obdc-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________________

FORM 10-Q


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

For the quarterly period ended March 31, 2026


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

For the transition period from_______to

Commission File Number 814-01190

______________________________________________

BLUE OWL CAPITAL CORPORATION

(Exact name of Registrant as specified in its Charter)


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

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

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

______________________________________________

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


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

______________________________________________

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

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

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

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

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

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

As of May 1, 2026, the registrant had 496,305,424 shares of common stock, $0.01 par value per share, outstanding.

Table of Contents


		Page
PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements	5
	Consolidated Statements of Assets and Liabilities as of March 31, 2026 (Unaudited) and December 31, 2025	5
	Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and 2025 (Unaudited)	6
	Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2026 and 2025 (Unaudited)	7
	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025 (Unaudited)	8
	Consolidated Schedules of Investments as of March 31, 2026 (Unaudited) and December 31, 2025	43
	Notes to Consolidated Financial Statements (Unaudited)	74
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	122
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	155
Item 4.	Controls and Procedures	156

PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	158
Item 1A.	Risk Factors	158
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	158
Item 3.	Defaults Upon Senior Securities	158
Item 4.	Mine Safety Disclosures	158
Item 5.	Other Information	158
Item 6.	Exhibits	159
Signatures		160

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

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

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

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

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

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

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

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

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

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

•our future operating results;

•our contractual arrangements and relationships with third parties;

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

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

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

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

•the adequacy of our financing sources and working capital;

•the loss of key personnel;

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

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

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

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

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

•the effect of legal, tax and regulatory changes on our business and our portfolio companies;

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

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

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

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

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Blue Owl Capital Corporation

Consolidated Statements of Assets and Liabilities

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


	As of March 31, 2026 (Unaudited)		As of December 31, 2025
Assets
Investments at fair value:
Non-controlled, non-affiliated investments (amortized cost of $13,091,070 and $14,060,097, respectively)	$	12,850,691	$	13,995,055
Non-controlled, affiliated investments (amortized cost of $188,128 and $176,078, respectively)	150,003		114,192
Controlled, affiliated investments (amortized cost of $2,121,032, and $2,181,604, respectively)	2,343,507		2,361,646
Total investments at fair value (amortized cost of $15,400,230 and $16,417,779, respectively)	15,344,201		16,470,893
Cash (restricted cash of $13,519 and $47,448, respectively)	416,109		558,703
Foreign cash (cost of $39,615 and $9,722, respectively)	39,291		9,839
Interest and dividend receivable	100,467		104,576
Receivable from a controlled affiliate	25,172		26,846
Prepaid expenses and other assets	93,301		15,508
Total Assets	$	16,018,541	$	17,186,365
Liabilities
Debt (net of unamortized debt issuance costs of $95,244 and $93,186, respectively)	$	8,454,559	$	9,300,076
Distribution payable	183,707		184,877
Management fee payable	60,695		63,145
Incentive fee payable	32,411		38,899
Payables to affiliates	10,318		12,572
Accrued expenses and other liabilities	122,851		189,517
Total Liabilities	$	8,864,541	$	9,789,086
Commitments and contingencies (Note 8)
Net Assets
Common shares $0.01 par value, 1,000,000,000 shares authorized; 496,305,391 and 499,448,499 shares issued and outstanding, respectively	$	4,963	$	4,994
Additional paid-in-capital	7,477,075		7,512,234
Accumulated undistributed (overdistributed) earnings	(328,038)		(119,949)
Total Net Assets	$	7,154,000	$	7,397,279
Total Liabilities and Net Assets	$	16,018,541	$	17,186,365
Net Asset Value Per Share	$	14.41	$	14.81

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

Blue Owl Capital Corporation

Consolidated Statements of Operations

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

(Unaudited)


	For the Three Months Ended March 31,
	2026		2025
Investment Income
Investment income from non-controlled, non-affiliated investments:
Interest income	$	291,924	$	356,463
Payment-in-kind (“PIK”) interest income	27,234		35,392
Dividend income	20,209		21,531

Other income	3,158		5,590
Total investment income from non-controlled, non-affiliated investments	342,525		418,976
Investment income from non-controlled, affiliated investments:
Interest income	392		615
PIK interest income	88		1,039
Dividend income	3,195		—
Other income	26		36
Total investment income from non-controlled, affiliated investments	3,701		1,690
Investment income from controlled, affiliated investments:
Interest income	7,997		8,952
PIK interest income	4,159		—
Dividend income	38,189		35,005
Other income	203		23
Total investment income from controlled, affiliated investments	50,548		43,980
Total Investment Income	396,774		464,646
Operating Expenses
Interest expense	$	134,316	$	148,532
Management fees, net(1)	60,693		62,158
Performance based incentive fees	32,412		41,029
Professional fees	4,206		3,532
Directors' fees	445		320
Other general and administrative	3,085		4,027
Total Operating Expenses	235,157		259,598
Net Investment Income (Loss) Before Taxes	161,617		205,048
Income tax expense (benefit), including excise tax expense (benefit)	2,447		3,746
Net Investment Income (Loss) After Taxes	$	159,170	$	201,302
Net Realized and Change in Unrealized Gain (Loss)
Net change in unrealized gain (loss):
Non-controlled, non-affiliated investments	$	(164,425)	$	196,524
Non-controlled, affiliated investments	23,764		(700)
Controlled, affiliated investments	42,430		(3,390)
Translation of assets and liabilities in foreign currencies and other transactions	(3,269)		4,012
Income tax (provision) benefit	707		(1,562)
Total Net Change in Unrealized Gain (Loss)	(100,793)		194,884
Net realized gain (loss):
Non-controlled, non-affiliated investments	$	10,673	$	(151,932)
Non-controlled, affiliated investments	(39,222)		—
Controlled, affiliated investments	(56,356)		—
Foreign currency transactions	2,146		(1,619)
Total Net Realized Gain (Loss)	(82,759)		(153,551)
Total Net Realized and Change in Unrealized Gain (Loss)	(183,552)		41,333
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(24,382)	$	242,635
Earnings Per Share - Basic and Diluted	$	(0.05)	$	0.49
Weighted Average Shares Outstanding - Basic and Diluted	498,903,632		494,825,717

_______________

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

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

Blue Owl Capital Corporation

Consolidated Statements of Changes in Net Assets

(Amounts in thousands)

(Unaudited)


	For the Three Months Ended March 31,
		2026		2025
Increase (Decrease) in Net Assets Resulting from Operations
Net investment income (loss)		$	159,170	$	201,302
Net change in unrealized gain (loss)		(100,793)		194,884
Net realized gain (loss)		(82,759)		(153,551)
Net Increase (Decrease) in Net Assets Resulting from Operations		(24,382)		242,635
Distributions
Distributions declared from earnings(1)		(183,707)		(214,638)
Net Decrease in Net Assets Resulting from Shareholders' Distributions		(183,707)		(214,638)
Capital Share Transactions
Repurchase of common shares		(35,190)		—

Issuance of common shares		—		3,070
Issuance of common shares in connection with the Mergers(2)		—		1,755,181
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		(35,190)		1,758,251
Total Increase (Decrease) in Net Assets		(243,279)		1,786,248
Net Assets, at beginning of period		$	7,397,279	$	5,952,841
Net Assets, at End of Period		$	7,154,000	$	7,739,089

_______________

(1)For the three months ended March 31, 2026, distributions declared were derived from net investment income and capital gains. For the three months ended March 31, 2025, distributions declared from earnings were derived from net investment income.

(2)Refer to “Note 13 — Merger with Blue Owl Capital Corporation III” (“OBDE”) for additional information on the OBDE Mergers.

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

Blue Owl Capital Corporation

Consolidated Statements of Cash Flows

(Amounts in thousands)

(Unaudited)


	For the Three Months Ended March 31,
	2026		2025
Cash Flows from Operating Activities
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(24,382)	$	242,635
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of investments, net	(541,229)		(958,467)
Proceeds from investments and investment repayments, net	1,537,542		719,664
Net amortization/accretion of premium/discount on investments	(18,168)		(20,318)
PIK interest and dividends	(42,830)		(29,428)
Net change in unrealized (gain) loss on investments	98,231		(192,434)
Net change in interest rate swap attributed to unsecured notes	2,556		18,364
Net change in unrealized (gain) loss on foreign currency forward contracts	(8,280)		—
Net change in unrealized (gain) loss on translation of assets and liabilities in foreign currencies	11,549		(3,943)
Net realized (gain) loss on investments	84,905		151,932
Net realized (gain) loss on foreign currency transactions relating to investments	(2,671)		1,898
Amortization of debt issuance costs	12,387		9,802

Cash acquired in the OBDE Mergers	—		125,621

Changes in operating assets and liabilities:
(Increase) decrease in interest and dividend receivable	4,109		29,024
(Increase) decrease in receivable from a controlled affiliate	1,674		(2,732)
(Increase) decrease in prepaid expenses and other assets	(70,943)		18,689
Increase (decrease) in management fee payable	(2,450)		12,228
Increase (decrease) in incentive fee payable	(6,488)		1,648
Increase (decrease) in payables to affiliate	(2,254)		2,410

Increase (decrease) in accrued expenses and other liabilities	(65,873)		(87,645)




Net cash provided by (used in) operating activities	967,385		38,948
Cash Flows from Financing Activities
Borrowings on debt	1,708,000		1,299,775
Payments on debt	(2,554,015)		(1,167,955)
Debt issuance costs	(14,445)		(3,851)
Repurchases of common stock	(35,190)		—
Shares issued under the "at the market" offering	—		3,070
Cash distributions paid to shareholders	(184,877)		(169,931)
Net cash provided by (used in) financing activities	(1,080,527)		(38,892)
Net increase (decrease) in cash and restricted cash, including foreign cash (restricted cash of $(33,929) and $(6,832), respectively)	(113,142)		56
Cash and restricted cash, including foreign cash, beginning of period (restricted cash of $47,448 and $82,387, respectively)	568,542		514,156
Cash and restricted cash, including foreign cash, end of period (restricted cash of $13,519 and $75,555, respectively)	$	455,400	$	514,212

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

Blue Owl Capital Corporation

Consolidated Statements of Cash Flows

(Amounts in thousands)

(Unaudited)


	For the Three Months Ended March 31,
	2026		2025
Supplemental and Non-Cash Information
Interest paid during the period	$	169,446	$	198,153
Distributions declared during the period	183,707		214,638

Distributions payable	183,707		189,088
Issuance of shares in connection with the OBDE Mergers(1)	—		1,755,181
Receivable for investments sold	750		—
Taxes, including excise tax, paid during the period	6,506		1,567

_______________

(1)On January 13, 2025, in connection with the OBDE Mergers, the Company acquired net assets of $1.85 billion for the total stock consideration of $1.76 billion, inclusive of $7.0 million of transaction costs. Refer to “Note 13 — Merger with Blue Owl Capital Corporation III” (“OBDE”) for additional information on the OBDE Mergers.

