obdc-20250630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________________

FORM 10-Q


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

For the quarterly period ended June 30, 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 August 6, 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 June 30, 2025 (Unaudited) and December 31, 2024	3
	Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2025 and 2024 (Unaudited)	4
	Consolidated Schedules of Investments as of June 30, 2025 (Unaudited) and December 31, 2024	29
	Consolidated Statements of Changes in Net Assets for the Three and Six Months Ended June 30, 2025 and 2024 (Unaudited)	55
	Consolidated Statements of Cash Flows for the Six Months Ended June 30, 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	106
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	159
Item 4.	Controls and Procedures	160

PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	161
Item 1A.	Risk Factors	161
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	161
Item 3.	Defaults Upon Senior Securities	161
Item 4.	Mine Safety Disclosures	161
Item 5.	Other Information	161
Item 6.	Exhibits	161
Signatures		163

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, uncertainty with respect to immigration and general uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the European Union and China, on financial market volatility, global economic markets, and various markets for commodities globally such as oil and natural gas;

•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)


	June 30, 2025 (Unaudited)		December 31, 2024
Assets
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost of $14,675,062 and $11,511,987, respectively)	$	14,726,112	$	11,451,457
Non-controlled, affiliated investments (amortized cost of $108,141 and $233,105, respectively)	91,866		235,060
Controlled, affiliated investments (amortized cost of $1,930,161, and $1,424,298, respectively)	2,050,804		1,508,028
Total investments at fair value (amortized cost of $16,713,364 and $13,169,390, respectively)	16,868,782		13,194,545
Cash (restricted cash of $64,405 and $82,387, respectively)	359,470		505,692
Foreign cash (cost of $680 and $8,539, respectively)	719		8,464
Interest receivable	112,742		105,881
Receivable from a controlled affiliate	26,230		16,970
Prepaid expenses and other assets	30,533		34,012
Total Assets	$	17,398,476	$	13,865,564
Liabilities
Debt (net of unamortized debt issuance costs of $114,407 and $84,363, respectively)	$	9,225,817	$	7,457,702
Distribution payable	189,088		144,381
Management fee payable	64,587		49,058
Incentive fee payable	43,649		39,082
Payables to affiliates	10,066		6,083
Payable for investments purchased	802		—
Accrued expenses and other liabilities	182,070		216,417
Total Liabilities	$	9,716,079	$	7,912,723
Commitments and contingencies (Note 8)
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	4,172		29,400
Total Net Assets	$	7,682,397	$	5,952,841
Total Liabilities and Net Assets	$	17,398,476	$	13,865,564
Net Asset Value Per Share	$	15.03	$	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 June 30,				For the Six Months Ended June 30,
	2025		2024		2025		2024
Investment Income
Investment income from non-controlled, non-affiliated investments:
Interest income	$	384,762	$	287,360	$	741,225	$	581,810
Payment-in-kind (“PIK”) interest income	29,581		44,272		64,973		85,507
Dividend income	20,810		16,313		42,341		37,649

Other income	5,268		5,988		10,858		11,301
Total investment income from non-controlled, non-affiliated investments	440,421		353,933		859,397		716,267
Investment income from non-controlled, affiliated investments:
Interest income	219		40		834		108
Payment-in-kind (“PIK”) interest income	865		132		1,904		132
Dividend income	555		46		555		62
Other Income	34		—		70		—
Total investment income from non-controlled, affiliated investments	1,673		218		3,363		302
Investment income from controlled, affiliated investments:
Interest income	9,847		7,169		18,799		15,171
Payment-in-kind (“PIK”) interest income	—		527		—		703
Dividend income	33,869		34,735		68,874		63,524
Other Income	33		178		56		370
Total investment income from controlled, affiliated investments	43,749		42,609		87,729		79,768
Total Investment Income	485,843		396,760		950,489		796,337
Expenses
Interest expense	151,571		109,125		300,103		228,254
Management fees, net(1)	64,586		48,005		126,744		95,248
Performance based incentive fees	43,649		40,119		84,678		78,887
Professional fees	3,538		4,113		7,070		7,709
Directors’ fees	320		320		640		640
Other general and administrative	3,185		3,534		7,212		6,050
Total Operating Expenses	266,849		205,216		526,447		416,788


Net Investment Income (Loss) Before Taxes	218,994		191,544		424,042		379,549
Income tax expense (benefit), including excise tax expense (benefit)	2,286		2,410		6,032		7,650
Net Investment Income (Loss) After Taxes	$	216,708	$	189,134	$	418,010	$	371,899
Net Realized and Change in Unrealized Gain (Loss)
Net change in unrealized gain (loss):
Non-controlled, non-affiliated investments	$	(125,752)	$	(64,868)	$	70,764	$	(65,819)
Non-controlled, affiliated investments	(14,711)		180		(15,411)		394
Controlled, affiliated investments	37,485		(7,393)		34,095		1,945
Translation of assets and liabilities in foreign currencies and other transactions	13,351		12,184		17,367		10,238
Income tax (provision) benefit	(200)		—		(1,762)		(10)
Total Net Change in Unrealized Gain (Loss)	(89,827)		(59,897)		105,053		(53,252)
Net realized gain (loss):
Non-controlled, non-affiliated investments	20,834		153		(131,098)		(5,040)


Foreign currency transactions	(10,209)		(7,170)		(11,828)		(8,870)
Total Net Realized Gain (Loss)	10,625		(7,017)		(142,926)		(13,910)
Total Net Realized and Change in Unrealized Gain (Loss)	(79,202)		(66,914)		(37,873)		(67,162)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	137,506	$	122,220	$	380,137	$	304,737
Earnings Per Share - Basic and Diluted	$	0.27	$	0.31	$	0.76	$	0.78
Weighted Average Shares Outstanding - Basic and Diluted	511,048,237		390,103,640		502,981,791		389,918,254

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 June 30, 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.))(13)(25)	First lien senior secured loan	S+	4.50%		12/2029	$	39,268	$	38,917	$	39,268
Monotype Imaging Holdings Inc.(10)(14)(25)	First lien senior secured loan	S+	5.50%		2/2031	152,465		150,928		152,465
								189,845		191,733		2.5	%
Aerospace and defense
Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC)(14)(25)	First lien senior secured loan	S+	0.53%	5.97%	7/2027	41,432		30,290		22,788
Peraton Corp.(6)(14)(25)	Second lien senior secured loan	S+	7.75%		2/2029	60,393		57,255		41,973
STS PARENT, LLC (dba STS Aviation Group)(14)(25)	First lien senior secured loan	S+	5.00%		10/2031	115,002		114,037		114,427
STS PARENT, LLC (dba STS Aviation Group)(10)(14)(25)	First lien senior secured revolving loan	S+	5.00%		10/2030	8,487		8,402		8,423
								209,984		187,611		2.4	%
Asset based lending and fund finance
Hg Genesis 8 Sumoco Limited(22)(25)(27)	Unsecured facility	SA+		7.50%	9/2027	£	13,858	17,410		18,990
Hg Genesis 9 SumoCo Limited(19)(25)(27)	Unsecured facility	E+		6.25%	3/2029	€	51,053	53,981		59,929
Hg Saturn Luchaco Limited(22)(25)(27)	Unsecured facility	SA+		8.25%	3/2027	£	51,254	64,682		70,236
								136,073		149,155		1.9	%
Automotive
Spotless Brands, LLC(14)(25)	First lien senior secured loan	S+	5.75%		7/2028	94,535		93,068		94,535
Spotless Brands, LLC(10)(13)(25)	First lien senior secured revolving loan	S+	5.75%		7/2028	1,566		1,550		1,566
								94,618		96,101		1.3	%
Buildings and real estate
Associations Finance, Inc.(25)(30)	Unsecured notes	N/A		14.25%	5/2030	188,863		187,314		188,863
Associations, Inc.(10)(14)(25)	First lien senior secured delayed draw term loan	S+	6.50%		7/2028	468,670		466,598		468,670
								653,912		657,533		8.6	%
Business services
Aurelia Netherlands B.V.(19)(25)(27)	First lien senior secured EUR term loan	E+	4.75%		5/2031	€	64,136	72,487		75,286
CMG HoldCo, LLC (dba Crete United)(10)(15)(25)	First lien senior secured delayed draw term loan	S+	4.75%		5/2028	1,437		1,410		1,420
CoolSys, Inc.(6)(15)(25)	First lien senior secured loan	S+	4.75%		8/2028	11,862		11,659		9,764
Denali BuyerCo, LLC (dba Summit Companies)(10)(14)(25)	First lien senior secured loan	S+	5.25%		9/2028	144,102		142,215		144,102
Diamondback Acquisition, Inc. (dba Sphera)(13)(25)	First lien senior secured loan	S+	5.50%		9/2028	50,154		49,104		50,154
DuraServ LLC(13)(25)	First lien senior secured loan	S+	4.75%		6/2031	132,071		130,873		131,411
Fullsteam Operations, LLC(10)(14)(25)	First lien senior secured loan	S+	8.25%		11/2029	18,158		17,744		18,158
Fullsteam Operations, LLC(10)(14)(25)	First lien senior secured delayed draw term loan	S+	7.00%		11/2029	5,946		5,856		5,946
Gainsight, Inc.(14)(25)	First lien senior secured loan	S+	5.75%		7/2027	32,919		32,669		32,919

