS Aviation Group) First lien senior secured revolving loan 10/2030 9,824  2,651  — 
SWK BUYER, Inc. (dba Stonewall Kitchen) First lien senior secured revolving loan 3/2029 77  63  — 
Tamarack Intermediate, L.L.C. (dba Verisk 3E) First lien senior secured revolving loan 3/2029 —  207  (4)
TBRS, Inc. (dba TEAM Technologies) First lien senior secured revolving loan 11/2030 442  5,087  — 
Themis Solutions Inc. (dba Clio) First lien senior secured revolving loan 10/2032 —  3,125  (63)
THG Acquisition, LLC (dba Hilb) First lien senior secured revolving loan 10/2031 1,002  3,076  — 
Thunder Purchaser, Inc. (dba Vector Solutions) First lien senior secured revolving loan 6/2027 —  7,903  (138)
Troon Golf, L.L.C. First lien senior secured revolving loan 8/2028 —  6,248  — 
Truist Insurance Holdings, LLC First lien senior secured revolving loan 5/2029 51  1,704  — 
Unified Women's Healthcare, LP First lien senior secured revolving loan 6/2029 —  159  (1)
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners) First lien senior secured revolving loan 12/2029 —  5,266  — 
Valeris, Inc. (fka Phantom Purchaser, Inc.) First lien senior secured revolving loan 9/2031 —  5,443  (14)
Vessco Midco Holdings, LLC First lien senior secured revolving loan 7/2031 —  5,080  — 
Vital Bidco AB (dba Vitamin Well) First lien senior secured revolving loan 10/2030 —  14,522  — 
Wipfli Advisory LLC First lien senior secured revolving loan 10/2032 —  6,202  (47)
Wrench Group LLC First lien senior secured revolving loan 9/2031 —  12,814  (128)
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Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of June 30, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
Unfunded
Company Commitment Type Commitment Expiration Date Funded Commitment Commitment
Fair Value(23)
WU Holdco, Inc. (dba PurposeBuilt Brands) First lien senior secured revolving loan 4/2032 —  7,100  (36)
Zendesk, Inc. First lien senior secured revolving loan 11/2028 —  9,557  (311)
Total non-controlled/non-affiliated - debt commitments $ 337,031  $ 1,320,992  $ (7,236)
Non-controlled/non-affiliated - equity commitments
Percheron Horsepower-A LP (dba Big Brand Tire & Service) LP Interest N/A $ 12,246  $ 1,967  $ — 
Polar Investors LP (dba Dentalcorp) Common equity N/A 3,409  852  — 
Valor CI Blocker Feeder LP Investment partnership N/A 4,184  339  — 
Total non-controlled/non-affiliated - equity commitments $ 19,839  $ 3,158  $ — 
Non-controlled/affiliated - debt commitments
Pluralsight, LLC First lien senior secured delayed draw term loan 8/2029 $ —  $ 9,524  $ (1,000)
Pluralsight, LLC First lien senior secured revolving loan 8/2029 —  3,810  (400)
Total non-controlled/affiliated - debt commitments $ —  $ 13,334  $ (1,400)
Controlled/affiliated - debt commitments
Notorious Topco, LLC (dba Beauty Industry Group) First lien senior secured revolving loan 12/2030 $ —  $ 8,601  $ (108)
PS Operating Company LLC (fka QC Supply, LLC) First lien senior secured revolving loan 6/2028 4,760  1,335  — 
Swipe Acquisition Corporation (dba PLI) First lien senior secured revolving loan 11/2027 18,464  4,672  — 
Total controlled/affiliated - debt commitments $ 23,224  $ 14,608  $ (108)
Controlled/affiliated - equity commitments
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC Specialty finance equity investment N/A $ 31,923  $ 30,663  $ — 
LSI Financing LLC Specialty finance equity investment N/A 237,107  60,225  — 
OWL-HP FINANCE LLC Specialty finance equity investment N/A 40,923  43,577  — 
Total controlled/affiliated - equity commitments $ 309,953  $ 134,465  $ — 
Total Portfolio Company Commitments $ 690,047  $ 1,486,557  $ (8,744)
*Fully funded
(23)The negative cost and fair value results from unamortized fees, which are capitalized to the investment cost of unfunded commitments.
(24)As defined in the 1940 Act, the Company is deemed to “control” a portfolio company if the Company owns more than 25% of the portfolio company's voting securities or has the power to exercise control over management or policies, including through a management agreement. As defined in the 1940 Act, the Company is an “affiliated person” of this portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. Transactions related to the Company’s investments in non-controlled affiliates and controlled affiliates for the six months ended June 30, 2026, were as follows:
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Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of June 30, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
Company Fair value as of December 31, 2025 Gross Additions
(a)		 Gross Reductions(b) Net Change in Unrealized Gains (Losses) Realized Gains (Losses) Fair value as of June 30, 2026 Interest and PIK Income Dividend Income Other Income
Non - Controlled Affiliates
LSI Financing 1 DAC $ 6,657  $ —  $ (1,486) $ 25  $ —  $ 5,196  $ —  $ 244  $ — 
Ideal Image Development, LLC 1,398  2,873  (3,323) 36,847  (37,795) —  —  —  — 
Paradigmatic Holdco LLC (dba Pluralsight) 44,210  207  (114) (22,593) —  21,710  959  —  50 
Blue Owl Cross-Strategy Opportunities 2025-1 LLC (fka Blue Owl Cross-Strategy Opportunities LLC)
 61,927  54,101  —  (188) —  115,840  —  6,526  — 
Total $ 114,192  $ 57,181  $ (4,923) $ 14,091  $ (37,795) $ 142,746  $ 959  $ 6,770  $ 50 
Controlled Affiliates Fair value as of December 31, 2025 Gross Additions
(a)		 Gross Reductions(b) Net Change in Unrealized Gains (Losses) Realized Gains (Losses) Fair value as of June 30, 2026 Interest and PIK Income Dividend Income Other Income
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(d)
 $ 109,070  $ 2,550  $ (558) $ (1,955) $ —  $ 109,107  $ 4,187  $ —  $ — 
AAM Series 2.1 Aviation Feeder, LLC(d)
 143,157  15,001  (286) (750) —  157,122  5,620  —  — 
Blue Owl Credit SLF LLC(c)
 415,248  10,580  —  (36,013) —  389,815  —  19,253  — 
OWL-HP FINANCE LLC
 —  41,272  (349) (52) —  40,871  —  —  — 
Blue Owl Leasing LLC(c)
 857  —  —  8  —  865  —  4  — 
Eagle Infrastructure Services, LLC 145,522  181  —  43,111  —  188,814  5,148  4,015  26 
Fifth Season Investments LLC 403,170  1,389  (101,056) (847) —  302,656  —  16,833  — 
LSI Financing LLC 210,634  67,711  (25,437) 5,029  —  257,937  —  14,000  — 
New PLI Holdings, LLC (dba PLI) 202,312  5,261  —  674  —  208,247  6,286  2,225  51 
Notorious Holdings LLC (dba Beauty Industry Group)
 105,151  4,069  —  (2,182) —  107,038  3,825  —  484 
PS Operating Company LLC (fka QC Supply, LLC) 4,154  331  (166) (1,424) —  2,895  —  —  — 
Walker Edison Furniture Company LLC 15,087  2,555  (16,687) 61,433  (62,388) —  —  —  — 
Wingspire Capital Holdings LLC 607,284  4,000  —  (4,230) —  607,054  —  26,537  — 
Total $ 2,361,646  $ 154,900  $ (144,539) $ 62,802  $ (62,388) $ 2,372,421  $ 25,066  $ 82,867  $ 561 
_______________
(a)Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to PIK interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments from a different category.
(b)Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, return of capital, the amortization of premiums and the exchange of one or more existing securities for one or more new securities.
(c)For further description of the Company's investment in Blue Owl Credit SLF LLC (“Credit SLF”) and Blue Owl Leasing LLC (“Blue Owl Leasing”), see “Note 4 — Investments.”
(d)In connection with its investment in AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC and AAM Series 2.1 Aviation Feeder, LLC (collectively, “Amergin Assetco”) the Company made a minority investment in Amergin Asset Management, LLC, which has entered into a Servicing Agreement with Amergin Assetco.
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Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of June 30, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
(25)Unless otherwise indicated, the Company’s portfolio companies are pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility, SPV Asset Facilities and CLOs. See “Note 5 — Debt.”
(26)Investment is not pledged as collateral for the credit facilities.
(27)As of June 30, 2026, the net estimated unrealized loss for U.S. federal income tax purposes was $274.6 million based on a tax cost basis of $15.23 billion. As of June 30, 2026, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $748.9 million and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $474.3 million.
(28)Loan was on non-accrual status as of June 30, 2026.
(29)Non-income producing.
(30)Securities acquired in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”) and may be deemed to be “restricted securities” under the Securities Act. As of June 30, 2026, the aggregate fair value of these securities is $2.79 billion or 39.7% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:

Portfolio Company Investment Acquisition Date
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC* Specialty finance equity investment July, 2022
AAM Series 2.1 Aviation Feeder, LLC* Specialty finance equity investment July, 2022
Accelerate Topco Holdings, LLC Common Units September, 2022
Alphasense, LLC Series E Preferred Shares June, 2024
Amergin Asset Management, LLC Specialty finance equity investment July, 2022
ASP Conair Holdings LP Class A Units May, 2021
Baypine Commander Co-Invest, LP LP Interest June, 2025
BEHP Co-Investor II, L.P. LP Interest May, 2022
Bird Holding B.V. (fka MessageBird Holding B.V.) Extended Series C Warrants May, 2021
Blend Labs, Inc. Warrants July, 2021
Blue Owl Credit SLF LLC** LLC Interest August, 2024
Blue Owl Leasing LLC**
 LLC Interest June, 2025
Blue Owl Cross-Strategy Opportunities 2025-1 LLC (fka Blue Owl Cross-Strategy Opportunities LLC)*
 Specialty finance equity investment
 
 August, 2025
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi) Common Units October, 2021
Capital Integration Systems LLC (dba CAIS)
 Class D Common Units February, 2026
CD&R Value Building Partners I, L.P. (dba Belron) LP Interest December, 2021
Dodge Construction Network Holdings, L.P. Class A-2 Common Units February, 2022
Dodge Construction Network Holdings, L.P. Series A Preferred Units February, 2022
Eagle Infrastructure Services, LLC Common Units March, 2023
Elliott Alto Co-Investor Aggregator L.P. LP Interest September, 2022
Evolution Parent, LP (dba SIAA) LP Interest April, 2021
Equity NewCo S.A. (dba Netceed) Common Equity January, 2026
Fifth Season Investments LLC* Specialty finance equity investment July, 2022
Gloves Holdings, LP (dba Protective Industrial Products) LP Interest December, 2020
GoHealth, Inc. Common stock August, 2025
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)
 LP Interest December, 2021
GT Silver Co-Invest SCSp LP Interest April, 2026
Hercules Buyer, LLC (dba The Vincit Group) Common Units December, 2020
Hissho Sushi Holdings, LLC Class A units May, 2022
Hockey Parent Holdings, L.P. Class A Common Units September, 2023
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC) LP Interest June, 2022
Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.) Perpetual Preferred Stock June, 2022
KOBHG Holdings, L.P. (dba OB Hospitalist) Class A Interests September, 2021
KPCI Co-Invest 2, L.P. Class A Units October, 2025
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials) Class A Interest November, 2023
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Table of Contents
Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of June 30, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
Portfolio Company Investment Acquisition Date
LSI Financing 1 DAC* Specialty finance equity investment December, 2022
LSI Financing LLC* Specialty finance equity investment November, 2024
Maia Aggregator, LP Class A-2 Units February, 2022
Minerva Holdco, Inc. Senior A Preferred Stock February, 2022
ModMed Software Midco Holdings, Inc. (dba ModMed) Series A Preferred Units April, 2025
New PLI Holdings, LLC (dba PLI) Class A Common Units December, 2020
Nova Women’s Health Partners Holdings, LP
 Class A Units January, 2026
Notorious Purchaser II, Inc. (dba Beauty Industry Group) Class B Common Stock December, 2025
Nscale Limited
 Preferred equity September, 2025
Nscale Limited
 Series B Preferred Shares September, 2025
OWL-HP FINANCE LLC*
 Specialty finance equity investment February, 2026
Paradigmatic Holdco LLC (dba Pluralsight) Common stock August, 2024
Patriot Holdings SCSp (dba Corza Health, Inc.) Class B Units January, 2021
Patriot Holdings SCSp (dba Corza Health, Inc.) Class A Units January, 2021
PCF Holdco, LLC (dba Trucordia) Preferred equity February, 2023
PCF Holdco, LLC (dba Trucordia) Warrants February, 2023
Percheron Horsepower-A LP (dba Big Brand Tire & Service) LP Interest September, 2025
Polar Investors LP (dba Dentalcorp)
Common Equity
 January, 2026
Project Alpine Co-Invest Fund, LP LP Interest June, 2022
PS Op Holdings LLC (fka QC Supply, LLC) Class A Common Units December, 2021
Project Hotel California Co-Invest Fund, L.P. LP Interest August, 2022
Rhea Acquisition Holdings, LP Series A-2 Units February, 2022
Rome Topco Holdings, LLC (dba SimpliSafe) Class A Units November, 2025
Rome Topco Holdings, LLC (dba SimpliSafe) Class B Units November, 2025
Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers) Series A Preferred Stock November, 2023
Snowbird Manager LP LP Interest December, 2025
Space Exploration Technologies Corp. Class A Common Stock March, 2021
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.) Series A Preferred Stock October, 2021
TCB Holdings I LLC (dba TricorBraun) Class A Preferred Units January, 2025
Thunder Topco L.P. (dba Vector Solutions) Common Units June, 2021
Valor CI Blocker Feeder LP LP Interest October, 2025
VCI Intermediate TopCo 1 LLC Class B Units November, 2025
VEPF VIII Co-Invest 8-A, L.P. LP Interest March, 2026
Walker Edison Holdco LLC Common Units March, 2023
Windows Entities LLC Units January, 2020
Wingspire Capital Holdings LLC* Specialty finance equity investment September, 2019
WMC Bidco, Inc. (dba West Monroe) Senior Preferred Stock November, 2021
WP Irving Co-Invest, L.P. Partnership Units May, 2022
WP Silver Co-Invest, L.P. LP Interest April, 2026
XOMA Corporation Warrants December, 2023
Zoro TopCo, Inc. Series A Preferred Equity November, 2022
Zoro TopCo, L.P. Class A Common Units November, 2022
*Refer to “Note 3 — Agreements and Related Party Transactions – Controlled/Affiliated Portfolio Companies.”
** Refer to “Note 4 — Investments – Credit SLF LLC and Blue Owl Leasing” for further information.
(31)This portfolio company is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. As of June 30, 2026, non-qualifying assets represented 16.4% of total assets as calculated in accordance with the regulatory requirements.
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Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of June 30, 2026
(Amounts in thousands, except share amounts)
(Unaudited)
(32)Investment represents multiple underlying investments in related entities under common management. These underlying investments are on identical terms and include Midwest Custom Windows, LLC with a fair value of $24.1 million, Greater Toronto Custom Windows, Corp. with a fair value of $10.0 million, Garden State Custom Windows, LLC with a fair value of $33.4 million, Long Island Custom Windows, LLC with a fair value of $28.9 million, Jemico, LLC with a fair value of $23.2 million, Atlanta Custom Windows, LLC with a fair value of $11.5 million and Fairchester Custom Windows with a fair value of $7.6 million as of June 30, 2026. Greater Toronto Custom Windows, Corp. is considered a non-qualifying asset.
(33)The Company invests in this portfolio company through underlying blocker entities Hercules Blocker 1 LLC, Hercules Blocker 2 LLC, Hercules Blocker 3 LLC, Hercules Blocker 4 LLC, and Hercules Blocker 5 LLC.
(34)Blue Owl Cross-Strategy Opportunities 2025-1 LLC (fka Blue Owl Cross-Strategy Opportunities LLC) (“BOCSO”) was formed to hold alternative credit assets, including asset-based finance (“ABF”). ABF is a subsector of private credit focused on generating income from pools of financial, physical or other assets. As of June 30, 2026, the portfolio consists of five investments totaling $1.25 billion and $1.24 billion at cost and fair value, respectively, and ranging in cost from $24.9 million to $454.4 million and with a 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.
(35)The Company may be entitled to receive additional interest as a result of an arrangement with other lenders in the syndication. In exchange for the higher interest rate, the “last-out” portion is at a greater risk of loss.

The accompanying notes are an integral part of these consolidated financial statements.

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Table of Contents
Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
Interest
Company(1)(25) Investment Ref. Rate Cash PIK Maturity Date Par / Units Amortized Cost(2)(27) Fair Value % of Net Assets
Non-controlled/non-affiliated portfolio company investments
Debt Investments(7)
Advertising and media
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))(3)(4)(8) First lien senior secured loan S+ 4.25% 12/2029 $ 42,404  $ 42,058  $ 42,404 
Monotype Imaging Holdings Inc.(3)(4)(8)(22) First lien senior secured loan S+ 5.25% 2/2031 151,694  150,274  151,694 
192,332  194,098  2.6  %
Aerospace and defense
Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC)(3)(4)(9) First lien senior secured loan S+ 0.84% 5.66% 7/2027 42,510  33,546  21,467 
Horizon Avionics Buyer, LLC (dba Acron Aviation)(3)(4)(9) First lien senior secured loan S+ 4.75% 3/2032 15,385  15,309  15,308 
Horizon Avionics Buyer, LLC (dba Acron Aviation)(3)(4)(9)(22) First lien senior secured revolving loan S+ 4.39% 3/2032 628  613  612 
Peraton Corp.(3)(9) Second lien senior secured loan S+ 7.75% 2/2029 60,393  57,591  47,294 
STS PARENT, LLC (dba STS Aviation Group)(3)(4)(9) First lien senior secured loan S+ 5.00% 10/2031 114,425  113,463  113,281 
STS PARENT, LLC (dba STS Aviation Group)(3)(4)(9)(22) First lien senior secured revolving loan S+ 5.00% 10/2030 9,127  9,043  8,999 
229,565  206,961  2.8  %
Asset based lending and fund finance
Hg Genesis 8 Sumoco Limited(3)(4)(19)(31) Unsecured facility SA+ 7.50% 9/2027 £ 12,369  15,375  16,637 
Hg Genesis 9 SumoCo Limited(3)(4)(14)(31) Unsecured facility E+ 6.25% 3/2029 € 53,248  56,596  62,537 
Hg Saturn Luchaco Limited(3)(4)(19)(31) Unsecured facility SA+ 8.25% 3/2027 £ 54,489  69,134  73,291 
141,105  152,465  2.1  %
Automotive services
MAJCO LLC (dba Big Brand Tire & Service)(3)(4)(9)(22) First lien senior secured loan S+ 4.50% 9/2032 75,528  75,038  75,339 
Spotless Brands, LLC(3)(4)(10) First lien senior secured loan S+ 5.75% 7/2028 94,049  92,805  94,049 
Spotless Brands, LLC(3)(4)(9)(22) First lien senior secured delayed draw term loan S+ 5.00% 7/2028 4,261  4,146  4,135 
Spotless Brands, LLC(3)(4)(8)(22) First lien senior secured revolving loan S+ 5.75% 7/2028 522  508  522 
172,497  174,045  2.4  %
Buildings and real estate
Associations Finance, Inc.(3)(4)(6) Unsecured notes N/A 14.25% 5/2030 202,868  201,437  202,868 
Associations, Inc.(3)(4)(9)(22) First lien senior secured loan S+ 6.50% 7/2028 446,001  444,229  446,001 
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Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
Interest
Company(1)(25) Investment Ref. Rate Cash PIK Maturity Date Par / Units Amortized Cost(2)(27) Fair Value % of Net Assets
Wrench Group LLC(3)(4)(9) First lien senior secured loan S+ 4.75% 9/2032 100,670  100,087  100,166 
Wrench Group LLC(3)(4)(12) First lien senior secured revolving loan P+ 3.75% 9/2031 2,562  2,485  2,494 
748,238  751,529  10.2  %
Business services
Aurelia Netherlands B.V.(3)(4)(14)(31) First lien senior secured EUR term loan E+ 4.75% 5/2031 € 64,136  72,487  75,325 
CMG HoldCo, LLC (dba Crete United)(3)(4)(10)(22) First lien senior secured loan S+ 4.50% 11/2030 1,289  1,266  1,285 
CoolSys, Inc.(3)(9) First lien senior secured loan S+ 4.75% 8/2028 11,801  11,628  10,430 
DuraServ LLC(3)(4)(8) First lien senior secured loan S+ 4.75% 6/2031 131,406  130,332  130,092 
DuraServ LLC(3)(4)(8)(22) First lien senior secured revolving loan S+ 4.75% 6/2030 2,397  2,329  2,217 
Gainsight, Inc.(3)(4)(9) First lien senior secured loan S+ 5.75% 7/2027 32,919  32,725  32,919 
Hercules Borrower, LLC (dba The Vincit Group)(3)(4)(9) First lien senior secured loan S+ 4.75% 12/2028 127,350  126,990  127,350 
Hercules Buyer, LLC (dba The Vincit Group)(3)(4)(6)(33) Unsecured notes N/A 0.48% 12/2029 6,316  6,483  9,117 
KPSKY Acquisition, Inc. (dba BluSky)(3)(4)(9) First lien senior secured loan S+ 5.50% 10/2028 43,125  40,077  39,137 
KPSKY Acquisition, Inc. (dba BluSky)(3)(4)(9) First lien senior secured delayed draw term loan S+ 5.75% 10/2028 31  29  28 
424,346  427,900  5.8  %
Chemicals
Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC)(3)(4)(8) Second lien senior secured loan S+ 7.75% 11/2028 16,500  16,200  14,726 
DCG ACQUISITION CORP. (dba DuBois Chemical)(3)(4)(9)(22) First lien senior secured loan S+ 5.00% 6/2031 81,400  80,503  80,569 
Gaylord Chemical Company, L.L.C.(3)(4)(9) First lien senior secured loan S+ 5.75% 12/2027 184,108  183,107  183,647 
Gaylord Chemical Company, L.L.C.(3)(4)(9)(22) First lien senior secured revolving loan S+ 5.50% 12/2027 10,648  10,635  10,605 
Rocket BidCo, Inc. (dba Recochem)(3)(4)(9)(31) First lien senior secured loan S+ 4.75% 11/2030 260,359  255,616  260,359 
546,061  549,906  7.4  %
Consumer products
Conair Holdings LLC(3)(8) First lien senior secured loan S+ 3.75% 5/2028 12,409  11,383  6,360 
Conair Holdings LLC(3)(4)(8) Second lien senior secured loan S+ 7.50% 5/2029 161,616  158,772  72,727 
Feradyne Outdoors, LLC(3)(4)(9)(28) First lien senior secured loan S+ 6.75% 5/2028 80,768  78,196  54,518 
Foundation Consumer Brands, LLC(3)(4)(9) First lien senior secured loan S+ 5.00% 2/2029 53,171  52,705  52,906 
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Table of Contents
Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
Interest
Company(1)(25) Investment Ref. Rate Cash PIK Maturity Date Par / Units Amortized Cost(2)(27) Fair Value % of Net Assets
Lignetics Investment Corp.(3)(4)(9) First lien senior secured loan S+ 5.75% 11/2027 102,561  101,441  102,304 
SWK BUYER, Inc. (dba Stonewall Kitchen)(3)(4)(9) First lien senior secured loan S+ 5.25% 3/2029 1,456  1,419  1,412 
WU Holdco, Inc. (dba PurposeBuilt Brands)(3)(4)(9) First lien senior secured loan S+ 4.75% 4/2032 94,201  93,969  94,201 
497,885  384,428  5.2  %
Containers and packaging
Arctic Holdco, LLC (dba Novvia Group)(3)(4)(9)(22) First lien senior secured loan S+ 5.25% 1/2032 101,369  100,967  101,369 
Arctic Holdco, LLC (dba Novvia Group)(3)(4)(9)(22) First lien senior secured revolving loan S+ 5.25% 1/2031 1,304  1,273  1,304 
Ascend Buyer, LLC (dba PPC Flexible Packaging)(3)(4)(9)(22) First lien senior secured loan S+ 5.25% 9/2028 72,236  71,220  72,236 
Fortis Solutions Group, LLC(3)(4)(9) First lien senior secured loan S+ 5.50% 10/2028 35,100  34,244  34,398 
Fortis Solutions Group, LLC(3)(4)(9)(22) First lien senior secured revolving loan S+ 5.30% 10/2027 1,053  1,006  981 
Indigo Buyer, Inc. (dba Inovar Packaging Group)(3)(4)(9)(22) First lien senior secured loan S+ 5.25% 5/2028 11,081  10,962  11,081 
Pregis Topco LLC(3)(4)(8) Second lien senior secured loan S+ 7.75% 8/2029 28,167  27,863  28,167 
Pregis Topco LLC(3)(4)(8) Second lien senior secured loan S+ 6.75% 8/2029 164,333  162,669  164,333 
410,204  413,869  5.6  %
Distribution
ABB/Con-cise Optical Group LLC(3)(4)(9) First lien senior secured loan S+ 7.50% 2/2028 64,629  64,190  64,144 
Endries Acquisition, Inc.(3)(4)(8) First lien senior secured loan S+ 5.50% 12/2028 128,693  127,726  126,763 
Offen, Inc.(3)(4)(9) First lien senior secured loan S+ 5.00% 7/2030 16,308  16,157  16,145 
208,073  207,052  2.8  %
Education
Severin Acquisition, LLC (dba PowerSchool)(3)(4)(8) First lien senior secured loan S+ 2.50% 2.25% 10/2031 1,524  1,498  1,505 
Severin Acquisition, LLC (dba PowerSchool)(3)(4)(8)(22) First lien senior secured delayed draw term loan S+ 4.75% 10/2031 66  65  64 
1,563  1,569  —  %
Energy equipment and services
Dresser Utility Solutions, LLC(3)(4)(8) First lien senior secured loan S+ 5.25% 3/2029 79,931  79,184  79,931 
79,184  79,931  1.1  %
Financial services
Baker Tilly Advisory Group, LP(3)(4)(8) First lien senior secured loan S+ 4.75% 6/2031 87,280  86,045  87,280 
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)(3)(4)(8)(22) First lien senior secured loan S+ 4.75% 6/2030 39,660  39,104  39,660 
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Table of Contents
Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
Interest
Company(1)(25) Investment Ref. Rate Cash PIK Maturity Date Par / Units Amortized Cost(2)(27) Fair Value % of Net Assets
Continental Finance Company, LLC(3)(4)(8) First lien senior secured loan S+ 8.00% 3/2029 7,500  7,438  7,444 
Deerfield Dakota Holdings(3)(4)(9) First lien senior secured loan S+ 3.00% 2.75% 9/2032 116,859  116,300  116,275 
Finastra USA, Inc.(3)(4)(9)(31) First lien senior secured loan S+ 7.25% 9/2029 27,688  27,466  27,896 
Klarna Holding AB(3)(4)(9)(31) Subordinated Floating Rate Notes S+ 7.00% 4/2034 1,000  1,000  1,000 
KRIV Acquisition Inc. (dba Riveron)(3)(4)(9)(22) First lien senior secured loan S+ 5.00% 7/2031 8,156  7,963  8,156 
Minotaur Acquisition, Inc. (dba Inspira Financial)(3)(4)(8) First lien senior secured loan S+ 5.00% 6/2030 255,802  252,824  255,802 
NMI Acquisitionco, Inc. (dba Network Merchants)(3)(4)(8) First lien senior secured loan S+ 4.50% 9/2028 47,673  47,507  47,673 
Smarsh Inc.(3)(4)(9)(22) First lien senior secured loan S+ 4.75% 2/2029 2,066  2,046  2,055 
Wipfli Advisory LLC(3)(4)(9) First lien senior secured loan S+ 4.50% 10/2032 26,231  26,168  26,155 
613,861  619,396  8.4  %
Food and beverage
Balrog Acquisition, Inc. (dba Bakemark)(3)(4)(8) Second lien senior secured loan S+ 7.00% 9/2029 28,000  27,799  22,540 
Blast Bidco Inc. (dba Bazooka Candy Brands)(3)(4)(9) First lien senior secured loan S+ 6.00% 10/2030 37,394  36,702  37,394 
BP Veraison Buyer, LLC (dba Sun World)(3)(4)(9) First lien senior secured loan S+ 5.25% 5/2029 137,357  136,112  137,357 
Eagle Family Foods Group LLC(3)(4)(10) First lien senior secured loan S+ 5.00% 8/2030 2,427  2,395  2,427 
Fiesta Purchaser, Inc. (dba Shearer's Foods)(3)(4)(9)(22) First lien senior secured revolving loan S+ 2.75% 2/2029 956  956  945 
Gehl Foods, LLC(3)(4)(9) First lien senior secured loan S+ 6.25% 6/2030 105,116  103,921  105,116 
Hissho Parent, LLC(3)(4)(9) First lien senior secured loan S+ 4.75% 5/2029 17,134  17,000  17,134 
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(3)(4)(8) First lien senior secured loan S+ 6.25% 3/2027 30,922  30,386  30,846 
KBP Brands, LLC(3)(4)(9) First lien senior secured loan S+ 5.50% 5/2027 1,079  1,054  1,057 
Ole Smoky Distillery, LLC(3)(4)(8) First lien senior secured loan S+ 5.50% 3/2028 851  843  806 
Rushmore Investment III LLC (dba Winland Foods)(3)(4)(9) First lien senior secured loan S+ 5.00% 10/2030 357,284  353,680  357,284 
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)(3)(4)(9)(22) First lien senior secured loan S+ 5.00% 7/2027 51,943  51,924  51,662 
Vital Bidco AB (dba Vitamin Well)(3)(4)(8)(31) First lien senior secured loan S+ 4.25% 10/2031 61,574  60,573  61,574 
823,345  826,142  11.2  %
Healthcare equipment and services
Arctic US Bidco, Inc. (dba ThermoSafe)(3)(4)(9) First lien senior secured loan S+ 4.75% 11/2032 34,722  34,552  34,549 
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Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
Interest
Company(1)(25) Investment Ref. Rate Cash PIK Maturity Date Par / Units Amortized Cost(2)(27) Fair Value % of Net Assets
Bamboo US BidCo LLC(3)(4)(9) First lien senior secured loan S+ 5.00% 9/2030 9,663  9,604  9,663 
Bamboo US BidCo LLC(3)(4)(14) First lien senior secured EUR term loan E+ 5.00% 9/2030 € 4,662  4,835  5,475 
Bamboo US BidCo LLC(3)(4)(8)(22) First lien senior secured delayed draw term loan S+ 5.06% 9/2030 856  849  856 
Cambrex Corporation(3)(4)(8)(22) First lien senior secured loan S+ 4.50% 3/2032 785  777  785 
Creek Parent, Inc. (dba Catalent)(3)(4)(8) First lien senior secured loan S+ 5.00% 12/2031 113,368  111,116  112,801 
CSC MKG Topco LLC (dba Medical Knowledge Group)(3)(4)(8) First lien senior secured loan S+ 5.50% 2/2029 4,955  4,855  4,955 
Nelipak Holding Company(3)(4)(8)(22) First lien senior secured revolving loan S+ 5.50% 3/2031 1,132  1,025  1,019 
Nelipak Holding Company(3)(4)(9)(22) First lien senior secured loan S+ 5.50% 3/2031 32,058  31,492  31,548 
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.(3)(4)(14) First lien senior secured EUR term loan E+ 5.50% 3/2031 € 47,237  49,629  54,645 
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.(3)(4)(13)(22) First lien senior secured EUR revolving loan E+ 5.50% 3/2031 € 301  256  296 
Packaging Coordinators Midco, Inc.(3)(4)(9) First lien senior secured loan S+ 4.75% 10/2032 157,976  156,175  157,186 
Packaging Coordinators Midco, Inc.(3)(4)(19) First lien senior secured delayed draw term loan SA+ 4.75% 10/2032 £ 14,443  18,974  19,329 
Packaging Coordinators Midco, Inc.(3)(4)(9)(22) First lien senior secured delayed draw term loan S+ 4.50% 1/2032 782  775  778 
Patriot Acquisition TopCo S.À R.L. (dba Corza Health, Inc.)(3)(4)(9)(22)(31) First lien senior secured loan S+ 4.75% 1/2028 157,996  156,822  157,996 
PerkinElmer U.S. LLC(3)(4)(8) First lien senior secured loan S+ 4.75% 3/2029 25,721  25,676  25,721 
Rhea Parent, Inc.(3)(4)(9) First lien senior secured loan S+ 5.00% 12/2030 40,670  40,278  40,264 
TBRS, Inc. (dba TEAM Technologies)(3)(4)(9) First lien senior secured loan S+ 4.75% 11/2031 41,570  41,225  41,362 
688,915  699,228  9.5  %
Healthcare providers and services
Allied Benefit Systems Intermediate LLC(3)(4)(9) First lien senior secured loan S+ 5.00% 10/2030 6,880  6,880  6,846 
Belmont Buyer, Inc. (dba Valenz)(3)(4)(9) First lien senior secured loan S+ 6.50% 6/2029 4,454  4,383  4,454 
Belmont Buyer, Inc. (dba Valenz)(3)(4)(9) First lien senior secured loan S+ 5.25% 6/2029 3,128  3,066  3,121 
Bristol Hospice L.L.C.(3)(4)(9) First lien senior secured loan S+ 5.00% 8/2032 41,993  41,791  41,993 
Commander Buyer, Inc. (dba CenExel)(3)(4)(9) First lien senior secured loan S+ 4.75% 6/2032 56,102  55,813  56,102 
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Table of Contents
Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
Interest
Company(1)(25) Investment Ref. Rate Cash PIK Maturity Date Par / Units Amortized Cost(2)(27) Fair Value % of Net Assets
Confluent Health, LLC(3)(4)(8) First lien senior secured loan S+ 5.00% 11/2028 4,913  4,790  4,434 
Covetrus, Inc.(3)(4)(9) Second lien senior secured loan S+ 9.25% 10/2030 30,000  28,902  29,025 
Engage Debtco Limited(3)(4)(9)(31) First lien senior secured loan S+ 3.18% 2.75% 7/2029 1,605  1,566  1,521 
Engage Debtco Limited(3)(4)(9)(31) First lien senior secured delayed draw term loan S+ 3.08% 2.75% 7/2029 521  509  494 
EresearchTechnology, Inc. (dba Clario)(3)(4)(8)(22) First lien senior secured loan S+ 4.75% 1/2032 102,565  101,589  102,565 
Ex Vivo Parent Inc. (dba OB Hospitalist)(3)(4)(8) First lien senior secured loan S+ 9.50% 9/2028 132,032  130,839  132,032 
KABAFUSION Parent, LLC(3)(4)(9) First lien senior secured loan S+ 4.75% 11/2031 48,613  48,020  48,613 
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)(3)(4)(8)(22) First lien senior secured loan S+ 5.00% 12/2029 121,761  120,368  121,457 
Lakefield Acquisition Corp. (dba Lakefield Veterinary Group)(3)(4)(10)(22) First lien senior secured loan S+ 4.00% 9/2030 643  639  643 
Maple Acquisition, LLC (dba Medicus)(3)(4)(10) First lien senior secured loan S+ 4.75% 5/2031 72,776  72,123  72,776 
National Dentex Labs LLC (fka Barracuda Dental LLC)(3)(4)(9)(28) First lien senior secured loan S+ 10.00% 4/2026 145,775  129,794  57,581 
National Dentex Labs LLC (fka Barracuda Dental LLC)(3)(4)(9)(28) First lien senior secured delayed draw term loan S+ 12.00% 4/2026 22,178  14,248  8,760 
National Dentex Labs LLC (fka Barracuda Dental LLC)(3)(4)(9)(28) First lien senior secured delayed draw term loan S+ 10.00% 1/2026 7,470  7,376  7,470 
National Dentex Labs LLC (fka Barracuda Dental LLC)(3)(4)(9)(22)(28) First lien senior secured revolving loan S+ 9.00% 4/2026 10,817  10,147  4,207 
National Dentex Labs LLC (fka Barracuda Dental LLC)(3)(4)(9)(28) First lien senior secured revolving loan S+ 9.00% 4/2026 806  —  318 
Natural Partners, LLC(3)(4)(9)(31) First lien senior secured loan S+ 4.50% 11/2030 7,659  7,554  7,659 
OB Hospitalist Group, Inc.(3)(4)(8) First lien senior secured loan S+ 5.25% 9/2027 164,531  162,834  164,531 
Pacific BidCo Inc.(3)(4)(10)(31) First lien senior secured loan S+ 5.75% 8/2029 48,719  47,785  48,597 
PetVet Care Centers, LLC(3)(4)(8) First lien senior secured loan S+ 6.00% 11/2030 131,005  128,858  117,905 
PetVet Care Centers, LLC(3)(4)(8)(22) First lien senior secured revolving loan S+ 6.00% 11/2029 1,830  1,630  — 
Physician Partners, LLC(3)(4)(9) First lien senior secured loan S+ 6.00% 12/2029 11,372  10,821  10,207 
Physician Partners, LLC(3)(9) First lien senior secured loan S+ 1.50% 2.50% 12/2029 6,514  4,301  3,070 
Plasma Buyer LLC (dba PathGroup)(3)(4)(9)(28) First lien senior secured loan S+ 5.75% 5/2029 1,391  1,332  1,078 
Plasma Buyer LLC (dba PathGroup)(3)(4)(9)(28) First lien senior secured delayed draw term loan S+ 6.25% 5/2029 53  49  41 
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Table of Contents
Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
Interest
Company(1)(25) Investment Ref. Rate Cash PIK Maturity Date Par / Units Amortized Cost(2)(27) Fair Value % of Net Assets
Plasma Buyer LLC (dba PathGroup)(3)(4)(9)(28) First lien senior secured revolving loan S+ 5.75% 5/2028 159  149  123 
PPV Intermediate Holdings, LLC(3)(4)(9)(22) First lien senior secured loan S+ 5.75% 8/2029 28,745  28,287  28,363 
PPV Intermediate Holdings, LLC(3)(4)(9) First lien senior secured delayed draw term loan S+ 6.00% 8/2029 1,759  1,733  1,746 
Premier Imaging, LLC (dba LucidHealth)(3)(4)(9) First lien senior secured loan S+ 3.74% 2.26% 3/2026 49,644  49,630  44,680 
Premise Health Holding Corp.(3)(4)(9) First lien senior secured loan S+ 4.50% 11/2032 78,305  77,991  77,522 
Quva Pharma, Inc.(3)(4)(9)(22) First lien senior secured revolving loan S+ 5.50% 4/2026 3,835  3,821  3,679 
Quva Pharma, Inc.(3)(4)(9) First lien senior secured loan S+ 2.75% 3.00% 4/2028 67,315  66,357  65,295 
Quva Pharma, Inc.(3)(4)(9) First lien senior secured loan S+ 2.75% 3.00% 4/2026 5,130  5,054  4,976 
SimonMed, Inc.(3)(4)(9)(22) First lien senior secured loan S+ 4.75% 2/2032 854  851  848 
SimonMed, Inc.(3)(4)(9)(22) First lien senior secured revolving loan S+ 4.55% 2/2031 44  43  43 
Soleo Holdings, Inc.(3)(4)(9) First lien senior secured loan S+ 4.50% 2/2032 58,948  58,683  58,948 
Tivity Health, Inc.(3)(4)(8) First lien senior secured loan S+ 5.00% 6/2029 977  969  977 
Unified Women's Healthcare, LP(3)(4)(9) First lien senior secured loan S+ 5.00% 6/2029 43,947  43,532  43,947 
Unified Women's Healthcare, LP(3)(4)(8) First lien senior secured delayed draw term loan S+ 5.00% 6/2029 17,140  16,989  17,140 
Valeris, Inc. (fka Phantom Purchaser, Inc.)(3)(4)(9) First lien senior secured loan S+ 5.00% 9/2031 42,131  41,565  42,131 
Vermont Aus Pty Ltd(3)(4)(17)(31) First lien senior secured AUD term loan B+ 4.50% 3/2028 A$ 2,569  1,696  1,713 
1,545,357  1,449,631  19.6  %
Healthcare technology
BCPE Osprey Buyer, Inc. (dba PartsSource)(3)(4)(9) First lien senior secured loan S+ 5.75% 8/2028 161,628  159,558  160,011 
BCPE Osprey Buyer, Inc. (dba PartsSource)(3)(4)(8) First lien senior secured delayed draw term loan S+ 5.75% 8/2028 35,342  34,886  34,989 
BCPE Osprey Buyer, Inc. (dba PartsSource)(3)(4)(8)(22) First lien senior secured revolving loan S+ 5.75% 8/2026 14,584  14,501  14,409 
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)(3)(4)(8)(22) First lien senior secured loan S+ 5.00% 8/2031 88,979  87,891  88,979 
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)(3)(4)(8) First lien senior secured loan S+ 4.75% 8/2031 12,910  12,848  12,845 
GI Ranger Intermediate, LLC (dba Rectangle Health)(3)(4)(9) First lien senior secured loan S+ 6.00% 10/2028 24,632  24,015  23,893 
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Table of Contents
Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
Interest
Company(1)(25) Investment Ref. Rate Cash PIK Maturity Date Par / Units Amortized Cost(2)(27) Fair Value % of Net Assets
GI Ranger Intermediate, LLC (dba Rectangle Health)(3)(4)(9)(22) First lien senior secured revolving loan S+ 6.00% 10/2027 272  251  211 
Indikami Bidco, LLC (dba IntegriChain)(3)(4)(8) First lien senior secured loan S+ 4.00% 2.50% 12/2030 21,840  21,452  21,403 
Indikami Bidco, LLC (dba IntegriChain)(3)(4)(8) First lien senior secured delayed draw term loan S+ 6.00% 12/2030 334  334  327 
Indikami Bidco, LLC (dba IntegriChain)(3)(4)(8)(22) First lien senior secured revolving loan S+ 6.00% 6/2030 1,586  1,557  1,545 
Inovalon Holdings, Inc.(3)(4)(9) First lien senior secured loan S+ 2.75% 2.75% 11/2028 153,346  153,160  150,279 
Inovalon Holdings, Inc.(3)(4)(9) Second lien senior secured loan S+ 8.50% 11/2033 63,316  63,316  58,250 
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(3)(4)(9)(31) First lien senior secured loan S+ 6.50% 8/2026 168,668  167,605  168,668 
Interoperability Bidco, Inc. (dba Lyniate)(3)(4)(9)(22) First lien senior secured loan S+ 5.75% 3/2028 72,897  72,646  72,511 
Klick Inc.(3)(4)(8)(31) First lien senior secured loan S+ 5.00% 11/2032 71,806  71,453  71,447 
Modernizing Medicine, Inc. (dba ModMed)(3)(4)(9) First lien senior secured loan S+ 2.50% 2.25% 4/2032 772  765  768 
RL Datix Holdings (USA), Inc.(3)(4)(10) First lien senior secured loan S+ 5.00% 4/2031 56,403  56,404  56,403 
RL Datix Holdings (USA), Inc.(3)(4)(19) First lien senior secured GBP term loan SA+ 5.00% 4/2031 £ 26,120  35,250  35,133 
Salinger Bidco Inc. (dba Surgical Information Systems)(3)(4)(9) First lien senior secured loan S+ 5.75% 8/2031 41,293  40,697  41,293 
Salinger Bidco Inc. (dba Surgical Information Systems)(3)(4)(9)(22) First lien senior secured revolving loan S+ 5.75% 5/2031 333  295  333 
1,018,884  1,013,697  13.7  %
Household products
HGH Purchaser, Inc. (dba Horizon Services)(3)(4)(9) First lien senior secured loan S+ 3.25% 3.75% 11/2028 194,861  194,123  179,760 
HGH Purchaser, Inc. (dba Horizon Services)(3)(4)(9)(22) First lien senior secured revolving loan S+ 6.50% 11/2028 10,806  10,631  9,517 
Mario Midco Holdings, Inc. (dba Len the Plumber)(3)(4)(9) Unsecured facility S+ 10.75% 4/2032 8,873  8,673  8,429 
Mario Purchaser, LLC (dba Len the Plumber)(3)(4)(9)(22) First lien senior secured revolving loan S+ 5.75% 4/2028 1,766  1,742  1,693 
Mario Purchaser, LLC (dba Len the Plumber)(3)(4)(9) First lien senior secured loan S+ 5.75% 4/2029 27,772  27,262  26,731 
Sentinel Buyer Corp. (dba SimpliSafe)(3)(4)(8) First lien senior secured loan S+ 5.00% 11/2032 40,313  39,916  39,909 
282,347  266,039  3.6  %
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Table of Contents
Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
Interest
Company(1)(25) Investment Ref. Rate Cash PIK Maturity Date Par / Units Amortized Cost(2)(27) Fair Value % of Net Assets
Human resource support services
Cornerstone OnDemand, Inc.(3)(4)(8) Second lien senior secured loan S+ 6.50% 10/2029 160,417  153,895  144,375 
IG Investments Holdings, LLC (dba Insight Global)(3)(4)(9) First lien senior secured loan S+ 5.00% 9/2028 117,139  116,125  117,139 
270,020  261,514  3.5  %
Infrastructure and environmental services
AWP Group Holdings, Inc.(3)(4)(8)(22) First lien senior secured loan S+ 4.50% 12/2030 967  943  957 
CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.)(3)(4)(9)(22) First lien senior secured loan S+ 5.00% 1/2031 54,882  54,273  54,882 
GI Apple Midco LLC (dba Atlas Technical Consultants)(3)(4)(8) First lien senior secured loan S+ 6.75% 4/2030 927  917  911 
GI Apple Midco LLC (dba Atlas Technical Consultants)(3)(4)(8)(22) First lien senior secured revolving loan S+ 6.75% 4/2029 50  49  48 
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(3)(4)(9)(22) First lien senior secured loan S+ 5.00% 3/2029 1,942  1,917  1,942 
VCI Asset Holdings 1 LLC(3)(4)(6)(31) First lien senior secured loan N/A 10.00% 11/2030 90,455  89,567  89,550 
Vessco Midco Holdings, LLC(3)(4)(8) First lien senior secured loan S+ 4.50% 7/2031 45,722  45,179  45,722 
Vessco Midco Holdings, LLC(3)(4)(10) First lien senior secured loan S+ 4.50% 7/2031 14,543  14,472  14,543 
Vessco Midco Holdings, LLC(3)(4)(9)(22) First lien senior secured delayed draw term loan S+ 4.50% 7/2031 12,599  12,480  12,599 
219,797  221,154  3.0  %
Insurance
AmeriLife Holdings LLC(3)(4)(9)(22) First lien senior secured loan S+ 5.00% 8/2029 13,254  13,012  13,188 
AmeriLife Holdings LLC(3)(4)(9)(22) First lien senior secured revolving loan S+ 5.00% 8/2028 167  163  162 
Brightway Holdings, LLC(3)(4)(8)(22) First lien senior secured loan S+ 5.75% 12/2027 52,568  52,031  52,568 
Brightway Holdings, LLC(3)(4)(9)(22) First lien senior secured delayed draw term loan S+ 5.75% 12/2027 17,919  17,806  17,919 
Diamond Mezzanine 24 LLC (dba United Risk)(3)(4)(9)(22) First lien senior secured loan S+ 5.00% 10/2030 24,922  24,686  24,922 
Evolution BuyerCo, Inc. (dba SIAA)(3)(4)(9) First lien senior secured loan S+ 4.75% 4/2030 941  932  941 
Galway Borrower LLC(3)(4)(9)(22) First lien senior secured delayed draw term loan S+ 4.50% 9/2028 703  698  703 
Integrity Marketing Acquisition, LLC(3)(4)(9) First lien senior secured loan S+ 5.00% 8/2028 97,956  97,027  97,956 
KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners)(3)(4)(8) First lien senior secured loan S+ 10.60% 7/2030 68,189  67,578  68,189 
Norvax, LLC (dba GoHealth)(3)(4)(9)(28) First lien senior secured loan S+ 5.50% 11/2029 2,427  2,316  1,389 
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Table of Contents
Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
Interest
Company(1)(25) Investment Ref. Rate Cash PIK Maturity Date Par / Units Amortized Cost(2)(27) Fair Value % of Net Assets
Norvax, LLC (dba GoHealth)(3)(4)(9)(28) First lien senior secured revolving loan S+ 4.50% 7.11% 8/2029 3,955  1,661  — 
Simplicity Financial Marketing Group Holdings, Inc.(3)(4)(9)(22) First lien senior secured loan S+ 4.75% 12/2031 45,877  45,270  45,877 
THG Acquisition, LLC (dba Hilb)(3)(4)(8)(22) First lien senior secured loan S+ 4.75% 10/2031 41,868  41,311  41,511 
Trucordia Insurance Holdings, LLC(3)(4)(8) Second lien senior secured loan S+ 5.75% 6/2033 150,000  148,570  149,625 
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(3)(4)(8) First lien senior secured loan S+ 5.00% 12/2029 51,975  51,589  51,975 
564,650  566,925  7.7  %
Internet software and services
AI Titan Parent, Inc. (dba Prometheus Group)(3)(4)(8)(22) First lien senior secured loan S+ 4.50% 8/2031 7,887  7,697  7,802 
AlphaSense, Inc.(3)(4)(9) First lien senior secured loan S+ 6.25% 6/2029 707  701  705 
Anaplan, Inc.(3)(4)(9) First lien senior secured loan S+ 4.50% 6/2029 64,180  64,180  64,180 
Aptean Acquiror, Inc. (dba Aptean)(3)(4)(9) First lien senior secured loan S+ 4.75% 1/2031 19,226  18,878  19,226 
Aptean Acquiror, Inc. (dba Aptean)(3)(4)(8)(22) First lien senior secured revolving loan S+ 4.65% 1/2031 437  433  437 
Armstrong Bidco Limited(3)(4)(19)(31) First lien senior secured GBP term loan SA+ 5.25% 6/2029 £ 2,960  3,591  3,961 
Artifact Bidco, Inc. (dba Avetta)(3)(4)(9) First lien senior secured loan S+ 4.15% 7/2031 12,011  11,911  12,011 
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)(3)(4)(8) First lien senior secured loan S+ 6.00% 3/2031 15,817  15,587  15,817 
Barracuda Parent, LLC(3)(9) First lien senior secured loan S+ 4.50% 8/2029 12,667  11,965  10,225 
Bayshore Intermediate #2, L.P. (dba Boomi)(3)(4)(9) First lien senior secured loan S+ 2.50% 3.00% 10/2028 88,925  88,701  88,925 
Bayshore Intermediate #2, L.P. (dba Boomi)(3)(4)(9)(22) First lien senior secured revolving loan S+ 5.00% 10/2027 1,832  1,817  1,832 
BCTO BSI Buyer, Inc. (dba Buildertrend)(3)(4)(9) First lien senior secured loan S+ 6.50% 12/2028 70,843  70,609  70,843 
BCTO WIW Holdings, Inc. (dba When I Work)(3)(4)(6) Senior convertible notes N/A 5.50% 8/2030 4,694  4,694  4,694 
By Light Professional IT Services LLC(3)(4)(8) First lien senior secured loan S+ 5.50% 7/2031 41,947  41,355  41,318 
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(3)(4)(9)(22) First lien senior secured loan S+ 5.50% 8/2027 22,551  22,135  22,070 
CivicPlus, LLC(3)(4)(9) First lien senior secured loan S+ 3.25% 2.75% 8/2030 70,616  70,297  70,616 
CivicPlus, LLC(3)(4)(9)(22) First lien senior secured delayed draw term loan S+ 5.50% 8/2030 9,611  9,563  9,611 
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Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
Interest
Company(1)(25) Investment Ref. Rate Cash PIK Maturity Date Par / Units Amortized Cost(2)(27) Fair Value % of Net Assets
Coupa Holdings, LLC(3)(4)(9) First lien senior secured loan S+ 5.25% 2/2030 1,547  1,534  1,547 
CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC)(3)(4)(10) Unsecured notes S+ 11.75% 6/2034 21,389  21,177  21,389 
Crewline Buyer, Inc. (dba New Relic)(3)(4)(9) First lien senior secured loan S+ 6.75% 11/2030 148,219  145,888  147,108 
Delinea Buyer, Inc. (f/k/a Centrify)(3)(4)(9) First lien senior secured loan S+ 5.75% 3/2028 87,526  86,631  87,526 
Denali Intermediate Holdings, Inc. (dba Dun & Bradstreet)(3)(4)(8) First lien senior secured loan S+ 5.50% 8/2032 77,364  76,223  76,204 
EET Buyer, Inc. (dba e-Emphasys)(3)(4)(9) First lien senior secured loan S+ 5.25% 11/2027 23,187  22,920  23,187 
Einstein Parent, Inc. (dba Smartsheet)(3)(4)(9) First lien senior secured loan S+ 6.50% 1/2031 43,387  42,975  43,061 
Flexera Software LLC(3)(4)(13) First lien senior secured EUR term loan E+ 4.50% 8/2032 € 5,300  6,193  6,210 
Flexera Software LLC(3)(4)(9) First lien senior secured loan S+ 4.50% 8/2032 17,563  17,522  17,519 
Granicus, Inc.(3)(4)(9) First lien senior secured loan S+ 3.50% 2.00% 1/2031 17,873  17,648  17,873 
Granicus, Inc.(3)(4)(9) First lien senior secured delayed draw term loan S+ 3.00% 2.00% 1/2031 2,647  2,603  2,641 
GS Acquisitionco, Inc. (dba insightsoftware)(3)(4)(9)(22) First lien senior secured loan S+ 5.25% 5/2028 9,582  9,391  9,482 
H&F Opportunities LUX III S.À R.L (dba Checkmarx)(3)(4)(8)(31) First lien senior secured loan S+ 6.50% 4/2027 51,309  51,215  51,309 
Hyland Software, Inc.(3)(4)(9) First lien senior secured loan S+ 5.00% 9/2030 66,133  66,133  66,133 
Icefall Parent, Inc. (dba EngageSmart)(3)(4)(9) First lien senior secured loan S+ 4.50% 1/2030 4,197  4,197  4,197 
JS Parent, Inc. (dba Jama Software)(3)(4)(9) First lien senior secured loan S+ 4.75% 4/2031 900  897  900 
Litera Bidco LLC(3)(4)(8)(22) First lien senior secured loan S+ 5.00% 5/2028 161,317  160,714  161,317 
MINDBODY, Inc.(3)(4)(9) First lien senior secured loan S+ 6.00% 9/2027 62,018  61,881  62,018 
Ministry Brands Holdings, LLC(3)(4)(8) First lien senior secured loan S+ 5.50% 12/2028 11,882  11,638  11,793 
Ministry Brands Holdings, LLC(3)(4)(12)(22) First lien senior secured revolving loan P+ 4.50% 12/2027 90  84  82 
PDI TA Holdings, Inc.(3)(4)(9)(22) First lien senior secured loan S+ 5.50% 2/2031 23,128  22,675  22,832 
QAD, Inc.(3)(4)(8) First lien senior secured loan S+ 4.75% 11/2027 71,989  71,302  71,989 
Securonix, Inc.(3)(4)(9) First lien senior secured loan S+ 3.50% 3.75% 4/2029 1,760  1,652  1,589 
Sitecore Holding III A/S(3)(4)(9) First lien senior secured loan S+ 7.00% 3/2029 4,577  4,556  4,577 
Sitecore Holding III A/S(3)(4)(14) First lien senior secured EUR term loan E+ 7.00% 3/2029 € 26,396  27,819  31,001 
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Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
Interest
Company(1)(25) Investment Ref. Rate Cash PIK Maturity Date Par / Units Amortized Cost(2)(27) Fair Value % of Net Assets
Sitecore USA, Inc.(3)(4)(9) First lien senior secured loan S+ 7.00% 3/2029 27,591  27,470  27,591 
Spaceship Purchaser, Inc. (dba Squarespace)(3)(4)(9) First lien senior secured loan S+ 3.75% 10/2031 12,853  12,853  12,853 
Themis Solutions Inc. (dba Clio)(3)(4)(8)(31) First lien senior secured loan S+ 1.75% 3.75% 10/2032 8,808  8,722  8,719 
Thunder Purchaser, Inc. (dba Vector Solutions)(3)(4)(9) First lien senior secured loan S+ 5.25% 6/2028 105,094  104,258  105,094 
Zendesk, Inc.(3)(4)(9) First lien senior secured loan S+ 5.00% 11/2028 109,267  107,865  109,267 
1,640,750  1,651,281  22.3  %
Leisure and entertainment
Aerosmith Bidco 1 Limited (dba Audiotonix)(3)(4)(9)(31) First lien senior secured loan S+ 5.25% 7/2031 208,759  205,950  208,759 
Eternal Buyer, LLC (dba Wedgewood Weddings)(3)(4)(8) First lien senior secured loan S+ 4.50% 6/2032 34,913  34,748  34,738 
Troon Golf, L.L.C.(3)(4)(9)(22) First lien senior secured loan S+ 4.50% 8/2028 86,223  85,565  86,223 
326,263  329,720  4.5  %
Manufacturing
Faraday Buyer, LLC (dba MacLean Power Systems)(3)(4)(9) First lien senior secured loan S+ 6.00% 10/2028 148,849  146,533  148,849 
FR Flow Control CB LLC (dba Trillium Flow Technologies)(3)(4)(9)(31) First lien senior secured loan S+ 5.00% 12/2029 31,581  31,257  31,581 
Helix Acquisition Holdings, Inc. (dba MW Industries)(3)(4)(8) First lien senior secured loan S+ 6.98% 3/2030 946  926  939 
Loparex Midco B.V.(3)(4)(9) First lien senior secured loan S+ 8.75% 2/2027 786  786  794 
Loparex Midco B.V.(3)(4)(9) First lien senior secured loan S+ 4.50% 7/2027 4,122  3,881  4,122 
Loparex Midco B.V.(3)(4)(9) Second lien senior secured loan S+ 8.75% 7/2027 112,000  109,847  97,720 
Loparex Midco B.V.(3)(4)(9) Second lien senior secured loan S+ 8.50% 7/2027 21,000  20,366  19,793 
MHE Intermediate Holdings, LLC (dba OnPoint Group)(3)(4)(9)(22) First lien senior secured loan S+ 6.00% 7/2027 106,134  105,600  103,194 
MHE Intermediate Holdings, LLC (dba OnPoint Group)(3)(4)(9) First lien senior secured loan S+ 6.25% 7/2027 2,488  2,456  2,432 
Sonny's Enterprises, LLC(3)(4)(9) First lien senior secured loan S+ 5.50% 8/2028 289,872  287,484  288,422 
Sonny's Enterprises, LLC(3)(4)(9)(22) First lien senior secured delayed draw term loan S+ 6.50% 8/2028 12,896  12,726  12,896 
Sonny's Enterprises, LLC(3)(4)(9)(22) First lien senior secured revolving loan S+ 5.50% 8/2027 9,510  9,420  9,391 
731,282  720,133  9.7  %
Pharmaceuticals
Puma Buyer, LLC (dba PANTHERx)(3)(4)(9) First lien senior secured loan S+ 4.25% 3/2032 1,213  1,205  1,213 
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Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
Interest
Company(1)(25) Investment Ref. Rate Cash PIK Maturity Date Par / Units Amortized Cost(2)(27) Fair Value % of Net Assets
1,205  1,213  —  %
Professional services
Essential Services Holding Corporation (dba Turnpoint)(3)(4)(9) First lien senior secured loan S+ 5.00% 6/2031 25,974  25,648  25,519 
Essential Services Holding Corporation (dba Turnpoint)(3)(4)(9)(22) First lien senior secured revolving loan S+ 5.00% 6/2030 1,273  1,249  1,218 
Gerson Lehrman Group, Inc.(3)(4)(9) First lien senior secured loan S+ 5.00% 12/2028 155,495  154,351  155,495 
Guidehouse Inc.(3)(4)(8) First lien senior secured loan S+ 4.75% 12/2030 49,443  48,563  48,949 
Paris US Holdco, Inc. (dba Precinmac)(3)(4)(8)(22) First lien senior secured loan S+ 4.75% 12/2031 28,900  28,492  28,819 
Relativity ODA LLC(3)(4)(8) First lien senior secured loan S+ 4.50% 5/2029 101,311  100,641  101,311 
Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(9) First lien senior secured loan S+ 6.50% 5/2028 88,237  87,944  88,237 
Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(14) First lien senior secured EUR term loan E+ 6.75% 5/2028 € 15,067  16,143  17,696 
Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(9) First lien senior secured delayed draw term loan S+ 6.94% 5/2028 1,689  1,688  1,689 
Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(14) First lien senior secured EUR delayed draw term loan E+ 7.25% 5/2028 € 343  366  403 
Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(8)(22) First lien senior secured revolving loan S+ 6.50% 5/2028 2,423  2,414  2,423 
Vensure Employer Services, Inc.(3)(4)(9) First lien senior secured loan S+ 5.00% 9/2031 1,950  1,919  1,931 
469,418  473,690  6.4  %
Specialty retail
Galls, LLC(3)(4)(9)(22) First lien senior secured loan S+ 6.00% 3/2030 162,512  160,342  162,512 
Milan Laser Holdings LLC(3)(4)(9) First lien senior secured loan S+ 5.00% 4/2027 62,927  62,402  61,354 
The Shade Store, LLC(3)(4)(9) First lien senior secured loan S+ 6.00% 10/2029 22,354  17,467  17,436 
240,211  241,302  3.3  %
Telecommunications
EOS Finco S.A.R.L(3)(9)(28)(31) First lien senior secured loan S+ 6.00% 10/2029 39,724  22,269  9,820 
22,269  9,820  0.1  %
Transportation
Lightbeam Bidco, Inc. (dba Lazer Spot)(3)(4)(9)(22) First lien senior secured loan S+ 4.75% 5/2030 4,789  4,786  4,789 
Lytx, Inc.(3)(4)(8) First lien senior secured loan S+ 5.00% 2/2028 71,005  71,005  71,005 
75,791  75,794  1.0  %
Total non-controlled/non-affiliated debt investments $ 13,185,418  $ 12,970,432  175.3  %
Total non-controlled/non-affiliated misc. debt commitments(22)(23)(Note 8) $ (4,758) $ (3,039) —  %
Total non-controlled/non-affiliated portfolio company debt investments $ 13,180,660  $ 12,967,393  175.3  %
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Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
Interest
Company(1)(25) Investment Ref. Rate Cash PIK Maturity Date Par / Units Amortized Cost(2)(27) Fair Value % of Net Assets
Equity Investments
Aerospace and defense
Space Exploration Technologies Corp.(3)(4)(29)(30) Class A Common Stock N/A N/A 46,605  2,557  18,053 
Space Exploration Technologies Corp.(3)(4)(29)(30) Class C Common Stock N/A N/A 9,360  446  3,626 
3,003  21,679  0.3  %
Asset based lending and fund finance
Amergin Asset Management, LLC(3)(4)(29)(30) Specialty finance equity investment N/A N/A 50,000,000  382  2,137 
382  2,137  —  %
Automotive services
CD&R Value Building Partners I, L.P. (dba Belron)(3)(5)(29)(30)(31) LP Interest N/A N/A 73,986  77,334  98,478 
Metis HoldCo, Inc. (dba Mavis Tire Express Services)(3)(4)(6)(30) Series A Convertible Preferred Stock N/A 7.00% N/A 182,000  248,320  251,546 
Percheron Horsepower-A LP (dba Big Brand Tire & Service)(3)(5)(22)(29)(30)(31) Limited Partner Interest N/A N/A 1,509,287  12,207  14,517 
337,861  364,541  4.9  %
Buildings and real estate
Dodge Construction Network Holdings, L.P.(3)(4)(29)(30) Class A-2 Common Units N/A N/A 2,613,518  1,920  314 
Dodge Construction Network Holdings, L.P.(3)(4)(6)(30) Series A Preferred Units N/A 8.25% N/A —  50  32 
1,970  346  —  %
Business services
Hercules Buyer, LLC (dba The Vincit Group)(3)(4)(29)(30)(33) Common Units N/A N/A 2,640,000  2,728  3,812 
Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)(3)(4)(10)(30) Perpetual Preferred Stock S+ 10.75% N/A 12,600  17,375  17,318 
20,103  21,130  0.3  %
Consumer products
ASP Conair Holdings LP(3)(4)(29)(30) Class A Units N/A N/A 73,571  7,442  1,195 
7,442  1,195  —  %
Containers and packaging
TCB Holdings I LLC (dba TricorBraun)(3)(4)(6)(30) Class A Preferred Units N/A 14.00% N/A 43,500  47,978  46,058 
47,978  46,058  0.6  %
Financial services
Blend Labs, Inc.(3)(4)(29)(30) Warrants N/A N/A 179,529  975  1 
Snowbird Manager LP(3)(5)(29)(30)(31) Limited Partner Interest N/A N/A 786,491  4,225  4,212 
5,200  4,213  0.1  %
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Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
Interest
Company(1)(25) Investment Ref. Rate Cash PIK Maturity Date Par / Units Amortized Cost(2)(27) Fair Value % of Net Assets
Food and beverage
Hissho Sushi Holdings, LLC(3)(4)(29)(30) Class A Units N/A N/A 15,004  129  189 
129  189  —  %
Healthcare equipment and services
KPCI Co-Invest 2, L.P.(3)(4)(29)(30)(31) Class A Units N/A N/A 851,604  8,516  8,516 
Maia Aggregator, LP(3)(4)(29)(30) Class A-2 Units N/A N/A 280,899  268  292 
Patriot Holdings SCSp (dba Corza Health, Inc.)(3)(4)(6)(30)(31) Class A Units N/A 8.00% N/A 9,739  14,030  14,020 
Patriot Holdings SCSp (dba Corza Health, Inc.)(3)(4)(29)(30)(31) Class B Units N/A N/A 134,107  266  975 
Rhea Acquisition Holdings, LP(3)(4)(29)(30) Series A-2 Units N/A N/A 238,095  260  245 
23,340  24,048  0.3  %
Healthcare providers and services
Baypine Commander Co-Invest, LP(3)(4)(29)(30)(31) LP Interest N/A N/A 3,067,771  3,086  3,360 
KOBHG Holdings, L.P. (dba OB Hospitalist)(3)(4)(29)(30) Class A Interests N/A N/A 9,687  9,376  11,450 
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)(3)(4)(29)(30) Class A Interest N/A N/A 542  5,522  7,526 
Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers)(3)(4)(6)(30) Series A Preferred Stock N/A 15.00% N/A 15,050  19,792  16,763 
XOMA Corporation(3)(4)(29)(30) Warrants N/A N/A 36,000  269  346 
38,045  39,445  0.5  %
Healthcare technology
BEHP Co-Investor II, L.P.(3)(4)(29)(30)(31) LP Interest N/A N/A 1,269,969  823  1,834 
Minerva Holdco, Inc.(3)(4)(6)(30) Senior A Preferred Stock N/A 10.75% N/A 9,000  13,460  13,558 
ModMed Software Midco Holdings, Inc. (dba ModMed)(3)(4)(6)(30) Series A Preferred Units N/A 13.00% N/A 170  181  182 
WP Irving Co-Invest, L.P.(3)(4)(29)(30)(31) Partnership Units N/A N/A 1,250,000  729  1,805 
15,193  17,379  0.2  %
Household products
Rome Topco Holdings, LLC (dba SimpliSafe)(3)(4)(29)(30) Class A Units N/A N/A 1,955  1,955  1,955 
Rome Topco Holdings, LLC (dba SimpliSafe)(3)(4)(29)(30) Class B Units N/A N/A 1,954,656  —  — 
1,955  1,955  —  %
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Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
Interest
Company(1)(25) Investment Ref. Rate Cash PIK Maturity Date Par / Units Amortized Cost(2)(27) Fair Value % of Net Assets
Human resource support services
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)(3)(4)(6)(30) Series A Preferred Stock N/A 10.50% N/A 51,250  75,162  66,872 
75,162  66,872  0.9  %
Infrastructure and environmental services
Valor Compute Infrastructure L.P.(3)(4)(22)(29)(30)(31) LP Interest N/A N/A $ 1,583  1,583  1,583 
VCI Intermediate TopCo 1 LLC(3)(4)(29)(30)(31) Class B Units N/A N/A $ 4,523  4,524  4,522 
6,107  6,105  0.1  %
Insurance
Accelerate Topco Holdings, LLC(3)(4)(29)(30) Common Units N/A N/A 5,641  254  249 
Evolution Parent, LP (dba SIAA)(3)(4)(29)(30) LP Interest N/A N/A 51,757  5,279  6,685 
GoHealth, Inc.(3)(4)(29)(30) Common stock N/A N/A 33,357  186  — 
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)(3)(4)(29)(30) LP Interest N/A N/A 124,940  1,253  1,312 
Hockey Parent Holdings, L.P.(3)(4)(29)(30) Class A Common Units N/A N/A 17,500  18,225  22,045 
PCF Holdco, LLC (dba Trucordia)(3)(4)(29)(30) Warrants N/A N/A 1,624,016  5,437  4,270 
PCF Holdco, LLC (dba Trucordia)(3)(4)(6)(30) Preferred equity N/A 14.00% N/A 20,983  24,397  31,060 
55,031  65,621  0.9  %
Internet software and services
AlphaSense, LLC(3)(4)(29)(30) Series E Preferred Shares N/A N/A 16,929  153  211 
Bird Holding B.V. (fka MessageBird Holding B.V.)(3)(4)(29)(30)(31) Extended Series C Warrants N/A N/A 148,430  790  166 
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(3)(4)(29)(30) Common Units N/A N/A 9,233,282  10,049  15,495 
Elliott Alto Co-Investor Aggregator L.P.(3)(4)(29)(30)(31) LP Interest N/A N/A 6,007  7,542  13,787 
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)(3)(4)(29)(30)(31) LP Interest N/A N/A —  1,817  2,255 
Nscale Global Holdings Limited(3)(4)(29)(30)(31) Series B Preferred Shares N/A N/A 9,657  3,669  3,669 
Nscale Global Holdings Limited(3)(4)(29)(30)(31) Preferred equity N/A N/A 5,502  5,502  5,502 
Project Alpine Co-Invest Fund, LP(3)(4)(29)(30)(31) LP Interest N/A N/A 12,000  12,582  15,759 
Project Hotel California Co-Invest Fund, L.P.(3)(29)(30)(31) LP Interest N/A N/A 4,027  4,182  6,555 
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Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
Interest
Company(1)(25) Investment Ref. Rate Cash PIK Maturity Date Par / Units Amortized Cost(2)(27) Fair Value % of Net Assets
Thunder Topco L.P. (dba Vector Solutions)(3)(4)(29)(30) Common Units N/A N/A 5,968,267  6,324  7,100 
VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.)(3)(4)(6)(30) Series A Preferred Stock N/A 12.00% N/A 21,250  27,761  31,440 
WMC Bidco, Inc. (dba West Monroe)(3)(4)(6)(30) Senior Preferred Stock N/A 11.25% N/A 50,077  77,502  78,491 
Zoro TopCo, L.P.(3)(4)(29)(30) Class A Common Units N/A N/A 1,064,900  10,830  11,952 
Zoro TopCo, Inc.(3)(4)(9)(30) Series A Preferred Equity S+ 9.50% N/A 4,222  6,119  6,275 
174,822  198,657  2.7  %
Manufacturing
Gloves Holdings, LP (dba Protective Industrial Products)(3)(4)(29)(30) LP Interest N/A N/A 48,099  5,395  7,455 
Windows Entities(3)(4)(30)(31)(32) LLC Units N/A N/A 31,844  60,319  138,637 
65,714  146,092  2.0  %
Total non-controlled/non-affiliated portfolio company equity investments $ 879,437  $ 1,027,662  13.9  %
Total non-controlled/non-affiliated portfolio company investments $ 14,060,097  $ 13,995,055  189.2  %
Non-controlled/affiliated portfolio company investments
Debt Investments(7)
Education
Pluralsight, LLC(3)(4)(9)(24) First lien senior secured loan S+ 3.00% 1.50% 8/2029 23,187  23,110  22,723 
Pluralsight, LLC(3)(4)(9)(24)(28) First lien senior secured loan S+ 7.50% 8/2029 26,609  25,749  21,753 
48,859  44,476  0.6  %
Specialty retail
Ideal Image Development, LLC(3)(4)(9)(22)(24)(28) First lien senior secured loan S+ 6.50% 2/2029 11,840  10,695  — 
Ideal Image Development, LLC(3)(4)(9)(22)(24)(28) First lien senior secured revolving loan S+ 6.00% 2/2029 2,382  2,255  1,398 
12,950  1,398  —  %
Total non-controlled/affiliated debt investments 61,809  45,874  0.6  %
Total non-controlled/affiliated misc. debt commitments(22)(23)(Note 8) $ —  $ (266) —  %
Total non-controlled/affiliated portfolio company debt investments $ 61,809  $ 45,608  0.6  %
Equity Investments
Asset based lending and fund finance
Blue Owl Cross-Strategy Opportunities 2025-1 LLC (fka Blue Owl Cross-Strategy Opportunities LLC)(3)(5)(24)(26)(30)(31)(34) Specialty finance equity investment N/A N/A 62,042  62,042  61,927 
62,042  61,927  0.8  %
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Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
Interest
Company(1)(25) Investment Ref. Rate Cash PIK Maturity Date Par / Units Amortized Cost(2)(27) Fair Value % of Net Assets
Education
Paradigmatic Holdco LLC (dba Pluralsight)(3)(4)(24)(29)(30) Common stock N/A N/A 7,619,079  20,149  — 
20,149  —  —  %
Pharmaceuticals
LSI Financing 1 DAC(3)(4)(24)(30)(31) Specialty finance equity investment N/A N/A 6,748  6,785  6,657 
6,785  6,657  0.1  %
Specialty retail
Ideal Topco, L.P.(3)(4)(24)(29)(30) Class A-2 Common Units N/A N/A 10,365,854  —  — 
Ideal Topco, L.P.(3)(4)(24)(29)(30) Class A-1 Preferred Units N/A N/A 25,914,634  25,293  — 
25,293  —  —  %
Total non-controlled/affiliated equity portfolio company investments
 $ 114,269  $ 68,584  0.9  %
Total non-controlled/affiliated portfolio company investments $ 176,078  $ 114,192  1.5  %
Controlled/affiliated portfolio company investments
Debt Investments(7)
Advertising and media
Swipe Acquisition Corporation (dba PLI)(3)(4)(8)(24) First lien senior secured loan S+ 8.00% 11/2027 72,529  72,501  72,529 
Swipe Acquisition Corporation (dba PLI)(3)(4)(8)(22)(24) First lien senior secured loan S+ 5.00% 11/2027 42,489  42,256  42,382 
114,757  114,911  1.6  %
Asset based lending and fund finance
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(3)(4)(6)(24)(31) Specialty finance debt investment N/A 12.00% 7/2030 68,514  68,385  68,514 
AAM Series 2.1 Aviation Feeder, LLC(3)(4)(6)(24)(31) Specialty finance debt investment N/A 12.00% 11/2030 88,783  88,619  88,783 
157,004  157,297  2.1  %
Distribution
PS Operating Company LLC (fka QC Supply, LLC)(4)(9)(24)(28) First lien senior secured loan S+ 6.26% 12/2026 16,985  13,366  4,161 
PS Operating Company LLC (fka QC Supply, LLC)(4)(9)(22)(24)(28) First lien senior secured revolving loan S+ 6.00% 12/2026 4,594  3,513  (7)
16,879  4,154  0.1  %
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Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
Interest
Company(1)(25) Investment Ref. Rate Cash PIK Maturity Date Par / Units Amortized Cost(2)(27) Fair Value % of Net Assets
Household products
Walker Edison Furniture Company LLC(3)(4)(9)(22)(24)(28) First lien senior secured loan S+ 6.75% 3/2027 51,391  25,259  483 
Walker Edison Furniture Company LLC(3)(4)(6)(22)(24)(28) First lien senior secured loan N/A 10.00% 2/2026 14,537  14,188  14,648 
Walker Edison Furniture Company LLC(3)(4)(9)(22)(24)(28) First lien senior secured revolving loan S+ 6.25% 3/2027 14,575  13,355  — 
52,802  15,131  0.2  %
Infrastructure and environmental services
Eagle Infrastructure Services, LLC(4)(9)(24) First lien senior secured loan S+ 7.50% 4/2028 87,138  86,239  87,138 
86,239  87,138  1.2  %
Specialty retail
Notorious Holdings LLC (dba Beauty Industry Group)(3)(4)(9)(24) First lien senior secured loan S+ 9.00% 12/2031 20,641  20,436  20,435 
Notorious Topco, LLC (dba Beauty Industry Group)(3)(4)(9)(24) First lien senior secured loan S+ 7.25% 12/2030 43,003  42,815  42,788 
63,251  63,223  0.9  %
Total controlled/affiliated debt portfolio company investments $ 490,932  $ 441,854  6.0  %
Total controlled/affiliated misc. debt commitments(22)(23)(Note 8) (44) (87) —  %
Total controlled/affiliated debt portfolio company investments $ 490,888  $ 441,767  6.0  %
Equity Investments
Advertising and media
New PLI Holdings, LLC (dba PLI)(3)(4)(24)(29)(30) Class A Common Units N/A N/A 86,745  48,007  87,401 
48,007  87,401  1.2  %
Asset based lending and fund finance
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(3)(4)(22)(24)(29)(30)(31) Specialty finance equity investment N/A N/A 30,937  31,431  40,556 
AAM Series 2.1 Aviation Feeder, LLC(3)(4)(24)(29)(30)(31) Specialty finance equity investment N/A N/A 34,308  35,325  54,374 
Wingspire Capital Holdings LLC(3)(4)(22)(24)(26)(30) Specialty finance equity investment N/A N/A 501,000  500,552  607,284 
567,308  702,214  9.5  %
Distribution
PS Op Holdings LLC (fka QC Supply, LLC)(4)(24)(29)(30) Class A Common Units N/A N/A 248,271  4,300  — 
4,300  —  —  %
Household products
Walker Edison Holdco LLC(3)(4)(24)(29)(30) Common Units N/A N/A 318,823  23,762  — 
23,762  —  —  %
60
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Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
Interest
Company(1)(25) Investment Ref. Rate Cash PIK Maturity Date Par / Units Amortized Cost(2)(27) Fair Value % of Net Assets
Infrastructure and environmental services
Eagle Infrastructure Services, LLC(4)(24)(29)(30) Common Units N/A N/A 576,276  24,058  58,384 
24,058  58,384  0.8  %
Insurance
Fifth Season Investments LLC(3)(4)(24)(30) Specialty finance equity investment N/A N/A 36  364,593  403,170 
364,593  403,170  5.5  %
Joint ventures
Blue Owl Credit SLF LLC(3)(5)(24)(26)(30)(31) LLC Interest N/A N/A 421,348  421,353  415,248 
Blue Owl Leasing LLC(3)(5)(24)(26)(29)(30)(31) LLC Interest N/A N/A 860  860  857 
422,213  416,105  5.6  %
Pharmaceuticals
LSI Financing LLC(3)(5)(22)(24)(30)(31) Specialty finance equity investment N/A N/A 194,833  194,504  210,634 
194,504  210,634  2.8  %
Specialty retail
Notorious Purchaser II, Inc. (dba Beauty Industry Group)(3)(4)(24)(29)(30) Class B Common Stock N/A N/A 3,440  41,971  41,971 
41,971  41,971  0.6  %
Total controlled/affiliated equity company investments $ 1,690,716  $ 1,919,879  26.0  %
Total controlled/affiliated portfolio company investments $ 2,181,604  $ 2,361,646  31.9  %
Total Investments $ 16,417,779  $ 16,470,893  222.7  %

