obdc-20250331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________________

FORM 10-Q


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

For the quarterly period ended March 31, 2025


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

For the transition period from_______to

Commission File Number 814-01190

______________________________________________

BLUE OWL CAPITAL CORPORATION

(Exact name of Registrant as specified in its Charter)


Maryland						47-5402460
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

399 Park Avenue, New York, New York						10022
(Address of principal executive offices)						(Zip Code)

Registrant’s telephone number, including area code: (212) 419-3000

______________________________________________

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value per share	OBDC	The New York Stock Exchange

______________________________________________

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ NO ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ NO ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO ☒

As of May 7, 2025, the registrant had 511,048,237 shares of common stock, $0.01 par value per share, outstanding.

Table of Contents


		Page
PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements	3
	Consolidated Statements of Assets and Liabilities as of March 31, 2025 (Unaudited) and December 31, 2024	3
	Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and 2024 (Unaudited)	4
	Consolidated Schedules of Investments as of March 31, 2025 (Unaudited) and December 31, 2024	29
	Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2025 and 2024 (Unaudited)	55
	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024 (Unaudited)	56
	Notes to Consolidated Financial Statements (Unaudited)	58
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	103
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	154
Item 4.	Controls and Procedures	155

PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	156
Item 1A.	Risk Factors	156
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	156
Item 3.	Defaults Upon Senior Securities	156
Item 4.	Mine Safety Disclosures	156
Item 5.	Other Information	156
Item 6.	Exhibits	156
Signatures		160

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about Blue Owl Capital Corporation (the “Company,” “we” or “our”), our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

•an economic downturn could impair our portfolio companies’ ability to continue to operate, which could lead to the loss of some or all of our investments in such portfolio companies;

•an economic downturn could disproportionately impact the companies that we intend to target for investment, potentially causing us to experience a decrease in investment opportunities and diminished demand for capital from these companies;

•the impact of elevated inflation rates, fluctuating interest rates, ongoing supply chain and labor market disruptions, including those as a result of strikes, work stoppages or accidents, instability in the U.S. and international banking systems, uncertainties related to the new Presidential administration, including the impact of tariff enactment and tax reductions, trade disputes with other countries, and the risk of recession or a shutdown of government services could impact our business prospects and the prospects of our portfolio companies;

•an economic downturn could also impact availability and pricing of our financing and our ability to access the debt and equity capital markets;

•a contraction of available credit and/or an inability to access the equity markets could impair our lending and investment activities;

•changes in base interest rates and significant market volatility on our business and our portfolio companies (including our business prospects and the prospects of our portfolio companies including the ability to achieve our and their business objectives), our industry and the global economy including as a result of ongoing supply chain disruptions;

•interest rate volatility could adversely affect our results, particularly because we use leverage as part of our investment strategy;

•currency fluctuations could adversely affect the results of our investments in foreign companies, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;

•our future operating results;

•our contractual arrangements and relationships with third parties;

•the ability of our portfolio companies to achieve their objectives;

•competition with other entities and our affiliates for investment opportunities;

•risks related to the uncertainty of the value of our portfolio investments, particularly those having no liquid trading market;

•the use of borrowed money to finance a portion of our investments as well as any estimates regarding potential use of leverage;

•the adequacy of our financing sources and working capital;

•the loss of key personnel;

•the timing of cash flows, if any, from the operations of our portfolio companies;

•the ability of Blue Owl Credit Advisors LLC (“the Adviser” or “our Adviser”) to locate suitable investments for us and to monitor and administer our investments;

•the ability of the Adviser to attract and retain highly talented professionals;

•our ability to qualify for and maintain our tax treatment as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”);

•the impact that environmental, social and governance matters could have on our brand and reputation and our portfolio companies;

•the effect of legal, tax and regulatory changes;

•the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks, and the increasing use of artificial intelligence and machine learning technology;

•the impact of geo-political conditions, including revolution, insurgency, terrorism or war, including those arising out of the ongoing war between Russia and Ukraine, as well as political and social unrest in the Middle East and North Africa regions and general uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the European Union and China, on financial market volatility, global economic markets, and various markets for commodities globally such as oil and natural gas;

•the ability to realize the anticipated benefits of the merger of Blue Owl Capital Corporation III (“OBDE”) with and into us (the “Mergers”) on January 13, 2025 pursuant to an Agreement and Plan of Merger (the “Merger Agreement”), dated August 7, 2024, among us, OBDE, Cardinal Merger Sub Inc., a Maryland corporation and our wholly owned subsidiary (“Merger Sub”) and, solely for the limited purposes set forth therein, the Adviser and Blue Owl Diversified Credit Advisers LLC, a Delaware limited liability company and investment advisor to OBDE (“ODCA”);

•the effects of disruption on our business from the Mergers;

•the combined company’s plans, expectations, objectives and intentions as a result of the Mergers; and

•other risks, uncertainties and other factors previously identified in the reports and other documents we have filed with the Securities and Exchange Commission (“SEC”).

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these

and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These forward-looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements. Because we are an investment company, the forward-looking statements and projections contained in this report are excluded from the safe harbor protection provided by Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”).

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Blue Owl Capital Corporation

Consolidated Statements of Assets and Liabilities

(Amounts in thousands, except share and per share amounts)


	March 31, 2025 (Unaudited)		December 31, 2024
Assets
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost of $15,538,342 and $11,511,987, respectively)	$	15,690,984	$	11,451,457
Non-controlled, affiliated investments (amortized cost of $106,097 and $233,105, respectively)	104,532		235,060
Controlled, affiliated investments (amortized cost of $1,813,327, and $1,424,298, respectively)	1,896,490		1,508,028
Total investments at fair value (amortized cost of $17,457,766 and $13,169,390, respectively)	17,692,006		13,194,545
Cash (restricted cash of $75,555 and $82,387, respectively)	511,534		505,692
Foreign cash (cost of $2,680 and $8,539, respectively)	2,678		8,464
Interest receivable	121,568		105,881
Receivable from a controlled affiliate	19,702		16,970
Prepaid expenses and other assets	28,193		34,012
Total Assets	$	18,375,681	$	13,865,564
Liabilities
Debt (net of unamortized debt issuance costs of $106,569 and $84,363, respectively)	$	10,160,729	$	7,457,702
Distribution payable	189,088		144,381
Management fee payable	64,225		49,058
Incentive fee payable	42,067		39,082
Payables to affiliates	10,349		6,083

Accrued expenses and other liabilities	170,134		216,417
Total Liabilities	10,636,592		7,912,723
Commitments and contingencies (Note 7)
Net Assets
Common shares $0.01 par value, 1,000,000,000 shares authorized; 511,048,237 and 390,217,304 shares issued and outstanding, respectively	5,111		3,902
Additional paid-in-capital	7,673,114		5,919,539
Accumulated undistributed (overdistributed) earnings	60,864		29,400
Total Net Assets	7,739,089		5,952,841
Total Liabilities and Net Assets	$	18,375,681	$	13,865,564
Net Asset Value Per Share	$	15.14	$	15.26

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

Blue Owl Capital Corporation

Consolidated Statements of Operations

(Amounts in thousands, except share and per share amounts)

(Unaudited)


	For the Three Months Ended March 31,
		2025		2024
Investment Income
Investment income from non-controlled, non-affiliated investments:
Interest income		$	356,463	$	294,450
Payment-in-kind (“PIK”) interest income		35,392		41,235
Dividend income		21,531		21,336

Other income		5,590		5,313
Total investment income from non-controlled, non-affiliated investments		418,976		362,334
Investment income from non-controlled, affiliated investments:
Interest income		615		68
Payment-in-kind (“PIK”) interest income		1,039		—
Dividend income		—		16
Other Income		36		—
Total investment income from non-controlled, affiliated investments		1,690		84
Investment income from controlled, affiliated investments:
Interest income		8,952		8,002
Payment-in-kind (“PIK”) interest income		—		176
Dividend income		35,005		28,789
Other Income		23		192
Total investment income from controlled, affiliated investments		43,980		37,159
Total Investment Income		464,646		399,577
Expenses
Interest expense		148,532		119,129
Management fees, net(1)		62,158		47,243
Performance based incentive fees		41,029		38,768
Professional fees		3,532		3,596
Directors’ fees		320		320
Other general and administrative		4,027		2,516
Total Operating Expenses		259,598		211,572


Net Investment Income (Loss) Before Taxes		205,048		188,005
Income tax expense (benefit), including excise tax expense (benefit)		3,746		5,240
Net Investment Income (Loss) After Taxes		$	201,302	$	182,765
Net Realized and Change in Unrealized Gain (Loss)
Net change in unrealized gain (loss):
Non-controlled, non-affiliated investments		$	196,524	$	(951)
Non-controlled, affiliated investments		(700)		214
Controlled, affiliated investments		(3,390)		9,338
Translation of assets and liabilities in foreign currencies		4,012		(1,946)
Income tax (provision) benefit		(1,562)		(10)
Total Net Change in Unrealized Gain (Loss)		194,884		6,645
Net realized gain (loss):
Non-controlled, non-affiliated investments		(151,932)		(5,193)


Foreign currency transactions		(1,619)		(1,700)
Total Net Realized Gain (Loss)		(153,551)		(6,893)
Total Net Realized and Change in Unrealized Gain (Loss)		41,333		(248)
Net Increase (Decrease) in Net Assets Resulting from Operations		$	242,635	$	182,517
Earnings Per Share - Basic and Diluted		$	0.49	$	0.47
Weighted Average Shares Outstanding - Basic and Diluted		494,825,717		389,732,868

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

____________

(1)Refer to Note 3 “Agreements and Related Party Transactions” for additional details on management fee waiver.

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


		Interest
Company(1)(4)(8)(31)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(2)(3)		Fair Value		% of Net Assets
Non-controlled/non-affiliated portfolio company investments
Debt Investments
Advertising and media
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))(14)(25)	First lien senior secured loan	S+	5.00%		12/2028	$	38,407	$	38,049	$	38,407
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))(10)(13)(25)	First lien senior secured revolving loan	S+	5.00%		12/2027	193		186		193
Monotype Imaging Holdings Inc.(10)(13)(25)	First lien senior secured loan	S+	5.50%		2/2031	152,523		150,935		152,523
								189,170		191,123		2.5	%
Aerospace and defense
Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC)(14)	First lien senior secured loan	S+	0.50%	5.97%	7/2027	40,558		28,383		25,349
Peraton Corp.(6)(14)(25)	Second lien senior secured loan	S+	7.75%		2/2029	60,393		57,099		44,957
STS PARENT, LLC (dba STS Aviation Group)(14)(25)	First lien senior secured loan	S+	5.00%		10/2031	115,290		114,342		114,714
STS PARENT, LLC (dba STS Aviation Group)(10)(14)(25)	First lien senior secured revolving loan	S+	5.00%		10/2030	7,526		7,442		7,462
Valence Surface Technologies LLC(10)(14)(25)	First lien senior secured loan	S+	6.75%		12/2026	158,255		158,161		155,089
								365,427		347,571		4.5	%
Asset based lending and fund finance
Hg Genesis 8 Sumoco Limited(22)(25)(27)	Unsecured facility	SA+		6.00%	9/2027	£	13,115	16,395		16,928
Hg Genesis 9 SumoCo Limited(19)(25)(27)	Unsecured facility	E+		6.25%	3/2029	€	56,596	59,685		61,135
Hg Saturn Luchaco Limited(22)(25)(27)	Unsecured facility	SA+		7.50%	3/2026	£	51,254	64,636		66,156
								140,716		144,219		1.9	%
Automotive
Spotless Brands, LLC(15)(25)	First lien senior secured loan	S+	5.75%		7/2028	94,812		93,237		94,812
								93,237		94,812		1.2	%
Buildings and real estate
Associations Finance, Inc.(25)(30)	Unsecured notes	N/A		14.25%	5/2030	182,296		180,692		182,296
Associations, Inc.(10)(14)(25)	First lien senior secured delayed draw term loan	S+	6.50%		7/2028	463,322		461,131		463,322
								641,823		645,618		8.3	%
Business services
Aurelia Netherlands B.V.(19)(25)(27)	First lien senior secured EUR term loan	E+	5.50%		5/2031	€	64,136	66,606		69,280
CMG HoldCo, LLC (dba Crete United)(10)(15)(25)	First lien senior secured delayed draw term loan	S+	4.75%		5/2028	1,327		1,299		1,319
CoolSys, Inc.(6)(15)	First lien senior secured loan	S+	4.75%		8/2028	11,893		11,673		10,704
Denali BuyerCo, LLC (dba Summit Companies)(10)(14)(25)	First lien senior secured loan	S+	5.25%		9/2028	132,448		130,507		132,116
Diamondback Acquisition, Inc. (dba Sphera)(13)(25)	First lien senior secured loan	S+	5.50%		9/2028	50,284		49,162		50,158
DuraServ LLC(13)(25)	First lien senior secured loan	S+	4.50%		6/2031	132,404		131,161		131,742
Fullsteam Operations, LLC(14)(25)	First lien senior secured loan	S+	8.25%		11/2029	17,815		17,395		17,815
Fullsteam Operations, LLC(10)(14)(25)	First lien senior secured delayed draw term loan	S+	7.00%		11/2029	4,815		4,730		4,803

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


		Interest
Company(1)(4)(8)(31)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	% of Net Assets
Gainsight, Inc.(10)(14)(25)	First lien senior secured loan	S+	6.00%		7/2027	35,281	34,973	35,281
Hercules Borrower, LLC (dba The Vincit Group)(14)(25)	First lien senior secured loan	S+	5.50%		12/2026	211,059	210,391	211,059
Hercules Buyer, LLC (dba The Vincit Group)(25)(29)(30)	Unsecured notes	N/A		0.48%	12/2029	6,280	6,481	7,673
KPSKY Acquisition, Inc. (dba BluSky)(14)(25)	First lien senior secured loan	S+	5.50%		10/2028	43,449	39,695	40,407
KPSKY Acquisition, Inc. (dba BluSky)(10)(14)(25)(32)	First lien senior secured delayed draw term loan	S+	5.75%		10/2028	31	(118)	(114)
Ping Identity Holding Corp.(14)(25)	First lien senior secured loan	S+	4.75%		10/2029	905	902	905
Pye-Barker Fire & Safety, LLC(10)(14)(25)	First lien senior secured loan	S+	4.50%		5/2031	165,562	164,250	165,148
Pye-Barker Fire & Safety, LLC(10)(14)(25)	First lien senior secured revolving loan	S+	4.50%		5/2030	2,918	2,816	2,860
							871,923	881,156	11.4	%
Chemicals
Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC)(13)(25)	Second lien senior secured loan	S+	7.75%		11/2028	16,500	16,137	15,510
DCG ACQUISITION CORP. (dba DuBois Chemical)(14)(25)	First lien senior secured loan	S+	4.50%		6/2031	72,764	71,849	72,400
Gaylord Chemical Company, L.L.C.(10)(14)(25)	First lien senior secured loan	S+	5.50%		12/2027	194,831	193,395	194,831
Rocket BidCo, Inc. (dba Recochem)(14)(25)(27)	First lien senior secured loan	S+	5.75%		11/2030	258,851	253,505	258,851
Velocity HoldCo III Inc. (dba VelocityEHS)(14)(25)	First lien senior secured loan	S+	5.50%		4/2027	27,392	27,090	27,392
							561,976	568,984	7.4	%
Consumer products
Conair Holdings LLC(6)(13)(25)	First lien senior secured loan	S+	3.75%		5/2028	12,506	11,194	10,750
Conair Holdings LLC(13)(25)	Second lien senior secured loan	S+	7.50%		5/2029	161,616	158,285	142,222
Feradyne Outdoors, LLC(14)(25)	First lien senior secured loan	S+	3.04%	3.71%	5/2028	76,748	76,748	63,701
Foundation Consumer Brands, LLC(14)(25)	First lien senior secured loan	S+	5.00%		2/2029	54,211	53,585	53,940
Lignetics Investment Corp.(14)(25)	First lien senior secured loan	S+	5.50%		11/2027	103,358	101,815	102,842
Lignetics Investment Corp.(10)(14)(25)	First lien senior secured revolving loan	S+	5.50%		10/2026	8,235	8,083	8,174
SWK BUYER, Inc. (dba Stonewall Kitchen)(14)(25)	First lien senior secured loan	S+	5.25%		3/2029	1,467	1,424	1,442
WU Holdco, Inc. (dba Weiman Products, LLC)(10)(14)(25)	First lien senior secured loan	S+	5.00%		3/2027	263,152	261,982	263,152
							673,116	646,223	8.4	%
Containers and packaging
Arctic Holdco, LLC (dba Novvia Group)(14)(25)	First lien senior secured loan	S+	5.25%		1/2032	98,513	98,104	97,994
Arctic Holdco, LLC (dba Novvia Group)(10)(14)(25)	First lien senior secured revolving loan	S+	5.25%		1/2031	3,478	3,442	3,441
Ascend Buyer, LLC (dba PPC Flexible Packaging)(14)(25)	First lien senior secured loan	S+	5.75%		9/2028	71,649	70,426	71,649
Fortis Solutions Group, LLC(14)(25)	First lien senior secured loan	S+	5.50%		10/2028	35,374	34,314	34,754
Fortis Solutions Group, LLC(10)(14)(25)	First lien senior secured revolving loan	S+	5.50%		10/2027	1,625	1,558	1,561
Indigo Buyer, Inc. (dba Inovar Packaging Group)(10)(14)(25)	First lien senior secured loan	S+	5.25%		5/2028	9,253	9,118	9,253

