obdc-20230630

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:

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”).


	June 30, 2023 (Unaudited)		December 31, 2022
Assets
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost of $11,584,680 and $12,133,062, respectively)	$	11,550,563	$	12,010,369
Non-controlled, affiliated investments (amortized cost of $19,680 and $6,224, respectively)	19,626		6,175
Controlled, affiliated investments (amortized cost of $1,219,611, and $906,846, respectively)	1,322,754		993,801
Total investments at fair value (amortized cost of $12,823,971 and $13,046,132, respectively)	12,892,943		13,010,345
Cash (restricted cash of $92,975 and $96,420, respectively)	366,208		444,278
Foreign cash (cost of $1,675 and $809, respectively)	1,687		809
Interest receivable	107,767		108,085
Receivable from a controlled affiliate	19,302		17,709
Prepaid expenses and other assets	5,371		3,627
Total Assets	$	13,393,278	$	13,584,853
Liabilities
Debt (net of unamortized debt issuance costs of $85,969 and $95,647, respectively)	$	7,027,176	$	7,281,744
Distribution payable	128,612		129,517
Management fee payable	48,023		47,583
Incentive fee payable	39,598		34,462
Payables to affiliates	6,494		6,351
Accrued expenses and other liabilities	194,411		202,793
Total Liabilities	7,444,314		7,702,450
Commitments and contingencies (Note 7)
Net Assets
Common shares $0.01 par value, 500,000,000 shares authorized; 389,732,875 and 392,476,687 shares issued and outstanding, respectively	3,897		3,925
Additional paid-in-capital	5,936,644		5,970,674
Accumulated undistributed (overdistributed) earnings	8,423		(92,196)
Total Net Assets	5,948,964		5,882,403
Total Liabilities and Net Assets	$	13,393,278	$	13,584,853
Net Asset Value Per Share	$	15.26	$	14.99


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2023		2022		2023		2022
Investment Income
Investment income from non-controlled, non-affiliated investments:
Interest income	$	297,992	$	206,103	$	586,670	$	414,704
Payment-in-kind interest income	44,803		26,748		87,858		49,159
Dividend income	17,607		9,685		35,440		21,413
Other income	7,243		5,538		10,207		9,386
Total investment income from non-controlled, non-affiliated investments	367,645		248,074		720,175		494,662
Investment income from non-controlled, affiliated investments:


Dividend income	177		—		177		—

Total investment income from non-controlled, affiliated investments	177		—		177		—
Investment income from controlled, affiliated investments:
Interest income	5,553		1,854		8,227		3,627
Dividend income	20,662		23,195		42,688		38,833
Other Income	186		163		578		325
Total investment income from controlled, affiliated investments	26,401		25,212		51,493		42,785
Total Investment Income	394,223		273,286		771,845		537,447
Expenses
Interest expense	110,017		67,347		213,972		128,726
Management fees	48,024		46,873		96,116		94,286
Performance based incentive fees	39,598		26,541		77,326		52,495
Professional fees	4,131		3,406		7,804		7,235
Directors’ fees	257		266		515		556
Other general and administrative	3,140		2,143		5,811		4,276


Total Operating Expenses	205,167		146,576		401,544		287,574
Net Investment Income (Loss) Before Taxes	189,056		126,710		370,301		249,873
Income tax expense (benefit), including excise tax expense (benefit)	2,380		1,586		5,765		2,394
Net Investment Income (Loss) After Taxes	$	186,676	$	125,124	$	364,536	$	247,479
Net Realized and Change in Unrealized Gain (Loss)
Net change in unrealized gain (loss):
Non-controlled, non-affiliated investments	$	3,869	$	(152,965)	$	69,292	$	(222,913)
Non-controlled, affiliated investments	(4)		—		(5)		—
Controlled, affiliated investments	6,127		(3,636)		16,381		(15,394)
Translation of assets and liabilities in foreign currencies	1,360		(3,221)		2,570		(3,702)
Income tax (provision) benefit	(2,415)		—		(2,696)		—
Total Net Change in Unrealized Gain (Loss)	8,937		(159,822)		85,542		(242,009)
Net realized gain (loss):
Non-controlled, non-affiliated investments	118		(51)		(52,365)		4,651

Foreign currency transactions	(169)		(197)		(308)		(1,082)
Total Net Realized Gain (Loss)	(51)		(248)		(52,673)		3,569
Total Net Realized and Change in Unrealized Gain (Loss)	8,886		(160,070)		32,869		(238,440)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	195,562	$	(34,946)	$	397,405	$	9,039
Earnings Per Share - Basic and Diluted	$	0.50	$	(0.09)	$	1.02	$	0.02
Weighted Average Shares Outstanding - Basic and Diluted	389,930,979		394,184,560		390,487,912		394,246,724


Company(1)(4)(8)(34)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets
Non-controlled/non-affiliated portfolio company investments
Debt Investments
Advertising and media
Circana Group, L.P. (fka The NPD Group, L.P.)(14)(27)	First lien senior secured loan	S +	6.25% (2.75% PIK)	12/2028	23,936	23,503	23,636	0.4	%
Circana Group, L.P. (fka The NPD Group, L.P.)(10)(14)(27)	First lien senior secured revolving loan	S +	5.75%	12/2027	121	96	102	—	%
Global Music Rights, LLC(15)(27)	First lien senior secured loan	S +	5.75%	8/2028	7,388	7,270	7,388	0.1	%
Global Music Rights, LLC(10)(23)(27)	First lien senior secured revolving loan	S +	5.75%	8/2027	—	(9)	—	—	%
					31,445	30,860	31,126	0.5	%
Aerospace and defense
Aviation Solutions Midco, LLC (dba STS Aviation)(14)(27)	First lien senior secured loan	S +	7.25%	1/2025	211,695	210,456	210,636	3.5	%
Peraton Corp.(6)(15)(27)	Second lien senior secured loan	S +	7.75%	2/2029	46,113	45,574	44,614	0.7	%
Valence Surface Technologies LLC(15)(27)	First lien senior secured loan	S +	7.75% (3.88% PIK)	6/2025	132,179	131,491	105,743	1.8	%
Valence Surface Technologies LLC(10)(15)(27)	First lien senior secured revolving loan	S +	7.75% (3.88% PIK)	6/2025	10,742	10,692	8,584	0.1	%
					400,729	398,213	369,577	6.1	%
Asset based lending and fund finance
Hg Genesis 8 Sumoco Limited(21)(27)(29)	Unsecured facility	SA +	6.00% PIK	8/2025	50,034	51,535	50,034	0.8	%
Hg Genesis 9 SumoCo Limited(19)(27)(29)	Unsecured facility	E +	7.00% PIK	3/2027	50,295	50,471	50,295	0.8	%
Hg Saturn Luchaco Limited(21)(27)(29)	Unsecured facility	SA +	7.50% PIK	3/2026	133,770	142,451	132,432	2.2	%
					234,099	244,457	232,761	3.8	%
Automotive
Spotless Brands, LLC(15)(27)	First lien senior secured loan	S +	6.50%	7/2028	48,242	47,395	47,759	0.8	%
Spotless Brands, LLC(10)(23)(27)	First lien senior secured revolving loan	S +	6.50%	7/2028	—	(22)	(13)	—	%
					48,242	47,373	47,746	0.8	%


