obdc-20230930

Blue Owl Capital Corporation (the “Company”) is filing this Amendment No.1 (this “Amendment”) to its quarterly report on Form 10-Q for the quarter ended September 30, 2023, originally filed with the Securities and Exchange Commission on November 8, 2023 (the “Original Filing”), for the sole purpose of adding the iXBRL to the Original Filing which was inadvertently omitted. No changes have been made to the financial statements or any other disclosures contained in the Original Filing. This Amendment does not modify or update, in any way, disclosures made in the Original Filing.

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”).


	September 30, 2023 (Unaudited)		December 31, 2022
Assets
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost of $11,500,055 and $12,133,062, respectively)	$	11,471,820	$	12,010,369
Non-controlled, affiliated investments (amortized cost of $19,352 and $6,224, respectively)	19,805		6,175
Controlled, affiliated investments (amortized cost of $1,303,464, and $906,846, respectively)	1,404,533		993,801
Total investments at fair value (amortized cost of $12,822,871 and $13,046,132, respectively)	12,896,158		13,010,345
Cash (restricted cash of $89,264 and $96,420, respectively)	429,676		444,278
Foreign cash (cost of $2,357 and $809, respectively)	2,354		809
Interest receivable	107,112		108,085
Receivable from a controlled affiliate	22,532		17,709
Prepaid expenses and other assets	3,988		3,627
Total Assets	$	13,461,820	$	13,584,853
Liabilities
Debt (net of unamortized debt issuance costs of $80,535 and $95,647, respectively)	$	7,062,399	$	7,281,744
Distribution payable	128,612		129,517
Management fee payable	47,796		47,583
Incentive fee payable	40,314		34,462
Payables to affiliates	6,292		6,351
Accrued expenses and other liabilities	176,398		202,793
Total Liabilities	7,461,811		7,702,450
Commitments and contingencies (Note 7)
Net Assets
Common shares $0.01 par value, 500,000,000 shares authorized; 389,732,868 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	59,468		(92,196)
Total Net Assets	6,000,009		5,882,403
Total Liabilities and Net Assets	$	13,461,820	$	13,584,853
Net Asset Value Per Share	$	15.40	$	14.99


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2023		2022		2023		2022
Investment Income
Investment income from non-controlled, non-affiliated investments:
Interest income	$	307,701	$	240,601	$	894,371	$	655,303
Payment-in-kind (“PIK”) interest income	40,925		30,539		128,783		79,698
Dividend income	17,324		14,867		52,764		36,280
Other income	2,332		5,408		12,539		14,794
Total investment income from non-controlled, non-affiliated investments	368,282		291,415		1,088,457		786,075
Investment income from non-controlled, affiliated investments:


Dividend income	36		—		213		—

Total investment income from non-controlled, affiliated investments	36		—		213		—
Investment income from controlled, affiliated investments:
Interest income	5,717		2,140		13,944		5,767
Payment-in-kind (“PIK”) interest income	773		—		773		—
Dividend income	24,032		20,303		66,720		59,136
Other Income	182		195		760		520
Total investment income from controlled, affiliated investments	30,704		22,638		82,197		65,423
Total Investment Income	399,022		314,053		1,170,867		851,498
Expenses
Interest expense	110,445		81,210		324,416		209,935
Management fees	47,796		46,886		143,911		141,172
Performance based incentive fees	40,314		31,134		117,640		83,630
Professional fees	3,890		3,788		11,697		11,022
Directors’ fees	445		276		960		832
Other general and administrative	3,349		2,381		9,158		6,656


Total Operating Expenses	206,239		165,675		607,782		453,247
Net Investment Income (Loss) Before Taxes	192,783		148,378		563,085		398,251
Income tax expense (benefit), including excise tax expense (benefit)	2,730		1,604		8,495		3,998
Net Investment Income (Loss) After Taxes	$	190,053	$	146,774	$	554,590	$	394,253
Net Realized and Change in Unrealized Gain (Loss)
Net change in unrealized gain (loss):
Non-controlled, non-affiliated investments	$	22,371	$	75,368	$	91,855	$	(147,545)
Non-controlled, affiliated investments	507		—		502		—
Controlled, affiliated investments	(2,076)		47,026		14,113		31,632
Translation of assets and liabilities in foreign currencies	(2,292)		(3,807)		278		(7,510)
Income tax (provision) benefit	(1,521)		—		(4,217)		—
Total Net Change in Unrealized Gain (Loss)	16,989		118,587		102,531		(123,423)
Net realized gain (loss):
Non-controlled, non-affiliated investments	235		201		353		4,853
Non-controlled, affiliated investments	—		—		(52,482)		—
Foreign currency transactions	(339)		(135)		(647)		(1,218)
Total Net Realized Gain (Loss)	(104)		66		(52,776)		3,635
Total Net Realized and Change in Unrealized Gain (Loss)	16,885		118,653		49,755		(119,788)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	206,938	$	265,427	$	604,345	$	274,465
Earnings Per Share - Basic and Diluted	$	0.53	$	0.67	$	1.55	$	0.70
Weighted Average Shares Outstanding - Basic and Diluted	389,703,612		393,823,013		390,223,606		394,103,935


Company(1)(4)(8)(33)	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.)(13)(27)	First lien senior secured loan	S +	6.25% (2.75% PIK)	12/2028	19,052	18,720	18,861	0.3	%
Circana Group, L.P. (fka The NPD Group, L.P.)(10)(13)(27)	First lien senior secured revolving loan	S +	5.75%	12/2027	272	248	257	—	%
Global Music Rights, LLC(14)(27)	First lien senior secured loan	S +	5.75%	8/2028	7,369	7,257	7,369	0.1	%
Global Music Rights, LLC(10)(23)(27)	First lien senior secured revolving loan	S +	5.75%	8/2027	—	(9)	—	—	%
						26,216	26,487	0.4	%
Aerospace and defense
Aviation Solutions Midco, LLC (dba STS Aviation)(14)(27)	First lien senior secured loan	S +	7.25%	1/2025	211,204	210,165	213,316	3.6	%
Peraton Corp.(6)(14)(27)	Second lien senior secured loan	S +	7.75%	2/2029	45,899	45,378	44,829	0.7	%
Valence Surface Technologies LLC(14)(27)	First lien senior secured loan	S +	7.75% (3.88% PIK)	6/2025	134,374	133,766	113,546	1.9	%
Valence Surface Technologies LLC(10)(14)(27)	First lien senior secured revolving loan	S +	7.75% (3.88% PIK)	6/2025	10,922	10,879	9,222	0.2	%
						400,188	380,913	6.4	%
Asset based lending and fund finance
Hg Genesis 8 Sumoco Limited(20)(27)(29)	Unsecured facility	SA +	6.00% PIK	8/2025	£39,355	51,566	48,034	0.8	%
Hg Genesis 9 SumoCo Limited(18)(27)(29)	Unsecured facility	E +	7.00% PIK	3/2027	€ 47,333	51,810	50,114	0.8	%
Hg Saturn Luchaco Limited(20)(27)(29)	Unsecured facility	SA +	7.50% PIK	3/2026	£111,764	150,506	136,415	2.3	%
						253,882	234,563	3.9	%
Automotive
Spotless Brands, LLC(14)(27)	First lien senior secured loan	S +	6.50%	7/2028	48,242	47,427	47,759	0.8	%
Spotless Brands, LLC(10)(23)(27)	First lien senior secured revolving loan	S +	6.50%	7/2028	—	(21)	(13)	—	%
						47,406	47,746	0.8	%