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


		Interest
Company(1)(4)(8)(31)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	% of Net Assets
Pregis Topco LLC(13)(25)	Second lien senior secured loan	S+	7.75%		8/2029	28,167	27,813	28,167
Pregis Topco LLC(13)(25)	Second lien senior secured loan	S+	6.75%		8/2029	164,333	162,390	164,333
							407,165	411,152	5.3	%
Distribution
ABB/Con-cise Optical Group LLC(14)(25)	First lien senior secured loan	S+	7.50%		2/2028	64,629	64,058	63,498
BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC)(10)(14)(25)	First lien senior secured loan	S+	5.00%		10/2029	205,938	203,623	205,938
Endries Acquisition, Inc.(13)(25)	First lien senior secured loan	S+	5.25%		12/2028	129,677	128,481	128,703
Offen, Inc.(13)(25)	First lien senior secured loan	S+	5.00%		6/2026	13,491	13,463	13,491
Offen, Inc.(13)(25)	First lien senior secured delayed draw term loan	S+	5.11%		6/2026	5,084	5,075	5,084
							414,700	416,714	5.4	%
Education
Severin Acquisition, LLC (dba PowerSchool)(13)(25)	First lien senior secured loan	S+	2.75%	2.25%	10/2031	1,519	1,490	1,500
Severin Acquisition, LLC (dba PowerSchool)(10)(13)(25)	First lien senior secured delayed draw term loan	S+	5.00%		10/2031	21	20	19
Severin Acquisition, LLC (dba PowerSchool)(10)(14)(25)	First lien senior secured revolving loan	S+	4.75%		10/2031	28	27	26
							1,537	1,545	—	%
Energy equipment and services
Dresser Utility Solutions, LLC(13)(25)	First lien senior secured loan	S+	5.25%		3/2029	73,751	72,915	73,567
							72,915	73,567	1.0	%
Financial services
Baker Tilly Advisory Group, LP(13)(25)	First lien senior secured loan	S+	4.75%		6/2031	76,372	75,158	75,608
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)(13)(25)	First lien senior secured loan	S+	5.00%		6/2030	15,570	15,353	15,570
Continental Finance Company, LLC(13)(25)	First lien senior secured loan	S+	8.00%		3/2029	7,500	7,426	7,425
Deerfield Dakota Holdings(14)	Second lien senior secured loan	S+	6.75%		4/2028	8,000	7,518	7,620
Finastra USA, Inc.(10)(15)(25)(27)	First lien senior secured loan	S+	7.25%		9/2029	102,889	101,835	102,889
Klarna Holding AB(14)(25)(27)	Subordinated Floating Rate Notes	S+	7.00%		4/2034	1,000	1,000	1,000
KRIV Acquisition Inc. (dba Riveron)(14)(25)	First lien senior secured loan	S+	5.75%		7/2029	7,911	7,735	7,911
Minotaur Acquisition, Inc. (dba Inspira Financial)(13)(25)	First lien senior secured loan	S+	5.00%		6/2030	226,369	223,425	226,369
NMI Acquisitionco, Inc. (dba Network Merchants)(13)(25)	First lien senior secured loan	S+	5.00%		9/2028	48,075	47,797	48,075
Smarsh Inc.(14)(25)	First lien senior secured loan	S+	4.75%		2/2029	1,989	1,967	1,989
Smarsh Inc.(10)(13)(25)	First lien senior secured revolving loan	S+	4.75%		2/2029	26	26	26
							489,240	494,482	6.4	%
Food and beverage
Balrog Acquisition, Inc. (dba Bakemark)(13)(25)	Second lien senior secured loan	S+	7.00%		9/2029	28,000	27,767	28,000
Blast Bidco Inc. (dba Bazooka Candy Brands)(14)(25)	First lien senior secured loan	S+	6.00%		10/2030	37,679	36,900	37,679
BP Veraison Buyer, LLC (dba Sun World)(14)(25)	First lien senior secured loan	S+	5.25%		5/2029	138,423	136,939	138,423
Eagle Family Foods Group LLC(14)(25)	First lien senior secured loan	S+	5.00%		8/2030	2,599	2,561	2,599

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


		Interest
Company(1)(4)(8)(31)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(2)(3)	Fair Value	% of Net Assets
Gehl Foods, LLC(10)(14)(25)	First lien senior secured delayed draw term loan	S+	6.25%		6/2030	96,452		95,216	96,452
Hissho Parent, LLC(14)(25)	First lien senior secured loan	S+	4.50%		5/2029	14,015		13,873	14,015
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(13)(25)	First lien senior secured loan	S+	6.25%		3/2027	116,693		115,144	114,940
KBP Brands, LLC(14)(25)	First lien senior secured loan	S+	5.50%	0.50%	5/2027	1,086		1,046	1,067
Nellson Nutraceutical, LLC(14)(25)	First lien senior secured loan	S+	5.75%		12/2025	25,497		25,476	25,243
Ole Smoky Distillery, LLC(13)(25)(27)	First lien senior secured loan	S+	5.50%		3/2028	857		847	851
Rushmore Investment III LLC (dba Winland Foods)(14)(25)	First lien senior secured loan	S+	5.00%		10/2030	360,011		355,937	360,011
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)(14)(25)	First lien senior secured loan	S+	4.75%		7/2027	47,546		47,450	47,190
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)(10)(14)(25)	First lien senior secured revolving loan	S+	4.60%		7/2027	2,254		2,254	2,187
The Better Being Co., LLC (fka Nutraceutical International Corporation)(13)(25)	First lien senior secured loan	S+	6.75%		9/2026	216,358		215,335	217,440
Vital Bidco AB (dba Vitamin Well)(14)(25)(27)	First lien senior secured loan	S+	4.50%		10/2031	62,040		60,935	62,040
Vital Bidco AB (dba Vitamin Well)(10)(13)(25)(27)	First lien senior secured revolving loan	S+	4.50%		10/2030	3,543		3,352	3,543
								1,141,032	1,151,680	14.9	%
Healthcare equipment and services
Bamboo US BidCo LLC(14)(25)	First lien senior secured loan	S+	5.25%		9/2030	8,742		8,685	8,742
Bamboo US BidCo LLC(19)(25)	First lien senior secured EUR term loan	E+	5.25%		9/2030	€	4,696	4,868	5,073
Cadence, Inc.(10)(14)	First lien senior secured loan	S+	5.00%		5/2026	31,821		30,991	30,318
Cambrex Corporation(13)(25)	First lien senior secured loan	S+	4.75%		3/2032	781		774	774
Creek Parent, Inc. (dba Catalent)(13)(25)	First lien senior secured loan	S+	5.25%		12/2031	114,224		111,751	113,653
CSC MKG Topco LLC (dba Medical Knowledge Group)(13)(25)	First lien senior secured loan	S+	5.75%		2/2029	4,994		4,873	4,957
Nelipak Holding Company(14)(25)	First lien senior secured loan	S+	5.50%		3/2031	25,992		25,489	25,473
Nelipak Holding Company(10)(13)(25)	First lien senior secured revolving loan	S+	5.50%		3/2031	3,772		3,650	3,621
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.(19)(25)	First lien senior secured EUR term loan	E+	5.50%		3/2031	€	47,621	49,932	50,411
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.(10)(18)(25)	First lien senior secured EUR revolving loan	E+	5.50%		3/2031	€	604	579	577
Packaging Coordinators Midco, Inc.(14)(25)	First lien senior secured loan	S+	4.75%		1/2032	150,246		148,221	148,180
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(14)(25)(27)	First lien senior secured loan	S+	5.25%		1/2028	158,164		156,612	158,164
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(10)(13)(25)	First lien senior secured revolving loan	S+	5.25%		1/2028	8,674		8,628	8,674
PerkinElmer U.S. LLC(13)(25)	First lien senior secured loan	S+	5.00%		3/2029	23,139		23,092	22,966
Rhea Parent, Inc.(14)(25)	First lien senior secured loan	S+	4.75%		12/2030	40,978		40,536	40,875
TBRS, Inc. (dba TEAM Technologies)(14)(25)	First lien senior secured loan	S+	4.75%		11/2031	36,834		36,485	36,650
TBRS, Inc. (dba TEAM Technologies)(10)(14)(25)	First lien senior secured revolving loan	S+	4.75%		11/2030	335		306	307
								655,472	659,415	8.5	%
Healthcare providers and services
Allied Benefit Systems Intermediate LLC(14)(25)	First lien senior secured loan	S+	5.25%		10/2030	6,947		6,822	6,947
Belmont Buyer, Inc. (dba Valenz)(14)	First lien senior secured loan	S+	6.50%		6/2029	4,488		4,404	4,488

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


		Interest
Company(1)(4)(8)(31)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	% of Net Assets
Belmont Buyer, Inc. (dba Valenz)(14)	First lien senior secured loan	S+	5.21%		6/2029	2,816	2,743	2,795
Belmont Buyer, Inc. (dba Valenz)(10)(15)	First lien senior secured revolving loan	S+	6.50%		6/2029	145	143	145
Confluent Health, LLC(13)	First lien senior secured loan	S+	5.00%		11/2028	4,950	4,801	4,727
Covetrus, Inc.(14)(25)	Second lien senior secured loan	S+	9.25%		10/2030	30,000	28,784	29,175
Engage Debtco Limited(14)(25)(27)	First lien senior secured loan	S+	3.18%	2.50%	7/2029	2,070	2,009	2,018
EresearchTechnology, Inc. (dba Clario)(10)(13)(25)	First lien senior secured loan	S+	4.75%		1/2032	86,823	85,898	85,878
Ex Vivo Parent Inc. (dba OB Hospitalist)(14)(25)	First lien senior secured loan	S+		9.90%	9/2028	120,153	118,698	120,153
KABAFUSION Parent, LLC(14)(25)	First lien senior secured loan	S+	5.00%		11/2031	31,111	30,642	31,033
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)(14)(25)	First lien senior secured loan	S+	4.75%		12/2029	77,921	76,675	77,921
Lakefield Acquisition Corp. (dba Lakefield Veterinary Group)(10)(13)(25)	First lien senior secured loan	S+	4.00%		9/2030	597	594	593
Maple Acquisition, LLC (dba Medicus)(15)(25)	First lien senior secured loan	S+	5.00%		5/2031	83,557	82,729	83,557
National Dentex Labs LLC (fka Barracuda Dental LLC)(11)(14)(25)	First lien senior secured loan	S+	5.00%	3.00%	4/2026	134,364	129,821	100,436
National Dentex Labs LLC (fka Barracuda Dental LLC)(11)(14)(25)	First lien senior secured delayed draw term loan	S+		10.00%	4/2026	14,563	14,248	10,595
National Dentex Labs LLC (fka Barracuda Dental LLC)(10)(11)(14)(25)	First lien senior secured revolving loan	S+	7.00%		4/2026	8,468	8,083	5,436
Natural Partners, LLC(14)(25)(27)	First lien senior secured loan	S+	4.50%		11/2027	4,301	4,217	4,301
OB Hospitalist Group, Inc.(13)(25)	First lien senior secured loan	S+	5.25%		9/2027	165,815	163,436	165,815
Pacific BidCo Inc.(15)(25)(27)	First lien senior secured loan	S+		6.00%	8/2029	43,435	42,429	42,566
Pacific BidCo Inc.(15)(25)	First lien senior secured delayed draw term loan	S+	5.75%		8/2029	4,581	4,469	4,490
PetVet Care Centers, LLC(13)(25)	First lien senior secured loan	S+	6.00%		11/2030	132,008	129,595	124,748
Phantom Purchaser, Inc.(14)(25)	First lien senior secured loan	S+	5.00%		9/2031	42,450	41,826	42,344
Physician Partners, LLC(14)(25)	First lien senior secured loan	S+	6.00%		12/2029	11,487	10,861	10,913
Physician Partners, LLC(14)(25)	First lien senior secured loan	S+	4.00%		12/2029	6,411	3,949	3,847
Plasma Buyer LLC (dba PathGroup)(14)(25)	First lien senior secured loan	S+	5.75%		5/2029	1,327	1,298	1,304
Plasma Buyer LLC (dba PathGroup)(14)(25)	First lien senior secured delayed draw term loan	S+	6.25%		5/2029	50	49	49
Plasma Buyer LLC (dba PathGroup)(10)(14)(25)	First lien senior secured revolving loan	S+	5.75%		5/2028	125	123	122
PPV Intermediate Holdings, LLC(14)(25)	First lien senior secured loan	S+	5.75%		8/2029	28,702	28,165	28,702
PPV Intermediate Holdings, LLC(14)(25)	First lien senior secured delayed draw term loan	S+	6.00%		8/2029	1,773	1,740	1,773
Premier Imaging, LLC (dba LucidHealth)(14)(25)	First lien senior secured loan	S+	6.00%		3/2026	48,316	48,251	44,813
Premise Health Holding Corp.(14)(25)	First lien senior secured loan	S+	5.50%		3/2031	62,355	61,401	62,199
Quva Pharma, Inc.(15)(25)	First lien senior secured loan	S+	5.50%		4/2028	67,193	65,955	66,857
Quva Pharma, Inc.(14)(25)	First lien senior secured loan	S+	5.50%		4/2026	10,364	10,165	10,312
Quva Pharma, Inc.(15)(25)	First lien senior secured revolving loan	S+	5.50%		4/2026	5,182	5,131	5,156
SimonMed, Inc.(10)(14)(25)	First lien senior secured loan	S+	4.75%		2/2032	775	772	771
Soleo Holdings, Inc.(14)	First lien senior secured loan	S+	4.75%		2/2032	60,992	60,692	60,687
TC Holdings, LLC (dba TrialCard)(14)	First lien senior secured loan	S+	5.00%		4/2027	13,049	12,816	13,049
Tivity Health, Inc.(13)(25)	First lien senior secured loan	S+	5.00%		6/2029	985	975	985

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


		Interest
Company(1)(4)(8)(31)	Investment	Ref. Rate	Cash		PIK	Maturity Date	Par / Units		Amortized Cost(2)(3)	Fair Value	% of Net Assets
Unified Women's Healthcare, LP(14)(25)	First lien senior secured loan	S+	5.25%			6/2029	1,781		1,759	1,781
Unified Women's Healthcare, LP(14)(25)	First lien senior secured loan	S+	5.50%			6/2029	39,536		39,100	39,536
Unified Women's Healthcare, LP(13)(25)	First lien senior secured delayed draw term loan	S+	5.25%			6/2029	17,270		17,085	17,270
Vermont Aus Pty Ltd(21)(25)(27)	First lien senior secured AUD term loan	BB+	5.75%			3/2028	A$	2,595	1,661	1,609
									1,355,014	1,321,896	17.1	%
Healthcare technology
BCPE Osprey Buyer, Inc. (dba PartsSource)(14)(25)	First lien senior secured loan	S+	5.75%			8/2028	162,981		160,394	160,943
BCPE Osprey Buyer, Inc. (dba PartsSource)(13)(25)	First lien senior secured delayed draw term loan	S+	5.75%			8/2028	14,961		14,519	14,696
BCPE Osprey Buyer, Inc. (dba PartsSource)(10)(13)(25)	First lien senior secured revolving loan	S+	5.75%			8/2026	16,140		15,959	15,921
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)(13)(25)	First lien senior secured loan	S+	5.00%			8/2031	89,049		87,851	89,049
GI Ranger Intermediate, LLC (dba Rectangle Health)(14)(25)	First lien senior secured loan	S+	5.75%			10/2028	24,833		24,069	24,336
Indikami Bidco, LLC (dba IntegriChain)(13)(25)	First lien senior secured loan	S+	4.00%		2.50%	12/2030	21,427		20,993	21,213
Indikami Bidco, LLC (dba IntegriChain)(10)(13)(25)	First lien senior secured delayed draw term loan	S+	6.00%			12/2030	334		314	331
Indikami Bidco, LLC (dba IntegriChain)(10)(13)(25)	First lien senior secured revolving loan	S+	6.00%			6/2030	1,169		1,134	1,148
Inovalon Holdings, Inc.(14)(25)	First lien senior secured loan	S+	5.75%			11/2028	267,041		262,359	267,041
Inovalon Holdings, Inc.(14)(25)	Second lien senior secured loan	S+			10.76%	11/2033	173,040		170,508	173,040
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(14)(25)(27)	First lien senior secured loan	S+	6.50%			8/2026	169,898		167,642	165,651
Interoperability Bidco, Inc. (dba Lyniate)(10)(14)(25)	First lien senior secured loan	S+	5.75	%		3/2028	73,577		73,176	72,017
RL Datix Holdings (USA), Inc.(15)(25)	First lien senior secured loan	S+	5.25%			4/2031	56,403		55,692	55,980
RL Datix Holdings (USA), Inc.(22)(25)	First lien senior secured GBP term loan	SA+	5.25%			4/2031	£	26,120	32,052	33,461
Salinger Bidco Inc. (dba Surgical Information Systems)(14)(25)	First lien senior secured loan	S+	5.75%			8/2031	41,293		40,638	41,293
									1,127,300	1,136,120	14.7	%
Household products
HGH Purchaser, Inc. (dba Horizon Services)(10)(14)(25)	First lien senior secured loan	S+	4.50%		2.50%	11/2026	196,061		195,581	181,585
Mario Midco Holdings, Inc. (dba Len the Plumber)(13)(25)	Unsecured facility	S+			10.75%	4/2032	8,131		7,917	7,846
Mario Purchaser, LLC (dba Len the Plumber)(10)(13)(25)	First lien senior secured loan	S+	5.75%			4/2029	27,987		27,306	27,116
Mario Purchaser, LLC (dba Len the Plumber)(10)(13)(25)	First lien senior secured revolving loan	S+	5.75%			4/2028	709		678	656
SimpliSafe Holding Corporation(13)(25)	First lien senior secured loan	S+	6.25%			5/2028	9,022		8,900	9,022
									240,382	226,225	2.9	%