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of June 30, 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
Hercules Borrower, LLC (dba The Vincit Group)(14)(25)	First lien senior secured loan	S+	5.50%		12/2026	210,534	209,960	210,534
Hercules Buyer, LLC (dba The Vincit Group)(25)(29)(30)	Unsecured notes	N/A		0.48%	12/2029	6,280	6,468	7,673
KPSKY Acquisition, Inc. (dba BluSky)(14)(25)	First lien senior secured loan	S+	5.50%		10/2028	43,322	39,796	41,156
KPSKY Acquisition, Inc. (dba BluSky)(10)(14)(25)(32)	First lien senior secured delayed draw term loan	S+	5.75%		10/2028	31	(108)	(62)
Ping Identity Holding Corp.(14)(25)	First lien senior secured loan	S+	4.75%		10/2029	902	900	902
Pye-Barker Fire & Safety, LLC(10)(14)(25)	First lien senior secured loan	S+	4.50%		5/2031	169,837	168,548	169,412
Pye-Barker Fire & Safety, LLC(10)(14)(25)	First lien senior secured revolving loan	S+	4.50%		5/2030	2,918	2,821	2,860
							892,402	901,635	11.7	%
Chemicals
Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC)(13)(25)	Second lien senior secured loan	S+	7.75%		11/2028	16,500	16,158	15,428
DCG ACQUISITION CORP. (dba DuBois Chemical)(13)(25)	First lien senior secured loan	S+	4.50%		6/2031	72,764	71,877	72,400
DCG ACQUISITION CORP. (dba DuBois Chemical)(10)(14)(25)	First lien senior secured delayed draw term loan	S+	4.50%		6/2031	7,301	7,226	7,264
Gaylord Chemical Company, L.L.C.(10)(14)(25)	First lien senior secured loan	S+	5.50%		12/2027	190,071	188,774	190,071
Rocket BidCo, Inc. (dba Recochem)(14)(25)(27)	First lien senior secured loan	S+	5.75%		11/2030	258,203	253,050	258,203
Velocity HoldCo III Inc. (dba VelocityEHS)(14)(25)	First lien senior secured loan	S+	5.50%		4/2027	27,321	27,053	27,321
							564,138	570,687	7.4	%
Consumer products
Conair Holdings LLC(6)(13)(25)	First lien senior secured loan	S+	3.75%		5/2028	12,474	11,255	9,065
Conair Holdings LLC(13)(25)	Second lien senior secured loan	S+	7.50%		5/2029	161,616	158,442	120,808
Feradyne Outdoors, LLC(14)(25)	First lien senior secured loan	S+	3.04%	3.71%	5/2028	77,465	77,465	63,521
Foundation Consumer Brands, LLC(14)(25)	First lien senior secured loan	S+	5.00%		2/2029	53,974	53,401	53,704
Lignetics Investment Corp.(14)(25)	First lien senior secured loan	S+	5.50%		11/2027	103,094	101,688	102,577
Lignetics Investment Corp.(10)(14)(25)	First lien senior secured revolving loan	S+	5.50%		10/2026	11,118	10,990	11,056
SWK BUYER, Inc. (dba Stonewall Kitchen)(14)(25)	First lien senior secured loan	S+	5.25%		3/2029	1,464	1,422	1,442
SWK BUYER, Inc. (dba Stonewall Kitchen)(10)(15)(25)	First lien senior secured revolving loan	S+	5.25%		3/2029	42	40	40
WU Holdco, Inc. (dba PurposeBuilt Brands)(14)(25)	First lien senior secured loan	S+	4.75%		4/2032	93,827	93,598	93,592
							508,301	455,805	5.9	%
Containers and packaging
Arctic Holdco, LLC (dba Novvia Group)(10)(14)(25)	First lien senior secured loan	S+	5.25%		1/2032	101,880	101,451	101,371
Arctic Holdco, LLC (dba Novvia Group)(10)(14)(25)	First lien senior secured revolving loan	S+	5.25%		1/2031	2,608	2,575	2,572
Ascend Buyer, LLC (dba PPC Flexible Packaging)(14)(25)	First lien senior secured loan	S+	5.75%		9/2028	71,465	70,317	71,465
Fortis Solutions Group, LLC(14)(25)	First lien senior secured loan	S+	5.50%		10/2028	35,283	34,289	34,577
Fortis Solutions Group, LLC(10)(14)(25)	First lien senior secured revolving loan	S+	5.50%		10/2027	903	843	830

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of June 30, 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
Indigo Buyer, Inc. (dba Inovar Packaging Group)(10)(14)(25)	First lien senior secured loan	S+	5.25%		5/2028	9,230	9,105	9,230
Pregis Topco LLC(13)(25)	Second lien senior secured loan	S+	7.75%		8/2029	28,167	27,829	28,167
Pregis Topco LLC(13)(25)	Second lien senior secured loan	S+	6.75%		8/2029	164,333	162,481	164,333
							408,890	412,545	5.4	%
Distribution
ABB/Con-cise Optical Group LLC(14)(25)	First lien senior secured loan	S+	7.50%		2/2028	64,629	64,100	63,659
BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC)(10)(14)(25)	First lien senior secured loan	S+	5.00%		10/2029	206,111	203,897	206,111
Endries Acquisition, Inc.(13)(25)	First lien senior secured loan	S+	5.50%		12/2028	129,349	128,229	127,732
Offen, Inc.(13)(25)	First lien senior secured loan	S+	5.00%		6/2026	18,562	18,533	18,562
							414,759	416,064	5.4	%
Education
Severin Acquisition, LLC (dba PowerSchool)(10)(13)(25)	First lien senior secured loan	S+	2.75%	2.25%	10/2031	1,555	1,526	1,534
Severin Acquisition, LLC (dba PowerSchool)(10)(13)(25)	First lien senior secured revolving loan	S+	4.75%		10/2031	82	80	80
							1,606	1,614	—	%
Energy equipment and services
Dresser Utility Solutions, LLC(13)(25)	First lien senior secured loan	S+	5.25%		3/2029	80,337	79,485	80,337
							79,485	80,337	1.0	%
Financial services
Baker Tilly Advisory Group, LP(13)(25)	First lien senior secured loan	S+	4.75%		6/2031	87,722	86,393	87,722
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)(10)(13)(25)	First lien senior secured loan	S+	5.00%		6/2030	25,142	24,841	25,142
Continental Finance Company, LLC(13)(25)	First lien senior secured loan	S+	8.00%		3/2029	7,500	7,430	7,425
Deerfield Dakota Holdings(6)(14)(25)	Second lien senior secured loan	S+	6.75%		4/2028	8,000	7,552	7,620
Finastra USA, Inc.(15)(25)(27)	First lien senior secured loan	S+	7.25%		9/2029	99,995	99,078	99,995
Finastra USA, Inc.(10)(14)(25)(27)	First lien senior secured revolving loan	S+	7.25%		9/2029	2,085	1,981	2,085
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)(10)(14)(25)	First lien senior secured loan	S+	5.75%		7/2029	8,163	7,978	8,163
Minotaur Acquisition, Inc. (dba Inspira Financial)(13)(25)	First lien senior secured loan	S+	5.00%		6/2030	224,904	222,087	224,904
NMI Acquisitionco, Inc. (dba Network Merchants)(13)(25)	First lien senior secured loan	S+	5.00%		9/2028	47,927	47,701	47,927
Smarsh Inc.(10)(14)(25)	First lien senior secured loan	S+	4.75%		2/2029	2,074	2,052	2,068
							508,093	514,051	6.7	%
Food and beverage
Balrog Acquisition, Inc. (dba Bakemark)(13)(25)	Second lien senior secured loan	S+	7.00%		9/2029	28,000	27,777	27,440
Blast Bidco Inc. (dba Bazooka Candy Brands)(14)(25)	First lien senior secured loan	S+	6.00%		10/2030	37,584	36,833	37,584
BP Veraison Buyer, LLC (dba Sun World)(14)(25)	First lien senior secured loan	S+	5.25%		5/2029	138,068	136,662	138,068
Eagle Family Foods Group LLC(15)(25)	First lien senior secured loan	S+	5.00%		8/2030	2,592	2,556	2,592
Gehl Foods, LLC(14)(25)	First lien senior secured delayed draw term loan	S+	6.25%		6/2030	98,014	96,810	98,014

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of June 30, 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
Hissho Parent, LLC(14)(25)	First lien senior secured loan	S+	4.50%		5/2029	13,981		13,846	13,981
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(13)(25)	First lien senior secured loan	S+	6.25%		3/2027	100,559		99,314	99,052
KBP Brands, LLC(13)(25)	First lien senior secured loan	S+	5.50%		5/2027	1,083		1,049	1,064
Ole Smoky Distillery, LLC(13)(25)	First lien senior secured loan	S+	5.50%		3/2028	855		846	849
Rushmore Investment III LLC (dba Winland Foods)(13)(25)	First lien senior secured loan	S+	5.00%		10/2030	359,102		355,181	359,102
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)(10)(14)(25)	First lien senior secured loan	S+	4.75%		7/2027	51,595		51,540	51,172
The Better Being Co., LLC (fka Nutraceutical International Corporation)(13)(25)	First lien senior secured loan	S+	6.75%		9/2026	215,685		214,846	216,764
Vital Bidco AB (dba Vitamin Well)(14)(25)(27)	First lien senior secured loan	S+	4.50%		10/2031	61,885		60,814	61,885
								1,098,074	1,107,567	14.4	%
Healthcare equipment and services
Bamboo US BidCo LLC(10)(14)(25)	First lien senior secured loan	S+	5.25%		9/2030	8,777		8,717	8,777
Bamboo US BidCo LLC(19)(25)	First lien senior secured EUR term loan	E+	5.25%		9/2030	€	4,685	4,857	5,499
Cadence, Inc.(10)(14)	First lien senior secured loan	S+	5.00%		5/2026	31,752		31,101	30,781
Cambrex Corporation(13)(25)	First lien senior secured loan	S+	4.75%		3/2032	781		774	779
Creek Parent, Inc. (dba Catalent)(13)(25)	First lien senior secured loan	S+	5.25%		12/2031	113,939		111,537	113,939
CSC MKG Topco LLC (dba Medical Knowledge Group)(13)(25)	First lien senior secured loan	S+	5.50%		2/2029	4,981		4,867	4,955
Nelipak Holding Company(14)(25)	First lien senior secured loan	S+	5.50%		3/2031	25,927		25,440	25,408
Nelipak Holding Company(10)(13)(25)	First lien senior secured revolving loan	S+	5.50%		3/2031	4,451		4,334	4,300
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.(19)(25)	First lien senior secured EUR term loan	E+	5.50%		3/2031	€	47,477	49,812	54,616
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.(10)(18)(25)	First lien senior secured EUR revolving loan	E+	5.50%		3/2031	€	227	171	478
Packaging Coordinators Midco, Inc.(14)(25)	First lien senior secured loan	S+	4.75%		1/2032	150,246		148,276	148,368
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(10)(14)(25)(27)	First lien senior secured loan	S+	4.75%		1/2028	158,793		157,338	158,359
PerkinElmer U.S. LLC(13)(25)	First lien senior secured loan	S+	4.75%		3/2029	23,080		23,037	22,850
Rhea Parent, Inc.(14)(25)	First lien senior secured loan	S+	4.75%		12/2030	40,875		40,449	40,773
TBRS, Inc. (dba TEAM Technologies)(14)(25)	First lien senior secured loan	S+	4.75%		11/2031	40,584		40,202	40,382
TBRS, Inc. (dba TEAM Technologies)(10)(14)(25)	First lien senior secured revolving loan	S+	4.75%		11/2030	346		316	318
								651,228	660,582	8.6	%
Healthcare providers and services
Allied Benefit Systems Intermediate LLC(13)(25)	First lien senior secured loan	S+	5.25%		10/2030	5,844		5,741	5,844
Allied Benefit Systems Intermediate LLC(14)(25)	First lien senior secured delayed draw term loan	S+	5.25%		10/2030	1,072		1,053	1,072
Belmont Buyer, Inc. (dba Valenz)(10)(14)(25)	First lien senior secured loan	S+	6.50%		6/2029	4,710		4,627	4,710
Belmont Buyer, Inc. (dba Valenz)(15)(25)	First lien senior secured loan	S+	5.25%		6/2029	2,809		2,740	2,788
Commander Buyer, Inc. (dba CenExel)(14)(25)	First lien senior secured loan	S+	4.75%		6/2032	56,242		55,936	55,936
Confluent Health, LLC(13)(25)	First lien senior secured loan	S+	5.00%		11/2028	4,938		4,796	4,752