Company(1)(4)(8)(33)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets
Buildings and real estate
Associations, Inc.(14)(27)	First lien senior secured loan	S +	6.50% (2.50% PIK)	7/2027	363,571	361,304	360,844	6.0	%
Associations, Inc.(10)(14)(24)(27)	First lien senior secured delayed draw term loan	S +	6.50% (2.50% PIK)	6/2024	38,799	38,432	38,425	0.6	%
Associations, Inc.(10)(23)(27)	First lien senior secured revolving loan	S +	6.50%	7/2027	—	(206)	(247)	—	%
REALPAGE, INC.(6)(13)(27)	Second lien senior secured loan	S +	6.50%	4/2029	34,500	34,105	34,545	0.6	%
						433,635	433,567	7.2	%
Business services
Access CIG, LLC(14)(27)	Second lien senior secured loan	S +	7.75%	2/2026	58,760	58,498	58,172	1.0	%
CIBT Global, Inc.(11)(14)(27)	First lien senior secured loan	S +	5.25% (4.25% PIK)	5/2026	932	588	625	—	%
CIBT Global, Inc.(11)(14)(27)	Second lien senior secured loan	S +	7.75% PIK	12/2026	63,678	26,718	8,437	0.1	%
Denali BuyerCo, LLC (dba Summit Companies)(14)(27)	First lien senior secured loan	S +	5.50%	9/2028	52,884	52,298	52,752	0.9	%
Denali BuyerCo, LLC (dba Summit Companies)(10)(23)(27)	First lien senior secured revolving loan	S +	5.50%	9/2027	—	(20)	(7)	—	%
Diamondback Acquisition, Inc. (dba Sphera)(13)(27)	First lien senior secured loan	S +	5.50%	9/2028	4,077	4,015	4,016	0.1	%
Entertainment Benefits Group, LLC(13)(27)	First lien senior secured loan	S +	4.75%	9/2025	856	849	856	—	%
Entertainment Benefits Group, LLC(10)(13)(27)	First lien senior secured revolving loan	S +	4.75%	9/2025	22	21	22	—	%
Fullsteam Operations, LLC(14)(27)	First lien senior secured loan	S +	7.50% (3.00% PIK)	10/2027	10,662	10,467	10,769	0.2	%
Gainsight, Inc.(21)(27)	First lien senior secured loan	L +	6.75% PIK	7/2027	23,116	22,880	22,885	0.4	%
Gainsight, Inc.(10)(21)(27)	First lien senior secured revolving loan	L +	6.75% PIK	7/2027	1,657	1,619	1,623	—	%
Hercules Borrower, LLC (dba The Vincit Group)(14)(27)	First lien senior secured loan	S +	6.25%	12/2026	175,542	173,970	175,541	2.9	%
Hercules Borrower, LLC (dba The Vincit Group)(10)(14)(27)	First lien senior secured revolving loan	S +	6.25%	12/2026	1,116	948	1,116	—	%
Hercules Buyer, LLC (dba The Vincit Group)(27)(31)(32)	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	18,772	18,449	18,725	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	285	267	283	—	%


Company(1)(4)(8)(33)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets
KPSKY Acquisition, Inc. (dba BluSky)(14)(27)	First lien senior secured loan	S +	5.25%	10/2028	4,901	4,825	4,852	0.1	%
Ping Identity Holding Corp.(13)(27)	First lien senior secured loan	S +	7.00%	10/2029	909	897	905	—	%
Ping Identity Holding Corp.(10)(23)(27)	First lien senior secured revolving loan	S +	7.00%	10/2028	—	(1)	—	—	%
						382,507	367,413	6.1	%
Chemicals
Aruba Investments Holdings LLC (dba Angus Chemical Company)(13)(27)	Second lien senior secured loan	S +	7.75%	11/2028	10,000	9,892	9,300	0.2	%
Gaylord Chemical Company, L.L.C.(14)(27)	First lien senior secured loan	S +	6.00%	3/2027	136,752	135,871	136,067	2.3	%
Gaylord Chemical Company, L.L.C.(10)(23)(27)	First lien senior secured revolving loan	S +	6.00%	3/2026	—	(66)	(66)	—	%
Velocity HoldCo III Inc. (dba VelocityEHS)(14)(27)	First lien senior secured loan	S +	5.75%	4/2027	21,825	21,504	21,825	0.4	%
Velocity HoldCo III Inc. (dba VelocityEHS)(10)(13)(27)	First lien senior secured revolving loan	S +	5.75%	4/2026	335	319	335	—	%
						167,520	167,461	2.9	%
Consumer products
Conair Holdings LLC(13)(27)	Second lien senior secured loan	S +	7.50%	5/2029	187,500	186,406	177,655	3.0	%
Feradyne Outdoors, LLC(15)(27)	First lien senior secured loan	S +	6.25%	5/2026	73,622	73,622	68,837	1.1	%
Foundation Consumer Brands, LLC(14)(27)	First lien senior secured loan	S +	6.25%	2/2027	3,297	3,297	3,297	0.1	%
Lignetics Investment Corp.(14)(27)	First lien senior secured loan	S +	6.00%	11/2027	34,726	34,409	34,378	0.6	%
Lignetics Investment Corp.(10)(14)(27)	First lien senior secured revolving loan	S +	6.00%	10/2026	4,549	4,513	4,502	0.1	%
SWK BUYER, Inc. (dba Stonewall Kitchen)(14)(27)	First lien senior secured loan	S +	5.25%	3/2029	745	733	715	—	%
SWK BUYER, Inc. (dba Stonewall Kitchen)(10)(14)(27)	First lien senior secured revolving loan	S +	5.25%	3/2029	46	45	43	—	%
WU Holdco, Inc. (dba Weiman Products, LLC)(14)(27)	First lien senior secured loan	S +	5.50%	3/2026	201,300	199,422	196,770	3.3	%
WU Holdco, Inc. (dba Weiman Products, LLC)(10)(14)(27)	First lien senior secured revolving loan	S +	5.50%	3/2025	12,291	12,185	11,859	0.2	%
						514,632	498,056	8.4	%
Containers and packaging
Ascend Buyer, LLC (dba PPC Flexible Packaging)(14)(27)	First lien senior secured loan	S +	6.40%	10/2028	5,456	5,414	5,456	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(14)(27)	First lien senior secured loan	S +	5.50%	10/2028	4,594	4,523	4,491	0.1	%
Fortis Solutions Group, LLC(10)(23)(27)	First lien senior secured revolving loan	S +	5.50%	10/2027	—	(6)	(10)	—	%