Company(1)(4)(8)(34)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets
Buildings and real estate
Associations, Inc.(15)(27)	First lien senior secured loan	S +	6.50% (2.50% PIK)	7/2027	361,279	358,879	358,569	6.0	%
Associations, Inc.(10)(15)(24)(27)	First lien senior secured delayed draw term loan	S +	6.50% (2.50% PIK)	6/2024	32,242	31,851	31,870	0.5	%
Associations, Inc.(10)(23)(27)	First lien senior secured revolving loan	S +	6.50%	7/2027	—	(220)	(247)	—	%
REALPAGE, INC.(6)(14)(27)	Second lien senior secured loan	S +	6.50%	4/2029	34,500	34,092	33,319	0.6	%
					428,021	424,602	423,511	7.1	%
Business services
Access CIG, LLC(14)(27)	Second lien senior secured loan	S +	7.75%	2/2026	58,760	58,474	58,613	1.0	%
CIBT Global, Inc.(15)(27)(30)	First lien senior secured loan	S +	5.25% (4.25% PIK)	5/2026	903	602	582	—	%
CIBT Global, Inc.(15)(27)(30)	Second lien senior secured loan	S +	7.75% PIK	12/2026	63,678	26,732	6,049	0.1	%
Denali BuyerCo, LLC (dba Summit Companies)(12)(27)	First lien senior secured loan	L +	5.75%	9/2028	53,019	52,402	52,753	0.9	%
Denali BuyerCo, LLC (dba Summit Companies)(10)(23)(27)	First lien senior secured revolving loan	L +	5.75%	9/2027	—	(21)	(15)	—	%
Diamondback Acquisition, Inc. (dba Sphera)(14)(27)	First lien senior secured loan	S +	5.50%	9/2028	4,088	4,023	4,027	0.1	%
Diamondback Acquisition, Inc. (dba Sphera)(10)(23)(24)(27)	First lien senior secured delayed draw term loan	S +	5.50%	9/2023	—	(8)	(5)	—	%
Entertainment Benefits Group, LLC(14)(27)	First lien senior secured loan	S +	4.75%	5/2028	858	851	858	—	%
Entertainment Benefits Group, LLC(10)(14)(27)	First lien senior secured revolving loan	S +	4.75%	4/2027	22	21	22	—	%
Fullsteam Operations, LLC(15)(27)	First lien senior secured loan	S +	7.50% (3.00% PIK)	10/2027	10,463	10,254	10,567	0.2	%
Gainsight, Inc.(12)(27)	First lien senior secured loan	L +	6.75% PIK	7/2027	22,438	22,191	22,214	0.4	%
Gainsight, Inc.(10)(14)(27)	First lien senior secured revolving loan	S +	6.75%	7/2027	2,398	2,358	2,364	—	%
Hercules Borrower, LLC (dba The Vincit Group)(15)(27)	First lien senior secured loan	S +	6.25%	12/2026	175,992	174,313	175,992	3.0	%
Hercules Borrower, LLC (dba The Vincit Group)(10)(15)(27)	First lien senior secured revolving loan	S +	6.25%	12/2026	2,231	2,050	2,231	—	%
Hercules Buyer, LLC (dba The Vincit Group)(22)(27)(33)	Unsecured notes		0.48% PIK	12/2029	5,160	5,160	5,772	0.1	%
Kaseya Inc.(14)(27)	First lien senior secured loan	S +	6.25% (2.50% PIK)	6/2029	18,732	18,398	18,685	0.3	%
Kaseya Inc.(10)(14)(24)(27)	First lien senior secured delayed draw term loan	S +	6.25% (2.50% PIK)	6/2024	69	59	69	—	%
Kaseya Inc.(10)(14)(27)	First lien senior secured revolving loan	S +	6.25% (2.50% PIK)	6/2029	283	264	281	—	%


Company(1)(4)(8)(34)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets
KPSKY Acquisition, Inc. (dba BluSky)(15)(27)	First lien senior secured loan	S +	5.50%	10/2028	4,914	4,835	4,841	0.1	%
Ping Identity Holding Corp.(14)(27)	First lien senior secured loan	S +	7.00%	10/2029	909	896	900	—	%
Ping Identity Holding Corp.(10)(23)(27)	First lien senior secured revolving loan	S +	7.00%	10/2028	—	(1)	(1)	—	%
					424,917	383,853	366,799	6.2	%
Chemicals
Aruba Investments Holdings LLC (dba Angus Chemical Company)(11)(27)	Second lien senior secured loan	L +	7.75%	11/2028	10,000	9,889	8,800	0.1	%
Douglas Products and Packaging Company LLC(15)(27)	First lien senior secured loan	S +	7.00%	6/2025	18,594	18,445	18,501	0.3	%
Douglas Products and Packaging Company LLC(10)(17)(27)	First lien senior secured revolving loan	P +	6.00%	6/2025	245	226	232	—	%
Gaylord Chemical Company, L.L.C.(15)(27)	First lien senior secured loan	S +	6.00%	3/2027	137,136	136,201	137,136	2.3	%
Gaylord Chemical Company, L.L.C.(10)(23)(27)	First lien senior secured revolving loan	S +	6.00%	3/2026	—	(73)	—	—	%
Velocity HoldCo III Inc. (dba VelocityEHS)(15)(27)	First lien senior secured loan	S +	5.75%	4/2027	21,881	21,541	21,881	0.4	%
Velocity HoldCo III Inc. (dba VelocityEHS)(10)(14)(27)	First lien senior secured revolving loan	S +	5.75%	4/2026	893	876	893	—	%
					188,749	187,105	187,443	3.1	%
Consumer products
Conair Holdings LLC(12)(27)	Second lien senior secured loan	L +	7.50%	5/2029	187,500	186,373	176,250	3.0	%
Feradyne Outdoors, LLC(15)(27)	First lien senior secured loan	S +	6.25%	5/2026	73,911	73,904	69,846	1.2	%
Foundation Consumer Brands, LLC(15)(27)	First lien senior secured loan	S +	6.25%	2/2027	3,340	3,340	3,340	0.1	%
Lignetics Investment Corp.(15)(27)	First lien senior secured loan	S +	6.00%	11/2027	34,814	34,480	34,379	0.6	%
Lignetics Investment Corp.(10)(16)(27)	First lien senior secured revolving loan	S +	6.00%	10/2026	4,549	4,510	4,490	0.1	%
SWK BUYER, Inc. (dba Stonewall Kitchen)(16)(27)	First lien senior secured loan	S +	5.25%	3/2029	747	734	717	—	%
SWK BUYER, Inc. (dba Stonewall Kitchen)(10)(16)(27)	First lien senior secured revolving loan	S +	5.25%	3/2029	65	64	62	—	%
WU Holdco, Inc. (dba Weiman Products, LLC)(15)(27)	First lien senior secured loan	S +	5.50%	3/2026	201,822	199,771	195,262	3.3	%
WU Holdco, Inc. (dba Weiman Products, LLC)(10)(15)(27)	First lien senior secured revolving loan	S +	5.50%	3/2025	11,139	11,014	10,515	0.2	%
					517,887	514,190	494,861	8.5	%


Company(1)(4)(8)(34)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets
Containers and packaging
Ascend Buyer, LLC (dba PPC Flexible Packaging)(15)(27)	First lien senior secured loan	S +	6.40%	10/2028	5,470	5,426	5,470	0.1	%
Ascend Buyer, LLC (dba PPC Flexible Packaging)(10)(23)(27)	First lien senior secured revolving loan	S +	6.40%	9/2027	—	(4)	—	—	%
Fortis Solutions Group, LLC(15)(27)	First lien senior secured loan	S +	5.50%	10/2028	4,605	4,532	4,502	0.1	%
Fortis Solutions Group, LLC(10)(15)(27)	First lien senior secured revolving loan	S +	5.50%	10/2027	62	55	51	—	%
Indigo Buyer, Inc. (dba Inovar Packaging Group)(15)(27)	First lien senior secured loan	S +	6.25%	5/2028	893	884	893	—	%
Indigo Buyer, Inc. (dba Inovar Packaging Group)(10)(15)(27)	First lien senior secured revolving loan	S +	6.25%	5/2028	17	16	17	—	%
Pregis Topco LLC(11)(27)	Second lien senior secured loan	L +	7.02%	8/2029	160,000	157,836	159,329	2.7	%
					171,047	168,745	170,262	2.9	%
Distribution
ABB/Con-cise Optical Group LLC(15)(27)	First lien senior secured loan	S +	7.50%	2/2028	63,619	62,832	62,187	1.0	%
Endries Acquisition, Inc.(14)(27)	First lien senior secured loan	S +	6.25%	12/2025	236,381	234,699	236,381	4.0	%
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC)(15)(27)	First lien senior secured loan	S +	6.25%	11/2025	132,753	131,540	132,753	2.2	%
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC)(10)(15)(27)	First lien senior secured revolving loan	S +	6.25%	11/2024	2,277	2,147	2,277	—	%
Offen, Inc.(16)(27)	First lien senior secured loan	S +	5.00%	6/2026	18,668	18,582	18,668	0.3	%
					453,698	449,800	452,266	7.5	%
Education
Learning Care Group (US) No. 2 Inc.(6)(12)(27)	Second lien senior secured loan	L +	7.50%	3/2026	26,967	26,758	26,597	0.4	%
Pluralsight, LLC(15)(27)	First lien senior secured loan	S +	8.00%	4/2027	99,450	98,724	97,958	1.6	%
Pluralsight, LLC(10)(15)(27)	First lien senior secured revolving loan	S +	8.00%	4/2027	3,118	3,079	3,024	0.1	%
					129,535	128,561	127,579	2.1	%
Financial services
Adenza Group, Inc.(14)(27)	First lien senior secured loan	S +	5.75%	12/2027	199,718	198,035	199,718	3.4	%
Adenza Group, Inc.(10)(23)(24)(27)	First lien senior secured delayed draw term loan	S +	5.75%	7/2023	—	(29)	—	—	%
Adenza Group, Inc.(10)(23)(27)	First lien senior secured revolving loan	S +	5.75%	12/2025	—	(117)	—	—	%
Blackhawk Network Holdings, Inc.(12)(27)	Second lien senior secured loan	L +	7.00%	6/2026	106,400	105,949	106,134	1.8	%