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


		Interest
Company(1)(4)(8)(31)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	% of Net Assets
Human resource support services
Cornerstone OnDemand, Inc.(13)(25)	Second lien senior secured loan	S+	6.50%		10/2029	160,417	152,933	135,151
IG Investments Holdings, LLC (dba Insight Global)(14)(25)	First lien senior secured loan	S+	5.00%		9/2028	118,026	116,762	118,026
							269,695	253,177	3.3	%
Infrastructure and environmental services
AWP Group Holdings, Inc.(10)(13)	First lien senior secured loan	S+	4.75%		12/2030	939	913	929
CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.)(10)(14)(25)	First lien senior secured loan	S+	5.00%		1/2031	43,425	42,861	43,425
GI Apple Midco LLC (dba Atlas Technical Consultants)(10)(13)(25)	First lien senior secured loan	S+	6.75%		4/2030	828	816	820
GI Apple Midco LLC (dba Atlas Technical Consultants)(10)(13)(25)	First lien senior secured revolving loan	S+	6.75%		4/2029	63	62	62
KENE Acquisition, Inc. (dba Entrust Solutions Group)(10)(14)(25)	First lien senior secured loan	S+	5.25%		2/2031	18,458	18,003	18,209
LineStar Integrity Services LLC(14)(25)	First lien senior secured loan	S+	7.25%		2/2026	71,633	69,812	68,769
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(14)(25)	First lien senior secured loan	S+	5.75%		3/2028	1,816	1,786	1,808
Vessco Midco Holdings, LLC(10)(13)(25)	First lien senior secured loan	S+	4.75%		7/2031	54,052	53,319	53,782
							187,572	187,804	2.4	%
Insurance
Alera Group, Inc.(13)(25)	First lien senior secured loan	S+	5.25%		10/2028	120,879	119,266	120,879
AmeriLife Holdings LLC(10)(15)(25)	First lien senior secured loan	S+	5.00%		8/2029	12,413	12,129	12,348
Brightway Holdings, LLC(10)(14)(25)	First lien senior secured loan	S+	5.75%		12/2027	52,700	51,974	52,700
Diamond Mezzanine 24 LLC (dba United Risk)(14)(25)	First lien senior secured loan	S+	5.00%		10/2030	17,768	17,549	17,768
Evolution BuyerCo, Inc. (dba SIAA)(14)(25)	First lien senior secured loan	S+	4.75%		4/2030	843	836	843
Galway Borrower LLC(10)(14)(25)	First lien senior secured delayed draw term loan	S+	4.50%		9/2028	283	281	283
Integrity Marketing Acquisition, LLC(14)(25)	First lien senior secured loan	S+	5.00%		8/2028	91,103	89,992	91,103
KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners)(13)(25)	First lien senior secured loan	S+		10.60%	7/2030	60,932	60,329	60,932
Norvax, LLC (dba GoHealth)(10)(13)(25)	First lien senior secured revolving loan	S+	6.50%		6/2025	2,080	2,080	2,080
PCF Midco II, LLC (dba PCF Insurance Services)(25)(30)	First lien senior secured loan	N/A		9.00%	10/2031	205,104	193,712	204,078
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(14)(25)	First lien senior secured loan	S+	5.50%		11/2028	101,912	101,530	101,912
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(13)(25)	First lien senior secured delayed draw term loan	S+	5.50%		11/2028	33,717	33,592	33,717
Simplicity Financial Marketing Group Holdings, Inc.(14)(25)	First lien senior secured loan	S+	5.00%		12/2031	40,982	40,392	40,572
Simplicity Financial Marketing Group Holdings, Inc.(10)(15)(25)	First lien senior secured delayed draw term loan	S+	5.00%		12/2031	1,749	1,687	1,685
Tempo Buyer Corp. (dba Global Claims Services)(14)(25)	First lien senior secured loan	S+	4.75%		8/2028	36,390	35,722	36,390
THG Acquisition, LLC (dba Hilb)(10)(13)(25)	First lien senior secured loan	S+	4.75%		10/2031	39,416	38,789	38,938
Truist Insurance Holdings, LLC(10)(14)	First lien senior secured revolving loan	S+	3.00%		5/2029	224	224	224

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


		Interest
Company(1)(4)(8)(31)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(2)(3)	Fair Value	% of Net Assets
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(13)(25)	First lien senior secured loan	S+	5.00%		12/2029	52,385		51,938	52,385
								852,022	868,837	11.2	%
Internet software and services
AI Titan Parent, Inc. (dba Prometheus Group)(13)(25)	First lien senior secured loan	S+	4.75%		8/2031	7,547		7,346	7,472
AlphaSense, Inc.(14)(25)	First lien senior secured loan	S+	6.25%		6/2029	707		700	701
Anaplan, Inc.(14)(25)	First lien senior secured loan	S+	5.00%		6/2029	166,544		165,987	166,544
Aptean Acquiror, Inc. (dba Aptean)(10)(14)(25)	First lien senior secured loan	S+	5.25%		1/2031	18,873		18,487	18,873
Armstrong Bidco Limited(22)(25)(27)	First lien senior secured GBP delayed draw term loan	SA+	5.25%		6/2029	£	2,960	3,580	3,801
Artifact Bidco, Inc. (dba Avetta)(14)(25)(27)	First lien senior secured loan	S+	4.50%		7/2031	12,011		11,900	11,951
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)(13)(25)	First lien senior secured loan	S+	6.50%		3/2031	15,817		15,547	15,699
Barracuda Networks, Inc.(6)(14)	First lien senior secured loan	S+	4.50%		8/2029	12,765		11,938	11,010
Bayshore Intermediate #2, L.P. (dba Boomi)(14)(25)	First lien senior secured loan	S+	2.88%	3.38%	10/2028	86,444		86,166	86,444
BCTO BSI Buyer, Inc. (dba Buildertrend)(14)(25)	First lien senior secured loan	S+	6.50%		12/2026	71,289		70,887	71,289
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(10)(14)(25)	First lien senior secured loan	S+	5.50%		8/2027	23,099		22,498	22,493
CivicPlus, LLC(14)(25)	First lien senior secured loan	S+	5.75%		8/2027	52,027		51,570	52,027
Coupa Holdings, LLC(14)(25)	First lien senior secured loan	S+	5.25%		2/2030	1,559		1,544	1,559
CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC)(15)(25)	Unsecured notes	S+		12.00%	6/2034	34,677		34,103	34,677
Crewline Buyer, Inc. (dba New Relic)(13)(25)	First lien senior secured loan	S+	6.75%		11/2030	148,219		145,621	146,737
Delinea Buyer, Inc. (f/k/a Centrify)(14)(25)	First lien senior secured loan	S+	5.75%		3/2028	88,207		87,033	88,207
EET Buyer, Inc. (dba e-Emphasys)(14)(25)	First lien senior secured loan	S+	4.75%		11/2027	23,368		23,001	23,368
Einstein Parent, Inc. (dba Smartsheet)(14)(25)	First lien senior secured loan	S+	6.50%		1/2031	43,387		42,930	42,953
Forescout Technologies, Inc.(14)(25)	First lien senior secured loan	S+	5.00%		5/2031	97,462		96,663	96,975
Granicus, Inc.(14)(25)	First lien senior secured loan	S+	3.50%	2.25%	1/2031	17,610		17,358	17,610
Granicus, Inc.(14)(25)	First lien senior secured delayed draw term loan	S+	3.00%	2.25%	1/2031	2,615		2,564	2,596
GS Acquisitionco, Inc. (dba insightsoftware)(10)(14)	First lien senior secured loan	S+	5.25%		5/2028	9,516		9,272	9,419
H&F Opportunities LUX III S.À R.L (dba Checkmarx)(13)(25)(27)	First lien senior secured loan	S+	7.50%		4/2026	51,567		51,233	51,567
Hyland Software, Inc.(13)(25)	First lien senior secured loan	S+	5.00%		9/2030	66,639		66,639	66,639
Icefall Parent, Inc. (dba EngageSmart)(14)(25)	First lien senior secured loan	S+	6.50%		1/2030	33,278		32,692	33,278
JS Parent, Inc. (dba Jama Software)(14)(25)	First lien senior secured loan	S+	5.00%		4/2031	907		903	907
Litera Bidco LLC(10)(13)(25)	First lien senior secured loan	S+	5.00%		5/2028	162,544		161,761	162,138
MINDBODY, Inc.(14)(25)	First lien senior secured loan	S+	7.00%		9/2025	62,018		61,959	62,018
Ministry Brands Holdings, LLC(13)(25)	First lien senior secured loan	S+	5.50%		12/2028	11,975		11,677	11,884
PDI TA Holdings, Inc.(10)(14)(25)	First lien senior secured loan	S+	5.50%		2/2031	37,577		36,780	37,173
QAD, Inc.(13)(25)	First lien senior secured loan	S+	4.75%		11/2027	72,550		71,603	72,369
Securonix, Inc.(14)(25)	First lien senior secured loan	S+	4.00%	3.75%	4/2028	1,703		1,578	1,477

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


		Interest
Company(1)(4)(8)(31)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(2)(3)	Fair Value	% of Net Assets
Securonix, Inc.(10)(14)(25)(32)	First lien senior secured revolving loan	S+	7.00%		4/2028	7		(12)	(34)
Sitecore Holding III A/S(14)(25)	First lien senior secured loan	S+	3.50%	4.25%	3/2029	4,362		4,338	4,362
Sitecore Holding III A/S(19)(25)	First lien senior secured EUR term loan	E+	3.50%	4.25%	3/2029	€	25,369	26,613	27,404
Sitecore USA, Inc.(14)(25)	First lien senior secured loan	S+	3.50%	4.25%	3/2029	26,333		26,188	26,333
Spaceship Purchaser, Inc. (dba Squarespace)(14)(25)	First lien senior secured loan	S+	5.00%		10/2031	17,441		17,091	17,441
Thunder Purchaser, Inc. (dba Vector Solutions)(14)(25)	First lien senior secured loan	S+	5.25%		6/2028	105,890		104,830	105,890
When I Work, Inc.(14)(25)	First lien senior secured loan	S+	5.50%		11/2027	32,864		31,485	31,714
Zendesk, Inc.(14)(25)	First lien senior secured loan	S+	4.99%		11/2028	94,792		93,439	94,792
								1,727,492	1,739,757	22.5	%
Leisure and entertainment
Aerosmith Bidco 1 Limited (dba Audiotonix)(14)(25)(27)	First lien senior secured loan	S+	5.25%		7/2031	208,759		205,667	208,759
Troon Golf, L.L.C.(10)(14)(25)	First lien senior secured loan	S+	4.50%		8/2028	86,879		86,046	86,879
								291,713	295,638	3.8	%
Manufacturing
Faraday Buyer, LLC (dba MacLean Power Systems)(14)(25)	First lien senior secured loan	S+	6.00%		10/2028	149,991		147,119	148,491
FR Flow Control CB LLC (dba Trillium Flow Technologies)(14)(25)(27)	First lien senior secured loan	S+	5.25%		12/2029	31,820		31,444	31,582
Gloves Buyer, Inc. (dba Protective Industrial Products)(13)(25)	First lien senior secured loan	S+	4.00%		12/2027	21,830		21,676	21,830
Helix Acquisition Holdings, Inc. (dba MW Industries)(13)(25)	First lien senior secured loan	S+	7.00%		3/2030	946		923	939
Ideal Tridon Holdings, Inc.(14)(25)	First lien senior secured loan	S+	6.75%		4/2028	26,667		26,131	26,667
JSG II, Inc.(13)(25)	First lien senior secured loan	S+	4.50%		6/2026	13,459		13,431	13,426
Loparex Midco B.V.(14)(25)	First lien senior secured loan	S+	6.00%		2/2027	792		792	792
Loparex Midco B.V.(13)(25)	First lien senior secured loan	S+	4.50%		7/2027	3,126		2,970	2,970
Loparex Midco B.V.(14)(25)	Second lien senior secured loan	S+	8.75%		7/2027	112,000		108,957	103,600
Loparex Midco B.V.(14)(25)	Second lien senior secured loan	S+	8.50%		7/2027	21,000		20,105	20,160
MHE Intermediate Holdings, LLC (dba OnPoint Group)(10)(14)(25)	First lien senior secured loan	S+	6.00%		7/2027	106,363		105,585	105,773
MHE Intermediate Holdings, LLC (dba OnPoint Group)(14)(25)	First lien senior secured loan	S+	6.25%		7/2027	2,488		2,443	2,481
Sonny's Enterprises, LLC(10)(14)(25)	First lien senior secured loan	S+	5.50%		8/2028	292,139		289,039	290,678
Sonny's Enterprises, LLC(10)(14)(25)	First lien senior secured revolving loan	S+	5.50%		8/2027	13,744		13,613	13,626
								784,228	783,015	10.1	%
Pharmaceuticals
Puma Buyer, LLC (dba PANTHERx)(14)(25)	First lien senior secured loan	S+	4.50%		3/2032	861		855	855
								855	855	—	%
Professional services
Essential Services Holding Corporation (dba Turnpoint)(14)(25)	First lien senior secured loan	S+	5.00%		6/2031	25,974		25,614	25,714
Essential Services Holding Corporation (dba Turnpoint)(10)(14)(25)	First lien senior secured revolving loan	S+	5.00%		6/2030	509		481	477
Gerson Lehrman Group, Inc.(14)(25)	First lien senior secured loan	S+	5.00%		12/2027	155,885		154,407	155,885
Guidehouse Inc.(13)(25)	First lien senior secured loan	S+	3.00%	2.00%	12/2030	49,052		48,057	49,052

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


		Interest
Company(1)(4)(8)(31)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(2)(3)		Fair Value		% of Net Assets
Paris US Holdco, Inc. (dba Precinmac)(13)(25)	First lien senior secured loan	S+	5.00%		12/2031	28,837		28,422		28,549
Paris US Holdco, Inc. (dba Precinmac)(10)(17)(25)	First lien senior secured revolving loan	P+	4.00%		12/2031	37		2		—
Relativity ODA LLC(13)(25)	First lien senior secured loan	S+	4.49%		5/2029	101,311		100,514		101,057
Sensor Technology Topco, Inc. (dba Humanetics)(10)(14)(25)	First lien senior secured loan	S+	7.00%		5/2028	84,546		84,096		84,546
Sensor Technology Topco, Inc. (dba Humanetics)(10)(13)(25)	First lien senior secured revolving loan	S+	6.50%		5/2028	3,420		3,391		3,420
Sensor Technology Topco, Inc. (dba Humanetics)(10)(19)(25)	First lien senior secured EUR delayed draw term loan	E+	7.25%		5/2028	€	15,288	16,321		16,514
Vensure Employer Services, Inc.(14)(25)	First lien senior secured loan	S+	5.00%		9/2031	1,617		1,586		1,601
Vensure Employer Services, Inc.(10)(14)(25)	First lien senior secured delayed draw term loan	S+	4.50%		9/2031	40		38		38
								462,929		466,853		6.0	%
Specialty retail
Galls, LLC(10)(14)(25)	First lien senior secured loan	S+	5.00%	1.50%	3/2030	135,601		133,549		135,601
Galls, LLC(10)(14)(25)	First lien senior secured revolving loan	S+	6.00%		3/2030	3,274		3,111		3,274
Milan Laser Holdings LLC(14)(25)	First lien senior secured loan	S+	5.00%		4/2027	63,421		62,613		63,104
Notorious Topco, LLC (dba Beauty Industry Group)(14)(25)	First lien senior secured loan	S+	4.75%	2.50%	11/2027	185,280		176,592		153,782
Notorious Topco, LLC (dba Beauty Industry Group)(10)(14)(25)	First lien senior secured revolving loan	S+	4.75%	2.50%	5/2027	3,962		3,388		1,436
The Shade Store, LLC(14)(25)	First lien senior secured loan	S+	6.00%		10/2029	100,900		96,917		95,603
The Shade Store, LLC(14)(25)	First lien senior secured loan	S+	7.00%		10/2029	12,289		12,118		11,889
The Shade Store, LLC(10)(14)(25)	First lien senior secured revolving loan	S+	6.00%		10/2028	2,369		2,092		1,823
								490,380		466,512		6.0	%
Telecommunications
EOS Finco S.A.R.L(6)(11)(14)(25)(27)	First lien senior secured loan	S+	6.00%		10/2029	36,834		22,786		15,286
Park Place Technologies, LLC(14)(25)	First lien senior secured loan	S+	5.25%		3/2031	11,692		11,449		11,634
Park Place Technologies, LLC(10)(13)(25)	First lien senior secured delayed draw term loan	S+	5.25%		3/2031	945		939		940
Park Place Technologies, LLC(10)(13)(25)	First lien senior secured revolving loan	S+	5.25%		3/2030	322		308		315
PPT Holdings III, LLC (dba Park Place Technologies)(25)(30)	First lien senior secured loan	N/A		12.75%	3/2034	4,252		4,131		4,231
								39,613		32,406		0.4	%
Transportation
Lightbeam Bidco, Inc. (dba Lazer Spot)(14)(25)	First lien senior secured loan	S+	5.00%		5/2030	4,467		4,468		4,467
Lightbeam Bidco, Inc. (dba Lazer Spot)(10)(14)(25)	First lien senior secured revolving loan	S+	5.00%		5/2029	127		124		127
Lytx, Inc.(13)(25)	First lien senior secured loan	S+	5.00%		2/2028	71,005		71,005		71,005
								75,597		75,599		1.0	%
Total non-controlled/non-affiliated debt investments								$	14,624,241	$	14,582,955	188.4	%
Total non-controlled/non-affiliated misc. debt commitments(10)(32)(Note 7)								$	(6,624)	$	(4,957)	(0.1)	%
Total non-controlled/non-affiliated portfolio company debt investments								$	14,617,617	$	14,577,998	188.4	%

Equity Investments
Aerospace and defense
Space Exploration Technologies Corp.(12)(25)(26)	Class A Common Stock	N/A			N/A	46,605		2,557		8,776