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2026

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


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par		Shares/Units	Amortized Cost(2)(27)		Fair Value		% of Net Assets
Non-controlled/non-affiliated portfolio company investments
Debt Investments(7)
Advertising and media
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))(3)(4)(9)	First lien senior secured loan	S+	4.25%		12/2029	$	42,404	—	$	42,078	$	42,086
Monotype Imaging Holdings Inc.(3)(4)(8)	First lien senior secured loan	S+	5.25%		2/2031	143,996		—	142,714		141,117
									184,792		183,203		2.6	%
Aerospace and defense
Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC)(3)(4)(9)	First lien senior secured loan	S+	1.76%	4.64%	7/2027	42,913		—	35,739		24,031
Horizon Avionics Buyer, LLC (dba Acron Aviation)(3)(4)(9)(22)	First lien senior secured loan	S+	4.75%		3/2032	16,039		—	15,951		15,946
Peraton Corp.(3)(9)	Second lien senior secured loan	S+	7.75%		2/2029	60,393		—	57,770		43,181
STS PARENT, LLC (dba STS Aviation Group)(3)(4)(9)	First lien senior secured loan	S+	5.00%		10/2031	111,157		—	110,212		110,046
STS PARENT, LLC (dba STS Aviation Group)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.00%		10/2030	9,824		—	9,742		9,700

									229,414		202,904		2.8	%
Asset based lending and fund finance
Hg Genesis 8 Sumoco Limited(3)(4)(19)(31)	Unsecured facility	SA+	7.50%		9/2027	£	3,762	—	4,760		4,961
Hg Genesis 9 SumoCo Limited(3)(4)(14)(31)	Unsecured facility	E+	6.00%		3/2029	€	38,711	—	41,258		44,603
Hg Saturn Luchaco Limited(3)(4)(19)(31)	Unsecured facility	SA+		8.25%	3/2027	£	53,937	—	68,104		71,127
									114,122		120,691		1.7	%
Automotive services
MAJCO LLC (dba Big Brand Tire & Service)(3)(4)(9)(22)	First lien senior secured loan	S+	4.50%		9/2032	81,986		—	81,480		81,781
Spotless Brands, LLC(3)(4)(9)	First lien senior secured loan	S+	5.75%		7/2028	93,805		—	92,673		93,805
Spotless Brands, LLC(3)(4)(9)(22)	First lien senior secured delayed draw term loan	S+	5.00%		7/2028	5,562		—	5,452		5,430

									179,605		181,016		2.5	%
Buildings and real estate
Associations Finance, Inc.(3)(4)(6)	Unsecured notes	N/A		14.25%	5/2030	204,040		—	202,704		204,040
Associations, Inc.(3)(4)(9)(22)	First lien senior secured loan	S+	6.50%		7/2028	428,329		—	426,690		428,329
Wrench Group LLC(3)(4)(9)	First lien senior secured loan	S+	4.75%		9/2032	93,738		—	93,236		92,800
Wrench Group LLC(3)(4)(12)(22)	First lien senior secured revolving loan	P+	3.75%		9/2031	4,784		—	4,714		4,656
									727,344		729,825		10.2	%

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2026

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


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par		Shares/Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets
Business services
Aurelia Netherlands B.V.(3)(4)(14)(31)	First lien senior secured EUR term loan	E+	4.75%		5/2031	€	64,136	—	72,487	73,897
CMG HoldCo, LLC (dba Crete United)(3)(4)(10)(22)	First lien senior secured loan	S+	4.75%		11/2030	1,349		—	1,324	1,313
CoolSys, Inc.(3)(9)	First lien senior secured loan	S+	6.00%		8/2028	11,980		—	11,822	9,905
DuraServ LLC(3)(4)(8)	First lien senior secured loan	S+	4.75%		6/2031	128,284		—	127,267	126,039
DuraServ LLC(3)(4)(8)(22)	First lien senior secured revolving loan	S+	4.75%		6/2030	6,334		—	6,271	6,026
Gainsight, Inc.(3)(4)(9)	First lien senior secured loan	S+	5.50%		7/2027	30,123		—	29,971	29,596
Hercules Borrower, LLC (dba The Vincit Group)(3)(4)(9)	First lien senior secured loan	S+	4.75%		12/2028	119,606		—	119,282	119,606
Hercules Buyer, LLC (dba The Vincit Group)(3)(4)(6)(33)	Unsecured notes	N/A		0.48%	12/2029	6,316		—	6,471	9,582
KPSKY Acquisition, Inc. (dba BluSky)(3)(4)(9)	First lien senior secured loan	S+	5.50%		10/2028	43,002		—	40,234	38,594
KPSKY Acquisition, Inc. (dba BluSky)(3)(4)(9)	First lien senior secured delayed draw term loan	S+	5.75%		10/2028	31		—	29	28






									415,158	414,586	5.8	%
Chemicals
Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC)(3)(4)(9)	Second lien senior secured loan	S+	7.75%		11/2028	16,500		—	16,222	14,809
DCG ACQUISITION CORP. (dba DuBois Chemical)(3)(4)(9)(22)	First lien senior secured loan	S+	5.00%		6/2031	79,048		—	78,202	78,035
Gaylord Chemical Company, L.L.C.(3)(4)(9)(22)	First lien senior secured loan	S+	5.75%		12/2027	180,211		—	179,330	179,735
Rocket BidCo, Inc. (dba Recochem)(3)(4)(9)(31)	First lien senior secured loan	S+	4.75%		11/2030	250,864		—	246,469	249,610


									520,223	522,189	7.3	%
Consumer products
Conair Holdings LLC(3)(8)	First lien senior secured loan	S+	3.75%		5/2028	12,376		—	11,450	8,610
Conair Holdings LLC(3)(4)(8)	Second lien senior secured loan	S+	7.50%		5/2029	161,616		—	158,945	96,970
Feradyne Outdoors, LLC(3)(4)(9)(28)	First lien senior secured loan	S+		6.75%	5/2028	82,903		—	78,196	50,571
Foundation Consumer Brands, LLC(3)(4)(9)	First lien senior secured loan	S+	5.00%		2/2029	48,433		—	48,049	48,312
Lignetics Investment Corp.(3)(4)(9)	First lien senior secured loan	S+	5.50%		11/2027	97,253		—	96,319	97,253
SWK BUYER, Inc. (dba Stonewall Kitchen)(3)(4)(9)	First lien senior secured loan	S+	5.25%		3/2029	1,452		—	1,418	1,401

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2026

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


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par	Shares/Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets
WU Holdco, Inc. (dba PurposeBuilt Brands)(3)(4)(9)(22)	First lien senior secured loan	S+	4.75%		4/2032	94,880	—	94,655	94,377



								489,032	397,494	5.6	%
Containers and packaging
Arctic Holdco, LLC (dba Novvia Group)(3)(4)(9)(22)	First lien senior secured loan	S+	5.25%		1/2032	99,057	—	98,679	98,304
Arctic Holdco, LLC (dba Novvia Group)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.25%		1/2031	2,342	—	2,314	2,289
Ascend Buyer, LLC (dba PPC Flexible Packaging)(3)(4)(9)(22)	First lien senior secured loan	S+	5.25%		9/2028	71,617	—	70,693	70,832
Fortis Solutions Group, LLC(3)(4)(9)	First lien senior secured loan	S+	5.50%		10/2028	35,009	—	34,223	34,222
Fortis Solutions Group, LLC(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.50%		10/2027	1,625	—	1,584	1,543
Indigo Buyer, Inc. (dba Inovar Packaging Group)(3)(4)(9)(22)	First lien senior secured loan	S+	5.25%		5/2028	14,110	—	13,980	14,110
Pregis Topco LLC(3)(4)(8)	Second lien senior secured loan	S+	7.75%		8/2029	25,720	—	25,457	25,720
Pregis Topco LLC(3)(4)(8)	Second lien senior secured loan	S+	6.75%		8/2029	150,056	—	148,607	150,056
								395,537	397,076	5.6	%
Distribution
ABB/Con-cise Optical Group LLC(3)(4)(9)	First lien senior secured loan	S+	7.50%		2/2028	64,629	—	64,236	64,144
Endries Acquisition, Inc.(3)(4)(8)	First lien senior secured loan	S+	5.50%		12/2028	118,868	—	118,020	116,491
Offen, Inc.(3)(4)(9)	First lien senior secured loan	S+	5.00%		7/2030	14,716	—	14,586	14,532
Offen, Inc.(3)(4)(8)(22)	First lien senior secured revolving loan	S+	5.00%		7/2029	803		786	778
								197,628	195,945	2.7	%
Education
Severin Acquisition, LLC (dba PowerSchool)(3)(4)(8)	First lien senior secured loan	S+	2.50%	2.25%	10/2031	1,529	—	1,504	1,472
Severin Acquisition, LLC (dba PowerSchool)(3)(4)(8)(22)	First lien senior secured delayed draw term loan	S+	4.75%		10/2031	76	—	74	65
Severin Acquisition, LLC (dba PowerSchool)(3)(4)(8)(22)	First lien senior secured revolving loan	S+	4.50%		10/2031	50	—	49	43
								1,627	1,580	—	%
Energy equipment and services
Dresser Utility Solutions, LLC(3)(4)(8)	First lien senior secured loan	S+	5.25%		3/2029	74,243	—	73,591	74,243
								73,591	74,243	1.0	%
Financial services

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2026

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


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par	Shares/Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets
Baker Tilly Advisory Group, LP(3)(4)(8)	First lien senior secured loan	S+	4.75%		6/2031	81,378	—	80,253	81,378
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)(3)(4)(8)(22)	First lien senior secured loan	S+	4.50%		6/2030	39,559	—	39,033	39,559
Continental Finance Company, LLC(3)(4)(8)	First lien senior secured loan	S+	8.00%		3/2029	7,500	—	7,442	7,425
Deerfield Dakota Holdings(3)(4)(9)	First lien senior secured loan	S+	3.00%	2.75%	9/2032	116,281	—	115,745	115,700
Deerfield Dakota Holdings(3)(4)(8)(22)	First lien senior secured revolving loan	S+	5.25%		9/2032	2,153	—	2,103	2,099
Klarna Holding AB(3)(4)(9)(31)	Subordinated floating rate notes	S+	7.00%		4/2034	1,000	—	1,000	995
KRIV Acquisition Inc. (dba Riveron)(3)(4)(9)(22)	First lien senior secured loan	S+	4.75%		7/2031	8,124	—	7,977	8,124
Minotaur Acquisition, Inc. (dba Inspira Financial)(3)(4)(8)	First lien senior secured loan	S+	5.00%		6/2030	242,939	—	240,211	242,332
NMI Acquisitionco, Inc. (dba Network Merchants)(3)(4)(8)	First lien senior secured loan	S+	4.50%		9/2028	44,955	—	44,814	44,279
Smarsh Inc.(3)(4)(9)(22)	First lien senior secured loan	S+	4.75%		2/2029	2,073	—	2,055	1,990
Wipfli Advisory LLC(3)(4)(9)	First lien senior secured loan	S+	4.50%		10/2032	24,809	—	24,751	24,623
								565,384	568,504	7.9	%
Food and beverage
Balrog Acquisition, Inc. (dba Bakemark)(3)(4)(8)	Second lien senior secured loan	S+	7.00%		9/2029	28,000	—	27,811	17,220
Blast Bidco Inc. (dba Bazooka Candy Brands)(3)(4)(9)	First lien senior secured loan	S+	6.00%		10/2030	37,299	—	36,637	37,299
BP Veraison Buyer, LLC (dba Sun World)(3)(4)(9)	First lien senior secured loan	S+	5.25%		5/2029	137,001	—	135,840	137,001
Eagle Family Foods Group LLC(3)(4)(10)	First lien senior secured loan	S+	4.75%		8/2030	1,708	—	1,692	1,704
Fiesta Purchaser, Inc. (dba Shearer's Foods)(3)(9)(22)	First lien senior secured revolving loan	S+	2.75%		2/2029	1,967	—	1,967	1,753
Gehl Foods, LLC(3)(4)(9)	First lien senior secured loan	S+	6.25%		6/2030	97,920	—	96,844	97,676
Hissho Parent, LLC(3)(4)(9)	First lien senior secured loan	S+	4.75%		5/2029	16,464	—	16,347	16,464
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(3)(4)(8)	First lien senior secured loan	S+	6.25%		3/2027	27,682	—	27,268	27,615
KBP Brands, LLC(3)(4)(9)	First lien senior secured loan	S+	5.50%		5/2027	1,053	—	1,033	1,033
Ole Smoky Distillery, LLC(3)(4)(8)	First lien senior secured loan	S+	5.50%		3/2028	848	—	842	783
Rushmore Investment III LLC (dba Winland Foods)(3)(4)(9)	First lien senior secured loan	S+	5.00%		10/2030	331,354	—	328,110	330,525

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2026

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


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par		Shares/Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)(3)(4)(9)(22)	First lien senior secured loan	S+	5.00%		7/2027	53,977		—	53,964	52,997
Vital Bidco AB (dba Vitamin Well)(3)(4)(8)(31)	First lien senior secured loan	S+	4.25%		10/2031	61,418		—	60,453	61,418

									788,808	783,488	11.0	%
Healthcare equipment and services
Arctic US Bidco, Inc. (dba ThermoSafe)(3)(4)(9)(22)	First lien senior secured loan	S+	4.75%		11/2032	35,208		—	35,009	34,792

Bamboo US BidCo LLC(3)(4)(9)	First lien senior secured loan	S+	5.00%		9/2030	10,668		—	10,604	10,668
Bamboo US BidCo LLC(3)(4)(14)	First lien senior secured EUR term loan	E+	5.00%		9/2030	€	4,650	—	4,825	5,358
Cambrex Corporation(3)(4)(8)(22)	First lien senior secured loan	S+	4.50%		3/2032	916		—	908	914