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of June 30, 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
Covetrus, Inc.(14)(25)	Second lien senior secured loan	S+	9.25%		10/2030	30,000	28,822	28,350
Engage Debtco Limited(14)(25)(27)	First lien senior secured loan	S+	3.33%	2.75%	7/2029	1,583	1,539	1,515
Engage Debtco Limited(14)(25)(27)	First lien senior secured delayed draw term loan	S+	3.18%	2.54%	7/2029	514	500	492
EresearchTechnology, Inc. (dba Clario)(10)(13)(25)	First lien senior secured loan	S+	4.75%		1/2032	102,565	101,523	101,470
Ex Vivo Parent Inc. (dba OB Hospitalist)(13)(25)	First lien senior secured loan	S+		9.85%	9/2028	124,465	123,093	124,465
KABAFUSION Parent, LLC(14)(25)	First lien senior secured loan	S+	5.00%		11/2031	31,033	30,578	30,878
KABAFUSION Parent, LLC(13)(25)	First lien senior secured loan	S+	5.00%		11/2031	17,824	17,646	17,735
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)(14)(25)	First lien senior secured loan	S+	4.75%		12/2029	77,745	76,556	77,745
Lakefield Acquisition Corp. (dba Lakefield Veterinary Group)(10)(15)(25)	First lien senior secured loan	S+	4.00%		9/2030	617	615	615
Maple Acquisition, LLC (dba Medicus)(15)(25)	First lien senior secured loan	S+	5.00%		5/2031	80,593	79,818	80,593
National Dentex Labs LLC (fka Barracuda Dental LLC)(10)(11)(14)(25)	First lien senior secured loan	S+		12.00%	4/2026	145,902	140,011	68,516
National Dentex Labs LLC (fka Barracuda Dental LLC)(11)(16)(25)	First lien senior secured delayed draw term loan	S+		12.00%	4/2026	20,342	14,248	9,561
Natural Partners, LLC(14)(25)(27)	First lien senior secured loan	S+	4.50%		11/2030	7,698	7,587	7,660
OB Hospitalist Group, Inc.(13)(25)	First lien senior secured loan	S+	5.25%		9/2027	165,387	163,228	165,387
Pacific BidCo Inc.(15)(25)(27)	First lien senior secured loan	S+	4.12%	1.88%	8/2029	44,138	43,178	43,586
Pacific BidCo Inc.(15)(25)(27)	First lien senior secured delayed draw term loan	S+	5.75%		8/2029	4,581	4,476	4,524
PetVet Care Centers, LLC(13)(25)	First lien senior secured loan	S+	6.00%		11/2030	131,674	129,347	124,432
Physician Partners, LLC(14)(25)	First lien senior secured loan	S+	6.00%		12/2029	11,430	10,825	10,344
Physician Partners, LLC(6)(14)(25)	First lien senior secured loan	S+	1.50%	2.50%	12/2029	6,432	4,032	3,184
Plasma Buyer LLC (dba PathGroup)(14)(25)	First lien senior secured loan	S+	5.75%		5/2029	1,324	1,296	1,281
Plasma Buyer LLC (dba PathGroup)(14)(25)	First lien senior secured delayed draw term loan	S+	6.25%		5/2029	50	49	48
Plasma Buyer LLC (dba PathGroup)(10)(14)(25)	First lien senior secured revolving loan	S+	5.75%		5/2028	151	148	146
PPV Intermediate Holdings, LLC(14)(25)	First lien senior secured loan	S+	5.75%		8/2029	28,630	28,119	28,630
PPV Intermediate Holdings, LLC(14)(25)	First lien senior secured delayed draw term loan	S+	6.00%		8/2029	1,768	1,738	1,768
Premier Imaging, LLC (dba LucidHealth)(14)(25)	First lien senior secured loan	S+	2.34%	3.66%	3/2026	48,838	48,789	46,396
Premise Health Holding Corp.(13)(25)	First lien senior secured loan	S+	5.25%		3/2031	62,207	61,287	62,207
Premise Health Holding Corp.(10)(13)(25)	First lien senior secured revolving loan	S+	5.25%		2/2030	487	419	487
Quva Pharma, Inc.(14)(25)	First lien senior secured loan	S+	5.50%		4/2028	66,975	65,829	66,305
Quva Pharma, Inc.(14)(25)	First lien senior secured loan	S+	5.50%		4/2026	15,520	15,298	15,364
SimonMed, Inc.(10)(14)(25)	First lien senior secured loan	S+	4.75%		2/2032	800	797	796
SimonMed, Inc.(10)(13)(25)	First lien senior secured revolving loan	S+	4.75%		2/2031	24	24	24
Soleo Holdings, Inc.(14)(25)	First lien senior secured loan	S+	4.50%		2/2032	60,992	60,701	60,992
Tivity Health, Inc.(13)(25)	First lien senior secured loan	S+	5.00%		6/2029	982	973	982

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of June 30, 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+	5.50%		6/2029	1,776		1,756	1,776
Unified Women's Healthcare, LP(13)(25)	First lien senior secured loan	S+	5.50%		6/2029	39,436		39,021	39,436
Unified Women's Healthcare, LP(13)(25)	First lien senior secured delayed draw term loan	S+	5.25%		6/2029	17,227		17,053	17,227
Valeris, Inc. (fka Phantom Purchaser, Inc.)(14)(25)	First lien senior secured loan	S+	5.00%		9/2031	42,344		41,738	42,238
Vermont Aus Pty Ltd(21)(25)(27)	First lien senior secured AUD term loan	BB+	5.75%		3/2028	A$	2,582	1,654	1,683
								1,439,204	1,363,940	17.8	%
Healthcare technology
BCPE Osprey Buyer, Inc. (dba PartsSource)(14)(25)	First lien senior secured loan	S+	5.75%		8/2028	162,469		160,052	160,845
BCPE Osprey Buyer, Inc. (dba PartsSource)(10)(13)(25)	First lien senior secured delayed draw term loan	S+	5.75%		8/2028	31,721		31,057	31,404
BCPE Osprey Buyer, Inc. (dba PartsSource)(10)(13)(25)	First lien senior secured revolving loan	S+	5.75%		8/2026	8,750		8,602	8,575
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)(13)(25)	First lien senior secured loan	S+	5.00%		8/2031	88,826		87,663	88,826
GI Ranger Intermediate, LLC (dba Rectangle Health)(13)(25)	First lien senior secured loan	S+	5.75%		10/2028	24,760		24,044	24,265
Indikami Bidco, LLC (dba IntegriChain)(13)(25)	First lien senior secured loan	S+	4.00%	2.50%	12/2030	21,563		21,144	21,347
Indikami Bidco, LLC (dba IntegriChain)(10)(13)(25)	First lien senior secured delayed draw term loan	S+	6.00%		12/2030	334		315	331
Indikami Bidco, LLC (dba IntegriChain)(10)(13)(25)	First lien senior secured revolving loan	S+	6.00%		6/2030	1,586		1,554	1,565
Inovalon Holdings, Inc.(14)(25)	First lien senior secured loan	S+	3.00%	2.75%	11/2028	151,222		151,008	151,222
Inovalon Holdings, Inc.(14)(25)	Second lien senior secured loan	S+		8.50%	11/2033	59,298		59,298	59,298
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(14)(25)(27)	First lien senior secured loan	S+	6.50%		8/2026	169,488		167,621	166,098
Interoperability Bidco, Inc. (dba Lyniate)(10)(14)(25)	First lien senior secured loan	S+	5.75%		3/2028	72,592		72,243	71,231
Modernizing Medicine, Inc. (dba ModMed)(14)(25)	First lien senior secured loan	S+	2.50%	2.75%	4/2032	763		755	755
RL Datix Holdings (USA), Inc.(15)(25)	First lien senior secured loan	S+	5.25%		4/2031	56,403		55,714	56,121
RL Datix Holdings (USA), Inc.(22)(25)	First lien senior secured GBP term loan	SA+	5.25%		4/2031	£	26,120	32,066	35,614
RL Datix Holdings (USA), Inc.(10)(15)(25)	First lien senior secured revolving loan	S+	5.25%		10/2030	2,448		2,361	2,392
Salinger Bidco Inc. (dba Surgical Information Systems)(14)(25)	First lien senior secured loan	S+	5.75%		8/2031	41,293		40,657	41,293
Salinger Bidco Inc. (dba Surgical Information Systems)(10)(14)(25)	First lien senior secured revolving loan	S+	5.75%		5/2031	799		758	799
								916,912	921,981	12.0	%
Household products
HGH Purchaser, Inc. (dba Horizon Services)(10)(14)(25)	First lien senior secured loan	S+	4.50%	2.50%	11/2026	196,588		196,259	181,038
Mario Midco Holdings, Inc. (dba Len the Plumber)(13)(25)	Unsecured facility	S+		10.75%	4/2032	8,519		8,310	8,221
Mario Purchaser, LLC (dba Len the Plumber)(13)(25)	First lien senior secured loan	S+	5.75%		4/2029	27,915		27,333	27,148
Mario Purchaser, LLC (dba Len the Plumber)(10)(13)(25)	First lien senior secured revolving loan	S+	5.75%		4/2028	322		294	269