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


		Interest
Company(1)(4)(8)(31)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	% of Net Assets
Space Exploration Technologies Corp.(12)(25)(26)	Class C Common Stock	N/A			N/A	9,360	446	1,762
							3,003	10,538	0.1	%
Asset based lending and fund finance
Amergin Asset Management, LLC(12)(25)(26)	Class A Units	N/A			N/A	50,000,000	382	1,816
							382	1,816	—	%
Automotive
CD&R Value Building Partners I, L.P. (dba Belron)(7)(12)(25)(26)(27)	LP Interest	N/A			N/A	73,986,106	77,327	83,214
Metis HoldCo, Inc. (dba Mavis Tire Express Services)(25)(26)(30)	Series A Convertible Preferred Stock	N/A		7.00%	N/A	238,733	234,968	238,733
							312,295	321,947	4.2	%
Buildings and real estate
Dodge Construction Network Holdings, L.P.(12)(25)(26)	Class A-2 Common Units	N/A			N/A	2,613,518	1,920	372
Dodge Construction Network Holdings, L.P.(14)(25)(26)	Series A Preferred Units	S+	8.25%		N/A	—	50	29
							1,970	401	—	%
Business services
Denali Holding, LP (dba Summit Companies)(12)(25)(26)	Class A Units	N/A			N/A	751,184	10,594	13,264
Hercules Buyer, LLC (dba The Vincit Group)(12)(25)(26)(29)	Common Units	N/A			N/A	2,640,000	2,728	3,226
Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)(15)(25)(26)	Perpetual Preferred Stock	S+		11.00%	N/A	12,600	17,234	17,473
							30,556	33,963	0.4	%
Consumer Products
ASP Conair Holdings LP(12)(25)(26)	Class A Units	N/A			N/A	73,571	7,442	8,472
							7,442	8,472	0.1	%
Containers and Packaging
TCB Holdings I LLC (dba TricorBraun)(25)(26)(30)	Class A Preferred Units	N/A	14.00%		N/A	43,500	42,197	42,195
							42,197	42,195	0.5	%
Financial services
Blend Labs, Inc.(12)(25)(26)	Warrants	N/A			N/A	179,529	975	3
							975	3	—	%
Food and beverage
Hissho Sushi Holdings, LLC(12)(25)(26)	Class A Units	N/A			N/A	15,004	155	199
							155	199	—	%
Healthcare equipment and services
KPCI Holdings, L.P.(12)(25)(26)	Class A Units	N/A			N/A	36,594	49,185	103,742
Maia Aggregator, LP(12)(25)(26)	Class A-2 Units	N/A			N/A	280,899	268	254
Patriot Holdings SCSp (dba Corza Health, Inc.)(25)(26)(27)(30)	Class A Units	N/A		8.00%	N/A	9,739	13,214	13,208
Patriot Holdings SCSp (dba Corza Health, Inc.)(12)(25)(26)(27)	Class B Units	N/A			N/A	134,107	266	529
Rhea Acquisition Holdings, LP(12)(25)(26)	Series A-2 Units	N/A			N/A	238,095	260	288
							63,193	118,021	1.5	%
Healthcare providers and services
KOBHG Holdings, L.P. (dba OB Hospitalist)(12)(25)(26)	Class A Interests	N/A			N/A	9,687	9,376	8,862

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


		Interest
Company(1)(4)(8)(31)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(2)(3)	Fair Value	% of Net Assets
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)(12)(25)(26)	Class A Interest	N/A			N/A	542		5,522	6,615
Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers)(25)(26)(30)	Series A Preferred Stock	N/A		15.00%	N/A	15,050		17,603	16,593
XOMA Corporation(12)(25)(26)	Warrants	N/A			N/A	36,000		269	254
								32,770	32,324	0.4	%
Healthcare technology
BEHP Co-Investor II, L.P.(12)(25)(26)(27)	LP Interest	N/A			N/A	$	1,270	1,043	1,297
Minerva Holdco, Inc.(25)(26)(30)	Senior A Preferred Stock	N/A		10.75%	N/A	9,000		12,369	12,188
WP Irving Co-Invest, L.P.(12)(25)(26)(27)	Partnership Units	N/A			N/A	1,250,000		947	1,276
								14,359	14,761	0.2	%
Human resource support services
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)(25)(26)(30)	Series A Preferred Stock	N/A		10.50%	N/A	51,250		66,967	56,449
								66,967	56,449	0.7	%
Insurance
Accelerate Topco Holdings, LLC(12)(25)(26)	Common Units	N/A			N/A	5,642		254	269
Evolution Parent, LP (dba SIAA)(12)(25)(26)	LP Interest	N/A			N/A	51,757		5,279	6,378
GoHealth, Inc.(5)(12)(25)	Common stock	N/A			N/A	20,534		1,578	252
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)(12)(25)(26)	LP Interest	N/A			N/A	105,132		1,053	1,050
Hockey Parent Holdings, L.P.(12)(25)(26)	Class A Common Units	N/A			N/A	17,500		18,225	19,553
PCF Holdco, LLC (dba PCF Insurance Services)(12)(25)(26)	Class A Units	N/A			N/A	18,543,496		54,737	80,763
PCF Holdco, LLC (dba PCF Insurance Services)(12)(25)(26)	Warrants	N/A			N/A	1,624,016		5,437	4,627
PCF Holdco, LLC (dba PCF Insurance Services)(25)(26)(30)	Preferred equity	N/A		15.00%	N/A	27,943		21,280	27,454
								107,843	140,346	1.8	%
Internet and software services
AlphaSense, LLC(12)(25)(26)	Series E Preferred Shares	N/A			N/A	3,386		153	160
BCTO WIW Holdings, Inc. (dba When I Work)(12)(25)(26)	Class A Common Stock	N/A			N/A	70,000		4,355	3,621
Bird Holding B.V. (fka MessageBird Holding B.V.)(12)(25)(26)(27)	Extended Series C Warrants	N/A			N/A	148,430		790	216
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(12)(25)(26)	Common Units	N/A			N/A	9,233,282		10,049	13,860
Elliott Alto Co-Investor Aggregator L.P.(12)(25)(26)(27)	LP Interest	N/A			N/A	6,007		7,542	9,892
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)(12)(25)(26)(27)	LP Interest	N/A			N/A	1,703,780		1,811	2,134
Project Alpine Co-Invest Fund, LP(12)(25)(26)(27)	LP Interest	N/A			N/A	$	12,000	12,582	15,759
Project Hotel California Co-Invest Fund, L.P.(6)(12)(25)(26)(27)	LP Interest	N/A			N/A	$	4,027	4,182	5,573
Thunder Topco L.P. (dba Vector Solutions)(12)(25)(26)	Common Units	N/A			N/A	5,968,267		6,324	7,100
VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.)(25)(26)(30)	Series A Preferred Stock	N/A		10.00%	N/A	21,250		25,659	27,327
WMC Bidco, Inc. (dba West Monroe)(25)(26)(30)	Senior Preferred Stock	N/A		11.25%	N/A	50,077		71,173	72,048

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


		Interest
Company(1)(4)(8)(31)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units	Amortized Cost(2)(3)		Fair Value		% of Net Assets
Zoro TopCo, L.P.(12)(25)(26)	Class A Common Units	N/A			N/A	1,064,900	10,830		11,952
Zoro TopCo, Inc.(14)(25)(26)	Series A Preferred Equity	S+		9.50%	N/A	12,779	16,787		17,157
							172,237		186,799		2.4	%
Manufacturing
Gloves Holdings, LP (dba Protective Industrial Products)(12)(25)(26)	LP Interest	N/A			N/A	39,500	4,062		6,123
Windows Entities(25)(26)(28)	LLC Units	N/A			N/A	31,844	60,319		138,629
							64,381		144,752		1.9	%
Total non-controlled/non-affiliated portfolio company equity investments							$	920,725	$	1,112,986	14.4	%
Total non-controlled/non-affiliated portfolio company investments							$	15,538,342	$	15,690,984	202.7	%

Non-controlled/affiliated portfolio company investments(23)
Debt Investments
Education
Pluralsight, LLC(14)(25)	First lien senior secured loan	S+	3.00%	1.50%	8/2029	23,034	22,958		23,034
Pluralsight, LLC(14)(25)	First lien senior secured loan	S+		7.50%	8/2029	24,335	24,255		24,335
							47,213		47,369		0.6	%
Specialty retail
Ideal Image Development, LLC(10)(14)(25)	First lien senior secured loan	S+		6.50%	2/2029	10,936	10,716		10,648
Ideal Image Development, LLC(10)(14)(25)	First lien senior secured revolving loan	S+	6.00%		2/2029	3,176	3,171		3,176
							13,887		13,824		0.2	%
Total non-controlled/affiliated portfolio company debt investments							$	61,100	$	61,193	0.8	%

Equity Investments
Education
Paradigmatic Holdco LLC (dba Pluralsight)(12)(25)(26)	Common stock	N/A			N/A	7,619,079	20,149		20,217
							20,149		20,217		0.3	%
Pharmaceuticals
LSI Financing 1 DAC(25)(26)(27)	Preferred equity	N/A			N/A	7,748,680	7,787		7,738
							7,787		7,738		0.1	%
Specialty retail
Ideal Topco, L.P.(12)(25)(26)	Class A-2 Common Units	N/A			N/A	10,365,854	—		—
Ideal Topco, L.P.(12)(25)(26)	Class A-1 Preferred Units	N/A			N/A	24,024,390	17,061		15,384
							17,061		15,384		0.2	%
Total non-controlled/affiliated equity portfolio company investments							$	44,997	$	43,339	0.6	%
Total non-controlled/affiliated portfolio company investments							$	106,097	$	104,532	1.4	%

Controlled/affiliated portfolio company investments(24)
Debt Investments
Advertising and media
Swipe Acquisition Corporation (dba PLI)(13)(25)	First lien senior secured loan	S+	8.00%		11/2027	67,268	67,268		67,268
Swipe Acquisition Corporation (dba PLI)(13)(25)	First lien senior secured loan	S+	8.00%		6/2026	5,261	5,233		5,261
Swipe Acquisition Corporation (dba PLI)(10)(13)(25)	First lien senior secured loan	S+	5.00%		11/2027	38,262	37,944		37,942
							110,445		110,471		1.4	%
Asset based lending and fund finance

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


		Interest
Company(1)(4)(8)(31)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(2)(3)		Fair Value		% of Net Assets
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(25)(27)(30)	First lien senior secured loan	N/A		12.00%	7/2030	55,239		55,096		55,239
AAM Series 2.1 Aviation Feeder, LLC(25)(27)(30)	First lien senior secured loan	N/A		12.00%	11/2030	66,365		66,218		66,365
								121,314		121,604		1.6	%
Distribution
PS Operating Company LLC (fka QC Supply, LLC)(11)(14)	First lien senior secured loan	S+		6.00%	12/2026	15,697		13,366		2,276
PS Operating Company LLC (fka QC Supply, LLC)(10)(11)(14)	First lien senior secured revolving loan	S+	6.00%		12/2026	5,533		4,852		664
								18,218		2,940		—	%
Household products
Walker Edison Furniture Company LLC(10)(11)(14)(25)	First lien senior secured loan	S+		6.75%	3/2027	71,678		50,334		12,192
								50,334		12,192		0.2	%
Infrastructure and environmental services
Eagle Infrastructure Services, LLC(14)	First lien senior secured loan	S+	7.50%		4/2028	87,138		85,974		87,138
								85,974		87,138		—	%
Total controlled/affiliated debt portfolio company investments								$	386,285	$	334,345	4.3	%

Equity Investments
Advertising and media
New PLI Holdings, LLC (dba PLI)(12)(25)(26)	Class A Common Units	N/A			N/A	86,745		48,007		94,646
								48,007		94,646		1.2	%
Asset based lending and fund finance
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(10)(12)(25)(26)(27)	LLC Interest	N/A			N/A	30,936,988		31,431		40,949
AAM Series 2.1 Aviation Feeder, LLC(10)(12)(25)(26)(27)	LLC Interest	N/A			N/A	28,773,726		29,790		40,687
Wingspire Capital Holdings LLC(9)(10)(26)	LLC Interest	N/A			N/A	454,655		454,655		532,058
								515,876		613,694		7.9	%
Distribution
PS Op Holdings LLC (fka QC Supply, LLC)(12)(26)	Class A Common Units	N/A			N/A	248,271		4,300		—
								4,300		—		—	%
Household products
Walker Edison Holdco LLC(12)(25)(26)	Common Units	N/A			N/A	318,823		23,762		—
								23,762		—		—	%
Infrastructure and environmental services
Eagle Infrastructure Services, LLC(12)(26)	Common Units	N/A			N/A	576,276		24,058		25,099
								24,058		25,099		0.3	%
Insurance
Fifth Season Investments LLC(25)(26)	Class A Units	N/A			N/A	36		290,566		313,963
								290,566		313,963		—	%
Joint ventures
Blue Owl Credit SLF LLC(7)(9)(25)(26)(27)	LLC Interest	N/A			N/A	$	381,194	381,198		369,552

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


		Interest
Company(1)(4)(8)(31)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units	Amortized Cost(2)(3)		Fair Value		% of Net Assets
							381,198		369,552		4.8	%
Pharmaceuticals
LSI Financing LLC(7)(10)(24)(25)(26)(27)	Common Equity	N/A			N/A	139,321,758	139,275		145,191
							139,275		145,191		1.9	%
Total controlled/affiliated equity company investments							$	1,427,042	$	1,562,145	20.2	%
Total controlled/affiliated portfolio company investments							$	1,813,327	$	1,896,490	24.5	%
Total Investments							$	17,457,766	$	17,692,006	228.6	%


Interest Rate Swaps as of March 31, 2025
	Company Receives	Company Pays	Maturity Date	Notional Amount		Fair Value		Upfront Payments/Receipts		Change in Unrealized Appreciation / (Depreciation)		Hedged Instrument	Footnote Reference
Interest rate swap	2.63%	S + 1.769%	1/15/2027	$	500,000	$	(25,501)	$	—	$	6,330	2027 Notes	Note 5
Interest rate swap	5.95%	S + 2.118%	2/15/2029	600,000		3,669		—		8,823		2029 Notes	Note 5
Interest rate swap	5.95%	S + 1.922%	2/15/2029	400,000		4,580		—		5,836		2029 Notes	Note 5
Total				$	1,500,000	$	(17,252)			$	20,989

_______________

(1)Certain portfolio company investments are subject to contractual restrictions on sales. Refer to footnote 26 for additional information on our restricted securities.

(2)The amortized cost represents the original cost adjusted for the amortization or accretion of premium or discount, as applicable, on debt investments using the effective interest method.

(3)As of March 31, 2025, the net estimated unrealized gain for U.S. federal income tax purposes was $77.0 million based on a tax cost basis of $17.6 billion. As of March 31, 2025, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $443.2 million and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $520.2 million.

(4)Unless otherwise indicated, all investments are considered Level 3 investments.

(5)Level 1 investment.

(6)Level 2 investment.

(7)Investment measured at net asset value (“NAV”).

(8)Unless otherwise indicated, the Company’s portfolio companies are pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility, SPV Asset Facilities and CLOs. See Note 5 “Debt.”

(9)Investment is not pledged as collateral for the credit facilities.

(10)Position or portion thereof is a partially unfunded debt or equity commitment. See below for more information on the Company’s commitments. See Note 7 “Commitments and Contingencies.”


					Unfunded
Company	Commitment Type	Commitment Expiration Date	Funded Commitment		Commitment		Fair Value(32)
Non-controlled/non-affiliated - delayed draw debt commitments
Aerosmith Bidco 1 Limited (dba Audiotonix)	First lien senior secured delayed draw term loan	7/2027	$	—	$	76,215	$	—
AI Titan Parent, Inc. (dba Prometheus Group)	First lien senior secured delayed draw term loan	9/2026	—		1,509		(8)
AlphaSense, Inc.	First lien senior secured delayed draw term loan	6/2029	—		143		(1)
AlphaSense, Inc.	First lien senior secured delayed draw term loan	12/2025	—		141		(1)
AmeriLife Holdings LLC	First lien senior secured delayed draw term loan	6/2026	967		1,029		—
Aptean Acquiror, Inc. (dba Aptean)	First lien senior secured delayed draw term loan	1/2026	363		472		—
Arctic Holdco, LLC (dba Novvia Group)	First lien senior secured delayed draw term loan	1/2027	3,115		7,752		—
Artifact Bidco, Inc. (dba Avetta)	First lien senior secured delayed draw term loan	7/2027	—		2,940		—
Associations, Inc.	First lien senior secured delayed draw term loan	7/2028	8,402		25,432		—
Baker Tilly Advisory Group, LP	First lien senior secured delayed draw term loan	6/2026	—		11,554		(29)
Bamboo US BidCo LLC	First lien senior secured delayed draw term loan	11/2026	—		2,056		—
BCPE Osprey Buyer, Inc. (dba PartsSource)	First lien senior secured delayed draw term loan	10/2025	6,466		31,111		—
Belmont Buyer, Inc. (dba Valenz)	First lien senior secured delayed draw term loan	1/2026	—		727		—
BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC)	First lien senior secured delayed draw term loan	10/2025	1,295		4,739		—