Creek Parent, Inc. (dba Catalent)(3)(4)(8)	First lien senior secured loan	S+	5.00%		12/2031	113,082		—	110,907	112,234
CSC MKG Topco LLC (dba Medical Knowledge Group)(3)(4)(8)	First lien senior secured loan	S+	5.50%		2/2029	4,606		—	4,521	4,606
Nelipak Holding Company(3)(4)(9)(22)	First lien senior secured loan	S+	5.50%		3/2031	29,638		—	29,128	29,085
Nelipak Holding Company(3)(4)(8)(22)	First lien senior secured revolving loan	S+	5.50%		3/2031	1,888		—	1,792	1,766
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.(3)(4)(14)	First lien senior secured EUR term loan	E+	5.50%		3/2031	€	44,215	—	46,431	50,053
Packaging Coordinators Midco, Inc.(3)(4)(9)(22)	First lien senior secured loan	S+	5.00%		10/2032	159,220		—	157,468	157,625
Packaging Coordinators Midco, Inc.(3)(4)(19)	First lien senior secured delayed draw term loan	SA+	5.00%		10/2032	£	14,410	—	18,942	18,812
Patriot Acquisition TopCo S.À R.L. (dba Corza Health, Inc.)(3)(4)(9)(31)	First lien senior secured loan	S+	4.75%		1/2028	143,597		—	142,699	143,597
PerkinElmer U.S. LLC(3)(4)(8)	First lien senior secured loan	S+	4.75%		3/2029	25,721		—	25,680	25,657
Rhea Parent, Inc.(3)(4)(9)	First lien senior secured loan	S+	5.00%		12/2030	40,266		—	39,891	39,863
TBRS, Inc. (dba TEAM Technologies)(3)(4)(9)	First lien senior secured loan	S+	4.75%		11/2031	41,110		—	40,786	40,905

									669,591	675,935	9.4	%
Healthcare providers and services
Allied Benefit Systems Intermediate LLC(3)(4)(9)	First lien senior secured loan	S+	5.00%		10/2030	5,219		—	5,219	5,167
Belmont Buyer, Inc. (dba Valenz)(3)(4)(9)(22)	First lien senior secured loan	S+	6.50%		6/2029	4,500		—	4,432	4,500
Belmont Buyer, Inc. (dba Valenz)(3)(4)(9)	First lien senior secured loan	S+	5.25%		6/2029	3,121		—	3,063	3,097

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2026

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


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par	Shares/Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets
Bristol Hospice L.L.C.(3)(4)(8)	First lien senior secured loan	S+	5.00%		8/2032	41,888	—	41,692	41,888
Commander Buyer, Inc. (dba CenExel)(3)(4)(8)	First lien senior secured loan	S+	4.50%		6/2032	55,961	—	55,681	55,681
Confluent Health, LLC(3)(4)(8)	First lien senior secured loan	S+	5.00%		11/2028	4,900	—	4,787	4,239
Covetrus, Inc.(3)(4)(9)	Second lien senior secured loan	S+	9.25%		10/2030	30,000	—	28,943	30,000
dentalcorp Health Services Ltd. (fka Aryeh Bidco Investment Ltd.)(3)(4)(21)(22)(31)	First lien senior secured loan	N/A	5.00%		1/2033	82,058	—	82,060	81,610
Engage Debtco Limited(3)(4)(9)(31)	First lien senior secured loan	S+	3.08%	2.75%	7/2029	2,141	—	2,093	1,959
Ex Vivo Parent Inc. (dba OB Hospitalist)(3)(4)(8)	First lien senior secured loan	S+		9.50%	9/2028	129,523	—	128,488	129,523
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)(3)(4)(9)	First lien senior secured loan	S+	5.00%		12/2029	118,733	—	117,461	117,842
Lakefield Acquisition Corp. (dba Lakefield Veterinary Group)(3)(4)(10)	First lien senior secured loan	S+	4.00%		9/2030	558	—	556	557
Lakefield Acquisition Corp. (dba Lakefield Veterinary Group)(3)(4)(8)(22)	First lien senior secured delayed draw term loan	S+	4.00%		9/2030	82	—	82	82
Maple Acquisition, LLC (dba Medicus)(3)(4)(10)	First lien senior secured loan	S+	4.50%		5/2031	64,902	—	64,335	64,902
National Dentex Labs LLC (fka Barracuda Dental LLC)(3)(4)(9)(22)(28)	First lien senior secured loan	S+		10.00%	5/2026	159,937	—	138,535	61,908
National Dentex Labs LLC (fka Barracuda Dental LLC)(3)(4)(9)(22)(28)	First lien senior secured delayed draw term loan	S+		12.00%	5/2026	23,055	—	14,248	8,069
National Dentex Labs LLC (fka Barracuda Dental LLC)(3)(4)(9)(22)(28)	First lien senior secured revolving loan	S+		9.00%	5/2026	12,010	—	10,147	4,132
Natural Partners, LLC(3)(4)(9)(31)	First lien senior secured loan	S+	4.50%		11/2030	6,442	—	6,354	6,442
Nova Women's Health, Inc.(3)(4)(9)	First lien senior secured loan	S+	5.25%		1/2032	11,591	—	11,534	11,533
OB Hospitalist Group, Inc.(3)(4)(8)	First lien senior secured loan	S+	5.25%		9/2027	152,890	—	151,502	152,890
Pacific BidCo Inc.(3)(4)(10)(31)	First lien senior secured loan	S+	5.75%		8/2029	48,719	—	47,840	47,989
PetVet Care Centers, LLC(3)(4)(8)	First lien senior secured loan	S+	6.00%		11/2030	130,671	—	128,615	117,604
PetVet Care Centers, LLC(3)(4)(8)(22)	First lien senior secured revolving loan	S+	6.00%		11/2029	3,660	—	3,477	1,830
Physician Partners, LLC(3)(4)(9)	First lien senior secured loan	S+	6.00%		12/2029	11,344	—	10,822	10,720
Physician Partners, LLC(3)(9)	First lien senior secured loan	S+	1.50%	2.50%	12/2029	6,555	—	4,442	4,380
Plasma Buyer LLC (dba PathGroup)(3)(4)(9)(28)	First lien senior secured loan	S+		5.75%	5/2029	1,424	—	1,332	811

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2026

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


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par		Shares/Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets
Plasma Buyer LLC (dba PathGroup)(3)(4)(9)(28)	First lien senior secured delayed draw term loan	S+		6.25%	5/2029	54		—	49	31
Plasma Buyer LLC (dba PathGroup)(3)(4)(9)(28)	First lien senior secured revolving loan	S+		5.75%	5/2028	163		—	149	93
Plasma Buyer LLC (dba PathGroup)(3)(4)(9)(22)(28)	First lien senior secured delayed draw term loan	S+		6.25%	3/2027	30		—	28	28
PPV Intermediate Holdings, LLC(3)(4)(9)(22)	First lien senior secured loan	S+	5.75%		8/2029	29,193		—	28,764	28,430
PPV Intermediate Holdings, LLC(3)(4)(9)	First lien senior secured delayed draw term loan	S+	6.00%		8/2029	1,755		—	1,730	1,724
Premier Imaging, LLC (dba LucidHealth)(3)(4)(9)	First lien senior secured loan	S+	6.00%		10/2027	46,604		—	46,548	41,944
Premise Health Holding Corp.(3)(4)(9)(22)	First lien senior secured loan	S+	4.75%		11/2032	88,727		—	88,287	87,370
Quva Pharma, Inc.(3)(4)(9)	First lien senior secured loan	S+	2.75%	3.00%	4/2028	67,784		—	66,816	65,750
SimonMed, Inc.(3)(4)(9)(22)	First lien senior secured loan	S+	4.75%		2/2032	533		—	530	528
SimonMed, Inc.(3)(4)(9)(22)	First lien senior secured revolving loan	S+	4.75%		2/2031	33		—	33	32
Soleo Holdings, Inc.(3)(4)(9)	First lien senior secured loan	S+	4.50%		2/2032	58,406		—	58,152	58,406
Tivity Health, Inc.(3)(4)(8)	First lien senior secured loan	S+	5.00%		6/2029	139		—	139	139
Unified Women's Healthcare, LP(3)(4)(9)	First lien senior secured loan	S+	5.00%		6/2029	56,268		—	55,761	55,986
Valeris, Inc. (fka Phantom Purchaser, Inc.)(3)(4)(9)	First lien senior secured loan	S+	5.00%		9/2031	42,025		—	41,480	42,025
Vermont Aus Pty Ltd(3)(4)(17)(31)	First lien senior secured AUD term loan	B+	4.50%		3/2028	A$	2,073	—	1,369	1,412




									1,457,575	1,353,253	18.9	%
Healthcare technology
BCPE Osprey Buyer, Inc. (dba PartsSource)(3)(4)(9)	First lien senior secured loan	S+	5.75%		8/2028	178,148		—	176,172	176,367
BCPE Osprey Buyer, Inc. (dba PartsSource)(3)(4)(8)(22)	First lien senior secured delayed draw term loan	S+	5.75%		8/2028	49,707		—	49,096	49,162
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)(3)(4)(8)(22)	First lien senior secured loan	S+	5.00%		8/2031	87,713		—	86,676	87,262
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)(3)(4)(8)	First lien senior secured loan	S+	4.75%		8/2031	12,726		—	12,668	12,599
GI Ranger Intermediate, LLC (dba Rectangle Health)(3)(4)(9)	First lien senior secured loan	S+	6.00%		10/2028	24,567		—	24,001	22,848

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2026

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


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par		Shares/Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets
GI Ranger Intermediate, LLC (dba Rectangle Health)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	6.00%		10/2027	817		—	799	674
Indikami Bidco, LLC (dba IntegriChain)(3)(4)(8)	First lien senior secured loan	S+	4.00%	2.50%	12/2030	21,976		—	21,605	21,207
Indikami Bidco, LLC (dba IntegriChain)(3)(4)(8)	First lien senior secured delayed draw term loan	S+	6.00%		12/2030	334		—	334	322
Indikami Bidco, LLC (dba IntegriChain)(3)(4)(8)(22)	First lien senior secured revolving loan	S+	6.00%		6/2030	1,586		—	1,558	1,513
Inovalon Holdings, Inc.(3)(4)(9)	First lien senior secured loan	S+	2.75%	2.75%	11/2028	154,424		—	154,253	148,633
Inovalon Holdings, Inc.(3)(4)(9)	Second lien senior secured loan	S+		8.50%	11/2033	65,333		—	65,333	57,003
Interoperability Bidco, Inc. (dba Lyniate)(3)(4)(9)(22)	First lien senior secured loan	S+	5.25%		3/2028	72,147		—	71,892	71,183
Klick Inc.(3)(4)(8)(31)	First lien senior secured loan	S+	5.00%		11/2032	67,653		—	67,329	67,145
Modernizing Medicine, Inc. (dba ModMed)(3)(4)(9)	First lien senior secured loan	S+	2.50%	2.25%	4/2032	777		—	770	773
RL Datix Holdings (USA), Inc.(3)(4)(10)	First lien senior secured loan	S+	5.00%		4/2031	55,712		—	55,713	54,737
RL Datix Holdings (USA), Inc.(3)(4)(19)	First lien senior secured GBP term loan	SA+	5.00%		4/2031	£	25,885	—	34,933	33,537
Salinger Bidco Inc. (dba Surgical Information Systems)(3)(4)(9)	First lien senior secured loan	S+	5.75%		8/2031	40,704		—	40,140	40,602



									863,272	845,567	11.8	%
Household products
HGH Purchaser, Inc. (dba Horizon Services)(3)(4)(9)	First lien senior secured loan	S+	3.25%	3.75%	11/2028	196,203		—	195,530	180,016
HGH Purchaser, Inc. (dba Horizon Services)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	6.50%		11/2028	13,454		—	13,281	12,082
Mario Midco Holdings, Inc. (dba Len the Plumber)(3)(4)(9)	Unsecured facility	S+		10.75%	4/2032	9,209		—	9,014	8,518
Mario Purchaser, LLC (dba Len the Plumber)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.75%		4/2028	1,921		—	1,900	1,819
Mario Purchaser, LLC (dba Len the Plumber)(3)(4)(9)	First lien senior secured loan	S+	5.75%		4/2029	27,772		—	27,297	26,314
Sentinel Buyer Corp. (dba SimpliSafe)(3)(4)(8)	First lien senior secured loan	S+	5.00%		11/2032	40,313		—	39,927	39,708
									286,949	268,457	3.8	%
Human resource support services
Cornerstone OnDemand, Inc.(3)(4)(8)	Second lien senior secured loan	S+	6.50%		10/2029	160,417		—	154,237	109,083