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of June 30, 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
SimpliSafe Holding Corporation(13)(25)	First lien senior secured loan	S+	6.25%		5/2028	9,000	8,887	9,000
							241,083	225,676	2.9	%
Human resource support services
Cornerstone OnDemand, Inc.(13)(25)	Second lien senior secured loan	S+	6.50%		10/2029	160,417	153,240	147,583
IG Investments Holdings, LLC (dba Insight Global)(14)(25)	First lien senior secured loan	S+	5.00%		9/2028	117,731	116,547	117,731
							269,787	265,314	3.5	%
Infrastructure and environmental services
AWP Group Holdings, Inc.(10)(13)(25)	First lien senior secured loan	S+	4.75%		12/2030	959	932	949
CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.)(10)(14)(25)	First lien senior secured loan	S+	5.00%		1/2031	45,606	45,040	45,606
GI Apple Midco LLC (dba Atlas Technical Consultants)(13)(25)	First lien senior secured loan	S+	6.75%		4/2030	932	920	922
GI Apple Midco LLC (dba Atlas Technical Consultants)(10)(13)(25)	First lien senior secured revolving loan	S+	6.75%		4/2029	2	1	1
KENE Acquisition, Inc. (dba Entrust Solutions Group)(10)(14)(25)	First lien senior secured loan	S+	5.25%		2/2031	18,412	17,973	18,366
LineStar Integrity Services LLC(15)(25)	First lien senior secured loan	S+	7.25%		2/2026	71,375	69,939	72,447
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(14)(25)	First lien senior secured loan	S+	5.75%		3/2029	313	308	313
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(10)(14)(25)	First lien senior secured loan	S+	5.75%		3/2028	1,534	1,509	1,534
Vessco Midco Holdings, LLC(10)(13)(25)	First lien senior secured loan	S+	4.75%		7/2031	56,150	55,440	55,869
							192,062	196,007	2.6	%
Insurance
AmeriLife Holdings LLC(15)(25)	First lien senior secured loan	S+	4.75%		8/2029	11,417	11,170	11,360
AmeriLife Holdings LLC(10)(14)(25)	First lien senior secured delayed draw term loan	S+	4.84%		8/2029	1,676	1,652	1,667
AmeriLife Holdings LLC(10)(14)(25)	First lien senior secured revolving loan	S+	4.75%		8/2028	83	78	78
Brightway Holdings, LLC(14)(25)	First lien senior secured loan	S+	5.75%		12/2027	51,092	50,483	51,092
Brightway Holdings, LLC(10)(13)(25)	First lien senior secured revolving loan	S+	5.75%		12/2027	2,529	2,473	2,529
Diamond Mezzanine 24 LLC (dba United Risk)(14)(25)	First lien senior secured loan	S+	5.00%		10/2030	23,878	23,624	23,878
Evolution BuyerCo, Inc. (dba SIAA)(14)(25)	First lien senior secured loan	S+	4.75%		4/2030	841	833	841
Evolution BuyerCo, Inc. (dba SIAA)(10)(13)(25)	First lien senior secured delayed draw term loan	S+	4.75%		4/2030	19	17	19
Galway Borrower LLC(10)(14)(25)	First lien senior secured delayed draw term loan	S+	4.50%		9/2028	627	623	627
Integrity Marketing Acquisition, LLC(14)(25)	First lien senior secured loan	S+	5.00%		8/2028	97,000	95,919	97,000
KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners)(13)(25)	First lien senior secured loan	S+		10.60%	7/2030	63,260	62,694	63,260
Norvax, LLC (dba GoHealth)(13)(25)	First lien senior secured revolving loan	S+	6.50%		9/2025	6,198	6,198	4,896
Simplicity Financial Marketing Group Holdings, Inc.(13)(25)	First lien senior secured loan	S+	5.00%		12/2031	40,880	40,306	40,471
Simplicity Financial Marketing Group Holdings, Inc.(10)(15)(25)	First lien senior secured delayed draw term loan	S+	5.00%		12/2031	2,426	2,363	2,359

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of June 30, 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
THG Acquisition, LLC (dba Hilb)(10)(13)(25)	First lien senior secured loan	S+	4.50%		10/2031	39,243		38,681	38,808
THG Acquisition, LLC (dba Hilb)(10)(13)(25)	First lien senior secured revolving loan	S+	4.75%		10/2031	323		284	280
Trucordia Insurance Holdings, LLC(13)(25)	Second lien senior secured loan	S+	5.75%		6/2033	150,000		148,505	148,500
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(13)(25)	First lien senior secured loan	S+	5.00%		12/2029	52,246		51,819	52,246
								537,722	539,911	7.0	%
Internet software and services
AI Titan Parent, Inc. (dba Prometheus Group)(13)(25)	First lien senior secured loan	S+	4.50%		8/2031	7,547		7,352	7,472
AlphaSense, Inc.(14)(25)	First lien senior secured loan	S+	6.25%		6/2029	707		701	701
Anaplan, Inc.(14)(25)	First lien senior secured loan	S+	4.50%		6/2029	54,526		54,526	54,526
Aptean Acquiror, Inc. (dba Aptean)(14)(25)	First lien senior secured loan	S+	4.75%		1/2031	19,309		18,933	19,309
Armstrong Bidco Limited(22)(25)(27)	First lien senior secured GBP delayed draw term loan	SA+	5.00%		6/2029	£	2,960	3,584	4,036
Artifact Bidco, Inc. (dba Avetta)(14)(25)	First lien senior secured loan	S+	4.25%		7/2031	12,011		11,903	12,011
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)(13)(25)	First lien senior secured loan	S+	6.00%		3/2031	15,817		15,567	15,817
Barracuda Parent, LLC(6)(14)(25)	First lien senior secured loan	S+	4.50%		8/2029	12,732		11,947	10,533
Bayshore Intermediate #2, L.P. (dba Boomi)(13)(25)	First lien senior secured loan	S+	2.88%	3.38%	10/2028	87,166		86,905	87,166
Bayshore Intermediate #2, L.P. (dba Boomi)(10)(14)(25)	First lien senior secured revolving loan	S+	5.75%		10/2027	886		867	886
BCTO BSI Buyer, Inc. (dba Buildertrend)(14)(25)	First lien senior secured loan	S+	6.50%		12/2026	71,141		70,793	71,141
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(10)(14)(25)	First lien senior secured loan	S+	5.50%		8/2027	23,040		22,499	22,437
CivicPlus, LLC(14)(25)	First lien senior secured loan	S+	5.50%		8/2030	70,616		70,270	70,440
Coupa Holdings, LLC(14)(25)	First lien senior secured loan	S+	5.25%		2/2030	1,555		1,541	1,555
CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC)(15)(25)	Unsecured notes	S+		11.75%	6/2034	19,781		19,557	19,781
Crewline Buyer, Inc. (dba New Relic)(13)(25)	First lien senior secured loan	S+	6.75%		11/2030	148,219		145,707	146,737
Delinea Buyer, Inc. (f/k/a Centrify)(14)(25)	First lien senior secured loan	S+	5.75%		3/2028	87,979		86,895	87,979
EET Buyer, Inc. (dba e-Emphasys)(14)(25)	First lien senior secured loan	S+	4.75%		11/2027	23,308		22,973	23,308
Einstein Parent, Inc. (dba Smartsheet)(14)(25)	First lien senior secured loan	S+	6.50%		1/2031	43,387		42,944	42,953
Forescout Technologies, Inc.(14)(25)	First lien senior secured loan	S+	5.00%		5/2031	97,217		96,444	97,217
Granicus, Inc.(14)(25)	First lien senior secured loan	S+	3.50%	2.25%	1/2031	17,755		17,511	17,755
Granicus, Inc.(14)(25)	First lien senior secured delayed draw term loan	S+	3.00%	2.25%	1/2031	2,630		2,581	2,617
Granicus, Inc.(10)(17)(25)	First lien senior secured revolving loan	P+	4.25%		1/2031	345		337	345
GS Acquisitionco, Inc. (dba insightsoftware)(10)(14)(25)	First lien senior secured loan	S+	5.25%		5/2028	9,558		9,332	9,509
H&F Opportunities LUX III S.À R.L (dba Checkmarx)(13)(25)(27)	First lien senior secured loan	S+	6.50%		4/2027	51,567		51,310	51,567
Hyland Software, Inc.(13)(25)	First lien senior secured loan	S+	5.00%		9/2030	66,471		66,471	66,471