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


				Unfunded
Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Commitment	Fair Value(32)
Cambrex Corporation	First lien senior secured delayed draw term loan	3/2027	—	117	(1)
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)	First lien senior secured delayed draw term loan	9/2025	—	7,612	—
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)	First lien senior secured delayed draw term loan	6/2026	—	4,478	—
CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.)	First lien senior secured delayed draw term loan	1/2026	5,217	7,190	—
CMG HoldCo, LLC (dba Crete United)	First lien senior secured delayed draw term loan	10/2026	—	247	(1)
CMG HoldCo, LLC (dba Crete United)	First lien senior secured delayed draw term loan	11/2025	351	266	—
Coupa Holdings, LLC	First lien senior secured delayed draw term loan	8/2025	—	140	—
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)	First lien senior secured delayed draw term loan	8/2026	—	3,065	—
DCG ACQUISITION CORP. (dba DuBois Chemical)	First lien senior secured delayed draw term loan	6/2026	—	12,168	—
Denali BuyerCo, LLC (dba Summit Companies)	First lien senior secured delayed draw term loan	1/2027	9,971	36,233	—
Diamond Mezzanine 24 LLC (dba United Risk)	First lien senior secured delayed draw term loan	10/2026	—	4,750	—
Dresser Utility Solutions, LLC	First lien senior secured delayed draw term loan	9/2025	—	6,772	—
EresearchTechnology, Inc. (dba Clario)	First lien senior secured delayed draw term loan	1/2027	811	15,417	—
EresearchTechnology, Inc. (dba Clario)	First lien senior secured delayed draw term loan	3/2026	—	14,281	(71)
Essential Services Holding Corporation (dba Turnpoint)	First lien senior secured delayed draw term loan	6/2026	—	5,093	(25)
Evolution BuyerCo, Inc. (dba SIAA)	First lien senior secured delayed draw term loan	12/2025	—	105	—
Faraday Buyer, LLC (dba MacLean Power Systems)	First lien senior secured delayed draw term loan	11/2025	—	15,945	—
FR Flow Control CB LLC (dba Trillium Flow Technologies)	First lien senior secured delayed draw term loan	6/2026	—	6,380	—
Fullsteam Operations, LLC	First lien senior secured delayed draw term loan	8/2025	3,664	3,188	—
Fullsteam Operations, LLC	First lien senior secured delayed draw term loan	2/2026	1,151	562	—
Galls, LLC	First lien senior secured delayed draw term loan	3/2026	12,447	28,440	—
Galway Borrower LLC	First lien senior secured delayed draw term loan	7/2026	176	2,932	—
Gehl Foods, LLC	First lien senior secured delayed draw term loan	12/2025	5,261	1,758	—
GI Apple Midco LLC (dba Atlas Technical Consultants)	First lien senior secured delayed draw term loan	4/2025	17	141	—
GS Acquisitionco, Inc. (dba insightsoftware)	First lien senior secured delayed draw term loan	3/2026	72	254	—
Indigo Buyer, Inc. (dba Inovar Packaging Group)	First lien senior secured delayed draw term loan	7/2026	559	6,434	—
Indikami Bidco, LLC (dba IntegriChain)	First lien senior secured delayed draw term loan	12/2025	334	2,588	—
Integrity Marketing Acquisition, LLC	First lien senior secured delayed draw term loan	8/2026	—	13,815	—
Interoperability Bidco, Inc. (dba Lyniate)	First lien senior secured delayed draw term loan	6/2026	—	4,762	(95)
KENE Acquisition, Inc. (dba Entrust Solutions Group)	First lien senior secured delayed draw term loan	2/2026	816	7,047	—
KPSKY Acquisition, Inc. (dba BluSky)	First lien senior secured delayed draw term loan	11/2025	31	2,606	—
Lakefield Acquisition Corp. (dba Lakefield Veterinary Group)	First lien senior secured delayed draw term loan	9/2026	33	367	—
Litera Bidco LLC	First lien senior secured delayed draw term loan	11/2026	33,243	2,908	—
Litera Bidco LLC	First lien senior secured delayed draw term loan	5/2027	—	15,101	(38)
Maple Acquisition, LLC (dba Medicus)	First lien senior secured delayed draw term loan	5/2026	—	16,172	—
Mario Purchaser, LLC (dba Len the Plumber)	First lien senior secured delayed draw term loan	10/2025	638	5,801	—
Minotaur Acquisition, Inc. (dba Inspira Financial)	First lien senior secured delayed draw term loan	5/2026	—	32,524	—
Monotype Imaging Holdings Inc.	First lien senior secured delayed draw term loan	2/2026	2,912	9,635	—
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.	First lien senior secured EUR delayed draw term loan	3/2027	—	19,998	(250)
Nelipak Holding Company	First lien senior secured delayed draw term loan	3/2027	—	10,110	(126)
Packaging Coordinators Midco, Inc.	First lien senior secured delayed draw term loan	4/2026	—	74,767	(561)

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


				Unfunded
Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Commitment	Fair Value(32)
Paris US Holdco, Inc. (dba Precinmac)	First lien senior secured delayed draw term loan	12/2026	—	7,442	(37)
Park Place Technologies, LLC	First lien senior secured delayed draw term loan	9/2025	945	892	—
PDI TA Holdings, Inc.	First lien senior secured delayed draw term loan	2/2026	—	3,374	(17)
PetVet Care Centers, LLC	First lien senior secured delayed draw term loan	11/2025	—	17,436	(785)
Pye-Barker Fire & Safety, LLC	First lien senior secured delayed draw term loan	5/2026	44,548	66,003	—
RL Datix Holdings (USA), Inc.	First lien senior secured delayed draw term loan	4/2027	—	12,722	—
Salinger Bidco Inc. (dba Surgical Information Systems)	First lien senior secured delayed draw term loan	8/2026	—	3,996	—
Sensor Technology Topco, Inc. (dba Humanetics)	First lien senior secured delayed draw term loan	9/2025	882	1,178	—
Severin Acquisition, LLC (dba PowerSchool)	First lien senior secured delayed draw term loan	10/2027	21	294	—
SimonMed, Inc.	First lien senior secured delayed draw term loan	2/2027	18	127	—
Simplicity Financial Marketing Group Holdings, Inc.	First lien senior secured delayed draw term loan	12/2026	1,749	9,180	—
Smarsh Inc.	First lien senior secured delayed draw term loan	1/2027	—	373	—
Soleo Holdings, Inc.	First lien senior secured delayed draw term loan	2/2027	—	8,651	(22)
Sonny's Enterprises, LLC	First lien senior secured delayed draw term loan	6/2026	2,559	29,575	—
Spaceship Purchaser, Inc. (dba Squarespace)	First lien senior secured delayed draw term loan	10/2026	—	1,038	—
Spaceship Purchaser, Inc. (dba Squarespace)	First lien senior secured delayed draw term loan	10/2027	—	2,492	—
STS PARENT, LLC (dba STS Aviation Group)	First lien senior secured delayed draw term loan	10/2026	—	32,025	—
TBRS, Inc. (dba TEAM Technologies)	First lien senior secured delayed draw term loan	11/2026	—	10,053	—
THG Acquisition, LLC (dba Hilb)	First lien senior secured delayed draw term loan	10/2026	154	8,554	—
Troon Golf, L.L.C.	First lien senior secured delayed draw term loan	9/2026	6,232	6,248	—
Vensure Employer Services, Inc.	First lien senior secured delayed draw term loan	9/2026	40	328	—
Vessco Midco Holdings, LLC	First lien senior secured delayed draw term loan	7/2026	4,362	12,202	—
Zendesk, Inc.	First lien senior secured delayed draw term loan	11/2025	—	23,209	—
Pluralsight, LLC	First lien senior secured delayed draw term loan	8/2029	—	9,524	—
Walker Edison Furniture Company LLC	First lien senior secured delayed draw term loan	3/2027	1,769	2,477	—
Non-controlled/non-affiliated - revolving debt commitments
Aerosmith Bidco 1 Limited (dba Audiotonix)	First lien senior secured revolving loan	7/2030	—	32,230	—
AI Titan Parent, Inc. (dba Prometheus Group)	First lien senior secured revolving loan	8/2031	—	943	(9)
AmeriLife Holdings LLC	First lien senior secured revolving loan	8/2028	—	1,000	(5)
Anaplan, Inc.	First lien senior secured revolving loan	6/2028	—	11,667	—
Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC)*	First lien senior secured revolving loan	7/2027	3,051	—	—
Aptean Acquiror, Inc. (dba Aptean)	First lien senior secured revolving loan	1/2031	—	1,529	—
Arctic Holdco, LLC (dba Novvia Group)	First lien senior secured revolving loan	1/2031	3,478	3,768	—
Artifact Bidco, Inc. (dba Avetta)	First lien senior secured revolving loan	7/2030	—	2,100	(11)
Ascend Buyer, LLC (dba PPC Flexible Packaging)	First lien senior secured revolving loan	9/2028	—	8,144	—
Associations, Inc.	First lien senior secured revolving loan	7/2028	20,083	7,056	—
AWP Group Holdings, Inc.	First lien senior secured revolving loan	12/2030	25	101	—
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)	First lien senior secured revolving loan	3/2031	—	1,758	(13)
Baker Tilly Advisory Group, LP	First lien senior secured revolving loan	6/2030	—	16,190	(162)
Bamboo US BidCo LLC	First lien senior secured revolving loan	10/2029	—	1,538	—
Bayshore Intermediate #2, L.P. (dba Boomi)	First lien senior secured revolving loan	10/2027	—	7,386	—
BCPE Osprey Buyer, Inc. (dba PartsSource)	First lien senior secured revolving loan	8/2026	16,140	1,361	—
BCTO BSI Buyer, Inc. (dba Buildertrend)	First lien senior secured revolving loan	12/2026	—	9,563	—
Belmont Buyer, Inc. (dba Valenz)	First lien senior secured revolving loan	6/2029	145	291	—

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


				Unfunded
Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Commitment	Fair Value(32)
Blast Bidco Inc. (dba Bazooka Candy Brands)	First lien senior secured revolving loan	10/2029	—	4,440	—
BP Veraison Buyer, LLC (dba Sun World)	First lien senior secured revolving loan	5/2029	—	27,932	—
Brightway Holdings, LLC	First lien senior secured revolving loan	12/2027	1,476	3,787	—
Cadence, Inc.	First lien senior secured revolving loan	5/2026	3,802	3,538	—
Cambrex Corporation	First lien senior secured revolving loan	3/2032	—	102	(1)
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)	First lien senior secured revolving loan	8/2027	577	1,097	—
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)	First lien senior secured revolving loan	6/2029	—	2,239	—
CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.)	First lien senior secured revolving loan	1/2030	—	3,112	—
CivicPlus, LLC	First lien senior secured revolving loan	8/2027	—	3,733	—
CMG HoldCo, LLC (dba Crete United)	First lien senior secured revolving loan	5/2028	57	153	—
Coupa Holdings, LLC	First lien senior secured revolving loan	2/2029	—	107	—
Creek Parent, Inc. (dba Catalent)	First lien senior secured revolving loan	12/2031	—	16,401	(82)
Crewline Buyer, Inc. (dba New Relic)	First lien senior secured revolving loan	11/2030	—	14,870	(149)
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)	First lien senior secured revolving loan	8/2031	—	7,663	—
DCG ACQUISITION CORP. (dba DuBois Chemical)	First lien senior secured revolving loan	6/2031	—	12,168	(61)
Delinea Buyer, Inc. (f/k/a Centrify)	First lien senior secured revolving loan	3/2027	—	6,817	—
Denali BuyerCo, LLC (dba Summit Companies)	First lien senior secured revolving loan	9/2027	—	9,079	(23)
Diamond Mezzanine 24 LLC (dba United Risk)	First lien senior secured revolving loan	10/2030	—	1,188	—
Dresser Utility Solutions, LLC	First lien senior secured revolving loan	3/2029	—	9,481	(24)
DuraServ LLC	First lien senior secured revolving loan	6/2030	—	17,976	(90)
Eagle Family Foods Group LLC	First lien senior secured revolving loan	8/2030	—	303	—
EET Buyer, Inc. (dba e-Emphasys)	First lien senior secured revolving loan	11/2027	—	2,409	—
Einstein Parent, Inc. (dba Smartsheet)	First lien senior secured revolving loan	1/2031	—	4,488	(45)
Essential Services Holding Corporation (dba Turnpoint)	First lien senior secured revolving loan	6/2030	509	2,674	—
EresearchTechnology, Inc. (dba Clario)	First lien senior secured revolving loan	10/2031	—	8,114	(81)
Evolution BuyerCo, Inc. (dba SIAA)	First lien senior secured revolving loan	4/2030	—	52	—
Fiesta Purchaser, Inc. (dba Shearer's Foods)	First lien senior secured revolving loan	2/2029	—	8,197	(20)
Finastra USA, Inc.	First lien senior secured revolving loan	9/2029	2,641	7,863	—
Forescout Technologies, Inc.	First lien senior secured revolving loan	5/2030	—	13,965	(70)
Fortis Solutions Group, LLC	First lien senior secured revolving loan	10/2027	1,625	1,986	—
Foundation Consumer Brands, LLC	First lien senior secured revolving loan	2/2029	—	4,791	(48)
FR Flow Control CB LLC (dba Trillium Flow Technologies)	First lien senior secured revolving loan	12/2029	—	5,220	(39)
Fullsteam Operations, LLC	First lien senior secured revolving loan	11/2029	—	685	—
Gainsight, Inc.	First lien senior secured revolving loan	7/2027	2,362	2,175	—
Galls, LLC	First lien senior secured revolving loan	3/2030	3,274	13,094	—
Galway Borrower LLC	First lien senior secured revolving loan	9/2028	107	264	—
Gaylord Chemical Company, L.L.C.	First lien senior secured revolving loan	12/2027	8,930	8,243	—
Gerson Lehrman Group, Inc.	First lien senior secured revolving loan	12/2027	—	7,891	—
GI Apple Midco LLC (dba Atlas Technical Consultants)	First lien senior secured revolving loan	4/2029	63	48	—
GI Ranger Intermediate, LLC (dba Rectangle Health)	First lien senior secured revolving loan	10/2027	—	2,042	(41)
Granicus, Inc.	First lien senior secured revolving loan	1/2031	—	2,467	—
GS Acquisitionco, Inc. (dba insightsoftware)	First lien senior secured revolving loan	5/2028	—	247	(2)
H&F Opportunities LUX III S.À R.L (dba Checkmarx)	First lien senior secured revolving loan	4/2026	—	16,250	—

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


				Unfunded
Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Commitment	Fair Value(32)
Hercules Borrower, LLC (dba The Vincit Group)	First lien senior secured revolving loan	12/2026	—	25,214	—
HGH Purchaser, Inc. (dba Horizon Services)	First lien senior secured revolving loan	11/2026	5,792	10,756	—
Hissho Parent, LLC	First lien senior secured revolving loan	5/2029	—	2,379	—
Hyland Software, Inc.	First lien senior secured revolving loan	9/2029	—	3,198	—
Icefall Parent, Inc. (dba EngageSmart)	First lien senior secured revolving loan	1/2030	—	3,169	—
Ideal Tridon Holdings, Inc.	First lien senior secured revolving loan	4/2028	—	2,561	—
IG Investments Holdings, LLC (dba Insight Global)	First lien senior secured revolving loan	9/2028	—	12,513	—
Indigo Buyer, Inc. (dba Inovar Packaging Group)	First lien senior secured revolving loan	5/2028	—	200	—
Indikami Bidco, LLC (dba IntegriChain)	First lien senior secured revolving loan	6/2030	1,169	918	—
Integrity Marketing Acquisition, LLC	First lien senior secured revolving loan	8/2028	—	4,623	—
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)*	First lien senior secured revolving loan	8/2026	11,175	—	—
Interoperability Bidco, Inc. (dba Lyniate)	First lien senior secured revolving loan	3/2028	1,241	4,401	—
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))	First lien senior secured revolving loan	12/2027	193	2,827	—
JS Parent, Inc. (dba Jama Software)	First lien senior secured revolving loan	4/2031	—	88	—
KABAFUSION Parent, LLC	First lien senior secured revolving loan	11/2031	—	3,889	(10)
KENE Acquisition, Inc. (dba Entrust Solutions Group)	First lien senior secured revolving loan	2/2031	—	2,360	(29)
KRIV Acquisition Inc. (dba Riveron)	First lien senior secured revolving loan	7/2029	—	1,089	—
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)	First lien senior secured revolving loan	12/2029	—	10,690	—
Lakefield Acquisition Corp. (dba Lakefield Veterinary Group)	First lien senior secured revolving loan	9/2029	—	67	—
Lightbeam Bidco, Inc. (dba Lazer Spot)	First lien senior secured revolving loan	5/2029	127	349	—
Lignetics Investment Corp.	First lien senior secured revolving loan	10/2026	8,235	4,118	—
LineStar Integrity Services LLC*	First lien senior secured revolving loan	2/2026	9,903	—	—
Litera Bidco LLC	First lien senior secured revolving loan	5/2028	—	8,595	(21)
Maple Acquisition, LLC (dba Medicus)	First lien senior secured revolving loan	5/2030	—	12,129	—
Mario Purchaser, LLC (dba Len the Plumber)	First lien senior secured revolving loan	4/2028	709	1,225	—
MHE Intermediate Holdings, LLC (dba OnPoint Group)	First lien senior secured revolving loan	7/2027	7,643	11,464	—
Milan Laser Holdings LLC	First lien senior secured revolving loan	4/2026	—	8,112	(41)
MINDBODY, Inc.	First lien senior secured revolving loan	9/2025	—	6,071	—
Ministry Brands Holdings, LLC	First lien senior secured revolving loan	12/2027	—	1,076	(8)
Minotaur Acquisition, Inc. (dba Inspira Financial)	First lien senior secured revolving loan	6/2030	—	20,009	—
Monotype Imaging Holdings Inc.	First lien senior secured revolving loan	2/2030	—	18,843	—
National Dentex Labs LLC (fka Barracuda Dental LLC)	First lien senior secured revolving loan	4/2026	8,468	2,458	—
Natural Partners, LLC	First lien senior secured revolving loan	11/2027	—	557	—
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.	First lien senior secured EUR revolving loan	3/2031	652	3,079	—
Nelipak Holding Company	First lien senior secured revolving loan	3/2031	3,772	3,772	—
NMI Acquisitionco, Inc. (dba Network Merchants)	First lien senior secured revolving loan	9/2028	—	2,210	—
Norvax, LLC (dba GoHealth)	First lien senior secured revolving loan	6/2025	2,080	4,056	—
Notorious Topco, LLC (dba Beauty Industry Group)	First lien senior secured revolving loan	5/2027	3,962	10,897	—
OB Hospitalist Group, Inc.	First lien senior secured revolving loan	9/2027	—	21,999	—
Ole Smoky Distillery, LLC	First lien senior secured revolving loan	3/2028	—	116	(1)
Packaging Coordinators Midco, Inc.	First lien senior secured revolving loan	1/2032	—	16,142	(222)
Paris US Holdco, Inc. (dba Precinmac)	First lien senior secured revolving loan	12/2031	37	3,684	—
Park Place Technologies, LLC	First lien senior secured revolving loan	3/2030	322	1,058	—