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2026

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


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par	Shares/Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets
IG Investments Holdings, LLC (dba Insight Global)(3)(4)(9)	First lien senior secured loan	S+	5.00%		9/2028	111,951	—	111,027	111,951
								265,264	221,034	3.1	%
Infrastructure and environmental services
AWP Group Holdings, Inc.(3)(4)(9)(22)	First lien senior secured loan	S+	4.50%		12/2030	987	—	964	977
CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.)(3)(4)(9)(22)	First lien senior secured loan	S+	5.00%		1/2031	51,057	—	50,522	51,057
GI Apple Midco LLC (dba Atlas Technical Consultants)(3)(4)(8)	First lien senior secured loan	S+	6.75%		4/2030	925	—	915	904
GI Apple Midco LLC (dba Atlas Technical Consultants)(3)(4)(8)(22)	First lien senior secured revolving loan	S+	6.75%		4/2029	50	—	49	47
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(3)(4)(9)(22)	First lien senior secured loan	S+	5.00%		3/2029	1,585	—	1,566	1,541
VCI Asset Holdings 1 LLC(3)(4)(6)(31)	First lien senior secured loan	N/A	10.00%		11/2030	85,932	—	85,122	88,510
Vessco Midco Holdings, LLC(3)(4)(8)	First lien senior secured loan	S+	4.50%		7/2031	45,722	—	45,198	45,722
Vessco Midco Holdings, LLC(3)(4)(10)(22)	First lien senior secured loan	S+	4.50%		7/2031	28,615	—	28,425	28,615

								212,761	217,373	3.0	%
Insurance
AmeriLife Holdings LLC(3)(4)(9)(22)	First lien senior secured loan	S+	5.00%		8/2029	13,221	—	12,994	13,088
AmeriLife Holdings LLC(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.00%		8/2028	167	—	163	157
Brightway Holdings, LLC(3)(4)(9)	First lien senior secured loan	S+	5.00%		12/2029	51,278	—	51,156	51,150
Brightway Holdings, LLC(3)(4)(8)(22)	First lien senior secured delayed draw term loan	S+	5.00%		12/2029	633	—	617	632
Diamond Mezzanine 24 LLC (dba United Risk)(3)(4)(9)	First lien senior secured loan	S+	4.50%		10/2030	25,099	—	24,874	25,099
Evolution BuyerCo, Inc. (dba SIAA)(3)(4)(9)	First lien senior secured loan	S+	4.75%		4/2030	415	—	410	415
Integrity Marketing Acquisition, LLC(3)(4)(9)	First lien senior secured loan	S+	5.00%		8/2028	97,185	—	96,343	97,185
KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners)(3)(4)(8)	First lien senior secured loan	S+		10.50%	7/2030	69,805	—	69,229	69,805
Norvax, LLC (dba GoHealth)(3)(4)(9)(28)	First lien senior secured loan	S+	5.50%		11/2029	2,427	—	2,259	443
Norvax, LLC (dba GoHealth)(3)(4)(9)(28)	First lien senior secured revolving loan	S+	4.50%	7.11%	8/2029	4,026	—	1,577	—
Simplicity Financial Marketing Group Holdings, Inc.(3)(4)(9)(22)	First lien senior secured loan	S+	4.75%		12/2031	49,740	—	49,152	49,491

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2026

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


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par		Shares/Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets
THG Acquisition, LLC (dba Hilb)(3)(4)(8)(22)	First lien senior secured loan	S+	4.75%		10/2031	40,336		—	39,861	39,755
Trucordia Insurance Holdings, LLC(3)(4)(8)	Second lien senior secured loan	S+	5.75%		6/2033	150,000		—	148,604	145,875
Truist Insurance Holdings, LLC(3)(4)(9)(22)	First lien senior secured revolving loan	S+	3.25%		5/2029	851		—	851	842
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(3)(4)(8)	First lien senior secured loan	S+	4.75%		12/2029	51,174		—	50,820	51,174



									548,910	545,111	7.6	%
Internet software and services
AI Titan Parent, Inc. (dba Prometheus Group)(3)(4)(8)(22)	First lien senior secured loan	S+	4.50%		8/2031	7,887		—	7,704	7,621
AlphaSense, Inc.(3)(4)(9)	First lien senior secured loan	S+	6.25%		6/2029	707		—	702	701
Anaplan, Inc.(3)(4)(9)	First lien senior secured loan	S+	4.50%		6/2029	63,595		—	63,595	62,164
Aptean Acquiror, Inc. (dba Aptean)(3)(4)(9)(22)	First lien senior secured loan	S+	4.75%		1/2031	19,527		—	19,191	18,854
BCTO WIW Holdings, Inc. (dba When I Work)(3)(4)(6)	Senior convertible notes	N/A		5.50%	8/2030	—		4,739,604	4,694	4,694
Armstrong Bidco Limited(3)(4)(19)(31)	First lien senior secured GBP term loan	SA+	5.25%		6/2029	£	2,960	—	3,595	3,786
Artifact Bidco, Inc. (dba Avetta)(3)(4)(9)	First lien senior secured loan	S+	4.15%		7/2031	12,011		—	11,914	11,890
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)(3)(4)(8)	First lien senior secured loan	S+	6.00%		3/2031	15,817		—	15,597	15,422
Barracuda Parent, LLC(3)(9)	First lien senior secured loan	S+	4.50%		8/2029	12,634		—	11,975	7,991
Bayshore Intermediate #2, L.P. (dba Boomi)(3)(4)(9)	First lien senior secured loan	S+	2.50%	3.00%	10/2028	89,555		—	89,349	87,764
Bayshore Intermediate #2, L.P. (dba Boomi)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.00%		10/2027	1,832		—	1,819	1,684
By Light Professional IT Services LLC(3)(4)(8)	First lien senior secured loan	S+	5.50%		7/2031	44,144		—	43,529	42,709
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(3)(4)(9)(22)	First lien senior secured loan	S+	5.50%		8/2027	22,493		—	22,140	21,114
CivicPlus, LLC(3)(4)(9)(22)	First lien senior secured loan	S+	3.25%	2.75%	8/2030	79,256		—	78,912	76,961
Coupa Holdings, LLC(3)(4)(9)	First lien senior secured loan	S+	5.25%		2/2030	1,543		—	1,531	1,481
CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC)(3)(4)(9)	Unsecured notes	S+		11.75%	6/2034	21,389		—	21,183	20,854
Crewline Buyer, Inc. (dba New Relic)(3)(4)(9)	First lien senior secured loan	S+	6.75%		11/2030	146,812		—	144,590	143,142

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2026

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


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par		Shares/Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets
Denali Intermediate Holdings, Inc. (dba Dun & Bradstreet)(3)(4)(8)	First lien senior secured loan	S+	5.50%		8/2032	77,171		—	76,091	75,434
EET Buyer, Inc. (dba e-Emphasys)(3)(4)(9)	First lien senior secured loan	S+	5.00%		11/2027	23,127		—	22,894	22,780
Einstein Parent, Inc. (dba Smartsheet)(3)(4)(9)	First lien senior secured loan	S+	5.25%		1/2031	43,387		—	42,991	42,302
Flexera Software LLC(3)(4)(9)	First lien senior secured loan	S+	4.50%		8/2032	17,563		—	17,523	17,124
Flexera Software LLC(3)(4)(13)	First lien senior secured EUR term loan	E+	4.50%		8/2032	€	5,300	—	6,193	5,954
Granicus, Inc.(3)(4)(9)	First lien senior secured loan	S+	3.50%	2.00%	1/2031	17,922		—	17,706	17,698
Granicus, Inc.(3)(4)(9)	First lien senior secured delayed draw term loan	S+	3.00%	2.00%	1/2031	2,654		—	2,612	2,588
GS Acquisitionco, Inc. (dba insightsoftware)(3)(4)(9)(22)	First lien senior secured loan	S+	5.25%		5/2028	9,595		—	9,424	9,254
H&F Opportunities LUX III S.À R.L (dba Checkmarx)(3)(4)(8)(31)	First lien senior secured loan	S+	6.50%		4/2028	16,408		—	16,256	16,203
Hyland Software, Inc.(3)(4)(9)	First lien senior secured loan	S+	5.00%		9/2030	65,965		—	65,965	63,986
Icefall Parent, Inc. (dba EngageSmart)(3)(4)(9)	First lien senior secured loan	S+	4.50%		1/2030	4,197		—	4,197	4,145
Jawbreaker Parent, Inc.(3)(4)(9)	First lien senior secured loan	S+	4.75%		1/2033	41,583		—	41,360	40,855
JS Parent, Inc. (dba Jama Software)(3)(4)(9)	First lien senior secured loan	S+	4.75%		4/2031	898		—	895	896
Litera Bidco LLC(3)(4)(8)(22)	First lien senior secured loan	S+	5.00%		5/2028	150,818		—	150,305	148,137
Matterhorn Finco, Inc.(3)(4)(9)	First lien senior secured loan	S+	5.50%		3/2033	34,466		—	34,295	34,293
Ministry Brands Holdings, LLC(3)(4)(8)	First lien senior secured loan	S+	5.50%		12/2028	11,852		—	11,626	11,466
Ministry Brands Holdings, LLC(3)(4)(12)(22)	First lien senior secured revolving loan	P+	4.50%		12/2027	90		—	85	55
NSCALE SERVICES UK LTD(3)(4)(9)(22)(31)	First lien senior secured delayed draw term loan	S+	5.00%		2/2031	1,656		—	1,056	1,056
PDI TA Holdings, Inc.(3)(4)(9)	First lien senior secured loan	S+	3.50%	2.50%	2/2031	21,735		—	21,316	20,757
PDI TA Holdings, Inc.(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.50%		2/2031	1,703		—	1,688	1,621
QAD, Inc.(3)(4)(8)	First lien senior secured loan	S+	4.75%		11/2027	69,446		—	68,879	68,405
Securonix, Inc.(3)(4)(9)	First lien senior secured loan	S+	3.50%	3.75%	4/2029	1,777		—	1,676	1,431
Sitecore Holding III A/S(3)(4)(10)	First lien senior secured loan	S+	6.50%		3/2029	4,574		—	4,555	4,437
Sitecore Holding III A/S(3)(4)(15)	First lien senior secured EUR term loan	E+	6.50%		3/2029	€	26,382	—	27,814	29,485

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2026

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


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par	Shares/Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets
Sitecore USA, Inc.(3)(4)(10)	First lien senior secured loan	S+	6.50%		3/2029	27,576	—	27,464	26,749
Spaceship Purchaser, Inc. (dba Squarespace)(3)(4)(9)	First lien senior secured loan	S+	3.75%		10/2031	12,820	—	12,820	12,660
Themis Solutions Inc. (dba Clio)(3)(4)(8)(31)	First lien senior secured loan	S+	1.75%	3.75%	10/2032	8,890	—	8,807	8,646
Thunder Purchaser, Inc. (dba Vector Solutions)(3)(4)(9)	First lien senior secured loan	S+	5.25%		6/2028	96,945	—	96,243	95,006
Zendesk, Inc.(3)(4)(9)	First lien senior secured loan	S+	5.00%		11/2028	116,940	—	115,454	112,847

								1,450,210	1,425,102	19.9	%
Leisure and entertainment
Aerosmith Bidco 1 Limited (dba Audiotonix)(3)(4)(9)(31)	First lien senior secured loan	S+	5.25%		7/2031	199,201	—	196,591	199,201
Eternal Buyer, LLC (dba Wedgewood Weddings)(3)(4)(8)	First lien senior secured loan	S+	4.50%		6/2032	34,825	—	34,666	34,651
Troon Golf, L.L.C.(3)(4)(9)(22)	First lien senior secured loan	S+	4.50%		8/2028	86,004	—	85,405	86,004
								316,662	319,856	4.5	%
Manufacturing
FR Flow Control CB LLC (dba Trillium Flow Technologies)(3)(4)(9)(31)	First lien senior secured loan	S+	5.00%		12/2029	31,501	—	31,195	31,659
Helix Acquisition Holdings, Inc. (dba MW Industries)(3)(4)(8)	First lien senior secured loan	S+	7.00%		3/2030	946	—	927	946
Loparex Midco B.V.(3)(4)(9)	First lien senior secured loan	S+	6.00%		2/2027	784	—	784	760
Loparex Midco B.V.(3)(4)(9)	First lien senior secured loan	S+	4.50%		7/2027	4,122	—	3,934	3,256
Loparex Midco B.V.(3)(4)(9)	Second lien senior secured loan	S+	8.75%		7/2027	112,000	—	110,162	68,320
Loparex Midco B.V.(3)(4)(9)	Second lien senior secured loan	S+	8.50%		7/2027	21,000	—	20,459	15,120
MHE Intermediate Holdings, LLC (dba OnPoint Group)(3)(4)(9)(22)	First lien senior secured loan	S+	6.00%		7/2027	106,063	—	105,612	103,417
MHE Intermediate Holdings, LLC (dba OnPoint Group)(3)(4)(8)	First lien senior secured loan	S+	6.25%		7/2027	2,488	—	2,461	2,438
Sonny's Enterprises, LLC(3)(4)(9)	First lien senior secured loan	S+	5.50%		8/2028	270,647	—	268,590	269,294
Sonny's Enterprises, LLC(3)(4)(9)(22)	First lien senior secured delayed draw term loan	S+	6.50%		8/2028	14,887	—	14,743	14,887
Sonny's Enterprises, LLC(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.50%		8/2027	17,776	—	17,705	17,665