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of June 30, 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
Icefall Parent, Inc. (dba EngageSmart)(14)(25)	First lien senior secured loan	S+	5.75%		1/2030	33,278		32,717	33,278
JS Parent, Inc. (dba Jama Software)(14)(25)	First lien senior secured loan	S+	4.75%		4/2031	905		901	905
Litera Bidco LLC(10)(13)(25)	First lien senior secured loan	S+	5.00%		5/2028	162,135		161,410	161,730
MINDBODY, Inc.(14)(25)	First lien senior secured loan	S+	6.00%		9/2027	62,018		61,982	62,018
Ministry Brands Holdings, LLC(13)(25)	First lien senior secured loan	S+	5.50%		12/2028	11,944		11,664	11,854
Ministry Brands Holdings, LLC(10)(17)(25)	First lien senior secured revolving loan	P+	4.50%		12/2027	90		83	82
PDI TA Holdings, Inc.(10)(14)(25)	First lien senior secured loan	S+	5.50%		2/2031	41,709		40,866	41,271
QAD, Inc.(13)(25)	First lien senior secured loan	S+	4.75%		11/2027	72,363		71,501	72,363
Securonix, Inc.(14)(25)	First lien senior secured loan	S+	4.00%	3.75%	4/2029	1,727		1,610	1,550
Securonix, Inc.(10)(14)(25)(32)	First lien senior secured revolving loan	S+	7.00%		4/2029	7		(11)	(24)
Sitecore Holding III A/S(14)(25)	First lien senior secured loan	S+	3.25%	4.00%	3/2029	4,432		4,409	4,432
Sitecore Holding III A/S(19)(25)	First lien senior secured EUR term loan	E+	3.25%	4.00%	3/2029	€	25,715	27,011	30,186
Sitecore USA, Inc.(14)(25)	First lien senior secured loan	S+	3.25%	4.00%	3/2029	26,722		26,585	26,722
Spaceship Purchaser, Inc. (dba Squarespace)(14)(25)	First lien senior secured loan	S+	5.00%		10/2031	17,398		17,058	17,398
Thunder Purchaser, Inc. (dba Vector Solutions)(14)(25)	First lien senior secured loan	S+	5.50%		6/2028	105,625		104,638	105,625
When I Work, Inc.(14)(25)	First lien senior secured loan	S+	5.50%		11/2027	32,796		31,534	31,976
Zendesk, Inc.(10)(14)(25)	First lien senior secured loan	S+	5.00%		11/2028	101,825		100,120	101,825
								1,633,528	1,647,460	21.4	%
Leisure and entertainment
Aerosmith Bidco 1 Limited (dba Audiotonix)(15)(25)(27)	First lien senior secured loan	S+	5.25%		7/2031	208,759		205,759	208,759
Eternal Buyer, LLC (dba Wedgewood Weddings)(14)(25)	First lien senior secured loan	S+	4.75%		6/2032	35,000		34,826	34,825
Troon Golf, L.L.C.(10)(14)(25)	First lien senior secured loan	S+	4.75%		8/2028	86,661		85,885	86,661
								326,470	330,245	4.3	%
Manufacturing
Faraday Buyer, LLC (dba MacLean Power Systems)(13)(25)	First lien senior secured loan	S+	6.00%		10/2028	149,610		146,919	148,488
FR Flow Control CB LLC (dba Trillium Flow Technologies)(14)(25)(27)	First lien senior secured loan	S+	5.00%		12/2029	31,741		31,381	31,502
FR Flow Control CB LLC (dba Trillium Flow Technologies)(10)(13)(25)(27)	First lien senior secured revolving loan	S+	5.00%		12/2029	580		545	541
Helix Acquisition Holdings, Inc. (dba MW Industries)(13)(25)	First lien senior secured loan	S+	7.00%		3/2030	946		924	939
JSG II, Inc.(13)(25)	First lien senior secured loan	S+	4.50%		6/2026	13,424		13,402	13,390
Loparex Midco B.V.(14)(25)	First lien senior secured loan	S+	6.00%		2/2027	790		790	790
Loparex Midco B.V.(14)(25)	First lien senior secured loan	S+	4.50%		7/2027	4,122		3,787	3,957
Loparex Midco B.V.(14)(25)	Second lien senior secured loan	S+	8.75%		7/2027	112,000		109,243	103,600
Loparex Midco B.V.(14)(25)	Second lien senior secured loan	S+	8.50%		7/2027	21,000		20,189	20,160
MHE Intermediate Holdings, LLC (dba OnPoint Group)(10)(14)(25)	First lien senior secured loan	S+	6.00%		7/2027	106,278		105,580	103,627
MHE Intermediate Holdings, LLC (dba OnPoint Group)(14)(25)	First lien senior secured loan	S+	6.25%		7/2027	2,488		2,447	2,444

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of June 30, 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
Sonny's Enterprises, LLC(10)(14)(25)	First lien senior secured loan	S+	5.50%		8/2028	291,382		288,492	289,197
Sonny's Enterprises, LLC(10)(14)(25)	First lien senior secured delayed draw term loan	S+	6.50%		8/2028	9,233		9,028	9,233
Sonny's Enterprises, LLC(10)(14)(25)	First lien senior secured revolving loan	S+	5.50%		8/2027	12,016		11,899	11,839
								744,626	739,707	9.6	%
Pharmaceuticals
Puma Buyer, LLC (dba PANTHERx)(14)(25)	First lien senior secured loan	S+	4.25%		3/2032	861		855	861
								855	861	—	%
Professional services
Essential Services Holding Corporation (dba Turnpoint)(14)(25)	First lien senior secured loan	S+	5.00%		6/2031	25,974		25,625	25,649
Essential Services Holding Corporation (dba Turnpoint)(10)(14)(25)	First lien senior secured revolving loan	S+	5.00%		6/2030	382		355	342
Gerson Lehrman Group, Inc.(14)(25)	First lien senior secured loan	S+	5.00%		12/2027	155,495		154,143	155,495
Guidehouse Inc.(13)(25)	First lien senior secured loan	S+	3.00%	2.00%	12/2030	49,180		48,222	48,934
Paris US Holdco, Inc. (dba Precinmac)(10)(13)(25)	First lien senior secured loan	S+	4.75%		12/2031	28,914		28,477	28,751
Relativity ODA LLC(13)(25)	First lien senior secured loan	S+	4.50%		5/2029	101,311		100,555	101,311
Sensor Technology Topco, Inc. (dba Humanetics)(10)(14)(25)	First lien senior secured loan	S+	7.00%		5/2028	89,806		89,381	89,806
Sensor Technology Topco, Inc. (dba Humanetics)(10)(19)(25)	First lien senior secured EUR delayed draw term loan	E+	7.25%		5/2028	€	15,370	16,427	18,054
Vensure Employer Services, Inc.(13)(25)	First lien senior secured loan	S+	4.76%		9/2031	1,810		1,778	1,792
								464,963	470,134	6.1	%
Specialty retail
Galls, LLC(10)(14)(25)	First lien senior secured loan	S+	5.00%	1.50%	3/2030	135,843		133,883	135,843
Galls, LLC(10)(14)(25)	First lien senior secured revolving loan	S+	6.00%		3/2030	4,501		4,347	4,501
Milan Laser Holdings LLC(14)(25)	First lien senior secured loan	S+	5.00%		4/2027	63,256		62,540	62,308
Notorious Topco, LLC (dba Beauty Industry Group)(14)(25)	First lien senior secured loan	S+	4.75%	2.50%	11/2027	186,452		178,478	131,449
Notorious Topco, LLC (dba Beauty Industry Group)(14)(25)	First lien senior secured revolving loan	S+	6.75%		5/2027	14,859		14,352	10,476
The Shade Store, LLC(14)(25)	First lien senior secured loan	S+	6.00%		10/2029	100,641		96,841	95,357
The Shade Store, LLC(14)(25)	First lien senior secured loan	S+	7.00%		10/2029	12,269		12,098	11,870
The Shade Store, LLC(10)(14)(25)	First lien senior secured revolving loan	S+	6.00%		10/2028	2,701		2,470	2,156
								505,009	453,960	5.9	%
Telecommunications
EOS Finco S.A.R.L(6)(11)(14)(25)(27)	First lien senior secured loan	S+		6.00%	10/2029	37,657		22,329	9,787
Park Place Technologies, LLC(10)(14)(25)	First lien senior secured loan	S+	5.25%		3/2031	12,618		12,376	12,586
Park Place Technologies, LLC(10)(14)(25)	First lien senior secured revolving loan	S+	5.25%		3/2030	405		392	401
PPT Holdings III, LLC (dba Park Place Technologies)(25)(30)	First lien senior secured loan	N/A		12.75%	3/2034	4,405		4,285	4,405
								39,382	27,179	0.4	%

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of June 30, 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
Transportation
Lightbeam Bidco, Inc. (dba Lazer Spot)(13)(25)	First lien senior secured loan	S+	5.00%		5/2030	4,456	4,456		4,456
Lightbeam Bidco, Inc. (dba Lazer Spot)(10)(13)(25)	First lien senior secured revolving loan	S+	5.00%		5/2029	214	211		214
Lytx, Inc.(13)(25)	First lien senior secured loan	S+	5.00%		2/2028	71,005	71,005		71,005
							75,672		75,675		1.0	%
Total non-controlled/non-affiliated debt investments							$	13,798,683	$	13,661,070	177.8	%
Total non-controlled/non-affiliated misc. debt commitments(10)(32)(Note 8)							$	(5,151)	$	(4,110)	(0.1)	%
Total non-controlled/non-affiliated portfolio company debt investments							$	13,793,532	$	13,656,960	177.8	%

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
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		2,165
							382		2,165		—	%
Automotive
CD&R Value Building Partners I, L.P. (dba Belron)(7)(12)(25)(26)(27)	LP Interest	N/A			N/A	73,986	77,389		88,847
Metis HoldCo, Inc. (dba Mavis Tire Express Services)(25)(26)(30)	Series A Convertible Preferred Stock	N/A		7.00%	N/A	242,899	239,312		242,899
							316,701		331,746		4.3	%
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		32
							1,970		404		—	%
Business services
Denali Holding, LP (dba Summit Companies)(12)(25)(26)	Class A Units	N/A			N/A	337,460	10,594		15,855
Hercules Buyer, LLC (dba The Vincit Group)(12)(25)(26)(29)	Common Units	N/A			N/A	751,184	2,728		3,226
Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)(15)(25)(26)	Perpetual Preferred Stock	S+		11.00%	N/A	2,640,000	18,558		18,787
							31,880		37,868		0.5	%
Consumer Products
ASP Conair Holdings LP(12)(25)(26)	Class A Units	N/A			N/A	73,571	7,442		5,519
							7,442		5,519		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	44,741		44,887
							44,741		44,887		0.6	%
Financial services
Blend Labs, Inc.(12)(25)(26)	Warrants	N/A			N/A	179,529	975		2
							975		2		—	%