Company(1)(4)(8)(34)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets
Blend Labs, Inc.(14)(27)	First lien senior secured loan	S +	7.50%	6/2026	67,500	66,423	65,813	1.1	%
Blend Labs, Inc.(10)(23)(27)	First lien senior secured revolving loan	S +	7.50%	6/2026	—	(45)	(188)	—	%
Muine Gall, LLC(9)(16)(27)(29)	First lien senior secured loan	S +	7.00% PIK	9/2026	132,312	133,131	131,319	2.2	%
NMI Acquisitionco, Inc. (dba Network Merchants)(14)(27)	First lien senior secured loan	S +	5.75%	9/2025	24,916	24,820	24,730	0.4	%
NMI Acquisitionco, Inc. (dba Network Merchants)(10)(14)(24)(27)	First lien senior secured delayed draw term loan	S +	5.75%	10/2023	5,893	5,829	5,849	0.1	%
NMI Acquisitionco, Inc. (dba Network Merchants)(10)(23)(27)	First lien senior secured revolving loan	S +	5.75%	9/2025	—	(10)	(12)	—	%
Smarsh Inc.(16)(27)	First lien senior secured loan	S +	6.50%	2/2029	762	755	758	—	%
Smarsh Inc.(10)(16)(24)(27)	First lien senior secured delayed draw term loan	S +	6.50%	2/2024	95	94	94	—	%
Smarsh Inc.(10)(27)	First lien senior secured revolving loan	S +	6.50%	2/2029	—	—	—	—	%
					537,596	534,835	534,215	9.0	%
Food and beverage
Balrog Acquisition, Inc. (dba Bakemark)(15)(27)	Second lien senior secured loan	S +	7.00%	9/2029	22,000	21,846	21,780	0.4	%
BP Veraison Buyer, LLC (dba Sun World)(15)(27)	First lien senior secured loan	S +	5.50%	5/2027	68,335	67,745	67,993	1.1	%
BP Veraison Buyer, LLC (dba Sun World)(10)(23)(27)	First lien senior secured revolving loan	S +	5.50%	5/2027	—	(70)	(44)	—	%
H-Food Holdings, LLC(12)(27)	Second lien senior secured loan	L +	7.00%	3/2026	121,800	120,517	95,613	1.6	%
Hissho Sushi Merger Sub LLC(15)(27)	First lien senior secured loan	S +	5.50%	5/2028	897	889	897	—	%
Hissho Sushi Merger Sub LLC(10)(15)(27)	First lien senior secured revolving loan	S +	5.50%	5/2028	5	4	5	—	%
Hometown Food Company(11)(27)	First lien senior secured loan	L +	5.00%	8/2023	12,064	12,055	12,064	0.2	%
Hometown Food Company(10)(23)(27)	First lien senior secured revolving loan	L +	5.00%	8/2023	—	(3)	—	—	%
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(14)(27)	First lien senior secured loan	S +	6.25%	3/2027	125,000	123,173	122,814	2.1	%
Nellson Nutraceutical, LLC(15)(27)	First lien senior secured loan	S +	5.75%	12/2025	25,884	25,715	25,689	0.4	%
The Better Being Co., LLC (fka Nutraceutical International Corporation)(14)(27)	First lien senior secured loan	S +	7.50% (4.00% PIK)	9/2026	188,353	186,698	160,571	2.7	%
The Better Being Co., LLC (fka Nutraceutical International Corporation)(14)(27)	First lien senior secured revolving loan	S +	7.50% (4.00% PIK)	9/2026	13,803	13,712	11,768	0.2	%


Company(1)(4)(8)(34)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets
Ole Smoky Distillery, LLC(14)(27)	First lien senior secured loan	S +	5.00%	3/2028	873	858	860	—	%
Ole Smoky Distillery, LLC(10)(23)(27)	First lien senior secured revolving loan	S +	5.00%	3/2028	—	(2)	(2)	—	%
Recipe Acquisition Corp. (dba Roland Corporation)(15)	Second lien senior secured loan	S +	9.00%	12/2023	32,000	31,980	31,760	0.5	%
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)(15)(27)	First lien senior secured loan	S +	4.50%	7/2025	43,182	42,892	40,915	0.7	%
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)(10)(15)(27)	First lien senior secured revolving loan	S +	4.50%	7/2025	6,300	6,297	5,828	0.1	%
Shearer's Foods, LLC(14)(27)	Second lien senior secured loan	S +	7.75%	9/2028	86,400	85,785	86,400	1.5	%
Tall Tree Foods, Inc.(15)(30)	First lien senior secured loan	S +	9.25% PIK	12/2023	63,065	59,541	54,867	0.9	%
Tall Tree Foods, Inc.(10)(15)(30)	First lien senior secured delayed draw term loan	S +	9.25% PIK	12/2023	4,615	3,017	4,015	0.1	%
Ultimate Baked Goods Midco, LLC(14)(27)	First lien senior secured loan	S +	6.25%	8/2027	80,823	79,328	79,813	1.3	%
Ultimate Baked Goods Midco, LLC(10)(23)(27)	First lien senior secured revolving loan	S +	6.25%	8/2027	—	(171)	(124)	—	%
					895,399	881,806	823,482	13.8	%
Healthcare equipment and services
Confluent Medical Technologies, Inc.(15)(27)	Second lien senior secured loan	S +	6.50%	2/2030	1,000	983	983	—	%
CSC MKG Topco LLC (dba Medical Knowledge Group)(14)(27)	First lien senior secured loan	S +	5.75%	2/2029	1,268	1,247	1,249	—	%
Medline Borrower, LP(10)(23)(27)	First lien senior secured revolving loan	S +	3.25%	10/2026	—	(107)	(198)	—	%
Nelipak Holding Company(15)(27)	First lien senior secured loan	S +	4.25%	7/2026	2,274	2,252	2,274	—	%
Nelipak Holding Company(15)(27)	Second lien USD senior secured loan	S +	8.25%	7/2027	67,006	66,404	67,006	1.1	%
Nelipak Holding Company(10)(14)(27)	First lien senior secured USD revolving loan	S +	4.25%	7/2024	1,206	1,176	1,206	—	%
Nelipak Holding Company(10)(18)(27)	First lien senior secured EUR revolving loan	E +	4.50%	7/2024	1,754	1,610	1,754	—	%
Nelipak Holding Company(19)(27)	Second lien EUR senior secured loan	E +	8.50%	7/2027	65,569	66,659	65,242	1.1	%
Packaging Coordinators Midco, Inc.(12)(27)	Second lien senior secured loan	L +	7.00%	12/2029	196,044	192,972	189,182	3.2	%