								576,572	527,762	7.4	%
Pharmaceuticals

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2026

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


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par		Shares/Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets
Puma Buyer, LLC (dba PANTHERx)(3)(4)(9)	First lien senior secured loan	S+	4.25%		3/2032	1,210		—	1,202	1,210
Senderra RX Acquisition, LLC(3)(4)(8)(22)	First lien senior secured loan	S+	4.75%		3/2033	26,308		—	26,011	26,008
									27,213	27,218	0.4	%
Professional services
Essential Services Holding Corporation (dba Turnpoint)(3)(4)(9)	First lien senior secured loan	S+	2.75%	2.75%	6/2031	25,223		—	24,915	24,530
Essential Services Holding Corporation (dba Turnpoint)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.00%		6/2030	1,236		—	1,214	1,151
Gerson Lehrman Group, Inc.(3)(4)(9)	First lien senior secured loan	S+	5.25%		12/2028	149,668		—	148,635	147,049
Guidehouse Inc.(3)(4)(8)	First lien senior secured loan	S+	4.75%		12/2030	49,323		—	48,481	47,843
Paris US Holdco, Inc. (dba Precinmac)(3)(4)(8)(22)	First lien senior secured loan	S+	4.75%		12/2031	28,455		—	28,065	28,375
Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(9)	First lien senior secured loan	S+	6.50%		5/2028	89,710		—	89,350	89,710
Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(14)	First lien senior secured EUR term loan	E+	6.75%		5/2028	€	15,374	—	16,490	17,714
Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(8)(22)	First lien senior secured revolving loan	S+	6.50%		5/2028	485		—	482	485
Vensure Employer Services, Inc.(3)(4)(9)	First lien senior secured loan	S+	5.00%		9/2031	2,363		—	2,322	2,339



									359,954	359,196	5.0	%
Specialty retail
Galls, LLC(3)(4)(9)(22)	First lien senior secured loan	S+	6.00%		3/2030	153,068		—	151,265	153,068
Milan Laser Holdings LLC(3)(4)(9)	First lien senior secured loan	S+	5.00%		4/2027	62,762		—	62,333	61,821
The Shade Store, LLC(3)(4)(9)	First lien senior secured loan	S+	6.00%		10/2029	22,902		—	18,247	18,093





									231,845	232,982	3.3	%
Telecommunications
EOS Finco S.A.R.L (dba Netceed)(3)(4)(10)(31)	First lien senior secured loan	S+	5.00%		1/2032	7,537		—	6,233	6,199
EOS Finco S.A.R.L (dba Netceed)(3)(4)(15)(22)(31)	First lien senior secured delayed draw term loan	E+	6.25%		1/2032	€	602	—	647	623
Reinstated NewCo S.À R.L. (dba Netceed)(3)(4)(10)(31)	First lien senior secured loan	S+		9.00%	1/2033	4,352		—	3,224	3,210
									10,104	10,032	0.1	%
Transportation
Lightbeam Bidco, Inc. (dba Lazer Spot)(3)(4)(9)(22)	First lien senior secured loan	S+	4.75%		5/2030	5,026		—	5,022	5,001
Lytx, Inc.(3)(4)(8)	First lien senior secured loan	S+	5.00%		2/2028	61,543		—	61,543	61,543

									66,565	66,544	0.9	%

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2026

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


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par	Shares/Units	Amortized Cost(2)(27)		Fair Value		% of Net Assets
Total non-controlled/non-affiliated debt investments								$	12,225,712	$	11,868,166	165.9	%
Total non-controlled/non-affiliated misc. debt commitments(22)(23)(Note 8)								$	(4,317)	$	(8,508)	(0.1)	%
Total non-controlled/non-affiliated portfolio company debt investments								$	12,221,395	$	11,859,658	165.8	%

Equity Investments
Aerospace and defense
Space Exploration Technologies Corp.(3)(4)(29)(30)	Class A Common Stock	N/A			N/A	—	23,303	1,505		12,271
Space Exploration Technologies Corp.(3)(4)(29)(30)	Class C Common Stock	N/A			N/A	—	4,680	249		2,464
								1,754		14,735		0.2	%
Asset based lending and fund finance
Amergin Asset Management, LLC(3)(4)(29)(30)	Specialty finance equity investment	N/A			N/A	—	50,000,000	382		1,969
								382		1,969		—	%
Automotive services
CD&R Value Building Partners I, L.P. (dba Belron)(3)(5)(29)(30)(31)	LP Interest	N/A			N/A	73,986	—	77,334		103,822
Metis HoldCo, Inc. (dba Mavis Tire Express Services)(3)(4)(6)(30)	Series A Convertible Preferred Stock	N/A		7.00%	N/A	—	182,000	252,841		269,962
Percheron Horsepower-A LP (dba Big Brand Tire & Service)(3)(5)(22)(29)(30)(31)	Limited Partner Interest	N/A			N/A	—	1,509,287	12,219		15,884
								342,394		389,668		5.4	%
Buildings and real estate
Dodge Construction Network Holdings, L.P.(3)(4)(29)(30)	Class A-2 Common Units	N/A			N/A	—	2,613,518	1,920		224
Dodge Construction Network Holdings, L.P.(3)(4)(6)(30)	Series A Preferred Units	N/A		8.25%	N/A	—	—	50		30
								1,970		254		—	%
Business services


Hercules Buyer, LLC (dba The Vincit Group)(3)(4)(29)(30)(33)	Common Units	N/A			N/A	—	2,640,000	2,728		4,004
Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)(3)(4)(10)(30)	Perpetual Preferred Stock	S+		10.75%	N/A	—	12,600	17,386		13,758
								20,114		17,762		0.2	%
Consumer products
ASP Conair Holdings LP(3)(4)(29)(30)	Class A Units	N/A			N/A	—	73,571	7,443		572
								7,443		572		—	%
Containers and packaging

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2026

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


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par	Shares/Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets
TCB Holdings I LLC (dba TricorBraun)(3)(4)(6)(30)	Class A Preferred Units	N/A		14.00%	N/A	—	43,500	47,985	45,073
								47,985	45,073	0.6	%
Financial services
Blend Labs, Inc.(3)(4)(29)(30)	Warrants	N/A			N/A	—	179,529	975	2
Capital Integration Systems LLC (dba CAIS)(3)(4)(29)(30)	Class D Common Units	N/A			N/A	—	6,372	5,000	5,000
Snowbird Manager LP(3)(5)(29)(30)(31)	Limited Partner Interest	N/A			N/A	—	786,491	4,225	4,279
								10,200	9,281	0.1	%
Food and beverage
Hissho Sushi Holdings, LLC(3)(4)(29)(30)	Class A Units	N/A			N/A	—	15,004	129	189
								129	189	—	%
Healthcare equipment and services
KPCI Co-Invest 2, L.P.(3)(4)(29)(30)(31)	Class A Units	N/A			N/A	—	851,604	8,516	7,612

Maia Aggregator, LP(3)(4)(29)(30)	Class A-2 Units	N/A			N/A	—	280,899	268	273
Patriot Holdings SCSp (dba Corza Health, Inc.)(3)(4)(6)(30)(31)	Class A Units	N/A		8.00%	N/A	—	9,739	14,308	14,332
Patriot Holdings SCSp (dba Corza Health, Inc.)(3)(4)(29)(30)(31)	Class B Units	N/A			N/A	—	134,107	266	1,103
Rhea Acquisition Holdings, LP(3)(4)(29)(30)	Series A-2 Units	N/A			N/A	—	238,095	260	228
								23,618	23,548	0.3	%
Healthcare providers and services
Baypine Commander Co-Invest, LP(3)(4)(29)(30)(31)	LP Interest	N/A			N/A	3,068	—	3,086	3,360
KOBHG Holdings, L.P. (dba OB Hospitalist)(3)(4)(29)(30)	Class A Interests	N/A			N/A	—	9,687	9,376	12,230
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)(3)(4)(29)(30)	Class A Interest	N/A			N/A	—	542	5,522	7,147
Nova Women’s Health Partners Holdings, LP(3)(4)(29)(30)	Class A Units	N/A			N/A	—	1,188,811	1,545	1,545
Polar Investors LP (dba Dentalcorp)(3)(4)(22)(29)(30)(31)	Common Equity	N/A			N/A	—	4	3,409	3,411
Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers)(3)(4)(6)(30)	Series A Preferred Stock	N/A		15.00%	N/A	—	17,918	20,569	17,280
XOMA Corporation(3)(4)(29)(30)	Warrants	N/A			N/A	—	36,000	269	435
								43,776	45,408	0.6	%
Healthcare technology

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2026

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


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par	Shares/Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets
BEHP Co-Investor II, L.P.(3)(4)(29)(30)(31)	LP Interest	N/A			N/A	1,270	—	157	1,277
Minerva Holdco, Inc.(3)(4)(6)(30)	Senior A Preferred Stock	N/A		10.75%	N/A	—	9,000	13,836	13,536
ModMed Software Midco Holdings, Inc. (dba ModMed)(3)(4)(6)(30)	Series A Preferred Units	N/A		13.00%	N/A	—	170	181	181
WP Irving Co-Invest, L.P.(3)(4)(29)(30)(31)	Partnership Units	N/A			N/A	—	1,250,000	729	1,257
								14,903	16,251	0.2	%
Household products
Rome Topco Holdings, LLC (dba SimpliSafe)(3)(4)(29)(30)	Class A Units	N/A			N/A	—	1,955	1,955	1,955
Rome Topco Holdings, LLC (dba SimpliSafe)(3)(4)(29)(30)	Class B Units	N/A			N/A	—	1,954,656	—	—
								1,955	1,955	—	%
Human resource support services
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)(3)(4)(6)(30)	Series A Preferred Stock	N/A		10.50%	N/A	—	51,250	75,343	45,173
								75,343	45,173	0.6	%
Infrastructure and environmental services
Valor Cl Blocker Feeder LP(3)(4)(22)(29)(30)(31)	LP Interest	N/A			N/A	2,714	—	2,714	2,650
VCI Intermediate TopCo 1 LLC(3)(4)(29)(30)(31)	Class B Units	N/A			N/A	4,523	—	4,362	4,316
								7,076	6,966	0.1	%
Insurance
Accelerate Topco Holdings, LLC(3)(4)(29)(30)	Common Units	N/A			N/A	—	5,641	254	212
Evolution Parent, LP (dba SIAA)(3)(4)(29)(30)	LP Interest	N/A			N/A	—	51,757	5,279	6,685
GoHealth, Inc.(3)(4)(29)(30)	Common stock	N/A			N/A	—	33,357	186	—
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)(3)(4)(29)(30)	LP Interest	N/A			N/A	—	124,940	1,014	1,175
Hockey Parent Holdings, L.P.(3)(4)(29)(30)	Class A Common Units	N/A			N/A	—	17,500	18,225	22,045
PCF Holdco, LLC (dba Trucordia)(3)(4)(29)(30)	Warrants	N/A			N/A	—	1,624,016	5,437	4,277
PCF Holdco, LLC (dba Trucordia)(3)(4)(6)(30)	Preferred equity	N/A		14.00%	N/A	—	20,983	25,469	30,847
								55,864	65,241	0.9	%
Internet software and services

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2026

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


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par	Shares/Units	Amortized Cost(2)(27)		Fair Value		% of Net Assets
AlphaSense, LLC(3)(4)(29)(30)	Series E Preferred Shares	N/A			N/A	—	16,929	153		258
Bird Holding B.V. (fka MessageBird Holding B.V.)(3)(4)(29)(30)(31)	Extended Series C Warrants	N/A			N/A	—	148,430	790		109
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(3)(4)(29)(30)	Common Units	N/A			N/A	—	9,233,282	10,049		13,217
Elliott Alto Co-Investor Aggregator L.P.(3)(4)(29)(30)(31)	LP Interest	N/A			N/A	—	6,007	7,542		11,832
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)(3)(4)(29)(30)(31)	LP Interest	N/A			N/A	—	—	1,817		1,773
Nscale Global Holdings Limited(3)(4)(29)(30)(31)	Preferred equity	N/A			N/A	—	4,996	5,502		6,114
Nscale Global Holdings Limited(3)(4)(29)(30)(31)	Series B Preferred Shares	N/A			N/A	—	9,657	3,669		10,634
Project Alpine Co-Invest Fund, LP(3)(4)(29)(30)(31)	LP Interest	N/A			N/A	12,000	—	12,582		13,073
Project Hotel California Co-Invest Fund, L.P.(3)(29)(30)(31)	LP Interest	N/A			N/A	4,027	—	4,182		3,907
Thunder Topco L.P. (dba Vector Solutions)(3)(4)(29)(30)	Common Units	N/A			N/A	—	5,968,267	6,324		6,273