Interest Rate Swaps as of December 31, 2025
Company Receives Company Pays Maturity Date Notional Amount Fair Value Upfront Payments/Receipts Change in Unrealized Appreciation / (Depreciation) Hedged Instrument Footnote Reference
Interest rate swap 2.63%
S + 1.769%
 1/15/2027 $ 500,000  $ (13,370) $ —  $ 18,461  2027 Notes Notes 5 and 7
Interest rate swap 5.95%
S + 2.255%
 2/15/2029 600,000  3,645  —  8,799  2029 Notes Notes 5 and 7
Interest rate swap 5.95%
S + 1.922%
 2/15/2029 400,000  7,185  —  8,441  2029 Notes Notes 5 and 7
Interest rate swap 6.20%
S + 2.392%
 7/15/2030 500,000  5,663  —  5,663  2030 Notes Notes 5 and 7
Total $ 2,000,000  $ 3,123  $ 41,364 
Forward Contracts as of December 31, 2025
Notional Amount to be Purchased Notional Amount to be Sold Counterparty Settlement Date Change in Unrealized Appreciation / (Depreciation)
Foreign currency forward contract $ 126,248  £ 94,190  Goldman Sachs Bank USA 1/20/2026 $ (668)
Foreign currency forward contract $ 19,549  £ 14,775  SMBC 1/20/2026 (359)
Foreign currency forward contract $ 247,528  € 208,670  Goldman Sachs Bank USA 7/17/2026 256 
Foreign currency forward contract $ 6,296  € 5,301  SMBC 7/17/2026 15 
Foreign currency forward contract $ 1,685  A$ 2,580  Goldman Sachs Bank USA 1/20/2026 (37)
Total $ (793)
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Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
_______________
(1)Certain portfolio company investments are subject to contractual restrictions on sales. Refer to footnote 30 for additional information on the Company’s restricted securities.
(2)The amortized cost represents the original cost adjusted for the amortization or accretion of premium or discount, as applicable, on debt investments using the effective interest method.
(3)Represents co-investment made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. See “Note 3 — Agreements and Related Party Transactions.”
(4)These investments were valued using unobservable inputs and are considered Level 3 investments.
(5)Investment measured at NAV.
(6)Investment contains a fixed-rate structure.
(7)Unless otherwise indicated, loan contains a variable rate structure and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the Secured Overnight Financing Rate (“SOFR” or “S,” which can include one-, three-, six- or twelve-month SOFR), Euro Interbank Offered Rate (“EURIBOR” or “E”, which can include one-, three- or six-month EURIBOR), Canadian Overnight Repo Rate Average (“CORRA” or “C”) (which can include one- or three-month CORRA), SONIA (“SONIA” or “SA”), Australian Bank Bill Swap Bid Rate (“BBSY” or “B”) (which can include one-, three-, or six-month BBSY) or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate), at the borrower’s option, and which reset periodically based on the terms of the loan agreement.
(8)The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2025 was 3.69%.
(9)The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2025 was 3.65%.
(10)The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2025 was 3.57%.
(11)Reserved.
(12)The interest rate on these loans is subject to Prime, which as of December 31, 2025 was 6.75%.
(13)The interest rate on this loan is subject to 1 month EURIBOR, which as of December 31, 2025 was 1.94%.
(14)The interest rate on this loan is subject to 3 month EURIBOR, which as of December 31, 2025 was 2.03%.
(15)Reserved.
(16)Reserved.
(17)The interest rate on this loan is subject to 3 month BBSY, which as of December 31, 2025 was 3.74%.
(18)Reserved.
(19)The interest rate on this loan is subject to SONIA, which as of December 31, 2025 was 3.73%.
(20)Reserved.
(21)Reserved.
(22)Position or portion thereof is a partially unfunded debt or equity commitment. See “Note 8 — Commitments and Contingencies.”
Unfunded
Company Commitment Type Commitment Expiration Date Funded Commitment
Commitment
Fair Value(23)
Non-controlled/non-affiliated - debt commitments
Aerosmith Bidco 1 Limited (dba Audiotonix) First lien senior secured delayed draw term loan 7/2027 $ —  $ 76,215  $ — 
AI Titan Parent, Inc. (dba Prometheus Group) First lien senior secured delayed draw term loan 9/2026 340  1,170  — 
AlphaSense, Inc. First lien senior secured delayed draw term loan 6/2029 —  143  — 
AmeriLife Holdings LLC First lien senior secured delayed draw term loan 6/2026 1,895  87  — 
Arctic Holdco, LLC (dba Novvia Group) First lien senior secured delayed draw term loan 1/2027 6,688  4,130  — 
Arctic US Bidco, Inc. (dba ThermoSafe) First lien senior secured delayed draw term loan 11/2027 —  20,833  (52)
Artifact Bidco, Inc. (dba Avetta) First lien senior secured delayed draw term loan 7/2027 —  2,940  — 
Associations, Inc. First lien senior secured delayed draw term loan 7/2028 14,458  19,280  — 
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Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
Unfunded
Company Commitment Type Commitment Expiration Date Funded Commitment
Commitment
Fair Value(23)
Bamboo US BidCo LLC First lien senior secured delayed draw term loan 11/2026 856  173  — 
Brightway Holdings, LLC First lien senior secured delayed draw term loan 1/2027 17,919  5,684  — 
Cambrex Corporation First lien senior secured delayed draw term loan 3/2027 —  117  — 
Cambrex Corporation First lien senior secured delayed draw term loan 9/2026 —  219  — 
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC) First lien senior secured delayed draw term loan 6/2026 2,010  2,463  — 
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC) First lien senior secured delayed draw term loan 1/2027 112  8,843  — 
CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.) First lien senior secured delayed draw term loan 9/2027 510  8,827  — 
CivicPlus, LLC First lien senior secured delayed draw term loan 5/2027 9,611  6,679  — 
CMG HoldCo, LLC (dba Crete United) First lien senior secured delayed draw term loan 7/2027 429  850  (1)
Commander Buyer, Inc. (dba CenExel) First lien senior secured delayed draw term loan 6/2027 —  15,339  — 
Coupa Holdings, LLC First lien senior secured delayed draw term loan 6/2027 —  140  — 
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) First lien senior secured delayed draw term loan 7/2027 600  2,462  — 
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) First lien senior secured delayed draw term loan 8/2027 —  740  (4)
DCG ACQUISITION CORP. (dba DuBois Chemical) First lien senior secured delayed draw term loan 6/2026 8,636  3,532  — 
DuraServ LLC First lien senior secured delayed draw term loan 11/2027 —  29,004  (145)
EresearchTechnology, Inc. (dba Clario) First lien senior secured delayed draw term loan 1/2027 2,272  13,957  — 
Essential Services Holding Corporation (dba Turnpoint) First lien senior secured delayed draw term loan 6/2026 —  5,093  (64)
Eternal Buyer, LLC (dba Wedgewood Weddings) First lien senior secured delayed draw term loan 6/2027 —  7,000  — 
FR Flow Control CB LLC (dba Trillium Flow Technologies) First lien senior secured delayed draw term loan 6/2026 —  6,380  — 
Galls, LLC First lien senior secured delayed draw term loan 3/2026 34,080  6,752  — 
Galway Borrower LLC First lien senior secured delayed draw term loan 7/2026 634  2,471  — 
GS Acquisitionco, Inc. (dba insightsoftware) First lien senior secured delayed draw term loan 5/2027 —  888  (7)
GS Acquisitionco, Inc. (dba insightsoftware) First lien senior secured delayed draw term loan 3/2026 121  204  — 
Hercules Borrower, LLC (dba The Vincit Group) First lien senior secured delayed draw term loan 12/2028 —  6,996  — 
Horizon Avionics Buyer, LLC (dba Acron Aviation) First lien senior secured delayed draw term loan 11/2027 —  6,410  (16)
Indigo Buyer, Inc. (dba Inovar Packaging Group) First lien senior secured delayed draw term loan 7/2026 2,452  4,522  — 
Integrity Marketing Acquisition, LLC First lien senior secured delayed draw term loan 8/2026 —  6,224  — 
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Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
Unfunded
Company Commitment Type Commitment Expiration Date Funded Commitment
Commitment
Fair Value(23)
Interoperability Bidco, Inc. (dba Lyniate) First lien senior secured delayed draw term loan 6/2026 —  4,762  (24)
Klick Inc. First lien senior secured delayed draw term loan 11/2027 —  7,659  (19)
KRIV Acquisition Inc. (dba Riveron) First lien senior secured delayed draw term loan 9/2027 —  1,655  — 
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials) First lien senior secured delayed draw term loan 8/2027 44,410  1,001  — 
Lakefield Acquisition Corp. (dba Lakefield Veterinary Group) First lien senior secured delayed draw term loan 9/2026 83  317  — 
Lightbeam Bidco, Inc. (dba Lazer Spot) First lien senior secured delayed draw term loan 12/2027 356  498  — 
Litera Bidco LLC First lien senior secured delayed draw term loan 11/2026 32,993  2,908  — 
Litera Bidco LLC First lien senior secured delayed draw term loan 5/2027 —  15,101  — 
MAJCO LLC (dba Big Brand Tire & Service) First lien senior secured delayed draw term loan 9/2027 7,204  29,586  — 
Maple Acquisition, LLC (dba Medicus) First lien senior secured delayed draw term loan 5/2026 —  16,172  — 
Monotype Imaging Holdings Inc. First lien senior secured delayed draw term loan 2/2026 3,214  9,308  — 
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A. First lien senior secured EUR delayed draw term loan 3/2027 —  21,742  (178)
Nelipak Holding Company First lien senior secured delayed draw term loan 3/2027 6,262  3,848  — 
Packaging Coordinators Midco, Inc. First lien senior secured delayed draw term loan 4/2026 782  2,324  — 
Packaging Coordinators Midco, Inc. First lien senior secured delayed draw term loan 4/2026 —  21,550  — 
Paris US Holdco, Inc. (dba Precinmac) First lien senior secured delayed draw term loan 12/2026 —  7,442  — 
PerkinElmer U.S. LLC First lien senior secured delayed draw term loan 10/2027 —  4,907  — 
Premise Health Holding Corp. First lien senior secured delayed draw term loan 11/2027 —  6,932  (35)
RL Datix Holdings (USA), Inc. First lien senior secured delayed draw term loan 4/2027 —  12,722  — 
Salinger Bidco Inc. (dba Surgical Information Systems) First lien senior secured delayed draw term loan 8/2026 —  3,996  — 
Sentinel Buyer Corp. (dba SimpliSafe) First lien senior secured delayed draw term loan 11/2027 —  3,358  (17)
Severin Acquisition, LLC (dba PowerSchool) First lien senior secured delayed draw term loan 10/2027 66  248  — 
SimonMed, Inc. First lien senior secured delayed draw term loan 2/2027 101  44  — 
Simplicity Financial Marketing Group Holdings, Inc. First lien senior secured delayed draw term loan 12/2026 5,202  5,702  — 
Smarsh Inc. First lien senior secured delayed draw term loan 1/2027 —  373  — 
Soleo Holdings, Inc. First lien senior secured delayed draw term loan 2/2027 —  8,651  — 
Sonny's Enterprises, LLC First lien senior secured delayed draw term loan 6/2027 12,896  14,737  — 
Spaceship Purchaser, Inc. (dba Squarespace) First lien senior secured delayed draw term loan 10/2027 —  2,492  — 
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Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
Unfunded
Company Commitment Type Commitment Expiration Date Funded Commitment
Commitment
Fair Value(23)
Spotless Brands, LLC First lien senior secured delayed draw term loan 3/2027 4,261  25,239  — 
STS PARENT, LLC (dba STS Aviation Group) First lien senior secured delayed draw term loan 10/2026 —  32,025  (160)
Tamarack Intermediate, L.L.C. (dba Verisk 3E) First lien senior secured delayed draw term loan 7/2027 140  337  — 
TBRS, Inc. (dba TEAM Technologies) First lien senior secured delayed draw term loan 11/2026 —  4,887  — 
Themis Solutions Inc. (dba Clio) First lien senior secured delayed draw term loan 10/2027 —  3,750  (38)
THG Acquisition, LLC (dba Hilb) First lien senior secured delayed draw term loan 10/2026 2,526  6,172  — 
Troon Golf, L.L.C. First lien senior secured delayed draw term loan 9/2026 6,185  6,248  — 
Unified Women's Healthcare, LP First lien senior secured delayed draw term loan 9/2027 —  3,086  — 
Vensure Employer Services, Inc. First lien senior secured delayed draw term loan 9/2026 —  31  — 
Vessco Midco Holdings, LLC First lien senior secured delayed draw term loan 7/2026 12,599  2,642  — 
Vessco Midco Holdings, LLC First lien senior secured delayed draw term loan 5/2028 —  14,139  — 
Wipfli Advisory LLC First lien senior secured delayed draw term loan 4/2028 —  9,837  (14)
Wrench Group LLC First lien senior secured delayed draw term loan 9/2027 —  13,728  — 
WU Holdco, Inc. (dba PurposeBuilt Brands) First lien senior secured delayed draw term loan 4/2027 —  22,823  — 
Zendesk, Inc. First lien senior secured delayed draw term loan 5/2026 —  7,963  — 
Aerosmith Bidco 1 Limited (dba Audiotonix) First lien senior secured revolving loan 7/2030 —  32,230  — 
AI Titan Parent, Inc. (dba Prometheus Group) First lien senior secured revolving loan 8/2031 —  943  (9)
AmeriLife Holdings LLC First lien senior secured revolving loan 8/2028 167  833  — 
Anaplan, Inc. First lien senior secured revolving loan 6/2028 —  11,667  — 
Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC)* First lien senior secured revolving loan 7/2027 3,554  —  — 
Aptean Acquiror, Inc. (dba Aptean) First lien senior secured revolving loan 1/2031 437  1,092  — 
Arctic US Bidco, Inc. (dba ThermoSafe) First lien senior secured multi-currency revolving loan 11/2032 —  6,944  (35)
Arctic Holdco, LLC (dba Novvia Group) First lien senior secured revolving loan 1/2031 1,304  5,941  — 
Artifact Bidco, Inc. (dba Avetta) First lien senior secured revolving loan 7/2030 —  2,100  — 
Ascend Buyer, LLC (dba PPC Flexible Packaging) First lien senior secured revolving loan 9/2028 1,140  7,004  — 
Associations, Inc. First lien senior secured revolving loan 7/2028 —  27,139  — 
AWP Group Holdings, Inc. First lien senior secured revolving loan 12/2030 60  66  — 
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.) First lien senior secured revolving loan 3/2031 —  1,758  — 
Baker Tilly Advisory Group, LP First lien senior secured revolving loan 6/2030 —  16,190  — 
Bamboo US BidCo LLC First lien senior secured revolving loan 10/2029 —  1,538  — 
Bayshore Intermediate #2, L.P. (dba Boomi) First lien senior secured revolving loan 10/2027 1,832  5,555  — 
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Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
Unfunded
Company Commitment Type Commitment Expiration Date Funded Commitment
Commitment
Fair Value(23)
BCPE Osprey Buyer, Inc. (dba PartsSource) First lien senior secured revolving loan 8/2026 14,584  2,917  — 
BCTO BSI Buyer, Inc. (dba Buildertrend) First lien senior secured revolving loan 12/2028 —  9,563  — 
Belmont Buyer, Inc. (dba Valenz) First lien senior secured revolving loan 6/2029 —  436  — 
Blast Bidco Inc. (dba Bazooka Candy Brands) First lien senior secured revolving loan 10/2029 —  4,440  — 
BP Veraison Buyer, LLC (dba Sun World) First lien senior secured revolving loan 5/2029 —  27,932  — 
Bristol Hospice L.L.C. First lien senior secured revolving loan 8/2032 —  4,007  — 
Brightway Holdings, LLC First lien senior secured revolving loan 12/2027 1,739  3,524  — 
By Light Professional IT Services LLC First lien senior secured revolving loan 7/2031 —  3,178  (48)
Cambrex Corporation First lien senior secured revolving loan 3/2032 6  96  — 
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.) First lien senior secured revolving loan 8/2027 205  1,469  — 
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC) First lien senior secured revolving loan 6/2029 —  2,239  — 
CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.) First lien senior secured revolving loan 1/2030 —  3,112  — 
CivicPlus, LLC First lien senior secured revolving loan 8/2030 —  4,887  — 
CMG HoldCo, LLC (dba Crete United) First lien senior secured revolving loan 11/2030 —  281  (1)
Commander Buyer, Inc. (dba CenExel) First lien senior secured revolving loan 6/2032 —  10,226  — 
Coupa Holdings, LLC First lien senior secured revolving loan 2/2029 —  107  — 
Creek Parent, Inc. (dba Catalent) First lien senior secured revolving loan 12/2031 —  16,401  (82)
Crewline Buyer, Inc. (dba New Relic) First lien senior secured revolving loan 11/2030 —  14,870  (112)
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) First lien senior secured revolving loan 8/2031 —  7,663  — 
DCG ACQUISITION CORP. (dba DuBois Chemical) First lien senior secured revolving loan 6/2031 —  12,168  (122)
Deerfield Dakota Holdings First lien senior secured revolving loan 9/2032 —  10,864  (54)
Delinea Buyer, Inc. (f/k/a Centrify) First lien senior secured revolving loan 3/2027 —  6,817  — 
Denali Intermediate Holdings, Inc. (dba Dun & Bradstreet) First lien senior secured revolving loan 8/2032 —  7,736  (116)
Diamond Mezzanine 24 LLC (dba United Risk) First lien senior secured revolving loan 10/2030 380  808  — 
Dresser Utility Solutions, LLC First lien senior secured revolving loan 3/2029 —  9,481  — 
DuraServ LLC First lien senior secured revolving loan 6/2030 2,397  15,579  — 
Eagle Family Foods Group LLC First lien senior secured revolving loan 8/2030 —  303  — 
EET Buyer, Inc. (dba e-Emphasys) First lien senior secured revolving loan 11/2027 —  2,409  — 
Einstein Parent, Inc. (dba Smartsheet) First lien senior secured revolving loan 1/2031 —  4,488  (34)
Essential Services Holding Corporation (dba Turnpoint) First lien senior secured revolving loan 6/2030 1,273  1,910  — 
EresearchTechnology, Inc. (dba Clario) First lien senior secured revolving loan 10/2031 —  8,114  — 
Eternal Buyer, LLC (dba Wedgewood Weddings) First lien senior secured revolving loan 6/2032 —  7,000  (35)
Evolution BuyerCo, Inc. (dba SIAA) First lien senior secured revolving loan 4/2030 —  52  — 
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Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
Unfunded
Company Commitment Type Commitment Expiration Date Funded Commitment
Commitment
Fair Value(23)
Fiesta Purchaser, Inc. (dba Shearer's Foods) First lien senior secured revolving loan 2/2029 956  7,241  — 
Flexera Software LLC First lien senior secured revolving loan 8/2032 —  1,348  (3)
Fortis Solutions Group, LLC First lien senior secured revolving loan 10/2027 1,053  2,557  — 
Foundation Consumer Brands, LLC First lien senior secured revolving loan 2/2029 —  4,791  (24)
FR Flow Control CB LLC (dba Trillium Flow Technologies) First lien senior secured revolving loan 12/2029 —  5,220  — 
Gainsight, Inc. First lien senior secured revolving loan 7/2027 —  4,537  — 
Galls, LLC First lien senior secured revolving loan 3/2030 5,320  11,048  — 
Galway Borrower LLC First lien senior secured revolving loan 9/2028 69  323  — 
Gaylord Chemical Company, L.L.C. First lien senior secured revolving loan 12/2027 10,648  6,526  — 
Gerson Lehrman Group, Inc. First lien senior secured revolving loan 12/2028 —  7,891  — 
GI Apple Midco LLC (dba Atlas Technical Consultants) First lien senior secured revolving loan 4/2029 50  61  — 
GI Ranger Intermediate, LLC (dba Rectangle Health) First lien senior secured revolving loan 10/2027 272  1,770  — 
Granicus, Inc. First lien senior secured revolving loan 1/2031 —  2,467  — 
GS Acquisitionco, Inc. (dba insightsoftware) First lien senior secured revolving loan 5/2028 92  156  — 
H&F Opportunities LUX III S.À R.L (dba Checkmarx) First lien senior secured revolving loan 4/2027 —  16,250  — 
Hercules Borrower, LLC (dba The Vincit Group) First lien senior secured revolving loan 12/2028 —  10,835  — 
Horizon Avionics Buyer, LLC (dba Acron Aviation) First lien senior secured revolving loan 3/2032 628  2,577  — 
HGH Purchaser, Inc. (dba Horizon Services) First lien senior secured revolving loan 11/2028 10,806  5,825  — 
Hissho Parent, LLC First lien senior secured revolving loan 5/2029 —  2,379  — 
Hyland Software, Inc. First lien senior secured revolving loan 9/2029 —  3,198  — 
Icefall Parent, Inc. (dba EngageSmart) First lien senior secured revolving loan 1/2030 —  511  — 
IG Investments Holdings, LLC (dba Insight Global) First lien senior secured revolving loan 9/2028 —  12,513  — 
Indigo Buyer, Inc. (dba Inovar Packaging Group) First lien senior secured revolving loan 5/2028 —  200  — 
Indikami Bidco, LLC (dba IntegriChain) First lien senior secured revolving loan 6/2030 1,586  501  — 
Integrity Marketing Acquisition, LLC First lien senior secured revolving loan 8/2028 —  4,623  — 
Interoperability Bidco, Inc. (dba Lyniate) First lien senior secured revolving loan 3/2028 1,128  4,513  — 
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)* First lien senior secured revolving loan 8/2026 11,175  —  — 
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.)) First lien senior secured revolving loan 12/2028 —  4,007  — 
JS Parent, Inc. (dba Jama Software) First lien senior secured revolving loan 4/2031 —  88  — 
KABAFUSION Parent, LLC First lien senior secured revolving loan 11/2031 —  3,889  — 
Klick Inc. First lien senior secured revolving loan 11/2031 —  7,659  (38)
KRIV Acquisition Inc. (dba Riveron) First lien senior secured revolving loan 7/2031 114  1,333  — 
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials) First lien senior secured revolving loan 12/2029 —  16,029  (40)
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Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
Unfunded
Company Commitment Type Commitment Expiration Date Funded Commitment
Commitment
Fair Value(23)
Lakefield Acquisition Corp. (dba Lakefield Veterinary Group) First lien senior secured revolving loan 9/2029 —  67  — 
Lightbeam Bidco, Inc. (dba Lazer Spot) First lien senior secured revolving loan 5/2029 —  476  — 
Lignetics Investment Corp. First lien senior secured revolving loan 10/2026 —  12,353  (31)
Litera Bidco LLC First lien senior secured revolving loan 5/2028 —  8,595  — 
MAJCO LLC (dba Big Brand Tire & Service) First lien senior secured revolving loan 9/2032 —  10,511  (26)
Maple Acquisition, LLC (dba Medicus) First lien senior secured revolving loan 5/2030 —  12,129  — 
Mario Purchaser, LLC (dba Len the Plumber) First lien senior secured revolving loan 4/2028 1,766  168  — 
MHE Intermediate Holdings, LLC (dba OnPoint Group) First lien senior secured revolving loan 7/2027 7,643  11,464  — 
Milan Laser Holdings LLC First lien senior secured revolving loan 4/2027 —  8,112  (203)
MINDBODY, Inc. First lien senior secured revolving loan 9/2027 —  6,071  — 
Ministry Brands Holdings, LLC First lien senior secured revolving loan 12/2027 90  987  — 
Minotaur Acquisition, Inc. (dba Inspira Financial) First lien senior secured revolving loan 6/2030 —  20,009  — 
Modernizing Medicine, Inc. (dba ModMed) First lien senior secured revolving loan 4/2032 —  71  — 
Monotype Imaging Holdings Inc. First lien senior secured revolving loan 2/2030 —  18,843  — 
National Dentex Labs LLC (fka Barracuda Dental LLC) First lien senior secured revolving loan 4/2026 10,817  109  — 
National Dentex Labs LLC (fka Barracuda Dental LLC)* First lien senior secured revolving loan 4/2026 806  —  — 
Natural Partners, LLC First lien senior secured revolving loan 11/2030 —  557  — 
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A. First lien senior secured EUR revolving loan 3/2031 354  3,702  — 
Nelipak Holding Company First lien senior secured revolving loan 3/2031 1,132  6,413  — 
NMI Acquisitionco, Inc. (dba Network Merchants) First lien senior secured revolving loan 9/2028 —  2,210  — 
Norvax, LLC (dba GoHealth)* First lien senior secured revolving loan 8/2029 3,955  —  — 
OB Hospitalist Group, Inc. First lien senior secured revolving loan 9/2027 —  21,999  — 
Offen, Inc. First lien senior secured revolving loan 7/2029 —  2,185  (22)
Ole Smoky Distillery, LLC First lien senior secured revolving loan 3/2028 —  116  (6)
Packaging Coordinators Midco, Inc. First lien senior secured revolving loan 10/2032 —  16,889  (84)
Paris US Holdco, Inc. (dba Precinmac) First lien senior secured revolving loan 12/2031 279  3,442  — 
Patriot Acquisition TopCo S.À R.L. (dba Corza Health, Inc.) First lien senior secured revolving loan 1/2028 1,157  15,036  — 
PDI TA Holdings, Inc. First lien senior secured revolving loan 2/2031 1,338  486  — 
PetVet Care Centers, LLC First lien senior secured revolving loan 11/2029 1,830  16,469  — 
Plasma Buyer LLC (dba PathGroup)* First lien senior secured revolving loan 5/2028 159  —  — 
PPV Intermediate Holdings, LLC First lien senior secured revolving loan 8/2029 260  1,821  — 
Premise Health Holding Corp. First lien senior secured revolving loan 11/2031 —  8,920  (89)
Puma Buyer, LLC (dba PANTHERx) First lien senior secured revolving loan 3/2032 —  208  — 
QAD, Inc. First lien senior secured revolving loan 11/2027 —  9,429  — 
Quva Pharma, Inc. First lien senior secured revolving loan 4/2026 3,835  1,347  — 
Relativity ODA LLC First lien senior secured revolving loan 5/2029 —  8,655  — 
Rhea Parent, Inc. First lien senior secured revolving loan 12/2030 —  4,480  (45)
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Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
Unfunded
Company Commitment Type Commitment Expiration Date Funded Commitment
Commitment
Fair Value(23)
RL Datix Holdings (USA), Inc. First lien senior secured revolving loan 10/2030 —  11,139  — 
Salinger Bidco Inc. (dba Surgical Information Systems) First lien senior secured revolving loan 5/2031 333  3,663  — 
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC) First lien senior secured revolving loan 7/2027 4,774  4,226  — 
Securonix, Inc. First lien senior secured revolving loan 4/2028 —  305  (30)
Sensor Technology Topco, Inc. (dba Humanetics) First lien senior secured revolving loan 5/2028 2,423  4,846  — 
Severin Acquisition, LLC (dba PowerSchool) First lien senior secured revolving loan 10/2031 —  189  (2)
Simplicity Financial Marketing Group Holdings, Inc. First lien senior secured revolving loan 12/2031 —  5,464  — 
SimonMed, Inc. First lien senior secured revolving loan 2/2031 44  53  — 
Smarsh Inc. First lien senior secured revolving loan 2/2029 77  121  — 
Soleo Holdings, Inc. First lien senior secured revolving loan 2/2032 —  8,651  — 
Soliant Lower Intermediate, LLC (dba Soliant) First lien senior secured revolving loan 6/2031 —  4,444  (878)
Sonny's Enterprises, LLC First lien senior secured revolving loan 8/2027 9,510  14,188  — 
Spaceship Purchaser, Inc. (dba Squarespace) First lien senior secured revolving loan 10/2031 —  2,076  — 
Spotless Brands, LLC First lien senior secured revolving loan 7/2028 522  2,088  — 
STS PARENT, LLC (dba STS Aviation Group) First lien senior secured revolving loan 10/2030 9,127  3,683  — 
SWK BUYER, Inc. (dba Stonewall Kitchen) First lien senior secured revolving loan 3/2029 —  140  (4)
Tamarack Intermediate, L.L.C. (dba Verisk 3E) First lien senior secured revolving loan 3/2029 —  253  — 
TBRS, Inc. (dba TEAM Technologies) First lien senior secured revolving loan 11/2030 —  5,585  (28)
Themis Solutions Inc. (dba Clio) First lien senior secured revolving loan 10/2032 —  3,125  (31)
THG Acquisition, LLC (dba Hilb) First lien senior secured revolving loan 10/2031 572  3,782  — 
Thunder Purchaser, Inc. (dba Vector Solutions) First lien senior secured revolving loan 6/2027 —  8,545  — 
Troon Golf, L.L.C. First lien senior secured revolving loan 8/2028 —  6,248  — 
Truist Insurance Holdings, LLC First lien senior secured revolving loan 5/2029 —  1,755  — 
Unified Women's Healthcare, LP First lien senior secured revolving loan 6/2029 —  177  — 
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners) First lien senior secured revolving loan 12/2029 —  5,335  — 
Valeris, Inc. (fka Phantom Purchaser, Inc.) First lien senior secured revolving loan 9/2031 —  5,443  (14)
Vessco Midco Holdings, LLC First lien senior secured revolving loan 7/2031 —  5,080  — 
Vital Bidco AB (dba Vitamin Well) First lien senior secured revolving loan 10/2030 —  14,522  — 
Wipfli Advisory LLC First lien senior secured revolving loan 10/2032 —  6,558  (19)
Wrench Group LLC First lien senior secured revolving loan 9/2031 2,562  11,165  — 
WU Holdco, Inc. (dba PurposeBuilt Brands) First lien senior secured revolving loan 4/2032 609  6,492  — 
Zendesk, Inc. First lien senior secured revolving loan 11/2028 —  9,557  — 
Total non-controlled/non-affiliated - debt commitments $ 381,852  $ 1,511,879  $ (3,039)
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Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
Unfunded
Company Commitment Type Commitment Expiration Date Funded Commitment
Commitment
Fair Value(23)
Non-controlled/non-affiliated - equity commitments
Percheron Horsepower-A LP (dba Big Brand Tire & Service) Limited Partner Interest N/A $ 12,207  $ 2,006  $ — 
Valor Compute Infrastructure L.P. LP Interest N/A 1,583  2,940  — 
Total non-controlled/non-affiliated - equity commitments $ 13,790  $ 4,946  $ — 
Non-controlled/affiliated - debt commitments
Pluralsight, LLC First lien senior secured delayed draw term loan 8/2029 $ —  $ 9,524  $ (190)
Ideal Image Development, LLC First lien senior secured revolving loan 2/2029 4,821  1,887  — 
Ideal Image Development, LLC* First lien senior secured revolving loan 2/2029 468  —  — 
Pluralsight, LLC First lien senior secured revolving loan 8/2029 —  3,810  (76)
Total non-controlled/affiliated - debt commitments $ 5,289  $ 15,221  $ (266)
Controlled/affiliated - debt commitments
Walker Edison Furniture Company LLC First lien senior secured delayed draw term loan 3/2027 $ 3,097  $ 1,327  $ — 
Walker Edison Furniture Company LLC First lien senior secured delayed draw term loan 2/2026 —  958  (44)
Walker Edison Furniture Company LLC First lien senior secured delayed draw term loan 2/2026 1,531  1,228  — 
Notorious Topco, LLC (dba Beauty Industry Group) First lien senior secured revolving loan 12/2030 —  8,601  (43)
PS Operating Company LLC (fka QC Supply, LLC) First lien senior secured revolving loan 12/2026 4,594  1,500  — 
Swipe Acquisition Corporation (dba PLI) First lien senior secured revolving loan 11/2027 13,125  222  — 
Walker Edison Furniture Company LLC* First lien senior secured revolving loan 3/2027 14,575  —  — 
Total controlled/affiliated - debt commitments $ 36,922  $ 13,836  $ (87)
Controlled/affiliated - equity commitments
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC Specialty finance equity investment N/A $ 30,937  $ 45,278  $ — 
Wingspire Capital Holdings LLC Specialty finance equity investment N/A 500,552  4,448  — 
LSI Financing LLC Specialty finance equity investment N/A 194,833  79,350  — 
Total controlled/affiliated - equity commitments $ 726,322  $ 129,076  $ — 
Total Portfolio Company Commitments $ 1,164,175  $ 1,674,958  $ (3,392)
*Fully funded
(23)The negative cost and fair value results from unamortized fees, which are capitalized to the investment cost of unfunded commitments.
(24)As defined in the 1940 Act, the Company is deemed to “control” a portfolio company if the Company owns more than 25% of the portfolio company's voting securities or has the power to exercise control over management or policies, including through a management agreement. As defined in the 1940 Act, the Company is an “affiliated person” of this portfolio company if the Company owns more than 5% of the portfolio company’s outstanding voting securities. Transactions related to the Company’s investments in non-controlled affiliates and controlled affiliates for the year ended December 31, 2025, were as follows:
Company Fair value as of December 31, 2024 Gross Additions
(a)		 Gross Reductions(b) Net Change in Unrealized Gains (Losses) Realized Gains (Losses) Transfers Fair value as of December 31, 2025 Interest and PIK Income Dividend Income Other Income
Non - Controlled Affiliates
LSI Financing 1 DAC $ 4,771  $ 3,041  $ (1,001) $ (154) $ —  $ —  $ 6,657  $ —  $ 555  $ — 
LSI Financing LLC 158,824  —  —  —  —  (158,824) —  —  —  — 
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Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
Ideal Image Development, LLC 16,183  27,789  (6,618) (35,956) —  —  1,398  289  —  27 
Paradigmatic Holdco LLC (dba Pluralsight) 55,282  13,840  (114) (24,798) —  —  44,210  4,231  —  95 
Blue Owl Cross-Strategy Opportunities 2025-1 LLC (fka Blue Owl Cross-Strategy Opportunities LLC)
 —  62,042  —  (115) —  —  61,927  —  406  — 
Total $ 235,060  $ 106,712  $ (7,733) $ (61,023) $ —  $ (158,824) $ 114,192  $ 4,520  $ 961  $ 122 
Controlled Affiliates Fair value as of December 31, 2024 Gross Additions
(a)		 Gross Reductions(b) Net Change in Unrealized Gains (Losses) Realized Gains (Losses) Transfers Fair value as of December 31, 2025 Interest and PIK Income Dividend Income Other Income
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(d)
 $ 75,111  $ 29,227  $ (1,290) $ 6,022  $ —  —  $ 109,070  $ 7,359  $ —  $ — 
AAM Series 2.1 Aviation Feeder, LLC(d)
 77,680  55,580  (2,911) 12,808  —  —  143,157  8,741  —  — 
Blue Owl Credit SLF LLC(c)
 295,476  127,929  —  (8,157) —  —  415,248  —  41,392  — 
Blue Owl Leasing LLC(c)
 —  860  —  (3) —  —  857  —  —  — 
Eagle Infrastructure Services, LLC 111,801  349  —  33,372  —  —  145,522  10,824  4,738  50 
Fifth Season Investments LLC 223,274  162,235  —  17,661  —  —  403,170  —  37,727  — 
LSI Financing LLC —  178,159  (139,658) 13,310  —  158,824  210,634  —  13,049  — 
New PLI Holdings, LLC (dba PLI) 200,472  7,025  (11) (5,174) —  —  202,312  13,043  3,559  75 
Notorious Holdings LLC (dba Beauty Industry Group)
 —  105,222  —  (71) —  —  105,151  270  —  2 
PS Operating Company LLC (fka QC Supply, LLC) 2,916  995  (1,836) 2,079  —  —  4,154  —  —  — 
Walker Edison Furniture Company LLC 12,411  11,997  (1,783) (7,603) 65  —  15,087  —  —  — 
Wingspire Capital Holdings LLC 508,887  75,147  (6,000) 29,250  —  —  607,284  —  45,872  — 
Total $ 1,508,028  $ 754,725  $ (153,489) $ 93,494  $ 65  $ 158,824  $ 2,361,646  $ 40,237  $ 146,337  $ 127 
_______________
(a)Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to PIK interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments from a different category.
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Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
(b)Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, return of capital, the amortization of premiums and the exchange of one or more existing securities for one or more new securities.
(c)For further description of the Company's investment in Credit SLF and Blue Owl Leasing see “Note 4 — Investments.”
(d)In connection with its investment in Amergin Assetco the Company made a minority investment in Amergin Asset Management, LLC, which has entered into a Servicing Agreement with Amergin Assetco.
(25)Unless otherwise indicated, the Company’s portfolio companies are pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility, SPV Asset Facilities and CLOs. See “Note 5 — Debt.”
(26)Investment is not pledged as collateral for the credit facilities.
(27)As of December 31, 2025, the net estimated unrealized loss for U.S. federal income tax purposes was $26.6 million based on a tax cost basis of $16.60 billion. As of December 31, 2025, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $572.2 million and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $545.6 million.
(28)Loan was on non-accrual status as of December 31, 2025.
(29)Non-income producing.
(30)Securities acquired in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”) and may be deemed to be “restricted securities” under the Securities Act. As of December 31, 2025, the aggregate fair value of these securities is $3.02 billion or 40.8% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:

Portfolio Company Investment Acquisition Date
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC* Specialty finance equity investment 7/1/2022
AAM Series 2.1 Aviation Feeder, LLC* Specialty finance equity investment 7/1/2022
Alphasense, LLC Series E Preferred Shares 6/27/2024
Amergin Asset Management, LLC Specialty finance equity investment 7/1/2022
Accelerate Topco Holdings, LLC Common Units 9/1/2022
ASP Conair Holdings LP Class A Units 5/17/2021
Baypine Commander Co-Invest, LP LP Interest 6/24/2025
BEHP Co-Investor II, L.P. LP Interest 5/11/2022
Blend Labs, Inc. Warrants 7/2/2021
Blue Owl Credit SLF LLC** LLC Interest 8/1/2024
Blue Owl Cross-Strategy Opportunities 2025-1 LLC (fka Blue Owl Cross-Strategy Opportunities LLC)*
 Specialty finance equity investment 8/20/2025
Blue Owl Leasing LLC**
 LLC Interest 6/30/2025
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi) Common Units 10/1/2021
CD&R Value Building Partners I, L.P. (dba Belron) LP Interest 12/2/2021
Dodge Construction Network Holdings, L.P. Class A-2 Common Units 2/23/2022
Dodge Construction Network Holdings, L.P. Series A Preferred Units 2/23/2022
Eagle Infrastructure Services, LLC Common Units 3/31/2023
Elliott Alto Co-Investor Aggregator L.P. LP Interest 9/27/2022
Evolution Parent, LP (dba SIAA) LP Interest 4/30/2021
Fifth Season Investments LLC* Specialty finance equity investment 7/18/2022
Gloves Holdings, LP (dba Protective Industrial Products) LP Interest 12/29/2020
GoHealth, Inc. Common stock 8/6/2025
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)
 LP Interest 12/16/2021
Hercules Buyer, LLC (dba The Vincit Group) Common Units 12/15/2020
Hissho Sushi Holdings, LLC Class A units 5/17/2022
Hockey Parent Holdings, L.P. Class A Common Units 9/14/2023
Ideal Topco, L.P. Class A-2 Common Units 2/20/2024
Ideal Topco, L.P. Class A-1 Preferred Units 2/20/2024
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC) LP Interest 6/8/2022
Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.) Perpetual Preferred Stock 6/23/2022
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Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
Portfolio Company Investment Acquisition Date
KOBHG Holdings, L.P. (dba OB Hospitalist) Class A Interests 9/27/2021
KPCI Co-Invest 2, L.P. Class A Units 10/15/2025
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials) Class A Interest 11/30/2023
LSI Financing 1 DAC* Specialty finance equity investment 12/14/2022
LSI Financing LLC* Specialty finance equity investment 11/25/2024
Maia Aggregator, LP Class A-2 Units 2/1/2022
Metis HoldCo, Inc. (dba Mavis Tire Express Services) Series A Convertible Preferred Stock 5/4/2021
Minerva Holdco, Inc. Senior A Preferred Stock 2/15/2022
ModMed Software Midco Holdings, Inc. (dba ModMed) Series A Preferred Units 4/30/2025
New PLI Holdings, LLC (dba PLI) Class A Common Units 12/23/2020
Bird Holding B.V. (fka MessageBird Holding B.V.) Extended Series C Warrants 5/5/2021
Notorious Purchaser II, Inc. (dba Beauty Industry Group) Class B Common Stock 12/19/2025
Nscale Global Holdings Limited Preferred equity 9/29/2025
Nscale Global Holdings Limited Series B Preferred Shares 9/29/2025
Paradigmatic Holdco LLC (dba Pluralsight) Common stock 8/22/2024
Patriot Holdings SCSp (dba Corza Health, Inc.) Class A Units 1/29/2021
Patriot Holdings SCSp (dba Corza Health, Inc.) Class B Units 1/29/2021
PCF Holdco, LLC (dba Trucordia) Preferred equity 2/16/2023
PCF Holdco, LLC (dba Trucordia) Warrants 2/16/2023
Percheron Horsepower-A LP (dba Big Brand Tire & Service) Limited Partner Interest 9/23/2025
Project Alpine Co-Invest Fund, LP LP Interest 6/10/2022
Project Hotel California Co-Invest Fund, L.P. LP Interest 8/9/2022
PS Op Holdings LLC (fka QC Supply, LLC) Class A Common Units 12/21/2021
Rhea Acquisition Holdings, LP Series A-2 Units 2/18/2022
Rome Topco Holdings, LLC (dba SimpliSafe) Class A Units 11/6/2025
Rome Topco Holdings, LLC (dba SimpliSafe) Class B Units 11/6/2025
Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers) Series A Preferred Stock 11/15/2023
Snowbird Manager LP Limited Partner Interest 12/18/2025
Space Exploration Technologies Corp. Class A Common Stock 3/25/2021
Space Exploration Technologies Corp. Class C Common Stock 3/25/2021
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.) Series A Preferred Stock 10/14/2021
TCB Holdings I LLC (dba TricorBraun) Class A Preferred Units 1/31/2025
Thunder Topco L.P. (dba Vector Solutions) Common Units 6/30/2021
Valor Compute Infrastructure L.P. LP Interest 10/3/2025
VCI Intermediate TopCo 1 LLC Class B Units 11/17/2025
VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.) Series A Preferred Stock 10/15/2021
Walker Edison Holdco LLC Common Units 3/1/2023
Windows Entities LLC Units 1/16/2020
Wingspire Capital Holdings LLC* Specialty finance equity investment 9/24/2019
WMC Bidco, Inc. (dba West Monroe) Senior Preferred Stock 11/9/2021
WP Irving Co-Invest, L.P. Partnership Units 5/18/2022
XOMA Corporation Warrants 12/15/2023
Zoro TopCo, Inc. Series A Preferred Equity 11/22/2022
Zoro TopCo, L.P. Class A Common Units 11/22/2022
*Refer to “Note 3 — Agreements and Related Party Transactions – Controlled/Affiliated Portfolio Companies.”
** Refer to “Note 4 — Investments – Credit SLF LLC and Blue Owl Leasing” for further information.
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Blue Owl Capital Corporation
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands, except share amounts)
(31)This portfolio company is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. As of December 31, 2025, non-qualifying assets represented 15.0% of total assets as calculated in accordance with the regulatory requirements.
(32)Investment represents multiple underlying investments in related entities under common management. These underlying investments are on identical terms and include Midwest Custom Windows, LLC with a fair value of $24.1 million, Greater Toronto Custom Windows, Corp. with a fair value of $10.0 million, Garden State Custom Windows, LLC with a fair value of $33.4 million, Long Island Custom Windows, LLC with a fair value of $28.9 million, Jemico, LLC with a fair value of $23.2 million, Atlanta Custom Windows, LLC with a fair value of $11.5 million and Fairchester Custom Windows with a fair value of $7.6 million as of December 31, 2025. Greater Toronto Custom Windows, Corp. is considered a non-qualifying asset.
(33)The Company invests in this portfolio company through underlying blocker entities Hercules Blocker 1 LLC, Hercules Blocker 2 LLC, Hercules Blocker 3 LLC, Hercules Blocker 4 LLC, and Hercules Blocker 5 LLC.
(34)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 December 31, 2025, the portfolio consists of three investments totaling $0.50 billion at cost and fair value, respectively, ranging in cost from $24.8 million to $304.4 million and with a fair value ranging from $24.8 million to $303.9 million. The largest investment is 62.0% of the total cost of BOCSO's portfolio. As of December 31, 2025 the portfolio asset class composition was 62.0% ABF - Specialty finance, 33.0% ABF - Leasing, and 5.0% ABF - Commercial Real Estate.

The accompanying notes are an integral part of these consolidated financial statements.
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Blue Owl Capital Corporation
Notes to Consolidated Financial Statements (Unaudited)
(Amounts in thousands, except share and per share amounts and as otherwise noted)

Note 1. Organization
Blue Owl Capital Corporation (the “Company” or “OBDC”) is a Maryland corporation formed on October 15, 2015. The Company’s investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company’s 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, the Company predominantly focuses on investing in institutionally-backed, upper middle market businesses, which the Company categorizes as those that generate greater than $50 million of EBITDA annually. The Company invests 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.
The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, the Company is treated as a regulated investment company (“RIC”) under subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Because the Company has elected to be regulated as a BDC and qualifies as a RIC under the Code, the Company’s portfolio is subject to diversification and other requirements.
On April 27, 2016, the Company 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 the Company may form wholly-owned subsidiaries to facilitate the normal course of business.
Blue Owl Credit Advisors LLC (the “Adviser”) serves as the Company’s investment adviser. The Adviser is registered with the Securities and Exchange Commission (“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”) (New York Stock Exchange (“NYSE”): OWL) and is part of Blue Owl’s Credit platform. 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. Subject to the overall supervision of the Company’s board of directors (the “Board”), the Adviser manages the day-to-day operations of, and provides investment advisory and management services to, the Company.
Since July 6, 2023, the Company’s common stock has traded on the NYSE under the symbol “OBDC.”
On January 13, 2025, the Company consummated the transactions contemplated by the Agreement and Plan of Merger (the “OBDE Merger Agreement”) with Blue Owl Capital Corporation III, a Maryland corporation (“OBDE”), Cardinal Merger Sub Inc., a Maryland corporation and wholly-owned subsidiary of the Company (“OBDE Merger Sub”), and, solely for the limited purposes set forth therein, the Adviser, and Blue Owl Diversified Credit Advisors LLC (“ODCA”), a Delaware limited liability company and investment adviser to OBDE. In connection therewith, OBDE Merger Sub merged with and into OBDE, with OBDE continuing as the surviving company and as a wholly-owned subsidiary of the Company and, immediately thereafter, OBDE merged with and into the Company, with the Company continuing as the surviving company (together the “OBDE Mergers”). Refer to “Note 13 — Merger with Blue Owl Capital Corporation III” for further discussion of the OBDE Mergers.
Note 2. Significant Accounting Policies
Basis of Presentation
The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company is an investment company and, therefore, applies the specialized accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. In the opinion of management, all adjustments considered necessary for the fair presentation of the consolidated financial statements have been included. The Company was initially capitalized on March 1, 2016 and commenced operations on March 3, 2016. The Company’s fiscal year ends on December 31.
Reclassifications
As a result of changes in presentations, certain prior year amounts have been reclassified to conform to the current presentation. These reclassifications had no effect on the reported results of operations.
Use of Estimates
The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual amounts could differ from those estimates and such differences could be material.
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Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
Consolidation
As provided under Regulation S-X and ASC Topic 946 – Financial Services – Investment Companies, the Company will generally not consolidate its investment in a company other than a wholly-owned investment company or controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the Company’s wholly-owned subsidiaries that meet the aforementioned criteria in its consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation.
The Company does not consolidate its equity interests in joint ventures or specialty finance companies, see “Note 3 — Agreements and Related Party Transactions — Controlled, Affiliated/Non-Controlled, and Affiliated Portfolio Companies” and “Note 4 — Investments — Joint Ventures” for additional details.
Cash and Restricted Cash
Cash consists of deposits held at a custodian bank and restricted cash pledged as collateral. Cash is carried at cost, which approximates fair value. The Company deposits its cash with highly-rated banking corporations and, at times, may exceed the insured limits under applicable law. Restricted cash primarily relates to cash held as collateral for interest rate swaps.
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 and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period. Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Pursuant to Rule 2a-5, the Board designated the Adviser as the Company's valuation designee to perform fair value determinations relating to the value of assets held by the Company 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, the Company utilizes 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 the Company’s investments, are valued at fair value as determined in good faith by the 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 the Adviser.
As part of the valuation process, the Adviser, as the valuation designee, takes into account relevant factors in determining the fair value of the Company’s 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 or sale transaction, public offering or subsequent equity sale occurs, the Adviser, as the valuation designee, considers whether the pricing indicated by the external event corroborates its valuation.
The 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;
•The Adviser, as the valuation designee, reviews the recommended valuations and determines the fair value of each investment;
•Each quarter, the Adviser, as the valuation designee, will provide the Audit Committee a summary or description of material fair value matters that occurred in the prior quarter and on an annual basis, the 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
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Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
•The Audit Committee oversees the valuation designee and will report to the Board on any valuation matters requiring the Board’s attention.
The Company conducts this valuation process on a quarterly basis.
The Company applies Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 820, Fair Value Measurements (“ASC 820”), as amended, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. ASC 820 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, the Company considers 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 the Company has 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 occurs. In addition to using the above inputs in investment valuations, the Company applies the valuation policy approved by its Board that is consistent with ASC 820. Consistent with the valuation policy, the Adviser, as the valuation designee, evaluates the source of the inputs, including any markets in which its 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 (such as broker quotes), the Adviser, as the valuation designee, subjects those prices to various criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment. For example, the Adviser, as the valuation designee, or the independent valuation firm(s), reviews 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 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 the Company’s 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 the Company were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material.
In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein.
Financial and Derivative Instruments
The Company follows the guidance in ASC 815 Derivatives and Hedging, when accounting for all derivative instruments. The Company designated certain interest rate swaps as hedging instruments, and as a result, the entire change in the fair value of the hedging instrument shall be recorded in the same line item of the Consolidated Statements of Operations as the hedged item. The Company’s interest rate swaps are used to hedge the Company’s fixed rate debt, and therefore both the periodic payment and the change in fair value for the effective hedge, if applicable, will be recognized as components of interest expense in the Consolidated Statements of Operations. Fair value is estimated by discounting remaining payments using applicable current market rates, or market quotes, if available. For all other derivatives, including forwards, the Company does not utilize hedge accounting and values such derivatives at fair value with the unrealized gains or losses recorded in net change in unrealized gains (losses) from foreign currency and other transactions in the Company’s Consolidated Statements of Operations. The Company nets all of its derivatives by counterparty across all derivative instruments, not taking into account collateral posted, which is recorded separately, if applicable.
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Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
Foreign Currency Forward Contracts
The Company uses foreign currency forward contracts to reduce the Company's exposure to fluctuations in the value of foreign currencies. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another at a pre-determined price at a future date. Foreign currency forward contracts are marked-to-market at the applicable forward rate.
Foreign Currency
Foreign currency amounts are translated into U.S. dollars on the following basis:
•cash, fair value of investments, outstanding debt, other assets and liabilities: at the spot exchange rate on the last business day of the period; and
•purchases and sales of investments, borrowings and repayments of such borrowings, income and expenses: at the rates of exchange prevailing on the respective dates of such transactions.
The Company includes net changes in fair values on investments held resulting from foreign exchange rate fluctuations with the net change in unrealized gains (losses) from foreign currency and other transactions on the Consolidated Statements of Operations. Fluctuations arising from the translation of foreign currency borrowings are included with the net change in unrealized gains (losses) from foreign currency and other transactions on the Consolidated Statements of Operations.
Investments denominated in foreign currencies and foreign currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. dollar.
Interest and Dividend Income Recognition
Interest income is recorded on the accrual basis and includes amortization or accretion of premiums or discounts. Certain investments may have contractual PIK interest or dividends, the majority of which is structured at initial underwriting. PIK interest and dividends represent accrued interest or dividends that are added to the principal amount or liquidation amount of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or at the occurrence of a liquidation event.
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2026 2025 2026 2025
PIK Interest Income $ 31,586  $ 30,446  $ 63,067  $ 66,877 
PIK Interest Income as a % of Investment Income 7.9  % 6.3  % 7.9  % 7.0  %
PIK Dividend Income $ 11,252  $ 13,895  $ 26,157  $ 27,388 
PIK Dividend Income as a % of Investment Income 2.8  % 2.9  % 3.3  % 2.9  %
Total PIK Income $ 42,838  $ 44,341  $ 89,224  $ 94,265 
Total PIK Income as a % of Investment Income 10.7  % 9.1  % 11.2  % 9.9  %
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 premiums or discounts, 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 the Company believes 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.
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Blue Owl Capital Corporation
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
Other Income
From time to time, the Company may receive fees for services provided to portfolio companies. These fees are generally only available to the Company as a result of closing investments, are generally paid at the closing of the investments, are generally non-recurring and are recognized as revenue when earned upon closing of the investment. The services that the Adviser provides vary by investment, but can include closing, work, diligence or other similar fees and fees for providing managerial assistance.
Offering Expenses
Costs associated with the private placement offering of common shares of the Company were capitalized as deferred offering expenses and included in prepaid expenses and other assets in the Consolidated Statements of Assets and Liabilities and were amortized over a twelve-month period from incurrence. The Company records expenses related to public equity offerings as a reduction of capital upon completion of an offering of registered securities. The costs associated with renewals of the Company’s shelf registration statement will be expensed as incurred.
Debt Issuance Costs
The Company records origination and other expenses related to its debt obligations as deferred financing costs. These expenses are deferred and amortized utilizing the effective yield method, over the estimated life of the related debt instrument. Debt issuance costs are presented on the Consolidated Statements of Assets and Liabilities as a direct deduction from the debt liability. In circumstances in which there is not an associated debt liability amount recorded in the consolidated financial statements when the debt issuance costs are incurred, such debt issuance costs will be reported on the Consolidated Statements of Assets and Liabilities as an asset until the debt liability is recorded.
Reimbursement of Transaction-Related Expenses
The Company may receive reimbursement for certain transaction-related expenses in pursuing investments. Transaction-related expenses, which are generally expected to be reimbursed by the Company’s portfolio companies, are typically deferred until the transaction is consummated and are recorded in prepaid expenses and other assets on the date incurred. The costs of successfully completed investments not otherwise reimbursed are borne by the Company and are included as a component of the investment’s cost basis.
Cash advances received in respect of transaction-related expenses are recorded as cash with an offset to accrued expenses and other liabilities. Accrued expenses and other liabilities are relieved as reimbursable expenses are incurred.
Income Taxes
The Company has elected to be treated as a RIC under the Code beginning with its taxable year ending December 31, 2016, and intends to continue to qualify as a RIC. So long as the Company maintains its tax treatment as a RIC, it generally will not pay U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s investors and will not be reflected in the consolidated financial statements of the Company. However, the Company will be subject to U.S. federal income tax imposed at corporate rates on any income, including capital gains not distributed (or not deemed distributed) to its stockholders.

To qualify as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders on a timely basis, at least the sum of (i) 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses and (ii) its net tax-exempt income. In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (iii) certain undistributed amounts from previous years on which the Company paid no U.S. federal income tax. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income.
Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state income taxes imposed at corporate rates.
The Company evaluates tax positions taken or expected to be taken in the course of preparing its 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 on-going analyses of tax laws, regulations and interpretations thereof. There were no material uncertain tax positions as of December 31, 2025. As applicable, the Company’s prior three tax years remain subject to examination by U.S. federal, state and local tax authorities.
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Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
Distributions to Common Shareholders
Distributions to common shareholders are recorded on the record date. The amount to be distributed is determined by the Board and is generally based upon the earnings estimated by the Adviser. In addition, the Board may consider the level of undistributed taxable income carried forward from the prior year for distribution in the current year. Net realized long-term capital gains, if any, would generally be distributed at least annually, although the Company may decide to retain such capital gains for investment.
The Company has adopted a dividend reinvestment plan that provides for reinvestment of any cash distributions on behalf of shareholders, unless a shareholder elects to receive cash. As a result, if the Board authorizes and declares a cash distribution, then the shareholders who have not “opted out” of the dividend reinvestment plan will have their cash distribution automatically reinvested in additional shares of the Company’s common stock, rather than receiving the cash distribution. The Company expects to use newly issued shares or shares purchased in the open-market to implement the dividend reinvestment plan.
Segment Reporting
In accordance with ASC Topic 280 – “Segment Reporting (ASC 280),” the Company has determined that it has a single operating and reporting segment. As a result, the Company’s segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets.
The Company operates through a single operating and reporting segment with an investment objective to generate both current income, and to a lesser extent, capital appreciation through debt and equity investments. The chief operating decision maker (“CODM”) is comprised of the Company’s chief executive officer, president, and chief financial officer and chief operating officer and assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company’s net increase in shareholders’ equity resulting from operations (“net income”). In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in determining the amount of dividends to be distributed to the Company’s stockholders. As the Company’s operations comprise a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheet as “total assets” and the significant segment expenses are listed on the accompanying consolidated statement of operations.
New Accounting Pronouncements
The Company’s management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying consolidated financial statements.
Note 3. Agreements and Related Party Transactions
Administration Agreement
The Company has entered into an amended and restated Administration Agreement (the “Administration Agreement”) with the Adviser. Under the terms of the Administration Agreement, the Adviser performs, or oversees, the performance of, required administrative services, which includes providing office space, equipment and office services, maintaining financial records, preparing reports to shareholders and reports filed with the SEC, and managing the payment of expenses and the performance of administrative and professional services rendered by others.
The Administration Agreement also provides that the Company reimburses the Adviser for certain offering costs.
The Company reimburses the Adviser for services performed for it pursuant to the terms of the Administration Agreement. 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 the Company will reimburse the Adviser for any services performed for it by such affiliate or third party.
Unless earlier terminated as described below, the Administration Agreement will remain in effect from year to year if approved annually by (1) the vote of the Board, or by the vote of a majority of its outstanding voting securities (within the meaning of the 1940 Act), and (2) the vote of a majority of the Company’s directors who are not “interested persons” of the Company, of the Adviser or of any of their respective affiliates, as defined in the 1940 Act. On May 4, 2026, the Board approved the continuation of the Administration Agreement. The Administration Agreement may be terminated at any time, without the payment of any penalty, on 60 days’ written notice, by the vote of a majority of the outstanding voting securities of the Company, or by the vote of the Board or by the Adviser.
No person who is an officer, director, or employee of the Adviser or its affiliates and who serves as a director of the Company receives any compensation from the Company for his or her services as a director. However, the Company reimburses the Adviser (or its affiliates) for an allocable portion of the compensation paid by the Adviser or its affiliates to the Company’s Chief Compliance Officer, Chief Financial Officer and their respective staffs (based on the percentage of time those individuals devote, on an estimated
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Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
basis, to the business and affairs of the Company). Directors who are not affiliated with the Adviser receive compensation for their services and reimbursement of expenses incurred to attend meetings.
The table below presents the costs and expenses reimbursable to the Adviser under the terms of the Administration Agreement for the following periods:
For the Three Months Ended June 30, For the Six Months Ended June 30,
2026 2025 2026 2025
Costs and expenses reimbursable to the Adviser
 $ 1,906  $ 2,050  $ 3,701  $ 4,892 
Investment Advisory Agreement
The Company has entered into a fourth amended and restated investment advisory agreement between the Company and the Adviser (the “Investment Advisory Agreement”). On May 4, 2026, the Board approved the continuation of the Investment Advisory Agreement.
The Adviser’s services under the Investment Advisory Agreement are not exclusive, and it is free to furnish similar services to other entities so long as its services to the Company are not impaired.
Unless earlier terminated as described below, the Investment Advisory Agreement will remain in effect from year-to-year if approved annually by a majority of the Board or by the holders of a majority of the Company’s outstanding voting securities and, in each case, by a majority of independent directors.
The Investment Advisory Agreement will automatically terminate within the meaning of the 1940 Act and related SEC guidance and interpretations in the event of its assignment. In accordance with the 1940 Act, without payment of any penalty, the Company may terminate the Investment Advisory Agreement with the Adviser upon 60 days’ written notice. The decision to terminate the agreement may be made by a majority of the Board or the shareholders holding a majority of the outstanding voting securities or the Adviser. In addition, without payment of any penalty, the Adviser may generally terminate the Investment Advisory Agreement upon 60 days’ written notice.
From time to time, the Adviser may pay amounts owed by the Company to third-party providers of goods or services, including the Board, and the Company will subsequently reimburse the Adviser for such amounts paid on its behalf. Amounts payable to the Adviser are settled in the normal course of business without formal payment terms.
Under the terms of the Investment Advisory Agreement, the Company will pay the Adviser a base management fee and may also pay to it certain incentive fees. The cost of both the management fee and the incentive fee will ultimately be borne by the Company’s shareholders.
The management fee is currently payable quarterly in arrears. The management fee is payable at an annual rate of (x) 1.50% of the Company’s average gross assets (excluding cash and cash equivalents, but including assets purchased with borrowed amounts) that is above an asset coverage ratio of 200% calculated in accordance with Sections 18 and 61 of the 1940 Act and (y) 1.00% of the Company’s average gross assets (excluding cash and cash equivalents, but including assets purchased with borrowed amounts) that is below an asset coverage ratio of 200% calculated in accordance with Section 18 and 61 of the 1940 Act, in each case, at the end of the two most recently completed calendar quarters. The management fee for any partial month or quarter, as the case may be, will be appropriately prorated and adjusted for any share issuances or repurchases during the relevant calendar months or quarters.
The table below presents the management fees for the following periods:
For the Three Months Ended June 30, For the Six Months Ended June 30,
2026 2025 2026 2025
Management fees
 $ 57,462  $ 64,771  $ 118,305  $ 126,929 
Management fee waivers
 116  185  266  185 
Management Fees, net of Management Fee Waivers
 $ 57,346  $ 64,586  $ 118,039  $ 126,744 
The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on the Company’s pre-incentive fee net investment income and a portion is based on the Company’s capital gains. The portion of the incentive fee based on pre-incentive fee net investment income is determined and paid quarterly in arrears for the immediately preceding calendar quarter commencing with the first calendar quarter following July 18, 2019 (the “Listing Date”), and equals 100% of the pre-incentive fee net investment income in excess of a 1.5% quarterly “hurdle rate,” until the Adviser has received 17.5% of the total pre-incentive fee net investment income for that calendar quarter and, for pre-incentive fee net investment income in excess of 1.82% quarterly, 17.5% of all remaining pre-incentive fee net investment income for that calendar quarter. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation or any amortization or accretion of any purchase premium or
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(Amounts in thousands, except share and per share amounts and as otherwise noted)
purchase discount to interest income resulting solely from the purchase accounting for any premium or discount paid for the acquisition of assets in a merger.
The second component of the incentive fee, the capital gains incentive fee, payable at the end of each calendar year in arrears, equals 17.5% of cumulative realized capital gains from the Listing Date to the end of each calendar year, less cumulative realized capital losses and unrealized capital depreciation from the Listing Date to the end of each calendar year, less the aggregate amount of any previously paid capital gains incentive fee for prior periods provided, however, that the calculation of realized capital gains, realized capital losses and unrealized capital depreciation shall not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation resulting solely from the purchase accounting for any premium or discount paid for the acquisition of assets in a merger. In no event will the capital gains incentive fee payable pursuant to the Investment Advisory Agreement be in excess of the amount permitted by the Advisers Act of 1940, as amended, including Section 205 thereof.
While the Investment Advisory Agreement neither includes nor contemplates the inclusion of unrealized gains in the calculation of the capital gains incentive fee, as required by U.S. GAAP, the Company accrues capital gains incentive fees on unrealized gains. This accrual reflects the incentive fees that would be payable to the Adviser if the Company’s entire investment portfolio was liquidated at its fair value as of the balance sheet date even though the Adviser is not entitled to an incentive fee with respect to unrealized gains unless and until such gains are actually realized.
The table below presents the performance based incentive fees based on net investment income incurred and the capital gains based incentive fees accrued for the following periods:
For the Three Months Ended June 30, For the Six Months Ended June 30,
2026 2025 2026 2025
Performance based incentive fees based on net investment income
 $ 36,156  $ 43,649  $ 68,568  $ 84,678 
Performance based incentive fees based on capital gains
 —  —  —  — 
Affiliated Transactions
The Company may be prohibited under the 1940 Act from participating in certain transactions with its affiliates without prior approval of the directors who are not interested persons, and in some cases, the prior approval of the SEC. The Company, the Adviser and certain of their affiliates were granted an order for exemptive relief that permitted co-investing with affiliates of the Company subject to various approvals of the Board and other conditions. On May 6, 2025, the Company, the Adviser and certain of their affiliates were granted a new order for exemptive relief that superseded the prior order for exemptive relief (the “Order”) by the SEC for the Company to co-invest with other funds managed by the Adviser or certain affiliates, in a manner consistent with the Company’s investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to such Order, the Company generally is permitted to co-invest with certain of its 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 the Company, 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 the Company co-invests 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 the Company disposes 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 the Company’s participation in the co-investment program. As required by the Order, the Company has 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 the Company from being disadvantaged by participation in the co-investment program. The Adviser and the Company’s Chief Compliance Officer will also provide reporting to the Board.
The Adviser is affiliated with ODCA, 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 together with ODCA, OTCA, OTCA II and the Adviser, the “Blue Owl Credit Advisers”), which are also registered investment advisers. The Blue Owl Credit Advisers are affiliates of Blue Owl and comprise part of Blue Owl's Credit platform, which includes several strategies, including direct lending, alternative credit, investment grade credit, liquid credit and other adjacent investment strategies. The Blue Owl Credit Advisers’ allocation policies seek to ensure equitable allocation of investment opportunities over time between the Company and other funds managed by the Adviser or its affiliates and address the co-investment restrictions set forth under the 1940 Act. As a result of the Order, there could be significant overlap in the Company’s investment portfolio and the investment portfolios of the BDCs, interval fund, private funds and separately managed accounts managed by the Blue Owl Credit Advisers (collectively, the “Blue Owl Credit
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Blue Owl Capital Corporation
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
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.
License Agreement
On July 6, 2023, the Company entered into a license agreement (the “License Agreement”) with an affiliate of Blue Owl, pursuant to which the Company was granted a non-exclusive license to use the name “Blue Owl.” Under the License Agreement, the Company has a right to use the Blue Owl name for so long as the Adviser or one of its affiliates remains the Company’s investment adviser. Other than with respect to this limited license, the Company will have no legal right to the “Blue Owl” name or logo.
Controlled, Affiliated/Non-Controlled, and Affiliated Portfolio Companies
Under the 1940 Act, the Company is required to separately identify investments where it owns 5% or more of a portfolio company’s outstanding voting securities as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company’s outstanding voting securities and/or has the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies. Under the 1940 Act, “non-affiliated investments” are defined as investments that are neither controlled investments nor affiliated investments. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled affiliated investments is contained in the accompanying consolidated financial statements, including the consolidated schedule of investments.
The Company has made investments in controlled, affiliated companies, including Wingspire, Amergin AssetCo, Fifth Season, LSI Financing LLC, Credit SLF, Blue Owl Leasing and Owl-HP Finance. For further description of Credit SLF and Blue Owl Leasing, see “Note 4 — Investments.”
The Company has also made investments in non-controlled, affiliated companies, including LSI Financing 1 DAC (“LSI Financing DAC”) and BOCSO.
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. Wingspire conducts its business through an indirectly owned subsidiary, Wingspire Capital LLC. The Company made its initial commitment to Wingspire on September 24, 2019, and subsequently made periodic additional commitments to increase its total to $504.6 million. As of June 30, 2026, the fair value of the Company’s investment in Wingspire was $607.1 million. The Company does not consolidate its equity interest in Wingspire.
Amergin AssetCo 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. The Company made an initial equity commitment to Amergin AssetCo on July 1, 2022. As of June 30, 2026, its commitment to Amergin AssetCo was $269.9 million, of which $98.6 million is equity and $171.3 million is debt. As of June 30, 2026, the fair value of the Company’s investment in Amergin AssetCo was $266.2 million. The Company does not consolidate its 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, the Company made an initial equity investment in Fifth Season. As of June 30, 2026, the fair value of the Company’s investment in Fifth Season was $302.7 million. The Company does not consolidate its 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, the Company made an initial equity commitment to LSI Financing DAC. As of June 30, 2026, the Company’s investment at fair value in LSI Financing DAC was $5.2 million and the Company’s total commitment was $5.3 million. The Company does not consolidate its equity interest in LSI Financing DAC.
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Blue Owl Capital Corporation
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
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 the Company pursuant to the Investment Advisory Agreement equal to the pro rata amount of such consulting fee. On November 25, 2024, the Company redeemed a portion of its interest in LSI Financing DAC in exchange for common shares of LSI Financing LLC. As of June 30, 2026, the Company’s investment at fair value in LSI Financing LLC was $257.9 million and the Company’s total commitment was $297.3 million. The Company does not consolidate its equity interest in LSI Financing LLC.
BOCSO is a portfolio company 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. On September 18, 2025, the Company made an initial equity contribution to BOCSO. As of June 30, 2026, the Company’s investment at fair value in BOCSO was $115.8 million and the Company’s total commitment was $116.1 million. The Company does not consolidate its equity interest in BOCSO.
OWL-HP FINANCE LLC (“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 the Company’s total commitment was $84.5 million. The Company does not consolidate its equity interest in Owl-HP Finance.
Note 4. Investments
The information in the tables below is presented on an aggregate portfolio basis, without regard to whether they are non-controlled non-affiliated, non-controlled affiliated or controlled affiliated investments.
The table below presents the composition of investments at fair value and amortized cost as of the following periods:
As of June 30, 2026 As of December 31, 2025
Amortized Cost Fair Value Amortized Cost Fair Value
First-lien senior secured debt investments
 $ 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 
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Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
The table below presents the industry composition of investments 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.
(2)Includes investment in Credit SLF and Blue Owl Leasing. See below, within Note 4, for more information about 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.
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Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
The table below presents the geographic composition of investments 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  %
Joint Ventures
Blue Owl Credit SLF LLC
Credit SLF, a Delaware limited liability company, is a joint venture among the Company, Blue Owl Capital Corporation II, Blue Owl Credit Income Corp., Blue Owl Technology Finance Corp., Blue Owl Technology Income Corp. and State Teachers Retirement System of Ohio (each, a “Credit SLF Member” and collectively, the “Credit SLF Members”). Credit SLF’s principal purpose is to make investments primarily in senior secured loans to middle market companies, broadly syndicated loans and in senior and subordinated notes issued by collateralized loan obligations. Credit SLF is managed by a board of directors comprised of an equal number of directors appointed by each Credit SLF Member and which acts unanimously. Investment decisions must be approved by Credit SLF’s board. The Credit SLF Members coinvest through Credit SLF, or its wholly owned subsidiaries. Credit SLF’s date of inception was May 6, 2024 and Credit SLF made its first portfolio company investment on July 23, 2024.
Prior to January 13, 2025, OBDE was a Class A Member. On January 13, 2025, pursuant to the Mergers, the Company assumed OBDE’s portion of commitment and contribution to Credit SLF of approximately $6.3 million and $2.4 million respectively.
Credit SLF’s investments at fair value are determined in accordance with FASB ASC 820, as amended; however, determination of such fair value is not included in the Company’s valuation process.
Other than for purposes of the 1940 Act, the Company does not believe it has control over this portfolio company. Accordingly, the Company does not consolidate its non-controlling interest in Credit SLF.
The Company’s initial capital commitment to and economic ownership in Credit SLF was $24.5 million and 42.8%, respectively. On November 1, 2024, the Company increased its capital commitment to and economic ownership in Credit SLF capital to $774.2 million and 84.6%, respectively.
On January 13, 2025, in connection with the OBDE Mergers, the Company assumed OBDE’s capital commitment to and economic ownership in Credit SLF of approximately $6.3 million and 0.7% respectively. On May 15, 2025, the Credit SLF Members modified their capital commitments to Credit SLF and the Company’s capital commitment was reduced to $404.1 million. On September 4, 2025, certain Credit SLF Members increased their capital commitments to Credit SLF and the Company’s capital commitment was increased to $427.1 million. In the first quarter of 2026, certain Credit SLF Members further increased their capital commitments to Credit SLF and the Company’s capital commitment was increased to $446.5 million of which $14.5 million was unfunded as of June 30, 2026.
As of June 30, 2026, the capital commitment and economic ownership of each Credit SLF Member is as follows:
Members Capital Commitment Net Contributed Capital
Economic Ownership Interest(1)
Blue Owl Capital Corporation $ 446,460  $ 431,928  64.4  %
Blue Owl Capital Corporation II(2)
244  244  0.0  %
Blue Owl Credit Income Corp. 136,419  99,482  14.8  %
Blue Owl Technology Finance Corp. 53,812  39,656  5.9  %
Blue Owl Technology Income Corp. 16,161  16,161  2.4  %
State Teachers Retirement System of Ohio 93,299  83,924  12.5  %
Total $ 746,395  $ 671,395  100.0  %
_______________
(1)    This represents each equity holder’s ownership percentage at June 30, 2026 based on net contributed capital.
(2)    Economic ownership interest for Blue Owl Capital Corporation II is 0.04%.
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Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
The table below sets forth Credit SLF’s consolidated financial data as of and for the following periods:
As of June 30, 2026 As of December 31, 2025
Consolidated Balance Sheet Data
Cash $ 258,490  $ 124,718 
Investments at fair value 2,624,338  2,343,367 
Total Assets 2,903,962  2,477,523 
Total Debt (net of unamortized debt issuance costs) 2,069,196  1,728,363 
Total Liabilities 2,296,807  1,863,454 
Total Credit SLF Members’ Equity $ 607,155  $ 614,069 
For the Three Months Ended June 30,
 For the Six Months Ended June 30,
2026
2025
 2026
2025
Consolidated Statement of Operations Data
Income
Investment income $ 42,053  $ 31,420  $ 83,057  $ 55,117 
Expenses
Net operating expenses 26,186  18,482  51,216  32,139 
Net investment income (loss) $ 15,867  $ 12,938  $ 31,841  $ 22,978 
Total net realized and unrealized gain (loss) (7,626) 9,319  (59,616) (6,785)
Net increase (decrease) in Credit SLF Members’ Equity resulting from operations $ 8,241  $ 22,257  $ (27,775) $ 16,193 
The Company’s proportional share of Credit SLF’s distributions for the following periods:
For the Three Months Ended June 30, For the Six Months Ended June 30,
2026
2025
2026
2025
Dividend income $ 10,390  $ 10,034  $ 19,253  $ 18,687 
Blue Owl Leasing LLC
Blue Owl Leasing, a Delaware limited liability company, is a joint venture among the Company, Blue Owl Capital Corporation II, Blue Owl Credit Income Corp., Blue Owl Technology Finance Corp., Blue Owl Technology Income Corp. Blue Owl Alternative Credit Fund and California State Teachers Retirement System (each, a “Blue Owl Leasing Member” and collectively, the “Blue Owl Leasing Members”). Blue Owl Leasing’s principal purpose is to make investments, either directly or indirectly through financing subsidiaries or other persons, primarily in leases and loans. Investment decisions must be approved by Blue Owl Leasing. The Blue Owl Leasing Members coinvest through Blue Owl Leasing, or its wholly owned subsidiaries. Blue Owl Leasing’s date of inception was June 30, 2025 and Blue Owl Leasing made its first portfolio company investment on October 23, 2025.
Blue Owl Leasing’s investments at fair value are determined in accordance with FASB ASC 820, as amended; however, such fair value is not included in the Company’s valuation process.
Other than for purposes of the 1940 Act, the Company does not believe it has control over this portfolio company. Accordingly, the Company does not consolidate its non-controlling interest in Blue Owl Leasing.
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Blue Owl Capital Corporation
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
As of June 30, 2026, the capital commitment, called capital and economic ownership of each Blue Owl Leasing Member is as follows:
Members Capital Commitment Net Contributed Capital
Economic Ownership Interest(1)
Blue Owl Capital Corporation $ 860  $ 860  2.2  %
Blue Owl Capital Corporation II 90  90  0.2  %
Blue Owl Credit Income Corp. 30,952  1,900  4.7  %
Blue Owl Technology Finance Corp. 8,955  800  2.0  %
Blue Owl Technology Income Corp. 3,918  350  0.9  %
Blue Owl Alternative Credit Fund 31,000  31,000  77.5  %
California State Teachers Retirement System 10,825  5,000  12.5  %
Total $ 86,600  $ 40,000  100.0  %
_______________
(1)     This represents each equity holder’s ownership percentage at June 30, 2026, based on net contributed capital.
The table below sets forth Blue Owl Leasing’s consolidated financial data as of and for the following periods:
As of June 30, 2026
As of December 31, 2025(1)
Consolidated Balance Sheet Data
Cash $ 3,344  $ 34,555 
Investments at fair value 39,680  39,628 
Total Assets 43,407  74,531 
Total Debt (net of unamortized debt issuance costs) 2,512  9,754 
Total Liabilities 3,486  10,076 
Total Blue Owl Leasing Members’ Equity $ 39,921  $ 64,455 
_______________
(1)    Blue Owl Leasing’s date of inception was June 30, 2025.
For the Three Months Ended June 30,
 For the Six Months Ended June 30,
2026 2026
Consolidated Statement of Operations Data
Income
Investment income $ 1,044  $ 2,087 
Expenses
Net operating expenses 785  1,656 
Net investment income (loss) $ 259  $ 431 
Total net realized and unrealized gain (loss) 132  (107)
Net Increase (Decrease) in Blue Owl Leasing Members’ Equity Resulting From Operations $ 391  $ 324 

The Company’s proportional shares of Blue Owl Leasing’s distributions for the following periods:
For the Three Months Ended June 30, For the Six Months Ended June 30,
2026
2026
Dividend income $ 4  $ 4 
Asset Sale
In February 2026, the Company sold a portion of its portfolio company investments with aggregate fair value of $357.6 million equivalent to 99.8% of par value to certain purchasers. Each investment sold represented a partial amount of the Company’s exposure to the respective portfolio company. The investments sold consisted of 91.9% first-lien investments, 4.7% second-lien investments and 3.4% unsecured investments and include investments in 74 portfolio companies across 24 industries. 98.3% of investments sold were
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Blue Owl Capital Corporation
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
floating rate. The investments sold had an average investment size of $4.8 million and a weighted average spread of 5.5% and consist of partial sales representing approximately 5.0% of the Company’s exposure to each underlying portfolio company as of December 31, 2025. As a result of the sale, the Company recognized a $1.7 million gain on the sale in the first quarter of 2026. The Company used the proceeds from the sale to repay indebtedness.
Note 5. Debt
In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150%. As of June 30, 2026 and December 31, 2025, the Company’s asset coverage was 187% and 178%, respectively.
The tables below present the Company’s debt obligations for the following periods:
As of June 30, 2026
Aggregate Principal
Committed		 Outstanding Principal
Unused Portion(5)
Amount
Available(3)
Unamortized Debt Issuance Costs Net Carrying
Value
Revolving Credit Facility(1)(4)
$ 4,000,000  $ 105,500  $ 3,856,721  $ 3,856,721 