Company(1)(4)(8)(34)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.) (15)(27)(29)	First lien senior secured loan	S +	6.75%	1/2028	134,683	133,087	133,000	2.2	%
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.) (10)(23)(27)(29)	First lien senior secured revolving loan	S +	6.75%	1/2026	—	(145)	(169)	—	%
PerkinElmer U.S. LLC(15)(27)	First lien senior secured loan	S +	6.75%	3/2029	913	897	897	—	%
Rhea Parent, Inc.(15)(27)	First lien senior secured loan	S +	5.75%	2/2029	766	753	758	—	%
					472,483	467,788	463,184	7.6	%
Healthcare providers and services
Covetrus Inc.(15)(27)	Second lien senior secured loan	S +	9.25%	10/2030	5,000	4,903	4,838	0.1	%
Diagnostic Services Holdings, Inc. (dba Rayus Radiology)(14)(27)	First lien senior secured loan	S +	5.50%	3/2025	996	996	989	—	%
Engage Debtco Limited(15)(27)(29)	First lien senior secured loan	S +	5.90%	7/2029	1,000	978	983	—	%
National Dentex Labs LLC (fka Barracuda Dental LLC)(15)(27)	First lien senior secured loan	S +	8.00% (3.00% PIK)	4/2026	107,108	106,237	104,431	1.8	%
National Dentex Labs LLC (fka Barracuda Dental LLC)(10)(15)(27)	First lien senior secured revolving loan	S +	7.00%	4/2026	7,493	7,378	7,258	0.1	%
Natural Partners, LLC(15)(27)(29)	First lien senior secured loan	S +	6.00%	11/2027	920	905	910	—	%
Natural Partners, LLC(10)(23)(27)(29)	First lien senior secured revolving loan	S +	6.00%	11/2027	—	(1)	(1)	—	%
OB Hospitalist Group, Inc.(14)(27)	First lien senior secured loan	S +	5.50%	9/2027	94,309	92,887	92,659	1.6	%
OB Hospitalist Group, Inc.(10)(15)(27)	First lien senior secured revolving loan	S +	5.50%	9/2027	6,665	6,451	6,400	0.1	%
Ex Vivo Parent Inc. (dba OB Hospitalist)(12)(27)	First lien senior secured loan	L +	9.75% PIK	9/2028	62,013	61,065	60,462	1.0	%
Pacific BidCo Inc.(15)(27)(29)	First lien senior secured loan	S +	5.75%	8/2029	30,924	30,224	30,460	0.5	%
Pacific BidCo Inc.(10)(23)(24)(27)(29)	First lien senior secured delayed draw term loan	S +	5.75%	8/2025	—	(37)	(9)	—	%
Phoenix Newco, Inc. (dba Parexel)(14)(27)	Second lien senior secured loan	S +	6.50%	11/2029	190,000	188,388	188,575	3.2	%
Plasma Buyer LLC (dba PathGroup)(15)(27)	First lien senior secured loan	S +	5.75%	5/2029	676	664	659	—	%
Plasma Buyer LLC (dba PathGroup)(10)(23)(24)(27)	First lien senior secured delayed draw term loan	S +	5.75%	5/2024	—	(1)	(3)	—	%
Plasma Buyer LLC (dba PathGroup)(10)(23)(27)	First lien senior secured revolving loan	S +	5.75%	5/2028	—	(1)	(2)	—	%
PPV Intermediate Holdings, LLC(15)(27)	First lien senior secured loan	S +	5.75%	8/2029	933	916	921	—	%
PPV Intermediate Holdings, LLC(10)(23)(27)	First lien senior secured revolving loan	S +	5.75%	8/2029	—	(1)	(1)	—	%
Premier Imaging, LLC (dba LucidHealth)(14)(27)	First lien senior secured loan	S +	6.00%	1/2025	42,823	42,570	42,395	0.7	%


Company(1)(4)(8)(34)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets
Quva Pharma, Inc.(14)(27)	First lien senior secured loan	S +	5.50%	4/2028	39,300	38,427	38,711	0.7	%
Quva Pharma, Inc.(10)(14)(27)	First lien senior secured revolving loan	S +	5.50%	4/2026	1,840	1,773	1,780	—	%
Tivity Health, Inc.(15)(27)	First lien senior secured loan	S +	6.00%	6/2029	993	970	985	—	%
Unified Women's Healthcare, LP(14)(27)	First lien senior secured loan	S +	5.25%	6/2029	903	897	903	—	%
Unified Women's Healthcare, LP(10)(24)(27)	First lien senior secured delayed draw term loan	S +	5.25%	6/2024	—	—	—	—	%
Unified Women's Healthcare, LP(10)(23)(27)	First lien senior secured revolving loan	S +	5.25%	6/2029	—	(1)	—	—	%
Vermont Aus Pty Ltd(15)(27)(29)	First lien senior secured loan	S +	5.50%	3/2028	988	967	973	—	%
					594,884	587,554	585,276	9.8	%
Healthcare technology
BCPE Osprey Buyer, Inc. (dba PartsSource)(12)(27)	First lien senior secured loan	L +	5.75%	8/2028	112,341	110,929	110,375	1.9	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(10)(23)(24)(27)	First lien senior secured delayed draw term loan	L +	5.75%	8/2023	—	(209)	(175)	—	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(10)(12)(27)	First lien senior secured revolving loan	L +	5.75%	8/2026	4,479	4,350	4,271	0.1	%
GI Ranger Intermediate, LLC (dba Rectangle Health)(15)(27)	First lien senior secured loan	S +	5.75%	10/2028	4,562	4,489	4,482	0.1	%
GI Ranger Intermediate, LLC (dba Rectangle Health)(10)(15)(27)	First lien senior secured revolving loan	S +	5.75%	10/2027	147	142	141	—	%
Imprivata, Inc.(14)(27)	Second lien senior secured loan	S +	6.25%	12/2028	882	874	869	—	%
Ocala Bidco, Inc.(12)(27)	First lien senior secured loan	L +	6.25% (2.75% PIK)	11/2028	185,272	181,668	182,030	3.1	%
Ocala Bidco, Inc.(10)(23)(24)(27)	First lien senior secured delayed draw term loan	L +	5.75%	5/2024	—	(183)	(95)	—	%
Ocala Bidco, Inc.(15)(27)	Second lien senior secured loan	S +	10.50% PIK	11/2033	103,250	101,661	102,217	1.7	%
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(15)(27)(29)	First lien senior secured loan	S +	6.50%	8/2026	117,198	116,316	115,733	1.9	%
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(10)(15)(27)(29)	First lien senior secured revolving loan	S +	6.50%	8/2026	3,569	3,491	3,468	0.1	%
Interoperability Bidco, Inc. (dba Lyniate)(15)(27)	First lien senior secured loan	S +	7.00%	12/2026	66,120	65,795	65,459	1.1	%
Interoperability Bidco, Inc. (dba Lyniate)(10)(15)(27)	First lien senior secured revolving loan	S +	7.00%	12/2024	1,580	1,542	1,527	—	%
					599,400	590,865	590,302	10.0	%


Company(1)(4)(8)(34)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets
Household products
Aptive Environmental, LLC(22)(27)	First lien senior secured loan		12.00% (6.00% PIK)	1/2026	12,601	10,903	11,877	0.2	%
HGH Purchaser, Inc. (dba Horizon Services)(15)(27)	First lien senior secured loan	S +	6.50%	11/2025	188,658	187,354	187,715	3.2	%
HGH Purchaser, Inc. (dba Horizon Services)(10)(15)(27)	First lien senior secured revolving loan	S +	6.50%	11/2025	16,383	16,282	16,300	0.3	%
Mario Purchaser, LLC (dba Len the Plumber)(14)(27)	First lien senior secured loan	S +	5.75%	4/2029	12,976	12,750	12,911	0.2	%
Mario Purchaser, LLC (dba Len the Plumber)(10)(14)(24)(27)	First lien senior secured delayed draw term loan	S +	5.75%	4/2024	3,158	3,072	3,143	0.1	%
Mario Purchaser, LLC (dba Len the Plumber)(10)(23)(27)	First lien senior secured revolving loan	S +	5.75%	4/2028	—	(22)	(7)	—	%
Mario Midco Holdings, Inc. (dba Len the Plumber)(14)(27)	Unsecured facility	S +	10.75% PIK	4/2032	4,414	4,308	4,380	0.1	%
SimpliSafe Holding Corporation(14)(27)	First lien senior secured loan	S +	6.25%	5/2028	6,111	6,007	6,065	0.1	%
SimpliSafe Holding Corporation(10)(23)(24)(27)	First lien senior secured delayed draw term loan	S +	6.25%	5/2024	—	(6)	—	—	%
					244,301	240,648	242,384	4.2	%
Human resource support services
Cornerstone OnDemand, Inc.(15)(27)	Second lien senior secured loan	S +	6.50%	10/2029	115,833	114,374	108,883	1.8	%
IG Investments Holdings, LLC (dba Insight Global)(15)(27)	First lien senior secured loan	S +	6.00%	9/2028	50,133	49,335	49,757	0.8	%
IG Investments Holdings, LLC (dba Insight Global)(10)(23)(27)	First lien senior secured revolving loan	S +	6.00%	9/2027	—	(56)	(30)	—	%
					165,966	163,653	158,610	2.6	%
Infrastructure and environmental services
GI Apple Midco LLC (dba Atlas Technical Consultants)(14)(27)	First lien senior secured loan	S +	6.75%	4/2030	730	716	715	—	%
GI Apple Midco LLC (dba Atlas Technical Consultants)(10)(23)(24)(27)	First lien senior secured delayed draw term loan	S +	6.75%	4/2025	—	(1)	(1)	—	%
GI Apple Midco LLC (dba Atlas Technical Consultants)(10)(14)(27)	First lien senior secured revolving loan	S +	6.75%	4/2029	32	30	29	—	%
LineStar Integrity Services LLC(16)(27)	First lien senior secured loan	S +	7.25%	2/2026	52,162	52,279	49,814	0.8	%
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(15)(27)	First lien senior secured loan	S +	5.25%	3/2028	851	837	840	—	%
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(10)(15)(27)	First lien senior secured revolving loan	S +	5.25%	3/2028	23	21	21	—	%
					53,798	53,882	51,418	0.8	%