VEPF VIII Co-Invest 8-A, L.P.(3)(4)(29)(30)	Limited Partner Interest	N/A			N/A	982	—	982		982
WMC Bidco, Inc. (dba West Monroe)(3)(4)(6)(30)	Senior Preferred Stock	N/A		11.25%	N/A	—	50,077	79,863		79,476
Zoro TopCo, L.P.(3)(4)(29)(30)	Class A Common Units	N/A			N/A	—	1,064,900	10,830		8,595
Zoro TopCo, Inc.(3)(4)(9)(30)	Series A Preferred Equity	S+		9.50%	N/A	—	4,222	4,612		4,531
								148,897		160,774		2.2	%
Manufacturing
Gloves Holdings, LP (dba Protective Industrial Products)(3)(4)(29)(30)	LP Interest	N/A			N/A	—	48,099	5,395		7,433

Windows Entities(3)(4)(30)(31)(32)	LLC Units	N/A			N/A	—	31,844	60,319		138,629
								65,714		146,062		2.0	%
Telecommunications
Equity NewCo S.A. (dba Netceed)(3)(4)(29)(30)(31)	Common Equity	N/A			N/A	—	24,178,147	158		152
								158		152		—	%
Total non-controlled/non-affiliated portfolio company equity investments								$	869,675	$	991,033	13.9	%
Total non-controlled/non-affiliated portfolio company investments								$	13,091,070	$	12,850,691	179.6	%

Non-controlled/affiliated portfolio company investments

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2026

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


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par	Shares/Units	Amortized Cost(2)(27)		Fair Value		% of Net Assets
Debt Investments(7)
Education
Pluralsight, LLC(3)(4)(9)(24)	First lien senior secured loan	S+	3.00%	1.50%	8/2029	7,750	—	7,724		7,323
Pluralsight, LLC(3)(4)(8)(24)	First lien senior secured loan	S+	3.00%	1.50%	8/2029	15,499	—	15,448		14,647
Pluralsight, LLC(3)(4)(8)(24)(28)	First lien senior secured loan	S+		7.50%	8/2029	27,642	—	25,749		10,366
								48,921		32,336		0.5	%




Total non-controlled/affiliated debt investments								48,921		32,336		0.5	%
Total non-controlled/affiliated misc. debt commitments(22)(23)(Note 8)								$	—	$	(734)	—	%
Total non-controlled/affiliated portfolio company debt investments								$	48,921	$	31,602	0.4	%

Equity Investments
Asset based lending and fund finance
Blue Owl Cross-Strategy Opportunities 2025-1 LLC (fka Blue Owl Cross-Strategy Opportunities LLC)(3)(5)(24)(26)(30)(31)(34)	Specialty finance equity investment	N/A			N/A	112,273	—	112,273		111,644
								112,273		111,644		1.6	%
Education
Paradigmatic Holdco LLC (dba Pluralsight)(3)(4)(24)(29)(30)	Common stock	N/A			N/A	—	7,619,079	20,149		—
								20,149		—		—	%
Pharmaceuticals
LSI Financing 1 DAC(3)(4)(24)(30)(31)	Specialty finance equity investment	N/A			N/A	6,748	—	6,785		6,757
								6,785		6,757		0.1	%




Total non-controlled/affiliated equity portfolio company investments								$	139,207	$	118,401	1.7	%
Total non-controlled/affiliated portfolio company investments								$	188,128	$	150,003	2.1	%

Controlled/affiliated portfolio company investments
Debt Investments(7)
Advertising and media
Swipe Acquisition Corporation (dba PLI)(3)(4)(9)(24)	First lien senior secured loan	S+	8.00%		11/2027	72,529	—	72,335		72,529
Swipe Acquisition Corporation (dba PLI)(3)(4)(9)(22)(24)	First lien senior secured loan	S+	5.00%		11/2027	46,048	—	45,845		45,924
								118,180		118,453		1.7	%
Asset based lending and fund finance
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(3)(4)(6)(24)(31)	Specialty finance debt investment	N/A		12.00%	7/2030	70,069	—	69,943		70,069
AAM Series 2.1 Aviation Feeder, LLC(3)(4)(6)(24)(31)	Specialty finance debt investment	N/A		12.00%	11/2030	89,529	—	89,372		89,529
								159,315		159,598		2.2	%

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2026

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


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par	Shares/Units	Amortized Cost(2)(27)		Fair Value		% of Net Assets
Distribution
PS Operating Company LLC (fka QC Supply, LLC)(4)(9)(24)(28)	First lien senior secured loan	S+		6.26%	12/2026	17,406	—	13,366		2,437
PS Operating Company LLC (fka QC Supply, LLC)(4)(9)(22)(24)(28)	First lien senior secured revolving loan	S+	6.00%		12/2026	4,925	—	3,844		(316)
								17,210		2,121		—	%
Household products
Walker Edison Furniture Company LLC(3)(4)(6)(22)(24)(28)	First lien senior secured loan	N/A	10.00%		N/A	14,537	—	14,187		14,537
Walker Edison Furniture Company LLC(3)(4)(10)(22)(24)(28)	First lien senior secured delayed draw term loan	S+	6.75%		N/A	6,827	—	5,976		206
								20,163		14,743		0.2	%
Infrastructure and environmental services
Eagle Infrastructure Services, LLC(4)(9)(24)	First lien senior secured loan	S+	7.50%		4/2028	87,138	—	86,328		87,138
								86,328		87,138		1.2	%
Specialty retail
Notorious Holdings LLC (dba Beauty Industry Group)(3)(4)(9)(24)	First lien senior secured loan	S+		9.00%	12/2031	21,393	—	21,193		20,858
Notorious Topco, LLC (dba Beauty Industry Group)(3)(4)(9)(24)	First lien senior secured loan	S+		7.25%	12/2030	44,356	—	44,175		43,690
								65,368		64,548		0.9	%
Total controlled/affiliated debt company investments								$	466,564	$	446,601	6.2	%
Total controlled/affiliated misc. debt commitments(22)(23)(Note 8)								$	—	$	(129)	—	%
Total controlled/affiliated debt portfolio company investments								$	466,564	$	446,472	6.2	%

Equity Investments
Advertising and media
New PLI Holdings, LLC (dba PLI)(3)(4)(24)(29)(30)	Class A Common Units	N/A			N/A	—	86,745	48,007		87,022
								48,007		87,022		1.2	%
Asset based lending and fund finance
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(3)(4)(22)(24)(29)(30)(31)	Specialty finance equity investment	N/A			N/A	31,923	—	32,417		38,790
AAM Series 2.1 Aviation Feeder, LLC(3)(4)(24)(29)(30)(31)	Specialty finance equity investment	N/A			N/A	36,050	—	37,066		53,868
Wingspire Capital Holdings LLC(3)(4)(22)(24)(26)(29)(30)	Specialty finance equity investment	N/A			N/A	500,552	—	500,552		606,792
								570,035		699,450		9.8	%

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2026

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


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par	Shares/Units	Amortized Cost(2)(27)		Fair Value		% of Net Assets
Buildings and real estate
OWL-HP FINANCE LLC(3)(5)(22)(24)(26)(29)(30)(31)	Specialty finance equity investment	N/A			N/A	17,277	—	17,278		17,302
								17,278		17,302
Distribution
PS Op Holdings LLC (fka QC Supply, LLC)(4)(24)(29)(30)	Class A Common Units	N/A			N/A	—	248,271	4,300		—
								4,300		—		—	%



Infrastructure and environmental services
Eagle Infrastructure Services, LLC(4)(24)(29)(30)	Common Units	N/A			N/A	—	576,276	24,058		84,971
								24,058		84,971		1.2	%
Insurance
Fifth Season Investments LLC(3)(4)(24)(30)	Specialty finance equity investment	N/A			N/A	—	27	263,536		303,148
								263,536		303,148		4.2	%
Joint ventures
Blue Owl Credit SLF LLC(3)(5)(24)(26)(30)(31)	LLC Interest	N/A			N/A	427,085	—	427,089		388,027
Blue Owl Leasing LLC(3)(5)(24)(26)(29)(30)(31)	LLC Interest	N/A			N/A	860	—	860		856
								427,949		388,883		5.4	%
Pharmaceuticals
LSI Financing LLC(3)(5)(22)(24)(30)(31)	Specialty finance equity investment	N/A			N/A	257,663	—	257,334		274,717
								257,334		274,717		3.8	%
Specialty retail
Notorious Purchaser II, Inc. (dba Beauty Industry Group)(3)(4)(24)(29)(30)	Class B Common Stock	N/A			N/A	—	3,440	41,971		41,542
								41,971		41,542		0.6	%
Total controlled/affiliated equity company investments								$	1,654,468	$	1,897,035	26.5	%
Total controlled/affiliated portfolio company investments								$	2,121,032	$	2,343,507	32.8	%
Total Investments								$	15,400,230	$	15,344,201	214.5	%

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2026

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


Interest Rate Swaps as of March 31, 2026
	Company Receives	Company Pays	Maturity Date	Notional Amount		Fair Value		Upfront Payments/Receipts		Unrealized Appreciation (Depreciation)(a)		Hedged Instrument	Footnote Reference
Interest rate swap	2.63%	S - 0.907%	1/15/2027	$	500,000	$	(826)	$	—	$	(826)	2027 Notes	Notes 5 and 7
Interest rate swap	5.95%	S + 2.255%	2/15/2029	600,000		(605)		—		(605)		2029 Notes	Notes 5 and 7
Interest rate swap	5.95%	S + 1.922%	2/15/2029	400,000		4,011		—		4,011		2029 Notes	Notes 5 and 7
Interest rate swap	6.20%	S + 2.392%	7/15/2030	500,000		2,033		—		2,033		2030 Notes	Notes 5 and 7
Total				$	2,000,000	$	4,613			$	4,613

(a) Amounts are presented in accordance with Regulation S-X 17 CFR § 210.12-13C. Refer to “Note 7 — Derivative Instruments” for additional details on the Company’s interest rate swaps.


	Forward Contracts as of March 31, 2026
	Notional Amount to be Purchased		Notional Amount to be Sold		Counterparty	Settlement Date	Unrealized Appreciation / (Depreciation)(a)
Foreign currency forward contract	$	126,079	£	94,190	Goldman Sachs Bank USA	4/20/2026	$	1,489
Foreign currency forward contract	$	247,532	€	208,670	Goldman Sachs Bank USA	7/17/2026	5,231
Foreign currency forward contract	$	6,296	€	5,301	SMBC Capital Markets, Inc.	7/17/2026	141
Foreign currency forward contract	$	1,730	A$	2,580	Goldman Sachs Bank USA	4/20/2026	(50)
Foreign currency forward contract	$	19,760	£	14,775	SMBC Capital Markets, Inc.	4/20/2026	216
Foreign currency forward contract	$	2,186	C$	2,967	Royal Bank of Canada	10/13/2026	36
Foreign currency forward contract	$	81,237	C$	111,549	Royal Bank of Canada	10/13/2026	431
Foreign currency forward contract	A$	500	$	352	Goldman Sachs Bank USA	4/20/2026	(7)
Total							$	7,487

(a)Amounts are presented in accordance with Regulation S-X 17 CFR § 210.12-13B. Refer to “Note 7 — Derivative Instruments” for additional details on the Company’s foreign currency forward contracts.

_______________

(1)Certain portfolio company investments are subject to contractual restrictions on sales. Refer to footnote 30 for additional information on the Company’s restricted securities.

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

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

(4)These investments were valued using unobservable inputs and are considered Level 3 investments.

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

(6)Investment contains a fixed-rate structure.

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

(8)The interest rate on these loans is subject to 1 month SOFR, which as of March 31, 2026 was 3.66%.

(9)The interest rate on these loans is subject to 3 month SOFR, which as of March 31, 2026 was 3.68%.

(10)The interest rate on these loans is subject to 6 month SOFR, which as of March 31, 2026 was 3.70%.

(11)Reserved.

(12)The interest rate on these loans is subject to Prime, which as of March 31, 2026 was 6.75%.

(13)The interest rate on this loan is subject to 1 month EURIBOR, which as of March 31, 2026 was 1.89%.

(14)The interest rate on this loan is subject to 3 month EURIBOR, which as of March 31, 2026 was 2.08%.