Company(1)(4)(8)(33)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets
Indigo Buyer, Inc. (dba Inovar Packaging Group)(14)(27)	First lien senior secured loan	S +	6.25%	5/2028	890	883	890	—	%
Indigo Buyer, Inc. (dba Inovar Packaging Group)(10)(14)(27)	First lien senior secured revolving loan	S +	6.25%	5/2028	17	16	17	—	%
Pregis Topco LLC(13)(27)	Second lien senior secured loan	S +	7.02%	8/2029	160,000	157,898	159,665	2.7	%
						168,724	170,509	2.9	%
Distribution
ABB/Con-cise Optical Group LLC(14)(27)	First lien senior secured loan	S +	7.50%	2/2028	63,778	63,022	61,387	1.0	%
Endries Acquisition, Inc.(13)(27)	First lien senior secured loan	S +	5.25%	12/2025	235,768	234,248	235,767	3.9	%
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC)(13)(27)	First lien senior secured loan	S +	6.25%	11/2025	132,412	131,316	132,412	2.2	%
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC)(10)(13)(27)	First lien senior secured revolving loan	S +	6.25%	11/2024	2,277	2,170	2,277	—	%
Offen, Inc.(15)(27)	First lien senior secured loan	S +	5.00%	6/2026	18,655	18,575	18,655	0.3	%
						449,331	450,498	7.4	%
Education
Pluralsight, LLC(14)(27)	First lien senior secured loan	S +	8.00%	4/2027	99,450	98,763	96,218	1.6	%
Pluralsight, LLC(10)(14)(27)	First lien senior secured revolving loan	S +	8.00%	4/2027	3,910	3,873	3,707	0.1	%
						102,636	99,925	1.7	%
Financial services
Adenza Group, Inc.(13)(27)	First lien senior secured loan	S +	5.75%	12/2027	199,209	197,607	199,208	3.3	%
Adenza Group, Inc.(10)(23)(27)	First lien senior secured revolving loan	S +	5.75%	12/2025	—	(105)	—	—	%
Blackhawk Network Holdings, Inc.(13)(27)	Second lien senior secured loan	S +	7.00%	6/2026	106,400	105,982	106,134	1.8	%
Blend Labs, Inc.(13)(27)	First lien senior secured loan	S +	7.50%	6/2026	67,500	66,499	65,813	1.1	%
Blend Labs, Inc.(10)(23)(27)	First lien senior secured revolving loan	S +	7.50%	6/2026	—	(41)	(188)	—	%
Finastra USA, Inc.(14)(27)(29)	First lien senior secured loan	S +	7.25%	9/2029	89,247	88,354	88,354	1.5	%
Finastra USA, Inc.(10)(14)(27)(29)	First lien senior secured revolving loan	S +	7.25%	9/2029	1,960	1,868	1,868	—	%
KRIV Acquisition Inc. (dba Riveron)(14)(27)	First lien senior secured loan	S +	6.50%	7/2029	6,333	6,148	6,143	0.1	%
KRIV Acquisition Inc. (dba Riveron)(10)(23)(24)(27)	First lien senior secured delayed draw term loan	S +	6.50%	7/2025	—	(14)	(14)	—	%
KRIV Acquisition Inc. (dba Riveron)(10)(23)(27)	First lien senior secured revolving loan	S +	6.50%	7/2029	—	(25)	(26)	—	%
Muine Gall, LLC(9)(15)(27)(29)	First lien senior secured loan	S +	7.00% PIK	9/2026	83,931	84,955	83,931	1.4	%


Company(1)(4)(8)(33)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets
NMI Acquisitionco, Inc. (dba Network Merchants)(13)(27)	First lien senior secured loan	S +	5.75%	9/2025	36,479	36,233	36,296	0.6	%
NMI Acquisitionco, Inc. (dba Network Merchants)(10)(23)	First lien senior secured revolving loan	S +	5.75%	9/2025	—	(9)	(8)	—	%
Smarsh Inc.(15)(27)	First lien senior secured loan	S +	6.50%	2/2029	762	756	760	—	%
Smarsh Inc.(10)(15)(24)(27)	First lien senior secured delayed draw term loan	S +	6.50%	2/2024	95	94	95	—	%
Smarsh Inc.(10)(27)	First lien senior secured revolving loan	S +	6.50%	2/2029	—	—	—	—	%
						588,302	588,366	9.8	%
Food and beverage
Balrog Acquisition, Inc. (dba Bakemark)(13)(27)	Second lien senior secured loan	S +	7.00%	9/2029	22,000	21,851	21,835	0.4	%
BP Veraison Buyer, LLC (dba Sun World)(14)(27)	First lien senior secured loan	S +	5.75%	5/2027	68,161	67,604	67,990	1.1	%
BP Veraison Buyer, LLC (dba Sun World)(10)(23)(27)	First lien senior secured revolving loan	S +	5.75%	5/2027	—	(66)	(22)	—	%
H-Food Holdings, LLC(22)(27)	Second lien senior secured loan	L +	7.00%	3/2026	121,800	120,621	90,741	1.5	%
Hissho Sushi Merger Sub, LLC(14)(27)	First lien senior secured loan	S +	5.50%	5/2028	894	887	894	—	%
Hissho Sushi Merger Sub, LLC(10)(23)(27)	First lien senior secured revolving loan	S +	5.50%	5/2028	—	(1)	—	—	%
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(13)(27)	First lien senior secured loan	S +	6.25%	3/2027	125,000	123,286	123,439	2.1	%
Nellson Nutraceutical, LLC(14)(27)	First lien senior secured loan	S +	5.75%	12/2025	25,835	25,754	25,512	0.4	%
The Better Being Co., LLC (fka Nutraceutical International Corporation)(13)(27)	First lien senior secured loan	S +	7.50% (4.00% PIK)	9/2026	191,549	190,002	167,604	2.8	%
The Better Being Co., LLC (fka Nutraceutical International Corporation)(13)(27)	First lien senior secured revolving loan	S +	7.50% (4.00% PIK)	9/2026	14,037	13,956	12,283	0.2	%
Ole Smoky Distillery, LLC(13)(27)	First lien senior secured loan	S +	5.50%	3/2028	870	857	857	—	%
Ole Smoky Distillery, LLC(10)(23)(27)	First lien senior secured revolving loan	S +	5.50%	3/2028	—	(2)	(2)	—	%
Recipe Acquisition Corp. (dba Roland Corporation)(14)	Second lien senior secured loan	S +	9.00%	11/2024	32,000	31,991	31,920	0.5	%
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)(14)(27)	First lien senior secured loan	S +	4.50%	7/2025	43,182	42,925	41,023	0.7	%
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)(10)(14)(27)	First lien senior secured revolving loan	S +	4.50%	7/2025	7,200	7,200	6,750	0.1	%
Shearer's Foods, LLC(13)(27)	Second lien senior secured loan	S +	7.75%	9/2028	86,400	85,807	86,400	1.4	%