$ (34,124) $ 71,376 
SPV Asset Facility II 300,000  256,200  43,800  43,800  (5,295) 250,905 
SPV Asset Facility V 525,000  430,500  94,500  94,500  (4,412) 426,088 
SPV Asset Facility VI 500,000  310,000  190,000  143,051  (3,530) 306,470 
CLO III 260,000  260,000  —  —  (1,638) 258,362 
CLO IV 219,948  219,948  —  —  (2,782) 217,166 
CLO V 509,625  509,625  —  —  (1,939) 507,686 
CLO VII 330,500  330,500  —  —  (2,041) 328,459 
CLO X 272,000  272,000  —  —  (1,833) 270,167 
July 2026 Notes 1,000,000  1,000,000  —  —  (197) 999,803 
2027 Notes(2)
500,000  500,000  —  —  (9,073) 489,826 
April 2027 Notes 325,000  325,000  —  —  (665) 324,335 
July 2027 Notes 250,000  250,000  —  —  (962) 249,038 
2028 Notes 850,000  850,000  —  —  (5,251) 844,749 
June 2028 Notes 100,000  100,000  —  —  (469) 99,531 
September 2028 Notes(2)
400,000  400,000  —  —  (2,861) 393,582 
2029 Notes(2)
1,000,000  1,000,000  —  —  (6,965) 986,672 
2030 Notes(2)
500,000  500,000  —  —  (9,041) 486,848 
2031 Notes(2)
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.
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Blue Owl Capital Corporation
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
As of December 31, 2025
Aggregate Principal
Committed		 Outstanding
Principal
Unused Portion(5)
Amount Available(3)
Unamortized Debt Issuance Costs Net Carrying
Value
Revolving Credit Facility(1)(4)
$ 4,025,000  $ 1,012,000  $ 2,970,841  $ 2,970,841  $ (27,931) $ 984,069 
SPV Asset Facility II 300,000  161,700  138,300  137,146  (5,562) 156,138 
SPV Asset Facility V 525,000  384,000  141,000  48,167  (5,001) 378,999 
SPV Asset Facility VI 500,000  300,000  200,000  92,046  (4,041) 295,959 
SPV Asset Facility VII 300,000  210,000  90,000  9,964  (1,601) 208,399 
CLO I 390,000  390,000  —  —  (3,489) 386,511 
CLO III 260,000  260,000  —  —  (1,727) 258,273 
CLO IV 275,463  275,463  —  —  (3,346) 272,117 
CLO V 509,625  509,625  —  —  (2,062) 507,563 
CLO VII 330,500  330,500  —  —  (2,127) 328,373 
CLO X 272,000  272,000  —  —  (1,797) 270,203 
CLO XIV 260,000  260,000  —  —  (1,578) 258,422 
2026 Notes 500,000  500,000  —  —  (91) 499,909 
July 2026 Notes 1,000,000  1,000,000  —  —  (2,717) 997,283 
2027 Notes(2)
500,000  500,000  —  —  (2,117) 483,987 
April 2027 Notes
 325,000  325,000  —  —  (1,078) 323,922 
July 2027 Notes 250,000  250,000  —  —  (1,389) 248,611 
2028 Notes 850,000  850,000  —  —  (6,549) 843,451 
June 2028 Notes 100,000  100,000  —  —  (585) 99,415 
2029 Notes(2)
1,000,000  1,000,000  —  —  (8,373) 1,002,667 
2030 Notes(2)
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,
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 the 2027 Notes, September 2028 Notes, 2029 Notes, 2030 Notes and 2031 Notes below and to “Note 7 — Derivative Instruments” for details on the associated interest rate swaps.
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Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
Credit Facilities
The Company’s credit facilities contain customary covenants, including certain limitations on the incurrence by the Company of additional indebtedness and on the Company’s ability to make distributions to the Company’s shareholders, or redeem, repurchase or retire shares of stock, upon the occurrence of certain events, and customary events of default (with customary cure and notice provisions).
Revolving Credit Facility
On August 26, 2022, the Company entered into an Amended and Restated Senior Secured Revolving Credit Agreement (as amended from time to time, the “Revolving Credit Facility”). The parties to the Revolving Credit Facility include the Company, as Borrower, the lenders from time to time parties thereto and Truist Bank, as Administrative Agent. On June 25, 2026 (the “Revolving Credit Facility Third Amendment Date”), the Revolving Credit Facility was amended to, among other things, extend the availability period and maturity date for certain lenders. The following describes the terms of the Revolving Credit Facility as modified through the Revolving Credit Facility Third Amendment Date.
The Revolving Credit Facility is guaranteed by certain subsidiaries of the Company in existence as of the Revolving Credit Facility Third Amendment Date, and will be guaranteed by certain subsidiaries of the Company that are formed or acquired by the Company thereafter (each a “Guarantor” and collectively, the “Guarantors”). Proceeds of the Revolving Credit Facility may be used for general corporate purposes, including the funding of portfolio investments.
The Revolving Credit Facility provides for, on an aggregated basis, a total of outstanding term loans and revolving credit facility commitments in the principal amount of $4.00 billion, which is comprised of (a) a term loan in a principal amount of $75.0 million and (b) subject to availability under the borrowing base, which is based on the Company’s portfolio investments and other outstanding indebtedness, a revolving credit facility in a principal amount of up to $3.93 billion (reduced from $3.95 billion on the Revolving Credit Facility Third Amendment Date). The amount available for borrowing under the Revolving Credit Facility is reduced by any standby letters of credit issued through the Revolving Credit Facility. Maximum capacity under the Revolving Credit Facility may be increased to $6.00 billion through the Company’s exercise of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The Revolving Credit Facility includes a $300.0 million limit for swingline loans and is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Company and each Guarantor, subject to certain exceptions.
The availability period under the Revolving Credit Facility will terminate on June 25, 2030 (the “Revolving Credit Facility Commitment Termination Date”). The Revolving Credit Facility will mature on June 25, 2031 (the “Revolving Credit Facility Maturity Date”). During the period from the Revolving Credit Facility Commitment Termination Date to the Revolving Credit Facility Maturity Date, the Company will be obligated to make mandatory prepayments under the Revolving Credit Facility out of the proceeds of certain asset sales and other recovery events and equity and debt issuances.
The Company may borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn under the Revolving Credit Facility with respect to the commitments in U.S. dollars maturing the Revolving Credit Facility Maturity Date bear interest at either (i) term SOFR plus any applicable credit adjustment spread plus margin of either 1.775% per annum or, (x) if the gross borrowing base is greater than or equal to the product of 1.60 and the combined debt amount, but less than the product of 2.00 and the combined debt amount, 1.650% per annum or (y) if the gross borrowing base is greater than or equal to the product of 2.00 and the combined debt amount, 1.525% per annum or (ii) the alternative base rate plus margin of either 0.775% per annum or, (x) if the gross borrowing base is greater than or equal to the product of 1.60 and the combined debt amount but less than the product of 2.00 and the combined debt amount, 0.650% per annum or (y) if the gross borrowing base is greater than or equal to the product of 2.00 and the combined debt amount, 0.525% per annum. With respect to loans denominated in U.S. dollars, the Company may elect either term SOFR or the alternative base rate at the time of drawdown, and such loans may be converted from one rate to another at any time at the Company’s option, subject to certain conditions. Amounts drawn under the Revolving Credit Facility with respect to the commitments in other permitted currencies maturing on the Revolving Credit Facility Maturity Date bear interest at the relevant rate specified therein (including any applicable credit adjustment spread) plus margin of either 1.775% per annum or, (x) if the gross borrowing base is greater than or equal to the product of 1.60 and the combined debt amount, but less than the product of 2.00 and the combined debt amount 1.650% per annum or (y) if the gross borrowing base is greater than or equal to the product of 2.00 and the combined debt amount, 1.525% per annum. The Company also pays a fee of 0.350% on daily undrawn amounts under the Revolving Credit Facility.
The Revolving Credit Facility includes customary covenants, including certain limitations on the incurrence by the Company of additional indebtedness and on the Company’s ability to make distributions to the Company’s shareholders, or redeem, repurchase or retire shares of stock, upon the occurrence of certain events and certain financial covenants related to asset coverage and liquidity and other maintenance covenants, as well as customary events of default. The Revolving Credit Facility requires a minimum asset
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Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
coverage ratio with respect to the consolidated assets of the Company and its subsidiaries to senior securities that constitute indebtedness of no less than 1.50 to 1.00 at any time.
SPV Asset Facilities
Certain of the Company’s wholly owned subsidiaries are parties to credit facilities (the “SPV Asset Facilities”). Pursuant to the SPV Asset Facilities, from time to time the Company sells and contributes certain investments to these wholly owned subsidiaries pursuant to sale and contribution agreements by and between the Company and the wholly owned subsidiaries. No gain or loss is recognized as a result of these contributions. Proceeds from the SPV Asset Facilities are used to finance the origination and acquisition of eligible assets by the wholly owned subsidiary, including the purchase of such assets from the Company. The Company retains a residual interest in assets contributed to or acquired by the wholly owned subsidiary through the Company’s ownership of the wholly owned subsidiary. The SPV Asset Facilities are secured by a perfected first priority security interest in the assets of these wholly owned subsidiaries and on any payments received by such wholly owned subsidiaries in respect of those assets. Assets pledged to lenders under the SPV Asset Facilities will not be available to pay the Company’s debts. The SPV Asset Facilities contain customary covenants, including certain limitations on the incurrence by the Company of additional indebtedness and on the Company’s ability to make distributions to its shareholders, or redeem, repurchase or retire shares of stock, upon the occurrence of certain events, and customary events of default (with customary cure and notice provisions). Borrowings of the wholly owned subsidiaries under the SPV Asset Facilities are considered the Company’s borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.
SPV Asset Facility II
On May 22, 2018, ORCC Financing II LLC (“ORCC Financing II”), a Delaware limited liability company and subsidiary of the Company, entered into a Credit Agreement (as amended, the “SPV Asset Facility II”), with ORCC Financing II, as Borrower, the lenders from time to time parties thereto (the “SPV Asset Facility II Lenders”), Natixis, New York Branch, as Administrative Agent, State Street Bank and Trust Company, as Collateral Agent, Collateral Administrator and Custodian, and Cortland Capital Market Services LLC as Document Custodian. The parties to the SPV Asset Facility II have entered into various amendments, including to admit new lenders, increase or decrease the maximum principal amount available under the facility, extend the availability period and maturity date, change the interest rate and make various other changes. On March 31, 2025, the parties to the SPV Asset Facility II entered into an amendment, including to replace Cortland Capital Market Services LLC as Document Custodian with State Street Bank and Trust Company and make various other changes. The following describes the terms of SPV Asset Facility II as most recently amended through March 31, 2025 (the “SPV Asset Facility II Tenth Amendment Date”).
The maximum principal amount of the SPV Asset Facility II as of the SPV Asset Facility II Tenth Amendment Date is $300.0 million (which consists of $300.0 million of revolving commitments). The availability of this amount is subject to an overcollateralization ratio test, which is based on the value of ORCC Financing II’s assets from time to time, and satisfaction of certain conditions, including an interest coverage ratio test, certain concentration limits and collateral quality tests.
The SPV Asset Facility II provides for the ability to draw and redraw revolving loans under the SPV Asset Facility II through April 22, 2028, unless the revolving commitments are terminated sooner as provided in the SPV Asset Facility II (the “SPV Asset Facility II Commitment Termination Date”). Unless otherwise terminated, the SPV Asset Facility II will mature on April 17, 2036 (the “SPV Asset Facility II Stated Maturity”). Prior to the SPV Asset Facility II Stated Maturity, proceeds received by ORCC Financing II from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to the Company, subject to certain conditions. On the SPV Asset Facility II Stated Maturity, ORCC Financing II must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to the Company.
With respect to revolving loans, amounts drawn bear interest at Term SOFR (or, in the case of certain lenders that are commercial paper conduits, the lower of their cost of funds and Term SOFR plus 0.10%) plus a spread of 1.95%. From the SPV Asset Facility II Tenth Amendment Date to the SPV Asset Facility II Commitment Termination Date, there is a commitment fee of 0.50% per annum on the undrawn amount, if any, of the revolving commitments in the SPV Asset Facility II.
SPV Asset Facilities Assumed in the OBDE Mergers
On January 13, 2025, the Company became party to and assumed all of OBDE’s obligations under OBDE’s SPV asset facilities (the “OBDE SPV Asset Facility Assumption Date”).
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Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
SPV Asset Facility V
On July 29, 2021 (the “SPV Asset Facility V Closing Date”), ORCC III Financing LLC (“ORCC III Financing”), a Delaware limited liability company entered into a Credit Agreement (as amended through the date hereof, the “SPV Asset Facility V”), with ORCC III Financing, as borrower, OBDE, as equityholder, ODCA, as collateral manager, the lenders from time to time parties thereto, Société Générale, as agent, State Street Bank and Trust Company, as collateral agent, collateral administrator, custodian and collateral custodian. The parties to the SPV Asset Facility V have entered into various amendments, including to admit new lenders, increase the maximum principal amount available under the facility, add a swingline commitment to the facility, extend the availability period and maturity date, change the interest rate, replace the collateral custodian and make various other changes. The following describes the terms of SPV Asset Facility V as most recently amended on August 15, 2025.
The maximum principal amount of the SPV Asset Facility V is $525.0 million, which can be drawn in multiple currencies subject to certain conditions; the availability of this amount is subject to the borrowing base, which is determined on the basis of the value and types of ORCC III Financing’s assets from time to time, and satisfaction of certain conditions, including certain concentration limits. The SPV Asset Facility V includes a $100.0 million sub-limit for swingline loans.
The SPV Asset Facility V provides for the ability to (1) draw term loans and (2) draw and redraw revolving loans under the SPV Asset Facility V through March 16, 2028, unless the commitments are terminated sooner as provided in the SPV Asset Facility V (the “SPV Asset Facility V Commitment Termination Date”). Unless otherwise terminated, the SPV Asset Facility V will mature on March 15, 2030 (the “SPV Asset Facility V Stated Maturity”). Prior to the SPV Asset Facility V Stated Maturity, proceeds received by ORCC III Financing from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to the Company, subject to certain conditions. On the SPV Asset Facility V Stated Maturity, ORCC III Financing must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to the Company.
Amounts drawn in U.S. dollars bear interest at SOFR plus a spread of 1.90%; amounts drawn in Canadian dollars bear interest at Term CORRA plus a spread of 1.90%; amounts drawn in Euros bear interest at EURIBOR plus a spread of 1.90%; and amounts drawn in British pounds bear interest at SONIA plus a spread of 1.90%. These benchmarks may be replaced as a base rate under certain circumstances. From the SPV Asset Facility V Closing Date to the SPV Asset Facility V Commitment Termination Date, there is a commitment fee, calculated on a daily basis, ranging from 0.00% to 1.00% on the undrawn amount under the SPV Asset Facility V.
SPV Asset Facility VI
On December 2, 2021 (the “SPV Asset Facility VI Closing Date”), ORCC III Financing II LLC (“ORCC III Financing II”), a Delaware limited liability company and newly formed subsidiary entered into a loan financing and servicing agreement (the “SPV Asset Facility VI”), with ORCC III Financing II, as borrower, OBDE, as equityholder and services provider, the lenders from time to time parties thereto, Deutsche Bank AG, New York Branch, as facility agent, State Street Bank and Trust Company, as collateral agent and collateral custodian. The parties to the SPV Asset Facility VI have entered into various amendments, including to replace the collateral custodian and make various other changes. The following describes the terms of SPV Asset Facility VI as most recently amended through April 9, 2025.
The maximum principal amount of the SPV Asset Facility VI is $500.0 million; the availability of this amount is subject to a borrowing base test, which is based on the value of ORCC III Financing II’s assets from time to time, and satisfaction of certain conditions, including interest spread and weighted average coupon tests, certain concentration limits and collateral quality tests.
The SPV Asset Facility VI provides for the ability to borrow, reborrow, repay and prepay advances under the SPV Asset Facility VI for a period until December 2, 2027 unless such period is extended or accelerated under the terms of the SPV Asset Facility VI (the “SPV Asset Facility VI Revolving Period”). Unless otherwise extended, accelerated or terminated under the terms of the SPV Asset Facility VI, the SPV Asset Facility VI will mature on the date that is two years after the last day of the SPV Asset Facility VI Revolving Period, on December 2, 2029 (the “SPV Asset Facility VI Termination Date”). Prior to the SPV Asset Facility VI Termination Date, proceeds received by ORCC III Financing II from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding advances, and the excess may be returned to the Company, subject to certain conditions. On the SPV Asset Facility VI Termination Date, ORCC III Financing II must pay in full all outstanding fees and expenses and all principal and interest on outstanding advances, and the excess may be returned to the Company.
Amounts drawn bear interest at SOFR (or, in the case of certain lenders that are commercial paper conduits, the lower of (a) their cost of funds and (b) SOFR, such SOFR not to be lower than zero) plus a spread equal to 1.70% per annum, which spread will increase (a) on and after the end of the SPV Asset Facility VI Revolving Period by 0.15% per annum if no event of default has occurred and (b) by 2.00% per annum upon the occurrence of an event of default (such spread, the “SPV Asset Facility VI Applicable Margin”). SOFR may be replaced as a base rate under certain circumstances. During the SPV Asset Facility VI Revolving Period, ORCC III Financing II will pay an undrawn fee ranging from 0.00% to 0.25% per annum on the undrawn amount, if any, of the
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Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
revolving commitments in the SPV Asset Facility VI. During the SPV Asset Facility VI Revolving Period, if the undrawn commitments are in excess of a certain portion (initially 20% and increasing in stages to 35%, 50% and 60%) of the total commitments under the SPV Asset Facility VI, ORCC III Financing II will also pay a make-whole fee equal to the SPV Asset Facility VI Applicable Margin multiplied by such excess undrawn commitment amount, reduced by the undrawn fee payable on such excess. ORCC III Financing II will also pay Deutsche Bank AG, New York Branch, certain fees (and reimburse certain expenses) in connection with its role as facility agent.
SPV Asset Facility VII
On March 20, 2024 (the “SPV Asset Facility VII Closing Date”), OBDC III Financing III LLC (“OBDC III Financing III”), a Delaware limited liability company, entered into a Credit Agreement (the “SPV Asset Facility VII”), with OBDC III Financing III, as borrower, the Adviser, as servicer, the lenders from time to time parties thereto, Bank of America, N.A., as administrative agent, State Street Bank and Trust Company, as collateral agent, and Alter Domus (US) LLC, as collateral custodian. On June 25, 2026, the parties to the SPV Asset Facility VII entered into a letter agreement pursuant to which SPV Asset Facility VII and all commitments thereunder were terminated in full. The following describes the terms of SPV Asset Facility VII prior to its termination as of June 25, 2026.
The maximum principal amount of the SPV Asset Facility VII was $300.0 million; the availability of this amount was subject to the borrowing base, which was determined on the basis of the value and types of OBDC III Financing III’s assets from time to time, and satisfaction of certain conditions, including certain portfolio criteria.
Amounts drawn in U.S. dollars were benchmarked to Daily SOFR, amounts drawn in British pounds were benchmarked to SONIA plus an adjustment of 0.11930%, amounts drawn in Canadian dollars were benchmarked to Daily Simple CORRA plus an adjustment of 0.29547%, and amounts drawn in Euros were benchmarked to EURIBOR, and in each case plus a spread equal to the Applicable Rate. The “Applicable Rate” ranged from 1.75% to 2.50% depending on the composition of the collateral. The SPV Asset Facility VII also allowed for amounts drawn in U.S. dollars to bear interest at an alternate base rate without a spread. There was a commitment fee subject to minimum utilization, calculated on a daily basis, ranging from 0.25% to 1.25% on the undrawn amount under the SPV Asset Facility VII.
Debt Securitization Transactions
The Company incurs secured financing through debt securitization transactions, also known as collateralized loan obligation transactions (the “CLO Transactions”) issued by the Company’s consolidated subsidiaries (the “CLO Issuers”), which are backed by a portfolio of collateral obligations consisting of middle-market loans and participation interests in middle-market loans as well as by other assets of the CLO Issuers. The CLO Issuers issue preferred shares which are not secured by the collateral securing the CLO Transactions which the Company purchases. The Company acts as retention holder in connection with the CLO Transactions for the purposes of satisfying certain U.S. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of a CLO Issuer’s preferred shares. Notes issued by CLO Issuers have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities (e.g., “blue sky”) laws, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or pursuant to an applicable exemption from such registration. The Adviser serves as collateral manager for the CLO Issuers under a collateral management agreement. The Adviser is entitled to receive fees for providing these services. The Adviser routinely waives its right to receive such fees but may rescind such waiver at any time; provided, however, that if the Adviser rescinds such waiver, the management fee payable to Adviser pursuant to the Investment Advisory Agreement will be offset by the amount of the collateral management fee attributable to a CLO Issuer’s equity or notes owned by the Company. Assets pledged to debt holders of the CLO Transactions and the other secured parties under each CLO Transaction’s documentation will not be available to pay the debts of the Company. The Company consolidates the financial statements of the CLO Issuers in its consolidated financial statements.
CLO I
On May 28, 2019 (the “CLO I Closing Date”), the Company completed a $596.0 million term debt securitization transaction (the “CLO I Transaction”). The secured notes and preferred shares issued in the CLO I Transaction and the secured loan borrowed in the CLO I Transaction were issued and incurred, as applicable, by the Company’s consolidated subsidiaries Owl Rock CLO I, Ltd., an exempted company incorporated in the Cayman Islands with limited liability (the “CLO I Issuer”), and Owl Rock CLO I, LLC, a Delaware limited liability company (the “CLO I Co-Issuer” and together with the CLO I Issuer, the “CLO I Issuers”). The following describes the terms of the CLO I Transaction as supplemented through June 28, 2023 (the “CLO I Indenture Supplement Date”).
In the CLO I Transaction the CLO I Issuers (A) issued the following notes pursuant to an indenture and security agreement dated as of the CLO I Closing Date (as supplemented by the supplemental indenture dated as of the CLO I Indenture Supplement Date by and among the CLO I Issuer, the CLO I Co-Issuer and State Street Bank and Trust Company, the “CLO I Indenture”), by and among the CLO I Issuers and State Street Bank and Trust Company: (i) $242.0 million of AAA(sf) Class A Notes, which bear interest at term SOFR (plus a spread adjustment) plus 1.80%, (ii) $30.0 million of AAA(sf) Class A-F Notes, which bear interest at a fixed rate of
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(Amounts in thousands, except share and per share amounts and as otherwise noted)
4.165%, and (iii) $68.0 million of AA(sf) Class B Notes, which bear interest at term SOFR (plus a spread adjustment) plus 2.70% (together, the “CLO I Notes”) and (B) borrowed $50.0 million under floating rate loans (the “Class A Loans” and together with the CLO I Notes, the “CLO I Debt”), which bear interest at term SOFR (plus a spread adjustment) plus 1.80%, under a credit agreement (the “CLO I Credit Agreement”), dated as of the CLO I Closing Date, by and among the CLO I Issuers, as borrowers, various financial institutions, as lenders, and State Street Bank and Trust Company, as collateral trustee and loan agent. The Class A Loans may be exchanged by the lenders for Class A Notes at any time, subject to certain conditions under the CLO I Credit Agreement and the CLO I Indenture. The CLO I Debt is scheduled to mature on the Payment Date (as defined in the CLO I Indenture) in May, 2031. The CLO I Notes were privately placed by Natixis Securities Americas, LLC and SG Americas Securities, LLC.
The CLO I Secured Notes were redeemed in the CLO I Refinancing, described below.
Concurrently with the issuance of the CLO I Notes and the borrowing under the Class A Loans, the CLO I Issuer issued approximately $206.1 million of subordinated securities in the form of 206,106 preferred shares at an issue price of U.S.one thousand per share.
The CLO I Debt is secured by all of the assets of the CLO I Issuer, which will consist primarily of middle-market loans, participation interests in middle-market loans, and related rights and the cash proceeds thereof. As part of the CLO I Transaction, ORCC Financing II and the Company sold and contributed approximately $575.0 million par amount of middle-market loans to the CLO I Issuer on the CLO I Closing Date. No gain or loss was recognized as a result of these sales and contributions. Such loans constituted the initial portfolio assets securing the CLO I Debt. The Company and ORCC Financing II each made customary representations, warranties, and covenants to the CLO I Issuer regarding such sales and contributions under a loan sale agreement.
The CLO I Debt is the secured obligation of the CLO I Issuers, and the CLO I Indenture and the CLO I Credit Agreement include customary covenants and events of default.
The CLO I Notes were offered in reliance on Section 4(a)(2) of the Securities Act.
CLO I Refinancing
On January 4, 2024 (the “CLO I Refinancing Date”), the Company completed a $390.0 million term debt securitization refinancing (the “CLO I Refinancing”). The secured notes issued in the CLO I Refinancing and the secured loan borrowed in the CLO I Refinancing were issued and incurred, as applicable, by the Company’s consolidated subsidiary Owl Rock CLO I, LLC, a limited liability company organized under the laws of the State of Delaware (the “CLO I Refinancing Issuer”).
The CLO I Refinancing was executed by (A) the issuance of the following classes of notes pursuant to an indenture and security agreement dated as of May 28, 2019 (the “Original CLO I Closing Date”) by and among Owl Rock CLO I, Ltd., as issuer (the “Original CLO I Issuer”), the CLO I Refinancing Issuer, as co-issuer and State Street Bank and Trust Company, as supplemented by the first supplemental indenture dated as of June 28, 2023 and as further supplemented by the second supplemental indenture dated as of the CLO I Refinancing Date (the “CLO I Refinancing Indenture”), by and between the CLO I Refinancing Issuer and State Street Bank and Trust Company: (i) $221.4 million of AAA(sf) Class A-NR Notes, which bear interest at the Benchmark, as defined in the CLO I Refinancing Indenture, plus 2.40%, (ii) $25.0 million of AAA(sf) Class A-FR Notes, which bear interest at 6.35%, (iii) $41.6 million of AA(sf) Class B-R Notes, which bear interest at the Benchmark plus 3.25% and (iv) $52.0 million of A(sf) Class C Notes, which bear interest at the Benchmark plus 4.25% (together, the “CLO I Refinancing Secured Notes”) and (B) the borrowing by the CLO I Refinancing Issuer of $50.0 million under floating rate Class A-LR loans (the “CLO I Refinancing Class A-LR Loans” and together with the CLO I Refinancing Secured Notes, the “CLO I Refinancing Secured Debt”). The CLO I Refinancing Class A-LR Loans bear interest at the Benchmark plus 2.40%. The CLO I Class A-LR Loans were borrowed under a credit agreement (the “CLO I Class A-LR Credit Agreement”), dated as of the CLO I Refinancing Date, by and among the CLO I Refinancing Issuer, as borrower, various financial institutions and other persons, as lenders, and State Street Bank and Trust Company, as collateral trustee and loan agent. The CLO I Refinancing Secured Debt is secured by middle-market loans, participation interests in middle-market loans and other assets of the CLO I Refinancing Issuer. The CLO I Refinancing Secured Debt is scheduled to mature on February 20, 2036. The CLO I Refinancing Secured Notes were privately placed by Natixis Securities Americas LLC. The proceeds from the CLO I Refinancing were used to redeem in full the classes of debt issued on the Original CLO I Closing Date, to redeem a portion of the preferred shares of the CLO I Refinancing Issuer as described below and to pay expenses incurred in connection with the CLO I Refinancing. On the CLO I Refinancing Date, the Original CLO I Issuer was merged with and into the CLO I Refinancing Issuer, with the CLO I Refinancing Issuer surviving the merger. The CLO I Refinancing Issuer assumed by all operation of law all of the rights and obligations of the Original CLO I Issuer, including the subordinated securities issued by the Original CLO I Issuer on the Original CLO I Closing Date.
Concurrently with the issuance of the CLO I Refinancing Secured Notes and the borrowing under the CLO I Refinancing Class A-LR Loans, the CLO I Refinancing Issuer redeemed $85.3 million of subordinated securities, for a total of $120.8 million of outstanding subordinated securities in the form of 120,800 preferred shares ($1,000 per preferred share) held by the Company.
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Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
On the Original CLO I Closing Date, the Original CLO I Issuer entered into a loan sale agreement with Company, which provided for the sale and contribution of approximately $247.0 million par amount of middle-market loans from the Company to the Original CLO I Issuer on the Original CLO I Closing Date and for future sales from the Company to the Original CLO I Issuer on an ongoing basis. As part of the CLO I Refinancing, the CLO I Refinancing Issuer, as the successor to the Original CLO I Issuer, and the Company entered into an amended and restated loan sale agreement with the Company dated as of the CLO I Refinancing Date (the “OBDC CLO I Refinancing Loan Sale Agreement”), pursuant to which the CLO I Refinancing Issuer assumed all ongoing obligations of the Original CLO I Issuer under the original agreement and the Company sold approximately $106.0 million par amount middle-market loans to the CLO I Refinancing Issuer on the CLO I Refinancing Date and provides for future sales from the Company to the CLO I Refinancing Issuer on an ongoing basis. Such loans constituted part of the portfolio of assets securing the CLO I Refinancing Secured Debt. No gain or loss was recognized as a result of these sales and contributions. The Company and ORCC Financing II each made customary representations, warranties, and covenants to the CLO I Refinancing Issuer under the applicable loan sale agreement.
The CLO I Refinancing Secured Debt was the secured obligation of the CLO I Refinancing Issuer, and the CLO I Refinancing Indenture and CLO I Refinancing Class A-LR Credit Agreement each included customary covenants and events of default.
On April 16, 2026, the CLO I Refinancing Issuer redeemed or prepaid all classes of the CLO I Refinancing Secured Debt in full, along with accrued and unpaid interest.
CLO II Refinancing
On April 9, 2021 (the “CLO II Refinancing Date”), the Company completed a $398.1 million term debt securitization refinancing (the “CLO II Refinancing”). The secured notes and preferred shares issued in the CLO II Refinancing were issued by the Company’s consolidated subsidiaries Owl Rock CLO II, Ltd., an exempted company incorporated in the Cayman Islands with limited liability (the “CLO II Issuer”), and Owl Rock CLO II, LLC, a Delaware limited liability company (the “CLO II Co-Issuer” and together with the CLO II Issuer, the “CLO II Issuers”). The following describes the terms of the CLO II Refinancing as supplemented through July 18, 2023 (the “CLO II Refinancing Indenture Supplement Date”).
The CLO II Refinancing was executed by the issuance of the following classes of notes pursuant to an indenture and security agreement dated as of December 12, 2019 (such date, the “CLO II Closing Date,” and such agreement, the “CLO II Indenture”), as supplemented by the first supplemental indenture dated as of the CLO II Refinancing Date and as further supplemented by the second supplemental indenture dated as of the CLO II Refinancing Indenture Supplement Date) by and among the CLO II Issuer, the CLO II Co-Issuer and State Street Bank And Trust Company, the “CLO II Refinancing Indenture”), by and among the CLO II Issuers and State Street Bank and Trust Company: (i) $204.0 million of AAA(sf) Class A-LR Notes, which bear interest at term SOFR (plus a spread adjustment) plus 1.55%, (ii) $20.0 million of AAA(sf) Class A-FR Notes, which bear interest at a fixed rate of 2.48% and (iii) $36.0 million of AA(sf) Class B-R Notes, which bear interest at term SOFR (plus a spread adjustment) plus 1.90% (together, the “CLO II Refinancing Debt”). The CLO II Refinancing Debt is secured by the middle-market loans, participation interests in middle-market loans and other assets of the CLO II Issuer. The CLO II Refinancing Debt is scheduled to mature on the Payment Date (as defined in the CLO II Refinancing Indenture) in April, 2033. The CLO II Refinancing Debt was privately placed by Deutsche Bank Securities Inc. The proceeds from the CLO II Refinancing were used to redeem in full the classes of notes issued on the CLO II Closing Date.
Concurrently with the issuance of the CLO II Refinancing Debt, the CLO II Issuer issued subordinated securities in the form of 1,500 additional preferred shares at an issue price of U.S.$1,000 per share (the “CLO II Refinancing Preferred Shares”) resulting in a total outstanding number of CLO II Preferred Shares of 138,100 ($138.1 million total issue price). The proceeds from the CLO II Refinancing Preferred Shares were used to pay certain expenses incurred in connection with the CLO II Refinancing.
Through April 20, 2025, a portion of the proceeds received by the CLO II Issuer from the loans securing the CLO II Refinancing Debt were used by the CLO II Issuer to purchase additional middle-market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO II Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle-market loans.
The CLO II Refinancing Debt was the secured obligation of the CLO II Issuers, and the CLO II Refinancing Indenture included customary covenants and events of default.
On July 7, 2025, the CLO II Issuers redeemed all classes of the CLO II Refinancing Debt in full, along with accrued and unpaid interest.
CLO III
On March 26, 2020 (the “CLO III Closing Date”), the Company completed a $395.3 million term debt securitization transaction (the “CLO III Transaction”). The secured notes and preferred shares issued in the CLO III Transaction were issued by the Company’s consolidated subsidiaries Owl Rock CLO III, Ltd., an exempted company incorporated in the Cayman Islands with limited liability (the “CLO III Issuer”), and Owl Rock CLO III, LLC, a Delaware limited liability company (the “CLO III Co-Issuer” and together with
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Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
the CLO III Issuer, the “CLO III Issuers”). The following describes the terms of the CLO III Transaction as supplemented through July 18, 2023 (the “CLO III Indenture Supplement Date”).
The CLO III Transaction was executed by the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the CLO III Closing Date (as supplemented by the supplemental indenture dated as of the CLO III Indenture Supplement Date by and among the CLO III Issuer, the CLO III Co-Issuer and State Street Bank And Trust Company, the “CLO III Indenture”), by and among the CLO III Issuers and State Street Bank and Trust Company: (i) $166.0 million of AAA(sf) Class A-1L Notes, which bear interest at term SOFR (plus a spread adjustment) plus 1.80%, (ii) $40.0 million of AAA(sf) Class A-1F Notes, which bear interest at a fixed rate of 2.75%, (iii) $20.0 million of AAA(sf) Class A-2 Notes, which bear interest at term SOFR (plus a spread adjustment) plus 2.00%, and (iv) $34.0 million of AA(sf) Class B Notes, which bear interest at term SOFR (plus a spread adjustment) plus 2.45% (together, the “CLO III Debt”). The CLO III Debt is scheduled to mature on the Payment Date (as defined in the CLO III Indenture) in April, 2032. The CLO III Debt was privately placed by SG Americas Securities, LLC.
Concurrently with the issuance of the CLO III Debt, the CLO III Issuer issued approximately $135.3 million of subordinated securities in the form of 135,310 preferred shares at an issue price of U.S.one thousand per share (the “CLO III Preferred Shares”).
The CLO III Debt is secured by all of the assets of the CLO III Issuer, which will consist primarily of middle-market loans, participation interests in middle-market loans, and related rights and the cash proceeds thereof. As part of the CLO III Transaction, ORCC Financing IV and the Company sold and contributed approximately $400.0 million par amount of middle-market loans to the CLO III Issuer on the CLO III Closing Date. No gain or loss was recognized as a result of these sales and contributions. Such loans constituted the initial portfolio assets securing the CLO III Debt. The Company and ORCC Financing IV each made customary representations, warranties, and covenants to the CLO III Issuer regarding such sales and contributions under a loan sale agreement.
Through April 20, 2024, a portion of the proceeds received by the CLO III Issuer from the loans securing the CLO III Debt may be used by the CLO III Issuer to purchase additional middle-market loans under the direction of the Adviser as the collateral manager for the CLO III Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle-market loans.
The CLO III Debt is the secured obligation of the CLO III Issuers, and the CLO III Indenture includes customary covenants and events of default. Assets pledged to holders of the CLO III Debt and the other secured parties under the CLO III Indenture will not be available to pay the debts of the Company.
The CLO III Debt was offered in reliance on Section 4(a)(2) of the Securities Act.
CLO III Refinancing
On April 11, 2024 (the “CLO III Refinancing Date”), the Company completed a $260,000,000 term debt securitization refinancing (the “CLO III Refinancing”). The secured notes issued in the CLO III Refinancing were issued by the Company’s consolidated subsidiary Owl Rock CLO III, LLC, a limited liability company organized under the laws of the State of Delaware (the “CLO III Issuer”).
The CLO III Refinancing was executed by (A) the issuance of the following classes of notes pursuant to an indenture and security agreement dated as of March 26, 2020 (the “Original CLO III Closing Date”) by and among Owl Rock CLO III, Ltd., as issuer (the “Original CLO III Issuer”), the CLO III Issuer, as co-issuer and State Street Bank and Trust Company, as supplemented by the first supplemental indenture dated as of July 18, 2023 and as further amended by the second supplemental indenture dated as of the CLO III Refinancing Date (the “CLO III Indenture”), by and between the CLO III Issuer and State Street Bank and Trust Company: (i) $228,000,000 of AAA(sf) Class A-R Notes, which bear interest at the Benchmark (as defined in the CLO III Indenture) plus 1.85% and (ii) $32,000,000 of AA(sf) Class B-R Notes, which bear interest at the Benchmark plus 2.35% (together, the “CLO III Secured Notes”). The CLO III Secured Notes are secured by middle-market loans and other assets of the CLO III Issuer. The CLO III Secured Notes are scheduled to mature on the Payment Date (as defined in the CLO III Indenture) in April 2036. The CLO III Secured Notes were privately placed by SG Americas Securities, LLC. The proceeds from the CLO III Refinancing were used to redeem in full the classes of notes issued on the Original CLO III Closing Date and to pay expenses incurred in connection with the CLO III Refinancing. On the CLO III Refinancing Date, the Original CLO III Issuer was merged with and into the CLO III Issuer, with the CLO III Issuer surviving the merger. The CLO III Issuer assumed by all operation of law all of the rights and obligations of the Original CLO III Issuer, including the subordinated securities issued by the Original CLO III Issuer on the Original CLO III Closing Date.
On the Original CLO III Closing Date, the CLO III Issuer issued $135,310,000 of subordinated securities in the form of 135,310 preferred shares ($1,000 per preferred share) (the “CLO III Preferred Shares”). The Company acquired the CLO III Preferred Shares on the Original CLO III Closing Date. As of the CLO III Refinancing Date, the CLO III Preferred Shares remain outstanding and continue to be held by the Company.
On the Original CLO III Closing Date, the Original CLO III Issuer entered into a loan sale agreement with Company, which provided for the sale and contribution of approximately $275 million par amount of middle-market loans from the Company to the
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Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
Original CLO III Issuer on the Original CLO III Closing Date and for future sales from the Company to the Original CLO III Issuer on an ongoing basis. As part of the CLO III Refinancing, the CLO III Issuer, as the successor to the Original CLO III Issuer, and the Company entered into an amended and restated loan sale agreement with the Company dated as of the CLO III Refinancing Date (the “CLO III Loan Sale Agreement”), pursuant to which the CLO III Issuer assumed all ongoing obligations of the Original CLO III Issuer under the original agreement and provides for future sales from the Company to the CLO III Issuer on an ongoing basis. Such loans constituted part of the portfolio of assets securing the CLO III Secured Notes. The Company made customary representations, warranties, and covenants to the CLO III Issuer under the applicable loan sale agreement.
Through April 20, 2028, a portion of the proceeds received by the CLO III Issuer from the loans securing the CLO III Secured Notes may be used by the CLO III Issuer to purchase additional middle-market loans under the direction of the Adviser in its capacity as collateral manager for the CLO III Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle-market loans.
The CLO III Secured Notes are the secured obligation of the CLO III Issuer, and the CLO III Indenture includes customary covenants and events of default.
CLO IV Refinancing
On July 9, 2021 (the “CLO IV Refinancing Date”), the Company completed a $440.5 million term debt securitization refinancing (the “CLO IV Refinancing”). The secured notes and preferred shares issued in the CLO IV Refinancing were issued by the Company’s consolidated subsidiaries Owl Rock CLO IV, Ltd., an exempted company incorporated in the Cayman Islands with limited liability (the “CLO IV Issuer”), and Owl Rock CLO IV, LLC, a Delaware limited liability company (the “CLO IV Co-Issuer” and together with the CLO IV Issuer, the “CLO IV Issuers”). The following describes the terms of the CLO IV Refinancing as supplemented through July 18, 2023 (the “CLO IV Refinancing Indenture Supplement Date”).
The CLO IV Refinancing was executed by the issuance of the following classes of notes pursuant to an indenture and security agreement dated as of May 28, 2020 (such date, the CLO IV Closing Date, and such agreement, the “CLO IV Indenture”), as supplemented by the first supplemental indenture dated as of the CLO IV Refinancing Date and as further supplemented by the second supplemental indenture dated as of the CLO IV Refinancing Indenture Supplement Date) by and among the CLO IV Issuer, the CLO IV Co-Issuer and State Street Bank And Trust Company, the “CLO IV Refinancing Indenture”), by and among the CLO IV Issuers and State Street Bank and Trust Company: (i) $252.0 million of AAA(sf) Class A-1-R Notes, which bear interest at term SOFR (plus a spread adjustment) plus 1.60% and (ii) $40.5 million of AA(sf) Class A-2-R Notes, which bear interest at term SOFR (plus a spread adjustment) plus 1.90% (together, the “CLO IV Refinancing Secured Notes”). The CLO IV Refinancing Secured Notes are secured by the middle-market loans, participation interests in middle-market loans and other assets of the Issuer. The CLO IV Refinancing Secured Notes are scheduled to mature on the Payment Date (as defined in the CLO IV Refinancing Indenture) in August, 2033. The CLO IV Refinancing Secured Notes were privately placed by Natixis Securities Americas LLC. The proceeds from the CLO IV Refinancing were used to redeem in full the classes of notes issued on the CLO IV Closing Date, to redeem a portion of the preferred shares of the CLO IV Issuer as described below and to pay expenses incurred in connection with the CLO IV Refinancing.
Concurrently with the issuance of the CLO IV Refinancing Secured Notes, the CLO IV Issuer redeemed 38,900 preferred shares held by the Company (the “CLO IV Preferred Shares”) at a total redemption price of $38.9 million ($1,000 per preferred share). The Company retains the 148,000 CLO IV Preferred Shares that remain outstanding and that the Company acquired on the CLO IV Closing Date.
Through August 20, 2025, a portion of the proceeds received by the CLO IV Issuer from the loans securing the CLO IV Refinancing Secured Notes may be used by the CLO IV Issuer to purchase additional middle-market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO IV Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle-market loans.
The CLO IV Refinancing Secured Notes are the secured obligation of the CLO IV Issuers, and the CLO IV Refinancing Indenture includes customary covenants and events of default.
CLO V
On November 20, 2020 (the “CLO V Closing Date”), the Company completed a $345.5 million term debt securitization transaction (the “CLO V Transaction”). The secured notes and preferred shares issued in the CLO V Transaction were issued by the Company’s consolidated subsidiaries Owl Rock CLO V, Ltd., an exempted company incorporated in the Cayman Islands with limited liability (the “CLO V Issuer”), and Owl Rock CLO V, LLC, a Delaware limited liability company (the “CLO V Co-Issuer” and together with the CLO V Issuer, the “CLO V Issuers”).
The CLO V Transaction was executed by the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the CLO V Closing Date (the “CLO V Indenture”), by and among the CLO V Issuers and State Street Bank and Trust Company: (i) $182.0 million of AAA(sf)/AAAsf Class A-1 Notes, which bear interest at three-month
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Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
LIBOR plus 1.85% and (ii) $14.0 million of AAA(sf) Class A-2 Notes, which bear interest at three-month LIBOR plus 2.20% (together, the “CLO V Secured Notes”). The CLO V Secured Notes are secured by the middle-market loans, participation interests in middle-market loans and other assets of the CLO V Issuer. The CLO V Secured Notes are scheduled to mature on the Payment Date (as defined in the CLO V Indenture) in November, 2029. The CLO V Secured Notes were privately placed by Natixis Securities Americas LLC.
The CLO V Secured Notes were redeemed in the CLO V Refinancing, described below.
Concurrently with the issuance of the CLO V Secured Notes, the CLO V Issuer issued approximately $149.5 million of subordinated securities in the form of 149,450 preferred shares at an issue price of U.S.$1,000 per share.
As part of the CLO V Transaction, the Company entered into a loan sale agreement with the CLO V Issuer dated as of the CLO V Closing Date, which provided for the sale and contribution of approximately $201.8 million par amount of middle-market loans from the Company to the CLO V Issuer on the CLO V Closing Date and for future sales from the Company to the CLO V Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO V Secured Notes. The remainder of the initial portfolio assets securing the CLO V Secured Notes consisted of approximately $84.7 million par amount of middle-market loans purchased by the CLO V Issuer from ORCC Financing II under an additional loan sale agreement executed on the CLO V Closing Date between the Issuer and ORCC Financing II. No gain or loss was recognized as a result of these sales and contributions. The Company and ORCC Financing II each made customary representations, warranties, and covenants to the Issuer under the applicable loan sale agreement.
Through July 20, 2022, a portion of the proceeds received by the CLO V Issuer from the loans securing the CLO V Secured Notes could be used by the CLO V Issuer to purchase additional middle-market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO V Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle-market loans.
The CLO V Secured Notes were the secured obligation of the CLO V Issuers, and the CLO V Indenture includes customary covenants and events of default.
CLO V Refinancing
On April 20, 2022 (the “CLO V Refinancing Date”), the Company completed a $669.2 million term debt securitization refinancing (the “CLO V Refinancing”). The secured notes and preferred shares issued in the CLO V Refinancing were issued by the CLO V Co-Issuer, as Issuer (the “CLO V Refinancing Issuer”).
The CLO V Refinancing was executed by the issuance of the following classes of notes pursuant to the CLO V Indenture as supplemented by the supplemental indenture dated as of the CLO V Refinancing Date (the “CLO V Refinancing Indenture”), by and among the CLO V Refinancing Issuer and State Street Bank and Trust Company: (i) $354.4 million of AAA(sf) Class A-1R Notes, which bear interest at the Benchmark, as defined in the CLO V Refinancing Indenture, plus 1.78%, (ii) $30.4 million of AAA(sf) Class A-2R Notes, which bear interest at the Benchmark plus 1.95%, (iii) $49.0 million of AA(sf) Class B-1 Notes, which bear interest at the Benchmark plus 2.20%, (iv) $5.0 million of AA(sf) Class B-2 Notes, which bear interest at 4.25%, (v) $31.5 million of A(sf) Class C-1 Notes, which bear interest at the Benchmark plus 3.15% and (vi) $39.4 million of A(sf) Class C-2 Notes, which bear interest at 5.10% (together, the “CLO V Refinancing Secured Notes”). The CLO V Refinancing Secured Notes are secured by the middle-market loans, participation interests in middle-market loans and other assets of the Issuer. The CLO V Refinancing Secured Notes are scheduled to mature on the Payment Date (as defined in the CLO V Refinancing Indenture) in April, 2034. The CLO V Refinancing Secured Notes were privately placed by Natixis Securities Americas LLC. The proceeds from the CLO V Refinancing were used to redeem in full the classes of notes issued on the CLO V Closing Date and to pay expenses incurred in connection with the CLO V Refinancing.
Concurrently with the issuance of the CLO V Refinancing Secured Notes, the CLO V Issuer issued approximately $10.2 million of additional subordinated securities, for a total of $159.6 million of subordinated securities in the form of 159,620 preferred shares at an issue price of U.S.$1,000 per share.
On the CLO V Closing Date, the CLO V Issuer entered into a loan sale agreement with Company, which provided for the sale and contribution of approximately $201.8 million par amount of middle-market loans from the Company to the CLO V Issuer on the CLO V Closing Date and for future sales from the Company to the CLO V Issuer on an ongoing basis. As part of the CLO V Refinancing, the CLO V Refinancing Issuer, as the successor to the CLO V Issuer, and the Company entered into an amended and restated loan sale agreement with the Company dated as of the CLO V Refinancing Date, pursuant to which the CLO V Refinancing Issuer assumed all ongoing obligations of the CLO V Issuer under the original agreement and the Company sold and contributed approximately $275.7 million par amount middle-market loans to the CLO V Refinancing Issuer on the CLO V Refinancing Date and provides for future sales from the Company to the CLO V Refinancing Issuer on an ongoing basis. Such loans constituted part of the portfolio of assets securing the CLO V Refinancing Secured Notes. A portion of the portfolio assets securing the CLO V Refinancing Secured
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Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
Notes consists of middle-market loans purchased by the CLO V Issuer from ORCC Financing II under an additional loan sale agreement executed on the CLO V Closing Date between the CLO V Issuer and ORCC Financing II and which the CLO V Refinancing Issuer and ORCC Financing II amended and restated on the CLO V Refinancing Date in connection with the refinancing. No gain or loss was recognized as a result of these sales and contributions. The Company and ORCC Financing II each made customary representations, warranties, and covenants to the CLO V Refinancing Issuer under the applicable loan sale agreement.
Through April 20, 2026, a portion of the proceeds received by the CLO V Issuer from the loans securing the CLO V Refinancing Secured Notes may be used by the Issuer to purchase additional middle-market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO V Refinancing Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle-market loans.
The CLO V Refinancing Secured Notes are the secured obligation of the CLO V Refinancing Issuer, and the CLO V Refinancing Indenture includes customary covenants and events of default.
CLO VII
On July 26, 2022 (the “CLO VII Closing Date”), the Company completed a $350.5 million term debt securitization transaction (the “CLO VII Transaction”). The secured notes and preferred shares issued in the CLO VII Transaction and the secured loan borrowed in the CLO VII Transaction were issued and incurred, as applicable, by the Company’s consolidated subsidiary Owl Rock CLO VII, LLC, a limited liability organized under the laws of the State of Delaware (the “CLO VII Issuer”).
The CLO VII Transaction was executed by (A) the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the CLO VII Closing Date (the “CLO VII Indenture”), by and among the CLO VII Issuer and State Street Bank and Trust Company: (i) $48.0 million of AAA(sf) Class A-1 Notes, which bear interest at three-month term SOFR plus 2.10%, (ii) $24.0 million of AAA(sf) Class A-2 Notes, which bear interest at 5.00%, (iii) $6.0 million of AA(sf) Class B-1 Notes, which bear interest at three-month term SOFR plus 2.85% and (iv) $26.2 million of AA(sf) Class B-2 Notes, which bear interest at 5.71% and (v) $10.0 million of A(sf) Class C Notes, which bear interest at 6.86% (together, the “CLO VII Secured Notes”) and (B) the borrowing by the CLO VII Issuer of $75.0 million under floating rate Class A-L1 loans (the “CLO VII Class A-L1 Loans”) and $50.0 million under floating rate Class A-L2 loans (the “CLO VII Class A-L2 Loans” and together with the CLO VII Class A-L1 Loans and the CLO VII Secured Notes, the “CLO VII Debt”). The CLO VII Class A-L1 Loans and the CLO VII Class A-L2 Loans bear interest at three-month term SOFR plus 2.10%. The CLO VII Class A-L1 Loans were borrowed under a credit agreement (the “CLO VII A-L1 Credit Agreement”), dated as of the CLO VII Closing Date, by and among the CLO VII Issuer, as borrower, various financial institutions, as lenders, and State Street Bank and Trust Company, as collateral trustee and loan agent and the CLO VII Class A-L2 Loans were borrowed under a credit agreement (the “CLO VII A-L2 Credit Agreement”), dated as of the CLO VII Closing Date, by and among the CLO VII Issuer, as borrower, various financial institutions, as lenders, and State Street Bank and Trust Company, as collateral trustee and loan agent. The CLO VII Debt is secured by middle-market loans, participation interests in middle-market loans and other assets of the CLO VII Issuer. The CLO VII Debt is scheduled to mature on the Payment Date (as defined in the CLO VII Indenture) in July, 2033. The CLO VII Secured Notes were privately placed by SG Americas Securities, LLC as Initial Purchaser.
Concurrently with the issuance of the CLO VII Secured Notes and the borrowing under the CLO VII Class A-L1 Loans and CLO VII Class A-L2 Loans, the CLO VII Issuer issued approximately $111.3 million of subordinated securities in the form of 111,320 preferred shares at an issue price of U.S.$1,000 per share.
As part of the CLO VII Transaction, the Company entered into a loan sale agreement with the CLO VII Issuer dated as of the CLO VII Closing Date, which provided for the sale and contribution of approximately $255.5 million par amount of middle-market loans from the Company to the CLO VII Issuer on the CLO VII Closing Date and for future sales from the Company to the CLO VII Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO VII Debt. The remainder of the initial portfolio assets securing the CLO VII Debt consisted of approximately $93.3 million par amount of middle-market loans purchased by the CLO VII Issuer from ORCC Financing IV under an additional loan sale agreement executed on the CLO VII Closing Date between the CLO VII Issuer and ORCC Financing IV. No gain or loss was recognized as a result of these sales and contributions. The Company and ORCC Financing IV each made customary representations, warranties, and covenants to the CLO VII Issuer under the applicable loan sale agreement.
Through July 20, 2025, a portion of the proceeds received by the CLO VII Issuer from the loans securing the CLO VII Debt may be used by the CLO VII Issuer to purchase additional middle-market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO VII Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle-market loans.
The CLO VII Debt is the secured obligation of the CLO VII Issuer, and the CLO VII Indenture, the CLO VII A-L1 Credit Agreement and the CLO VII A-L2 Credit Agreement each include customary covenants and events of default.
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Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
CLO VII Refinancing
On February 28, 2025 (the “CLO VII Refinancing Date”), the Company completed a $484.9 million term debt securitization refinancing (the “CLO VII Refinancing”). The secured notes and preferred shares issued in the CLO VII Refinancing and the secured loans borrowed in the CLO VII Refinancing were issued and incurred, as applicable, by the CLO VII Issuer, as issuer (the “CLO VII Refinancing Issuer”).
The CLO VII Refinancing was executed by (A) the issuance of the following classes of notes pursuant to an indenture and security agreement dated as of July 26, 2022 (the “Original CLO VII Closing Date”), by and between the CLO VII Refinancing Issuer and State Street Bank and Trust Company, as amended and supplemented by the first supplemental indenture dated as of the CLO VII Refinancing Date (the “CLO VII Refinancing Indenture”), by and between the CLO VII Refinancing Issuer and State Street Bank and Trust Company: (i) $202.0 million of AAA(sf) Class A-R Notes, which bear interest at the Benchmark plus 1.40% and (ii) $53.5 million of AA(sf) Class B-R Notes, which bear interest at the Benchmark plus 1.70% (together, the “CLO VII Refinancing Secured Notes”) and (B) the borrowing by the Issuer of (i) $50.0 million under floating rate Class A-L1-R loans (the “CLO VII Refinancing Class A-L1-R Loans”) and (ii) $25.0 million under floating rate Class A-L2-R loans (the “CLO VII Refinancing Class A-L2-R Loans” and together with the Class A-L1-R Loans and the Secured Notes, the “CLO VII Refinancing Debt”). The CLO VII Refinancing Class A-L1-R Loans and the CLO VII Refinancing Class A-L2-R Loans bear interest at the Benchmark plus 1.40%. The Class A-L1-R Loans were borrowed under a loan agreement (the “CLO VII Refinancing A-L1-R Loan Agreement”), dated as of the CLO VII Refinancing Date, by and among the CLO VII Refinancing Issuer, as borrower, State Street Bank and Trust Company, as collateral trustee and loan agent, and the lenders party thereto and the CLO VII Refinancing Class A-L2-R Loans were borrowed under a loan agreement (the “CLO VII Refinancing A-L2-R Loan Agreement”), dated as of the CLO VII Refinancing Date, by and among the CLO VII Refinancing Issuer, as borrower, State Street Bank and Trust Company, as collateral trustee and loan agent, and the lenders party thereto. The CLO VII Refinancing Debt is secured by middle market loans, participation interests in middle market loans and other assets of the CLO VII Refinancing Issuer. The CLO VII Refinancing Debt is scheduled to mature on the Payment Date in April 2038. The CLO VII Refinancing Secured Notes were privately placed by SG Americas Securities, LLC as Initial Purchaser.
Concurrently with the issuance of the CLO VII Refinancing Secured Notes and the borrowing under the CLO VII Refinancing Class A-L1-R Loans and CLO VII Refinancing Class A-L2-R Loans, the CLO VII Refinancing Issuer issued $43.1 million of additional subordinated securities in the form of 43,100 of its preferred shares (the “CLO VII Refinancing Additional Preferred Shares”). The CLO VII Refinancing Additional Preferred Shares were issued by the CLO VII Refinancing Issuer as part of its issued share capital and are not secured by the collateral securing the CLO VII Refinancing Debt. The Company purchased all of the CLO VII Refinancing Additional Preferred Shares issued on the CLO VII Refinancing Date. On the Original CLO VII Closing Date, the CLO VII Refinancing Issuer issued $111.3 million of subordinated interests in the form of 111,320 of its preferred shares which the Company purchased and continue to be held. The total amount of outstanding preferred shares as of the CLO VII Refinancing Date is 154,420.
On the Original CLO VII Closing Date, the CLO VII Refinancing Issuer entered into a loan sale agreement with the Company, which provided for the sale and contribution of approximately $255.5 million par amount of middle market loans from the Company to the CLO VII Refinancing Issuer on the Original CLO VII Closing Date and for future sales from the Company to the CLO VII Refinancing Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the Debt. As part of the CLO VII Refinancing, the CLO VII Refinancing Issuer and the Company entered into an amended and restated loan sale agreement dated as of the CLO VII Refinancing Date (the “CLO VII Refinancing OBDC Loan Sale Agreement”), which provides for the sale and contribution of approximately $111.2 million par amount of middle market loans from the Company to the CLO VII Refinancing Issuer on the CLO VII Refinancing Date and for future sales from the Company to the CLO VII Refinancing Issuer on an ongoing basis. Such loans constituted part of the portfolio of assets securing the CLO VII Refinancing Debt. The Company made customary representations, warranties, and covenants to the CLO VII Refinancing Issuer under the applicable loan sale agreement.
Through April 20, 2030, a portion of the proceeds received by the CLO VII Refinancing Issuer from the loans securing the CLO VII Refinancing Debt may be used by the Issuer to purchase additional middle market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO VII Refinancing Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle market loans.
The CLO VII Refinancing Debt is the secured obligation of the CLO VII Refinancing Issuer, and the CLO VII Refinancing Indenture, the CLO VII Refinancing A-L1-R Loan Agreement and the CLO VII Refinancing A-L2-R Loan Agreement each include customary covenants and events of default.
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Blue Owl Capital Corporation
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
CLO X
On March 9, 2023 (the “CLO X Closing Date”), the Company completed a $397.7 million term debt securitization transaction (the “CLO X Transaction”). The secured notes and preferred shares issued in the CLO X Transaction were issued by the Company’s consolidated subsidiary Owl Rock CLO X, LLC, a limited liability organized under the laws of the State of Delaware (the “CLO X Issuer”).
The CLO X Transaction was executed by the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the CLO X Closing Date (the “CLO X Indenture”), by and among the CLO X Issuer and State Street Bank and Trust Company: (i) $228.0 million of AAA(sf) Class A Notes, which bear interest at three-month term SOFR plus 2.45% and (ii) $32.0 million of AA(sf) Class B Notes, which bear interest at three-month term SOFR plus 3.60% (together, the “CLO X Secured Notes”). The Secured Notes are secured by middle-market loans, participation interests in middle-market loans and other assets of the CLO X Issuer. The CLO X Secured Notes are scheduled to mature on the Payment Date (as defined in the CLO X Indenture) in April, 2035. The CLO X Secured Notes were privately placed by Deutsche Bank Securities Inc. as Initial Purchaser.
Concurrently with the issuance of the CLO X Secured Notes, the CLO X Issuer issued approximately $137.7 million of subordinated securities in the form of 137,700 preferred shares at an issue price of U.S. $1,000 per share (the “CLO X Preferred Shares”).
As part of the CLO X Transaction, the Company entered into a loan sale agreement with the CLO X Issuer dated as of the CLO X Closing Date, which provided for the sale and contribution of approximately $245.9 million par amount of middle-market loans from the Company to the CLO X Issuer on the CLO X Closing Date and for future sales from the Company to the CLO X Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO X Secured Notes. The remainder of the initial portfolio assets securing the CLO X Secured Notes consisted of approximately $141.3 million par amount of middle-market loans purchased by the CLO X Issuer from ORCC Financing III under an additional loan sale agreement executed on the CLO X Closing Date between the CLO X Issuer and ORCC Financing III. No gain or loss was recognized as a result of these sales and contributions. The Company and ORCC Financing III each made customary representations, warranties, and covenants to the CLO X Issuer under the applicable loan sale agreement.
Through April 20, 2027, a portion of the proceeds received by the CLO X Issuer from the loans securing the CLO X Secured Notes may be used by the CLO X Issuer to purchase additional middle-market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO X Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle-market loans.
The CLO X Secured Notes are the secured obligation of the CLO X Issuer, and the CLO X Indenture includes customary covenants and events of default.
CLO X Refinancing
On April 4, 2025 (the “CLO X Refinancing Date”), the Company completed a $409.7 million term debt securitization refinancing (the “CLO X Refinancing”). The secured notes issued and the secured loans borrowed in the CLO X Refinancing were issued and incurred, as applicable, by the CLO X Issuer, as issuer (the “CLO X Refinancing Issuer”).
The CLO X Refinancing was executed by (A) the issuance of the following classes of notes pursuant to an amended and restated indenture and security agreement dated as of the CLO X Refinancing Date (the “CLO X Refinancing Indenture”), by and between the CLO X Refinancing Issuer and State Street Bank and Trust Company: (i) $93.0 million of AAA(sf) Class A-R Notes, which bear interest at the Benchmark plus 1.39% and (ii) $44.0 million of AA(sf) Class B-R Notes, which bear interest at the Benchmark plus 1.70% (together, the “CLO X Refinancing Secured Notes”) and (B) the borrowing by the CLO X Refinancing Issuer of $135.0 million under floating rate Class A-L1 loans (the “CLO X Refinancing Class A-L1 Loans” and together with the CLO X Refinancing Secured Notes, the “CLO X Refinancing Debt”). The CLO X Refinancing Class A-L1 Loans bear interest at the Benchmark plus 1.39%. The CLO X Refinancing Class A-L1 Loans were borrowed under a loan agreement (the “CLO X Refinancing Class A-L1 Loan Agreement”), dated as of the CLO X Refinancing Date, by and among the CLO X Refinancing Issuer, as borrower, State Street Bank and Trust Company, as collateral trustee and loan agent, and the lenders party thereto. The CLO X Refinancing Debt is secured by middle market loans, participation interests in middle market loans and other assets of the CLO X Refinancing Issuer. The CLO X Refinancing Debt is scheduled to mature on the Payment Date in April 2037. The CLO X Refinancing Secured Notes were privately placed by Deutsche Bank Securities Inc. as Initial Purchaser. The proceeds from the CLO Refinancing were used to redeem in full the classes of notes issued on CLO X Closing Date and to pay expenses incurred in connection with the CLO X Refinancing.
On the CLO X Closing Date, the CLO X Issuer issued $137.7 million of subordinated securities in the form of 137,700 of its preferred shares (the “CLO X Preferred Shares”) which the Company purchased and continue to be held. The CLO X Preferred Shares were issued by the CLO X Issuer as part of its issued share capital and are not secured by the collateral securing the CLO X Refinancing Debt.
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Blue Owl Capital Corporation
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
On the CLO X Closing Date, the CLO X Issuer entered into a loan sale agreement with the Company, which provided for the sale and contribution of approximately $245.9 million par amount of middle market loans from the Company to the CLO X Issuer on the CLO X Closing Date and for future sales from the Company to the CLO X Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO X Secured Notes. As part of the CLO X Refinancing, the CLO X Issuer and the Company entered into an amended and restated loan sale agreement dated as of the CLO X Refinancing Date (the “CLO X Refinancing OBDC Loan Sale Agreement”), which provides for the sale and contribution of approximately $56.3 million par amount of middle market loans from the Company to the CLO X Issuer on the CLO X Refinancing Date and for future sales from the Company to the CLO Issuer on an ongoing basis. Such loans constituted part of the portfolio of assets securing the CLO X Debt. The Company made customary representations, warranties, and covenants to the Issuer under the applicable loan sale agreement.
Through April 20, 2029, a portion of the proceeds received by the CLO X Refinancing Issuer from the loans securing the CLO X Refinancing Debt may be used by the CLO X Refinancing Issuer to purchase additional middle market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO X Refinancing Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle market loans.
The CLO X Refinancing Debt is the secured obligation of the CLO X Refinancing Issuer, and the CLO X Refinancing Indenture and the CLO X Refinancing A-L1 Loan Agreement each include customary covenants and events of default.
CLO XIV
On November 21, 2023 (the “CLO XIV Closing Date”), OBDE completed a $397.3 million term debt securitization transaction (the “CLO XIV Transaction”). The secured notes and preferred shares issued in the CLO XIV Transaction and the secured loan borrowed in the CLO XIV Transaction were issued and incurred, as applicable, by OBDE’s consolidated subsidiary Owl Rock CLO XIV, LLC, a limited liability company organized under the laws of the State of Delaware (the “CLO XIV Issuer”). On January 13, 2025, as a result of the consummation of the OBDE Mergers, the Company became party to the relevant agreements with respect to and assumed all of OBDE’s obligations under the CLO XIV Transaction.
The CLO XIV Transaction was executed by (A) the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the Closing Date (the “CLO XIV Indenture”), by and among the CLO XIV Issuer and State Street Bank and Trust Company: (i) $203.0 million of AAA(sf) Class A Notes, which bore interest at three-month term SOFR plus 2.40% and (ii) $32.0 million of AA(sf) Class B Notes, which bore interest at three-month term SOFR plus 3.25% (together, the “CLO XIV Secured Notes”) and (B) the borrowing by the CLO XIV Issuer of $25.0 million under floating rate Class A-L loans (the “CLO XIV Class A-L Loans” and together with the CLO XIV Secured Notes, the “CLO XIV Debt”). The CLO XIV Class A-L Loans bore interest at three-month term SOFR plus 2.40%. The CLO XIV Class A-L Loans were borrowed under a credit agreement (the “CLO XIV Class A-L Credit Agreement”), dated as of the CLO XIV Closing Date, by and among the CLO XIV Issuer, as borrower, various financial institutions, as lenders, and State Street Bank and Trust Company, as collateral trustee and loan agent. The CLO XIV Debt was secured by middle-market loans, participation interests in middle-market loans and other assets of the CLO XIV Issuer. The CLO XIV Secured Notes were privately placed by SG Americas Securities, LLC as Initial Purchaser.
Concurrently with the issuance of the CLO XIV Secured Notes and the borrowing under the CLO XIV Class A-L Loans, the CLO XIV Issuer issued approximately $137.3 million of subordinated securities in the form of 137,300 preferred shares at an issue price of U.S.$1,000 per share.
As part of the CLO XIV Transaction, OBDE entered into a loan sale agreement with the CLO XIV Issuer dated as of the CLO XIV Closing Date (the “CLO XIV OBDC III Loan Sale Agreement”), which provided for the contribution of approximately $167.3 million funded par amount of middle-market loans from OBDE to the CLO XIV Issuer on the CLO XIV Closing Date and for future sales from the Company to the CLO XIV Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO XIV Debt. The remainder of the initial portfolio assets securing the CLO XIV Debt consisted of approximately $204.0 million funded par amount of middle-market loans purchased by the CLO XIV Issuer from ORCC III Financing LLC, a wholly-owned subsidiary of OBDE, under an additional loan sale agreement executed on the CLO XIV Closing Date between the CLO XIV Issuer and ORCC III Financing LLC (the “CLO XIV ORCC III Financing Loan Sale Agreement”). OBDE and ORCC III Financing LLC each made customary representations, warranties, and covenants to the CLO XIV Issuer under the applicable loan sale agreement. No gain or loss was recognized as a result of these sales or contributions.
Through October 20, 2027, a portion of the proceeds received by the CLO XIV Issuer from the loans securing the CLO XIV Secured Notes could be used by the CLO XIV Issuer to purchase additional middle-market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO XIV Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle-market loans.
The CLO XIV Debt was the secured obligation of the CLO XIV Issuer, and the CLO XIV Indenture and CLO XIV Class A-L Credit Agreement each includes customary covenants and events of default.
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Blue Owl Capital Corporation
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
On January 20, 2026, the CLO XIV Issuer redeemed all classes of the CLO XIV Debt in full, along with accrued and unpaid interest.
Unsecured Notes
On December 14, 2023, the Company entered into an agreement of removal, appointment and acceptance (the “Tripartite Agreement”), with Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association (the “Retiring Trustee”) and Deutsche Bank Trust Company Americas (the “Successor Trustee”), with respect to the Indenture, dated April 10, 2019 between the Company and the Retiring Trustee (the “Base Indenture”), the first supplemental indenture, dated April 10, 2019 (the “First Supplemental Indenture”) between the Company and the Retiring Trustee, the second supplemental indenture, dated October 8, 2019 (the “Second Supplemental Indenture”) between the Company and the Retiring Trustee, the third supplemental indenture, dated January 22, 2020 (the “Third Supplemental Indenture”) between the Company and the Retiring Trustee, the Fourth Supplemental Indenture, dated July 23, 2020 (the “Fourth Supplemental Indenture”) between the Company and the Retiring Trustee, the Fifth Supplemental Indenture, dated December 8, 2020 (the “Fifth Supplemental Indenture”) between the Company and the Retiring Trustee, the Sixth Supplemental Indenture, dated April 26, 2021 (the “Sixth Supplemental Indenture”) between the Company and the Retiring Trustee, the Seventh Supplemental Indenture, dated June 11, 2021 (the “Seventh Supplemental Indenture” and together with the Base Indenture, the First Supplemental Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture, the Fourth Supplemental Indenture, the Fifth Supplemental Indenture, the Sixth Supplemental Indenture, and the Eighth Supplemental Indenture (as defined below), the “Indenture”) between the Company and the Successor Trustee.
The Tripartite Agreement provides that, effective as of the date thereof, (1) the Retiring Trustee assigns, transfers, delivers and confirms to the Successor Trustee all of its rights, title and interest under the Indenture and all of the rights, power, trusts and duties as trustee, security registrar, paying agent, authenticating agent and depositary custodian under the Indenture; and (2) the Successor Trustee accepts its appointment as successor trustee, security registrar, paying agent, authenticating agent and depositary custodian under the Indenture, and accepts the rights, indemnities, protections, powers, trust and duties of or afforded to Retiring Trustee as trustee, security registrar, paying agent, authenticating agent and depositary custodian under the Indenture. The Successor Trustee’s appointment in its capacities as paying agent and security registrar became effective on December 29, 2023.
2024 Notes
On April 10, 2019, the Company issued $400.0 million aggregate principal amount of notes that were due on April 15, 2024 (the “2024 Notes”). The 2024 Notes bore interest at a rate of 5.25% per year, payable semi-annually on April 15 and October 15 of each year, commencing on October 15, 2019. On February 21, 2024, the Company caused notice to be issued to the Successor Trustee of the 2024 Notes regarding the Company’s exercise of the option to redeem in full all $400.0 million in aggregate principal amount of the 2024 Notes at 100.0% of their principal amount, plus the accrued and unpaid interest thereon through, but excluding, the redemption date, March 22, 2024. On March 22, 2024, the Company redeemed in full all $400.0 million in aggregate principal amount of the 2024 Notes at 100.0% of their principal amount, plus the accrued and unpaid interest thereon through, but excluding, March 22, 2024.
In connection with the issuance of the 2024 Notes, on April 10, 2019 the Company entered into centrally cleared interest rate swaps. The notional amount of the interest rate swaps was $400.0 million. The Company received fixed rate interest at 5.25% and paid variable rate interest based on six-month SOFR (plus a spread adjustment) plus 3.051%. The interest rate swap was unwound prior to its maturity on March 22, 2024 in connection with the 2024 Notes redemption. For the year ended December 31, 2024, the Company made a payment of $6.6 million in conjunction with unwinding the swap. The swap adjusted interest expense is included as a component of interest expense on the Company’s Consolidated Statements of Operations. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on the Company’s Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by a change in net carrying value of the 2024 Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations.
2025 Notes
On October 8, 2019, the Company issued $425.0 million aggregate principal amount of notes that were due on March 30, 2025 (the “2025 Notes”). The 2025 Notes bore interest at a rate of 4.00% per year, payable semi-annually on March 30 and September 30 of each year, commencing on March 30, 2020. On March 31, 2025, the Company repaid in full all $425.0 million in aggregate principal amount of the 2025 Notes at 100.0% of their principal amount, plus the accrued and unpaid interest thereon through, but excluding, March 31, 2025.
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Blue Owl Capital Corporation
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
July 2025 Notes
On January 22, 2020, the Company issued $500.0 million aggregate principal amount of notes that mature on July 22, 2025 (the “July 2025 Notes”). The July 2025 Notes bore interest at a rate of 3.75% per year, payable semi-annually on January 22 and July 22, of each year, commencing on July 22, 2020. On July 22, 2025, the Company repaid in full all $500.0 million in aggregate principal amount of the July 2025 Notes at 100.0% of their principal amount, plus the accrued and unpaid interest thereon through, but excluding, July 22, 2025.
2026 Notes
On July 23, 2020, the Company issued $500.0 million aggregate principal amount of notes that mature on January 15, 2026 (the “2026 Notes”). The 2026 Notes bore interest at a rate of 4.25% per year, payable semi-annually on January 15 and July 15 of each year, commencing on January 15, 2021. On January 15, 2026, the Company repaid all $500.0 million of the 2026 Notes at 100.0% of their principal amount, plus the accrued interest thereon through, but excluding, January 15, 2026.
July 2026 Notes
On December 8, 2020, the Company issued $1.00 billion aggregate principal amount of notes that mature on July 15, 2026 (the “July 2026 Notes”). The July 2026 Notes bear interest at a rate of 3.40% per year, payable semi-annually on January 15 and July 15 of each year, commencing on July 15, 2021. The Company may redeem some or all of the July 2026 Notes at any time, or from time to time, at a redemption price equal to the greater of (1) 100% of the principal amount of the July 2026 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the July 2026 Notes to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 50 basis points, plus, in each case, accrued and unpaid interest to the redemption date; provided, however, that if the Company redeems any July 2026 Notes on or after June 15, 2026 (the date falling one month prior to the maturity date of the July 2026 Notes), the redemption price for the July 2026 Notes will be equal to 100% of the principal amount of the July 2026 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption.
2027 Notes
On April 26, 2021, the Company issued $500.0 million aggregate principal amount of notes that mature on January 15, 2027 (the “2027 Notes”). The 2027 Notes bear interest at a rate of 2.625% per year, payable semi-annually on January 15 and July 15, of each year, commencing on July 15, 2021. The Company may redeem some or all of the 2027 Notes at any time, or from time to time, at a redemption price equal to the greater of (1) 100% of the principal amount of the 2027 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2027 Notes to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 30 basis points, plus, in each case, accrued and unpaid interest to the redemption date; provided, however, that if the Company redeems any 2027 Notes on or after December 15, 2026 (the date falling one month prior to the maturity date of the 2027 Notes), the redemption price for the 2027 Notes will be equal to 100% of the principal amount of the 2027 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption.
In connection with the issuance of the 2027 Notes, on April 26, 2021, the Company entered into centrally cleared interest rate swaps. The notional amount of the interest rate swaps is $500.0 million. The Company will receive fixed rate interest at 2.625% and pay variable rate interest based on six-month SOFR plus 1.769%.
The centrally cleared interest rate swaps had a termination date of January 15, 2027. On January 15, 2026, the Company terminated the centrally cleared interest rate swap and paid proceeds equal to the fair value of the centrally cleared interest rate swap as of the termination date, adjusted for accrued swap interest then owed, totaling $13.1 million. Contemporaneously, the Company entered into a bilateral interest rate swap with the same notional, fixed rate and termination date as the swaps terminated, and a variable rate interest based on SOFR minus 0.907%. The adjustment to the net carrying value of the 2027 Notes offsetting the fair value of the centrally cleared swaps was capitalized to the 2027 Notes as of the swap termination date and will amortize to the maturity date as a component of interest expense on the Consolidated Statements of Operations.
The interest expense related to the 2027 Notes is equally offset by the proceeds received from the interest rate swaps. The swap adjusted interest expense is included as a component of interest expense on the Company’s Consolidated Statements of Operations.
Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on the Company’s Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by a change in net carrying value of the 2027 Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations.
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Blue Owl Capital Corporation
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
2028 Notes
On June 11, 2021, the Company issued $450.0 million aggregate principal amount of notes that mature on June 11, 2028 and on August 17, 2021, the Company issued an additional $400.0 million aggregate principal amount of the Company's 2.875% notes due 2028 (together, the “2028 Notes”). The 2028 Notes bear interest at a rate of 2.875% per year, payable semi-annually on June 11 and December 11, of each year, commencing on December 11, 2021. The Company may redeem some or all of the 2028 Notes at any time, or from time to time, at a redemption price equal to the greater of (1) 100% of the principal amount of the 2028 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2028 Notes to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 30 basis points, plus, in each case, accrued and unpaid interest to the redemption date; provided, however, that if the Company redeems any 2028 Notes on or after April 11, 2028 (the date falling two months prior to the maturity date of the 2028 Notes), the redemption price for the 2028 Notes will be equal to 100% of the principal amount of the 2028 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption.
September 2028 Notes
On April 16, 2026, the Company issued $400.0 million aggregate principal amount of notes that mature September 15, 2028 (the “September 2028 Notes”). The September 2028 Notes bear interest at a rate of 6.450% payable semi-annually on March 15 and September 15 of each year, commencing on September 15, 2026. The Company may redeem some or all of the September 2028 Notes at any time and from time to time, at a redemption price equal to the greater of (1) 100% of the principal amount of the September 2028 Notes be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the September 2028 Notes to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the treasury rate plus 45 basis points, plus, in either case, accrued and unpaid interest thereon to the redemption date.
On April 29, 2026, in connection with the issuance of the September 2028 Notes, the Company entered into a bilateral interest rate swap. The notional amount of the interest rate swap is $400.0 million. The Company will receive fixed rate interest at 6.450% and pay variable rate interest based on SOFR plus 2.664%. The interest rate swap matures on September 15, 2028. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on the Company’s Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by a change in net carrying value of the September 2028 Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations.
2029 Notes
On January 22, 2024, the Company issued $600.0 million aggregate principal amount of notes that mature on March 15, 2029 and on November 19, 2024, the Company issued an additional $400.0 million aggregate principal amount of the Company’s 5.95% notes due 2029 (together, the “2029 Notes”). The 2029 Notes bear interest at a rate of 5.95% per year, payable semi-annually on March 15 and September 15, of each year, commencing on September 15, 2024. The Company may redeem some or all of the 2029 Notes at any time, or from time to time, at a redemption price equal to the greater of (1) 100% of the principal amount of the 2029 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2029 Notes to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 35 basis points, plus, in each case, accrued and unpaid interest to the redemption date; provided, however, that if the Company redeems any 2029 Notes on or after February 15, 2029 (the date falling one month prior to the maturity date of the 2029 Notes), the redemption price for the 2029 Notes will be equal to 100% of the principal amount of the 2029 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption.
On February 9, 2024, in connection with the initial issuance of the 2029 Notes on January 22, 2024, the Company entered into centrally cleared interest rate swaps. The notional amount of the interest rate swaps was $600.0 million. The Company received fixed rate interest at 5.950% and paid variable rate interest based on six-month SOFR (plus a spread adjustment) plus 2.118%.
On July 29, 2025, the Company terminated the centrally cleared interest rate swap and received proceeds equal to the fair value of the centrally cleared interest rate swap as of the termination date, adjusted for accrued swap interest then owed, totaling $3.9 million. Contemporaneously, the Company entered into a bilateral interest rate swap with the same notional, fixed rate and termination date as the swaps terminated, and a variable rate interest based on SOFR plus 2.255%. The adjustment to the net carrying value of the 2029 Notes offsetting the fair value of the centrally cleared swaps was capitalized to the 2029 Notes as of the swap termination date and will amortize to the maturity date as a component of interest expense on the Consolidated Statements of Operations. The interest expense related to the 2029 Notes is equally offset by the proceeds received from the fixed rate leg of the interest rate swaps. The swap adjusted interest expense is included as a component of interest expense on the Company’s Consolidated Statements of Operations. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of
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Blue Owl Capital Corporation
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
accrued expenses and other liabilities or prepaid expenses and other assets on the Company’s Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swaps including the centrally cleared interest rate swap through its termination date, is offset by a change in net carrying value of the 2029 Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations.
On November 19, 2024, in connection with the additional issuance of the 2029 Notes, the Company entered into a bilateral interest rate swap. The notional amount of the interest rate swap is $400.0 million. The Company will receive fixed rate interest at 5.950% and pay variable rate interest based on six-month SOFR (plus a spread adjustment) plus 1.922%. The interest rate swap matures on February 15, 2029. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on the Company’s Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by a change in net carrying value of the 2029 Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations. The interest rate swaps mature on February 15, 2029.
2030 Notes
On May 15, 2025, the Company issued $500.0 million aggregate principal amount of notes that mature July 15, 2030 (the “2030 Notes”). The 2030 Notes bear interest at a rate of 6.200% per year payable semiannually on January 15 and July 15 of each year, commencing on January 15, 2026. The Company may redeem some or all of the 2030 Notes at any time and from time to time, at a redemption price equal to the greater of (1) 100% of the principal amount of the 2030 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2030 Notes to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the treasury rate plus 40 basis points, plus, in each case, accrued and unpaid interest thereon to the redemption date; provided, however, that if the Company redeems any 2030 Notes on or after June 15, 2030 (the date falling one month prior to the maturity date of the 2030 Notes), the redemption price for the 2030 Notes will be equal to 100% of the principal amount of the 2030 Notes being redeemed plus accrued and unpaid interest, if any, to, but excluding, the redemption date.
On May 15, 2025, in connection with the issuance of the 2030 Notes, the Company entered into a bilateral interest rate swap. The notional amount of the interest rate swap is $500.0 million. The Company will receive fixed rate interest at 6.200% and pay variable rate interest based on three-month SOFR plus 2.392%. The interest rate swap matures on July 15, 2030. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on the Company’s Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by a change in net carrying value of the 2030 Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations.
2031 Notes
On May 21, 2026, the Company issued $400.0 million aggregate principal amount of notes that mature August 15, 2031 (the “2031 Notes”). The 2031 Notes bear interest at a rate of 6.30% payable semi-annually on February 15 and August 15 of each year, commencing on February 15, 2027. The Company may redeem some or all of the 2031 Notes at any time and from time to time, at a redemption price equal to the greater of (1) 100% of the principal amount of the 2031 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2031 Notes to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the treasury rate plus 35 basis points, plus, in either case, accrued and unpaid interest thereon to the redemption date; provided, however, that if the Company redeems any 2031 Notes on or after July 15, 2031 (the date falling one month prior to the maturity date of the 2031 Notes), the redemption price for the 2031 Notes will be equal to 100% of the principal amount of the 2031 Notes being redeemed plus accrued and unpaid interest, if any, to, but excluding, the redemption date.
On May 21, 2026, in connection with the issuance of the 2031 Notes, the Company entered into a bilateral interest rate swap. The notional amount of the interest rate swap is $400.0 million. The Company will receive fixed rate interest at 6.300% and pay variable rate interest based on SOFR plus 2.209%. The interest rate swap matures on August 15, 2031. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on the Company’s Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by a change in net carrying value of the 2031 Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations.
Refer to the “Note 7 — Derivative Instruments” for additional details on the interest rate swaps.
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Blue Owl Capital Corporation
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
Notes Assumed in the OBDE Mergers
On January 13, 2025, in connection with the OBDE Mergers, the Company entered into a Second Supplemental Indenture (the “April 2027 Notes Second Supplemental Indenture”) relating to the Company’s assumption of the April 2027 Notes (as defined below). Also on January 13, 2025, in connection with the OBDE Mergers, the Company entered into an assumption agreement (the “OBDE Note Assumption Agreement”) relating to the Company’s assumption of the July 2025 Notes II; the July 2027 Notes and the June 2028 Notes (each as defined below).
April 2027 Notes
On October 13, 2021, OBDE issued $325.0 million aggregate principal amount of notes that mature on April 13, 2027 (the notes initially issued on October 13, 2021, together with the registered notes issued in the exchange offer described below, the “April 2027 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. When initially issued, the April 2027 Notes were not registered under the Securities Act and could not be offered or sold in the United States absent registration or an applicable exemption from registration.
The April 2027 Notes were issued pursuant to an Indenture dated as of October 13, 2021 (the “April 2027 Notes Base Indenture”), between the Company and Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association, as trustee (the “April 2027 Notes Trustee”), and a First Supplemental Indenture, dated as of October 13, 2021 (the “April 2027 Notes First Supplemental Indenture” and together with the April 2027 Notes Base Indenture and April 2027 Notes Second Supplemental Indenture, the “April 2027 Notes Indenture”), between the Company and the April 2027 Notes Trustee. The April 2027 Notes will mature on April 13, 2027 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the April 2027 Notes Indenture. The April 2027 Notes bear interest at a rate of 3.125% per year, payable semi-annually on April 13 and October 13 of each year, commencing on April 13, 2022. Concurrent with the issuance of the April 2027 Notes, the Company entered into a Registration Rights Agreement (the “April 2027 Notes Registration Rights Agreement”) for the benefit of the purchasers of the April 2027 Notes. Pursuant to the terms of the April 2027 Notes Registration Rights Agreement, OBDE filed a registration statement with the SEC and, on August 25, 2022, commenced an offer to exchange the notes initially issued on October 13, 2021 for newly registered notes with substantially similar terms, which expired on September 28, 2022 and was completed promptly thereafter.
Pursuant to the April 2027 Notes Second Supplemental Indenture, the Company expressly assumed the obligations of OBDE for the due and punctual payment of the principal of, and premium, if any, and interest on all the April 2027 Notes outstanding, and the due and punctual performance and observance of all of the covenants and conditions to be performed by OBDE.
July 2025 Notes II and July 2027 Notes
On July 21, 2022, OBDE entered into a Master Note Purchase Agreement (the “Note Purchase Agreement”) governing the issuance of (i) $142.0 million in aggregate principal amount of Series 2022A Notes, Tranche A, due July 21, 2025, with a fixed interest rate of 7.50% per year (the “July 2025 Notes II”) and (ii) $190.0 million in aggregate principal amount of Series 2022A Notes, Tranche B, due July 21, 2027, with a fixed interest rate of 7.58% per year (the “July 2027 Notes I” and, together with the July 2025 Notes II, the “Series 2022A Notes”), in each case, to qualified institutional investors in a private placement. The Series 2022A Notes are guaranteed by certain domestic subsidiaries of the Company.
On December 22, 2022, OBDE entered into a First Supplement to the Note Purchase Agreement (the “First Supplement”) governing the issuance of $60.0 million in aggregate principal amount of Series 2022B Notes, due July 21, 2027, with a fixed interest rate of 7.58% per year (the “July 2027 Notes II, and together with the July 2027 Notes I, the “July 2027 Notes”). Except as otherwise expressly set forth in the First Supplement, the terms of the Note Purchase Agreement that applied to the July 2025 Notes and apply to the July 2027 Notes I and the July 2027 Notes II, including, without limitation, the material terms described herein.
On January 13, 2025, the Company entered into the “Note Assumption Agreement” for the benefit of the Noteholders (as defined in the Note Purchase Agreement). The Note Assumption Agreement relates to the Company’s assumption of (i) the July 2025 Notes II; (ii) the July 2027 Notes; and (iii) the June 2028 Notes and other obligations of OBDE under the Note Purchase Agreement, as supplemented by the First Supplement and the Second Supplement (as defined below). Pursuant to the OBDE Note Assumption Agreement, the Company unconditionally and expressly assumed, confirmed and agreed to perform and observe each and every one of the covenants, rights, promises, agreements, terms, conditions, obligations, duties and liabilities of OBDE under the Note Purchase Agreement, under the July 2025 Notes II, the July 2027 Notes and the June 2028 Notes and under any documents, instruments or agreements executed and delivered or furnished by OBDE in connection therewith, and to be bound by all waivers made by OBDE with respect to any matter set forth therein.
On April 16, 2025, the Company entered into the First Amendment to the Note Purchase Agreement, which provided for optional prepayments of a series or tranche of notes without allocating any such optional prepayment to the other outstanding notes, subject to
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Blue Owl Capital Corporation
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
certain conditions. On April 28, 2025 the Company completed the optional prepayment of the July 2025 Notes II, plus accrued and unpaid interest on such notes.
Interest on the outstanding Series 2022A Notes will be due semiannually on January 21 and July 21 each year, beginning on January 21, 2023. The outstanding Series 2022A Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, the Company is obligated to offer to prepay the outstanding Series 2022A Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The outstanding Series 2022A Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.
The Note Purchase Agreement contains customary terms and conditions for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, a minimum net worth of $800.0 million, and a minimum asset coverage ratio of 1.50 to 1.00.
In addition, in the event that a Below Investment Grade Event (as defined in the Note Purchase Agreement) occurs, the outstanding Series 2022A Notes will bear interest at a fixed rate per annum which is 1.00% above the stated rate of the outstanding Series 2022A Notes from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing. In the event that a Secured Debt Ratio Event (as defined in the Note Purchase Agreement) occurs, the outstanding Series 2022A Notes will bear interest at a fixed rate per annum which is 1.50% above the stated rate of the outstanding Series 2022A Notes from the date of the occurrence of the Secured Debt Ratio Event to and until the date on which the Secured Debt Ratio Event is no longer continuing. In the event that both a Below Investment Grade Event and a Secured Debt Ratio Event have occurred and are continuing, the outstanding Series 2022A Notes will bear interest at a fixed rate per annum which is 2.00% above the stated rate of the outstanding Series 2022A Notes from the date of the occurrence of the later to occur of the Below Investment Grade Event and the Secured Debt Ratio Event to and until the date on which one of such events is no longer continuing.
The Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, certain cross-defaults or cross-acceleration under other indebtedness of the Company, certain judgments and orders and certain events of bankruptcy.
June 2028 Notes
On June 29, 2023, OBDE entered into a Second Supplement to the Note Purchase Agreement (the “Second Supplement”) governing the issuance of $100.0 million in aggregate principal amount of Series 2023A Notes, due June 29, 2028, with a fixed interest rate of 8.10% per year (the “June 2028 Notes”). Except as otherwise expressly set forth in the Second Supplement, the terms of the Note Purchase Agreement that apply to the July 2025 Notes II and the July 2027 Notes I apply to the June 2028 Notes, including, without limitation, the material terms described above.
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Blue Owl Capital Corporation
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
Maturity of Debt Obligations
The table below presents a summary of the Company’s contractual payment obligations under credit facilities and notes as of June 30, 2026:
Payments Due by Period
Total Less than 1 year 1-3 years 3-5 years After 5 years
Revolving Credit Facility
 $ 105,500  $ —  $ —  $ 105,500  $ — 
SPV Asset Facility II 256,200  —  —  —  256,200 
SPV Asset Facility V 430,500  —  —  430,500  — 
SPV Asset Facility VI 310,000  —  —  310,000  — 
CLO III 260,000  —  —  —  260,000 
CLO IV 219,948  —  —  —  219,948 
CLO V 509,625  —  —  —  509,625 
CLO VII 330,500  —  —  —  330,500 
CLO X 272,000  —  —  —  272,000 
July 2026 Notes 1,000,000  1,000,000  —  —  — 
2027 Notes 500,000  500,000  —  —  — 
April 2027 Notes 325,000  325,000  —  —  — 
July 2027 Notes 250,000  —  250,000  —  — 
2028 Notes 850,000  —  850,000  —  — 
June 2028 Notes 100,000  —  100,000  —  — 
September 2028 Notes 400,000  —  400,000  —  — 
2029 Notes 1,000,000  —  1,000,000  —  — 
2030 Notes 500,000  —  —  500,000  — 
2031 Notes 400,000  —  —  —  400,000 
Total Contractual Obligations $ 8,019,273  $ 1,825,000  $ 2,600,000  $ 1,346,000  $ 2,248,273 
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Blue Owl Capital Corporation
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
Note 6. Fair Value of Investments
Investments
The tables below present the fair value hierarchy of investments as of the following periods:
Fair Value Hierarchy as of June 30, 2026
Level 1 Level 2 Level 3 Total
Cash (including restricted and foreign cash) $ 238,049  $ —  $ —  $ 238,049 
Investments:
First-lien senior secured debt investments
 $ —  $ 44,279  $ 10,893,570  $ 10,937,849 
Second-lien senior secured debt investments —  —  674,223  674,223 
Unsecured debt investments —  —  377,224  377,224 
Specialty finance debt investments
 —  —  171,254  171,254 
Preferred equity investments
 —  —  262,536  262,536 
Common equity investments
 23,906  4,320  556,928  585,154 
Specialty finance equity investments —  —  1,011,942  1,011,942 
Subtotal 23,906  48,599  13,947,677  14,020,182 
Investments measured at NAV(1)
—  —  —  934,867 
Total Investments at Fair Value $ 23,906  $ 48,599  $ 13,947,677  $ 14,955,049 
Derivatives:
Derivative assets
 $ —  $ 5,918  $ —  $ 5,918 
Derivative liabilities
 $ —  $ 6,772  $ —  $ 6,772 
___________
(1)Includes investments in Credit SLF, LSI Financing LLC, BOCSO, Blue Owl Leasing and Owl-HP Finance which are measured at fair value using the NAV per share (or its equivalent) as a practical expedient and has not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.
Fair Value Hierarchy as of December 31, 2025
Level 1 Level 2 Level 3 Total
Cash (including restricted and foreign cash) $ 568,542  $ —  $ —  $ 568,542 
Investments:
First-lien senior secured debt investments
 $ —  $ 39,027  $ 12,009,907  $ 12,048,934 
Second-lien senior secured debt investments —  47,294  801,281  848,575 
Unsecured debt investments —  —  399,962  399,962 
Specialty finance debt investments
 —  —  157,297  157,297 
Preferred equity investments
 —  —  568,977  568,977 
Common equity investments
 —  6,555  520,542  527,097 
Specialty finance equity investments —  —  1,114,178  1,114,178 
Subtotal —  92,876  15,572,144  15,665,020 
Investments measured at NAV(1)
—  —  —  805,873 
Total Investments at fair value $ —  $ 92,876  $ 15,572,144  $ 16,470,893 
Derivatives:
Derivative assets $ —  $ 3,123  $ —  $ 3,123 
Derivative liabilities
 $ —  $ 793  $ —  $ 793 
_______________
(1)Includes investments in Credit SLF, LSI Financing LLC, BOCSO and Blue Owl Leasing which are measured at fair value using the NAV per share (or its equivalent) as a practical expedient and has not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.
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Blue Owl Capital Corporation
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
The tables below present the changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the following periods:

As of and for the Three Months Ended June 30, 2026
Debt Investments Equity Investments
First-Lien Senior Secured
Second-Lien Senior Secured
Unsecured
Specialty Finance
 Preferred Common
Specialty Finance
 Total
Fair value, beginning of period $ 11,003,920  $ 730,176  $ 369,374  $ 159,598  $ 536,853  $ 537,854  $ 1,011,324  $ 14,349,099 
Purchases of investments, net 454,452  —  —  11,887  —  3,154  5,389  474,882 
Payment-in-kind 15,911  2,030  10,220  327  13,583  287  —  42,358 
Proceeds from investments, net (532,518) (24,953) (2,044) (558) (255,892) (353) (1,485) (817,803)
Net change in unrealized gain (loss) (47,395) (68,508) (648) (11) (35,397) 33,099  (3,286) (122,146)
Net realized gain (loss) (2,859) (8,648) 216  —  (50) (2,377) —  (13,718)
Net amortization/accretion of discount/premium on investments 11,026  945  106  11  3,439  —  —  15,527 
Transfers between investment types —  —  —  —  —  —  —  — 
Transfers into (out of) Level 3(1)
(8,967) 43,181  —  —  —  (14,736) —  19,478 
Fair Value, End of Period
 $ 10,893,570  $ 674,223  $ 377,224  $ 171,254  $ 262,536  $ 556,928  $ 1,011,942  $ 13,947,677 
_______________
(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended June 30, 2026, transfers into/(out of) Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.
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Blue Owl Capital Corporation
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
The tables below present the changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the following periods:
As of and for the Six Months Ended June 30, 2026
Debt Investments
Equity Investments
First-Lien Senior Secured
Second-Lien Senior Secured
 Unsecured
Specialty Finance
 Preferred Common
Specialty Finance
 Total
Fair value, beginning of period $ 12,009,907  $ 801,281  $ 399,962  $ 157,297  $ 568,977  $ 520,542  $ 1,114,178  $ 15,572,144 
Purchases of investments, net 804,632  1  —  11,887  976  15,222  8,117  840,835 
Payment-in-kind 32,258  4,047  21,853  2,913  23,331  565  —  84,967 
Proceeds from investments, net (1,819,971) (41,676) (41,400) (843) (292,441) (1,416) (102,542) (2,300,289)
Net change in unrealized gain (loss) (101,368) (130,487) (5,859) (23) (22,270) 69,681  (7,811) (198,137)
Net realized gain (loss) (58,263) (8,503) 2,471  —  (20,027) (26,145) —  (110,467)
Net amortization/accretion of discount/premium on investments 26,920  2,266  197  23  3,990  —  —  33,396 
Transfers between investment types (158) —  —  —  —  158  —  — 
Transfers into (out of) Level 3(1)
(387) 47,294  —  —  —  (21,679) —  25,228 
Fair Value, End of Period $ 10,893,570  $ 674,223  $ 377,224  $ 171,254  $ 262,536  $ 556,928  $ 1,011,942  $ 13,947,677 
_______________
(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the six months ended June 30, 2026, transfers into/(out of) Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.
As of and for the Three Months Ended June 30, 2025
Debt Investments Equity Investments
First-Lien Senior Secured
Second-Lien Senior Secured
 Unsecured
Specialty Finance
 Preferred Common
Specialty Finance
 Total
Fair value, beginning of period $ 13,534,635  $ 846,978  $ 377,711  $ 121,603  $ 543,191  $ 634,300  $ 937,195  $ 16,995,613 
Purchases of investments, net 478,573  148,500  —  9,813  2,909  4,401  68,832  713,028 
Payment-in-kind 16,011  8,974  10,918  729  16,928  265  —  53,825 
Proceeds from investments, net (1,379,333) (122,716) (24,233) —  (4,982) (77,386) (2,395) (1,611,045)
Net change in unrealized gain (loss) (86,522) (13,996) 9,168  21  (4,974) (18,953) 29,045  (86,211)
Net realized gains (losses) 4,410  —  641  —  49  22,218  —  27,318 
Net amortization/accretion of discount/premium on investments
 35,042  3,547  488  7  666  —  —  39,750 
Transfers into (out of) Level 3(1)
(3,847) (7,620) —  —  —  —  —  (11,467)
Fair Value, End of Period
 $ 12,598,969  $ 863,667  $ 374,693  $ 132,173  $ 553,787  $ 564,845  $ 1,032,677  $ 16,120,811 
_______________
(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended June 30, 2025, transfers into/(out of) Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.
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Blue Owl Capital Corporation
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)

As of and for the Six Months Ended June 30, 2025
Debt Investments
Equity Investments
First-Lien Senior Secured
Second-Lien Senior Secured
 Unsecured
Specialty Finance
 Preferred Common
Specialty Finance
 Total
Fair value, beginning of period $ 9,796,885  $ 660,060  $ 301,956  $ 90,735  $ 366,973  $ 550,886  $ 799,766  $ 12,567,261 
Purchases of investments, net 1,202,373  141,009  —  25,594  46,930  4,386  119,215  1,539,507 
Payment-in-kind 40,649  15,504  23,469  743  26,153  522  —  107,040 
Proceeds from investments, net (1,883,856) (129,182) (33,743) —  (15,358) (77,371) (5,464) (2,144,974)
Net change in unrealized gain (loss) (23,419) 87,300  17,431  309  (1,254) (16,295) 42,804  106,876 
Net realized gains (losses) (6,545) (102,791) (1,212) —  152  22,218  1,119  (87,059)
Net amortization of discount on investments 51,130  4,486  628  13  1,309  —  —  57,566 
Transfers into (out of) Level 3(1)
(29,148) 9,746  —  —  —  (3,091) —  (22,493)
Transfers in from the OBDE Mergers 3,450,900  177,535  66,164  14,779  128,882  83,590  75,237  3,997,087 
Fair Value, End of Period
 $ 12,598,969  $ 863,667  $ 374,693  $ 132,173  $ 553,787  $ 564,845  $ 1,032,677  $ 16,120,811 
_______________
(1)Transfers into (out of) Level 3 were a result of an investment measured at net asset value which is no longer categorized within the fair value hierarchy.
The tables below present the net change in unrealized gains on investments for which Level 3 inputs were used in determining the fair value that are still held by the Company for the following periods:
Net Change in Unrealized Gain (Loss) for the Three Months Ended June 30, 2026 on Investments Held at June 30, 2026
Net Change in Unrealized Gain (Loss) for the Three Months Ended June 30, 2025 on Investments Held at June 30, 2025
First-lien senior secured debt investments $ (49,105) $ (91,669)
Second-lien senior secured debt investments (68,508) (34,067)
Unsecured debt investments (648) 9,168 
Specialty finance debt investments
 (11) 21 
Preferred equity investments (11,918) (4,973)
Common equity investments 31,234  (18,939)
Specialty finance equity investments (3,286) 29,029 
Total Investments $ (102,242) $ (111,430)
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Blue Owl Capital Corporation
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
Net Change in Unrealized Gain (Loss) for the Six Months Ended June 30, 2026 on Investments Held at June 30, 2026
Net Change in Unrealized Gain (Loss) for the Six Months Ended June 30, 2025 on Investments Held at June 30, 2025
First-lien senior secured debt investments $ (150,437) $ (40,510)
Second-lien senior secured debt investments (130,487) (16,898)
Unsecured debt investments (5,859) 17,431 
Specialty finance debt investments
 (23) 311 
Preferred equity investments (40,677) (1,254)
Common equity investments 44,314  15,269 
Specialty finance equity investments (7,811) 42,788 
Total Investments $ (290,980) $ 17,137 

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Blue Owl Capital Corporation
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of the following periods. The weighted average range of unobservable inputs is based on fair value of investments. The tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.
As of June 30, 2026
Fair Value Valuation Technique Unobservable Input Range (Weighted Average) Impact to Valuation from an Increase in Input
First-lien senior secured debt investments $ 10,556,228  Yield Analysis Market Yield
7.1% - 23.8% (10.4%)
 Decrease
179,499 Transaction Transaction Price
98.5% - 99.6% (99.3%)
 Increase
157,843  Recovery Analysis Recovery Rate
0.0% - 100.0% (46.0%)
 Increase
Second-lien senior secured debt investments $ 667,573  Yield Analysis Market Yield
10.5% - 47.0% (22.6%)
 Decrease
6,650  Recovery Analysis Recovery Rate
5.0% - 5.0% (5.0%)
 Increase
Unsecured debt investments $ 367,642  Yield Analysis Market Yield
5.4% - 22.5% (13.8%)
 Decrease
9,582  Market Approach EBITDA Multiple
12.0x - 12.0x (12.0x)
 Decrease
Specialty finance debt investments $ 171,254  Yield Analysis Market Yield
12.3% - 12.3% (12.3%)
 Decrease
Preferred equity investments $ 246,278  Yield Analysis Market Yield
12.9% - 53.5% (23.8%)
 Decrease
16,000 Market Approach EBITDA Multiple
9.5x - 9.5x (9.5x)
 Decrease
258  Market Approach Revenue Multiple
13.3x - 13.3x (13.3x)
 Increase
Common equity investments $ 478,092  Market Approach EBITDA Multiple
4.0x - 27.8x (7.9x)
 Decrease
45,892  Market Approach Revenue Multiple
5.0x - 47.5x (11.1x)
 Increase
8,485 Transaction Transaction Price
18.0% - 200.2% (149.2%)
 Increase
14,618 Yield Analysis Market Yield
8.4% - 8.4% (8.4%)
 Decrease
8,979 Market Approach Market Adjustment Factor
(13.1)% - 26.3% (6.0%)
 Increase
694 Option Pricing Model Volatility
60.0% - 70.0% (70.0%)
 Increase
168 Market Approach Gross Profit Multiple
9.3x - 9.3x (9.3x)
 Increase
Specialty finance equity investments $ 607,054  Market Approach Book Multiple
1.2x - 1.2x (1.2x)
 Increase
302,656 Market Approach AUM Multiple
1.0x - 1.0x (1.0x)
 Increase
94,975  Market Approach Recovery Rate
120.0% - 150.0% (140.0%)
 Increase
5,196  Yield Analysis Market Yield
11.8% - 11.8% (11.8%)
 Decrease
2,061 Discounted Cash Flow Analysis Market Yield
20.0% - 20.0% (20.0%)
 Decrease
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Blue Owl Capital Corporation
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
As of December 31, 2025
Fair Value Valuation Technique Unobservable Input Range (Weighted Average) Impact to Valuation from an Increase in Input
First-lien senior secured debt investments $ 11,273,964  Yield Analysis Market Yield
6.3% - 20.1% (9.6%)
 Decrease
536,599  Recent Transaction Transaction Price
99.0% - 99.8% (99.3%)
 Increase
199,344  Collateral Analysis Recovery Rate
0.0% - 107.2% (59.5%)
 Increase
Second-lien senior secured debt investments
 $ 801,281  Yield Analysis Market Yield
9.7% - 62.4% (18.9%)
 Decrease
Unsecured debt investments $ 390,845  Yield Analysis Market Yield
5.5% - 17.6% (12.6%)
 Decrease
9,117  Market Approach EBITDA Multiple
12.0x - 12.0x (12.0x)
 Increase
Specialty finance debt investments $ 157,297  Yield Analysis Market Yield
11.6% - 11.6% (11.6%)
 Decrease
Preferred equity investments
 $ 559,595  Yield Analysis Market Yield
11.6% - 35.3% (16.1%)
 Decrease
9,171  Market Approach EBITDA Multiple
128.9x - 128.9x (128.9x)
 Increase
211  Market Approach Revenue Multiple
11.3x - 11.3x (11.3x)
 Increase
Common equity investments
 $ 388,838  Market Approach EBITDA Multiple
4.0x - 17.9x (7.7x)
 Increase
45,461  Market Approach Revenue Multiple
6.3x - 13.0x (10.7x)
 Increase
43,926  Recent Transaction Transaction Price
100.0% - 100.0% (100.0%)
 Increase
21,679  Market Approach Transaction Price
$96.84 - $96.84 ($96.84)
 Increase
14,020  Yield Analysis Market Yield
8.5% - 8.5% (8.5%)
 Decrease
6,105  Market Approach Market Adjustment Factor
0.0% - 0.0%
(0.0%)
 Increase
347  Option Pricing Model Volatility
60.0% - 70.0% (70.0%)
 Increase
166  Market Approach Gross Profit Multiple
9.0x - 9.0x (9.0x)
 Increase
Specialty finance equity investments $ 607,284  Market Approach EBITDA Multiple
1.3x - 1.3x (1.3x)
 Increase
403,170  Market Approach AUM Multiple
1.1x - 1.1x (1.1x)
 Increase
94,930  Market Approach
N/A(1)
N/A N/A
6,657  Yield Analysis Market Yield
11.5% - 11.5% (11.5%)
 Decrease
2,137 
Discounted Cash Flow Analysis
 Discounted Factor
20.0% - 20.0% (20.0%)
 Decrease
_____________
(1)Fair value based on a weighting of the appraised value of the portfolio company’s underlying assets and their cost.
The Company typically determines the fair value of its performing Level 3 debt investments utilizing a yield analysis. In a yield analysis, a price is ascribed for each investment based upon an assessment of current and expected market yields for similar investments and risk profiles. Additional consideration is given to the expected life, portfolio company performance since close, and other terms and risks associated with an investment. Among other factors, a determinant of risk is the amount of leverage used by the portfolio company relative to its total enterprise value, and the rights and remedies of the Company’s investment within the portfolio company’s capital structure.
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Blue Owl Capital Corporation
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
When the debtor is not performing or when there is insufficient value to cover the investment, the Company may utilize a net recovery approach to determine the fair value of debt investments in subject companies. A net recovery analysis typically consists of two steps. First, the total enterprise value for the subject company is estimated using standard valuation approaches, most commonly the market approach. Second, the fair value for each investment in the subject company is then estimated by allocating the subject company’s total enterprise value to the outstanding securities in the capital structure based upon various factors, including seniority, preferences, and other features if deemed relevant to each security in the capital structure.
Significant unobservable quantitative inputs typically used in the fair value measurement of the Company’s Level 3 debt investments primarily include current market yields, including relevant market indices, but may also include quotes from brokers, dealers, and pricing services as indicated by comparable investments. For the Company’s Level 3 equity investments, a market approach, based on comparable financial performance multiples such as publicly-traded company and comparable market transaction multiples of revenues, earnings before income taxes, depreciation and amortization (“EBITDA”), or some combination thereof and comparable market transactions typically would be used.
Debt Not Carried at Fair Value
Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings, or market quotes, if available. The table below presents the carrying and fair values of the Company’s debt obligations as of the following periods:
As of June 30, 2026 As of December 31, 2025
Net Carrying Value
 Debt Issuance Costs Fair Value
Net Carrying Value
 Debt Issuance Costs Fair Value
Revolving Credit Facility $ 71,376  $ (34,124) $ 71,376  $ 984,069  $ (27,931) $ 984,069 
SPV Asset Facility II 250,905  (5,295) 250,905  156,138  (5,562) 156,138 
SPV Asset Facility V 426,088  (4,412) 426,088  378,999  (5,001) 378,999 
SPV Asset Facility VI 306,470  (3,530) 306,470  295,959  (4,041) 295,959 
SPV Asset Facility VII —  —  —  208,399  (1,601) 208,399 
CLO I —  —  —  386,511  (3,489) 386,511 
CLO III 258,362  (1,638) 258,362  258,273  (1,727) 258,273 
CLO IV 217,166  (2,782) 217,166  272,117  (3,346) 272,117 
CLO V 507,686  (1,939) 507,686  507,563  (2,062) 507,563 
CLO VII 328,459  (2,041) 328,459  328,373  (2,127) 328,373 
CLO X 270,167  (1,833) 270,167  270,203  (1,797) 270,203 
CLO XIV —  —  —  258,422  (1,578) 258,422 
2026 Notes —  —  —  499,909  (91) 498,750 
July 2026 Notes 999,803  (197) 1,000,000  997,283  (2,717) 992,500 
2027 Notes 489,826  (9,073) 492,500  483,987  (2,117) 488,750 
April 2027 Notes 324,335  (665) 320,125  323,922  (1,078) 317,688 
July 2027 Notes 249,038  (962) 250,000  248,611  (1,389) 250,000 
2028 Notes 844,749  (5,251) 805,375  843,451  (6,549) 803,250 
June 2028 Notes 99,531  (469) 100,000  99,415  (585) 100,000 
September 2028 Notes 393,582  (2,861) 404,000  —  —  — 
2029 Notes 986,672  (6,965) 1,000,000  1,002,667  (8,373) 1,010,000 
2030 Notes 486,848  (9,041) 498,750  495,805  (10,025) 506,250 
2031 Notes 392,470  (8,694) 398,000  —  —  — 
Total Debt $ 7,903,533  $ (101,772) $ 7,905,429  $ 9,300,076  $ (93,186) $ 9,272,214 