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of June 30, 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
Food and beverage
Hissho Sushi Holdings, LLC(12)(25)(26)	Class A Units	N/A			N/A	15,004	155	213
							155	213	—	%
Healthcare equipment and services
KPCI Holdings, L.P.(12)(25)(26)	Class A Units	N/A			N/A	36,594	49,185	104,671
Maia Aggregator, LP(12)(25)(26)	Class A-2 Units	N/A			N/A	280,899	268	262
Patriot Holdings SCSp (dba Corza Health, Inc.)(25)(26)(27)(30)	Class A Units	N/A		8.00%	N/A	9,739	13,478	13,403
Patriot Holdings SCSp (dba Corza Health, Inc.)(12)(25)(26)(27)	Class B Units	N/A			N/A	134,107	266	308
Rhea Acquisition Holdings, LP(12)(25)(26)	Series A-2 Units	N/A			N/A	238,095	260	288
							63,457	118,932	1.5	%
Healthcare providers and services
Baypine Commander Co-Invest, LP(12)(25)(26)(27)	LP Interest	N/A			N/A	3,067,771	3,068	3,068
KOBHG Holdings, L.P. (dba OB Hospitalist)(12)(25)(26)	Class A Interests	N/A			N/A	9,687	9,376	9,423
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)(12)(25)(26)	Class A Interest	N/A			N/A	542	5,522	7,324
Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers)(25)(26)(30)	Series A Preferred Stock	N/A		15.00%	N/A	15,050	18,313	17,222
XOMA Corporation(12)(25)(26)	Warrants	N/A			N/A	36,000	269	354
							36,548	37,391	0.5	%
Healthcare technology
BEHP Co-Investor II, L.P.(12)(25)(26)(27)	LP Interest	N/A			N/A	1,269,969	823	1,670
Minerva Holdco, Inc.(25)(26)(30)	Senior A Preferred Stock	N/A		10.75%	N/A	9,000	12,720	12,810
ModMed Software Midco Holdings, Inc. (dba ModMed)(25)(26)(30)	Series A Preferred Units	N/A		13.00%	N/A	169,738	165	165
WP Irving Co-Invest, L.P.(12)(25)(26)(27)	Partnership Units	N/A			N/A	1,250,000	736	1,644
							14,444	16,289	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	70,843	65,009
							70,843	65,009	0.8	%
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
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	21,000
PCF Holdco, LLC (dba Trucordia)(12)(25)(26)	Warrants	N/A			N/A	1,624,016	5,437	4,271
PCF Holdco, LLC (dba Trucordia)(25)(26)(30)	Preferred equity	N/A		14.00%	N/A	28,978,393	22,315	28,978
							52,563	61,946	0.8	%

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of June 30, 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
Internet and software services
AlphaSense, LLC(12)(25)(26)	Series E Preferred Shares	N/A			N/A	3,386	153		165
BCTO WIW Holdings, Inc. (dba When I Work)(12)(25)(26)	Class A Common Stock	N/A			N/A	70,000	4,355		3,773
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		14,973
Elliott Alto Co-Investor Aggregator L.P.(12)(25)(26)(27)	LP Interest	N/A			N/A	6,007	7,542		10,895
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)(12)(25)(26)(27)	LP Interest	N/A			N/A	1,704	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		7,407
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		11.00%	N/A	21,250	26,291		28,855
WMC Bidco, Inc. (dba West Monroe)(25)(26)(30)	Senior Preferred Stock	N/A		11.25%	N/A	50,077	73,380		74,285
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	12,423		12,645
							170,712		190,159		2.5	%
Manufacturing
Gloves Holdings, LP (dba Protective Industrial Products)(12)(25)(26)	LP Interest	N/A			N/A	48,099	5,395		7,455
Windows Entities(25)(26)(28)	LLC Units	N/A			N/A	31,844	60,319		138,629
							65,714		146,084		1.9	%
Total non-controlled/non-affiliated portfolio company equity investments							$	881,530	$	1,069,152	13.9	%
Total non-controlled/non-affiliated portfolio company investments							$	14,675,062	$	14,726,112	191.7	%

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	23,123	23,046		23,123
Pluralsight, LLC(14)(25)	First lien senior secured loan	S+		7.50%	8/2029	25,070	24,991		25,070
							48,037		48,193		0.6	%
Specialty retail
Ideal Image Development, LLC(10)(11)(14)(25)	First lien senior secured loan	S+		6.50%	2/2029	11,238	10,716		8,513
Ideal Image Development, LLC(10)(11)(14)(25)	First lien senior secured revolving loan	S+	6.00%		2/2029	2,654	2,649		2,535
							13,365		11,048		0.1	%
Total non-controlled/affiliated portfolio company debt investments							$	61,402	$	59,241	0.8	%

Equity Investments
Education
Paradigmatic Holdco LLC (dba Pluralsight)(12)(25)(26)	Common stock	N/A			N/A	7,619,079	20,149		19,372
							20,149		19,372		0.3	%

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of June 30, 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
Pharmaceuticals
LSI Financing 1 DAC(25)(26)(27)	Preferred equity	N/A			N/A	6,748	6,785		6,206
							6,785		6,206		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	19,805		7,047
							19,805		7,047		0.1	%
Total non-controlled/affiliated equity portfolio company investments							$	46,739	$	32,625	0.4	%
Total non-controlled/affiliated portfolio company investments							$	108,141	$	91,866	1.2	%

Controlled/affiliated portfolio company investments(24)
Debt Investments
Advertising and media
Swipe Acquisition Corporation (dba PLI)(14)(25)	First lien senior secured loan	S+	8.00%		11/2027	72,529	72,507		72,529
Swipe Acquisition Corporation (dba PLI)(10)(14)(25)	First lien senior secured loan	S+	5.00%		11/2027	41,821	41,531		41,715
							114,038		114,244		1.5	%
Asset based lending and fund finance
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(25)(27)(30)	First lien senior secured loan	N/A		12.00%	7/2030	64,070	63,927		64,070
AAM Series 2.1 Aviation Feeder, LLC(25)(27)(30)	First lien senior secured loan	N/A		12.00%	11/2030	68,103	67,936		68,103
							131,863		132,173		1.7	%
Distribution
PS Operating Company LLC (fka QC Supply, LLC)(10)(11)(14)(25)	First lien senior secured loan	S+		6.00%	12/2026	21,629	18,048		1,425
							18,048		1,425		—	%
Household products
Walker Edison Furniture Company LLC(11)(14)(25)	First lien senior secured loan	S+		6.75%	3/2027	68,521	45,405		3,826
Walker Edison Furniture Company LLC(10)(11)(13)(25)	First lien senior secured delayed draw term loan	S+		6.75%	3/2027	6,380	5,976		6,380
							51,381		10,206		0.1	%
Infrastructure and environmental services
Eagle Infrastructure Services, LLC(14)	First lien senior secured loan	S+	7.50%		4/2028	87,138	86,066		87,138
							86,066		87,138		1.1	%
Total controlled/affiliated debt portfolio company investments							$	401,396	$	345,186	4.5	%

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		96,376
							48,007		96,376		1.3	%
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	30,937	31,431		41,730
AAM Series 2.1 Aviation Feeder, LLC(10)(12)(25)(26)(27)	LLC Interest	N/A			N/A	27,380	28,397		47,273
Wingspire Capital Holdings LLC(9)(10)(26)	LLC Interest	N/A			N/A	469,655	469,655		560,819
							529,483		649,822		8.5	%

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of June 30, 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
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	344,398		374,484
							344,398		374,484		4.9	%
Joint ventures
Blue Owl Credit SLF LLC(7)(9)(25)(26)(27)	LLC Interest	N/A			N/A	392,667	392,671		389,941
							392,671		389,941		5.1	%
Pharmaceuticals
LSI Financing LLC(7)(10)(25)(26)(27)	Common Equity	N/A			N/A	162,415	162,086		169,896
							162,086		169,896		2.2	%
Total controlled/affiliated equity company investments							$	1,528,765	$	1,705,618	22.2	%
Total controlled/affiliated portfolio company investments							$	1,930,161	$	2,050,804	26.7	%
Total Investments							$	16,713,364	$	16,868,782	219.6	%


Interest Rate Swaps as of June 30, 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	$	(21,069)	$	—	$	10,762	2027 Notes	Note 5
Interest rate swap	5.95%	S + 2.118%	2/15/2029	600,000		8,347		—		13,502		2029 Notes	Note 5
Interest rate swap	5.95%	S + 1.922%	2/15/2029	400,000		7,556		—		8,812		2029 Notes	Note 5
Interest rate swap	6.20%	S + 2.392%	7/15/2030	500,000		6,424		—		6,424		2030 Notes	Note 5
Total				$	2,000,000	$	1,258			$	39,500


	Forward Contracts as of June 30, 2025
	Notional Amount to be Purchased		Notional Amount to be Sold		Counterparty	Settlement Date	Change in Unrealized Appreciation / (Depreciation)
Foreign currency forward contract	$	127,109	£	93,449	Goldman Sachs Bank USA	7/17/2025	$	(1,223)
Foreign currency forward contract	$	248,358	€	214,120	Goldman Sachs Bank USA	7/17/2025	(4,306)
Foreign currency forward contract	$	1,693	A$	2,588	Goldman Sachs Bank USA	7/17/2025	(11)
Total							$	(5,540)

_______________

(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 June 30, 2025, the net estimated unrealized gain for U.S. federal income tax purposes was $82.9 million based on a tax cost basis of $16.8 billion. As of June 30, 2025, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $459.0 million and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $541.9 million.

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

(5)Level 1 investment.

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of June 30, 2025

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

(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 8 “Commitments and Contingencies.”