Company(1)(4)(8)(33)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets
Tall Tree Foods, Inc.(11)(14)	First lien senior secured loan	S +	9.25% PIK	12/2023	65,400	59,541	55,917	0.9	%
Tall Tree Foods, Inc.(10)(11)(14)	First lien senior secured delayed draw term loan	S +	9.25% PIK	12/2023	4,786	3,017	4,092	0.1	%
Ultimate Baked Goods Midco, LLC(13)(27)	First lien senior secured loan	S +	6.25%	8/2027	80,618	79,244	80,618	1.3	%
Ultimate Baked Goods Midco, LLC(10)(23)(27)	First lien senior secured revolving loan	S +	6.25%	8/2027	—	(160)	—	—	%
						874,314	817,851	13.5	%
Healthcare equipment and services
Bamboo US BidCo LLC(14)(27)	First lien senior secured loan	S +	6.00%	9/2030	4,923	4,775	4,775	0.1	%
Bamboo US BidCo LLC(17)(27)	First lien senior secured EUR term loan	E +	6.00%	9/2030	€ 3,063	3,146	3,146	0.1	%
Bamboo US BidCo LLC(10)(23)(24)(27)	First lien senior secured delayed draw term loan	S +	6.00%	3/2025	—	(12)	(12)	—	%
Bamboo US BidCo LLC(10)(23)(27)	First lien senior secured revolving loan	S +	6.00%	10/2029	—	(31)	(31)	—	%
Confluent Medical Technologies, Inc.(14)(27)	Second lien senior secured loan	S +	6.50%	2/2030	1,000	984	980	—	%
CSC MKG Topco LLC (dba Medical Knowledge Group)(13)(27)	First lien senior secured loan	S +	5.75%	2/2029	1,265	1,244	1,249	—	%
Medline Borrower, LP(10)(23)(27)	First lien senior secured revolving loan	S +	3.25%	10/2026	—	(99)	(126)	—	%
Nelipak Holding Company(14)(27)	First lien senior secured loan	S +	4.25%	7/2026	2,268	2,248	2,268	—	%
Nelipak Holding Company(14)(27)	Second lien USD senior secured loan	S +	8.25%	7/2027	67,006	66,434	67,006	1.1	%
Nelipak Holding Company(10)(23)(27)	First lien senior secured USD revolving loan	S +	4.25%	7/2024	—	(22)	—	—	%
Nelipak Holding Company(10)(17)(27)	First lien senior secured EUR revolving loan	E +	4.50%	7/2024	€ 938	851	993	—	%
Nelipak Holding Company(18)(27)	Second lien EUR senior secured loan	E +	8.50%	7/2027	€ 60,100	66,689	63,472	1.1	%
Packaging Coordinators Midco, Inc.(14)(27)	Second lien senior secured loan	S +	7.00%	12/2029	196,044	193,053	191,633	3.2	%
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.) (14)(27)(29)	First lien senior secured loan	S +	6.75%	1/2028	134,340	132,829	132,996	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	—	(131)	(135)	—	%
PerkinElmer U.S. LLC(14)(27)	First lien senior secured loan	S +	6.75%	3/2029	911	895	900	—	%
Rhea Parent, Inc.(14)(27)	First lien senior secured loan	S +	5.50%	2/2029	764	752	760	—	%
						473,605	469,874	7.8	%


Company(1)(4)(8)(33)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets
Healthcare providers and services
Covetrus, Inc.(14)(27)	Second lien senior secured loan	S +	9.25%	10/2030	5,000	4,905	4,975	0.1	%
Diagnostic Services Holdings, Inc. (dba Rayus Radiology)(13)(27)	First lien senior secured loan	S +	5.50%	3/2025	996	996	991	—	%
Engage Debtco Limited(14)(27)(29)	First lien senior secured loan	S +	5.90% PIK	7/2029	1,000	979	983	—	%
National Dentex Labs LLC (fka Barracuda Dental LLC)(14)(27)	First lien senior secured loan	S +	8.00% (3.00% PIK)	4/2026	107,652	106,875	105,231	1.8	%
National Dentex Labs LLC (fka Barracuda Dental LLC)(10)(14)(27)	First lien senior secured revolving loan	S +	7.00%	4/2026	5,385	5,283	5,175	0.1	%
Natural Partners, LLC(14)(27)(29)	First lien senior secured loan	S +	6.00%	11/2027	917	903	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	94,069	92,718	92,423	1.5	%
OB Hospitalist Group, Inc.(10)(14)(27)	First lien senior secured revolving loan	S +	5.50%	9/2027	6,867	6,666	6,602	0.1	%
Ex Vivo Parent Inc. (dba OB Hospitalist)(14)(27)	First lien senior secured loan	S +	9.75% PIK	9/2028	64,433	63,517	62,822	1.0	%
Pacific BidCo Inc.(14)(27)(29)	First lien senior secured loan	S +	5.75%	8/2029	31,191	30,512	30,801	0.5	%
Pacific BidCo Inc.(10)(23)(24)(27)(29)	First lien senior secured delayed draw term loan	S +	5.75%	8/2025	—	(36)	—	—	%
Phoenix Newco, Inc. (dba Parexel)(13)(27)	Second lien senior secured loan	S +	6.50%	11/2029	190,000	188,432	188,575	3.1	%
Plasma Buyer LLC (dba PathGroup)(14)(27)	First lien senior secured loan	S +	5.75%	5/2029	674	662	660	—	%
Plasma Buyer LLC (dba PathGroup)(10)(23)(24)(27)	First lien senior secured delayed draw term loan	S +	5.75%	5/2024	—	(1)	(2)	—	%
Plasma Buyer LLC (dba PathGroup)(10)(14)(27)	First lien senior secured revolving loan	S +	5.75%	5/2028	15	14	14	—	%
PPV Intermediate Holdings, LLC(14)(27)	First lien senior secured loan	S +	5.75%	8/2029	933	916	924	—	%
PPV Intermediate Holdings, LLC(10)(24)(27)	First lien senior secured delayed draw term loan	S +	6.00%	9/2025	—	—	—	—	%
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	42,712	42,500	42,391	0.7	%
Quva Pharma, Inc.(13)(27)	First lien senior secured loan	S +	5.50%	4/2028	39,200	38,366	38,808	0.6	%
Quva Pharma, Inc.(10)(13)(27)	First lien senior secured revolving loan	S +	5.50%	4/2026	880	819	840	—	%
Tivity Health, Inc.(14)(27)	First lien senior secured loan	S +	6.00%	6/2029	990	969	983	—	%


Company(1)(4)(8)(33)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets
Unified Women's Healthcare, LP(13)(27)	First lien senior secured loan	S +	5.25%	6/2029	904	898	904	—	%
Unified Women's Healthcare, LP(10)(13)(27)	First lien senior secured revolving loan	S +	5.25%	6/2029	20	20	20	—	%
Vermont Aus Pty Ltd(14)(27)(29)	First lien senior secured loan	S +	5.50%	3/2028	985	966	973	—	%
						587,877	586,001	9.5	%
Healthcare technology
BCPE Osprey Buyer, Inc. (dba PartsSource)(14)(27)	First lien senior secured loan	S +	5.75%	8/2028	112,056	110,702	110,655	1.8	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(10)(13)(24)(27)	First lien senior secured delayed draw term loan	S +	5.75%	8/2028	5,813	5,549	5,712	0.1	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(10)(13)(27)	First lien senior secured revolving loan	S +	5.75%	8/2026	1,844	1,726	1,696	—	%
GI Ranger Intermediate, LLC (dba Rectangle Health)(14)(27)	First lien senior secured loan	S +	5.75%	10/2028	4,551	4,480	4,482	0.1	%
GI Ranger Intermediate, LLC (dba Rectangle Health)(10)(14)(27)	First lien senior secured revolving loan	S +	5.75%	10/2027	147	142	142	—	%
Imprivata, Inc.(13)(27)	Second lien senior secured loan	S +	6.25%	12/2028	882	874	882	—	%
Ocala Bidco, Inc.(14)(27)	First lien senior secured loan	S +	6.25% (2.75% PIK)	11/2028	186,574	183,102	183,776	3.1	%
Ocala Bidco, Inc.(10)(14)(23)(24)(27)	First lien senior secured delayed draw term loan	S +	5.75%	5/2024	—	(175)	(47)	—	%
Ocala Bidco, Inc.(14)(27)	Second lien senior secured loan	S +	10.50% PIK	11/2033	107,468	105,895	106,393	1.8	%
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(14)(27)(29)	First lien senior secured loan	S +	6.50%	8/2026	116,900	116,081	114,855	1.9	%
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(10)(14)(27)(29)	First lien senior secured revolving loan	S +	6.50%	8/2026	5,671	5,599	5,529	0.1	%
Interoperability Bidco, Inc. (dba Lyniate)(14)(27)	First lien senior secured loan	S +	7.00%	12/2026	65,952	65,649	65,293	1.1	%
Interoperability Bidco, Inc. (dba Lyniate)(10)(14)(27)	First lien senior secured revolving loan	S +	7.00%	12/2024	1,580	1,548	1,527	—	%
						601,172	600,895	10.0	%
Household products
Aptive Environmental, LLC(27)(32)	First lien senior secured loan		12.00% (6.00% PIK)	1/2026	12,792	11,238	13,112	0.2	%
HGH Purchaser, Inc. (dba Horizon Services)(14)(27)	First lien senior secured loan	S +	6.50%	11/2025	188,176	186,993	188,176	3.1	%
HGH Purchaser, Inc. (dba Horizon Services)(10)(14)(27)	First lien senior secured revolving loan	S +	6.50%	11/2025	16,383	16,293	16,383	0.3	%