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


				Unfunded
Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Commitment	Fair Value(32)
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)	First lien senior secured revolving loan	1/2028	8,674	7,518	—
PDI TA Holdings, Inc.	First lien senior secured revolving loan	2/2031	448	2,914	—
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)	First lien senior secured revolving loan	11/2027	—	7,713	—
PetVet Care Centers, LLC	First lien senior secured revolving loan	11/2029	—	18,299	(1,006)
Phantom Purchaser, Inc.	First lien senior secured revolving loan	9/2031	—	5,443	(14)
Ping Identity Holding Corp.	First lien senior secured revolving loan	10/2028	—	91	—
Plasma Buyer LLC (dba PathGroup)	First lien senior secured revolving loan	5/2028	125	26	—
PPV Intermediate Holdings, LLC	First lien senior secured revolving loan	8/2029	—	2,081	—
Premise Health Holding Corp.	First lien senior secured revolving loan	2/2030	—	7,303	(18)
PS Operating Company LLC (fka QC Supply, LLC)	First lien senior secured revolving loan	12/2026	5,533	161	—
Puma Buyer, LLC (dba PANTHERx)	First lien senior secured revolving loan	3/2032	—	139	(1)
Pye-Barker Fire & Safety, LLC	First lien senior secured revolving loan	5/2030	2,918	20,426	—
QAD, Inc.	First lien senior secured revolving loan	11/2027	—	9,429	(24)
Quva Pharma, Inc.*	First lien senior secured revolving loan	4/2026	5,182	—	—
Relativity ODA LLC	First lien senior secured revolving loan	5/2029	—	8,655	(22)
Rhea Parent, Inc.	First lien senior secured revolving loan	12/2030	—	4,480	(11)
RL Datix Holdings (USA), Inc.	First lien senior secured revolving loan	10/2030	—	11,139	(84)
SailPoint Technologies Holdings, Inc.	First lien senior secured revolving loan	8/2028	—	6,537	—
Salinger Bidco Inc. (dba Surgical Information Systems)	First lien senior secured revolving loan	5/2031	—	3,996	—
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)	First lien senior secured revolving loan	7/2027	2,254	6,746	—
Securonix, Inc.	First lien senior secured revolving loan	4/2028	7	298	—
Sensor Technology Topco, Inc. (dba Humanetics)	First lien senior secured revolving loan	5/2028	3,420	3,849	—
Severin Acquisition, LLC (dba PowerSchool)	First lien senior secured revolving loan	10/2031	28	161	—
Simplicity Financial Marketing Group Holdings, Inc.	First lien senior secured revolving loan	12/2031	—	5,464	(55)
SimonMed, Inc.	First lien senior secured revolving loan	2/2031	—	97	—
Smarsh Inc.	First lien senior secured revolving loan	2/2029	26	172	—
Soleo Holdings, Inc.	First lien senior secured revolving loan	2/2032	—	8,651	(43)
Soliant Lower Intermediate, LLC (dba Soliant)	First lien senior secured revolving loan	6/2031	—	4,444	(94)
Sonny's Enterprises, LLC	First lien senior secured revolving loan	8/2027	13,744	9,953	—
Spaceship Purchaser, Inc. (dba Squarespace)	First lien senior secured revolving loan	10/2031	—	2,076	—
Spotless Brands, LLC	First lien senior secured revolving loan	7/2028	—	2,610	—
STS PARENT, LLC (dba STS Aviation Group)	First lien senior secured revolving loan	10/2030	7,526	5,284	—
Swipe Acquisition Corporation (dba PLI)	First lien senior secured revolving loan	11/2027	8,898	4,449	—
SWK BUYER, Inc. (dba Stonewall Kitchen)	First lien senior secured revolving loan	3/2029	—	140	(2)
Tamarack Intermediate, L.L.C. (dba Verisk 3E)	First lien senior secured revolving loan	3/2028	—	253	(1)
TBRS, Inc. (dba TEAM Technologies)	First lien senior secured revolving loan	11/2030	335	5,250	—
TC Holdings, LLC (dba TrialCard)	First lien senior secured revolving loan	4/2027	—	916	—
Tempo Buyer Corp. (dba Global Claims Services)	First lien senior secured revolving loan	8/2027	—	5,313	—
The Better Being Co., LLC (fka Nutraceutical International Corporation)	First lien senior secured revolving loan	9/2026	—	14,314	—
The Better Being Co., LLC (fka Nutraceutical International Corporation)*	First lien senior secured revolving loan	9/2026	917	—	—
The Shade Store, LLC	First lien senior secured revolving loan	10/2028	2,369	8,021	—
THG Acquisition, LLC (dba Hilb)	First lien senior secured revolving loan	10/2031	199	4,155	—

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)
(Unaudited)


					Unfunded
Company	Commitment Type	Commitment Expiration Date	Funded Commitment		Commitment		Fair Value(32)
Thunder Purchaser, Inc. (dba Vector Solutions)	First lien senior secured revolving loan	6/2027	—		8,545		—
Troon Golf, L.L.C.	First lien senior secured revolving loan	8/2028	—		6,248		—
Truist Insurance Holdings, LLC	First lien senior secured revolving loan	5/2029	224		1,531		—
Unified Women's Healthcare, LP	First lien senior secured revolving loan	6/2029	—		177		—
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)	First lien senior secured revolving loan	12/2029	—		5,335		—
Valence Surface Technologies LLC	First lien senior secured revolving loan	12/2026	11,821		49		—
Velocity HoldCo III Inc. (dba VelocityEHS)	First lien senior secured revolving loan	4/2027	—		1,708		—
Vessco Midco Holdings, LLC	First lien senior secured revolving loan	7/2031	—		5,521		(28)
Vital Bidco AB (dba Vitamin Well)	First lien senior secured revolving loan	10/2030	3,543		10,980		—
When I Work, Inc.	First lien senior secured revolving loan	11/2027	—		5,088		(178)
WU Holdco, Inc. (dba Weiman Products, LLC)	First lien senior secured revolving loan	3/2027	15,754		9,892		—
Zendesk, Inc.	First lien senior secured revolving loan	11/2028	—		9,557		—
Non-controlled/affiliated - revolving debt commitments
Ideal Image Development, LLC	First lien senior secured revolving loan	2/2029	5,615		1,093		—
Ideal Image Development, LLC*	First lien senior secured revolving loan	2/2029	266		—		—
Pluralsight, LLC	First lien senior secured revolving loan	8/2029	—		3,810		—
Controlled/affiliated - revolving debt commitments
Walker Edison Furniture Company LLC*	First lien senior secured revolving loan	3/2027	14,575		—		—
Controlled/affiliated - equity commitments
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC	LLC Interest	N/A	30,937		66,038		—
AAM Series 2.1 Aviation Feeder, LLC	LLC Interest	N/A	28,774		18,861		—
LSI Financing LLC	Common Equity	N/A	139,322		3,000		—
Wingspire Capital Holdings LLC	LLC Interest	N/A	454,655		45,345		—
Total Portfolio Company Commitments			$	1,063,505	$	1,868,063	$	(4,957)

*Fully funded

(11)Loan was on non-accrual status as of March 31, 2025.

(12)Non-income producing.

(13)The interest rate on these loans is subject to 1 month SOFR, which as of March 31, 2025 was 4.32%.

(14)The interest rate on these loans is subject to 3 month SOFR, which as of March 31, 2025 was 4.29%.

(15)The interest rate on these loans is subject to 6 month SOFR, which as of March 31, 2025 was 4.19%.

(16)The interest rate on these loans is subject to 12 month SOFR, which as of March 31, 2025 was 4.01%.

(17)The interest rate on these loans is subject to Prime, which as of March 31, 2025 was 7.50%.

(18)The interest rate on this loan is subject to 1 month EURIBOR, which as of March 31, 2025 was 2.36%.

(19)The interest rate on this loan is subject to 3 month EURIBOR, which as of March 31, 2025 was 2.34%.

(20)The interest rate on this loan is subject to 6 month EURIBOR, which as of March 31, 2025 was 2.34%.

(21)The interest rate on this loan is subject to 3 month BBSY, which as of March 31, 2025 was 4.13%.

(22)The interest rate on this loan is subject to SONIA, which as of March 31, 2025 was 4.46%.

(23)As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of this portfolio company as the Company owns more than 5% but less than 25% of the portfolio company's voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for the period ended March 31, 2025 were as follows:


($ in thousands)	Fair value as of December 31, 2024		Gross Additions (a)		Gross Reductions(b)		Net Change in Unrealized Gains (Losses)		Fair value as of March 31, 2025		Interest and PIK Income		Dividend Income		Other Income
LSI Financing 1 DAC	$	4,771	$	3,041	$	—	$	(74)	$	7,738	$	—	$	—	$	—
LSI Financing LLC	158,824		—		(158,824)		—		—		—		—		—
Ideal Image Development, LLC	16,183		15,952		(2,076)		(851)		29,208		455		—		13

Pluralsight, Inc.	55,282		12,079		—		225		67,586		1,199		—		23
Total Non-Controlled Affiliates	$	235,060	$	31,072	$	(160,900)	$	(700)	$	104,532	$	1,654	$	—	$	36

________________

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)
(Unaudited)

(a)Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to payment-in-kind (“PIK”) interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement at fair value of an existing portfolio company into this controlled affiliated category from a different category.

(b)Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, return of capital, the amortization of premiums and the exchange of one or more existing securities for one or more new securities.

(24)As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” and has “Control” of this portfolio company as the Company owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company, including through a management agreement (“controlled affiliate”). The Company’s investment in controlled affiliates for the period ended March 31, 2025, were as follows:


($ in thousands)	Fair value as of December 31, 2024		Gross Additions (a)		Gross Reductions(b)		Net Change in Unrealized Gains (Losses)		Fair value as of March 31, 2025		Interest and PIK Income		Dividend Income		Other Income
Controlled Affiliates
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(d)	$	75,111	$	15,111	$	(460)	$	6,426	$	96,188	$	1,546	$	—	$	—
AAM Series 2.1 Aviation Feeder, LLC(d)	77,680		25,827		(1,094)		4,639		107,052		1,612		—		—
Blue Owl Credit SLF LLC(c)	295,476		87,775		—		(13,699)		369,552		—		8,654		—
Eagle Infrastructure Super LLC	111,801		80		—		356		112,237		2,689		729		13
Fifth Season Investments LLC (fka Chapford SMA Partnership, L.P.)	223,274		88,209		—		2,480		313,963		—		10,318		—
LSI Financing LLC	—		192,253		(50,156)		3,094		145,191		—		4,414		—
PS Operating Company LLC (fka QC Supply, LLC)	2,916		498		—		(474)		2,940		—		—		—
Swipe Acquisition Corporation (dba PLI)	200,472		2,702		—		1,943		205,117		3,105		890		10
Walker Edison Furniture Company, LLC	12,411		7,857		—		(8,076)		12,192		—		—		—
Wingspire Capital Holdings LLC	508,887		23,250		—		(79)		532,058		—		10,000		—
Total Controlled Affiliates	$	1,508,028	$	443,562	$	(51,710)	$	(3,390)	$	1,896,490	$	8,952	$	35,005	$	23

________________

(c)For further description of the Company's investment in Blue Owl Capital Corporation Senior Loan Fund, see Note 4 “Investments.”

(d)In connection with its investment in AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC and AAM Series 2.1 Aviation Feeder, LLC (collectively, “Amergin Assetco”) the Company made a minority investment in Amergin Asset Management, LLC, which has entered into a Servicing Agreement with Amergin Assetco.

(25)Represents co-investment made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. See Note 3 “Agreements and Related Party Transactions.”

(26)Securities acquired in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”) and may be deemed to be “restricted securities” under the Securities Act. As of March 31, 2025, the aggregate fair value of these securities is $2.7 billion or 35.1% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:

Portfolio Company

Investment

Acquisition Date

AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC**

LLC Interest

7/1/2022

AAM Series 2.1 Aviation Feeder, LLC**

LLC Interest

7/1/2022

Alphasense, LLC

Series E Preferred Shares

6/27/2024

Amergin Asset Management, LLC**

Class A Units

7/1/2022

Accelerate Topco Holdings, LLC

Common Units

9/1/2022

ASP Conair Holdings LP

Class A Units

5/17/2021

BCTO WIW Holdings, Inc. (dba When I Work)

Class A Common Stock

11/2/2021

BEHP Co-Investor II, L.P.

LP Interest

5/11/2022

Blend Labs, Inc.

Warrants

7/2/2021

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)
(Unaudited)

Portfolio Company

Investment

Acquisition Date

Blue Owl Credit SLF LLC*

LLC Interest

8/1/2024

Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)

Common Units

10/1/2021

CD&R Value Building Partners I, L.P. (dba Belron)

LP Interest

12/2/2021

Denali Holding, LP (dba Summit Companies)

Class A Units

9/15/2021

Dodge Construction Network Holdings, L.P.

Class A-2 Common Units

2/23/2022

Dodge Construction Network Holdings, L.P.

Series A Preferred Units

2/23/2022

Eagle Infrastructure Services, LLC

Common Units

3/31/2023

Elliott Alto Co-Investor Aggregator L.P.

LP Interest

9/27/2022

Evolution Parent, LP (dba SIAA)

LP Interest

4/30/2021

Fifth Season Investments LLC**

Class A Units

7/18/2022

Gloves Holdings, LP (dba Protective Industrial Products)

LP Interest

12/29/2020

GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)

LP Interest

12/16/2021

Hercules Buyer, LLC (dba The Vincit Group)

Common Units

12/15/2020

Hissho Sushi Holdings, LLC

Class A units

5/17/2022

Hockey Parent Holdings, L.P.

Class A Common Units

9/14/2023

Ideal Topco, L.P.

Class A-1 Preferred Units

2/20/2024

Ideal Topco, L.P.

Class A-2 Common Units

2/20/2024

Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)

LP Interest

6/8/2022

Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)

Perpetual Preferred Stock

6/23/2022

KOBHG Holdings, L.P. (dba OB Hospitalist)

Class A Interests

9/27/2021

KPCI Holdings, L.P.

Class A Units

11/30/2020

KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)

Class A Interest

11/30/2023

LSI Financing 1 DAC**

Preferred equity

12/14/2022

LSI Financing LLC**

Common Equity

11/25/2024

Maia Aggregator, LP

Class A-2 Units

2/1/2022

Bird Holding B.V. (fka MessageBird Holding B.V.)

Extended Series C Warrants

5/5/2021

Metis HoldCo, Inc. (dba Mavis Tire Express Services)

Series A Convertible Preferred Stock

5/4/2021

Minerva Holdco, Inc.

Senior A Preferred Stock

2/15/2022

New PLI Holdings, LLC (dba PLI)

Class A Common Units

12/23/2020

Patriot Holdings SCSp (dba Corza Health, Inc.)

Class B Units

1/29/2021

Patriot Holdings SCSp (dba Corza Health, Inc.)

Class A Units

1/29/2021

PCF Holdco, LLC (dba PCF Insurance Services)

Class A Units

11/1/2021

PCF Holdco, LLC (dba PCF Insurance Services)

Preferred equity

2/16/2023

PCF Holdco, LLC (dba PCF Insurance Services)

Warrants

2/16/2023

Paradigmatic Holdco LLC (dba Pluralsight)

Common stock

8/22/2024

Project Alpine Co-Invest Fund, LP

LP Interest

6/10/2022

Project Hotel California Co-Invest Fund, L.P.

LP Interest

8/9/2022

PS Op Holdings LLC (fka QC Supply, LLC)

Class A Common Units

12/21/2021

Rhea Acquisition Holdings, LP

Series A-2 Units

2/18/2022

Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers)

Series A Preferred Stock

11/15/2023

Space Exploration Technologies Corp.

Class A Common Stock

3/25/2021

Space Exploration Technologies Corp.

Class C Common Stock

3/25/2021

Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)

Series A Preferred Stock

10/14/2021

TCB Holdings I LLC (dba TricorBraun)

Class A Preferred Units

1/31/2025

Thunder Topco L.P. (dba Vector Solutions)

Common Units

6/30/2021

VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.)

Series A Preferred Stock

10/15/2021

Walker Edison Holdco LLC

Common Units

3/1/2023

Windows Entities

LLC Units

1/16/2020

Wingspire Capital Holdings LLC**

LLC Interest

9/24/2019

WMC Bidco, Inc. (dba West Monroe)

Senior Preferred Stock

11/9/2021

WP Irving Co-Invest, L.P.

Partnership Units

5/18/2022

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)
(Unaudited)

Portfolio Company

Investment

Acquisition Date

XOMA Corporation

Warrants

12/15/2023

Zoro TopCo, Inc.

Series A Preferred Equity

11/22/2022

Zoro TopCo, L.P.

Class A Common Units

11/22/2022

* Refer to Note 4 “Investments – Credit SLF LLC” for further information.

** Refer to Note 3 “Agreements and Related Party Transactions – Controlled/Affiliated Portfolio Companies”.

(27)This portfolio company is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. As of March 31, 2025, non-qualifying assets represented 12.0% of total assets as calculated in accordance with the regulatory requirements.

(28)Investment represents multiple underlying investments in related entities under common management. These underlying investments are on identical terms and include Midwest Custom Windows, LLC with a fair value of $24.1 million, Greater Toronto Custom Windows, Corp. with a fair value of $10.0 million, Garden State Custom Windows, LLC with a fair value of $33.4 million, Long Island Custom Windows, LLC with a fair value of $28.9 million, Jemico, LLC with a fair value of $23.1 million, Atlanta Custom Windows, LLC with a fair value of $11.5 million and Fairchester Custom Windows with a fair value of $7.6 million as of March 31, 2025. Greater Toronto Custom Windows, Corp. is considered a non-qualifying asset.

(29)We invest in this portfolio company through underlying blocker entities Hercules Blocker 1 LLC, Hercules Blocker 2 LLC, Hercules Blocker 3 LLC, Hercules Blocker 4 LLC, and Hercules Blocker 5 LLC.

(30)Investment contains a fixed-rate structure.

(31)Unless otherwise indicated, loan contains a variable rate structure and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the Secured Overnight Financing Rate (“SOFR” or “S,” which can include one-, three-, six- or twelve-month SOFR), Euro Interbank Offered Rate (“EURIBOR”or “E”, which can include one-, three- or six-month EURIBOR), SONIA (“SONIA” or “SA”), Australian Bank Bill Swap Bid Rate (“BBSY” or “BB”) (which can include one-, three-, or six-month BBSY) or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate), at the borrower’s option, and which reset periodically based on the terms of the loan agreement.