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Blue Owl Capital Corporation
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
The below table presents the fair value measurements of the Company’s debt obligations as of the following periods:
As of June 30, 2026 As of December 31, 2025
Level 1 $ —  $ — 
Level 2 5,268,750  4,967,188 
Level 3 2,636,679  4,305,026 
Total Debt $ 7,905,429  $ 9,272,214 
Financial Instruments Not Carried at Fair Value
As of June 30, 2026 and December 31, 2025, the carrying amounts of the Company’s other assets and liabilities approximate fair value due to their short maturities. These financial instruments would be categorized as Level 3 within the hierarchy.
Note 7. Derivative Instruments
The Company enters into derivative instruments from time to time to help mitigate its foreign currency and interest rate risk exposures. See “Note 6 – Fair Value of Investments” for additional disclosures related to the fair value hierarchy for derivative instruments.
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Blue Owl Capital Corporation
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
The table below presents the fair value and notional value of the derivative assets and liabilities for the following periods:
As of June 30, 2026 As of December 31, 2025
Counterparty Notional Amount Assets Liabilities Notional Amount Assets Liabilities
Derivatives designated as hedges:
Interest Rate Swap 2027 Notes
 Deutsche Bank AG $ 500,000  $ —  $ (1,128) $ 500,000  $ —  $ (13,370)
Interest Rate Swap 2030 Notes
 Deutsche Bank AG $ 500,000  —  (4,353) $ 500,000  5,663  — 
—  (5,481) 5,663  (13,370)
Interest Rate Swap 2029 Notes
 Goldman Sachs Bank USA $ 600,000  —  (6,739) $ 600,000  3,645  — 
Interest Rate Swap 2029 Notes
 Goldman Sachs Bank USA $ 400,000  —  (295) $ 400,000  7,185  — 
—  (7,034) 10,830  — 
Interest Rate Swap September 2028 Notes
 Royal Bank of Canada $ 400,000  —  (3,644)
Interest Rate Swap 2031 Notes
 SMBC Capital Markets, Inc. $ 400,000  1,147  — 
Total Derivatives Designated as Hedges(1)(2)
$ 1,147  $ (16,159) $ 16,493  $ (13,370)
Derivatives not designated as hedges:
Foreign currency forward contract GBP Goldman Sachs Bank USA £ 86,225  $ 116,749  $ (114,351) £ 94,190  $ 126,248  $ (126,916)
Foreign currency forward contract EUR Goldman Sachs Bank USA € 208,670  247,519  (238,521) € 208,670  247,528  (247,272)
Foreign currency forward contract AUD Goldman Sachs Bank USA A$ 2,080  1,491  (1,439) A$ 2,580  1,685  (1,722)
Foreign currency forward contract EUR Goldman Sachs Bank USA $ 16,376  16,376  (16,636)
Foreign currency forward contract GBP Goldman Sachs Bank USA $ 1,474  1,474  (1,515)
$ 383,609  $ (372,462) $ 375,461  $ (375,910)
Foreign currency forward contract GBP SMBC Capital Markets, Inc. £ 14,775  20,016  (19,595) £ 14,775  19,549  (19,908)
Foreign currency forward contract EUR SMBC Capital Markets, Inc. € 5,301  6,296  (6,059) € 5,301  6,296  (6,281)
26,312  (25,654) 25,845  (26,189)
Foreign currency forward contract CAD Royal Bank of Canada C$ 2,967  2,186  (2,101)
Foreign currency forward contract CAD Royal Bank of Canada C$ 111,549  81,237  (78,969)
83,423  (81,070) —  — 
Total Derivatives not Designated as Hedges $ 493,344  $ (479,186) $ 401,306  $ (402,099)
_______________
(1)    The net fair value of the derivatives designated as hedges is recorded in prepaid expenses and other assets or accrued expenses and other liabilities in the Consolidated Statements of Assets and Liabilities.
(2)    The Company’s unsecured notes, that are designated in a qualifying hedging relationship, had carrying value of $2.75 billion and $1.98 billion, net of the related cumulative hedging adjustments that represented an increase (decrease) to the carrying value of the notes of $(14.0) million and $3.0 million as of June 30, 2026 and December 31, 2025, respectively.
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Blue Owl Capital Corporation
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
The tables below present net unrealized gains and losses on effective interest rate swaps and hedged items included in interest expense for the following periods:
Three Months Ended June 30, 2026 Six Months Ended June 30, 2026
Interest Rate Swaps
Hedged Items
 Net
Interest Rate Swaps
Hedged Items
 Net
Derivatives designated as hedges:
Interest rate swaps 2027 Notes $ (302) $ 287  $ (15) $ (892) $ 984  $ 92 
Interest rate swaps 2030 Notes (6,386) 6,352  (34) (10,016) 9,941  (75)
Interest rate swaps 2029 Notes (6,134) 6,067  (67) (10,384) 9,865  (519)
Interest rate swaps 2029 Notes
 (4,306) 4,399  93  (7,480) 7,538  58 
Interest Rate Swap 2028 Notes
 (3,644) 3,557  (87) (3,644) 3,557  (87)
Interest Rate Swap 2031 Notes
 1,147  (1,164) (17) 1,147  (1,164) (17)
Net Change in Unrealized Gain (Loss) on Interest Rate Swaps and Hedged Items(1)
$ (127) $ (548)
_______________
(1)     Recorded and recognized as components of interest expense in the Consolidated Statements of Operations.
On January 15, 2026, the centrally cleared interest rate swap hedging the 2027 Notes with the notional amount of $500 million was terminated and replaced with a bilateral interest rate swap with identical notional, fixed rate and termination date. See “Note 5 — Debt” for more details.
Three Months Ended June 30, 2025 Six Months Ended June 30, 2025
Interest Rate Swaps Hedged Items Net Interest Rate Swaps Hedged Items Net
Derivatives designated as hedges:
Interest rate swaps 2027 Notes $ 4,432  $ (4,551) $ (119) $ 10,762  $ (8,611) $ 2,151 
Interest rate swaps 2030 Notes 6,424  (6,434) (10) 6,424  (6,434) (10)
Interest rate swaps 2029 Notes 4,678  (4,759) (81) 13,501  (13,105) 396 
Interest rate swaps 2029 Notes 2,976  (3,046) (70) 8,812  (9,004) (192)
Net Change in Unrealized Gain (Loss) on Interest Rate Swaps and Hedged Items(1)
$ (280) $ 2,345 
_______________
(1)     Recorded and recognized as components of interest expense in the Consolidated Statements of Operations.
The table below presents net change in unrealized gains and losses on derivative instruments not designated as a qualifying hedge accounting relationship recognized by the Company for the following periods:
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2026 2025 2026 2025
Derivatives not designated as hedges:
Foreign currency forward contract GBP $ 1,073  $ (1,223) $ 3,805  $ (1,223)
Foreign currency forward contract AUD 109  (11) 89  (11)
Foreign currency forward contract EUR 3,603  (4,306) 8,704  (4,306)
Foreign currency forward contract CAD 1,886  —  2,353  — 
Total Net Unrealized Gain (Loss)(1)
$ 6,671  $ (5,540) $ 14,951  $ (5,540)
_______________
(1)     Recorded and recognized as components of translation of assets and liabilities in foreign currencies and other transactions in the Consolidated Statements of Operations.
For the three and six months ended June 30, 2026, the Company recognized a realized loss of $1.9 million and $2.1 million, respectively, primarily related to the foreign currency forward contracts held with SMBC Capital Markets, Inc. and Goldman Sachs Bank USA.
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Blue Owl Capital Corporation
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
In connection with the unsecured notes, the Company has made the following periodic payments on the interest rate swaps for the following periods:
For the Three Months Ended June 30, For the Six Months Ended June 30,
2026 2025 2026 2025
2027 Notes $ —  $ —  $ 8,570  $ 10,620 
September 2028 Notes — — — —
2029 Notes - $600 mm — — 890 2,540
2029 Notes - $400 mm — — 90 —
2030 Notes 7,580 — 7,580 —
2031 Notes — — — —
Note 8. Commitments and Contingencies
Portfolio Company Commitments
From time to time, the Company may enter into commitments to fund investments in the form of revolving credit, delayed draw, or equity commitments, which require the Company to provide funding when requested by portfolio companies in accordance with underlying loan agreements. The Company had the following outstanding unfunded commitments as of the following periods:
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 
As of June 30, 2026, the Company believed it 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, the Company may guarantee certain obligations in connection with its 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. The Company evaluates the probability of a loss under these guarantee arrangements, if any, periodically. The Company historically has not recorded a related liability as it considers the probability of a loss from the guarantees to be remote.
From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. At June 30, 2026, the Company was not aware of any material pending or threatened litigation that would require accounting recognition or financial statement disclosure.
Note 9. Net Assets
Equity Issuances
The Company has 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, the Company issued an aggregate of approximately 120,630,330 shares of the Company’s common stock.
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Blue Owl Capital Corporation
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
“At the Market” Offerings
The Company is party to an equity distribution agreement with several banks (the “Equity Distribution Agreement”). The Equity Distribution Agreement provides that the Company may from time to time issue and sell, by means of “at the market” offerings, up to $750.0 million of its common stock. Subject to the terms and conditions of the Equity Distribution Agreement, sales of common stock, 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 stock with an aggregate offering amount of $746.9 million remained available for issuance as of June 30, 2026.
The Company may from time to time issue and sell shares of its 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
Number of Shares Issued Gross Proceeds Underwriting Fees/Offering Expenses Net Proceeds
Average Offering Price per Share(1)
“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 tables below present the distributions declared on shares of the Company’s 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 
Dividend Reinvestment
With respect to distributions, the Company has adopted an “opt out” dividend reinvestment plan for common shareholders. As a result, in the event of a declared distribution, each shareholder that has not “opted out” of the dividend reinvestment plan will have their dividends or distributions automatically reinvested in additional shares of the Company’s common stock rather than receiving cash distributions. 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 the Company’s 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, the Company 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). 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.
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Blue Owl Capital Corporation
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
The following tables 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 the Company’s 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 the Company’s 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 were repurchased pursuant to the 2025 Stock Repurchase Program for approximately $148.2 million since the 2025 Stock Repurchase Program’s inception. There were no repurchases made under the 2025 Stock Repurchase Program for the six months ended June 30, 2025. No shares were repurchased in 2026 under the 2025 Stock Repurchase Program.
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.
For the six months ended June 30, 2026, the Company had the following repurchase activity under the 2026 Stock Repurchase Program:
Period of Activity 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 
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Blue Owl Capital Corporation
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
Note 10. Earnings Per Share
The following table presents the computation of basic and diluted earnings per common share for the following periods:
For the Three Months Ended June 30, For the Six Months Ended June 30,
2026 2025 2026 2025
Increase (decrease) in net assets resulting from operations $ 65,739  $ 137,506  $ 41,357  $ 380,137 
Weighted average shares of common stock outstanding - basic and diluted 495,377,115  511,048,237  497,130,632  502,981,791 
Earnings per common share-basic and diluted $ 0.13  $ 0.27  $ 0.08  $ 0.76 
Note 11. Income Taxes
The Company has elected to be treated as a RIC under Subchapter M of the Code, and intends 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, the Company must, among other things, distribute to its shareholders in each taxable year generally at least 90% of the Company’s investment company taxable income, as defined by the Code, and 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. To maintain tax treatment as a RIC, the Company, among other things, intends to make the requisite distributions to its shareholders, which generally relieves the Company from corporate-level U.S. federal income taxes.
Depending on the level of taxable income earned in a tax year, the Company 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 the Company determines that its estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, the Company will accrue excise tax on estimated excess taxable income.
For the three and six months ended June 30, 2026, the Company recorded U.S. federal and state corporate-level income tax expense (benefit) of $0.7 million and $3.2 million, including U.S. federal excise tax expense (benefit) of $1.1 million and $2.8 million, respectively. For the three and six months ended June 30, 2025, the Company recorded U.S. federal and state corporate-level income tax expense (benefit) of $2.3 million, and $6.0 million including U.S. federal excise tax expense (benefit) of $1.0 million and $3.0 million, respectively.
Taxable Subsidiaries
Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. For the three and six months ended June 30, 2026, the Company recorded 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, the Company recorded tax expense of approximately $1.3 million and $3.0 million for taxable subsidiaries, respectively. The income tax expense for the Company’s 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.
The Company recorded a net deferred tax liability of $40.5 million and $41.2 million as of June 30, 2026 and December 31, 2025, respectively, for taxable subsidiaries, which is significantly related to GAAP to tax outside basis differences in the taxable subsidiaries' investment in certain partnership interests.
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Blue Owl Capital Corporation
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
Note 12. Financial Highlights
The table below presents the financial highlights for a common share outstanding for the following periods:
For the Six Months Ended June 30,
2026 2025
Per share data:
Net asset value, beginning of period $ 14.81  $ 15.26 
Results of operations:
Net investment income(1)
0.67  0.83 
Net realized and unrealized gain (loss)(1)
(0.59) (0.07)
Net increase (decrease) in net assets resulting from operations 0.08  0.76 
Distributions:
Distributions declared from earnings(2)
(0.68) (0.80)
Capital share transactions:
Repurchase of common shares(2)
0.05  — 
Issuance of common shares in connection with the OBDE Mergers
 —  (0.19)
Total increase (decrease) in net assets (0.55) (0.23)
Net Asset Value, End of Period(8)
$ 14.26  $ 15.03 
Shares outstanding, end of period 493,142,569  511,048,237 
Per share market value at end of period $ 10.87  $ 14.34 
Total return, based on market value(3)
(7.1) % 0.3  %
Total return, based on net asset value(4)
2.3  % 4.2  %
Ratios / supplemental data:(5)
Ratio of total expenses to average net assets(6)(7)
12.9  % 14.9  %
Ratio of net investment income to average net assets(6)
9.3  % 11.7  %
Net assets, end of period $ 7,031,759  $ 7,682,397 
Weighted-average shares outstanding 497,130,632  502,981,791 
Portfolio turnover rate 4.1  % 17.5  %
_______________
(1)The per share data was derived using the weighted average shares outstanding during the period.
(2)Distributions per share were calculated using shares outstanding at the respective record date.
(3)Total return based on market value is calculated as the change in market value per share during the respective periods, taking into account dividends and distributions, if any, reinvested in accordance with the Company’s dividend reinvestment plan.
(4)Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions, if any, are reinvested in accordance with the Company’s dividend reinvestment plan), if any, divided by the beginning NAV per share.
(5)Does not include expenses of investment companies in which the Company invests.
(6)The ratios reflect annualized amounts, except in the case of non-recurring expenses (e.g. initial organization expenses).
(7)Prior to any management fee waivers, the annualized total expenses to average net assets for the six months ended June 30, 2026 and 2025, was 12.9% and 14.9%, respectively.
(8)Totals presented may not sum due to rounding.
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Blue Owl Capital Corporation
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
Note 13. Merger with Blue Owl Capital Corporation III
On January 13, 2025, the Company completed its previously announced acquisition of OBDE. In accordance with the OBDE Merger Agreement, at the effective time of the OBDE Mergers, each outstanding share of OBDE common stock was converted into the right to receive 0.9779 shares of common stock, par value $0.01 per share of the Company (with OBDE stockholders receiving cash in lieu of fractional shares of the Company’s common stock). As a result of the OBDE Mergers, the Company issued an aggregate of approximately 120,630,330 shares of its common stock to former OBDE stockholders prior to any adjustment for OBDE stockholders receiving cash in lieu of fractional shares.
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, the Company 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 the Company’s Consolidated Statement of Operations. The purchase discount allocated to the loan investments acquired will amortize 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, the Company will recognize a realized gain with a corresponding reversal of the unrealized appreciation on disposition of such equity investments acquired. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses, unrealized capital appreciation or depreciation or any amortization or accretion of any purchase premium or purchase discount to interest income resulting solely from the purchase accounting for any premium or discount paid for the acquisition of assets in the OBDE Mergers.
The OBDE Mergers were considered a tax-free reorganization and the Company has elected to carry forward the historical cost basis of the OBDE investments for tax purposes.
The following table summarizes the allocation of the purchase price to the assets acquired and liabilities assumed as a result of the OBDE Mergers immediately prior to the OBDE Mergers:
Common stock issued by the Company(1)
$ 1,755,181 
Transaction costs, net(2)
7,020 
Total purchase price $ 1,762,201 
Assets acquired:
Investments, at fair value (amortized cost of $4,234,860)
 $ 4,236,514 
Cash and cash equivalents 125,621 
Other assets(4)
65,735 
Total assets acquired $ 4,427,870 
Liabilities assumed:
Debt (net of unamortized debt issuance costs of $28,157)
 $ 2,535,285 
Other liabilities(3)
47,493 
Total liabilities assumed $ 2,582,778 
Net assets acquired $ 1,845,092 
Total Purchase Premium/(Discount) $ (82,891)
_______________
(1)Based on the most recent market price at closing of $14.55 and the approximate 120,630,330 common shares issued by the Company in conjunction with the OBDE Mergers.
(2)Pursuant to the OBDE Merger Agreement, the Adviser agreed to reimburse each of the Company and OBDE 50% of all fees and expenses incurred and payable in connection with or related to the OBDE Mergers or the OBDE Merger Agreement up to an aggregate amount equal to $4.25 million. Net of merger transaction costs borne by the Adviser, the Company capitalized $7.0 million of merger transaction costs as part of the total consideration paid to acquire the assets and liabilities of OBDE.
(3)Includes $2.9 million of management fees and $1.3 million of incentive fees accrued by OBDE through the closing date of the OBDE Mergers pursuant to an investment advisory agreement between OBDE and its investment adviser, which was terminated upon the closing of the OBDE Mergers. The payable for these fees was assumed by the Company. Other liabilities assumed also include $1.9 million of payables to affiliates and $41.1 million of other accrued expenses and other liabilities.
(4)Includes $44.7 million of interest receivable and $21.0 million of prepaid expenses and other assets.
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Blue Owl Capital Corporation
Notes to Consolidated Financial Statements (Unaudited) — Continued
(Amounts in thousands, except share and per share amounts and as otherwise noted)
Note 14. Subsequent Events
In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date of issuance. There are no subsequent events to disclose except for the following:
Dividend
On August 4, 2026, the 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 the Company repaid all $1.00 billion of the July 2026 Notes at 100.0% of their principal amount, plus the accrued interest.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The information contained in this section should be read in conjunction with “ITEM 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
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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”).
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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.”

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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;
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•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.
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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.
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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.
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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 $14.96 billion. Our current target leverage ratio is 0.90x-1.25x. As of June 30, 2026, we had net leverage of 1.11x debt-to-equity.
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The table below presents our investment activity for the following periods (information presented herein is at par value unless otherwise indicated):
For the Three Months Ended June 30,
($ 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.
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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.
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(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:
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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  %
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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 $84.5 million. We do not consolidate our equity interest in Owl-HP Finance.
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Joint Ventures
On May 6, 2024, Credit SLF, a Delaware limited liability company, was formed as a joint venture between the Credit SLF Members. The Credit SLF Members co-manage Credit SLF. Credit SLF’s principal purpose is to make investments in senior secured loans to middle-market companies, broadly syndicated loans and senior and subordinated notes issued by collateralized loan obligations. Credit SLF is managed by a board consisting of an equal number of representatives appointed by each Credit SLF Member and which acts unanimously. Investment decisions must be approved by Credit SLF’s board. Our investment in Credit SLF is a co-investment made with our affiliates in accordance with the terms of the exemptive relief that we received from the SEC. We do not consolidate our non-controlling interest in Credit SLF.
Refer to Exhibit 99.1 for the Credit SLF Supplemental Financial Information.
On June 30, 2025, Blue Owl Leasing, a Delaware limited liability company, was formed as a joint venture between the Blue Owl Leasing Members. The Blue Owl Leasing Members co-manage Blue Owl Leasing. Blue Owl Leasing’s principal purpose is to make investments in leases and loans. Investment decisions must be approved by Blue Owl Leasing. Our investment in Blue Owl Leasing is a co-investment made with our affiliates in accordance with the terms of the exemptive relief that we received from the SEC. We do not consolidate our non-controlling interest in Blue Owl Leasing.
Refer to Exhibit 99.2 for the Blue Owl Leasing Supplemental Financial Information.
Results of Operations
The table below presents our operating results for the following periods:
For the Three Months Ended June 30,
For the Six Months Ended June 30,
($ 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.
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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.
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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 $12.7 million from the prior year period due to an increase in incremental fee income, which are fees that are generally available to us as a result of closing investments and normally paid at the time of closing.
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Expenses
The table below presents our expenses for the following periods:
For the Three Months Ended June 30,
For the Six Months Ended June 30,
($ 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,
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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)
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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.
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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.
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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 
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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.
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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.
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“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
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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 
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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)
Amount
Available(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 $5.65 billion excluding cash.
(5)The unused portion is the amount upon which commitment fees, if any, are based.
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As of December 31, 2025
($ 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.
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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
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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
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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
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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
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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.

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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
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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,
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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.
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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
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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.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
We are subject to financial market risks, including valuation risk, interest rate risk, currency risk, credit risk and inflation risk. Uncertainty with respect to the imposition of tariffs on and trade disputes with certain countries, the fluctuations in global interest rates, the ongoing war between Russia and Ukraine, continued political unrest in various countries such as Venezuela, the conflicts in the Middle East and North Africa regions, and concerns over future increases in inflation or adverse investor sentiment generally, introduced significant volatility in the financial markets, a prolonged government shut down and the effects of this volatility has materially impacted and could continue to materially impact our market risks, including those listed below.
Valuation Risk
We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of private companies. Most of our investments will not have a readily available market price, and we value these investments at fair value as determined in good faith by the Adviser, as our valuation designee, based on, among other things, the input of independent third-party valuation firm(s) engaged at the direction of the Adviser, as our valuation designee, and in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material. The independent third-party valuation firm(s) engaged at the discretion of the Adviser and its affiliates are full service financial institutions engaged in a variety of activities and from time to time we may receive or provide additional services to or from such independent third-party valuation firm(s).
Interest Rate Risk
Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. We intend to fund portions of our investments with borrowings, and at such time, our net investment income will be affected by the difference between the rate at which we invest and the rate at which we borrow. Accordingly, we cannot assure you that a significant change in market interest rates will not have a material adverse effect on our net investment income.
In a low interest rate environment, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net income and potentially adversely affecting our operating results. Conversely, in a rising interest rate environment, such difference could potentially increase thereby increasing our net income as indicated per the table below.
As of June 30, 2026, 96.0% of our debt investments based on fair value were floating rates. Additionally, the weighted average floor, based on fair value, of our debt investments was 0.8% and the majority of our debt investments have a floor of 0.75%. The Revolving Credit Facility and our special purpose vehicle asset credit facilities bear interest at variable interest rates with a floor of 0%. Our unsecured notes bear interest at fixed rates, except for the 2027 Notes, September 2028 Notes, 2029 Notes, 2030 Notes and 2031 Notes which are hedged against interest rate swap instruments. All of our CLOs bear interest at variables rates with a floor of 0%, except for CLO V, which bears interest at fixed and variable rates with a floor of 0%.
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Based on our Consolidated Statements of Assets and Liabilities as of June 30, 2026, the following table shows the annualized impact on net income of hypothetical base rate changes in interest rates on our debt investments (considering interest rate floors for floating rate instruments) assuming each floating rate investment is subject to 3-month reference rate election and there are no changes in our investment and borrowing structure:
($ in thousands) Interest Income
Interest Expense(1)
Net Income(2)
Up 300 basis points $ 357,213  $ 163,497  $ 193,716 
Up 200 basis points 238,142  108,998  129,144 
Up 100 basis points 119,071  54,499  64,572 
Down 100 basis points (119,051) (54,499) (64,552)
Down 200 basis points (238,045) (108,998) (129,047)
Down 300 basis points (344,712) (163,497) (181,215)
_______________
(1)Includes the impact of our interest rate swaps as a result of interest rate changes.
(2)Excludes the impact of income based fees. See “Note 3 — Agreements and Related Party Transactions” to our consolidated financial statements included in this Quarterly Report for more information on the income based fees.
We may hedge against interest rate fluctuations by using hedging instruments such as additional interest rate swaps, futures, options, and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions, such as interest rate swap agreements, may also limit our ability to participate in the benefits of lower interest rates.
Currency Risk
From time to time, we may make investments that are denominated in a foreign currency, borrow in certain foreign currencies under our credit facilities or issue notes in certain foreign currencies. These investments, borrowings and issuances are translated into U.S. dollars at each balance sheet date, exposing us to movements in foreign exchange rates. We may employ hedging techniques to minimize these risks, but we cannot assure you that such strategies will be effective or without risk to us. We may utilize instruments such as, but not limited to, forward contracts or cross currency swaps to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates. Instead of entering into a foreign currency forward contract in connection with loans or other investments denominated in a foreign currency, we may borrow in that currency to establish a natural hedge against our loan, issuance or investment. To the extent the loan, issuance or investment is based on a floating rate other than a rate under which we can borrow under our credit facilities, we may utilize interest rate derivatives to hedge our exposure to changes in the associated rate.
Credit Risk
We generally endeavor to minimize our risk of exposure by limiting to reputable financial institutions the counterparties with which we enter into financial transactions. As of June 30, 2026 and December 31, 2025, we held the majority of our cash balances with a single highly rated money center bank and such balances are in excess of Federal Deposit Insurance Corporation insured limits. We seek to mitigate this exposure by monitoring the credit standing of these financial institutions.
Inflation Risk
Inflation is likely to continue in the near to medium-term, particularly in the United States, with the possibility that monetary policy may continue to tighten in response. Persistent inflationary pressures could affect our portfolio companies’ profit margins.
Item 4. Controls and Procedures
(a)Evaluation of Disclosure Controls and Procedures
In accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q and determined that our disclosure controls and procedures are effective as of the end of the period covered by the Quarterly Report on Form 10-Q.
(b) Changes in Internal Controls Over Financial Reporting
There have been no changes in our internal control over financial reporting that occurred during the quarter ended June 30, 2026, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II. OTHER INFORMATION
Item 1. Legal Proceedings
From time to time, we and the Adviser may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us or the Adviser. Given the inherent unpredictability of these types of legal and regulatory proceedings and the potentially large and/or indeterminate amounts that could be sought, an adverse outcome in certain matters could have a material effect on our or the Adviser’s financial condition or results of operations in any particular period.
On April 27, 2026, a derivative action was brought by Richard Delman on behalf of the Company in the United States District Court for the Southern District of New York, alleging that the Adviser received excessive advisory fees in violation of its statutory fiduciary duty under Section 36(b) of the Investment Company Act of 1940. The action seeks recovery of the allegedly excessive fees, injunctive relief, costs and rescission of the Investment Advisory Agreement pursuant to Section 47(b) of the Investment Company Act. This action is in its preliminary stages. The Adviser believes the claims asserted in the complaint are without merit and intends to vigorously defend against them. The outcome of this matter is inherently uncertain, and the Adviser is unable to predict the ultimate outcome or estimate the amount or range of loss, if any, that may result from this matter.

Item 1A. Risk Factors
In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in Part I, “ITEM 1A. RISK FACTORS” in our annual report on Form 10-K for the fiscal year ended December 31, 2025, which could materially affect our business, financial condition and/or operating results. The risks described in our annual report on Form 10-K for the fiscal year ended December 31, 2025, are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
For the quarter ended June 30, 2026, other than the shares issued pursuant to our dividend reinvestment plan, we did not sell any unregistered equity securities.
For the quarter ended June 30, 2026, pursuant to our dividend reinvestment plan, we purchased 1,373,306 shares of our common stock in the open market, at a weighted average price of $11.01 per share, for distribution to stockholders of record as of March 31, 2026 for the second quarter dividend, that did not opt out of our dividend reinvestment plan in order to satisfy the reinvestment portion of our dividends.
Refer to “Note 9 — Net Assets” to our consolidated financial statements included in this Quarterly Report for details on the Company’s stock repurchase programs.
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
Rule 10b5-1 Trading Plans
During the fiscal quarter ended June 30, 2026, none of the Company’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”
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Item 6. Exhibits.
Exhibit Number Description of Exhibits
3.1
3.2
3.3
4.1
4.2
10.1
21.1*
31.1*
31.2*
32.1**
32.2**
99.1*
99.2*
101.INS
Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document
101.SCH
Inline XBRL Taxonomy Extension Schema Document
101.CAL
Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF
Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB
Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE
Inline XBRL Taxonomy Extension Presentation Linkbase Document
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
________________
* Filed herein.
** Furnished herein.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

Blue Owl Capital Corporation
Date: August 5, 2026
 By: /s/ Craig W. Packer
Craig W. Packer
Chief Executive Officer and Director

Blue Owl Capital Corporation
Date: August 5, 2026
 By: /s/ Jonathan Lamm
Jonathan Lamm
Chief Operating Officer and Chief Financial Officer


169
EX-21.1 2 obdcex211-subsidiarylistx0.htm EX-21.1 Document
Exhibit 21.1

SUBSIDIARIES OF BLUE OWL CAPITAL CORPORATION
Name Jurisdiction
OR LENDING LLC DELAWARE
ORCC FINANCING II LLC DELAWARE
ORCC III FINANCING LLC DELAWARE
ORCC III FINANCING II LLC DELAWARE
OBDC III FINANCING III LLC DELAWARE
OWL ROCK CLO I, LLC DELAWARE
OWL ROCK CLO II, LLC DELAWARE
OWL ROCK CLO II, LTD CAYMAN ISLANDS
OWL ROCK CLO III, LLC DELAWARE
OWL ROCK CLO IV, LTD CAYMAN ISLANDS
OWL ROCK CLO IV, LLC DELAWARE
OWL ROCK CLO V, LLC DELAWARE
OWL ROCK CLO VI, LTD
 CAYMAN ISLANDS
OWL ROCK CLO VII, LLC DELAWARE
OWL ROCK CLO X, LLC DELAWARE
OWL ROCK CLO XIV LLC DELAWARE
OR AH I LLC DELAWARE
ORCC BC 2 LLC DELAWARE
ORCC BC 3 LLC DELAWARE
ORCC BC 4 LLC DELAWARE
ORCC III BC 4 LLC DELAWARE
ORCC BC 5 LLC DELAWARE
ORCC BC 6 LLC DELAWARE
ORCC FSI LLC DELAWARE
OR FAIRCHESTER MH LLC DELAWARE
ORCC PARENT LLC DELAWARE
ORCC AAM RH LLC DELAWARE
ORCC AAM LLC DELAWARE
ORCC BC 12 LLC DELAWARE
ORCC BC 13 LLC DELAWARE
ORCC BC 14 LLC DELAWARE
ORCC BC 15 LLC DELAWARE
OBDC BC 16 LLC DELAWARE
OBDC BC 17 LLC DELAWARE
OBDC BC 18 LLC DELAWARE
OBDC BC 19 LLC
 DELAWARE
OBDC BC 20 LLC
 DELAWARE
OBDC BC 21 LLC DELAWARE
OBDC BC 22 LLC DELAWARE
OBDC BC 23 LLC DELAWARE
OBDC BC 24 LLC DELAWARE
OBDC BC 25 LLC
 DELAWARE
OBDC BC 26 LLC
 DELAWARE
OR ATLANTA MH LLC DELAWARE
OR GARDEN STATE MH LLC DELAWARE
OR JEMICO MH LLC DELAWARE
OR LONG ISLAND MH LLC DELAWARE
OR MIDWEST MH LLC DELAWARE
OR TORONTO MH LLC DELAWARE

Exhibit 21.1
SLF FINANCING I LLC
 DELAWARE
SEBAGO LAKE FINANCING LLC
 DELAWARE

EX-31.1 3 obdcexhibit311-06302026.htm EX-31.1 Document
Exhibit 31.1

CERTIFICATION PURSUANT TO
RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 
I, Craig W. Packer, Chief Executive Officer of Blue Owl Capital Corporation, certify that:
 
1. I have reviewed this Quarterly Report on Form 10-Q of Blue Owl Capital Corporation (the “registrant”) for the quarter ended June 30, 2026;
 
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Quarterly Report;
 
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this Quarterly Report;
 
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Quarterly Report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
 
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing equivalent functions):
 
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
 b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: August 5, 2026
 By: /s/ Craig W. Packer
Craig W. Packer
Chief Executive Officer



EX-31.2 4 obdcexhibit312-06302026.htm EX-31.2 Document

Exhibit 31.2
CERTIFICATION PURSUANT TO
RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Jonathan Lamm, Chief Financial Officer of Blue Owl Capital Corporation, certify that:
 
1. I have reviewed this Quarterly Report on Form 10-Q of Blue Owl Capital Corporation (the “registrant”) for the quarter ended June 30, 2026;
 
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Quarterly Report;
 
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this Quarterly Report;
 
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Quarterly Report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
 
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing equivalent functions):
 
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
 
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: August 5, 2026
 By: /s/ Jonathan Lamm
Jonathan Lamm
Chief Operating Officer and Chief Financial Officer


EX-32.1 5 obdcexhibit321-06302026.htm EX-32.1 Document

Exhibit 32.1
CERTIFICATION PURSUANT TO
SECTION 1350, CHAPTER 63 OF TITLE 18, UNITED STATES CODE,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 
Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as Chief Executive Officer of Blue Owl Capital Corporation (the “Company”), does hereby certify that to the undersigned’s knowledge:
 
1) the Company’s Form 10-Q for the quarter ended June 30, 2026 fully complies with the requirements of Section 13(a) or 15(d) as applicable of the Securities Exchange Act of 1934, as amended; and
 
2) the information contained in the Company’s Form 10-Q for the quarter ended June 30, 2026 fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: August 5, 2026
 By: /s/ Craig W. Packer
Craig W. Packer
Chief Executive Officer



EX-32.2 6 obdcexhibit322-06302026.htm EX-32.2 Document

Exhibit 32.2
CERTIFICATION PURSUANT TO
SECTION 1350, CHAPTER 63 OF TITLE 18, UNITED STATES CODE,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 
Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as Chief Financial Officer of Blue Owl Capital Corporation (the “Company”), does hereby certify that to the undersigned’s knowledge:
 
1) the Company’s Form 10-Q for the quarter ended June 30, 2026 fully complies with the requirements of Section 13(a) or 15(d) as applicable of the Securities Exchange Act of 1934, as amended; and

2) the information contained in the Company’s Form 10-Q for the quarter ended June 30, 2026 fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: August 5, 2026
 By: /s/ Jonathan Lamm
Jonathan Lamm
Chief Operating Officer and Chief Financial Officer



EX-99.1 7 blueowlcreditslfllc-063020.htm EX-99.1 Document










Blue Owl Credit SLF LLC

Supplemental Financial Information (Unaudited) as of and for the period ended June 30, 2026
























Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)

Consolidated Statement of Assets and Liabilities
(Amounts in thousands)

June 30, 2026
December 31, 2025
Assets
Investments at fair value (amortized cost of $2,687,514 and $2,350,698, respectively)
 $ 2,624,338  $ 2,343,367 
Cash 258,490  124,718 
Receivable due on investments sold 13,685  1,803 
Interest receivable 7,449  7,635 
Total Assets $ 2,903,962  $ 2,477,523 
Liabilities
Debt (net of unamortized debt issuance costs of $9,344 and $8,463, respectively)
 $ 2,069,196  $ 1,728,363 
Payable for investments purchased 192,198  94,359 
Interest payable 17,186  23,627 
Distribution payable 15,872  15,513 
Accrued expenses and other liabilities 1,855  1,592 
Due to advisor 500  — 
Total Liabilities 2,296,807  1,863,454 
Members’ Equity
Total Members’ Equity - Class A 607,155  614,069 
Total Members' Equity 607,155  614,069 
Total Liabilities and Members’ Equity $ 2,903,962  $ 2,477,523 


1
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Statement of Operations
(Amounts in thousands)

For the Three Months Ended June 30, For the Six Months Ended June 30,
2026 2025 2026 2025
Investment Income
Investment Income $ 42,053  $ 31,420  $ 83,057  $ 55,117 
Total Investment Income $ 42,053  $ 31,420  $ 83,057  $ 55,117 
Operating Expenses
Interest expense $ 24,940  $ 17,917  $ 48,754  $ 30,966 
Professional fees 1,246  565  2,462  1,173 
Total Operating Expenses 26,186  18,482  51,216  32,139 
Net Investment Income (Loss) 15,866  12,938  31,841  22,978 
Net Realized and Change in Unrealized Gain (Loss)
Net change in unrealized gain (loss) on investments (6,564) 10,207  (55,846) (5,874)
Net realized gain (loss) on investments (1,062) (888) (3,770) (911)
Total Net Realized and Change in Unrealized Gain (Loss) on Investments (7,626) 9,319  (59,616) (6,785)
Net Increase (Decrease) in Members' Equity Resulting from Operations $ 8,241  $ 22,257  $ (27,775) $ 16,193 
Total Net Increase (Decrease) in Members’ Equity Resulting from Operations - Class A $ 8,241  $ 22,257  $ (27,775) $ 16,193 