Company(1)(4)(8)(33)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets
Mario Purchaser, LLC (dba Len the Plumber)(13)(27)	First lien senior secured loan	S +	5.75%	4/2029	12,944	12,725	12,879	0.2	%
Mario Purchaser, LLC (dba Len the Plumber)(10)(13)(24)(27)	First lien senior secured delayed draw term loan	S +	5.75%	4/2024	3,150	3,068	3,135	0.1	%
Mario Purchaser, LLC (dba Len the Plumber)(10)(23)(27)	First lien senior secured revolving loan	S +	5.75%	4/2028	—	(21)	(7)	—	%
Mario Midco Holdings, Inc. (dba Len the Plumber)(13)(27)	Unsecured facility	S +	10.75% PIK	4/2032	4,596	4,492	4,561	0.1	%
SimpliSafe Holding Corporation(13)(27)	First lien senior secured loan	S +	6.25%	5/2028	6,096	5,996	6,050	0.1	%
SimpliSafe Holding Corporation(10)(13)(24)(27)	First lien senior secured delayed draw term loan	S +	6.25%	5/2024	205	197	204	—	%
						240,981	244,493	4.1	%
Human resource support services
Cornerstone OnDemand, Inc.(13)(27)	Second lien senior secured loan	S +	6.50%	10/2029	115,833	114,415	105,119	1.8	%
IG Investments Holdings, LLC (dba Insight Global)(14)(27)	First lien senior secured loan	S +	6.00%	9/2028	50,005	49,238	49,630	0.8	%
IG Investments Holdings, LLC (dba Insight Global)(10)(23)(27)	First lien senior secured revolving loan	S +	6.00%	9/2027	—	(53)	(30)	—	%
						163,600	154,719	2.6	%
Infrastructure and environmental services
GI Apple Midco LLC (dba Atlas Technical Consultants)(13)(27)	First lien senior secured loan	S +	6.75%	4/2030	728	714	717	—	%
GI Apple Midco LLC (dba Atlas Technical Consultants)(10)(13)(24)(27)	First lien senior secured delayed draw term loan	S +	6.75%	4/2025	17	16	17	—	%
GI Apple Midco LLC (dba Atlas Technical Consultants)(10)(13)(27)	First lien senior secured revolving loan	S +	6.75%	4/2029	68	66	67	—	%
LineStar Integrity Services LLC(15)(27)	First lien senior secured loan	S +	7.25%	2/2026	51,935	52,088	49,598	0.8	%
LineStar Integrity Services LLC(14)(27)	First lien senior secured revolving loan	S +	7.25%	2/2026	9,903	9,716	9,457	0.2	%
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(14)(27)	First lien senior secured loan	S +	5.75%	3/2028	849	835	838	—	%
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(10)(14)(27)	First lien senior secured revolving loan	S +	5.75%	3/2028	23	21	21	—	%
						63,456	60,715	1.0	%
Insurance
Abacus Life, Inc.(14)(27)	First lien senior secured loan	S +	7.25%	7/2028	8,000	7,846	7,840	0.1	%
Abacus Life, Inc.(10)(23)(24)(27)	First lien senior secured delayed draw term loan	S +	7.25%	1/2024	—	(152)	(160)	—	%
Alera Group, Inc.(13)(27)	First lien senior secured loan	S +	6.00%	10/2028	34,549	33,960	34,549	0.6	%


Company(1)(4)(8)(33)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets
AmeriLife Holdings LLC(13)(27)	First lien senior secured loan	S +	5.75%	8/2029	722	709	718	—	%
AmeriLife Holdings LLC(10)(15)(24)(27)	First lien senior secured delayed draw term loan	S +	5.75%	9/2024	120	118	120	—	%
AmeriLife Holdings LLC(10)(15)(27)	First lien senior secured revolving loan	S +	5.75%	8/2028	15	14	15	—	%
Ardonagh Midco 3 PLC(15)(27)(29)	First lien senior secured USD term loan	S +	5.75%	7/2026	26,784	26,456	26,784	0.4	%
Ardonagh Midco 3 PLC(19)(27)(29)	First lien senior secured EUR term loan	E +	7.00%	7/2026	€ 9,135	10,090	9,671	0.2	%
Ardonagh Midco 3 PLC(20)(27)(29)	First lien senior secured GBP term loan	SA +	7.00%	7/2026	£86,659	107,564	105,771	1.8	%
Ardonagh Midco 3 PLC(19)(27)(29)	First lien senior secured EUR delayed draw term loan	E +	5.75%	7/2026	€ 8,149	11,031	9,947	0.2	%
Ardonagh Midco 2 PLC(6)(27)(29)(32)	Unsecured notes		11.50%	1/2027	11,912	11,857	11,637	0.2	%
Brightway Holdings, LLC(14)(27)	First lien senior secured loan	S +	6.50%	12/2027	26,439	26,190	25,911	0.4	%
Brightway Holdings, LLC(10)(14)(27)	First lien senior secured revolving loan	S +	6.50%	12/2027	1,579	1,551	1,516	—	%
Evolution BuyerCo, Inc. (dba SIAA)(14)(27)	First lien senior secured loan	S +	6.25%	4/2028	140,639	139,203	139,584	2.3	%
Evolution BuyerCo, Inc. (dba SIAA)(10)(23)(27)	First lien senior secured revolving loan	S +	6.25%	4/2027	—	(91)	(80)	—	%
Integrity Marketing Acquisition, LLC(14)(27)	First lien senior secured loan	S +	5.83%	8/2025	157,891	157,460	157,891	2.6	%
Integrity Marketing Acquisition, LLC(10)(23)(24)(27)	First lien senior secured delayed draw term loan	S +	6.00%	2/2025	—	(284)	—	—	%
Integrity Marketing Acquisition, LLC(10)(23)(27)	First lien senior secured revolving loan	S +	6.50%	8/2026	—	(62)	—	—	%
Norvax, LLC (dba GoHealth)(13)(27)	First lien senior secured loan	S +	7.50%	9/2025	74,319	73,089	73,390	1.2	%
Norvax, LLC (dba GoHealth)(10)(23)(27)	First lien senior secured revolving loan	S +	6.50%	9/2024	—	(35)	(153)	—	%
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(13)(27)	First lien senior secured loan	S +	6.00%	11/2028	133,885	132,845	130,537	2.2	%
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	—	(42)	(154)	—	%
PCF Midco II, LLC (dba PCF Insurance Services)(27)(32)	First lien senior secured loan		9.00% PIK	10/2031	141,020	131,117	130,796	2.2	%