Company(1)(4)(8)(34)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets
Insurance
Alera Group, Inc.(14)(27)	First lien senior secured loan	S +	6.00%	10/2028	34,638	34,024	34,638	0.6	%
AmeriLife Holdings LLC(16)(27)	First lien senior secured loan	S +	5.75%	8/2029	724	710	716	—	%
AmeriLife Holdings LLC(10)(16)(24)(27)	First lien senior secured delayed draw term loan	S +	5.75%	9/2024	121	118	119	—	%
AmeriLife Holdings LLC(10)(16)(27)	First lien senior secured revolving loan	S +	5.75%	8/2028	15	14	14	—	%
Ardonagh Midco 3 PLC(16)(27)(29)	First lien senior secured USD term loan	S +	6.00%	7/2026	26,784	26,431	26,650	0.4	%
Ardonagh Midco 3 PLC(20)(27)(29)	First lien senior secured EUR term loan	E +	7.25%	7/2026	9,966	10,078	9,966	0.2	%
Ardonagh Midco 3 PLC(21)(27)(29)	First lien senior secured GBP term loan	SA +	7.25%	7/2026	110,173	107,434	110,173	1.9	%
Ardonagh Midco 3 PLC(20)(27)(29)	First lien senior secured GBP delayed draw term loan	E +	5.75%	7/2026	10,361	11,024	10,309	0.2	%
Ardonagh Midco 2 PLC(6)(22)(27)(29)	Unsecured notes		11.50%	1/2027	11,912	11,854	10,970	0.2	%
Brightway Holdings, LLC(15)(27)	First lien senior secured loan	S +	6.50%	12/2027	26,507	26,245	25,976	0.4	%
Brightway Holdings, LLC(10)(15)(27)	First lien senior secured revolving loan	S +	6.50%	12/2027	1,579	1,550	1,516	—	%
Evolution BuyerCo, Inc. (dba SIAA)(15)(27)	First lien senior secured loan	S +	6.25%	4/2028	140,997	139,495	139,588	2.3	%
Evolution BuyerCo, Inc. (dba SIAA)(10)(23)(27)	First lien senior secured revolving loan	S +	6.25%	4/2027	—	(97)	(107)	—	%
Integrity Marketing Acquisition, LLC(15)(27)	First lien senior secured loan	S +	5.80%	8/2025	215,526	214,067	215,526	3.6	%
Integrity Marketing Acquisition, LLC(10)(23)(27)	First lien senior secured revolving loan	S +	5.75%	8/2025	—	(80)	—	—	%
Norvax, LLC (dba GoHealth)(14)(27)	First lien senior secured loan	S +	7.50%	9/2025	74,319	72,949	73,390	1.2	%
Norvax, LLC (dba GoHealth)(10)(23)(27)	First lien senior secured revolving loan	S +	6.50%	9/2024	—	(44)	(153)	—	%
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(14)(27)	First lien senior secured loan	S +	6.00%	11/2028	134,225	133,143	134,225	2.3	%
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(10)(23)(27)	First lien senior secured revolving loan	S +	6.00%	11/2027	—	(45)	—	—	%
PCF Midco II, LLC (dba PCF Insurance Services)(22)(27)	First lien senior secured loan		9.00% PIK	10/2031	137,884	127,785	126,508	2.1	%


Company(1)(4)(8)(34)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets
Summit Acquisition Inc. (dba K2 Insurance Services)(15)(27)	First lien senior secured loan	S +	6.75%	5/2030	733	712	711	—	%
Summit Acquisition Inc. (dba K2 Insurance Services)(10)(23)(24)(27)	First lien senior secured delayed draw term loan	S +	6.75%	11/2024	—	(3)	(3)	—	%
Summit Acquisition Inc. (dba K2 Insurance Services)(10)(23)(27)	First lien senior secured revolving loan	S +	6.75%	5/2029	—	(3)	(3)	—	%
Tempo Buyer Corp. (dba Global Claims Services)(15)(27)	First lien senior secured loan	S +	5.50%	8/2028	1,072	1,055	1,056	—	%
Tempo Buyer Corp. (dba Global Claims Services)(10)(23)(24)(27)	First lien senior secured delayed draw term loan	S +	5.50%	8/2023	—	(2)	(2)	—	%
Tempo Buyer Corp. (dba Global Claims Services)(10)(17)(27)	First lien senior secured revolving loan	P +	4.25%	8/2027	58	56	56	—	%
THG Acquisition, LLC (dba Hilb)(14)(27)	First lien senior secured loan	S +	5.75%	12/2026	74,359	73,342	73,615	1.2	%
THG Acquisition, LLC (dba Hilb)(10)(14)(27)	First lien senior secured revolving loan	S +	5.75%	12/2025	1,913	1,820	1,827	—	%
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(15)(27)	First lien senior secured loan	S +	5.75%	7/2027	38,500	37,938	38,115	0.6	%
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(10)(23)(27)	First lien senior secured revolving loan	S +	5.75%	7/2027	—	(58)	(42)	—	%
KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners)(14)(27)	First lien senior secured loan	S +	10.50% PIK	7/2030	33,150	32,746	32,984	0.6	%
					1,085,516	1,064,258	1,068,338	17.8	%
Internet software and services
3ES Innovation Inc. (dba Aucerna)(15)(27)(29)	First lien senior secured loan	S +	6.50%	5/2025	60,323	60,008	60,323	1.0	%
3ES Innovation Inc. (dba Aucerna)(10)(14)(27)(29)	First lien senior secured revolving loan	S +	6.50%	5/2025	1,700	1,685	1,700	—	%
Accela, Inc.(14)	First lien senior secured loan	S +	7.50% (4.25% PIK)	9/2024	28,205	28,097	28,064	0.5	%
Accela, Inc.(10)(23)	First lien senior secured revolving loan	S +	7.50%	9/2024	—	—	(15)	—	%
Anaplan, Inc.(14)(27)	First lien senior secured loan	S +	6.50%	6/2029	135,082	133,877	135,082	2.3	%
Anaplan, Inc.(10)(23)(27)	First lien senior secured revolving loan	S +	6.50%	6/2028	—	(81)	—	—	%
Apptio, Inc.(12)(27)	First lien senior secured loan	L +	5.00%	1/2025	50,916	50,521	50,916	0.9	%
Apptio, Inc.(10)(12)(27)	First lien senior secured revolving loan	L +	5.00%	1/2025	834	819	834	—	%
Armstrong Bidco Limited (dba The Access Group)(21)(27)(29)	First lien senior secured loan	SA +	5.25%	6/2029	2,473	2,340	2,454	—	%
Armstrong Bidco Limited (dba The Access Group)(10)(21)(24)(27)(29)	First lien senior secured delayed draw term loan	SA +	5.25%	6/2025	1,133	1,072	1,125	—	%