(15)The interest rate on this loan is subject to 6 month EURIBOR, which as of March 31, 2026 was 2.48%.

(16)Reserved.

(17)The interest rate on this loan is subject to 3 month BBSY, which as of March 31, 2026 was 4.31%.

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2026

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

(18)Reserved.

(19)The interest rate on this loan is subject to SONIA, which as of March 31, 2026 was 3.73%.

(20)Reserved.

(21)The interest rate on these loans is subject to 3 month CORRA, which as of March 31, 2026 was 2.29%.

(22)Position or portion thereof is a partially unfunded debt or equity commitment. See “Note 8 — Commitments and Contingencies.”


					Unfunded
Company	Commitment Type	Commitment Expiration Date	Funded Commitment		Commitment		Fair Value(23)
Non-controlled/non-affiliated - debt commitments
Aerosmith Bidco 1 Limited (dba Audiotonix)	First lien senior secured delayed draw term loan	7/2027	$	—	$	72,726	$	—
AI Titan Parent, Inc. (dba Prometheus Group)	First lien senior secured delayed draw term loan	9/2026	340		1,170		—
AlphaSense, Inc.	First lien senior secured delayed draw term loan	6/2029	—		143		(1)
AmeriLife Holdings LLC	First lien senior secured delayed draw term loan	6/2026	1,891		87		—
Arctic Holdco, LLC (dba Novvia Group)	First lien senior secured delayed draw term loan	1/2027	6,535		4,046		—
Arctic US Bidco, Inc. (dba ThermoSafe)	First lien senior secured delayed draw term loan	11/2027	—		20,833		(104)
Artifact Bidco, Inc. (dba Avetta)	First lien senior secured delayed draw term loan	7/2027	—		2,940		(15)
Associations, Inc.	First lien senior secured delayed draw term loan	7/2028	15,462		16,859		—
Brightway Holdings, LLC	First lien senior secured delayed draw term loan	7/2027	633		5,050		—
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)	First lien senior secured delayed draw term loan	6/2026	2,005		2,463		—
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)	First lien senior secured delayed draw term loan	1/2027	112		8,843		—
CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.)	First lien senior secured delayed draw term loan	9/2027	840		7,804		—
CivicPlus, LLC	First lien senior secured delayed draw term loan	5/2027	9,483		6,554		—
CMG HoldCo, LLC (dba Crete United)	First lien senior secured delayed draw term loan	7/2027	438		840		(12)
Commander Buyer, Inc. (dba CenExel)	First lien senior secured delayed draw term loan	6/2027	—		15,339		—
Coupa Holdings, LLC	First lien senior secured delayed draw term loan	6/2027	—		140		(5)
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)	First lien senior secured delayed draw term loan	7/2027	591		2,434		—
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)	First lien senior secured delayed draw term loan	8/2027	—		732		(7)
DCG ACQUISITION CORP. (dba DuBois Chemical)	First lien senior secured delayed draw term loan	6/2026	8,386		3,430		—
dentalcorp Health Services Ltd. (fka Aryeh Bidco Investment Ltd.)	First lien senior secured delayed draw term loan	1/2028	2,126		12,755		—
DuraServ LLC	First lien senior secured delayed draw term loan	11/2027	—		28,387		(355)
EOS Finco S.A.R.L (dba Netceed)	First lien senior secured delayed draw term loan	7/2027	694		1,053		—
Essential Services Holding Corporation (dba Turnpoint)	First lien senior secured delayed draw term loan	6/2026	—		4,946		(111)
Eternal Buyer, LLC (dba Wedgewood Weddings)	First lien senior secured delayed draw term loan	6/2027	—		7,000		—

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2026

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


				Unfunded
Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Commitment	Fair Value(23)
FR Flow Control CB LLC (dba Trillium Flow Technologies)	First lien senior secured delayed draw term loan	6/2026	—	6,380	—
GS Acquisitionco, Inc. (dba insightsoftware)	First lien senior secured delayed draw term loan	5/2027	—	888	(29)
Hercules Borrower, LLC (dba The Vincit Group)	First lien senior secured delayed draw term loan	9/2026	—	6,587	—
Horizon Avionics Buyer, LLC (dba Acron Aviation)	First lien senior secured delayed draw term loan	11/2027	—	6,410	(16)
Indigo Buyer, Inc. (dba Inovar Packaging Group)	First lien senior secured delayed draw term loan	7/2026	5,790	946	—
Indigo Buyer, Inc. (dba Inovar Packaging Group)	First lien senior secured delayed draw term loan	7/2026	—	1,737	—
Indigo Buyer, Inc. (dba Inovar Packaging Group)	First lien senior secured loan	3/2028	—	2,179	—
Integrity Marketing Acquisition, LLC	First lien senior secured delayed draw term loan	8/2026	—	6,191	—
Interoperability Bidco, Inc. (dba Lyniate)	First lien senior secured delayed draw term loan	6/2026	—	4,762	(60)
Jawbreaker Parent, Inc.	First lien senior secured delayed draw term loan	1/2029	—	8,017	(100)
Jawbreaker Parent, Inc.	First lien senior secured delayed draw term loan	4/2026	—	19,883	(348)
Klick Inc.	First lien senior secured delayed draw term loan	11/2027	—	7,216	(36)
KRIV Acquisition Inc. (dba Riveron)	First lien senior secured delayed draw term loan	9/2027	—	556	—
KRIV Acquisition Inc. (dba Riveron)	First lien senior secured delayed draw term loan	2/2028	—	2,617	—
Lakefield Acquisition Corp. (dba Lakefield Veterinary Group)	First lien senior secured delayed draw term loan	9/2026	82	317	—
Lightbeam Bidco, Inc. (dba Lazer Spot)	First lien senior secured delayed draw term loan	12/2027	604	249	—
Litera Bidco LLC	First lien senior secured delayed draw term loan	11/2026	30,846	2,726	—
Litera Bidco LLC	First lien senior secured delayed draw term loan	5/2027	—	14,154	(248)
MAJCO LLC (dba Big Brand Tire & Service)	First lien senior secured delayed draw term loan	9/2027	13,662	23,128	—
Maple Acquisition, LLC (dba Medicus)	First lien senior secured delayed draw term loan	5/2026	—	15,576	—
National Dentex Labs LLC (fka Barracuda Dental LLC)	First lien senior secured delayed draw term loan	5/2026	9,125	1,366	—
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.	First lien senior secured EUR delayed draw term loan	3/2027	—	20,017	(200)
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.	First lien senior secured EUR revolving loan	3/2031	—	3,735	(65)
Nelipak Holding Company	First lien senior secured delayed draw term loan	3/2027	5,789	3,566	—
Nova Women's Health, Inc.	First lien senior secured delayed draw term loan	7/2027	—	19,318	(48)
NSCALE SERVICES UK LTD	First lien senior secured delayed draw term loan	8/2027	1,656	38,344	—
Packaging Coordinators Midco, Inc.	First lien senior secured delayed draw term loan	10/2027	1,641	1,461	—
Packaging Coordinators Midco, Inc.	First lien senior secured delayed draw term loan	4/2026	—	21,550	(54)
Paris US Holdco, Inc. (dba Precinmac)	First lien senior secured delayed draw term loan	12/2026	—	7,346	—

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2026

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


				Unfunded
Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Commitment	Fair Value(23)
PerkinElmer U.S. LLC	First lien senior secured delayed draw term loan	10/2027	—	4,907	—
Plasma Buyer LLC (dba PathGroup)	First lien senior secured delayed draw term loan	3/2027	30	71	—
Premise Health Holding Corp.	First lien senior secured delayed draw term loan	11/2027	3,986	2,664	—
RL Datix Holdings (USA), Inc.	First lien senior secured delayed draw term loan	4/2027	—	12,566	(94)
Salinger Bidco Inc. (dba Surgical Information Systems)	First lien senior secured delayed draw term loan	8/2026	—	3,939	—
Sentinel Buyer Corp. (dba SimpliSafe)	First lien senior secured delayed draw term loan	11/2027	—	3,358	(34)
Severin Acquisition, LLC (dba PowerSchool)	First lien senior secured delayed draw term loan	10/2027	76	239	—
SimonMed, Inc.	First lien senior secured delayed draw term loan	2/2027	68	22	—
Simplicity Financial Marketing Group Holdings, Inc.	First lien senior secured delayed draw term loan	12/2026	9,168	1,716	—
Smarsh Inc.	First lien senior secured delayed draw term loan	1/2027	42	331	(6)
Soleo Holdings, Inc.	First lien senior secured delayed draw term loan	2/2027	—	8,595	—
Sonny's Enterprises, LLC	First lien senior secured delayed draw term loan	6/2027	14,887	10,943	—
Spaceship Purchaser, Inc. (dba Squarespace)	First lien senior secured delayed draw term loan	10/2027	—	2,492	(50)
Spotless Brands, LLC	First lien senior secured delayed draw term loan	3/2027	5,562	23,928	—
STS PARENT, LLC (dba STS Aviation Group)	First lien senior secured delayed draw term loan	10/2026	—	31,189	(156)
Tamarack Intermediate, L.L.C. (dba Verisk 3E)	First lien senior secured delayed draw term loan	7/2027	114	276	—
TBRS, Inc. (dba TEAM Technologies)	First lien senior secured delayed draw term loan	11/2026	—	4,838	—
Themis Solutions Inc. (dba Clio)	First lien senior secured delayed draw term loan	10/2027	—	3,750	(103)
THG Acquisition, LLC (dba Hilb)	First lien senior secured delayed draw term loan	10/2026	3,111	5,028	—
Troon Golf, L.L.C.	First lien senior secured delayed draw term loan	9/2026	6,170	6,248	—
Unified Women's Healthcare, LP	First lien senior secured delayed draw term loan	9/2027	—	1,235	(2)
Vensure Employer Services, Inc.	First lien senior secured delayed draw term loan	3/2028	—	265	(1)
Vessco Midco Holdings, LLC	First lien senior secured delayed draw term loan	7/2026	14,072	1,168	—
Vessco Midco Holdings, LLC	First lien senior secured delayed draw term loan	5/2028	—	14,139	—
Wipfli Advisory LLC	First lien senior secured delayed draw term loan	4/2028	—	9,303	(47)
Wrench Group LLC	First lien senior secured delayed draw term loan	9/2027	—	12,814	(64)
WU Holdco, Inc. (dba PurposeBuilt Brands)	First lien senior secured delayed draw term loan	4/2027	—	22,823	(57)
Aerosmith Bidco 1 Limited (dba Audiotonix)	First lien senior secured revolving loan	7/2030	—	30,754	—
AI Titan Parent, Inc. (dba Prometheus Group)	First lien senior secured revolving loan	8/2031	—	943	(28)

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2026

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


				Unfunded
Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Commitment	Fair Value(23)
AmeriLife Holdings LLC	First lien senior secured revolving loan	8/2028	167	833	—
Anaplan, Inc.	First lien senior secured revolving loan	6/2028	—	11,589	(261)
Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC)*	First lien senior secured revolving loan	7/2027	3,595	—	—
Aptean Acquiror, Inc. (dba Aptean)	First lien senior secured revolving loan	1/2031	350	1,180	—
Arctic Holdco, LLC (dba Novvia Group)	First lien senior secured revolving loan	1/2031	2,342	4,756	—
Arctic US Bidco, Inc. (dba ThermoSafe)	First lien senior secured multi-currency revolving loan	11/2032	486	6,458	—
Artifact Bidco, Inc. (dba Avetta)	First lien senior secured revolving loan	7/2030	—	2,100	(21)
Ascend Buyer, LLC (dba PPC Flexible Packaging)	First lien senior secured revolving loan	9/2028	1,133	6,962	—
Associations, Inc.	First lien senior secured revolving loan	7/2028	—	26,031	—
AWP Group Holdings, Inc.	First lien senior secured revolving loan	12/2030	82	44	—
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)	First lien senior secured revolving loan	3/2031	—	1,758	(44)
Baker Tilly Advisory Group, LP	First lien senior secured revolving loan	6/2030	—	15,134	—
Bamboo US BidCo LLC	First lien senior secured revolving loan	10/2029	—	1,538	—
Bayshore Intermediate #2, L.P. (dba Boomi)	First lien senior secured revolving loan	10/2027	1,832	5,555	—
BCPE Osprey Buyer, Inc. (dba PartsSource)	First lien senior secured revolving loan	8/2028	14,454	4,770	—
Belmont Buyer, Inc. (dba Valenz)	First lien senior secured revolving loan	6/2029	58	378	—
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	12/2029	—	5,263	(13)
Bristol Hospice L.L.C.	First lien senior secured revolving loan	8/2032	—	4,007	—
By Light Professional IT Services LLC	First lien senior secured revolving loan	7/2031	—	3,178	(103)
Cambrex Corporation	First lien senior secured revolving loan	3/2032	23	79	—
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)	First lien senior secured revolving loan	8/2027	205	1,469	—
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)	First lien senior secured revolving loan	6/2029	—	2,239	—
CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.)	First lien senior secured revolving loan	1/2030	—	2,882	—
CivicPlus, LLC	First lien senior secured revolving loan	8/2030	—	4,795	(132)
CMG HoldCo, LLC (dba Crete United)	First lien senior secured revolving loan	11/2030	53	228	—
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	(4)
Creek Parent, Inc. (dba Catalent)	First lien senior secured revolving loan	12/2031	—	16,401	(123)
Crewline Buyer, Inc. (dba New Relic)	First lien senior secured revolving loan	11/2030	—	14,729	(368)
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)	First lien senior secured revolving loan	8/2031	—	7,573	(38)
DCG ACQUISITION CORP. (dba DuBois Chemical)	First lien senior secured revolving loan	6/2031	—	11,816	(148)
Diamond Mezzanine 24 LLC (dba United Risk)*	First lien senior secured revolving loan	10/2030	1,161	—	—
Deerfield Dakota Holdings	First lien senior secured revolving loan	9/2032	2,153	8,612	—