Company(1)(4)(8)(33)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets
Summit Acquisition Inc. (dba K2 Insurance Services)(14)(27)	First lien senior secured loan	S +	6.75%	5/2030	733	712	715	—	%
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)	(2)	—	%
Summit Acquisition Inc. (dba K2 Insurance Services)(10)(23)(27)	First lien senior secured revolving loan	S +	6.75%	5/2029	—	(2)	(2)	—	%
Tempo Buyer Corp. (dba Global Claims Services)(14)(27)	First lien senior secured loan	S +	5.50%	8/2028	1,070	1,053	1,056	—	%
Tempo Buyer Corp. (dba Global Claims Services)(10)(23)(27)	First lien senior secured delayed draw term loan	S +	5.50%	8/2028	—	(2)	(1)	—	%
Tempo Buyer Corp. (dba Global Claims Services)(10)(16)(27)	First lien senior secured revolving loan	P +	5.00%	8/2027	58	56	57	—	%
THG Acquisition, LLC (dba Hilb)(13)(27)	First lien senior secured loan	S +	5.75%	12/2026	74,167	73,218	73,611	1.2	%
THG Acquisition, LLC (dba Hilb)(10)(13)(27)	First lien senior secured revolving loan	S +	5.75%	12/2025	1,913	1,829	1,848	—	%
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(14)(27)	First lien senior secured loan	S +	5.75%	7/2027	38,403	37,871	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	—	(54)	(32)	—	%
KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners)(13)(27)	First lien senior secured loan	S +	10.50% PIK	7/2030	34,510	34,119	34,423	0.6	%
						1,019,231	1,015,918	16.8	%
Internet software and services
3ES Innovation Inc. (dba Aucerna)(13)(27)(29)	First lien senior secured loan	S +	6.50%	5/2025	60,167	59,891	60,167	1.0	%
3ES Innovation Inc. (dba Aucerna)(10)(13)(27)(29)	First lien senior secured revolving loan	S +	6.50%	5/2025	1,700	1,687	1,700	—	%
Anaplan, Inc.(13)(27)	First lien senior secured loan	S +	6.50%	6/2029	135,082	133,914	135,082	2.3	%
Anaplan, Inc.(10)(23)(27)	First lien senior secured revolving loan	S +	6.50%	6/2028	—	(77)	—	—	%
Armstrong Bidco Limited (dba The Access Group)(20)(27)(29)	First lien senior secured loan	SA +	5.00%	6/2029	£2,960	3,562	3,585	0.1	%
Bayshore Intermediate #2, L.P. (dba Boomi)(14)(27)	First lien senior secured loan	S +	7.50% PIK	10/2028	102,258	100,796	100,980	1.7	%
Bayshore Intermediate #2, L.P. (dba Boomi)(10)(14)(27)	First lien senior secured revolving loan	S +	6.50%	10/2027	1,384	1,280	1,297	—	%
BCPE Nucleon (DE) SPV, LP(15)(27)(29)	First lien senior secured loan	S +	7.00%	9/2026	189,778	188,119	189,778	3.2	%
BCTO BSI Buyer, Inc. (dba Buildertrend)(14)(27)	First lien senior secured loan	S +	7.00%	12/2026	55,101	54,746	55,101	0.9	%
BCTO BSI Buyer, Inc. (dba Buildertrend)(10)(23)(27)	First lien senior secured revolving loan	S +	7.00%	12/2026	—	(69)	—	—	%


Company(1)(4)(8)(33)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(14)(27)	First lien senior secured loan	S +	5.50%	8/2027	12,827	12,606	12,153	0.2	%
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(10)(13)(27)	First lien senior secured revolving loan	S +	5.50%	8/2027	273	260	232	—	%
Centrify Corporation(14)(27)	First lien senior secured loan	S +	5.75%	3/2028	65,725	64,574	65,395	1.1	%
Centrify Corporation(10)(23)(27)	First lien senior secured revolving loan	S +	5.75%	3/2027	—	(114)	(34)	—	%
CivicPlus, LLC(14)(27)	First lien senior secured loan	S +	6.50% (2.50% PIK)	8/2027	35,357	35,100	35,357	0.6	%
CivicPlus, LLC(10)(13)(27)	First lien senior secured revolving loan	S +	6.00%	8/2027	216	197	216	—	%
CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC)(15)(27)	Unsecured notes	S +	11.75% PIK	6/2034	19,587	19,136	19,538	0.3	%
Coupa Holdings, LLC(13)(27)	First lien senior secured loan	S +	7.50%	2/2030	785	767	770	—	%
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.)(15)(27)	Second lien senior secured loan	S +	7.25%	12/2028	15,000	14,947	14,813	0.2	%
EET Buyer, Inc. (dba e-Emphasys)(14)(27)	First lien senior secured loan	S +	6.50%	11/2027	4,477	4,445	4,477	0.1	%
EET Buyer, Inc. (dba e-Emphasys)(10)(15)(27)	First lien senior secured revolving loan	S +	6.50%	11/2027	91	88	91	—	%
Forescout Technologies, Inc.(14)(27)	First lien senior secured loan	S +	9.00% PIK	8/2026	70,255	69,870	70,607	1.2	%
Forescout Technologies, Inc.(10)(23)(24)(27)	First lien senior secured delayed draw term loan	S +	9.00%	7/2024	—	(170)	—	—	%
Forescout Technologies, Inc.(10)(23)(27)	First lien senior secured revolving loan	S +	8.50%	8/2026	—	(35)	—	—	%
Genesis Acquisition Co. (dba Procare Software)(14)(27)	First lien senior secured loan	S +	5.00%	7/2025	17,802	17,746	17,802	0.3	%
Genesis Acquisition Co. (dba Procare Software)(14)(27)	First lien senior secured revolving loan	S +	5.00%	7/2025	2,637	2,630	2,637	—	%
Granicus, Inc.(13)(27)	First lien senior secured loan	S +	5.50%	1/2027	15,942	15,713	15,703	0.3	%
Granicus, Inc.(10)(14)(27)	First lien senior secured revolving loan	S +	6.50%	1/2027	546	530	528	—	%
H&F Opportunities LUX III S.À R.L (dba Checkmarx)(13)(27)(29)	First lien senior secured loan	S +	7.50%	4/2026	51,567	50,808	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	—	(206)	—	—	%