					Unfunded
Company	Commitment Type	Commitment Expiration Date	Funded Commitment		Commitment		Fair Value(32)
Non-controlled/non-affiliated - debt commitments
Aerosmith Bidco 1 Limited (dba Audiotonix)	First lien senior secured delayed draw term loan	7/2027	$	—	$	76,215	$	—
AI Titan Parent, Inc. (dba Prometheus Group)	First lien senior secured delayed draw term loan	9/2026	—		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	1,676		316		—
Arctic Holdco, LLC (dba Novvia Group)	First lien senior secured delayed draw term loan	1/2027	6,721		4,130		—
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	11,114		22,693		—
Bamboo US BidCo LLC	First lien senior secured delayed draw term loan	11/2026	96		1,960		—
BCPE Osprey Buyer, Inc. (dba PartsSource)	First lien senior secured delayed draw term loan	10/2025	23,269		14,249		—
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	1,982		4,047		—
Cambrex Corporation	First lien senior secured delayed draw term loan	3/2027	—		117		—
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)	First lien senior secured delayed draw term loan	6/2026	2,015		2,463		—
CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.)	First lien senior secured delayed draw term loan	1/2026	7,495		4,899		—
CivicPlus, LLC	First lien senior secured delayed draw term loan	5/2027	—		16,290		—
CMG HoldCo, LLC (dba Crete United)	First lien senior secured delayed draw term loan	10/2026	—		247		(2)
CMG HoldCo, LLC (dba Crete United)	First lien senior secured delayed draw term loan	11/2025	456		158		—
Commander Buyer, Inc. (dba CenExel)	First lien senior secured delayed draw term loan	6/2027	—		15,339		(38)
Coupa Holdings, LLC	First lien senior secured delayed draw term loan	6/2027	—		140		—
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)	First lien senior secured delayed draw term loan	8/2026	—		3,065		—
DCG ACQUISITION CORP. (dba DuBois Chemical)	First lien senior secured delayed draw term loan	6/2026	7,301		4,867		—
Denali BuyerCo, LLC (dba Summit Companies)	First lien senior secured delayed draw term loan	1/2027	22,058		24,066		—
Diamond Mezzanine 24 LLC (dba United Risk)	First lien senior secured delayed draw term loan	10/2026	—		789		—
EresearchTechnology, Inc. (dba Clario)	First lien senior secured delayed draw term loan	1/2027	2,272		13,957		—
Essential Services Holding Corporation (dba Turnpoint)	First lien senior secured delayed draw term loan	6/2026	—		5,093		(38)
Eternal Buyer, LLC (dba Wedgewood Weddings)	First lien senior secured delayed draw term loan	6/2027	—		7,000		(18)
Evolution BuyerCo, Inc. (dba SIAA)	First lien senior secured delayed draw term loan	12/2025	19		86		—
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	4,233		2,619		—
Galls, LLC	First lien senior secured delayed draw term loan	3/2026	12,498		28,392		—
Galway Borrower LLC	First lien senior secured delayed draw term loan	7/2026	504		2,604		—
Gehl Foods, LLC	First lien senior secured delayed draw term loan	12/2026	—		7,032		—
GS Acquisitionco, Inc. (dba insightsoftware)	First lien senior secured delayed draw term loan	5/2027	—		888		(2)
GS Acquisitionco, Inc. (dba insightsoftware)	First lien senior secured delayed draw term loan	3/2026	121		204		—

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of June 30, 2025

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


				Unfunded
Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Commitment	Fair Value(32)
Indigo Buyer, Inc. (dba Inovar Packaging Group)	First lien senior secured delayed draw term loan	7/2026	558	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	—	7,747	—
Interoperability Bidco, Inc. (dba Lyniate)	First lien senior secured delayed draw term loan	6/2026	—	4,762	(83)
KENE Acquisition, Inc. (dba Entrust Solutions Group)	First lien senior secured delayed draw term loan	2/2026	814	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	55	345	—
Litera Bidco LLC	First lien senior secured delayed draw term loan	11/2026	33,160	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	—
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	3,231	9,308	—
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.	First lien senior secured EUR delayed draw term loan	3/2027	—	21,731	(272)
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	(373)
Paris US Holdco, Inc. (dba Precinmac)	First lien senior secured delayed draw term loan	12/2026	—	7,442	—
Park Place Technologies, LLC	First lien senior secured delayed draw term loan	9/2025	955	880	—
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	48,823	61,728	—
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	1,406	686	—
Severin Acquisition, LLC (dba PowerSchool)	First lien senior secured delayed draw term loan	10/2027	41	273	—
SimonMed, Inc.	First lien senior secured delayed draw term loan	2/2027	43	102	—
Simplicity Financial Marketing Group Holdings, Inc.	First lien senior secured delayed draw term loan	12/2026	2,426	8,497	—
Smarsh Inc.	First lien senior secured delayed draw term loan	1/2027	—	373	—
Soleo Holdings, Inc.	First lien senior secured delayed draw term loan	2/2027	—	8,651	—
Sonny's Enterprises, LLC	First lien senior secured delayed draw term loan	6/2027	9,233	18,465	—
Sonny's Enterprises, LLC	First lien senior secured delayed draw term loan	6/2026	2,552	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	—	6,144	(12)
THG Acquisition, LLC (dba Hilb)	First lien senior secured delayed draw term loan	10/2026	278	8,430	—
Troon Golf, L.L.C.	First lien senior secured delayed draw term loan	9/2026	6,217	6,248	—
Vensure Employer Services, Inc.	First lien senior secured delayed draw term loan	9/2026	—	182	(1)
Vessco Midco Holdings, LLC	First lien senior secured delayed draw term loan	7/2026	6,460	10,104	—
WU Holdco, Inc. (dba PurposeBuilt Brands)	First lien senior secured delayed draw term loan	4/2027	—	22,823	(29)
Zendesk, Inc.	First lien senior secured delayed draw term loan	11/2025	7,265	15,926	—
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	83	917	—
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	3,000	—	—

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of June 30, 2025

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


				Unfunded
Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Commitment	Fair Value(32)
Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC)*	First lien senior secured revolving loan	7/2027	448	—	—
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	2,608	4,637	—
Artifact Bidco, Inc. (dba Avetta)	First lien senior secured revolving loan	7/2030	—	2,100	—
Ascend Buyer, LLC (dba PPC Flexible Packaging)	First lien senior secured revolving loan	9/2028	—	8,144	—
Associations, Inc.	First lien senior secured revolving loan	7/2028	23,817	3,322	—
AWP Group Holdings, Inc.	First lien senior secured revolving loan	12/2030	47	79	—
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)	First lien senior secured revolving loan	3/2031	—	1,758	—
Baker Tilly Advisory Group, LP	First lien senior secured revolving loan	6/2030	—	16,190	—
Bamboo US BidCo LLC	First lien senior secured revolving loan	10/2029	—	1,538	—
Bayshore Intermediate #2, L.P. (dba Boomi)	First lien senior secured revolving loan	10/2027	886	6,500	—
BCPE Osprey Buyer, Inc. (dba PartsSource)	First lien senior secured revolving loan	8/2026	8,750	8,750	—
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	233	203	—
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	2,529	2,734	—
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	—
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	8/2030	—	4,887	(12)
CMG HoldCo, LLC (dba Crete United)	First lien senior secured revolving loan	5/2028	65	146	—
Commander Buyer, Inc. (dba CenExel)	First lien senior secured revolving loan	6/2032	—	10,226	(51)
Coupa Holdings, LLC	First lien senior secured revolving loan	2/2029	—	107	—
Creek Parent, Inc. (dba Catalent)	First lien senior secured revolving loan	12/2031	—	16,401	—
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	—
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	—
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	382	2,801	—
EresearchTechnology, Inc. (dba Clario)	First lien senior secured revolving loan	10/2031	—	8,114	(81)
Eternal Buyer, LLC (dba Wedgewood Weddings)	First lien senior secured revolving loan	6/2032	—	7,000	(35)
Evolution BuyerCo, Inc. (dba SIAA)	First lien senior secured revolving loan	4/2030	—	52	—
Fiesta Purchaser, Inc. (dba Shearer's Foods)	First lien senior secured revolving loan	2/2029	—	8,197	—
Finastra USA, Inc.	First lien senior secured revolving loan	9/2029	2,085	8,419	—

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of June 30, 2025

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


				Unfunded
Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Commitment	Fair Value(32)
Forescout Technologies, Inc.	First lien senior secured revolving loan	5/2030	—	13,965	—
Fortis Solutions Group, LLC	First lien senior secured revolving loan	10/2027	903	2,708	—
Foundation Consumer Brands, LLC	First lien senior secured revolving loan	2/2029	—	4,791	(24)
FR Flow Control CB LLC (dba Trillium Flow Technologies)	First lien senior secured revolving loan	12/2029	580	4,640	—
Fullsteam Operations, LLC	First lien senior secured revolving loan	11/2029	343	343	—
Gainsight, Inc.	First lien senior secured revolving loan	7/2027	—	4,537	—
Galls, LLC	First lien senior secured revolving loan	3/2030	4,501	11,867	—
Galway Borrower LLC	First lien senior secured revolving loan	9/2028	123	269	—
Gaylord Chemical Company, L.L.C.	First lien senior secured revolving loan	12/2027	4,809	12,365	—
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	2	109	—
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	345	2,122	—
GS Acquisitionco, Inc. (dba insightsoftware)	First lien senior secured revolving loan	5/2028	18	229	—
H&F Opportunities LUX III S.À R.L (dba Checkmarx)	First lien senior secured revolving loan	4/2027	—	16,250	—
Hercules Borrower, LLC (dba The Vincit Group)	First lien senior secured revolving loan	12/2026	—	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	—
IG Investments Holdings, LLC (dba Insight Global)	First lien senior secured revolving loan	9/2028	—	12,513	—
Indigo Buyer, Inc. (dba Inovar Packaging Group)	First lien senior secured revolving loan	5/2028	—	200	—
Indikami Bidco, LLC (dba IntegriChain)	First lien senior secured revolving loan	6/2030	1,586	501	—
Integrity Marketing Acquisition, LLC	First lien senior secured revolving loan	8/2028	—	4,623	—
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	451	5,190	—
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))	First lien senior secured revolving loan	12/2028	—	4,007	—
JS Parent, Inc. (dba Jama Software)	First lien senior secured revolving loan	4/2031	—	88	—
KABAFUSION Parent, LLC	First lien senior secured revolving loan	11/2031	—	3,889	(19)
KENE Acquisition, Inc. (dba Entrust Solutions Group)	First lien senior secured revolving loan	2/2031	—	2,360	(6)
KRIV Acquisition Inc. (dba Riveron)	First lien senior secured revolving loan	7/2029	272	817	—
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	214	262	—
Lignetics Investment Corp.	First lien senior secured revolving loan	10/2026	11,118	1,235	—
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	322	1,611	—
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	(122)
MINDBODY, Inc.	First lien senior secured revolving loan	9/2027	—	6,071	—
Ministry Brands Holdings, LLC	First lien senior secured revolving loan	12/2027	90	987	—