2
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Schedule of Investments
As of June 30, 2026
(Amounts in thousands)
Interest
Company(1)(3)(4) Investment Ref. Rate Cash Maturity Date Par / Units Amortized Cost(2) Fair Value Percentage of Members’ Equity(10)
Debt Investments
Advertising and media            
Discovery Global Holdings Inc(5) First lien senior secured loan  S+ 2.50  % 06/2033 $ 17,523  $ 17,479  $ 17,521 
Nexstar Media Inc.(5) First lien senior secured loan  S+ 2.75  % 03/2033 9,968  9,871  9,852 
Outfront Media Capital LLC(5) First lien senior secured loan  S+ 1.75  % 09/2032 4,400  4,398  4,392 
Project Boost Purchaser, LLC (dba J.D. Power)(6) First lien senior secured loan  S+ 2.75  % 07/2031 19,108  19,114  18,577 
   50,862  50,342  8.3  %
Aerospace and defense            
Amentum Government Services Holdings LLC(5) First lien senior secured loan  S+ 1.75  % 09/2031 8,875  8,876  8,857 
American Airlines, Inc.(6) First lien senior secured loan  S+ 2.25  % 02/2028 356  354  352 
American Airlines, Inc.(6) First lien senior secured loan  S+ 2.75  % 05/2032 3,786  3,786  3,786 
American Airlines, Inc.(6) First lien senior secured loan  S+ 3.00  % 05/2033 9,459  9,365  9,333 
Arcline FM Holdings LLC(6) First lien senior secured loan  S+ 2.75  % 06/2030 8,292  8,291  8,313 
Avolon TLB Borrower 1 (US) LLC(5) First lien senior secured loan  S+ 1.75  % 06/2030 11,258  11,258  11,253 
Bleriot US Bidco Inc.(6) First lien senior secured loan  S+ 2.25  % 10/2030 18,439  18,393  18,422 
Brown Group Holdings, LLC(5) First lien senior secured loan  S+ 2.50  % 07/2031 10,952  10,954  10,973 
CACI International, Inc.(5) First lien senior secured loan  S+ 1.75  % 03/2033 7,746  7,730  7,727 
Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(5) First lien senior secured loan  S+ 2.00  % 10/2031 10,712  10,712  10,733 
Kaman Corporation(6) First lien senior secured loan  S+ 2.00  % 02/2032 8,051  8,052  8,034 
KBR, Inc(5) First lien senior secured loan  S+ 2.00  % 01/2031 985  987  984 
Mahseer Holdings LLC (dba PennAero)(6)(8) First lien senior secured loan  S+ 3.25  % 03/2033 11,823  11,767  11,882 
Propulsion (BC) Finco S.A.R.L.(6) First lien senior secured loan  S+ 2.50  % 12/2032 8,538  8,529  8,556 
Signia Aerospace LLC(6) First lien senior secured loan  S+ 2.50  % 12/2031 12,413  12,413  12,405 
Transdigm Inc.(5) First lien senior secured loan  S+ 2.25  % 03/2030 494  494  494 
Transdigm Inc.(5) First lien senior secured loan  S+ 2.50  % 01/2032 9,825  9,808  9,826 
Transdigm Inc.(5) First lien senior secured loan  S+ 2.50  % 08/2032 9,541  9,520  9,542 
United Airlines, Inc.(5) First lien senior secured loan  S+ 1.75  % 02/2031 985  985  982 
VSE Corp(5) First lien senior secured loan  S+ 2.00  % 05/2033 5,983  5,973  5,982 
   158,247  158,436  26.1  %
Automotive services            
Belron Finance US LLC(6) First lien senior secured loan  S+ 2.00  % 10/2031 7,861  7,861  7,849 
Mavis Tire Express Services Topco Corp.(7) First lien senior secured loan  S+ 3.00  % 05/2028 2,831  2,831  2,825 
Mister Car Wash Holdings, Inc.(5) First lien senior secured loan  S+ 2.75  % 03/2031 676  677  677 
Mister Car Wash Holdings, Inc.(5) First lien senior secured loan  S+ 3.00  % 03/2031 7,547  7,473  7,565 
VALVOLINE INC(5) First lien senior secured loan  S+ 2.00  % 12/2032 3,410  3,410  3,412 
Wand Newco 3, Inc. (dba Caliber )(5) First lien senior secured loan  S+ 2.50  % 01/2031 5,169  5,170  5,161 
   27,422  27,489  4.5  %
Buildings and real estate            
84 Lumber Company(6) First lien senior secured loan  S+ 3.00  % 11/2030 1,739  1,749  1,743 
Advanced Drainage Systems, Inc.(5) First lien senior secured loan  S+ 1.63  % 02/2033 3,768  3,768  3,798 
American Residential Services, LLC(6)(8) First lien senior secured loan  S+ 2.75  % 02/2032 7,802  7,790  7,822 
ARCOSA INC(6) First lien senior secured loan  S+ 2.00  % 10/2031 1,929  1,929  1,929 
Beacon Roofing Supply, Inc. (dba QXO)(5) First lien senior secured loan  S+ 2.00  % 04/2032 11,174  11,178  11,151 
Beacon Roofing Supply, Inc. (dba QXO)(5) First lien senior secured loan  S+ 2.00  % 07/2033 9,906  9,882  9,879 
Construction Partners, Inc.(5) First lien senior secured loan  S+ 2.00  % 11/2031 4,467  4,460  4,461 
Cushman & Wakefield U.S. Borrower, LLC(5)(8) First lien senior secured loan  S+ 2.25  % 06/2033 6,373  6,359  6,357 
Hunter Douglas Inc(6) First lien senior secured loan  S+ 3.00  % 01/2032 3,736  3,713  3,728 
Knife River Corporation(6) First lien senior secured loan  S+ 1.75  % 03/2032 3,316  3,316  3,318 
3
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Schedule of Investments
As of June 30, 2026
(Amounts in thousands)
Interest
Company(1)(3)(4) Investment Ref. Rate Cash Maturity Date Par / Units Amortized Cost(2) Fair Value Percentage of Members’ Equity(10)
MIWD Holdco II LLC(5) First lien senior secured loan  S+ 2.75  % 03/2031 900  900  887 
Park River Holdings Inc(6) First lien senior secured loan  S+ 4.50  % 03/2031 11,400  11,260  11,374 
Quikrete Holdings, Inc.(5) First lien senior secured loan  S+ 2.25  % 03/2029 494  491  494 
Quikrete Holdings, Inc.(5) First lien senior secured loan  S+ 2.25  % 02/2032 8,596  8,586  8,586 
Starwood Property Mortgage, L.L.C.(5) First lien senior secured loan  S+ 1.75  % 11/2027 1,776  1,773  1,766 
Starwood Property Mortgage, L.L.C.(5) First lien senior secured loan  S+ 2.00  % 09/2032 6,563  6,563  6,543 
   83,717  83,836  13.8  %
Business services            
BrightView Landscapes, LLC(5)(8) First lien senior secured loan  S+ 2.00  % 06/2033 12,048  12,018  11,988 
CCC Intelligent Solutions Inc(5) First lien senior secured loan  S+ 2.00  % 01/2032 755  755  744 
ConnectWise, LLC(6) First lien senior secured loan  S+ 3.50  % 09/2028 10,570  10,363  9,691 
CoolSys, Inc.(6) First lien senior secured loan  S+ 3.50  % 08/2028 15,139  14,723  11,563 
DYCOM INDUSTRIES INC(6) First lien senior secured loan  S+ 1.75  % 01/2033 4,159  4,153  4,160 
IDEMIA Group SAS(6) First lien senior secured loan  S+ 4.25  % 09/2028 2,760  2,777  2,747 
Kaseya Inc.(6) First lien senior secured loan  S+ 3.25  % 03/2032 12,410  12,373  9,548 
Madison Safety & Flow LLC(5) First lien senior secured loan  S+ 2.50  % 09/2031 1,919  1,919  1,919 
MKS Instruments, Inc.(5) First lien senior secured loan  S+ 1.75  % 02/2033 1,797  1,797  1,800 
NVENT ELEC PUB LTD CO (dba Nvent Thermal LLC)(5) First lien senior secured loan  S+ 2.75  % 01/2032 16,748  16,755  16,781 
Ping Identity Holding Corp.(5) First lien senior secured loan  S+ 2.75  % 11/2032 12,574  12,543  12,228 
PINNACLE BUYER, LLC(6) First lien senior secured loan  S+ 2.50  % 10/2032 17,228  17,192  17,250 
Plano HoldCo, Inc. (dba Perficient)(6)(8) First lien senior secured loan  S+ 3.50  % 10/2031 5,925  5,906  4,622 
Plusgrade Inc.(6) First lien senior secured loan  S+ 3.50  % 03/2031 9,212  9,212  9,039 
Pye-Barker Fire & Safety, LLC(6) First lien senior secured loan  S+ 2.50  % 12/2032 17,013  16,943  17,035 
Red Planet Borrower, LLC (dba Liftoff Mobile)(5) First lien senior secured loan  S+ 3.75  % 08/2032 12,570  12,457  12,557 
Shift4 Payments, LLC(6) First lien senior secured loan  S+ 2.00  % 07/2032 15,041  14,977  14,972 
Tecta America Corp.(5) First lien senior secured loan  S+ 2.50  % 02/2032 16,011  16,012  16,014 
Vestis Corp(6) First lien senior secured loan  S+ 2.25  % 02/2031 2,521  2,474  2,480 
VM Consolidated, Inc.(5) First lien senior secured loan  S+ 2.00  % 10/2032 2,453  2,448  2,226 
XPLOR T1, LLC(6)(8) First lien senior secured loan  S+ 3.25  % 12/2032 24,621  24,518  22,467 
   212,315  201,831  33.2  %
Chemicals            
Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC)(6)(8) First lien senior secured loan  S+ 4.00  % 11/2027 17,241  16,874  16,034 
Axalta Coating Systems US Holdings INC(6) First lien senior secured loan  S+ 1.75  % 12/2029 2,377  2,380  2,376 
Derby Buyer LLC (dba Delrin)(6) First lien senior secured loan  S+ 2.75  % 11/2030 16,730  16,730  16,727 
Entegris, Inc.(5) First lien senior secured loan  S+ 1.75  % 07/2029 793  798  796 
FORMULATIONS PARENT CORPORATION (dba Chase Corporation)(6)(8) First lien senior secured loan  S+ 4.00  % 04/2032 2,341  2,322  2,341 
H.B. Fuller Company(6) First lien senior secured loan  S+ 1.75  % 02/2030 817  823  817 
Ineos US Finance LLC(5) First lien senior secured loan  S+ 3.25  % 02/2030 5,436  5,283  4,996 
MSOF BEACON LLC(6) First lien senior secured loan  S+ 2.50  % 12/2032 11,907  11,878  11,922 
Nouryon Finance B.V.(7) First lien senior secured loan  S+ 3.25  % 04/2028 2,848  2,848  2,846 
Nouryon Finance B.V.(6) First lien senior secured loan  S+ 3.50  % 07/2031 4,760  4,736  4,756 
Windsor Holdings III LLC(5) First lien senior secured loan  S+ 2.75  % 08/2030 6,907  6,743  6,899 
   71,415  70,510  11.6  %
Consumer products            
ACP Tara Holdings, Inc. (dba Arcadia)(6) First lien senior secured loan  S+ 2.50  % 12/2032 16,512  16,510  16,509 
ASGN Incorporated(5)(8) First lien senior secured loan  S+ 1.75  % 08/2030 492  497  447 
BEP Intermediate Holdco, LLC (dba Buyers Edge Platform)(5) First lien senior secured loan  S+ 2.75  % 04/2031 13,194  13,128  13,151 
4
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Schedule of Investments
As of June 30, 2026
(Amounts in thousands)
Interest
Company(1)(3)(4) Investment Ref. Rate Cash Maturity Date Par / Units Amortized Cost(2) Fair Value Percentage of Members’ Equity(10)
HomeServe USA Holding Corp.(5) First lien senior secured loan  S+ 2.00  % 10/2030 6,654  6,649  6,622 
   36,784  36,729  6.0  %
Containers and packaging         
Berlin Packaging(6) First lien senior secured loan  S+ 3.25  % 06/2031 7,962  7,949  7,915 
Charter NEX US, Inc.(5) First lien senior secured loan  S+ 2.50  % 11/2030 8,278  8,277  8,275 
Clydesdale Acquisition Holdings, Inc. (dba Novolex)(5) First lien senior secured loan  S+ 3.25  % 03/2032 14,332  14,243  13,756 
Graham Packaging Company Inc(5) First lien senior secured loan  S+ 2.25  % 01/2033 3,945  3,942  3,947 
Plastipak Holdings Inc.(5) First lien senior secured loan  S+ 2.50  % 09/2032 21,872  21,776  21,842 
Pregis Topco LLC(5) First lien senior secured loan  S+ 3.75  % 02/2029 4,837  4,829  4,848 
ProAmpac PG Borrower LLC(6) First lien senior secured loan  S+ 4.00  % 03/2033 17,437  17,182  17,116 
Ring Container Technologies Group, LLC(5) First lien senior secured loan  S+ 2.50  % 09/2032 16,991  16,951  17,000 
SupplyOne, Inc.(5) First lien senior secured loan  S+ 3.50  % 04/2031 16,093  16,087  16,106 
Tricorbraun Holdings, Inc.(5) First lien senior secured loan  S+ 3.25  % 03/2028 22,426  22,163  20,933 
   133,399  131,738  21.7  %
Distribution            
AI Aqua Merger Sub, Inc. (dba Culligan)(5) First lien senior secured loan  S+ 2.50  % 07/2028 11,688  11,694  11,673 
AI Aqua Merger Sub, Inc. (dba Culligan)(6) First lien senior secured loan  S+ 2.50  % 06/2033 13,911  13,877  13,896 
Avient Corporation(6) First lien senior secured loan  S+ 1.75  % 08/2029 2,685  2,696  2,700 
BCPE Empire Holdings, Inc. (dba Imperial-Dade)(5) First lien senior secured loan  S+ 3.25  % 12/2030 11,376  11,376  11,212 
BCPE Empire Holdings, Inc. (dba Imperial-Dade)(5) First lien senior secured loan  S+ 3.50  % 12/2032 15,960  15,737  15,748 
Paint Intermediate III LLC (dba Wesco Group)(6) First lien senior secured loan  S+ 3.00  % 10/2031 21,008  20,951  21,048 
White Cap(6) First lien senior secured loan  S+ 3.25  % 10/2029 1,500  1,500  1,497 
   77,831  77,774  12.8  %
Education            
Covista Inc. (dba Adtalem Global Education)(6) First lien senior secured loan  S+ 2.25  % 03/2033 6,781  6,758  6,794 
Renaissance Learning, Inc.(6) First lien senior secured loan  S+ 4.00  % 04/2030 5,111  4,965  4,032 
   11,723  10,826  1.8  %
Energy equipment and services            
AZZ Inc.(5) First lien senior secured loan  S+ 1.75  % 05/2029 2,322  2,331  2,328 
Brookfield WEC Holdings Inc.(5) First lien senior secured loan  S+ 2.00  % 01/2031 7,231  7,233  7,223 
Calpine Construction Finance Company(5) First lien senior secured loan  S+ 1.75  % 07/2030 4,500  4,502  4,494 
Centuri Group, Inc(5) First lien senior secured loan  S+ 2.00  % 07/2032 5,326  5,327  5,323 
COLOSSUS ACQUIRECO LLC(6) First lien senior secured loan  S+ 1.75  % 01/2033 1,921  1,921  1,908 
Fleet U.S. Bidco Inc.(5)(8) First lien senior secured loan  S+ 2.75  % 02/2031 8,499  8,500  8,499 
   37,309  37,378  6.2  %
Financial services            
AllSpring Buyer(6) First lien senior secured loan  S+ 3.00  % 11/2030 2,898  2,898  2,904 
Ascensus Holdings, Inc.(5) First lien senior secured loan  S+ 3.00  % 11/2032 10,214  10,166  9,963 
BCPE Pequod Buyer, Inc. (dba Envestnet)(5) First lien senior secured loan  S+ 2.75  % 11/2031 17,780  17,780  17,229 
Chrysaor Bidco s.à r.l. (dba AlterDomus)(6) First lien senior secured loan  S+ 3.00  % 10/2031 8,412  8,410  8,422 
Cimpress USA Incorporated(5) First lien senior secured loan  S+ 2.50  % 06/2033 2,048  2,043  2,050 
Citadel Securities, LP(6) First lien senior secured loan  S+ 2.00  % 06/2033 11,047  11,042  11,021 
Citco Funding LLC(6) First lien senior secured loan  S+ 2.00  % 01/2033 15,534  15,499  15,482 
Citrin Cooperman Advisors LLC(6) First lien senior secured loan  S+ 3.00  % 04/2032 9,712  9,602  9,421 
Cohnreznick Advisory LLC(6) First lien senior secured loan  S+ 3.25  % 03/2032 10,296  10,251  10,021 
Creative Planning, LLC(5) First lien senior secured loan  S+ 2.00  % 05/2031 7,606  7,559  7,572 
EP Wealth Advisors, LLC(6) First lien senior secured loan  S+ 2.50  % 10/2032 3,001  3,001  2,999 
Finco I, LLC(5) First lien senior secured loan  S+ 1.75  % 06/2029 983  985  980 
5
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Schedule of Investments
As of June 30, 2026
(Amounts in thousands)
Interest
Company(1)(3)(4) Investment Ref. Rate Cash Maturity Date Par / Units Amortized Cost(2) Fair Value Percentage of Members’ Equity(10)
First Eagle Holdings, Inc.(6) First lien senior secured loan  S+ 3.50  % 08/2032 10,729  10,599  10,712 
Focus Financial Partners, LLC(5) First lien senior secured loan  S+ 2.50  % 09/2031 14,454  14,443  14,085 
Grant Thornton Advisors LLC(5) First lien senior secured loan  S+ 2.75  % 06/2031 10,822  10,615  10,280 
Guggenheim Partners Investment Management Holdings, LLC(6) First lien senior secured loan  S+ 2.50  % 11/2031 6,907  6,909  6,899 
Kestra Advisor Services Holdings A, Inc.(5) First lien senior secured loan  S+ 2.75  % 03/2031 7,121  7,121  7,049 
MARINER WEALTH ADVISORS, LLC(6) First lien senior secured loan  S+ 2.25  % 12/2030 4,867  4,867  4,859 
OneDigital Borrower LLC(5) First lien senior secured loan  S+ 3.00  % 07/2031 10,433  10,434  10,092 
Orion Advisor Solutions Inc(6) First lien senior secured loan  S+ 2.75  % 09/2030 7,533  7,535  7,453 
PPI Holding US INC. (dba Nuvei)(5) First lien senior secured loan  S+ 2.50  % 11/2031 15,387  15,387  14,950 
Pushpay USA Inc(5)(8) First lien senior secured loan  S+ 3.75  % 08/2031 423  423  393 
Saphilux S.a.r.L. (dba IQ-EQ)(7) First lien senior secured loan  S+ 3.00  % 07/2028 19,377  19,376  19,433 
TMF Sapphire Bidco B.V.(6) First lien senior secured loan  S+ 3.25  % 05/2033 7,384  7,387  7,390 
Victory Capital Holdings Inc(6) First lien senior secured loan  S+ 1.75  % 09/2032 7,054  7,054  7,020 
   221,386  218,679  36.0  %
Food and beverage            
1011778 BC / NEW RED FIN (dba Restaurant Brands)(5) First lien senior secured loan  S+ 1.75  % 09/2030 1,888  1,881  1,884 
Aramark Services, Inc.(5) First lien senior secured loan  S+ 1.75  % 06/2030 6,811  6,815  6,807 
Aspire Bakeries Holdings, LLC(5) First lien senior secured loan  S+ 3.00  % 12/2030 6,632  6,626  6,651 
Balrog Acquisition, Inc. (dba Bakemark)(5) First lien senior secured loan  S+ 4.00  % 09/2028 14,972  14,998  11,211 
Chobani LLC(5) First lien senior secured loan  S+ 2.25  % 10/2032 8,758  8,758  8,770 
Fiesta Purchaser, Inc. (dba Shearer's Foods)(5) First lien senior secured loan  S+ 2.75  % 02/2031 15,463  15,443  15,151 
FRONERI US INC(7) First lien senior secured loan  S+ 2.25  % 09/2031 3,950  3,943  3,919 
FRONERI US INC(7) First lien senior secured loan  S+ 2.50  % 09/2032 14,344  14,316  14,236 
IRB Holding Corp (dba Inspire Brands, Inc.)(5) First lien senior secured loan  S+ 2.50  % 12/2030 12,253  12,253  12,251 
Pegasus BidCo B.V.(5) First lien senior secured loan  S+ 2.50  % 07/2032 18,249  18,250  18,235 
Primo Brands Corporation(6) First lien senior secured loan  S+ 2.75  % 03/2031 12,098  12,052  12,149 
Raising Cane's Restaurants, LLC(6) First lien senior secured loan  S+ 2.00  % 11/2032 13,732  13,707  13,664 
Raising Cane's Restaurants, LLC(5) First lien senior secured loan  S+ 2.00  % 06/2033 2,121  2,113  2,108 
Red SPV, LLC(5) First lien senior secured loan  S+ 2.25  % 03/2032 9,678  9,641  9,674 
Savor Acquisition, Inc. (dba Sauer Brands)(6) First lien senior secured loan  S+ 3.00  % 02/2032 5,494  5,477  5,521 
Simply Good Foods USA, Inc.(6) First lien senior secured loan  S+ 2.00  % 03/2030 7,853  7,826  7,821 
Snacking Investments US LLC (dba Arnott's Group)(5) First lien senior secured loan  S+ 3.00  % 10/2032 7,364  7,364  7,378 
Utz Quality Foods, LLC(6) First lien senior secured loan  S+ 2.50  % 01/2032 3,550  3,553  3,550 
Whatabrands LLC (dba Whataburger Restaurants LLC)(5) First lien senior secured loan  S+ 2.50  % 08/2028 9,164  9,140  9,150 
   174,156  170,130  28.0  %
Healthcare equipment and services            
Agiliti Health(7) First lien senior secured loan  S+ 3.00  % 05/2030 3,719  3,617  3,583 
ARGENT FINCO LLC(6)(8) First lien senior secured loan  S+ 2.50  % 11/2032 4,571  4,561  4,583 
Confluent Medical Technologies, Inc.(6)(8) First lien senior secured loan  S+ 3.00  % 02/2029 9,665  9,665  9,714 
Curium BidCo S.A.R.L (dba Curium Pharma)(6) First lien senior secured loan  S+ 3.00  % 08/2031 9,637  9,598  9,625 
Global Medical Response, Inc.(5) First lien senior secured loan  S+ 3.25  % 10/2032 11,323  11,305  11,348 
Hologic Inc(6) First lien senior secured loan  S+ 2.25  % 04/2033 22,433  22,381  21,933 
LUMEXA IMAGING INC(6) First lien senior secured loan  S+ 3.00  % 12/2032 5,320  5,320  5,324 
Medline Borrower, LP(5) First lien senior secured loan  S+ 1.50  % 05/2033 12,415  12,415  12,331 
NSM Top Holdings Corp. (dba National Seating & Mobility)(6)(8) First lien senior secured loan  S+ 4.25  % 05/2029 11,246  11,230  11,246 
Resonetics, LLC(6) First lien senior secured loan  S+ 2.75  % 06/2031 11,515  11,516  11,493 
Sharp Services, LLC(6) First lien senior secured loan  S+ 3.00  % 09/2032 2,704  2,697  2,710 
6
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Schedule of Investments
As of June 30, 2026
(Amounts in thousands)
Interest
Company(1)(3)(4) Investment Ref. Rate Cash Maturity Date Par / Units Amortized Cost(2) Fair Value Percentage of Members’ Equity(10)
Zelis(6)(8) First lien senior secured loan  S+ 5.25  % 02/2028 985  989  960 
   105,294  104,850  17.3  %
Healthcare providers and services         
CHG Healthcare Services, Inc.(5) First lien senior secured loan  S+ 3.00  % 09/2031 5,740  5,727  5,740 
CHG PPC Parent LLC(5) First lien senior secured loan  S+ 3.00  % 12/2028 4,171  4,162  4,172 
Concentra(5) First lien senior secured loan  S+ 2.00  % 07/2031 1,481  1,486  1,482 
Confluent Health, LLC(5) First lien senior secured loan  S+ 4.00  % 11/2028 13,275  13,130  11,708 
Covetrus, Inc.(6) First lien senior secured loan  S+ 5.00  % 10/2029 15,893  15,305  15,377 
Electron Bidco Inc (dba ExamWorks)(5) First lien senior secured loan  S+ 2.50  % 02/2033 3,054  3,056  3,056 
Inizio Group Limited (dba UDG Healthcare)(6) First lien senior secured loan  S+ 4.25  % 08/2028 2,621  2,590  2,502 
LSCS Holdings, Inc.(6) First lien senior secured loan  S+ 4.50  % 03/2032 15,508  15,410  15,188 
Onex TSG Intermediate Corporation(6) First lien senior secured loan  S+ 3.25  % 08/2032 8,741  8,752  8,783 
Option Care Health, Inc(5) First lien senior secured loan  S+ 1.75  % 09/2032 3,090  3,083  3,091 
Pacific Dental Services, LLC(5) First lien senior secured loan  S+ 2.25  % 03/2031 7,783  7,784  7,780 
Pediatric Associates Holding Company, LLC(6) First lien senior secured loan  S+ 5.00  % 12/2031 3,393  3,361  3,391 
Phoenix Guarantor Inc(5) First lien senior secured loan  S+ 2.00  % 02/2031 3,618  3,623  3,609 
Phoenix Newco, Inc. (dba Parexel)(5) First lien senior secured loan  S+ 2.50  % 12/2031 20,462  20,414  20,462 
Select Medical Corp.(5) First lien senior secured loan  S+ 2.00  % 12/2031 3,547  3,546  3,541 
Select Medical Corp.(6)(8) First lien senior secured loan  S+ 3.00  % 12/2031 9,110  9,019  9,132 
Soliant Lower Intermediate, LLC (dba Soliant)(7) First lien senior secured loan  S+ 3.75  % 07/2031 9,587  9,648  6,984 
Surgery Center Holdings, Inc.(5) First lien senior secured loan  S+ 2.50  % 12/2030 3,218  3,211  3,218 
WCG Intermediate Corp. (f/k/a Da Vinci Purchaser Corp.) (dba WCG)(5) First lien senior secured loan  S+ 2.75  % 02/2032 8,418  8,412  8,350 
   141,719  137,566  22.6  %
Healthcare technology            
Certara(5) First lien senior secured loan  S+ 2.75  % 06/2031 1,164  1,165  1,161 
Cotiviti, Inc.(5) First lien senior secured loan  S+ 2.75  % 03/2032 4,418  4,381  4,004 
Cotiviti, Inc.(5) First lien senior secured loan  S+ 2.75  % 05/2031 5,440  5,407  4,967 
Ensemble RCM, LLC(6) First lien senior secured loan  S+ 3.00  % 02/2033 22,635  22,616  22,530 
Imprivata, Inc.(6) First lien senior secured loan  S+ 3.00  % 12/2027 17,263  17,219  17,243 
IQVIA, Inc.(6) First lien senior secured loan  S+ 1.75  % 01/2031 1,975  1,983  1,976 
PointClickCare Technologies, Inc.(6) First lien senior secured loan  S+ 2.75  % 11/2031 16,408  16,387  16,323 
Project Ruby Ultimate Parent Corp. (dba Wellsky)(5) First lien senior secured loan  S+ 2.75  % 03/2028 11,726  11,727  11,704 
RadNet Management, Inc.(5) First lien senior secured loan  S+ 2.00  % 04/2031 3,648  3,644  3,641 
Raven Acquisition Holdings, LLC (dba R1 RCM)(5) First lien senior secured loan  S+ 3.00  % 11/2031 11,528  11,472  11,367 
Southern Veterinary Partners, LLC(6) First lien senior secured loan  S+ 2.50  % 12/2031 19,471  19,471  19,437 
Waystar Technologies, Inc. (F/K/A Navicure, Inc.)(5)(8) First lien senior secured loan  S+ 2.00  % 10/2029 6,237  6,242  6,222 
Zelis Cost Management Buyer, Inc.(5) First lien senior secured loan  S+ 3.25  % 11/2031 11,402  11,360  11,115 
   133,074  131,690  21.7  %
Household products            
Energizer Holdings, Inc.(5) First lien senior secured loan  S+ 2.00  % 03/2032 2,381  2,379  2,371 
Samsonite International S.A.(5) First lien senior secured loan  S+ 1.75  % 11/2032 2,965  2,950  2,967 
   5,329  5,338  0.9  %
Human resource support services            
AQ Carver Buyer, Inc. (dba CoAdvantage)(7) First lien senior secured loan  S+ 5.50  % 08/2029 1,970  1,975  1,602 
Dawn Bidco, LLC (dba Dayforce)(6) First lien senior secured loan  S+ 3.00  % 10/2032 21,832  21,780  19,836 
iSolved, Inc.(5) First lien senior secured loan  S+ 2.75  % 10/2030 18,843  18,841  17,596 
UKG Inc. (dba Ultimate Software)(6) First lien senior secured loan  S+ 2.25  % 02/2031 17,268  17,270  16,229 
   59,866  55,263  9.1  %
7
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Schedule of Investments
As of June 30, 2026
(Amounts in thousands)
Interest
Company(1)(3)(4) Investment Ref. Rate Cash Maturity Date Par / Units Amortized Cost(2) Fair Value Percentage of Members’ Equity(10)
Industrial
PATHFINDER PWR LLC(6)(8) First lien senior secured loan  S+ 2.00  % 06/2033 7,446  7,443  7,428 
   7,443  7,428  1.2  %
Infrastructure and environmental services            
Arcwood Environmental, Inc(5)(8) First lien senior secured loan  S+ 3.00  % 04/2033 6,290  6,260  6,306 
ASP Acuren Holdings, Inc.(5) First lien senior secured loan  S+ 2.50  % 07/2031 9,436  9,438  9,434 
Clean Harbors Inc(5) First lien senior secured loan  S+ 1.50  % 09/2032 3,007  3,007  3,014 
Core & Main LP(6)(8) First lien senior secured loan  S+ 3.00  % 07/2033 2,000  1,995  1,995 
Geosyntec Consultants, Inc.(5) First lien senior secured loan  S+ 3.00  % 07/2031 15,636  15,640  15,611 
GFL Environmental Services Inc.(6) First lien senior secured loan  S+ 2.50  % 03/2032 8,503  8,504  8,499 
Gulfside Supply, Inc. (dba Gulfeagle Supply)(6) First lien senior secured loan  S+ 3.00  % 06/2031 3,491  3,386  2,930 
Trilon Group, LLC(6)(8) First lien senior secured loan  S+ 3.50  % 06/2033 11,279  11,222  11,279 
   59,452  59,068  9.7  %
Insurance            
Acrisure, LLC(5) First lien senior secured loan  S+ 3.00  % 11/2030 8,382  8,336  7,565 
Acrisure, LLC(5) First lien senior secured loan  S+ 3.25  % 06/2032 1,913  1,909  1,724 
Alera Group, Inc.(5) First lien senior secured loan  S+ 2.75  % 05/2032 17,192  17,192  16,309 
Alliant Holdings Intermediate LLC(5) First lien senior secured loan  S+ 2.50  % 09/2031 12,338  12,322  12,162 
AmWINS Group, Inc.(5) First lien senior secured loan  S+ 2.00  % 01/2032 14,926  14,927  14,583 
Ardonagh Midco 3 PLC(6) First lien senior secured loan  S+ 3.00  % 02/2031 9,966  9,940  9,623 
Asurion, LLC(6) First lien senior secured loan  S+ 4.25  % 08/2028 913  911  911 
Broadstreet Partners, Inc.(5) First lien senior secured loan  S+ 2.50  % 06/2031 11,850  11,850  11,418 
CFC USA 2025 LLC (dba CFC Insurance)(6) First lien senior secured loan  S+ 3.50  % 07/2032 8,399  8,273  7,867 
Hub International(6) First lien senior secured loan  S+ 2.25  % 06/2030 3,455  3,455  3,450 
Hyperion Refinance S.à r.l (dba Howden Group)(5) First lien senior secured loan  S+ 2.75  % 04/2030 18,642  18,642  17,538 
Hyperion Refinance S.à r.l (dba Howden Group)(5) First lien senior secured loan  S+ 2.75  % 02/2031 3,497  3,497  3,276 
IMA Financial Group, Inc.(5) First lien senior secured loan  S+ 3.00  % 11/2028 8,341  8,324  8,306 
Legence Holdings LLC(7)(8) First lien senior secured loan  S+ 3.75  % 10/2032 3,123  3,108  2,936 
Lockton Inc(6)(8) First lien senior secured loan  S+ 2.00  % 05/2033 6,987  6,953  6,970 
Mitchell International, Inc.(5) First lien senior secured loan  S+ 3.00  % 06/2031 13,915  13,803  13,215 
Ryan Specialty Group LLC(5) First lien senior secured loan  S+ 2.00  % 09/2031 2,487  2,493  2,480 
Summit Acquisition Inc. (dba K2 Insurance Services)(5) First lien senior secured loan  S+ 3.50  % 10/2031 3,719  3,719  3,711 
Trucordia Insurance Holdings, LLC(6)(8) First lien senior secured loan  S+ 3.25  % 06/2032 19,800  19,759  17,622 
Truist Insurance Holdings, LLC(6) First lien senior secured loan  S+ 2.75  % 05/2031 9,249  9,231  9,021 
USI, Inc.(6) First lien senior secured loan  S+ 2.25  % 09/2030 2,461  2,463  2,448 
   181,107  173,135  28.5  %
Internet software and services         
Avalara, Inc.(6) First lien senior secured loan  S+ 2.50  % 03/2032 12,008  11,998  11,477 
Cloud Software Group, Inc.(6) First lien senior secured loan  S+ 3.25  % 03/2031 4,938  4,938  4,315 
Cloud Software Group, Inc.(6) First lien senior secured loan  S+ 3.25  % 08/2032 9,115  9,102  7,858 
Clover Holdings 2, LLC (dba Cohesity)(5) First lien senior secured loan  S+ 3.75  % 12/2031 19,446  19,266  18,538 
Delta TopCo, Inc. (dba Infoblox, Inc.)(6) First lien senior secured loan  S+ 2.75  % 11/2029 20,152  20,014  19,032 
Epicor(5) First lien senior secured loan  S+ 2.75  % 05/2031 1,292  1,282  1,232 
Gen Digital Inc(5) First lien senior secured loan  S+ 1.75  % 04/2032 3,291  3,277  3,244 
Genesys Cloud Services, Inc.(5) First lien senior secured loan  S+ 2.50  % 01/2032 14,318  14,284  13,688 
8
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Schedule of Investments
As of June 30, 2026
(Amounts in thousands)
Interest
Company(1)(3)(4) Investment Ref. Rate Cash Maturity Date Par / Units Amortized Cost(2) Fair Value Percentage of Members’ Equity(10)
IGT Holding IV AB (dba IFS)(6) First lien senior secured loan  S+ 3.00  % 09/2031 5,063  5,058  4,940 
KnowBe4, Inc.(6) First lien senior secured loan  S+ 3.75  % 07/2032 15,870  15,849  12,299 
McAfee Corp.(5) First lien senior secured loan  S+ 3.00  % 03/2029 2,975  2,960  2,633 
Opal US LLC(6) First lien senior secured loan  S+ 2.50  % 04/2032 11,783  11,783  11,768 
Project Alpha Intermediate Holding, Inc. (dba Qlik)(6) First lien senior secured loan  S+ 3.25  % 10/2030 6,926  6,912  4,985 
Proofpoint, Inc.(6) First lien senior secured loan  S+ 3.00  % 08/2028 16,506  16,439  15,909 
Quartz Acquireco, LLC (dba Qualtrics)(6) First lien senior secured loan  S+ 2.25  % 06/2030 492  491  410 
Sedgwick Claims Management Services, Inc.(5) First lien senior secured loan  S+ 2.50  % 07/2031 22,003  21,995  21,717 
SONICWALL US Holdings, Inc.(6)(8) First lien senior secured loan  S+ 5.00  % 05/2028 2,957  2,945  1,131 
Sophos Holdings, LLC(5) First lien senior secured loan  S+ 3.50  % 03/2027 11,761  11,755  10,886 
SS&C(5) First lien senior secured loan  S+ 2.00  % 05/2031 9,413  9,422  9,391 
Starlight Parent, LLC (dba SolarWinds)(6) First lien senior secured loan  S+ 4.00  % 04/2032 9,250  9,011  7,713 
Storable, Inc.(5) First lien senior secured loan  S+ 3.25  % 04/2031 11,078  11,077  9,851 
UST Holdings, Ltd.(5) First lien senior secured loan  S+ 3.00  % 11/2028 5,897  5,906  5,587 
VERDE PURCHASER LLC (dba Veritiv Corp)(6) First lien senior secured loan  S+ 4.00  % 11/2030 11,490  11,423  10,842 
VIRTUSA CORPORATION(5) First lien senior secured loan  S+ 3.25  % 02/2029 3,373  3,311  2,911 
VS Buyer LLC (dba Veeam Software)(6) First lien senior secured loan  S+ 2.25  % 04/2031 12,101  12,042  11,602 
   242,540  223,959  36.9  %
Investment fund and vehicle         
Chicago US MidCo III, LP(5) First lien senior secured loan  S+ 2.50  % 11/2032 14,994  14,963  14,964 
Grosvenor(5) First lien senior secured loan  S+ 2.25  % 02/2030 959  963  961 
JUPITER BORROWER INC (dba Janus Henderson)(6) First lien senior secured loan  S+ 2.75  % 03/2033 10,799  10,753  10,777 
   26,752  26,679  26,702  4.4  %
Leisure and entertainment            
Cedar Fair, L.P. (dba Six Flags Entertainment Corp)(5) First lien senior secured loan  S+ 2.00  % 05/2031 4,699  4,671  4,650 
Delta 2 (Lux) SARL (dba Formula One)(6) First lien senior secured loan  S+ 1.75  % 09/2031 2,000  2,007  1,998 
GBT US III LLC (dba Global Business Travel Group, Inc.)(6) First lien senior secured loan  S+ 2.00  % 07/2031 6,391  6,391  6,383 
Live Nation Entertainment, Inc.(5) First lien senior secured loan  S+ 2.00  % 10/2032 11,433  11,383  11,419 
OakEagle AcquireCo Inc(6) First lien senior secured loan  S+ 3.50  % 03/2033 17,869  17,601  17,908 
   42,053  42,358  7.0  %
Manufacturing            
ALLIANCE LAUNDRY SYSTEMS LLC(5) First lien senior secured loan  S+ 2.25  % 08/2031 6,996  6,998  6,996 
Altar Bidco, Inc.(5) First lien senior secured loan  S+ 3.35  % 02/2029 1,999  1,979  1,996 
Chariot Buyer LLC (dba Chamberlain Group)(5) First lien senior secured loan  S+ 3.00  % 09/2032 8,843  8,842  8,841 
CompoSecure Holdings, L.L.C.(6) First lien senior secured loan  S+ 2.25  % 01/2033 9,655  9,652  9,592 
DXP Enterprises, Inc.(5) First lien senior secured loan  S+ 3.25  % 10/2030 11,615  11,622  11,653 
EMRLD Borrower LP (dba Emerson)(6) First lien senior secured loan  S+ 2.25  % 05/2030 11,621  11,624  11,606 
Engineered Machinery Holdings, Inc. (dba Duravant)(6) First lien senior secured loan  S+ 3.25  % 11/2032 17,676  17,629  17,753 
Faraday Buyer, LLC (dba MacLean Power Systems)(6) First lien senior secured loan  S+ 2.50  % 02/2033 13,996  13,964  13,963 
Filtration Group Corporation(5) First lien senior secured loan  S+ 2.50  % 10/2028 6,241  6,241  6,241 
Gates Global LLC(5) First lien senior secured loan  S+ 1.75  % 11/2029 1,824  1,825  1,822 
Gloves Buyer, Inc. (dba Protective Industrial Products)(5) First lien senior secured loan  S+ 4.00  % 05/2032 11,223  11,183  11,254 
Legence Holdings LLC(5) First lien senior secured loan  S+ 2.00  % 12/2031 7,680  7,680  7,657 
MADISON IAQ LLC(7) First lien senior secured loan  S+ 1.75  % 05/2032 18,679  18,679  18,630 
Pro Mach Group, Inc.(5) First lien senior secured loan  S+ 2.50  % 10/2032 21,922  21,923  21,928 
9
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Schedule of Investments
As of June 30, 2026
(Amounts in thousands)
Interest
Company(1)(3)(4) Investment Ref. Rate Cash Maturity Date Par / Units Amortized Cost(2) Fair Value Percentage of Members’ Equity(10)
SPECTRIS(5) First lien senior secured loan  S+ 2.75  % 12/2032 13,199  13,173  13,242 
STS Operating, Inc.(5) First lien senior secured loan  S+ 4.00  % 03/2031 8,224  8,212  8,225 
VICTORY BUYER LLC (dba Vantage Elevator)(6) First lien senior secured loan  S+ 3.00  % 02/2033 9,151  9,108  9,165 
Watlow Electric Manufacturing Company(6) First lien senior secured loan  S+ 2.75  % 06/2033 16,145  16,105  16,115 
   196,439  196,679  32.4  %
Pharmaceuticals            
Alkermes, Inc(6)(8) First lien senior secured loan  S+ 2.75  % 08/2031 8,570  8,560  8,592 
Amneal Pharmaceuticals LLC(5) First lien senior secured loan  S+ 3.00  % 08/2032 19,703  19,673  19,764 
Biomarin Pharmaceutical(7) First lien senior secured loan  S+ 1.75  % 04/2033 8,713  8,695  8,709 
Elanco Animal Health Incorporated(5) First lien senior secured loan  S+ 1.75  % 10/2032 6,477  6,433  6,472 
Fortrea Holdings Inc.(6) First lien senior secured loan  S+ 3.50  % 07/2030 1,000  984  989 
   44,345  44,526  7.3  %
Professional services            
AlixPartners, LLP(5) First lien senior secured loan  S+ 2.00  % 08/2032 10,886  10,861  10,814 
Apex Group Treasury LLC(6) First lien senior secured loan  S+ 3.50  % 02/2032 22,423  22,274  21,176 
API GROUP DE INC(5) First lien senior secured loan  S+ 1.75  % 05/2033 6,299  6,299  6,284 
Camelot U.S. Acquisition 1 Co.(5) First lien senior secured loan  S+ 2.75  % 01/2031 2,000  2,005  1,837 
Corporation Service Company(5) First lien senior secured loan  S+ 2.00  % 11/2029 4,559  4,559  4,532 
Element Materials Technology(6) First lien senior secured loan  S+ 3.50  % 07/2029 3,765  3,776  3,777 
Element Solutions, Inc.(5) First lien senior secured loan  S+ 1.75  % 12/2030 3,440  3,441  3,440 
First Advantage Holdings LLC(6) First lien senior secured loan  S+ 2.75  % 10/2031 8,730  8,678  8,607 
Red Ventures, LLC(5) First lien senior secured loan  S+ 2.75  % 03/2030 258  260  239 
Skopima Merger Sub Inc.(5) First lien senior secured loan  S+ 3.75  % 05/2028 4,771  4,771  3,923 
Vistage International, Inc.(6) First lien senior secured loan  S+ 3.75  % 07/2029 9,747  9,746  9,552 
   76,670  74,181  12.2  %
Specialty retail
Chewy, Inc.(5)(8) First lien senior secured loan  S+ 1.75  % 06/2033 5,547  5,547  5,547 
   5,547  5,547  5,547  0.9  %
Telecommunications            
Charter Communications Operating LLC(6) First lien senior secured loan  S+ 2.25  % 12/2031 7,880  7,865  7,754 
Cogeco Communications (USA) II L.P.(5) First lien senior secured loan  S+ 2.50  % 09/2028 1,274  1,270  1,200 
Eagle Broadband Investments, LLC (dba Mega Broadband Investments)(6) First lien senior secured loan  S+ 3.00  % 11/2027 10,632  10,609  8,054 
Virgin Media Bristol LLC(7) First lien senior secured loan  S+ 3.18  % 03/2031 5,768  5,642  5,096 
   25,386  22,104  3.6  %
Transportation
Echo Global Logistics, Inc.(5) First lien senior secured loan  S+ 3.75  % 11/2028 1,236  1,228  1,194 
Echo Global Logistics, Inc.(6)(8) First lien senior secured loan  S+ 4.00  % 11/2028 3,843  3,708  3,766 
First Student Bidco Inc(6) First lien senior secured loan  S+ 2.25  % 08/2030 3,610  3,610  3,610 
GB AIT Buyer Inc(6) First lien senior secured loan  S+ 4.25  % 04/2033 16,297  16,138  16,294 
Genesee & Wyoming Inc.(6) First lien senior secured loan  S+ 1.75  % 04/2031 492  490  490 
KKR Apple Bidco, LLC(5) First lien senior secured loan  S+ 2.50  % 09/2031 8,458  8,449  8,462 
   33,623  33,816  5.6  %
Total Misc.-debt commitments(9) 4,382  4,430  0.7  %
10
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Schedule of Investments
As of June 30, 2026
(Amounts in thousands)
Interest
Company(1)(3)(4) Investment Ref. Rate Cash Maturity Date Par / Units Amortized Cost(2) Fair Value Percentage of Members’ Equity(10)
Total Debt Investments $ 2,687,514  $ 2,624,338  432.2  %
Total Investments $ 2,687,514  $ 2,624,338  432.2  %
(1) Unless otherwise indicated, Blue Owl Credit SLF’s investments are pledged as collateral supporting the amounts outstanding under Blue Owl Credit SLF’s Debt Facilities.
(2) The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
(3) Unless otherwise indicated, all investments are considered Level 2 investments.
(4) Unless otherwise indicated, loan contains a variable rate structure, which may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate (“SOFR” or “S”) (which can include one-, three-, six- or twelve-month SOFR), at the borrower’s option, and which reset periodically based on the terms of the loan agreement.
(5) The interest rate on these loans is subject to 1 month SOFR, which as of June 30, 2026 was 3.65%.
(6) The interest rate on these loans is subject to 3 month SOFR, which as of June 30, 2026 was 3.73%.
(7) The interest rate on these loans is subject to 6 month SOFR, which as of June 30, 2026 was 3.84%.
(8) Level 3 investment.
(9) Position or portion thereof is an unfunded loan commitment. See below for more information on the Company’s unfunded commitments.
(10) Totals presented may differ than actuals due to rounding.




Unfunded Commitments as of June 30, 2026:
Unfunded
Portfolio Company Commitment Type Commitment Expiration Date Funded
Commitment		 Commitment Fair Value
Chicago US MidCo III, LP First lien senior secured delayed draw term loan 10/12/2027 $ —  $ 2,232  $ — 
Citrin Cooperman Advisors LLC First lien senior secured delayed draw term loan 12/10/2027 —  1,619  — 
Cohnreznick Advisory LLC First lien senior secured delayed draw term loan 3/31/2027 —  598  — 
First Eagle Holdings, Inc. First lien senior secured delayed draw term loan 6/6/2027 —  1,841  — 
Kaman Corporation First lien senior secured delayed draw term loan 1/30/2027 —  934  — 
PINNACLE BUYER, LLC First lien senior secured delayed draw term loan 3/12/2027 —  3,321  — 
Mahseer Holdings LLC (dba PennAero) First lien senior secured delayed draw term loan 2/6/2028 —  1,892  — 
Prestige Brands, Inc. First lien senior secured delayed draw term loan 6/13/2033 4,031  366  4,031 
Pye-Barker Fire & Safety, LLC First lien senior secured delayed draw term loan 12/31/2027 399  2,143  399 
Raven Acquisition Holdings, LLC (dba R1 RCM) First lien senior secured delayed draw term loan 10/24/2026 —  841  — 
Savor Acquisition, Inc. (dba Sauer Brands) First lien senior secured delayed draw term loan 2/4/2027 —  496  — 
Signia Aerospace LLC First lien senior secured delayed draw term loan 11/22/2026 —  433  — 
Trilon Group, LLC First lien senior secured delayed draw term loan 6/11/2028 —  1,003  — 
Watlow Electric Manufacturing Company First lien senior secured delayed draw term loan 6/17/2028 —  1,694  — 
Total Portfolio Company Commitments $ 4,430  $ 19,413  $ 4,430 
11
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands)