Company(1)(4)(8)(33)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets
Hyland Software, Inc.(13)(27)	First lien senior secured loan	S +	6.00%	9/2030	53,168	52,373	52,371	0.9	%
Hyland Software, Inc.(10)(23)(27)	First lien senior secured revolving loan	S +	6.00%	9/2029	—	(38)	(38)	—	%
Litera Bidco LLC(13)(27)	First lien senior secured loan	S +	5.67%	5/2026	147,538	146,503	147,538	2.5	%
Litera Bidco LLC(10)(23)(27)	First lien senior secured revolving loan	S +	5.25%	5/2026	—	(21)	—	—	%
MessageBird BidCo B.V.(13)(27)(29)	First lien senior secured loan	S +	6.75%	5/2027	44,917	44,258	44,580	0.7	%
MINDBODY, Inc.(14)(27)	First lien senior secured loan	S +	7.00%	2/2025	65,229	65,027	64,902	1.1	%
MINDBODY, Inc.(10)(23)(27)	First lien senior secured revolving loan	S +	7.00%	2/2025	—	(14)	(30)	—	%
Ministry Brands Holdings, LLC(13)(27)	First lien senior secured loan	S +	5.50%	12/2028	696	684	683	—	%
Ministry Brands Holdings, LLC(10)(14)(24)(27)	First lien senior secured delayed draw term loan	S +	5.50%	12/2023	36	34	34	—	%
Ministry Brands Holdings, LLC(10)(13)(27)	First lien senior secured revolving loan	S +	5.50%	12/2027	31	30	29	—	%
Proofpoint, Inc.(6)(13)(27)	Second lien senior secured loan	S +	6.25%	8/2029	19,600	19,521	19,618	0.3	%
QAD, Inc.(13)(27)	First lien senior secured loan	S +	5.38%	11/2027	26,173	25,788	25,715	0.4	%
QAD, Inc.(10)(23)(27)	First lien senior secured revolving loan	S +	5.38%	11/2027	—	(47)	(60)	—	%
SailPoint Technologies Holdings, Inc.(13)(27)	First lien senior secured loan	S +	6.25%	8/2029	45,640	44,788	45,298	0.8	%
SailPoint Technologies Holdings, Inc.(10)(23)(27)	First lien senior secured revolving loan	S +	6.25%	8/2028	—	(71)	(33)	—	%
Securonix, Inc.(14)(27)	First lien senior secured loan	S +	6.50%	4/2028	847	841	803	—	%
Securonix, Inc.(10)(23)(27)	First lien senior secured revolving loan	S +	6.50%	4/2028	—	(1)	(8)	—	%
Tahoe Finco, LLC(13)(27)(29)	First lien senior secured loan	S +	6.00%	9/2028	123,256	122,306	122,331	2.0	%
Tahoe Finco, LLC(10)(23)(27)(29)	First lien senior secured revolving loan	S +	6.00%	10/2027	—	(62)	(69)	—	%
Thunder Purchaser, Inc. (dba Vector Solutions)(14)(27)	First lien senior secured loan	S +	5.75%	6/2028	68,819	68,321	68,475	1.1	%
Thunder Purchaser, Inc. (dba Vector Solutions)(10)(14)(27)	First lien senior secured revolving loan	S +	5.75%	6/2027	3,235	3,211	3,216	0.1	%
When I Work, Inc.(14)(27)	First lien senior secured loan	S +	7.00% PIK	11/2027	5,481	5,445	5,385	0.1	%
When I Work, Inc.(10)(23)(27)	First lien senior secured revolving loan	S +	6.00%	11/2027	—	(6)	(16)	—	%


Company(1)(4)(8)(33)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets
Zendesk, Inc.(14)(27)	First lien senior secured loan	S +	6.75% (3.25% PIK)	11/2028	70,631	69,399	69,571	1.2	%
Zendesk, Inc.(10)(23)(24)(27)	First lien senior secured delayed draw term loan	S +	6.50%	11/2024	—	(551)	(87)	—	%
Zendesk, Inc.(10)(23)(27)	First lien senior secured revolving loan	S +	6.50%	11/2028	—	(122)	(107)	—	%
						1,520,335	1,529,641	25.6	%
Leisure and entertainment
Troon Golf, L.L.C.(14)(27)	First lien senior secured loan	S +	5.75%	8/2027	238,311	237,481	237,120	4.0	%
Troon Golf, L.L.C.(10)(23)(27)	First lien senior secured revolving loan	S +	5.75%	8/2026	—	(62)	(108)	—	%
						237,419	237,012	4.0	%
Manufacturing
BCPE Watson (DE) ORML, LP(9)(15)(27)(29)	First lien senior secured loan	S +	6.50%	7/2028	15,000	14,874	14,925	0.2	%
Gloves Buyer, Inc. (dba Protective Industrial Products)(13)(27)	Second lien senior secured loan	S +	8.25%	12/2028	29,250	28,706	28,884	0.5	%
Helix Acquisition Holdings, Inc. (dba MW Industries)(14)(27)	First lien senior secured loan	S +	7.00%	3/2030	1,000	971	973	—	%
Ideal Tridon Holdings, Inc.(15)(27)	First lien senior secured loan	S +	6.75%	4/2028	27,302	26,543	26,619	0.4	%
Ideal Tridon Holdings, Inc.(10)(13)(27)	First lien senior secured revolving loan	S +	6.75%	4/2028	732	662	668	—	%
MHE Intermediate Holdings, LLC (dba OnPoint Group)(14)(27)	First lien senior secured loan	S +	6.00%	7/2027	180,395	179,148	180,395	3.0	%
MHE Intermediate Holdings, LLC (dba OnPoint Group)(10)(14)(27)	First lien senior secured revolving loan	S +	6.00%	7/2027	8,389	8,291	8,389	0.1	%
PHM Netherlands Midco B.V. (dba Loparex)(14)(27)	First lien senior secured loan	S +	4.50%	7/2026	772	741	729	—	%
PHM Netherlands Midco B.V. (dba Loparex)(14)(27)	Second lien senior secured loan	S +	8.75%	7/2027	112,000	107,363	107,240	1.8	%
Safety Products/JHC Acquisition Corp. (dba Justrite Safety Group)(13)(27)	First lien senior secured loan	S +	4.50%	6/2026	13,673	13,614	13,366	0.2	%
Sonny's Enterprises, LLC(14)(27)	First lien senior secured loan	S +	6.75%	8/2028	228,158	225,824	226,446	3.8	%
Sonny's Enterprises, LLC(10)(23)(24)(27)	First lien senior secured delayed draw term loan	S +	6.75%	11/2024	—	(14)	(8)	—	%
Sonny's Enterprises, LLC(10)(23)(27)	First lien senior secured revolving loan	S +	6.75%	8/2027	—	(146)	(135)	—	%
						606,577	608,491	10.0	%
Oil and gas
Project Power Buyer, LLC (dba PEC-Veriforce)(14)(27)	First lien senior secured loan	S +	7.00%	5/2026	44,290	44,018	44,068	0.7	%
Project Power Buyer, LLC (dba PEC-Veriforce)(10)(23)(27)	First lien senior secured revolving loan	S +	7.00%	5/2025	—	(11)	(16)	—	%
						44,007	44,052	0.7	%