(32)The negative cost and fair value results from unamortized fees, which are capitalized to the investment cost.

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

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)


Company(1)(4)(8)(32)	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
Broadcast Music, Inc. (fka Otis Merger Sub, Inc.)(13)(26)	First lien senior secured loan	S+	5.75%	2/2030	$	26,696	$	26,105	$	26,495	0.4	%
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))(13)(26)	First lien senior secured loan	S+	5.00%	12/2028	19,242		19,242		19,242		0.3	%
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))(10)(14)(26)	First lien senior secured revolving loan	S+	5.00%	12/2027	302		302		302		—	%
Monotype Imaging Holdings Inc.(10)(14)(26)	First lien senior secured loan	S+	5.50%	2/2031	116,080		115,252		115,790		1.9	%





							160,901		161,829		2.6	%
Aerospace and defense
Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC)(10)(14)	First lien senior secured loan	S+	6.75% (0.75% PIK)	1/2025	34,064		22,320		21,290		0.4	%

Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC)(14)	First lien senior secured revolving loan	S+	6.38% (0.75% PIK)	1/2025	3,051		1,999		1,907		—	%
Peraton Corp.(6)(14)(26)	Second lien senior secured loan	S+	7.75%	2/2029	45,899		45,471		36,994		0.6	%
STS PARENT, LLC (dba STS Aviation Group)(13)(26)	First lien senior secured loan	S+	5.00%	10/2031	94,950		94,480		94,475		1.6	%
STS PARENT, LLC (dba STS Aviation Group)(10)(13)(26)	First lien senior secured revolving loan	S+	5.00%	10/2030	4,879		4,827		4,827		0.1	%
Valence Surface Technologies LLC(10)(14)(26)	First lien senior secured loan	S+	7.75% (3.88% PIK)	12/2026	158,509		158,318		148,996		2.5	%
							327,415		308,489		5.2	%
Asset based lending and fund finance
Hg Genesis 8 Sumoco Limited(22)(26)(28)	Unsecured facility	SA+	7.00% PIK	9/2027	£10,533		13,162		13,192		0.2	%
Hg Genesis 9 SumoCo Limited(19)(26)(28)	Unsecured facility	E+	6.25% PIK	3/2029	€54,168		59,284		56,091		0.9	%
Hg Saturn Luchaco Limited(22)(26)(28)	Unsecured facility	SA+	7.50% PIK	3/2026	£40,483		51,405		50,701		0.9	%
							123,851		119,984		2.0	%
Automotive services
Spotless Brands, LLC(10)(15)(26)	First lien senior secured loan	S+	5.75%	7/2028	47,511		46,885		47,393		0.8	%

							46,885		47,393		0.8	%
Buildings and real estate
Associations Finance, Inc.(26)(31)	Unsecured notes		14.25% PIK	5/2030	144,093		143,141		144,093		2.4	%
Associations, Inc.(10)(14)(26)	First lien senior secured loan	S+	6.50%	7/2028	372,899		372,518		372,912		6.3	%



							515,659		517,005		8.7	%
Business services
Aurelia Netherlands B.V.(19)(26)(28)	First lien senior secured EUR term loan	E+	5.75%	5/2031	€50,193		52,626		51,715		0.9	%
CIBT Global, Inc.(11)(14)(26)	First lien senior secured loan	S+	5.25% (4.25% PIK)	6/2027	973		588		199		—	%
CIBT Global, Inc.(11)(17)(26)	Second lien senior secured loan	P+	7.75% PIK	12/2027	63,678		26,669		—		—	%

CMG HoldCo, LLC (dba Crete United)(10)(14)(26)	First lien senior secured delayed draw term loan	S+	4.75%	5/2028	653		646		644		—	%

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)


Company(1)(4)(8)(32)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets
CoolSys, Inc.(14)	First lien senior secured loan	S+	4.75%	8/2028	11,924	11,691	11,596	0.2	%
Denali BuyerCo, LLC (dba Summit Companies)(10)(14)(26)	First lien senior secured loan	S+	5.75%	9/2028	52,197	51,762	52,197	0.9	%
Diamondback Acquisition, Inc. (dba Sphera)(13)(26)	First lien senior secured loan	S+	5.50%	9/2028	4,025	3,977	4,005	0.1	%
DuraServ LLC(10)(13)(26)	First lien senior secured loan	S+	4.50%	6/2031	86,929	86,456	86,495	1.5	%
Fullsteam Operations, LLC(10)(14)(26)	First lien senior secured loan	S+	8.25%	11/2029	13,001	12,658	13,001	0.2	%
Fullsteam Operations, LLC(10)(14)(26)	First lien senior secured delayed draw term loan	S+	7.00%	11/2029	818	771	811	—	%
Gainsight, Inc.(10)(14)(26)	First lien senior secured loan	S+	6.00%	7/2027	28,007	27,813	28,007	0.5	%
Hercules Borrower, LLC (dba The Vincit Group)(14)(26)	First lien senior secured loan	S+	5.50%	12/2026	173,292	173,294	173,292	2.9	%
Hercules Buyer, LLC (dba The Vincit Group)(10)(26)(30)(31)	Unsecured notes		0.48% PIK	12/2029	5,201	5,201	6,355	0.1	%
Kaseya Inc.(13)(26)	First lien senior secured loan	S+	5.50%	6/2029	19,038	18,773	19,038	0.3	%
Kaseya Inc.(10)(14)(26)	First lien senior secured delayed draw term loan	S+	5.50%	6/2029	578	554	578	—	%
KPSKY Acquisition, Inc. (dba BluSky)(10)(14)(26)	First lien senior secured loan	S+	5.50%	10/2028	4,839	4,780	4,439	0.1	%
KPSKY Acquisition, Inc. (dba BluSky)(10)(14)(26)	First lien senior secured delayed draw term loan	S+	5.75%	10/2028	3	1	(16)	—	%
Ping Identity Holding Corp.(14)(26)	First lien senior secured loan	S+	4.75%	10/2029	904	902	904	—	%
Pye-Barker Fire & Safety, LLC(10)(14)(26)	First lien senior secured loan	S+	4.50%	5/2031	133,855	133,124	133,521	2.2	%
Pye-Barker Fire & Safety, LLC(10)(14)(26)	First lien senior secured revolving loan	S+	4.50%	5/2030	2,435	2,348	2,386	—	%









						614,634	589,167	9.9	%
Chemicals
Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC)(6)(13)(26)	Second lien senior secured loan	S+	7.75%	11/2028	10,000	9,913	9,746	0.2	%
DCG ACQUISITION CORP. (dba DuBois Chemical)(13)(26)	First lien senior secured loan	S+	4.50%	6/2031	55,779	55,253	55,500	0.9	%
Gaylord Chemical Company, L.L.C.(10)(14)(26)	First lien senior secured loan	S+	5.25%	12/2027	130,798	130,504	130,798	2.2	%
Rocket BidCo, Inc. (dba Recochem)(14)(26)(28)	First lien senior secured loan	S+	5.75%	11/2030	197,500	193,793	195,525	3.3	%
Velocity HoldCo III Inc. (dba VelocityEHS)(14)(26)	First lien senior secured loan	S+	5.50%	4/2027	21,546	21,328	21,546	0.4	%




						410,791	413,115	7.0	%
Consumer products
Conair Holdings LLC(13)(26)	Second lien senior secured loan	S+	7.50%	5/2029	130,335	129,704	119,583	2.0	%
Feradyne Outdoors, LLC(14)(26)	First lien senior secured loan	S+	6.75% (3.74% PIK)	5/2028	76,043	76,043	65,207	1.1	%
Foundation Consumer Brands, LLC(13)(26)	First lien senior secured loan	S+	6.25%	2/2027	2,997	2,997	2,997	0.1	%

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)


Company(1)(4)(8)(32)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets
Lignetics Investment Corp.(10)(14)(26)	First lien senior secured loan	S+	5.50%	11/2027	39,409	39,316	39,212	0.7	%
Lignetics Investment Corp.(10)(14)(26)	First lien senior secured revolving loan	S+	5.50%	10/2026	3,451	3,440	3,427	0.1	%
SWK BUYER, Inc. (dba Stonewall Kitchen)(14)(26)	First lien senior secured loan	S+	5.25%	3/2029	737	728	715	—	%
WU Holdco, Inc. (dba Weiman Products, LLC)(10)(14)(26)	First lien senior secured loan	S+	5.00%	3/2027	241,806	240,440	241,806	4.1	%



						492,668	472,947	8.1	%
Containers and packaging
Arctic Holdco, LLC (dba Novvia Group)(10)(13)(26)	First lien senior secured loan	S+	6.00%	12/2026	15,956	15,742	15,956	0.3	%
Ascend Buyer, LLC (dba PPC Flexible Packaging)(14)(26)	First lien senior secured loan	S+	5.75%	9/2028	5,387	5,354	5,387	0.1	%
Ascend Buyer, LLC (dba PPC Flexible Packaging)(10)(14)(26)	First lien senior secured revolving loan	S+	5.75%	9/2027	188	186	188	—	%
Fortis Solutions Group, LLC(10)(14)(26)	First lien senior secured loan	S+	5.50%	10/2028	4,535	4,480	4,468	0.1	%
Fortis Solutions Group, LLC(10)(14)(26)	First lien senior secured revolving loan	S+	5.50%	10/2027	162	157	155	—	%
Indigo Buyer, Inc. (dba Inovar Packaging Group)(10)(14)(26)	First lien senior secured loan	S+	6.25%	5/2028	879	873	879	—	%
Indigo Buyer, Inc. (dba Inovar Packaging Group)(13)(26)	First lien senior secured loan	S+	5.25%	5/2028	3,479	3,456	3,462	0.1	%
Pregis Topco LLC(13)(26)	Second lien senior secured loan	S+	7.75%	8/2029	25,667	25,347	25,667	0.4	%
Pregis Topco LLC(13)(26)	Second lien senior secured loan	S+	6.75%	8/2029	134,333	132,893	134,333	2.3	%


						188,488	190,495	3.3	%
Distribution
ABB/Con-cise Optical Group LLC(14)(26)	First lien senior secured loan	S+	7.50%	2/2028	63,778	63,200	62,503	1.0	%
BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC)(10)(14)(26)	First lien senior secured loan	S+	5.00%	10/2029	152,598	151,236	152,598	2.6	%
Endries Acquisition, Inc.(10)(13)(26)	First lien senior secured loan	S+	5.25%	12/2028	98,095	97,491	97,359	1.6	%
Offen, Inc.(10)(13)(26)	First lien senior secured loan	S+	5.00%	6/2026	18,588	18,544	18,588	0.3	%


						330,471	331,048	5.5	%
Education


Severin Acquisition, LLC (dba PowerSchool)(13)(26)	First lien senior secured loan	S+	5.00% (2.25% PIK)	10/2031	752	745	745	—	%
						745	745	—	%
Energy equipment and services
Dresser Utility Solutions, LLC(13)(26)	First lien senior secured loan	S+	5.25%	3/2029	56,013	55,528	55,873	0.9	%


						55,528	55,873	0.9	%
Financial services
Baker Tilly Advisory Group, L.P.(13)(26)	First lien senior secured loan	S+	4.75%	6/2031	58,064	57,264	57,774	1.0	%
Blackhawk Network Holdings, Inc.(6)(13)(26)	First lien senior secured loan	S+	5.00%	3/2029	74,625	73,279	75,453	1.3	%

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)


Company(1)(4)(8)(32)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets
Cresset Capital Management, LLC(13)(26)	First lien senior secured loan	S+	5.00%	6/2030	7,797	7,724	7,797	0.1	%
Finastra USA, Inc.(10)(14)(26)(28)	First lien senior secured loan	S+	7.25%	9/2029	94,335	93,496	94,335	1.6	%
Klarna Holding AB(14)(26)(28)	Subordinated Floating Rate Notes	S+	7.00%	4/2034	1,000	1,000	1,000	—	%
KRIV Acquisition Inc. (dba Riveron)(10)(14)(26)	First lien senior secured loan	S+	5.75%	7/2029	6,207	6,055	6,207	0.1	%
Minotaur Acquisition, Inc. (dba Inspira Financial)(10)(13)(26)	First lien senior secured loan	S+	5.00%	6/2030	172,290	170,577	171,428	2.9	%
NMI Acquisitionco, Inc. (dba Network Merchants)(10)(13)(26)	First lien senior secured loan	S+	5.00%	9/2028	36,001	35,911	36,001	0.6	%
Smarsh Inc.(10)(14)(26)	First lien senior secured loan	S+	5.75%	2/2029	857	851	857	—	%
Smarsh Inc.(10)(13)(26)	First lien senior secured revolving loan	S+	5.75%	2/2029	3	3	3	—	%











						446,160	450,855	7.6	%
Food and beverage
Balrog Acquisition, Inc. (dba Bakemark)(14)(26)	Second lien senior secured loan	S+	7.00%	9/2029	22,000	21,875	22,000	0.4	%
Blast Bidco Inc. (dba Bazooka Candy Brands)(14)(26)	First lien senior secured loan	S+	6.00%	10/2030	29,331	28,690	29,331	0.5	%
BP Veraison Buyer, LLC (dba Sun World)(10)(14)(26)	First lien senior secured loan	S+	5.25%	5/2029	91,808	91,171	91,808	1.5	%
EAGLE FAMILY FOODS GROUP LLC(13)(26)	First lien senior secured loan	S+	5.00%	8/2030	1,633	1,617	1,625	—	%
Gehl Foods, LLC(13)(26)	First lien senior secured loan	S+	6.25%	6/2030	69,403	68,753	69,056	1.2	%
Gehl Foods, LLC(10)(14)(26)	First lien senior secured delayed draw term loan	S+	6.25%	6/2030	2,135	2,090	2,125	—	%
H-Food Holdings, LLC(11)(17)(26)	Second lien senior secured loan	P+	6.00%	3/2026	121,800	109,259	4,872	0.1	%
Hissho Parent, LLC(10)(14)(26)	First lien senior secured loan	S+	4.75%	5/2029	8,466	8,424	8,466	0.1	%
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(10)(13)(26)	First lien senior secured loan	S+	6.25%	3/2027	90,039	89,233	88,689	1.5	%
Nellson Nutraceutical, LLC(10)(13)(26)	First lien senior secured loan	S+	5.75%	12/2025	25,567	25,540	25,567	0.4	%
Ole Smoky Distillery, LLC(13)(26)	First lien senior secured loan	S+	5.50%	3/2028	859	849	853	—	%
Par Technology Corporation(13)(26)(28)	First lien senior secured loan	S+	5.00%	7/2029	1,286	1,267	1,273	—	%
Rushmore Investment III LLC (dba Winland Foods)(14)(26)	First lien senior secured loan	S+	5.00%	10/2030	274,119	271,603	274,119	4.6	%
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)(10)(14)(26)	First lien senior secured loan	S+	4.50%	7/2025	46,308	46,225	45,921	0.8	%
Tall Tree Foods, Inc.(10)(11)(14)	First lien senior secured loan	S+	9.40% PIK	3/2025	69,065	48,964	33,395	0.6	%
The Better Being Co., LLC (fka Nutraceutical International Corporation)(10)(13)(26)	First lien senior secured loan	S+	7.50% (3.90% PIK)	9/2026	208,850	207,901	208,850	3.5	%
Vital Bidco AB (dba Vitamin Well)(14)(26)(28)	First lien senior secured loan	S+	4.50%	10/2031	47,843	47,185	47,173	0.8	%
Vital Bidco AB (dba Vitamin Well)(10)(13)(26)(28)	First lien senior secured revolving loan	S+	4.50%	10/2030	2,725	2,584	2,580	—	%








						1,073,230	957,703	16.0	%

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)


Company(1)(4)(8)(32)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets
Healthcare equipment and services
Bamboo US BidCo LLC(10)(14)(26)	First lien senior secured loan	S+	5.25%	9/2030	5,544	5,544	5,544	0.1	%
Bamboo US BidCo LLC(19)(26)	First lien senior secured EUR term loan	E+	5.25%	9/2030	€3,139	3,302	3,250	0.1	%
Cadence, Inc.(10)(14)	First lien senior secured loan	S+	5.00%	5/2026	33,427	32,423	31,918	0.5	%
Creek Parent, Inc. (dba Catalent)(13)(26)	First lien senior secured loan	S+	5.25%	12/2031	86,023	84,524	84,518	1.4	%
CSC MKG Topco LLC (dba Medical Knowledge Group)(13)(26)	First lien senior secured loan	S+	5.75%	2/2029	1,249	1,232	1,236	—	%
Nelipak Holding Company(10)(13)(26)	First lien senior secured loan	S+	5.50%	3/2031	22,202	21,852	21,692	0.4	%
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.(10)(18)(26)	First lien senior secured EUR term loan	E+	5.50%	3/2031	€37,109	39,604	37,621	0.6	%
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(10)(14)(26)(28)	First lien senior secured loan	S+	5.25%	1/2028	124,840	123,822	124,840	2.1	%
PerkinElmer U.S. LLC(10)(13)(26)	First lien senior secured loan	S+	5.00%	3/2029	22,201	22,160	22,147	0.4	%
Rhea Parent, Inc.(14)(26)	First lien senior secured loan	S+	4.75%	12/2030	€33,613	33,512	33,509	0.6	%
TBRS, Inc. (dba TEAM Technologies)(14)(26)	First lien senior secured loan	S+	4.75%	11/2031	28,085	27,945	27,945	0.5	%
TBRS, Inc. (dba TEAM Technologies)(10)(14)(26)	First lien senior secured revolving loan	S+	4.75%	11/2030	255	234	234	—	%





						396,154	394,454	6.7	%
Healthcare providers and services
Allied Benefit Systems Intermediate LLC(10)(13)(26)	First lien senior secured loan	S+	5.25%	10/2030	993	980	993	—	%