Company(1)(4)(8)(34)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets
Bayshore Intermediate #2, L.P. (dba Boomi)(15)(27)	First lien senior secured loan	S +	7.50% PIK	10/2028	99,015	97,501	97,530	1.6	%
Bayshore Intermediate #2, L.P. (dba Boomi)(10)(15)(27)	First lien senior secured revolving loan	S +	6.50%	10/2027	1,384	1,274	1,280	—	%
BCPE Nucleon (DE) SPV, LP(13)(27)(29)	First lien senior secured loan	L +	7.00%	9/2026	189,778	188,005	189,778	3.2	%
BCTO BSI Buyer, Inc. (dba Buildertrend)(15)(27)	First lien senior secured loan	S +	8.00% PIK	12/2026	55,101	54,723	55,101	0.9	%
BCTO BSI Buyer, Inc. (dba Buildertrend)(10)(23)(27)	First lien senior secured revolving loan	S +	7.00%	12/2026	—	(74)	—	—	%
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(15)(27)	First lien senior secured loan	S +	5.50%	8/2027	10,498	10,306	9,868	0.2	%
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(10)(15)(24)(27)	First lien senior secured delayed draw term loan	S +	5.50%	8/2023	2,362	2,311	2,168	—	%
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(10)(14)(27)	First lien senior secured revolving loan	S +	5.50%	8/2027	714	700	666	—	%
Centrify Corporation(15)(27)	First lien senior secured loan	S +	5.75%	3/2028	65,892	64,689	65,399	1.1	%
Centrify Corporation(10)(23)(27)	First lien senior secured revolving loan	S +	5.75%	3/2027	—	(123)	(51)	—	%
CivicPlus, LLC(12)(27)	First lien senior secured loan	L +	6.75% (2.50% PIK)	8/2027	35,133	34,861	35,133	0.6	%
CivicPlus, LLC(10)(11)(27)	First lien senior secured revolving loan	L +	6.00%	8/2027	486	466	486	—	%
CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC)(16)(27)	Unsecured notes	S +	11.75% PIK	6/2034	19,587	19,126	19,489	0.3	%
Coupa Holdings, LLC(14)(27)	First lien senior secured loan	S +	7.50%	2/2030	785	766	766	—	%
Coupa Holdings, LLC(10)(23)(24)(27)	First lien senior secured delayed draw term loan	S +	7.50%	8/2024	—	(1)	(1)	—	%
Coupa Holdings, LLC(10)(23)(27)	First lien senior secured revolving loan	S +	7.50%	2/2029	—	(1)	(1)	—	%
Delta TopCo, Inc. (dba Infoblox, Inc.)(16)(27)	Second lien senior secured loan	S +	7.25%	12/2028	15,000	14,945	14,550	0.2	%
EET Buyer, Inc. (dba e-Emphasys)(15)(27)	First lien senior secured loan	S +	6.50%	11/2027	4,489	4,454	4,489	0.1	%
EET Buyer, Inc. (dba e-Emphasys)(10)(23)(27)	First lien senior secured revolving loan	S +	6.50%	11/2027	—	(3)	—	—	%
Forescout Technologies, Inc.(12)(27)	First lien senior secured loan	L +	9.35% PIK	8/2026	108,635	107,801	109,178	1.8	%
Forescout Technologies, Inc.(10)(23)(24)(27)	First lien senior secured delayed draw term loan	L +	9.00%	7/2024	—	(185)	—	—	%
Forescout Technologies, Inc.(10)(23)(27)	First lien senior secured revolving loan	L +	8.50%	8/2025	—	(40)	—	—	%


Company(1)(4)(8)(34)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets
Genesis Acquisition Co. (dba Procare Software)(15)(27)	First lien senior secured loan	S +	5.00%	7/2025	17,848	17,776	17,804	0.3	%
Genesis Acquisition Co. (dba Procare Software)(15)(27)	First lien senior secured revolving loan	S +	5.00%	7/2025	2,637	2,627	2,630	—	%
Granicus, Inc.(15)(27)	First lien senior secured loan	S +	5.50%	1/2027	15,890	15,646	15,612	0.3	%
Granicus, Inc.(10)(15)(27)	First lien senior secured revolving loan	S +	6.50%	1/2027	368	351	347	—	%
H&F Opportunities LUX III S.À R.L (dba Checkmarx)(14)(27)(29)	First lien senior secured loan	S +	7.50%	4/2026	51,567	50,744	51,567	0.9	%
H&F Opportunities LUX III S.À R.L (dba Checkmarx)(10)(23)(27)(29)	First lien senior secured revolving loan	S +	7.50%	4/2026	—	(227)	—	—	%
Hyland Software, Inc.(6)(11)(27)	Second lien senior secured loan	L +	6.25%	7/2025	15,482	15,474	14,824	0.2	%
Litera Bidco LLC(14)(27)	First lien senior secured loan	S +	5.25%	5/2026	147,916	146,794	147,756	2.5	%
Litera Bidco LLC(10)(23)(27)	First lien senior secured revolving loan	S +	5.25%	5/2026	—	(25)	(14)	—	%
MessageBird BidCo B.V.(11)(27)(29)	First lien senior secured loan	L +	6.75%	5/2027	44,917	44,221	44,468	0.7	%
MINDBODY, Inc.(11)(27)	First lien senior secured loan	L +	7.00%	2/2025	67,637	67,387	67,298	1.1	%
MINDBODY, Inc.(10)(23)(27)	First lien senior secured revolving loan	L +	7.00%	2/2025	—	(16)	(30)	—	%
Ministry Brands Holdings, LLC(14)(27)	First lien senior secured loan	S +	5.50%	12/2028	697	686	683	—	%
Ministry Brands Holdings, LLC(10)(14)(24)(27)	First lien senior secured delayed draw term loan	S +	5.50%	12/2023	28	26	26	—	%
Ministry Brands Holdings, LLC(10)(15)(27)	First lien senior secured revolving loan	S +	5.50%	12/2027	25	24	24	—	%
Proofpoint, Inc.(14)(27)	Second lien senior secured loan	S +	6.25%	8/2029	19,600	19,519	18,963	0.3	%
QAD, Inc.(14)(27)	First lien senior secured loan	S +	5.38%	11/2027	26,239	25,835	25,714	0.4	%
QAD, Inc.(10)(23)(27)	First lien senior secured revolving loan	S +	5.38%	11/2027	—	(50)	(69)	—	%
SailPoint Technologies Holdings, Inc.(14)(27)	First lien senior secured loan	S +	6.25%	8/2029	45,640	44,763	45,070	0.8	%
SailPoint Technologies Holdings, Inc.(10)(23)(27)	First lien senior secured revolving loan	S +	6.25%	8/2028	—	(74)	(54)	—	%
Securonix, Inc.(15)(27)	First lien senior secured loan	S +	6.50%	4/2028	847	840	818	—	%
Securonix, Inc.(10)(23)(27)	First lien senior secured revolving loan	S +	6.50%	4/2028	—	(1)	(5)	—	%


Company(1)(4)(8)(34)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets
Tahoe Finco, LLC(11)(27)(29)	First lien senior secured loan	L +	6.00%	9/2028	123,256	122,270	122,023	2.1	%
Tahoe Finco, LLC(10)(23)(27)(29)	First lien senior secured revolving loan	L +	6.00%	10/2027	—	(66)	(92)	—	%
Thunder Purchaser, Inc. (dba Vector Solutions)(15)(27)	First lien senior secured loan	S +	5.75%	6/2028	63,825	63,339	63,347	1.1	%
Thunder Purchaser, Inc. (dba Vector Solutions)(10)(15)(24)(27)	First lien senior secured delayed draw term loan	S +	5.75%	8/2023	3,908	3,875	3,879	0.1	%
Thunder Purchaser, Inc. (dba Vector Solutions)(10)(15)(27)	First lien senior secured revolving loan	S +	5.75%	6/2027	3,235	3,209	3,206	0.1	%
When I Work, Inc.(12)(27)	First lien senior secured loan	L +	7.00% PIK	11/2027	5,384	5,346	5,290	0.1	%
When I Work, Inc.(10)(23)(27)	First lien senior secured revolving loan	L +	6.00%	11/2027	—	(7)	(16)	—	%
Zendesk, Inc.(15)(27)	First lien senior secured loan	S +	7.00% (3.50% PIK)	11/2028	70,017	68,737	68,791	1.2	%
Zendesk, Inc.(10)(23)(24)(27)	First lien senior secured delayed draw term loan	S +	6.50%	11/2024	—	(578)	(130)	—	%
Zendesk, Inc.(10)(23)(27)	First lien senior secured revolving loan	S +	6.50%	11/2028	—	(128)	(125)	—	%
					1,616,488	1,598,156	1,605,916	26.9	%
Leisure and entertainment
Troon Golf, L.L.C.(15)(27)	First lien senior secured loan	S +	5.75%	8/2027	238,919	238,043	237,724	4.0	%
Troon Golf, L.L.C.(10)(23)(27)	First lien senior secured revolving loan	S +	5.75%	8/2026	—	(67)	(108)	—	%
					238,919	237,976	237,616	4.0	%
Manufacturing
BCPE Watson (DE) ORML, LP(9)(16)(27)(29)	First lien senior secured loan	S +	6.50%	7/2028	15,000	14,869	14,925	0.3	%
Gloves Buyer, Inc. (dba Protective Industrial Products)(14)(27)	Second lien senior secured loan	S +	8.25%	12/2028	29,250	28,687	28,811	0.5	%
Helix Acquisition Holdings, Inc. (dba MW Industries)(15)(27)	First lien senior secured loan	S +	7.00%	3/2030	1,000	971	973	—	%
Ideal Tridon Holdings, Inc.(16)(27)	First lien senior secured loan	S +	6.75%	4/2028	27,370	26,579	26,549	0.4	%
Ideal Tridon Holdings, Inc.(10)(14)(27)	First lien senior secured revolving loan	S +	6.75%	4/2028	732	659	655	—	%
MHE Intermediate Holdings, LLC (dba OnPoint Group)(15)(27)	First lien senior secured loan	S +	6.00%	7/2027	180,855	179,538	179,950	3.0	%
MHE Intermediate Holdings, LLC (dba OnPoint Group)(10)(15)(27)	First lien senior secured revolving loan	S +	6.00%	7/2027	4,039	3,934	3,962	0.1	%
PHM Netherlands Midco B.V. (dba Loparex)(12)(27)	First lien senior secured loan	L +	4.50%	7/2026	774	740	741	—	%
PHM Netherlands Midco B.V. (dba Loparex)(12)(27)	Second lien senior secured loan	L +	8.75%	7/2027	112,000	107,171	108,640	1.8	%