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of June 30, 2025

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


				Unfunded
Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Commitment	Fair Value(32)
Minotaur Acquisition, Inc. (dba Inspira Financial)	First lien senior secured revolving loan	6/2030	—	20,009	—
Modernizing Medicine, Inc. (dba ModMed)	First lien senior secured revolving loan	4/2032	—	71	(1)
Monotype Imaging Holdings Inc.	First lien senior secured revolving loan	2/2030	—	18,843	—
National Dentex Labs LLC (fka Barracuda Dental LLC)	First lien senior secured revolving loan	4/2026	10,817	109	—
National Dentex Labs LLC (fka Barracuda Dental LLC)*	First lien senior secured revolving loan	4/2026	43	—	—
Natural Partners, LLC	First lien senior secured revolving loan	11/2030	—	557	(3)
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.	First lien senior secured EUR revolving loan	3/2031	266	3,789	—
Nelipak Holding Company	First lien senior secured revolving loan	3/2031	4,451	3,093	—
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	9/2025	6,198	—	—
Notorious Topco, LLC (dba Beauty Industry Group)*	First lien senior secured revolving loan	5/2027	14,859	—	—
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	(202)
Paris US Holdco, Inc. (dba Precinmac)	First lien senior secured revolving loan	12/2031	149	3,572	—
Park Place Technologies, LLC	First lien senior secured revolving loan	3/2030	405	975	—
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)	First lien senior secured revolving loan	1/2028	1,157	15,036	—
PDI TA Holdings, Inc.	First lien senior secured revolving loan	2/2031	1,345	2,017	—
PetVet Care Centers, LLC	First lien senior secured revolving loan	11/2029	—	18,299	(1,006)
Valeris, Inc. (fka 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	151	1	—
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	487	6,816	—
Puma Buyer, LLC (dba PANTHERx)	First lien senior secured revolving loan	3/2032	—	139	—
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	—
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	—
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	2,448	8,691	—
Salinger Bidco Inc. (dba Surgical Information Systems)	First lien senior secured revolving loan	5/2031	799	3,197	—
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)	First lien senior secured revolving loan	7/2027	4,174	4,826	—
Securonix, Inc.	First lien senior secured revolving loan	4/2029	7	298	—
Sensor Technology Topco, Inc. (dba Humanetics)	First lien senior secured revolving loan	5/2028	—	7,269	—
Severin Acquisition, LLC (dba PowerSchool)	First lien senior secured revolving loan	10/2031	82	107	—
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	24	73	—
Smarsh Inc.	First lien senior secured revolving loan	2/2029	85	114	—
Soleo Holdings, Inc.	First lien senior secured revolving loan	2/2032	—	8,651	—
Soliant Lower Intermediate, LLC (dba Soliant)	First lien senior secured revolving loan	6/2031	—	4,444	(44)
Sonny's Enterprises, LLC	First lien senior secured revolving loan	8/2027	12,016	11,681	—
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	1,566	1,044	—

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of June 30, 2025

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


					Unfunded
Company	Commitment Type	Commitment Expiration Date	Funded Commitment		Commitment		Fair Value(32)
STS PARENT, LLC (dba STS Aviation Group)	First lien senior secured revolving loan	10/2030	8,487		4,323		—
SWK BUYER, Inc. (dba Stonewall Kitchen)	First lien senior secured revolving loan	3/2029	42		98		—
Tamarack Intermediate, L.L.C. (dba Verisk 3E)	First lien senior secured revolving loan	3/2028	32		221		—
TBRS, Inc. (dba TEAM Technologies)	First lien senior secured revolving loan	11/2030	346		5,239		—
The Better Being Co., LLC (fka Nutraceutical International Corporation)*	First lien senior secured revolving loan	9/2026	917		14,314		—
The Shade Store, LLC	First lien senior secured revolving loan	10/2028	2,701		7,689		—
THG Acquisition, LLC (dba Hilb)	First lien senior secured revolving loan	10/2031	323		4,031		—
Thunder Purchaser, Inc. (dba Vector Solutions)	First lien senior secured revolving loan	6/2027	—		8,545		—
Troon Golf, L.L.C.	First lien senior secured revolving loan	8/2028	—		6,248		—
Truist Insurance Holdings, LLC	First lien senior secured revolving loan	5/2029	—		1,755		—
Unified Women's Healthcare, LP	First lien senior secured revolving loan	6/2029	—		177		—
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)	First lien senior secured revolving loan	12/2029	—		5,335		—
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	—		14,522		—
When I Work, Inc.	First lien senior secured revolving loan	11/2027	—		5,088		(127)
WU Holdco, Inc. (dba PurposeBuilt Brands)	First lien senior secured revolving loan	4/2032	—		7,100		(18)
Zendesk, Inc.	First lien senior secured revolving loan	11/2028	—		9,564		(7)
Total non-controlled/non-affiliated - debt commitments			$	419,691	$	1,658,220	$	(4,110)
Non-controlled/affiliated - debt commitments
Pluralsight, LLC	First lien senior secured delayed draw term loan	8/2029	$	—	$	9,524	$	—
Ideal Image Development, LLC	First lien senior secured revolving loan	2/2029	5,437		1,615		—
Pluralsight, LLC	First lien senior secured revolving loan	8/2029	—		3,810		—
Total non-controlled/affiliated - debt commitments			$	5,437	$	14,949	$	—
Controlled/affiliated - debt commitments
Walker Edison Furniture Company LLC	First lien senior secured delayed draw term loan	3/2027	$	2,970	$	1,327	$	—
PS Operating Company LLC (fka QC Supply, LLC)	First lien senior secured revolving loan	12/2026	5,513		331		—
Swipe Acquisition Corporation (dba PLI)	First lien senior secured revolving loan	11/2027	12,457		890		—
Walker Edison Furniture Company LLC*	First lien senior secured revolving loan	3/2027	14,575		—		—
Total controlled/affiliated - debt commitments			$	35,515	$	2,548	$	—
Controlled/affiliated - equity commitments
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC	LLC Interest	N/A	$	30,937	$	57,936	$	—
AAM Series 2.1 Aviation Feeder, LLC	LLC Interest	N/A	27,380		17,150		—
Wingspire Capital Holdings LLC	LLC Interest	N/A	469,655		30,345		—
LSI Financing LLC	Common Equity	N/A	162,415		81,750		—
Total controlled/affiliated - equity commitments			$	690,387	$	187,181	$	—
Total Portfolio Company Commitments			$	1,151,030	$	1,862,898	$	(4,110)

*Fully funded

(11)Loan was on non-accrual status as of June 30, 2025.

(12)Non-income producing.

(13)The interest rate on these loans is subject to 1 month SOFR, which as of June 30, 2025 was 4.32%.

(14)The interest rate on these loans is subject to 3 month SOFR, which as of June 30, 2025 was 4.29%.

(15)The interest rate on these loans is subject to 6 month SOFR, which as of June 30, 2025 was 4.15%.

(16)The interest rate on these loans is subject to 12 month SOFR, which as of June 30, 2025 was 3.88%.

(17)The interest rate on these loans is subject to Prime, which as of June 30, 2025 was 7.50%.

(18)The interest rate on this loan is subject to 1 month EURIBOR, which as of June 30, 2025 was 1.93%.

(19)The interest rate on this loan is subject to 3 month EURIBOR, which as of June 30, 2025 was 1.94%.

(20)The interest rate on this loan is subject to 6 month EURIBOR, which as of June 30, 2025 was 2.05%.

(21)The interest rate on this loan is subject to 3 month BBSY, which as of June 30, 2025 was 3.60%.

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of June 30, 2025

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

(22)The interest rate on this loan is subject to SONIA, which as of June 30, 2025 was 4.22%.

(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 June 30, 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 June 30, 2025		Interest and PIK Income		Dividend Income		Other Income
Non-Controlled Affiliates
LSI Financing 1 DAC	$	4,771	$	3,041	$	(1,001)	$	(605)	$	6,206	$	—	$	555	$	—
LSI Financing LLC	158,824		—		(158,824)		—		—		—		—		—
Ideal Image Development, LLC	16,183		19,749		(3,651)		(14,186)		18,095		289		—		23

Pluralsight, Inc.	55,282		12,903		—		(620)		67,565		2,449		—		47
Total Non-Controlled Affiliates	$	235,060	$	35,693	$	(163,476)	$	(15,411)	$	91,866	$	2,738	$	555	$	70

________________

(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 June 30, 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 June 30, 2025		Interest and PIK Income		Dividend Income		Other Income
Controlled Affiliates
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(d)	$	75,111	$	23,943	$	(460)	$	7,206	$	105,800	$	3,333	$	—	$	—
AAM Series 2.1 Aviation Feeder, LLC(d)	77,680		27,544		(2,488)		12,640		115,376		3,651		—		—
Blue Owl Credit SLF LLC(c)	295,476		99,248		—		(4,783)		389,941		—		18,687		—
Eagle Infrastructure Super LLC	111,801		172		—		264		112,237		5,398		1,459		25
Fifth Season Investments LLC (fka Chapford SMA Partnership, L.P.)	223,274		142,041		—		9,169		374,484		—		19,738		—
LSI Financing LLC	—		222,252		(57,345)		4,989		169,896		—		6,210		—
PS Operating Company LLC (fka QC Supply, LLC)	2,916		664		(336)		(1,819)		1,425		—		—		—
Swipe Acquisition Corporation (dba PLI)	200,472		6,295		—		3,853		210,620		6,417		1,780		31
Walker Edison Furniture Company, LLC	12,411		9,012		(111)		(11,106)		10,206		—		—		—
Wingspire Capital Holdings LLC	508,887		38,250		—		13,682		560,819		—		21,000		—
Total Controlled Affiliates	$	1,508,028	$	569,421	$	(60,740)	$	34,095	$	2,050,804	$	18,799	$	68,874	$	56

________________

(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.

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of June 30, 2025

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

(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 June 30, 2025, the aggregate fair value of these securities is $2.8 billion or 36.5% 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

Baypine Commander Co-Invest, LP

Limited Partner Interest

6/24/2025

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 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

ModMed Software Midco Holdings, Inc. (dba ModMed)

Series A Preferred Units

4/30/2025

New PLI Holdings, LLC (dba PLI)

Class A Common Units

12/23/2020

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 Trucordia)

Preferred equity

2/16/2023

PCF Holdco, LLC (dba Trucordia)

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

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of June 30, 2025

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

Portfolio Company

Investment

Acquisition Date

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

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 June 30, 2025, non-qualifying assets represented 13.0% 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 June 30, 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	%
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	%

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
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	—	%

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.(10)(14)(26)	First lien senior secured loan	S+	5.75%	11/2028	207,472	204,411	204,879	3.4	%
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	—	%

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
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	%
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