Covetrus, Inc.(14)(26)	Second lien senior secured loan	S+	9.25%	10/2030	5,000	4,916	4,863	0.1	%
Engage Debtco Limited(10)(14)(26)(28)	First lien senior secured loan	S+	5.93% (2.75% PIK)	7/2029	1,033	1,015	1,007	—	%
Ex Vivo Parent Inc. (dba OB Hospitalist)(14)(26)	First lien senior secured loan	S+	9.75% PIK	9/2028	78,864	78,122	78,667	1.3	%
KABAFUSION Parent, LLC(14)(26)	First lien senior secured loan	S+	5.00%	11/2031	22,222	22,003	22,000	0.4	%
KWOL Acquisition Inc. (dba Worldwide Clinical Trials)(14)(26)	First lien senior secured loan	S+	4.75%	12/2029	64,604	63,555	64,604	1.1	%
Lakefield Acquisition Corp. (dba Lakefield Veterinary Group)(10)(13)(26)	First lien senior secured loan	S+	4.00%	9/2030	568	566	565	—	%
Maple Acquisition, LLC (dba Medicus)(15)(26)	First lien senior secured loan	S+	5.25%	5/2031	63,543	63,096	63,543	1.1	%
National Dentex Labs LLC (fka Barracuda Dental LLC)(10)(14)(26)	First lien senior secured loan	S+	8.00% (3.00% PIK)	4/2026	114,369	113,973	91,281	1.5	%
National Dentex Labs LLC (fka Barracuda Dental LLC)(10)(14)(26)	First lien senior secured revolving loan	S+	7.00%	4/2026	7,071	7,033	5,057	0.1	%
National Dentex Labs LLC (fka Barracuda Dental LLC)(16)(26)	First lien senior secured delayed draw term loan	S+	10.00% PIK	4/2026	8,052	8,040	6,361	0.1	%
Natural Partners, LLC(10)(14)(26)(28)	First lien senior secured loan	S+	4.50%	11/2027	1,232	1,217	1,226	—	%
OB Hospitalist Group, Inc.(10)(13)(26)	First lien senior secured loan	S+	5.25%	9/2027	107,590	106,299	107,321	1.8	%

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)


Company(1)(4)(8)(32)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets
Pacific BidCo Inc.(10)(15)(26)(28)	First lien senior secured loan	S+	6.00% (2.05% PIK)	8/2029	36,012		35,376	35,112	0.6	%
PetVet Care Centers, LLC(13)(26)	First lien senior secured loan	S+	6.00%	11/2030	107,126		106,180	102,573	1.7	%
Phantom Purchaser, Inc.(14)(26)	First lien senior secured loan	S+	5.00%	9/2031	29,258		28,974	29,038	0.5	%
Physician Partners, LLC(14)(26)	First lien senior secured loan	S+	4.00%	12/2028	9,725		3,979	6,467	0.1	%
Plasma Buyer LLC (dba PathGroup)(14)(26)	First lien senior secured loan	S+	5.75%	5/2029	665		656	657	—	%
Plasma Buyer LLC (dba PathGroup)(10)(14)(26)	First lien senior secured delayed draw term loan	S+	6.25%	5/2029	20		20	20	—	%
Plasma Buyer LLC (dba PathGroup)(10)(14)(26)	First lien senior secured revolving loan	S+	5.75%	5/2028	42		42	41	—	%
PPV Intermediate Holdings, LLC(14)(26)	First lien senior secured loan	S+	5.75%	8/2029	928		914	928	—	%
PPV Intermediate Holdings, LLC(14)(26)	First lien senior secured delayed draw term loan	S+	6.00%	8/2029	57		57	57	—	%
Premier Imaging, LLC (dba LucidHealth)(10)(14)(26)	First lien senior secured loan	S+	6.00% (6.47% PIK)	3/2026	47,579		47,579	44,130	0.7	%
Premise Health Holding Corp.(14)(26)	First lien senior secured loan	S+	5.50%	3/2031	47,316		46,667	47,198	0.8	%
Quva Pharma, Inc.(10)(15)(26)	First lien senior secured loan	S+	5.50%	4/2028	51,967		51,096	51,447	0.9	%
Quva Pharma, Inc.(10)(15)(26)	First lien senior secured revolving loan	S+	5.50%	4/2026	3,360		3,329	3,320	0.1	%
Tivity Health, Inc.(13)(26)	First lien senior secured loan	S+	5.00%	6/2029	494		494	494	—	%
Unified Women's Healthcare, LP(14)(26)	First lien senior secured loan	S+	5.25%	6/2029	893		888	893	—	%
Unified Women's Healthcare, LP(14)(26)	First lien senior secured loan	S+	5.50%	6/2029	24,773		24,609	24,773	0.4	%
Unified Women's Healthcare, LP(10)(13)(26)	First lien senior secured delayed draw term loan	S+	5.25%	6/2029	8,812		8,748	8,812	0.1	%
Vermont Aus Pty Ltd(21)(26)(28)	First lien senior secured AUD term loan	BB+	5.75%	3/2028	A$	1,297	880	799	—	%











							831,303	804,247	13.4	%
Healthcare technology
BCPE Osprey Buyer, Inc. (dba PartsSource)(14)(26)	First lien senior secured loan	S+	5.75%	8/2028	110,630		109,572	109,247	1.8	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(10)(13)(26)	First lien senior secured revolving loan	S+	5.75%	8/2026	7,904		7,837	7,755	0.1	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(10)(13)(26)	First lien senior secured delayed draw term loan	S+	5.75%	8/2028	10,146		9,856	9,966	0.2	%
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)(13)(26)	First lien senior secured loan	S+	5.00%	8/2031	44,636		44,388	44,524	0.7	%
GI Ranger Intermediate, LLC (dba Rectangle Health)(10)(14)(26)	First lien senior secured loan	S+	6.00%	10/2028	4,493		4,437	4,413	0.1	%
GI Ranger Intermediate, LLC (dba Rectangle Health)(10)(14)(26)	First lien senior secured revolving loan	S+	6.00%	10/2027	43		40	37	—	%
Indikami Bidco, LLC (dba IntegriChain)(13)(26)	First lien senior secured loan	S+	6.50% (2.50% PIK)	12/2030	16,166		15,843	16,085	0.3	%
Indikami Bidco, LLC (dba IntegriChain)(10)(13)(26)	First lien senior secured delayed draw term loan	S+	6.00%	12/2030	127		109	126	—	%
Indikami Bidco, LLC (dba IntegriChain)(10)(13)(26)	First lien senior secured revolving loan	S+	6.00%	6/2030	570		540	563	—	%
Inovalon Holdings, Inc.(10)(14)(26)	First lien senior secured loan	S+	5.75%	11/2028	207,472		204,411	204,879	3.4	%

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)


Company(1)(4)(8)(32)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets
Inovalon Holdings, Inc.(14)(26)	Second lien senior secured loan	S+	10.50% PIK	11/2033	129,648	128,165	128,352	2.2	%
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(10)(14)(26)(28)	First lien senior secured loan	S+	6.50%	8/2026	123,549	123,021	120,460	2.0	%
Interoperability Bidco, Inc. (dba Lyniate)(10)(14)(26)	First lien senior secured loan	S+	6.25%	3/2028	67,680	67,486	65,988	1.1	%
Interoperability Bidco, Inc. (dba Lyniate)(10)(13)(26)	First lien senior secured revolving loan	S+	6.25%	3/2028	274	242	142	—	%
RL Datix Holdings (USA), Inc.(15)(26)	First lien senior secured loan	S+	5.50%	4/2031	42,737	42,340	42,523	0.7	%
RL Datix Holdings (USA), Inc.(10)(22)(26)	First lien senior secured revolving loan	SA+	5.50%	10/2030	£852	991	1,024	—	%
RL Datix Holdings (USA), Inc.(22)(26)	First lien senior secured GBP term loan	SA+	5.50%	4/2031	£19,792	24,491	24,663	0.4	%
Salinger Bidco Inc. (dba Surgical Information Systems)(13)(26)	First lien senior secured loan	S+	5.75%	8/2031	31,242	30,791	31,164	0.5	%







						814,560	811,911	13.5	%
Household products
HGH Purchaser, Inc. (dba Horizon Services)(10)(14)(26)	First lien senior secured loan	S+	7.00% (2.50% PIK)	11/2026	189,359	188,763	179,417	3.0	%
Mario Midco Holdings, Inc. (dba Len the Plumber)(13)(26)	Unsecured facility	S+	10.75% PIK	4/2032	5,631	5,536	5,434	0.1	%
Mario Purchaser, LLC (dba Len the Plumber)(10)(13)(26)	First lien senior secured loan	S+	5.75%	4/2029	20,042	19,728	19,419	0.3	%
Mario Purchaser, LLC (dba Len the Plumber)(10)(13)(26)	First lien senior secured revolving loan	S+	5.75%	4/2028	414	399	376	—	%
SimpliSafe Holding Corporation(10)(13)(26)	First lien senior secured loan	S+	6.25%	5/2028	6,785	6,698	6,785	0.1	%



						221,124	211,431	3.5	%
Human resource support services
Cornerstone OnDemand, Inc.(13)(26)	Second lien senior secured loan	S+	6.50%	10/2029	115,833	114,642	98,748	1.7	%
IG Investments Holdings, LLC (dba Insight Global)(14)(26)	First lien senior secured loan	S+	5.00%	9/2028	50,059	50,062	50,059	0.8	%

						164,704	148,807	2.5	%
Infrastructure and environmental services
CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.)(10)(14)(26)	First lien senior secured loan	S+	5.50%	1/2031	28,775	28,480	28,775	0.5	%
GI Apple Midco LLC (dba Atlas Technical Consultants)(10)(13)(26)	First lien senior secured loan	S+	6.75%	4/2030	830	818	822	—	%
GI Apple Midco LLC (dba Atlas Technical Consultants)(10)(13)(26)	First lien senior secured revolving loan	S+	6.75%	4/2029	43	41	42	—	%
KENE Acquisition, Inc. (dba Entrust Solutions Group)(14)(26)	First lien senior secured loan	S+	5.25%	2/2031	11,496	11,289	11,352	0.2	%
KENE Acquisition, Inc. (dba Entrust Solutions Group)(10)(13)(26)	First lien senior secured delayed draw term loan	S+	5.25%	2/2031	532	482	514	—	%
LineStar Integrity Services LLC(10)(14)(26)	First lien senior secured loan	S+	7.25%	2/2026	69,947	67,861	66,800	1.1	%
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(10)(14)(26)	First lien senior secured loan	S+	5.75%	3/2028	1,013	1,001	1,009	—	%
Vessco Midco Holdings, LLC(13)(26)	First lien senior secured loan	S+	4.75%	7/2031	37,696	37,336	37,508	0.6	%
Vessco Midco Holdings, LLC(10)(15)(26)	First lien senior secured delayed draw term loan	S+	4.75%	7/2031	3,309	3,234	3,292	0.1	%








						150,542	150,114	2.5	%

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)


Company(1)(4)(8)(32)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets
Insurance
Alera Group, Inc.(10)(13)(26)	First lien senior secured loan	S+	5.25%	10/2028	34,109		34,109	34,109	0.6	%
AmeriLife Holdings LLC(10)(14)(26)	First lien senior secured loan	S+	5.00%	8/2029	1,131		1,115	1,125	—	%
Brightway Holdings, LLC(10)(14)(26)	First lien senior secured loan	S+	6.50%	12/2027	29,230		29,020	29,084	0.5	%
Brightway Holdings, LLC(10)(13)(26)	First lien senior secured revolving loan	S+	6.50%	12/2027	1,263		1,244	1,247	—	%
Diamond Mezzanine 24 LLC (dba United Risk)(14)(26)	First lien senior secured loan	S+	5.00%	10/2030	10,688		10,636	10,634	0.2	%
Diamond Mezzanine 24 LLC (dba United Risk)(17)(26)	First lien senior secured revolving loan	P+	4.00%	10/2030	713		709	709	—	%
Evolution BuyerCo, Inc. (dba SIAA)(10)(14)(26)	First lien senior secured loan	S+	6.25%	4/2028	138,845		137,758	138,845	2.3	%
Evolution BuyerCo, Inc. (dba SIAA)(10)(14)(26)	First lien senior secured delayed draw term loan	S+	6.00%	4/2028	3,945		3,810	3,945	0.1	%
Galway Borrower LLC(10)(14)(26)	First lien senior secured delayed draw term loan	S+	4.50%	9/2028	44		43	44	—	%
Integrity Marketing Acquisition, LLC(14)(26)	First lien senior secured loan	S+	5.00%	8/2028	41,515		41,315	41,515	0.7	%
KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners)(13)(26)	First lien senior secured loan	S+	10.50% PIK	7/2030	42,154		41,841	42,154	0.7	%
Norvax, LLC (dba GoHealth)(10)(14)(26)	First lien senior secured revolving loan	S+	6.50%	6/2025	2,080		2,080	2,080	—	%
PCF Midco II, LLC (dba PCF Insurance Services)(26)(31)	First lien senior secured loan		9.00% PIK	10/2031	157,962		149,111	150,459	2.5	%
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(13)(26)	First lien senior secured loan	S+	5.50%	11/2028	81,618		81,618	81,618	1.4	%
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(14)(26)	First lien senior secured delayed draw term loan	S+	5.50%	11/2028	27,003		27,003	27,003	0.5	%
Simplicity Financial Marketing Group Holdings, Inc.(14)(26)	First lien senior secured loan	S+	5.00%	12/2031	30,893		30,584	30,584	0.5	%
Tempo Buyer Corp. (dba Global Claims Services)(14)(26)	First lien senior secured loan	S+	4.75%	8/2028	1,056		1,043	1,056	—	%
THG Acquisition, LLC (dba Hilb)(10)(13)(26)	First lien senior secured loan	S+	4.75%	10/2031	29,846		29,527	29,517	0.5	%
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(13)(26)	First lien senior secured loan	S+	5.00%	12/2029	37,914		37,734	37,914	0.6	%










							660,300	663,642	11.1	%
Internet software and services
AI Titan Parent, Inc. (dba Prometheus Group)(13)(26)	First lien senior secured loan	S+	4.75%	8/2031	755		747	747	—	%
AlphaSense, Inc.(14)(26)	First lien senior secured loan	S+	6.25%	6/2029	707		700	700	—	%
Anaplan, Inc.(10)(14)(26)	First lien senior secured loan	S+	5.25%	6/2029	139,134		139,098	139,134	2.3	%
Aptean Acquiror, Inc. (dba Aptean)(10)(14)(26)	First lien senior secured loan	S+	5.00%	1/2031	872		865	870	—	%
Armstrong Bidco Limited(10)(22)(26)(28)	First lien senior secured GBP delayed draw term loan	SA+	5.25%	6/2029	£	2,960	3,577	3,689	0.1	%
Artifact Bidco, Inc. (dba Avetta)(14)(26)	First lien senior secured loan	S+	4.50%	7/2031	9,105		9,062	9,059	0.2	%

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)


Company(1)(4)(8)(32)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)(10)(13)(26)	First lien senior secured loan	S+	6.50%	3/2031	11,971	11,796	11,880	0.2	%
Barracuda Networks, Inc.(6)(14)	First lien senior secured loan	S+	4.50%	8/2029	12,797	11,934	11,807	0.2	%
Bayshore Intermediate #2, L.P. (dba Boomi)(14)(26)	First lien senior secured loan	S+	6.25% (3.38% PIK)	10/2028	71,430	71,417	71,430	1.2	%
BCTO BSI Buyer, Inc. (dba Buildertrend)(14)(26)	First lien senior secured loan	S+	6.50%	12/2026	60,032	59,803	60,032	1.0	%
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(10)(14)(26)	First lien senior secured loan	S+	5.50%	8/2027	12,936	12,774	12,566	0.2	%
CivicPlus, LLC(10)(14)(26)	First lien senior secured loan	S+	5.75%	8/2027	36,035	35,852	36,035	0.6	%
Coupa Holdings, LLC(14)(26)	First lien senior secured loan	S+	5.25%	2/2030	781	781	781	—	%
CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC)(15)(26)	Unsecured notes	S+	11.75% PIK	6/2034	£25,089	24,688	25,089	0.4	%
Crewline Buyer, Inc. (dba New Relic)(13)(26)	First lien senior secured loan	S+	6.75%	11/2030	110,269	108,799	108,890	1.8	%
Delinea Buyer, Inc. (f/k/a Centrify)(10)(14)(26)	First lien senior secured loan	S+	5.75%	3/2028	88,434	87,172	88,434	1.5	%
EET Buyer, Inc. (dba e-Emphasys)(14)(26)	First lien senior secured loan	S+	4.75%	11/2027	4,420	4,397	4,420	0.1	%
Forescout Technologies, Inc.(14)(26)	First lien senior secured loan	S+	5.00%	5/2031	79,201	78,830	78,805	1.3	%

Granicus, Inc.(14)(26)	First lien senior secured loan	S+	5.75% (2.25% PIK)	1/2031	7,841	7,772	7,841	0.1	%
Granicus, Inc.(14)(26)	First lien senior secured delayed draw term loan	S+	5.25% (2.25% PIK)	1/2031	1,162	1,151	1,150	—	%
H&F Opportunities LUX III S.À R.L (dba Checkmarx)(13)(26)(28)	First lien senior secured loan	S+	7.50%	4/2026	51,567	51,157	51,438	0.9	%
Hyland Software, Inc.(13)(26)	First lien senior secured loan	S+	6.00%	9/2030	52,637	51,952	52,637	0.9	%
Icefall Parent, Inc. (dba EngageSmart)(13)(26)	First lien senior secured loan	S+	6.50%	1/2030	22,051	21,663	22,051	0.4	%
JS Parent, Inc. (dba Jama Software)(14)(26)	First lien senior secured loan	S+	5.00%	4/2031	909	905	909	—	%
Litera Bidco LLC(10)(13)(26)	First lien senior secured loan	S+	5.00%	5/2028	139,455	138,814	139,106	2.3	%
MINDBODY, Inc.(10)(14)(26)	First lien senior secured loan	S+	7.00%	9/2025	62,018	61,989