Company(1)(4)(8)(34)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets
Safety Products/JHC Acquisition Corp. (dba Justrite Safety Group)(6)(14)(27)	First lien senior secured loan	S +	4.50%	6/2026	13,709	13,644	12,925	0.2	%
Sonny's Enterprises, LLC(15)(27)	First lien senior secured loan	S +	6.75%	8/2028	228,739	226,253	225,308	3.8	%
Sonny's Enterprises, LLC(10)(23)(24)(27)	First lien senior secured delayed draw term loan	S +	6.75%	11/2024	—	(15)	(15)	—	%
Sonny's Enterprises, LLC(10)(23)(27)	First lien senior secured revolving loan	S +	6.75%	8/2027	—	(162)	(270)	—	%
					613,468	602,868	603,154	10.1	%
Oil and gas
Project Power Buyer, LLC (dba PEC-Veriforce)(15)(27)	First lien senior secured loan	S +	7.00%	5/2026	44,403	44,109	43,959	0.7	%
Project Power Buyer, LLC (dba PEC-Veriforce)(10)(23)(27)	First lien senior secured revolving loan	S +	7.00%	5/2025	—	(12)	(32)	—	%
					44,403	44,097	43,927	0.7	%
Professional services
AmSpec Group, Inc. (fka AmSpec Services Inc.)(13)(27)	First lien senior secured loan	L +	5.75%	7/2024	108,556	108,153	108,556	1.8	%
AmSpec Group, Inc. (fka AmSpec Services Inc.)(10)(17)(27)	First lien senior secured revolving loan	P +	3.75%	7/2024	7,428	7,385	7,428	0.1	%
Apex Group Treasury LLC(12)(27)(29)	Second lien senior secured loan	L +	6.75%	7/2029	44,147	43,535	43,375	0.7	%
Apex Service Partners, LLC(15)(27)	First lien senior secured loan	S +	5.50%	7/2025	989	979	987	—	%
Apex Service Partners, LLC(10)(27)	First lien senior secured revolving loan	S +	5.25%	7/2025	—	—	—	—	%
Apex Service Partners Intermediate 2, LLC(22)(27)	First lien senior secured loan		12.50% PIK	7/2027	53,329	52,312	52,663	0.9	%
Gerson Lehrman Group, Inc.(15)(27)	First lien senior secured loan	S +	5.25%	12/2024	120,990	120,659	120,990	2.0	%
Gerson Lehrman Group, Inc.(10)(14)(27)	First lien senior secured revolving loan	S +	5.25%	12/2024	10,782	10,730	10,782	0.2	%
Guidehouse Inc.(14)(27)	First lien senior secured loan	S +	6.25%	10/2028	4,579	4,543	4,557	0.1	%
Relativity ODA LLC(14)(27)	First lien senior secured loan	S +	6.50%	5/2027	85,834	85,059	85,834	1.4	%
Relativity ODA LLC(10)(23)(27)	First lien senior secured revolving loan	S +	6.50%	5/2027	—	(71)	—	—	%
Sensor Technology Topco, Inc. (dba Humanetics)(15)(27)	First lien senior secured loan	S +	6.50%	5/2026	63,708	63,247	63,230	1.1	%
Sensor Technology Topco, Inc. (dba Humanetics)(19)(27)	First lien senior secured EUR term loan	E +	6.75%	5/2026	12,512	12,368	12,418	0.2	%
Sensor Technology Topco, Inc. (dba Humanetics)(10)(19)(27)	First lien senior secured revolving loan	E +	6.75%	5/2026	1,152	1,112	1,110	—	%
					514,006	510,011	511,930	8.5	%


Company(1)(4)(8)(34)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(2)(3)		Fair Value		Percentage of Net Assets
Specialty retail
Galls, LLC(15)(27)	First lien senior secured loan	S +	6.75% (0.50% PIK)	1/2025	112,291		111,808		111,449		1.9	%
Galls, LLC(10)(15)(27)	First lien senior secured revolving loan	S +	6.75%	1/2024	14,633		14,496		14,389		0.2	%
Ideal Image Development, LLC(14)(27)	First lien senior secured loan	S +	6.50%	9/2027	11,620		11,418		10,632		0.2	%
Ideal Image Development, LLC(14)(27)	First lien senior secured revolving loan	S +	6.50%	9/2027	1,829		1,799		1,674		—	%
Milan Laser Holdings LLC(14)(27)	First lien senior secured loan	S +	5.00%	4/2027	23,933		23,769		23,933		0.4	%
Milan Laser Holdings LLC(10)(23)(27)	First lien senior secured revolving loan	S +	5.00%	4/2026	—		(12)		—		—	%
Notorious Topco, LLC (dba Beauty Industry Group)(15)(27)	First lien senior secured loan	S +	6.75%	11/2027	108,803		107,524		106,899		1.8	%
Notorious Topco, LLC (dba Beauty Industry Group)(10)(15)(24)(27)	First lien senior secured delayed draw term loan	S +	6.75%	11/2023	9,482		9,308		9,284		0.2	%
Notorious Topco, LLC (dba Beauty Industry Group)(10)(15)(27)	First lien senior secured revolving loan	S +	6.75%	5/2027	638		537		471		—	%
The Shade Store, LLC(15)(27)	First lien senior secured loan	S +	6.00%	10/2027	8,955		8,869		8,575		0.1	%
The Shade Store, LLC(10)(15)(27)	First lien senior secured revolving loan	S +	6.00%	10/2026	473		465		434		—	%
					292,657		289,981		287,740		4.8	%
Transportation
Lightbeam Bidco, Inc. (dba Lazer Spot)(15)(27)	First lien senior secured loan	S +	6.25%	5/2030	3,929		3,890		3,887		0.1	%
Lightbeam Bidco, Inc. (dba Lazer Spot)(10)(23)(24)(27)	First lien senior secured delayed draw term loan	S +	6.25%	11/2024	—		(3)		—		—	%
Lightbeam Bidco, Inc. (dba Lazer Spot)(10)(23)(27)	First lien senior secured revolving loan	S +	6.25%	5/2029	—		(5)		(5)		—	%
Lytx, Inc.(14)(27)	First lien senior secured loan	S +	6.75%	2/2028	71,005		70,394		70,651		1.2	%
Motus Group, LLC(11)(27)	Second lien senior secured loan	L +	6.50%	12/2029	10,810		10,717		10,649		0.2	%
					85,744		84,993		85,182		1.5	%
Total non-controlled/non-affiliated portfolio company debt investments					$	11,083,397	$	10,931,130	$	10,796,605	180.7	%

Equity Investments
Aerospace and defense
Space Exploration Technologies Corp.(27)(28)(31)	Class A Common Stock		N/A	N/A	46,605		2,556		3,588		0.1	%
Space Exploration Technologies Corp.(27)(28)(31)	Class C Common Stock		N/A	N/A	9,360		446		721		—	%
							3,002		4,309		0.1	%