Company(1)(4)(8)(33)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets
Professional services
AmSpec Group, Inc. (fka AmSpec Services Inc.)(14)(27)	First lien senior secured loan	S +	5.75%	7/2024	108,272	107,966	108,272	1.8	%
AmSpec Group, Inc. (fka AmSpec Services Inc.)(10)(16)(27)	First lien senior secured revolving loan	P +	3.75%	7/2024	3,812	3,781	3,812	0.1	%
Apex Group Treasury LLC(14)(27)(29)	Second lien senior secured loan	S +	6.75%	7/2029	44,147	43,552	43,706	0.7	%
Apex Service Partners, LLC(14)(27)	First lien senior secured loan	S +	5.50%	7/2025	989	981	989	—	%
Apex Service Partners, LLC(10)(14)(27)	First lien senior secured revolving loan	S +	5.50%	7/2025	31	31	31	—	%
Apex Service Partners Intermediate 2, LLC(27)(32)	First lien senior secured loan		12.50% PIK	7/2027	54,991	54,023	54,991	0.9	%
Gerson Lehrman Group, Inc.(14)(27)	First lien senior secured loan	S +	5.25%	12/2024	120,672	120,398	120,672	2.0	%
Gerson Lehrman Group, Inc.(10)(23)(27)	First lien senior secured revolving loan	S +	5.25%	12/2024	—	(43)	—	—	%
Guidehouse Inc.(13)(27)	First lien senior secured loan	S +	6.25%	10/2028	4,568	4,532	4,545	0.1	%
Relativity ODA LLC(13)(27)	First lien senior secured loan	S +	6.50%	5/2027	85,834	85,100	85,834	1.4	%
Relativity ODA LLC(10)(23)(27)	First lien senior secured revolving loan	S +	6.50%	5/2027	—	(66)	—	—	%
Sensor Technology Topco, Inc. (dba Humanetics)(14)(27)	First lien senior secured loan	S +	7.00% (2.00% PIK)	5/2026	64,033	63,608	63,873	1.1	%
Sensor Technology Topco, Inc. (dba Humanetics)(18)(27)	First lien senior secured EUR term loan	E +	7.25% (2.25% PIK)	5/2026	€ 11,534	12,447	12,182	0.2	%
Sensor Technology Topco, Inc. (dba Humanetics)(10)(13)(27)	First lien senior secured revolving loan	S +	6.50%	5/2026	2,288	2,251	2,274	—	%
						498,561	501,181	8.3	%
Specialty retail
Galls, LLC(14)(27)	First lien senior secured loan	S +	6.75% (0.50% PIK)	1/2025	112,151	111,742	112,151	1.9	%
Galls, LLC(10)(14)(27)	First lien senior secured revolving loan	S +	6.75%	1/2024	8,399	8,293	8,399	0.1	%
Ideal Image Development, LLC(14)(27)	First lien senior secured loan	S +	6.50%	9/2027	11,590	11,399	10,518	0.2	%
Ideal Image Development, LLC(14)(27)	First lien senior secured revolving loan	S +	6.50%	9/2027	1,829	1,801	1,660	—	%
Milan Laser Holdings LLC(13)(27)	First lien senior secured loan	S +	5.00%	4/2027	23,872	23,718	23,872	0.4	%
Milan Laser Holdings LLC(10)(23)(27)	First lien senior secured revolving loan	S +	5.00%	4/2026	—	(11)	—	—	%


Company(1)(4)(8)(33)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)(3)		Fair Value		Percentage of Net Assets
Notorious Topco, LLC (dba Beauty Industry Group)(14)(27)	First lien senior secured loan	S +	6.75%	11/2027	108,527	107,307		103,372		1.7	%
Notorious Topco, LLC (dba Beauty Industry Group)(10)(14)(24)(27)	First lien senior secured delayed draw term loan	S +	6.75%	11/2023	9,458	9,294		8,785		0.1	%
Notorious Topco, LLC (dba Beauty Industry Group)(10)(14)(27)	First lien senior secured revolving loan	S +	6.75%	5/2027	638	543		184		—	%
The Shade Store, LLC(14)(27)	First lien senior secured loan	S +	6.00%	10/2027	8,932	8,851		8,575		0.1	%
The Shade Store, LLC(10)(14)(27)	First lien senior secured revolving loan	S +	6.00%	10/2026	400	393		364		—	%
						283,330		277,880		4.5	%
Transportation
Lightbeam Bidco, Inc. (dba Lazer Spot)(15)(27)	First lien senior secured loan	S +	6.25%	5/2030	3,929	3,891		3,899		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)(15)(27)	First lien senior secured revolving loan	S +	6.25%	5/2029	63	59		60		—	%
Lytx, Inc.(13)(27)	First lien senior secured loan	S +	6.75%	2/2028	71,005	70,446		70,828		1.2	%
Motus Group, LLC(13)(27)	Second lien senior secured loan	S +	6.50%	12/2029	10,810	10,720		10,675		0.2	%
						85,113		85,462		1.5	%
Total non-controlled/non-affiliated portfolio company debt investments						$	10,834,557	$	10,699,689	177.8	%

Equity Investments
Aerospace and defense
Space Exploration Technologies Corp.(12)(27)(28)	Class A Common Stock		N/A	N/A	46,605	2,557		3,775		0.1	%
Space Exploration Technologies Corp.(12)(27)(28)	Class C Common Stock		N/A	N/A	9,360	446		758		—	%
						3,003		4,533		0.1	%
Asset based lending and fund finance
Amergin Asset Management, LLC(12)(27)(28)(29)	Class A Units		N/A	N/A	50,000,000	1		—		—	%
						1		—		—	%
Automotive
CD&R Value Building Partners I, L.P. (dba Belron)(12)(27)(28)(29)	LP Interest		N/A	N/A	32,912	32,911		39,078		0.7	%
Metis HoldCo, Inc. (dba Mavis Tire Express Services)(27)(28)(32)	Series A Convertible Preferred Stock		7.00% PIK	N/A	176,926	173,104		176,926		2.9	%
						206,015		216,004		3.6	%


Company(1)(4)(8)(33)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets
Buildings and real estate
Associations Finance, Inc.(27)(28)(32)	Preferred Stock		13.50% PIK	N/A	54,800,000	60,923	61,622	1.0	%
Dodge Construction Network Holdings, L.P.(12)(27)(28)	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	34	—	%
						62,827	63,189	1.0	%
Business services
Denali Holding, LP (dba Summit Companies)(12)(27)(28)	Class A Units		N/A	N/A	337,460	3,431	5,020	0.1	%
Hercules Buyer, LLC (dba The Vincit Group)(12)(27)(28)(31)	Common Units		N/A	N/A	2,190,000	2,192	2,452	—	%
Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)(27)(28)(32)	Perpetual Preferred Stock		11.75% PIK	N/A	15,727	15,421	15,688	0.3	%
						21,044	23,160	0.4	%
Consumer Products
ASP Conair Holdings LP(12)(27)(28)	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)(12)(27)	Common stock		N/A	N/A	72,317	1,000	99	—	%
Blend Labs, Inc.(12)(27)(28)	Warrants		N/A	N/A	179,529	975	1	—	%
						1,975	100	—	%
Food and beverage
H-Food Holdings, LLC(12)(27)(28)	LLC interest		N/A	N/A	1,088	10,874	6,271	0.1	%
Hissho Sushi Holdings, LLC(12)(27)(28)	Class A units		N/A	N/A	7,502	75	97	—	%
						10,949


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 September 30, 2023 (Unaudited) and December 31, 2022	1
	Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2023 and 2022 (Unaudited)	2
	Consolidated Schedules of Investments as of September 30, 2023 (Unaudited) and December 31, 2022	3
	Consolidated Statements of Changes in Net Assets for the Three and Nine Months Ended September 30, 2023 and 2022 (Unaudited)	53
	Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2023 and 2022 (Unaudited)	54
	Notes to Consolidated Financial Statements (Unaudited)	56
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	111
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	172
Item 4.	Controls and Procedures	173

PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	173
Item 1A.	Risk Factors	173
Item 2.	Unregistered Sales of Equity Securities , Use of Proceeds, and Issuer Purchases of Equity Securities	173
Item 3.	Defaults Upon Senior Securities	174
Item 4.	Mine Safety Disclosures	174
Item 5.	Other Information	174
Item 6.	Exhibits	176
Signatures		177


☒			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