Interest
Company(1)(3)(4) Investment Ref. Rate Cash Maturity Date Par / Units Amortized Cost(2) Fair Value Percentage of Members’ Equity(10)
Debt Investments
Advertising and media
Outfront Media Capital LLC(5) First lien senior secured loan S + 2.00  % 09/2032 $ 3,900  $ 3,895  $ 3,909 
Project Boost Purchaser, LLC (dba J.D. Power)(6) First lien senior secured loan S + 2.75  % 07/2031 19,205  19,210  19,245 
23,105  23,154  3.8  %
Aerospace and defense
Amentum Government Services Holdings LLC(5) First lien senior secured loan S + 2.00  % 09/2031 3,408  3,402  3,414 
American Airlines, Inc.(6) First lien senior secured loan S + 1.75  % 01/2027 658  656  657 
American Airlines, Inc.(6) First lien senior secured loan S + 2.25  % 02/2028 360  357  361 
American Airlines, Inc.(6) First lien senior secured loan S + 3.25  % 05/2032 3,805  3,768  3,822 
Arcline FM Holdings LLC(6) First lien senior secured loan S + 2.75  % 06/2030 8,321  8,320  8,344 
Avolon TLB Borrower 1 (US) LLC(5) First lien senior secured loan S + 1.75  % 06/2030 11,315  11,311  11,375 
Bleriot US Bidco Inc.(6) First lien senior secured loan S + 2.50  % 10/2030 21,844  21,844  21,945 
Brown Group Holdings, LLC(5) First lien senior secured loan S + 2.50  % 07/2031 497  497  500 
Brown Group Holdings, LLC(5) First lien senior secured loan S + 2.75  % 07/2031 9,983  9,983  10,028 
Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(5) First lien senior secured loan S + 2.00  % 10/2031 10,395  10,389  10,429 
Kaman Corporation(6) First lien senior secured loan S + 2.50  % 02/2032 10,886  10,876  10,923 
KBR, Inc(5) First lien senior secured loan S + 2.00  % 01/2031 990  993  994 
Propulsion (BC) Finco S.A.R.L.(6) First lien senior secured loan S + 2.50  % 12/2032 6,857  6,840  6,887 
Signia Aerospace LLC(6) First lien senior secured loan S + 2.75  % 12/2031 12,308  12,309  12,339 
Transdigm Inc.(5) First lien senior secured loan S + 2.25  % 03/2030 496  496  498 
Transdigm Inc.(5) First lien senior secured loan S + 2.50  % 01/2032 9,875  9,855  9,912 
Transdigm Inc.(5) First lien senior secured loan S + 2.50  % 08/2032 9,589  9,565  9,627 
United Airlines, Inc.(5) First lien senior secured loan S + 2.00  % 02/2031 990  990  993 
122,451  123,048  20.0  %
Automotive services
Belron Finance US LLC(6) First lien senior secured loan S + 2.25  % 10/2031 7,900  7,900  7,940 
Mavis Tire Express Services Topco Corp.(5) First lien senior secured loan S + 3.00  % 05/2028 2,845  2,845  2,854 
Mister Car Wash Holdings, Inc.(5) First lien senior secured loan S + 2.50  % 03/2031 682  683  684 
VALVOLINE INC(5) First lien senior secured loan S + 2.00  % 12/2032 3,419  3,402  3,438 
Wand Newco 3, Inc. (dba Caliber )(5) First lien senior secured loan S + 2.50  % 01/2031 4,696  4,696  4,698 
19,526  19,614  3.2  %
Buildings and real estate
American Residential Services, LLC(6)(8) First lien senior secured loan S + 2.75  % 02/2032 7,190  7,171  7,208 
ARCOSA INC(5) First lien senior secured loan S + 2.00  % 10/2031 2,299  2,299  2,308 
Beacon Roofing Supply, Inc. (dba QXO)(5) First lien senior secured loan S + 2.00  % 04/2032 1,980  1,976  1,992 
Construction Partners, Inc.(5) First lien senior secured loan S + 2.50  % 11/2031 425  425  427 
Cushman & Wakefield U.S. Borrower, LLC(5)(8) First lien senior secured loan S + 2.75  % 01/2030 2,752  2,724  2,763 
Hunter Douglas Inc(6) First lien senior secured loan S + 3.00  % 01/2032 1,327  1,324  1,332 
Knife River Corporation(6) First lien senior secured loan S + 2.00  % 03/2032 1,451  1,451  1,451 
MIWD Holdco II LLC(5) First lien senior secured loan S + 2.75  % 03/2031 10,426  10,276  10,476 
Park River Holdings Inc(6) First lien senior secured loan S + 4.50  % 03/2031 10,254  10,254  10,278 
Quikrete Holdings, Inc.(5) First lien senior secured loan S + 2.25  % 03/2029 496  493  498 
Quikrete Holdings, Inc.(5) First lien senior secured loan S + 2.25  % 02/2032 7,387  7,373  7,408 
Starwood Property Mortgage, L.L.C.(5)(8) First lien senior secured loan S + 1.75  % 11/2027 1,785  1,781  1,781 
Starwood Property Mortgage, L.L.C.(5) First lien senior secured loan S + 2.25  % 09/2032 3,868  3,863  3,878 
51,410  51,800  8.4  %
12
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands)
Interest
Company(1)(3)(4) Investment Ref. Rate Cash Maturity Date Par / Units Amortized Cost(2) Fair Value Percentage of Members’ Equity(10)
Business services
Boxer Parent Company Inc. (f/k/a BMC)(6) First lien senior secured loan S + 3.00  % 07/2031 18,750  18,592  18,686 
BrightView Landscapes, LLC(6)(8) First lien senior secured loan S + 2.00  % 04/2029 4,500  4,508  4,500 
CCC Intelligent Solutions Inc(5) First lien senior secured loan S + 2.00  % 01/2032 759  759  761 
ConnectWise, LLC(6) First lien senior secured loan S + 3.50  % 09/2028 10,625  10,631  10,419 
CoolSys, Inc.(6) First lien senior secured loan S + 4.75  % 08/2028 14,807  14,644  13,087 
IDEMIA Group SAS(6) First lien senior secured loan S + 4.25  % 09/2028 2,774  2,793  2,788 
IGT Holding IV AB (dba IFS)(6)(8) First lien senior secured loan S + 3.00  % 09/2031 1,290  1,290  1,297 
Kaseya Inc.(5) First lien senior secured loan S + 3.00  % 03/2032 12,473  12,432  12,474 
Madison Safety & Flow LLC(5) First lien senior secured loan S + 2.50  % 09/2031 2,068  2,068  2,080 
MKS Instruments, Inc.(5) First lien senior secured loan S + 2.00  % 08/2029 216  217  217 
NVENT ELEC PUB LTD CO (dba Nvent Thermal LLC)(5) First lien senior secured loan S + 3.00  % 01/2032 13,965  13,904  14,047 
Ping Identity Holding Corp.(6) First lien senior secured loan S + 2.75  % 11/2032 12,331  12,301  12,347 
PINNACLE BUYER, LLC(6) First lien senior secured loan S + 2.50  % 10/2032 17,228  17,185  17,281 
Plano HoldCo, Inc. (dba Perficient)(6)(8) First lien senior secured loan S + 3.50  % 10/2031 5,955  5,933  5,761 
Plusgrade Inc.(5) First lien senior secured loan S + 3.50  % 03/2031 9,259  9,260  9,259 
Pye-Barker Fire & Safety, LLC(6) First lien senior secured loan S + 2.50  % 12/2032 17,013  16,929  17,112 
Red Planet Borrower, LLC (dba Liftoff Mobile)(5) First lien senior secured loan S + 4.00  % 08/2032 16,232  16,074  16,246 
Shift4 Payments, LLC(6) First lien senior secured loan S + 2.50  % 06/2032 8,611  8,611  8,655 
Tecta America Corp.(5) First lien senior secured loan S + 2.75  % 02/2032 23,200  23,198  23,267 
Vestis Corp(6) First lien senior secured loan S + 2.25  % 02/2031 1,026  987  936 
VM Consolidated, Inc.(5) First lien senior secured loan S + 2.00  % 10/2032 3,273  3,266  3,294 
XPLOR T1, LLC(6)(8) First lien senior secured loan S + 3.50  % 12/2032 24,745  24,649  24,745 
220,231  219,259  35.7  %
Chemicals
Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC)(5)(8) First lien senior secured loan S + 4.00  % 11/2027 17,331  17,331  15,772 
Axalta Coating Systems US Holdings INC(6) First lien senior secured loan S + 1.75  % 12/2029 867  867  868 
Derby Buyer LLC (dba Delrin)(5) First lien senior secured loan S + 3.00  % 11/2030 9,826  9,826  9,849 
Entegris, Inc.(5) First lien senior secured loan S + 1.75  % 07/2029 600  602  603 
FORMULATIONS PARENT CORPORATION (dba Chase Corporation)(6) First lien senior secured loan S + 4.00  % 04/2032 2,353  2,331  2,345 
Ineos US Finance LLC(5) First lien senior secured loan S + 3.25  % 02/2030 3,960  3,888  3,193 
MSOF BEACON LLC(5)(8) First lien senior secured loan S + 3.00  % 12/2032 10,263  10,195  10,255 
Nouryon Finance B.V.(7) First lien senior secured loan S + 3.25  % 04/2028 11,937  11,907  11,996 
Windsor Holdings III LLC(5) First lien senior secured loan S + 2.75  % 08/2030 6,942  6,760  6,952 
63,707  61,833  10.1  %
Consumer products
ACP Tara Holdings, Inc. (dba Arcadia)(6)(8) First lien senior secured loan S + 3.25  % 12/2032 15,554  15,516  15,631 
ASGN Incorporated(5) First lien senior secured loan S + 1.75  % 08/2030 495  500  497 
BEP Intermediate Holdco, LLC (dba Buyers Edge Platform)(5)(8) First lien senior secured loan S + 2.75  % 04/2031 7,331  7,331  7,386 
HomeServe USA Holding Corp.(5) First lien senior secured loan S + 2.00  % 10/2030 3,975  3,962  3,977 
Novelis Inc(6) First lien senior secured loan S + 1.75  % 03/2032 4,609  4,609  4,624 
31,918  32,115  5.2  %
Containers and packaging
Berlin Packaging(5) First lien senior secured loan S + 3.25  % 06/2031 7,501  7,484  7,515 
Charter NEX US, Inc.(5) First lien senior secured loan S + 2.75  % 11/2030 4,216  4,214  4,222 
Clydesdale Acquisition Holdings, Inc. (dba Novolex)(5) First lien senior secured loan S + 3.25  % 03/2032 14,405  14,305  14,386 
Plastipak Holdings Inc.(5) First lien senior secured loan S + 2.50  % 09/2032 22,507  22,398  22,555 
13
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands)
Interest
Company(1)(3)(4) Investment Ref. Rate Cash Maturity Date Par / Units Amortized Cost(2) Fair Value Percentage of Members’ Equity(10)
Pregis Topco LLC(5) First lien senior secured loan S + 4.00  % 02/2029 4,861  4,851  4,899 
ProAmpac PG Borrower LLC(6) First lien senior secured loan S + 4.00  % 09/2028 8,194  8,181  8,199 
Ring Container Technologies Group, LLC(5) First lien senior secured loan S + 2.50  % 09/2032 17,077  17,034  17,116 
SupplyOne, Inc.(5) First lien senior secured loan S + 3.50  % 04/2031 16,175  16,166  16,197 
Tricorbraun Holdings, Inc.(5) First lien senior secured loan S + 3.25  % 03/2028 20,659  20,484  19,949 
115,117  115,038  18.7  %
Distribution
AI Aqua Merger Sub, Inc. (dba Culligan)(6) First lien senior secured loan S + 3.00  % 07/2028 11,718  11,593  11,739 
Avient Corporation(6) First lien senior secured loan S + 1.75  % 08/2029 3,385  3,399  3,404 
BCPE Empire Holdings, Inc. (dba Imperial-Dade)(5) First lien senior secured loan S + 3.25  % 12/2030 17,820  17,820  17,604 
BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC)(6) First lien senior secured loan S + 3.50  % 12/2030 24,002  23,637  23,717 
Paint Intermediate III LLC (dba Wesco Group)(6) First lien senior secured loan S + 3.00  % 10/2031 20,091  20,019  20,168 
White Cap Supply Holdings, LLC(5) First lien senior secured loan S + 3.25  % 10/2029 2,897  2,886  2,908 
79,354  79,540  13.0  %
Education
Ellucian Holdings Inc. (f/k/a Sophia, L.P.)(5) First lien senior secured loan S + 2.75  % 10/2029 9,738  9,738  9,786 
Renaissance Learning, Inc.(5) First lien senior secured loan S + 4.00  % 04/2030 5,137  4,974  4,475 
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)(6) First lien senior secured loan S + 3.25  % 10/2030 13,847  13,846  13,905 
28,558  28,166  4.6  %
Energy equipment and services
AZZ Inc.(5) First lien senior secured loan S + 1.75  % 05/2029 2,599  2,610  2,605 
Brookfield WEC Holdings Inc.(5) First lien senior secured loan S + 2.00  % 01/2031 4,045  4,045  4,050 
Calpine Construction Finance Company(5) First lien senior secured loan S + 1.75  % 07/2030 3,000  3,000  3,002 
Calpine Corporation(5) First lien senior secured loan S + 1.75  % 01/2031 1,500  1,499  1,500 
Calpine Corporation(5) First lien senior secured loan S + 1.75  % 02/2032 4,000  3,990  3,998 
Centuri Group, Inc(5) First lien senior secured loan S + 2.25  % 07/2032 4,826  4,826  4,840 
Fleet U.S. Bidco Inc.(7)(8) First lien senior secured loan S + 2.75  % 02/2031 19,758  19,760  19,808 
39,730  39,803  6.5  %
Financial services
AllSpring Buyer(6) First lien senior secured loan S + 3.00  % 11/2030 1,910  1,906  1,919 
Ascensus Holdings, Inc.(5) First lien senior secured loan S + 3.00  % 11/2032 7,895  7,876  7,882 
BCPE Pequod Buyer, Inc. (dba Envestnet)(5) First lien senior secured loan S + 3.00  % 11/2031 18,309  18,287  18,338 
Boost Newco Borrower, LLC (dba WorldPay)(6) First lien senior secured loan S + 2.00  % 01/2031 6,948  6,835  6,952 
Chrysaor Bidco s.à r.l. (dba AlterDomus)(6) First lien senior secured loan S + 3.25  % 10/2031 6,610  6,603  6,651 
Citadel Securities, LP(6) First lien senior secured loan S + 2.00  % 10/2031 7,033  7,033  7,067 
Citco Funding LLC(5) First lien senior secured loan S + 2.75  % 04/2028 1,980  1,988  1,992 
Citrin Cooperman Advisors LLC(6) First lien senior secured loan S + 3.00  % 04/2032 6,734  6,708  6,751 
Cohnreznick Advisory LLC(6) First lien senior secured loan S + 3.50  % 03/2032 6,343  6,319  6,362 
Creative Planning, LLC(5) First lien senior secured loan S + 2.00  % 05/2031 7,644  7,592  7,658 
EP Wealth Advisors, LLC(6) First lien senior secured loan S + 3.00  % 10/2032 3,993  3,983  4,003 
First Eagle Holdings, Inc.(6) First lien senior secured loan S + 3.50  % 08/2032 9,144  9,003  9,125 
Focus Financial Partners, LLC(5) First lien senior secured loan S + 2.50  % 09/2031 14,196  14,191  14,215 
Grant Thornton Advisors LLC(5) First lien senior secured loan S + 2.75  % 06/2031 3,282  3,261  3,285 
Grant Thornton Advisors LLC(5) First lien senior secured loan S + 3.00  % 06/2031 2,245  2,219  2,252 
Guggenheim Partners Investment Management Holdings, LLC(6) First lien senior secured loan S + 2.50  % 11/2031 5,940  5,928  5,960 
Kestra Advisor Services Holdings A, Inc.(5) First lien senior secured loan S + 3.00  % 03/2031 5,400  5,401  5,406 
MARINER WEALTH ADVISORS, LLC(6) First lien senior secured loan S + 2.50  % 12/2030 4,891  4,891  4,913 
OneDigital Borrower LLC(5) First lien senior secured loan S + 3.00  % 07/2031 15,464  15,464  15,469 
14
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands)
Interest
Company(1)(3)(4) Investment Ref. Rate Cash Maturity Date Par / Units Amortized Cost(2) Fair Value Percentage of Members’ Equity(10)
Orion Advisor Solutions Inc(6) First lien senior secured loan S + 3.25  % 09/2030 10,487  10,487  10,500 
Orion US Finco Inc. (dba OSTTRA)(5) First lien senior secured loan S + 3.50  % 05/2032 8,767  8,767  8,818 
PPI Holding US INC. (dba Nuvei)(5) First lien senior secured loan S + 2.50  % 11/2031 3,095  3,082  3,108 
Pushpay USA Inc(7)(8) First lien senior secured loan S + 3.75  % 08/2031 5,758  5,757  5,729 
Saphilux S.a.r.L. (dba IQ-EQ)(7) First lien senior secured loan S + 3.00  % 07/2028 19,474  19,474  19,583 
TMF Sapphire Bidco B.V.(6) First lien senior secured loan S + 2.75  % 05/2028 2,231  2,229  2,241 
Victory Capital Holdings Inc(6) First lien senior secured loan S + 2.00  % 09/2032 7,090  7,082  7,121 
192,366  193,300  31.5  %
Food and beverage
1011778 BC / NEW RED FIN (dba Restaurant Brands)(5) First lien senior secured loan S + 1.75  % 09/2030 1,898  1,890  1,898 
Aramark Services, Inc.(5) First lien senior secured loan S + 1.75  % 06/2030 5,949  5,949  5,962 
Aspire Bakeries Holdings, LLC(5) First lien senior secured loan S + 3.50  % 12/2030 4,208  4,208  4,221 
Balrog Acquisition, Inc. (dba Bakemark)(5) First lien senior secured loan S + 4.00  % 09/2028 15,051  15,082  12,455 
Chobani LLC(5) First lien senior secured loan S + 2.25  % 10/2032 8,802  8,802  8,837 
Fiesta Purchaser, Inc. (dba Shearer's Foods)(5) First lien senior secured loan S + 2.75  % 02/2031 14,288  14,288  14,268 
FRONERI US INC(7) First lien senior secured loan S + 2.25  % 09/2031 3,970  3,962  3,966 
FRONERI US INC(6) First lien senior secured loan S + 2.25  % 09/2032 14,416  14,384  14,410 
IRB Holding Corp (dba Inspire Brands, Inc.)(5) First lien senior secured loan S + 2.50  % 12/2030 14,157  14,157  14,184 
Pegasus BidCo B.V.(6) First lien senior secured loan S + 2.75  % 07/2029 7,438  7,437  7,447 
Raising Cane's Restaurants, LLC(5) First lien senior secured loan S + 2.00  % 11/2032 13,496  13,463  13,521 
Red SPV, LLC(5) First lien senior secured loan S + 2.25  % 03/2032 9,476  9,433  9,472 
Savor Acquisition, Inc. (dba Sauer Brands)(6) First lien senior secured loan S + 3.00  % 02/2032 5,522  5,502  5,540 
Simply Good Foods USA, Inc.(5) First lien senior secured loan S + 2.00  % 03/2030 6,853  6,819  6,875 
Snacking Investments US LLC (dba Arnott's Group)(6) First lien senior secured loan S + 3.00  % 10/2032 7,382  7,364  7,419 
Utz Quality Foods, LLC(6) First lien senior secured loan S + 2.50  % 01/2032 2,550  2,550  2,560 
Whatabrands LLC (dba Whataburger Restaurants LLC)(5) First lien senior secured loan S + 2.50  % 08/2028 7,361  7,327  7,379 
142,617  140,414  22.9  %
Healthcare equipment and services
Agiliti Health(6) First lien senior secured loan S + 3.00  % 05/2030 990  963  968 
ARGENT FINCO LLC(6)(8) First lien senior secured loan S + 3.00  % 11/2032 4,571  4,560  4,594 
Azalea TopCo, Inc. (dba Press Ganey)(5) First lien senior secured loan S + 3.00  % 04/2031 6,377  6,382  6,385 
Confluent Medical Technologies, Inc.(6)(8) First lien senior secured loan S + 3.00  % 02/2029 9,714  9,714  9,763 
Curium BidCo S.A.R.L (dba Curium Pharma)(6) First lien senior secured loan S + 3.00  % 08/2031 9,685  9,640  9,766 
Global Medical Response, Inc.(6) First lien senior secured loan S + 3.50  % 10/2032 12,642  12,611  12,714 
LUMEXA IMAGING INC(6)(8) First lien senior secured loan S + 3.00  % 12/2032 5,333  5,320  5,360 
Medline Borrower, LP(5) First lien senior secured loan S + 1.75  % 10/2030 15,405  15,388  15,455 
NSM Top Holdings Corp. (dba National Seating & Mobility)(6)(8) First lien senior secured loan S + 4.25  % 05/2029 10,802  10,775  10,829 
Resonetics, LLC(6) First lien senior secured loan S + 2.75  % 06/2031 15,296  15,296  15,312 
Sharp Services, LLC(6) First lien senior secured loan S + 3.00  % 09/2032 2,217  2,206  2,222 
Zest Acquisition Corp.(6)(8) First lien senior secured loan S + 5.25  % 02/2028 990  995  968 
93,850  94,336  15.4  %
Healthcare providers and services
CHG Healthcare Services, Inc.(6) First lien senior secured loan S + 2.75  % 09/2028 3,216  3,217  3,230 
CHG PPC Parent LLC(5)(8) First lien senior secured loan S + 3.00  % 12/2028 4,193  4,181  4,203 
Concentra(5) First lien senior secured loan S + 2.00  % 07/2031 1,489  1,495  1,498 
Confluent Health, LLC(5)(8) First lien senior secured loan S + 4.00  % 11/2028 13,346  13,172  11,811 
Covetrus, Inc.(6)(8) First lien senior secured loan S + 5.00  % 10/2029 15,976  15,369  14,857 
Electron Bidco Inc (dba ExamWorks)(5) First lien senior secured loan S + 2.50  % 11/2028 1,985  1,985  1,994 
15
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands)
Interest
Company(1)(3)(4) Investment Ref. Rate Cash Maturity Date Par / Units Amortized Cost(2) Fair Value Percentage of Members’ Equity(10)
Inizio Group Limited (dba UDG Healthcare)(6)(8) First lien senior secured loan S + 4.25  % 08/2028 3,080  3,033  2,995 
LSCS Holdings, Inc.(6) First lien senior secured loan S + 4.50  % 03/2032 12,899  12,837  12,614 
Onex TSG Intermediate Corporation(6) First lien senior secured loan S + 3.75  % 08/2032 7,263  7,227  7,299 
Option Care Health, Inc(5) First lien senior secured loan S + 1.75  % 09/2032 3,105  3,098  3,120 
Pacific Dental Services, LLC(5) First lien senior secured loan S + 2.50  % 03/2031 4,768  4,768  4,784 
Phoenix Guarantor Inc(5) First lien senior secured loan S + 2.50  % 02/2031 742  742  746 
Phoenix Newco, Inc. (dba Parexel)(5) First lien senior secured loan S + 2.75  % 12/2031 32,066  31,986  32,152 
Select Medical Corp.(5) First lien senior secured loan S + 2.00  % 12/2031 3,565  3,563  3,556 
Soliant Lower Intermediate, LLC (dba Soliant)(7) First lien senior secured loan S + 3.75  % 07/2031 9,587  9,652  7,694 
Surgery Center Holdings, Inc.(5) First lien senior secured loan S + 2.50  % 12/2030 3,664  3,655  3,676 
WCG Intermediate Corp. (f/k/a Da Vinci Purchaser Corp.) (dba WCG)(5) First lien senior secured loan S + 3.00  % 02/2032 7,458  7,425  7,468 
127,405  123,697  20.1  %
Healthcare technology
Athenahealth Group Inc.(5) First lien senior secured loan S + 2.75  % 02/2029 12,304  12,299  12,316 
Certara(5)(8) First lien senior secured loan S + 2.75  % 06/2031 495  495  499 
Cotiviti, Inc.(5) First lien senior secured loan S + 2.75  % 03/2032 4,441  4,399  4,255 
Cotiviti, Inc.(5) First lien senior secured loan S + 2.75  % 05/2031 5,467  5,431  5,244 
Ensemble RCM, LLC(6) First lien senior secured loan S + 3.00  % 08/2029 11,446  11,425  11,495 
Imprivata, Inc.(6) First lien senior secured loan S + 3.00  % 12/2027 15,014  15,014  15,059 
IQVIA, Inc.(6) First lien senior secured loan S + 1.75  % 01/2031 1,985  1,993  1,996 
PointClickCare Technologies, Inc.(6) First lien senior secured loan S + 2.75  % 11/2031 16,833  16,833  16,840 
Project Ruby Ultimate Parent Corp. (dba Wellsky)(5) First lien senior secured loan S + 2.75  % 03/2028 11,785  11,786  11,812 
Raven Acquisition Holdings, LLC (dba R1 RCM)(5) First lien senior secured loan S + 3.00  % 11/2031 994  998  997 
Raven Acquisition Holdings, LLC (dba R1 RCM)(6) First lien senior secured loan S + 2.25  % 04/2031 6,980  6,951  7,000 
Southern Veterinary Partners, LLC(6) First lien senior secured loan S + 2.50  % 12/2031 25,170  25,170  25,130 
Waystar Technologies, Inc. (F/K/A Navicure, Inc.)(5)(8) First lien senior secured loan S + 2.00  % 10/2029 4,728  4,728  4,752 
Zelis Cost Management Buyer, Inc.(5) First lien senior secured loan S + 3.25  % 11/2031 11,459  11,412  11,360 
128,934  128,755  21.0  %
Household products
Energizer Holdings, Inc.(5) First lien senior secured loan S + 2.00  % 03/2032 890  888  890 
Samsonite International S.A.(5) First lien senior secured loan S + 1.75  % 10/2032 2,980  2,965  2,989 
3,853  3,879  0.6  %
Human resource support services
AQ Carver Buyer, Inc. (dba CoAdvantage)(6) First lien senior secured loan S + 5.50  % 08/2029 1,980  1,986  1,878 
Dawn Bidco, LLC (dba Dayforce)(5) First lien senior secured loan S + 3.00  % 10/2032 21,518  21,464  21,441 
iSolved, Inc.(5) First lien senior secured loan S + 2.75  % 10/2030 16,572  16,569  16,598 
UKG Inc. (dba Ultimate Software)(6) First lien senior secured loan S + 2.50  % 02/2031 17,355  17,356  17,362 
57,375  57,279  9.3  %
Infrastructure and environmental services
ASP Acuren Holdings, Inc.(5) First lien senior secured loan S + 2.75  % 07/2031 8,457  8,457  8,491 
Clean Harbors Inc(5) First lien senior secured loan S + 1.50  % 09/2032 3,022  3,022  3,047 
Geosyntec Consultants, Inc.(5)(8) First lien senior secured loan S + 3.00  % 07/2031 10,431  10,431  10,484 
GFL Environmental Services Inc.(6) First lien senior secured loan S + 2.50  % 03/2032 5,512  5,510  5,529 
27,420  27,551  4.5  %
Insurance
Acrisure, LLC(5) First lien senior secured loan S + 3.00  % 11/2030 7,924  7,924  7,909 
Acrisure, LLC(5) First lien senior secured loan S + 3.25  % 06/2032 1,923  1,918  1,922 
16
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands)
Interest
Company(1)(3)(4) Investment Ref. Rate Cash Maturity Date Par / Units Amortized Cost(2) Fair Value Percentage of Members’ Equity(10)
Alera Group, Inc.(5) First lien senior secured loan S + 3.25  % 05/2032 17,279  17,197  17,353 
Alliant Holdings Intermediate LLC(5) First lien senior secured loan S + 2.50  % 09/2031 5,971  5,971  5,983 
AmWINS Group, Inc.(5) First lien senior secured loan S + 2.25  % 01/2032 16,002  15,932  16,042 
Ardonagh Midco 3 PLC(6) First lien senior secured loan S + 2.75  % 02/2031 11,071  11,042  11,036 
Asurion, LLC(5) First lien senior secured loan S + 4.25  % 08/2028 7,712  7,690  7,722 
Baldwin Insurance Group Holdings LLC (dba The Baldwin Group)(6) First lien senior secured loan S + 2.50  % 05/2031 6,857  6,823  6,835 
Broadstreet Partners, Inc.(5) First lien senior secured loan S + 2.75  % 06/2031 10,890  10,890  10,922 
CFC USA 2025 LLC (dba CFC Insurance)(6) First lien senior secured loan S + 3.75  % 07/2032 6,419  6,357  6,235 
Hub International(6) First lien senior secured loan S + 2.25  % 06/2030 3,476  3,476  3,492 
Hyperion Refinance S.à r.l (dba Howden Group)(5) First lien senior secured loan S + 2.75  % 04/2030 18,736  18,735  18,771 
Hyperion Refinance S.à r.l (dba Howden Group)(5) First lien senior secured loan S + 2.75  % 02/2031 3,515  3,515  3,520 
IMA Financial Group, Inc.(5) First lien senior secured loan S + 3.00  % 11/2028 8,383  8,362  8,397 
Mitchell International, Inc.(5) First lien senior secured loan S + 3.25  % 06/2031 8,379  8,343  8,401 
Ryan Specialty Group LLC(5) First lien senior secured loan S + 2.00  % 09/2031 745  749  745 
Summit Acquisition Inc. (dba K2 Insurance Services)(5)(8) First lien senior secured loan S + 3.50  % 10/2031 3,737  3,737  3,756 
The Liberty Company Insurance Brokers, LLC(6)(8) First lien senior secured loan S + 3.75  % 10/2032 4,437  4,415  4,448 
Trucordia Insurance Holdings, LLC(5)(8) First lien senior secured loan S + 3.25  % 06/2032 24,938  24,877  24,750 
Truist Insurance Holdings, LLC(6) First lien senior secured loan S + 2.75  % 05/2031 7,673  7,670  7,676 
USI, Inc.(6) First lien senior secured loan S + 2.25  % 09/2030 1,012  1,012  1,014 
176,635  176,929  28.8  %
Internet software and services
Avalara, Inc.(6) First lien senior secured loan S + 2.75  % 03/2032 14,118  14,119  14,169 
Cloud Software Group, Inc.(6) First lien senior secured loan S + 3.25  % 03/2031 4,963  4,963  4,967 
Cloud Software Group, Inc.(6) First lien senior secured loan S + 3.25  % 08/2032 8,784  8,784  8,789 
Clover Holdings 2, LLC (dba Cohesity)(5) First lien senior secured loan S + 3.96  % 12/2031 19,545  19,344  19,527 
Dayforce Inc(6)(8) First lien senior secured loan S + 2.00  % 03/2031 1,980  1,981  1,973 
Delta TopCo, Inc. (dba Infoblox, Inc.)(5) First lien senior secured loan S + 2.75  % 11/2029 21,787  21,651  21,658 
Epicor(5) First lien senior secured loan S + 2.50  % 05/2031 742  745  744 
Gen Digital Inc(5) First lien senior secured loan S + 1.75  % 04/2032 3,308  3,292  3,310 
Genesys Cloud Services, Inc.(5) First lien senior secured loan S + 2.50  % 01/2032 14,123  14,093  14,079 
Javelin Buyer, Inc. (dba JAGGAER)(6) First lien senior secured loan S + 2.75  % 12/2031 2,729  2,729  2,736 
KnowBe4, Inc.(6) First lien senior secured loan S + 3.75  % 07/2032 15,707  15,696  15,698 
McAfee Corp.(5) First lien senior secured loan S + 3.00  % 03/2029 4,245  4,227  3,904 
Project Alpha Intermediate Holding, Inc. (dba Qlik)(6) First lien senior secured loan S + 3.25  % 10/2030 7,089  7,072  7,073 
Proofpoint, Inc.(6) First lien senior secured loan S + 3.00  % 08/2028 20,703  20,606  20,790 
Quartz Acquireco, LLC (dba Qualtrics)(6)(8) First lien senior secured loan S + 2.25  % 06/2030 495  494  494 
Sedgwick Claims Management Services, Inc.(5) First lien senior secured loan S + 2.50  % 07/2031 21,727  21,720  21,790 
SONICWALL US Holdings, Inc.(6) First lien senior secured loan S + 5.00  % 05/2028 2,972  2,956  1,899 
Sophos Holdings, LLC(5) First lien senior secured loan S + 3.50  % 03/2027 11,823  11,811  11,821 
SS&C(5) First lien senior secured loan S + 2.00  % 05/2031 8,024  8,033  8,068 
Starlight Parent, LLC (dba SolarWinds)(6) First lien senior secured loan S + 4.00  % 04/2032 9,297  9,039  9,274 
Storable, Inc.(5) First lien senior secured loan S + 3.25  % 04/2031 11,584  11,581  11,628 
UST Holdings, Ltd.(5)(8) First lien senior secured loan S + 3.00  % 11/2028 5,928  5,938  5,943 
VERDE PURCHASER LLC (dba Veritiv Corp)(6) First lien senior secured loan S + 4.00  % 11/2030 10,546  10,528  10,535 
Vertiv Group Corp.(5) First lien senior secured loan S + 1.75  % 08/2032 3,990  3,990  4,007 
VIAVI SOLUTIONS INC(6)(8) First lien senior secured loan S + 2.50  % 10/2032 6,306  6,292  6,338 
17
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands)
Interest
Company(1)(3)(4) Investment Ref. Rate Cash Maturity Date Par / Units Amortized Cost(2) Fair Value Percentage of Members’ Equity(10)
VIRTUSA CORPORATION(5) First lien senior secured loan S + 3.25  % 02/2029 2,372  2,380  2,376 
VS Buyer LLC (dba Veeam Software)(6) First lien senior secured loan S + 2.25  % 04/2031 12,162  12,096  12,192 
246,160  245,782  40.0  %
Investment funds and vehicles
Chicago US MidCo III, LP(5)(8) First lien senior secured loan S + 2.50  % 11/2032 15,032  14,995  15,069 
Grosvenor(5) First lien senior secured loan S + 2.25  % 02/2030 545  547  547 
15,542  15,616  2.5  %
Leisure and entertainment
Cedar Fair, L.P. (dba Six Flags Entertainment Corp)(5) First lien senior secured loan S + 2.00  % 05/2031 4,723  4,691  4,663 
Delta 2 (Lux) SARL (dba Formula One)(6) First lien senior secured loan S + 1.75  % 09/2031 2,000  2,008  2,005 
GBT US III LLC (dba Global Business Travel Group, Inc.)(6) First lien senior secured loan S + 2.50  % 07/2031 4,714  4,684  4,726 
Live Nation Entertainment, Inc.(5) First lien senior secured loan S + 2.00  % 10/2032 11,490  11,434  11,490 
WMG Acquisition Corp(6) First lien senior secured loan S + 1.75  % 01/2031 1,000  1,002  1,002 
23,819  23,886  3.9  %
Manufacturing
ALLIANCE LAUNDRY SYSTEMS LLC(6) First lien senior secured loan S + 2.25  % 08/2031 7,105  7,105  7,132 
Altar Bidco, Inc.(5) First lien senior secured loan S + 3.10  % 02/2029 6,352  6,260  6,276 
Chariot Buyer LLC (dba Chamberlain Group)(5) First lien senior secured loan S + 2.75  % 09/2032 12,213  12,215  12,231 
Columbus McKinnon Corp.(6)(8) First lien senior secured loan S + 2.50  % 05/2028 963  965  963 
DXP Enterprises, Inc.(5) First lien senior secured loan S + 3.25  % 10/2030 10,671  10,671  10,749 
EMRLD Borrower LP (dba Emerson)(6) First lien senior secured loan S + 2.25  % 05/2030 11,455  11,456  11,478 
Engineered Machinery Holdings, Inc. (dba Duravant)(6) First lien senior secured loan S + 3.25  % 11/2032 22,666  22,607  22,790 
Filtration Group Corporation(5) First lien senior secured loan S + 2.75  % 10/2028 10,449  10,449  10,497 
Gates Global LLC(5) First lien senior secured loan S + 1.75  % 11/2029 812  809  813 
Gloves Buyer, Inc. (dba Protective Industrial Products)(5) First lien senior secured loan S + 4.00  % 05/2032 11,661  11,606  11,587 
Legence Holdings LLC(5) First lien senior secured loan S + 2.25  % 12/2031 6,716  6,719  6,755 
MADISON IAQ LLC(7) First lien senior secured loan S + 2.50  % 06/2028 807  807  811 
MADISON IAQ LLC(6) First lien senior secured loan S + 2.75  % 11/2032 22,537  22,537  22,661 
Pro Mach Group, Inc.(5) First lien senior secured loan S + 2.75  % 10/2032 19,965  19,915  20,085 
SPECTRIS(6) First lien senior secured loan S + 2.75  % 09/2032 13,265  13,233  13,315 
Watlow Electric Manufacturing Company(6) First lien senior secured loan S + 3.00  % 03/2028 2,969  2,979  2,985 
160,333  161,128  26.2  %
Pharmaceuticals
Amneal Pharmaceuticals LLC(5) First lien senior secured loan S + 3.50  % 08/2032 15,306  15,269  15,420 
Elanco Animal Health Incorporated(5) First lien senior secured loan S + 1.75  % 10/2032 6,509  6,461  6,516 
Fortrea Holdings Inc.(5)(8) First lien senior secured loan S + 3.75  % 07/2030 1,000  982  963 
Opal US LLC(6) First lien senior secured loan S + 3.00  % 04/2032 16,734  16,668  16,822 
39,380  39,721  6.5  %
Professional services
AlixPartners, LLP(5) First lien senior secured loan S + 2.00  % 08/2032 8,514  8,497  8,524 
Apex Group Treasury LLC(6) First lien senior secured loan S + 3.50  % 02/2032 22,536  22,375  21,148 
API GROUP DE INC(5) First lien senior secured loan S + 1.75  % 01/2029 2,840  2,840  2,849 
Camelot U.S. Acquisition 1 Co.(5) First lien senior secured loan S + 2.75  % 01/2031 2,000  2,006  1,971 
Clearwater Analytics, LLC(7) First lien senior secured loan S + 2.00  % 04/2032 4,109  4,109  4,101 
Corporation Service Company(5) First lien senior secured loan S + 2.00  % 11/2029 5,021  5,021  5,017 
Element Materials Technology(6) First lien senior secured loan S + 3.67  % 06/2029 2,280  2,289  2,294 
Element Solutions, Inc.(6) First lien senior secured loan S + 1.75  % 12/2030 2,449  2,446  2,461 
First Advantage Holdings LLC(5) First lien senior secured loan S + 2.75  % 10/2031 4,653  4,652  4,599 
18
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands)
Interest
Company(1)(3)(4) Investment Ref. Rate Cash Maturity Date Par / Units Amortized Cost(2) Fair Value Percentage of Members’ Equity(10)
Red Ventures, LLC(5) First lien senior secured loan S + 2.75  % 03/2030 260  262  249 
Skopima Merger Sub Inc.(5) First lien senior secured loan S + 3.75  % 05/2028 4,796  4,796  4,362 
Vistage International, Inc.(6)(8) First lien senior secured loan S + 3.75  % 07/2029 9,797  9,797  9,748 
69,090  67,323  11.0  %
Telecommunications
Charter Communications Operating LLC(6) First lien senior secured loan S + 2.25  % 12/2031 7,920  7,903  7,925 
Cogeco Communications (USA) II L.P.(5) First lien senior secured loan S + 2.50  % 09/2028 1,304  1,299  1,253 
Eagle Broadband Investments, LLC (dba Mega Broadband Investments)(6) First lien senior secured loan S + 3.00  % 11/2027 10,688  10,653  10,112 
Virgin Media Bristol LLC(7) First lien senior secured loan S + 3.18  % 03/2031 5,018  4,970  4,965 
24,825  24,255  3.9  %
Transportation
AIT Worldwide Logistics Holdings, Inc.(6) First lien senior secured loan S + 4.00  % 04/2030 7,920  7,920  7,956 
Echo Global Logistics, Inc.(5) First lien senior secured loan S + 3.75  % 11/2028 1,677  1,663  1,648 
First Student Bidco Inc(6) First lien senior secured loan S + 2.50  % 08/2030 4,271  4,266  4,282 
Genesee & Wyoming Inc.(6) First lien senior secured loan S + 1.75  % 04/2031 495  492  495 
KKR Apple Bidco, LLC(5) First lien senior secured loan S + 2.50  % 09/2031 7,985  7,967  8,024 
NA Rail Hold Co. LLC(6) First lien senior secured loan S + 3.00  % 03/2032 3,618  3,610  3,642 
25,918  26,047  4.2  %
Total Misc.-debt commitments(9) —  69  99  —  %
Total Debt Investments $ 2,350,698  $ 2,343,367  381.6  %
Total Investments $ 2,350,698  $ 2,343,367  381.6  %
(1) Unless otherwise indicated, Blue Owl Credit SLF’s investments are pledged as collateral supporting the amounts outstanding under Blue Owl Credit SLF’s Debt Facilities.
(2) The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
(3) Unless otherwise indicated, all investments are considered Level 2 investments.
(4) Unless otherwise indicated, loan contains a variable rate structure, which may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate (“SOFR” or “S”) (which can include one-, three-, six- or twelve-month SOFR), at the borrower’s option, and which reset periodically based on the terms of the loan agreement.
(5) The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2025 was 3.69%.
(6) The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2025 was 3.65%.
(7) The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2025 was 3.57%
(8) Level 3 investment.
(9) Position or portion thereof is an unfunded loan commitment. See below for more information on the Company’s unfunded commitments.
(10) Totals presented may differ than actuals due to rounding.













19
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Schedule of Investments
As of December 31, 2025
(Amounts in thousands)



Unfunded Commitments as of December 31, 2025:
Unfunded
Portfolio Company Commitment Type Commitment Expiration Date Funded
Commitment		 Commitment Fair Value
Chicago US Midco III LP First lien senior secured delayed draw term loan 10/2027 $ —  $ 2,232  $ — 
Citrin Cooperman Advisors LLC First lien senior secured delayed draw term loan 12/2027 —  1,619  — 
Cohnreznick Advisory LLC First lien senior secured delayed draw term loan 03/2027 —  1,010  — 
First Eagle Holdings, Inc. First lien senior secured delayed draw term loan 06/2027 —  1,561  — 
Kaman Corporation First lien senior secured delayed draw term loan 01/2027 99  933  99 
PINNACLE BUYER, LLC First lien senior secured delayed draw term loan 03/2027 —  3,321  — 
Pye-Barker Fire & Safety, LLC First lien senior secured delayed draw term loan 12/2027 —  2,542  — 
Raven Acquisition Holdings, LLC (dba R1 RCM) First lien senior secured delayed draw term loan 10/2026 —  510  — 
Savor Acquisition, Inc. (dba Sauer Brands) First lien senior secured delayed draw term loan 02/2027 —  496  — 
Total Portfolio Company Commitments $ 99  $ 14,824  $ 99 
20
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Notes to the consolidated financial information

Organization and Principal Business
Blue Owl Credit SLF LLC (“Credit SLF” or the “Company”), a Delaware limited liability company, is a joint venture among Blue Owl Capital Corporation (“OBDC”), Blue Owl Capital Corporation II, Blue Owl Credit Income Corp., Blue Owl Technology Finance Corp. (“OTF”), Blue Owl Technology Income Corp. and State Teachers Retirement System of Ohio (collectively, the “Class A Members”). Credit SLF has no Class B Members as of June 30, 2026. The Company’s principal purpose is to make investments primarily in senior secured loans to middle market companies, broadly syndicated loans and in senior and subordinated notes issued by collateralized loan obligations. The Company is managed by a board of directors comprised of an equal number of directors appointed by each Member and which acts unanimously. Except under certain circumstances, contributions to the Company cannot be redeemed. Investment decisions must be approved by the Company’s board of directors. The Credit SLF Members coinvest through Credit SLF, or its wholly owned subsidiaries. The Company’s date of inception was May 6, 2024, and the Company made its first portfolio company investment on July 23, 2024.
Prior to January 13, 2025, Blue Owl Capital Corporation III (“OBDE”) was a Class A Member. On January 13, 2025, OBDE merged with and into OBDC with OBDC surviving (the “OBDE Merger”). At the effective time of the OBDE Merger, OBDE’s commitments to and interests in the Company became OBDC’s. Prior to March 24, 2025, Blue Owl Technology Finance Corp. II (“OTF II”) was a Class A Member. On March 24, 2025, OTF II merged with and into OTF with OTF surviving (the “OTF II Merger”). At the effective time of the OTF II Merger, OTF II’s commitments to and interest in the Company became OTF’s.

Investment Portfolio Detail
The table below presents the composition of investments at fair value and amortized cost as of June 30, 2026 and December 31, 2025, respectively:

June 30, 2026 December 31, 2025
($ in thousands) Amortized Cost Fair Value Amortized Cost Fair Value
First-lien senior secured debt investments $ 2,687,514  $ 2,624,338  $ 2,350,698  $ 2,343,367 
Total Investments $ 2,687,514  $ 2,624,338  $ 2,350,698  $ 2,343,367 





















21
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
The table below presents the industry composition of investments based on fair value as of June 30, 2026 and December 31, 2025, respectively:
June 30, 2026 December 31, 2025
Advertising and media 1.9  % 1.0  %
Aerospace and defense 6.0  5.3 
Automotive services 1.0  0.8 
Buildings and real estate 3.2  2.2 
Business services 7.9  9.4 
Chemicals 2.7  2.6 
Consumer products 1.4  1.4 
Containers and packaging 5.0  4.9 
Distribution 3.0  3.4 
Education 0.4  1.2 
Energy equipment and services 1.5  1.7 
Financial services 8.3  8.2 
Food and beverage 6.5  6.0 
Healthcare equipment and services 4.0  4.0 
Healthcare providers and services 5.2  5.3 
Healthcare technology 5.0  5.5 
Household products 0.2  0.2 
Human resource support services 2.1  2.4 
Industrial 0.3  — 
Infrastructure and environmental services 2.3  1.2 
Insurance 6.6  7.6 
Internet software and services 8.3  10.4 
Investment funds and vehicle 1.0  0.7 
Leisure and entertainment 1.6  1.0 
Manufacturing 7.5  6.9 
Pharmaceuticals 1.9  1.7 
Professional services 2.9  2.9 
Specialty retail 0.2  — 
Telecommunications 0.8  1.0 
Transportation 1.3  1.1 
Total 100.0  % 100.0  %

22
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
The table below presents the geographic composition of investments based on fair value as of June 30, 2026 and December 31, 2025, respectively:
June 30, 2026 December 31, 2025
United States:
Midwest 24.4  % 24.6  %
Northeast 20.3  17.4 
South 27.2  28.4 
West 14.2  15.9 
International 13.9  13.7 
Total 100.0  % 100.0  %

The table below presents the fair value hierarchy of investments as of June 30, 2026 and December 31, 2025 respectively:
Fair Value Hierarchy as of June 30, 2026
($ in thousands) Level 1 Level 2 Level 3 Total
First-lien senior secured debt investments $ —  $ 2,357,454  $ 266,884  $ 2,624,338 
Total Investments $ —  $ 2,357,454  $ 266,884  $ 2,624,338 

Fair Value Hierarchy as of December 31, 2025
($ in thousands)
Level 1
Level 2
Level 3
Total
First-lien senior secured debt investments $ —  $ 2,065,767  $ 277,600  $ 2,343,367 
Total Investments $ —  $ 2,065,767  $ 277,600  $ 2,343,367 
Debt Activity
Bank of America Facility
On June 12, 2024, the Company’s subsidiary, WISE CLO 2025-1 LTD. (fka BOC SLF WH I BA LTD.), an exempted company incorporated with limited liability under the laws of the Cayman Islands, entered into a $300.0 million revolving credit facility (the “Bank of America Facility”) with, among others, Bank of America, N.A., as lender and administrative agent. The Company acts as the collateral manager and the first loss provider with respect to the Bank of America Facility. Proceeds from the Bank of America Facility have been and will be used to finance the origination and acquisition of eligible assets by the borrowers thereunder. The maturity date of the Bank of America Facility is June 12, 2027. On March 6, 2025, a portion of the proceeds from the WISE CLO 2025-1 Transaction (as defined below) were used to repay certain amounts outstanding under the Bank of America Facility and WISE CLO 2025-1 LTD. was released from the Bank of America Facility.
On January 22, 2025, the Company’s subsidiary, WISE CLO 2026-1 LTD. (fka BOC SLF BA-2 LTD.), an exempted company incorporated with limited liability under the laws of the Cayman Islands, joined as co-borrower to the Bank of America Facility. The Company holds preference shares in WISE CLO 2026-1 LTD. On January 22, 2025, in connection with the WISE CLO 2025-1 Transaction, certain of the assets held by WISE CLO 2025-1 LTD. were transferred via a master participation agreement to WISE CLO 2026-1 LTD.
On June 14, 2026, the Company’s subsidiary, BOC SLF BA-3 LTD., an exempted company incorporated with limited liability under the laws of the Cayman Islands, joined a $150 million revolving credit facility as co-borrower to the Bank of America Facility. The Company holds preferences shares in BOC SLF BA-3 LTD. As of June 30, 2026, there was $5.4 million outstanding under the Bank of America Facility.
Borrowings under the Bank of America Facility bear interest at a per annum rate equal to (a) with respect to any Term SOFR Loan, SOFR + 1.45% and (b) with respect to any Base Rate Loan, Base Rate + 1.45%. Credit SLF predominantly borrows utilizing Term SOFR loans. Credit SLF also pays unused commitment fees of (i) prior to the six-month anniversary of such date, 0.35% and (ii) thereafter, (x) with respect to the First Unused Amount, 1.10% and (y) with respect to the Second Unused Amount, 0.35%. There was $0.0 million of unused commitment fees for the period ended June 30, 2026.
RBC Facility
23
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
On June 5, 2024, the Company’s subsidiary, WISE CLO 2025-3 LTD. (fka BOC SLF WH II RB LTD.), an exempted company incorporated with limited liability under the laws of the Cayman Islands, as borrower, joined a $300.0 million revolving credit facility (the “RBC Facility”) with, among others, Royal Bank of Canada, as lender and administrative agent, and U.S. Bank Trust Company, National Association, as collateral custodian. The Company acts as the collateral manager and the first loss provider with respect to the RBC Facility. Proceeds from the RBC Facility have been and will be used to finance the origination and acquisition of eligible assets by the borrowers thereunder. The maturity date of the RBC Facility is October 14, 2032. On July 24, 2025, a portion of the proceeds from the WISE CLO 2025-3 Transaction (as defined below) were used to repay certain amounts outstanding under the RBC Facility and WISE CLO 2025-3 LTD. was released from the RBC Facility.

On June 16, 2025, the Company’s subsidiary, BOC SLF RB-2 LTD., an exempted company incorporated with limited liability under the laws of the Cayman Islands, joined as replacement borrower to the RBC Facility. The Company holds preference shares in BOC SLF RB-2 LTD. On June 16, 2025, in connection with the WISE CLO 2025-3 Transaction, certain of the assets held by WISE CLO 2025-3 LTD. were transferred via a master participation agreement to BOC SLF RB-2 LTD. As of June 30, 2026, there was $135.7 million outstanding under the RBC Facility.
Borrowings under the RBC Facility bear interest at a per annum rate equal to SOFR +1.55%.

Citibank Facility
On June 28, 2024, the Company’s subsidiary, WISE CLO 2025-4 LTD. (fka BOC SLF WH III C LTD.), an exempted company incorporated with limited liability under the laws of the Cayman Islands, entered into a revolving credit facility (the “Citibank Facility”) with, among others, Citibank, N.A., as lender and administrative agent. The commitment of the Citibank Facility is up to $300.0 million, and was $215.0 million as of December 31, 2024 and $100.0 million as of December 31, 2025, respectively. As of June 30, 2026, the commitment was $110.0 million. The Company acts as the collateral manager and the first loss provider with respect to the Citibank Facility. Proceeds from the Citibank Facility have been and will be used to finance the origination and acquisition of eligible assets by the borrowers thereunder. The maturity date of the Citibank Facility is June 28, 2027. On September 4, 2025, a portion of the proceeds from the WISE CLO 2025-4 Transaction (as defined below) were used to repay certain amounts outstanding under the Citibank Facility and WISE CLO 2025-4 LTD. was released from the Citibank Facility.
On July 23, 2025, the Company’s subsidiary, BOC SLF C-2 LTD., an exempted company incorporated with limited liability under the laws of the Cayman Islands, joined as co-borrower to the Citibank Facility. The Company holds preference shares in BOC SLF C-2 LTD. On September 4, 2025, in connection with the WISE CLO 2025-4 Transaction, certain of the assets held by WISE CLO 2025-4 LTD. were transferred via a master participation agreement to BOC SLF C-2 Ltd. As of June 30, 2026, there was $104.1 million outstanding under the Citibank Facility.
Borrowings under the Citibank Facility bear interest at a per annum rate equal to (i) during the Reinvestment Period (as defined in Citibank Facility), SOFR + 1.40% and (ii) after the end of the Reinvestment Period, 1.90%.
Wells Fargo Facility
On August 1, 2024, the Company’s subsidiary, WISE CLO 2025-2 LTD. (fka BOC SLF WH 4 LTD.), an exempted company incorporated with limited liability under the laws of the Cayman Islands, joined a $300.0 million revolving credit facility (the “Wells Fargo Facility”) originally with, among others, and Wells Fargo Bank, National Association, as a lender and administrative agent. The Company acts as the collateral manager and the first loss provider with respect to the Wells Fargo Facility. Proceeds from the Wells Fargo Facility have been and will be used to finance the origination and acquisition of eligible assets by the borrowers thereunder. The maturity date of the Wells Fargo Facility is August 1, 2027. On March 31, 2025, a portion of the proceeds from the WISE CLO 2025-2 Transaction (as defined below) were used to repay certain amounts outstanding under the Wells Fargo Facility and WISE CLO 2025-2 LTD. was released from the Wells Fargo Facility.
On March 12, 2025, the Company’s subsidiary, BOC SLF WF-2 LTD., an exempted company incorporated with limited liability under the laws of the Cayman Islands, joined a $200 million revolving credit facility as co-borrower to the Wells Fargo Facility. The Company holds preference shares in BOC SLF WF-2 LTD. On March 19, 2025, in connection with the WISE CLO 2025-2 Transaction, certain of the assets held by WISE CLO 2025-2 LTD. were transferred via a master participation agreement to BOC SLF WF-2 LTD. As of June 30, 2026, there was $174.4 million outstanding under the Wells Fargo Facility.
Borrowings under the Wells Fargo Facility bear interest at a per annum rate equal to Daily Simple SOFR + 1.50%. The Wells Fargo Facility also has an unused commitment fee which accrues at 0.375% of unused facility amount after the six-month anniversary of the most recent securitization. There was $0.3 million of unused commitment fee as of June 30, 2026.

24
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)

Mizuho Bank Facility
On November 14, 2025, the Company’s subsidiary, BOC SLF Z LTD., an exempted company incorporated with limited liability under the laws of the Cayman Islands, entered into a $240.0 million revolving credit facility (the “Mizuho Bank Facility”) with, among others, and Mizuho Bank Ltd., as lender and administrative agent. The Company acts as the collateral manager and the first loss provider with respect to the Mizuho Bank Facility. It holds preference shares in BOC SLF Z LTD. Proceeds from the Mizuho Bank Facility have been and will be used to finance the origination and acquisition of eligible assets by the borrowers thereunder. The maturity date of the Mizuho Bank Facility is November 14, 2027. As of June 30, 2026, there was $64.2 million outstanding under the Mizuho Bank Facility.
Borrowings under the Mizuho Bank Facility bear interest at a per annum rate equal to SOFR + (i) from the Facility Closing Date to and including May 14, 2026, 1.05% and (ii) thereafter, 1.10%; provided that on and after the Revolving Period End Date, the Applicable Margin shall increase to 2.00%; provided further, that upon the occurrence of Event of Default, the Applicable Margin shall increase 2.00%.
WISE CLO 2025-1
On June 12, 2024, the Company’s subsidiary, WISE CLO 2025-1 LTD. (fka, BOC SLF WH I BA LTD.) was incorporated as a company under the laws of the Cayman Islands. On March 6, 2025, WISE CLO 2025-1 LTD., as issuer, and WISE CLO 2025-1, LLC, as co-issuer, closed a CLO transaction (the “WISE CLO 2025-1 Transaction”) using the financial assets previously acquired by WISE CLO 2025-1 LTD as the collateral underpinning the transaction and issued $240.0 million of Class A Notes, $42.0 million of Class B-1 Notes, $10.0 million of Class B-2 Notes, $28.0 million of Class C Notes, and $92.0 million of Subordinated Notes pursuant to an Indenture dated March 6, 2025 among WISE CLO 2025-1 LTD., as issuer, WISE CLO 2025-1, LLC, as co-issuer, and U.S. Bank Trust Company, National Association, as trustee. The notes issued as part of the WISE CLO 2025-1 Transaction have a stated maturity of January 20, 2038.
WISE CLO 2025-2
On August 1, 2024, the Company’s subsidiary, WISE CLO 2025-2 LTD (fka “BOC SLF WH 4 WF LTD.”) was incorporated as a company under the laws of the Cayman Islands. On March 31, 2025, WISE CLO 2025-2 LTD., as issuer, and WISE CLO 2025-2, LLC, as co-issuer, closed a CLO transaction (the “WISE CLO 2025-2 Transaction”) using the financial assets previously acquired by WISE CLO 2025-2 LTD as the collateral underpinning the transaction and issued $236.0 million of Class A Notes, $56.0 million of Class B Notes, $28.0 million of Class C Notes, and $92.0 million of Subordinated Notes pursuant to an Indenture dated March 31, 2025 among WISE CLO 2025-2 LTD., as issuer, WISE CLO 2025-2, LLC, as co-issuer, and U.S. Bank Trust Company, National Association, as trustee. The notes issued as part of the WISE CLO 2025-2 Transaction have a stated maturity of April 20, 2038.
WISE CLO 2025-3
On June 5, 2024, the Company’s subsidiary, WISE CLO 2025-3 LTD (fka “BOC SLF WH II RB LTD.”) was incorporated as a company under the laws of the Cayman Islands. On July 24, 2025, WISE CLO 2025-3 LTD., as issuer, and WISE CLO 2025-3, LLC, as co-issuer, closed a CLO transaction (the “WISE CLO 2025-3 Transaction”) using the financial assets previously acquired by WISE CLO 2025-3 LTD as the collateral underpinning the transaction and issued $115.0 million of Class A Notes, $125.0 million of Class A Loans, $37.0 million of Class B-1 Notes, $15.0 million in Class B-2 Notes, $26.0 million of Class C Notes, and $90.5 million of Subordinated Notes pursuant to an Indenture dated July 24, 2025 among WISE CLO 2025-3 LTD., as issuer, WISE CLO 2025-3, LLC, as co-issuer, and US Bank Trust Company, National Association, as collateral trustee. The notes issued as part of the WISE CLO 2025-3 Transaction have a stated maturity of July 20, 2038.
WISE CLO 2025-4
On June 28, 2024, the Company’s subsidiary, WISE CLO 2025-4 LTD (fka “BOC SLF WH III C LTD.”) was incorporated as a company under the laws of the Cayman Islands. On September 4, 2025, WISE CLO 2025-4 LTD., as issuer, and WISE CLO 2025-4, LLC, as co-issuer, closed a CLO transaction (the “WISE CLO 2025-4 Transaction”) using the financial assets previously acquired by WISE CLO 2025-4 LTD as the collateral underpinning the transaction and issued $240.0 million of Class A Notes, $37.0 million of Class B-1 Notes, $15.0 million in Class B-2 Notes, $26.0 million of Class C Notes, and $91.8 million of Subordinated Notes pursuant to an Indenture dated September 4, 2025 among WISE CLO 2025-4 LTD., as issuer, WISE CLO 2025-4, LLC, as co-issuer, and US Bank Trust Company, National Association, as trustee. The notes issued as part of the WISE CLO 2025-4 Transaction have a stated maturity of September 20, 2038.



25
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
WISE CLO 2026-1
On June 26, 2026, the Company’s subsidiary, WISE CLO 2026-1 LTD (fka BOC SLF BA-2 LTD.) was incorporated as a company under the laws of the Cayman Islands. On June 26, 2026, WISE CLO 2026-1 LTD., as issuer, and WISE CLO 2026-1, LLC, as co-issuer, closed a CLO transaction (the “WISE CLO 2026-1 Transaction”) using the financial assets previously acquired by WISE CLO 2026-1 LTD as the collateral underpinning the transaction and issued $240.0 million of Class A Notes, $44.5 million of Class B-1 Notes, $7.5 million of Class B-2 Notes, $28.0 million of Class C Notes, and $89.8 million of Subordinated Notes pursuant to an Indenture dated June 26, 2026 among WISE CLO 2026-1 LTD., as issuer, WISE CLO 2026-1, LLC as co-issuer, and US Bank Trust Company, National Association, as trustee. The notes issued as part of the WISE CLO 2026-1 Transaction have a stated maturity of July 20, 2039.
Financial Instruments Not Carried at Fair Value
The fair value of the Company’s debt, which is categorized as Level 3 within the fair value hierarchy as of June 30, 2026, approximates the carrying value. The carrying amounts of the Company’s assets and liabilities, other than investments at fair value, approximate fair value due to their short maturities.

The table below presents the net carrying value of the Company’s debt obligations as of June 30, 2026 and December 31, 2025 respectively:
June 30, 2026
($ in thousands) Aggregate Principal Committed Outstanding Principal
Amount Available(1)
Unamortized Debt Issuance Costs Net Carrying Value
WISE CLO 2025-1 LTD. $ 320,000  $ 320,000  $ —  $ 1,919  $ 318,081 
WISE CLO 2025-2 LTD. 319,160  319,160  —  1,696  317,464 
WISE CLO 2025-3 LTD. 318,000  318,000  —  1,771  316,229 
WISE CLO 2025-4 LTD. 317,935  317,935  —  1,586  316,349 
WISE CLO 2026-1 LTD. 319,616  319,616  —  1,589  318,027 
Bank of America Facility 150,000  5,427  48,450  174  5,253 
RBC Facility 300,000  135,727  26,046  300  135,427 
Citibank Facility
110,000  104,102  1,280  137  103,965 
Wells Fargo Facility 200,000  174,413  48,632  172  174,241 
Mizuho Facility 240,000  64,160  4,058  —  64,160 
Total Debt $ 2,594,711  $ 2,078,540  $ 128,465  $ 9,344  $ 2,069,196 
(1) The amount available reflects any collateral related limitations at the Company level related to each credit facility’s borrowing base.
December 31, 2025
($ in thousands) Aggregate Principal Committed Outstanding Principal
Amount Available(1)
Unamortized Debt Issuance Costs Net Carrying Value
WISE CLO 2025-1 LTD. $ 320,000  $ 320,000  $ —  $ 2,001  $ 317,999 
WISE CLO 2025-2 LTD. 319,160  319,160  —  1,767  317,393 
WISE CLO 2025-3 LTD. 318,000  318,000  —  1,844  316,156 
WISE CLO 2025-4 LTD. 317,935  317,935  —  1,806  316,129 
Bank of America Facility 300,000  141,765  29,368  265  141,500 
RBC Facility 300,000  93,117  16,015  324  92,793 
Citibank Facility 100,000  84,790  15,210  206  84,584 
Wells Fargo Facility 300,000  137,819  26,421  250  137,569 
Mizuho Facility 240,000  4,240  14,850  —  4,240 
Total Debt $ 2,515,095  $ 1,736,826  $ 101,864  $ 8,463  $ 1,728,363 

(1) The amount available reflects any collateral related limitations at the Company level related to each credit facility’s borrowing base.
26
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
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 $ 24,574  $ 17,708  $ 48,050  $ 30,615 
Amortization of debt issuance costs 366  209  704  351 
Total Interest Expense $ 24,940  $ 17,917  $ 48,754  $ 30,966 
Average interest rate 5.1  % 5.7  % 5.2  % 5.8  %
Average daily outstanding borrowings $ 1,887,215  $ 1,219,130  $ 1,842,840  $ 1,047 

27
EX-99.2 8 blueowlleasingllc-06302026.htm EX-99.2 Document










Blue Owl Leasing LLC

Supplemental Financial Information (Unaudited) as of and for the period ended June 30, 2026
























Blue Owl Leasing LLC
Supplemental Financial Information (Unaudited)

Consolidated Statement of Assets and Liabilities
(Amounts in thousands)

June 30, 2026
December 31, 2025 (1)
Assets
Investments at fair value (cost $39,759 and $39,600, respectively) $ 39,680  $ 39,628 
Cash 3,344  34,555 
Due from brokers —  19 
Interest receivable 383  329 
Total Assets $ 43,407  $ 74,531 
Liabilities
Debt (net of unamortized debt issuance costs of $1,800 and $1,558, respectively) $ 2,512  $ 9,754 
Interest payable 121  129 
Accrued expenses and other liabilities 306  193 
Distribution Payable 258  — 
Due to brokers 145  — 
Due to advisor 144  — 
Total Liabilities 3,486  10,076 
Members’ Equity
Total Members’ Equity - Class A 39,921  64,455 
Total Members’ Equity - Class B —  — 
Total Members' Equity 39,921  64,455 
Total Liabilities and Members’ Equity $ 43,407  $ 74,531 

(1) The Company’s date of inception was June 30, 2025
.

1
Blue Owl Leasing LLC
Supplemental Financial Information (Unaudited)
Consolidated Statement of Operations
(Amounts in thousands)

For the Three Months Ended June 30, 2026 For the Six Months Ended June 30, 2026
Investment Income
Interest income 1,044  2,087 
Total Investment Income 1,044  2,087 
Operating Expenses
Interest expense 563  1,143 
Professional fees 200  475 
Organizational costs 21  38 
Total Operating Expenses 785  1,656 
Net Investment Income (Loss) 259  431 
Net Realized and Change in Unrealized Gain (Loss)
Net change in unrealized gain (loss) on investments 132  (107)
Net realized gain (loss) on investments —  — 
Total Net Realized and Change in Unrealized Gain (Loss) on Investments 132  (107)
Net Increase (Decrease) in Members' Equity Resulting from Operations $ 391  $ 324 
Total Net Increase (Decrease) in Members’ Equity Resulting from Operations - Class A $ 391  $ 324 


.


2
Blue Owl Leasing LLC
Supplemental Financial Information (Unaudited)
Notes to the consolidated financial information

Organization and Principal Business
Blue Owl Leasing LLC (“Leasing JV” or the “Company”), a Delaware limited liability company, is a joint venture among Blue Owl Capital Corporation, Blue Owl Capital Corporation II, Blue Owl Credit Income Corp., Blue Owl Technology Finance Corp., Blue Owl Technology Income Corp., Blue Owl Alternative Credit Fund (collectively, the “Blue Owl Funds”), and California State Teachers Retirement System (“CalSTRS”) (collectively, the “Class A Members” or the “Members” and each, a “Class A Member” or a “Member”). Leasing JV has no Class B Members as of June 30, 2026. The Company’s principal purpose is to make investments, either directly or indirectly through financing subsidiaries or other persons, primarily in leases and loans. The Company is owned by the Class A Members, each of which has equal voting rights. Except under certain circumstances, contributions to the Company cannot be redeemed. Investment decisions must be approved by each of the Class A Members. The Class A Members co-invest through the Company, or its wholly owned subsidiaries. The Company’s date of inception was June 30, 2025 and made its first portfolio company investment on October 23, 2025.

Investment Portfolio Detail
The table below presents the composition of investments at fair value and amortized cost as of June 30, 2026
June 30, 2026 December 31, 2025
($ in thousands) Cost Fair Value Amortized Cost Fair Value
Operating leases $ —  $ —  $ —  $ — 
Financing Leases 39,759  39,680  39,600  39,628 
Total Investments $ 39,759  $ 39,680  $ 39,600  $ 39,628 
The table below presents the geographic composition of investments based on fair value as of June 30, 2026:
June 30, 2026 December 31, 2025
United States:
Midwest 34.2% 29.2%
Northeast 20.3  17.8 
South 16.0  14.3 
West 29.5  38.7 
Total 100.0  % 100.0  %

Debt Activity

Deutsche Bank and Truist Bank Facility
On September 30, 2025, BOC Lease I LLC and BOC Lease II LLC, each a Delaware limited liability company and wholly owned subsidiary of Blue Owl Leasing LLC entered into a revolving credit facility (the “Deutsche Bank and Truist Bank Facility”) with, among others, Deutsche Bank AG, New York Branch, as Co-Structuring Agent, and Truist Bank, as the Administrative Agent and Co-Structuring Agent. The commitment of the Deutsche Bank and Truist Bank Facility is up to $300.0 million. Proceeds from the Deutsche Bank and Truist Bank Facility will be used to finance the origination and acquisition of eligible assets by the borrowers thereunder. The maturity date of the Deutsche Bank and Truist Bank Facility is September 30, 2029, with the funding period lasting from the closing date of September 30, 2025 to the Revolving termination date of September 30, 2027. As of June 30, 2026, there was $4.3 million outstanding under the Deutsche Bank and Truist Bank Facility.
Borrowings under the Deutsche Bank and Truist Bank Facility bear interest at a per annum rate equal to (a) during the funding period, Term SOFR + 1.85%, (b) after the revolving termination date to the first anniversary of the revolving termination date, Term SOFR + 2.10%, and (c) after the first anniversary of the revolving termination date to the maturity date, Term SOFR + 2.10%. The Company also pays unused commitment fees (a) if the aggregate outstanding principal amount is less than or equal to 50% of the aggregate Commitments, 0.40%, (b) otherwise, 0.30% .

2
Blue Owl Leasing LLC
Supplemental Financial Information (Unaudited)
The fair value of the Company’s debt, which is categorized as Level 3 within the fair value hierarchy as of June 30, 2026, approximates the carrying value.
The table below presents the net carrying value of the Company’s debt obligations as of June 30, 2026:
June 30, 2026
($ in thousands) Aggregate Principal Committed Outstanding Principal
Amount Available(1)
Unamortized Debt Issuance Costs Net Carrying Value
Deutsche Bank and Truist Bank Facility $ 300,000  $ 4,312  $ 15,497  $ 1,800  $ 2,512 
Total Debt $ 300,000  $ 4,312  $ 15,497  $ 1,800  $ 2,512 
(1) The amount available reflects any limitations related to the credit facility’s borrowing base.

December 31, 2025
($ in thousands) Aggregate Principal Committed Outstanding Principal
Amount Available(1)
Unamortized Debt Issuance Costs Net Carrying Value
Deutsche Bank and Truist Bank Facility $ 300,000  $ 11,312  $ 8,502  $ 1,558  $ 9,754 
Total Debt $ 300,000  $ 11,312  $ 8,502  $ 1,558  $ 9,754 

(1) The amount available reflects any limitations related to the credit facility’s borrowing base.

The table below presents the components of interest expense for the following period:
For the Three Months Ended June 30, 2026
 For the Six Months Ended June 30, 2026
($ in thousands)
Interest expense $ 426  $ 869 
Amortization of debt issuance costs 138  274 
Total Interest Expense $ 563  $ 1,143 
Average interest rate 5.5  % 5.5  %
Average daily outstanding borrowings $ 9,235  $ 10,268 





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