Company(1)(4)(8)(34)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets
Asset based lending and fund finance
Amergin Asset Management, LLC(27)(28)(29)(31)	Class A Units		N/A	N/A	50,000,000	1	—	—	%
						1	—	—	%
Automotive
CD&R Value Building Partners I, L.P. (dba Belron)(27)(28)(29)(31)	LP Interest		N/A	N/A	32,912	32,911	35,154	0.6	%
Metis HoldCo, Inc. (dba Mavis Tire Express Services)(22)(27)(28)	Series A Convertible Preferred Stock		7.00% PIK	N/A	173,892	169,932	173,891	2.9	%
						202,843	209,045	3.5	%
Buildings and real estate
Associations Finance, Inc.(22)(27)(28)	Preferred Stock		13.50% PIK	N/A	54,800,000	58,876	59,631	1.0	%
Dodge Construction Network Holdings, L.P.(27)(28)(31)	Class A-2 Common Units		N/A	N/A	2,181,629	1,859	1,533	—	%
Dodge Construction Network Holdings, L.P.(27)(28)	Series A Preferred Units	S +	8.25%	N/A	—	45	45	—	%
						60,780	61,209	1.0	%
Business services
Denali Holding, LP (dba Summit Companies)(27)(28)(31)	Class A Units		N/A	N/A	337,460	3,430	4,649	0.1	%
Hercules Buyer, LLC (dba The Vincit Group)(27)(28)(31)(33)	Common Units		N/A	N/A	2,190,000	2,192	2,452	—	%
Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)(22)(27)(28)	Perpetual Preferred Stock		11.75% PIK	N/A	15,727	15,412	15,688	0.3	%
						21,034	22,789	0.4	%
Consumer Products
ASP Conair Holdings LP(27)(28)(31)	Class A Units		N/A	N/A	60,714	6,071	5,736	0.1	%
						6,071	5,736	0.1	%
Financial services
Blend Labs, Inc.(5)(27)(31)	Common stock		N/A	N/A	72,317	1,000	68	—	%
Blend Labs, Inc.(27)(28)(31)	Warrants		N/A	N/A	179,529	975	1	—	%
						1,975	69	—	%
Food and beverage
H-Food Holdings, LLC(27)(28)(31)	LLC interest		N/A	N/A	1,088	10,874	8,008	0.1	%
Hissho Sushi Holdings, LLC(27)(28)(31)	Class A units		N/A	N/A	7,502	75	91	—	%
						10,949	8,099	0.1	%


Company(1)(4)(8)(34)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets
Healthcare equipment and services
KPCI Holdings, L.P.(27)(28)(31)	Class A Units		N/A	N/A	32,285	32,285	35,112	0.6	%
Maia Aggregator, LP(27)(28)(31)	Class A-2 Units		N/A	N/A	168,539	169	179	—	%
Patriot Holdings SCSp (dba Corza Health, Inc.)(27)(28)(29)(31)	Class B Units		N/A	N/A	97,833	150	1,625	—	%
Patriot Holdings SCSp (dba Corza Health, Inc.)(22)(27)(28)(29)	Class A Units		8.00% PIK	N/A	7,104	9,230	9,219	0.2	%
Rhea Acquisition Holdings, LP(27)(28)(31)	Series A-2 Units		N/A	N/A	119,048	119	154	—	%
						41,953	46,289	0.8	%
Healthcare providers and services
KOBHG Holdings, L.P. (dba OB Hospitalist)(27)(28)(31)	Class A Interests		N/A	N/A	6,670	6,670	6,196	0.1	%
						6,670	6,196	0.1	%
Healthcare technology
BEHP Co-Investor II, L.P.(27)(28)(29)(31)	LP Interest		N/A	N/A	1,269,969	1,266	1,325	—	%
WP Irving Co-Invest, L.P.(27)(28)(29)(31)	Partnership Units		N/A	N/A	1,250,000	1,250	1,304	—	%
Minerva Holdco, Inc.(22)(27)(28)	Series A Preferred Stock		10.75% PIK	N/A	8,114	7,991	7,307	0.1	%
						10,507	9,936	0.1	%
Household products
Evology, LLC(27)(28)(31)	Class B Units		N/A	N/A	451	2,160	2,974	—	%
						2,160	2,974	—	%
Human resource support services
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand)(22)(27)(28)	Series A Preferred Stock		10.50% PIK	N/A	45,863	45,044	40,360	0.7	%
						45,044	40,360	0.7	%
Insurance
Accelerate Topco Holdings, LLC(27)(28)(31)	Common Units		N/A	N/A	513	14	15	—	%
Evolution Parent, LP (dba SIAA)(27)(28)(31)	LP Interest		N/A	N/A	42,838	4,284	4,793	0.1	%
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)(27)(28)(31)	LP Interest		N/A	N/A	638	638	612	—	%
GoHealth, Inc. (5)(27)(31)	Common stock		N/A	N/A	68,125	5,234	1,343	—	%
PCF Holdco, LLC (dba PCF Insurance Services)(10)(22)(27)(28)	Series A Preferred Units		15.00% PIK	N/A	11,437,106	6,767	6,921	0.1	%
PCF Holdco, LLC (dba PCF Insurance Services)(27)(28)(31)	Class A Units		N/A	N/A	14,772,724	37,464	67,457	1.1	%
PCF Holdco, LLC (dba PCF Insurance Services)(27)(28)(31)	Class A Warrants		N/A	N/A	1,288,200	4,396	4,400	0.1	%
						58,797	85,541	1.4	%


Company(1)(4)(8)(34)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets
Internet and software services
BCTO WIW Holdings, Inc. (dba When I Work)(27)(28)(31)	Class A Common Stock		N/A	N/A	13,000	1,300	1,171	—	%
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(27)(28)(31)	Common Units		N/A	N/A	7,503,843	7,504	7,707	0.1	%
Elliott Alto Co-Investor Aggregator L.P.(27)(28)(29)(31)	LP Interest		N/A	N/A	3,227	3,153	2,970	—	%
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)(27)(28)(29)(31)	LP Interest		N/A	N/A	1,230	1,230	1,230	—	%
MessageBird Holding B.V.(27)(28)(29)(31)	Extended Series C Warrants		N/A	N/A	122,890	753	138	—	%
Picard Holdco, LLC(15)(27)(28)	Series A Preferred Stock	S +	12.00% PIK	N/A	27,580	26,875	25,167	0.4	%
Project Alpine Co-Invest Fund, LP(27)(28)(29)(31)	LP Interest		N/A	N/A	10,006	10,006	10,974	0.2	%
Project Hotel California Co-Invest Fund, L.P.(27)(28)(29)(31)	LP Interest		N/A	N/A	2,687	2,687	2,686	—	%
Thunder Topco L.P. (dba Vector Solutions)(27)(28)(31)	Common Units		N/A	N/A	3,829,614	3,830	3,922	0.1	%
VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.)(22)(27)(28)	Series A Preferred Stock		6.00% PIK	N/A	21,250	23,224	22,992	0.4	%
WMC Bidco, Inc. (dba West Monroe)(22)(27)(28)	Senior Preferred Stock		11.25% PIK	N/A	20,069	19,704	18,925	0.3	%
Zoro TopCo, Inc. (22)(27)(28)	Series A Preferred Stock		12.50% PIK	N/A	10,291	9,967	10,072	0.2	%
Zoro TopCo, Inc. (27)(28)(31)	Class A Common Units		N/A	N/A	796,165	7,962	7,962	0.1	%


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)


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


		Page
PART I	FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements	1
	Consolidated Statements of Assets and Liabilities as of June 3 0 , 2023 (Unaudited) and December 31, 2022	1
	Consolidated Statements of Operations for the Three and Six Months Ended June 3 0 , 2023 and 2022 (Unaudited)	2
	Consolidated Schedules of Investments as of June 3 0 , 2023 (Unaudited) and December 31, 2022	3
	Consolidated Statements of Changes in Net Assets for the Three and Six Months Ended June 3 0 , 2023 and 2022 (Unaudited)	54
	Consolidated Statements of Cash Flows for the Six Months Ended June 3 0 , 2023 and 2022 (Unaudited)	55
	Notes to Consolidated Financial Statements (Unaudited)	57
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	111
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	170
Item 4.	Controls and Procedures	171

PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	171
Item 1A.	Risk Factors	171
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	171
Item 3.	Defaults Upon Senior Securities	172
Item 4.	Mine Safety Disclosures	172
Item 5.	Other Information	172
Item 6.	Exhibits	173
Signatures		174


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934