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2026

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


				Unfunded
Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Commitment	Fair Value(23)
Denali Intermediate Holdings, Inc. (dba Dun & Bradstreet)	First lien senior secured revolving loan	8/2032	—	7,736	(174)
dentalcorp Health Services Ltd. (fka Aryeh Bidco Investment Ltd.)	First lien senior secured revolving loan	1/2033	—	10,629	(53)
Dresser Utility Solutions, LLC	First lien senior secured revolving loan	3/2029	—	8,829	—
DuraServ LLC	First lien senior secured revolving loan	6/2030	6,334	11,260	—
Eagle Family Foods Group LLC	First lien senior secured revolving loan	8/2030	—	216	(1)
EET Buyer, Inc. (dba e-Emphasys)	First lien senior secured revolving loan	11/2027	—	2,409	(36)
Einstein Parent, Inc. (dba Smartsheet)	First lien senior secured revolving loan	1/2031	—	4,488	(112)
Essential Services Holding Corporation (dba Turnpoint)	First lien senior secured revolving loan	6/2030	1,236	1,855	—
Eternal Buyer, LLC (dba Wedgewood Weddings)	First lien senior secured revolving loan	6/2032	—	7,000	(35)
Evolution BuyerCo, Inc. (dba SIAA)	First lien senior secured revolving loan	4/2030	—	23	—
Fiesta Purchaser, Inc. (dba Shearer's Foods)	First lien senior secured revolving loan	2/2029	1,967	6,230	—
Flexera Software LLC	First lien senior secured revolving loan	8/2032	—	1,348	(34)
Fortis Solutions Group, LLC	First lien senior secured revolving loan	10/2027	1,625	1,986	—
Foundation Consumer Brands, LLC	First lien senior secured revolving loan	2/2029	—	4,610	(12)
FR Flow Control CB LLC (dba Trillium Flow Technologies)	First lien senior secured revolving loan	12/2029	—	5,220	—
Gainsight, Inc.	First lien senior secured revolving loan	7/2027	—	4,152	(73)
Galls, LLC	First lien senior secured revolving loan	3/2030	7,231	7,992	—
Gaylord Chemical Company, L.L.C.	First lien senior secured revolving loan	12/2027	6,188	10,096	—
Gerson Lehrman Group, Inc.	First lien senior secured revolving loan	12/2028	—	7,595	(133)
GI Apple Midco LLC (dba Atlas Technical Consultants)	First lien senior secured revolving loan	4/2029	50	61	—
GI Ranger Intermediate, LLC (dba Rectangle Health)	First lien senior secured revolving loan	10/2027	817	1,225	—
Granicus, Inc.	First lien senior secured revolving loan	1/2031	—	2,467	(31)
GS Acquisitionco, Inc. (dba insightsoftware)	First lien senior secured revolving loan	5/2028	130	118	—
H&F Opportunities LUX III S.À R.L (dba Checkmarx)	First lien senior secured revolving loan	4/2028	—	2,199	(27)
Hercules Borrower, LLC (dba The Vincit Group)	First lien senior secured revolving loan	12/2028	—	10,202	—
HGH Purchaser, Inc. (dba Horizon Services)	First lien senior secured revolving loan	11/2028	13,454	3,177	—
Hissho Parent, LLC	First lien senior secured revolving loan	5/2029	—	2,291	—
Horizon Avionics Buyer, LLC (dba Acron Aviation)	First lien senior secured revolving loan	3/2032	654	2,551	—
Hyland Software, Inc.	First lien senior secured revolving loan	9/2029	—	3,198	(96)
Icefall Parent, Inc. (dba EngageSmart)	First lien senior secured revolving loan	1/2030	—	511	(6)
IG Investments Holdings, LLC (dba Insight Global)	First lien senior secured revolving loan	9/2028	—	11,989	—
Indigo Buyer, Inc. (dba Inovar Packaging Group)	First lien senior secured revolving loan	5/2028	—	193	—
Indikami Bidco, LLC (dba IntegriChain)	First lien senior secured revolving loan	6/2030	1,586	501	—
Integrity Marketing Acquisition, LLC	First lien senior secured revolving loan	8/2028	—	4,599	—

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2026

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


				Unfunded
Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Commitment	Fair Value(23)
Interoperability Bidco, Inc. (dba Lyniate)	First lien senior secured revolving loan	3/2028	564	5,078	—
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))	First lien senior secured revolving loan	12/2028	—	4,007	(30)
Jawbreaker Parent, Inc.	First lien senior secured revolving loan	1/2033	—	8,017	(140)
JS Parent, Inc. (dba Jama Software)	First lien senior secured revolving loan	4/2031	—	88	—
Klick Inc.	First lien senior secured revolving loan	11/2031	—	7,216	(54)
KRIV Acquisition Inc. (dba Riveron)	First lien senior secured revolving loan	7/2031	612	833	—
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)	First lien senior secured revolving loan	12/2029	—	15,542	(117)
Lakefield Acquisition Corp. (dba Lakefield Veterinary Group)	First lien senior secured revolving loan	9/2029	—	67	—
Lightbeam Bidco, Inc. (dba Lazer Spot)	First lien senior secured revolving loan	5/2029	—	476	(2)
Lignetics Investment Corp.	First lien senior secured revolving loan	10/2026	—	11,744	—
Litera Bidco LLC	First lien senior secured revolving loan	5/2028	—	8,056	(141)
MAJCO LLC (dba Big Brand Tire & Service)	First lien senior secured revolving loan	9/2032	—	10,511	(26)
Maple Acquisition, LLC (dba Medicus)	First lien senior secured revolving loan	5/2030	—	11,682	—
Mario Purchaser, LLC (dba Len the Plumber)	First lien senior secured revolving loan	4/2028	1,921	13	—
Matterhorn Finco, Inc.	First lien senior secured revolving loan	3/2033	—	5,302	(27)
MHE Intermediate Holdings, LLC (dba OnPoint Group)	First lien senior secured revolving loan	7/2027	7,643	11,464	—
Milan Laser Holdings LLC	First lien senior secured revolving loan	4/2027	—	8,112	(122)
Ministry Brands Holdings, LLC	First lien senior secured revolving loan	12/2027	90	987	—
Minotaur Acquisition, Inc. (dba Inspira Financial)	First lien senior secured revolving loan	6/2030	—	19,063	(48)
Modernizing Medicine, Inc. (dba ModMed)	First lien senior secured revolving loan	4/2032	—	71	—
Monotype Imaging Holdings Inc.	First lien senior secured revolving loan	2/2030	—	17,932	(359)
National Dentex Labs LLC (fka Barracuda Dental LLC)	First lien senior secured revolving loan	5/2026	12,010	109	—
Natural Partners, LLC	First lien senior secured revolving loan	11/2030	—	469	—
Nelipak Holding Company	First lien senior secured revolving loan	3/2031	1,888	5,105	—
NMI Acquisitionco, Inc. (dba Network Merchants)	First lien senior secured revolving loan	9/2028	—	2,090	(31)
Norvax, LLC (dba GoHealth)*	First lien senior secured revolving loan	8/2029	4,026	—	—
Nova Women's Health, Inc.	First lien senior secured revolving loan	1/2032	—	1,545	(8)
OB Hospitalist Group, Inc.	First lien senior secured revolving loan	9/2027	—	20,496	—
Offen, Inc.	First lien senior secured revolving loan	7/2029	803	1,174	—
Ole Smoky Distillery, LLC	First lien senior secured revolving loan	3/2028	—	116	(9)
Packaging Coordinators Midco, Inc.	First lien senior secured revolving loan	10/2032	—	16,889	(169)
Paris US Holdco, Inc. (dba Precinmac)	First lien senior secured revolving loan	12/2031	275	3,397	—
Patriot Acquisition TopCo S.À R.L. (dba Corza Health, Inc.)	First lien senior secured revolving loan	1/2028	—	14,863	—
Plasma Buyer LLC (dba PathGroup)*	First lien senior secured revolving loan	5/2028	163	—	—
PDI TA Holdings, Inc.	First lien senior secured revolving loan	2/2031	1,703	122	—
PetVet Care Centers, LLC	First lien senior secured revolving loan	11/2029	3,660	14,639	—
PPV Intermediate Holdings, LLC	First lien senior secured revolving loan	8/2029	780	1,301	—

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2026

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


				Unfunded
Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Commitment	Fair Value(23)
Premise Health Holding Corp.	First lien senior secured revolving loan	11/2031	—	8,571	(129)
Puma Buyer, LLC (dba PANTHERx)	First lien senior secured revolving loan	3/2032	—	208	—
QAD, Inc.	First lien senior secured revolving loan	11/2027	—	9,119	(137)
Quva Pharma, Inc.	First lien senior secured revolving loan	4/2028	—	5,182	(155)
Rhea Parent, Inc.	First lien senior secured revolving loan	12/2030	—	4,446	(44)
RL Datix Holdings (USA), Inc.	First lien senior secured revolving loan	10/2030	—	11,003	(193)
Salinger Bidco Inc. (dba Surgical Information Systems)	First lien senior secured revolving loan	5/2031	—	3,939	(10)
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)	First lien senior secured revolving loan	7/2027	6,934	2,066	—
Securonix, Inc.	First lien senior secured revolving loan	4/2028	—	305	(59)
Senderra RX Acquisition, LLC	First lien senior secured revolving loan	3/2033	923	3,692	—
Sensor Technology Topco, Inc. (dba Humanetics)	First lien senior secured revolving loan	5/2028	485	6,785	—
Severin Acquisition, LLC (dba PowerSchool)	First lien senior secured revolving loan	10/2031	50	139	—
SimonMed, Inc.	First lien senior secured revolving loan	2/2031	33	27	—
Simplicity Financial Marketing Group Holdings, Inc.	First lien senior secured revolving loan	12/2031	—	5,464	(27)
Smarsh Inc.	First lien senior secured revolving loan	2/2029	42	156	—
Soleo Holdings, Inc.	First lien senior secured revolving loan	2/2032	—	8,595	—
Soliant Lower Intermediate, LLC (dba Soliant)	First lien senior secured revolving loan	6/2031	—	4,444	(1,156)
Sonny's Enterprises, LLC	First lien senior secured revolving loan	8/2027	17,776	4,408	—
Spaceship Purchaser, Inc. (dba Squarespace)	First lien senior secured revolving loan	10/2031	—	2,076	(52)
Spotless Brands, LLC	First lien senior secured revolving loan	7/2028	—	2,610	—
STS PARENT, LLC (dba STS Aviation Group)	First lien senior secured revolving loan	10/2030	9,824	2,651	—
SWK BUYER, Inc. (dba Stonewall Kitchen)	First lien senior secured revolving loan	3/2029	—	140	(5)
Tamarack Intermediate, L.L.C. (dba Verisk 3E)	First lien senior secured revolving loan	3/2029	—	207	(5)
TBRS, Inc. (dba TEAM Technologies)	First lien senior secured revolving loan	11/2030	—	5,529	(28)
Themis Solutions Inc. (dba Clio)	First lien senior secured revolving loan	10/2032	—	3,125	(86)
THG Acquisition, LLC (dba Hilb)	First lien senior secured revolving loan	10/2031	1,002	3,076	—
Thunder Purchaser, Inc. (dba Vector Solutions)	First lien senior secured revolving loan	6/2027	—	7,903	(158)
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	851	904	—
Unified Women's Healthcare, LP	First lien senior secured revolving loan	6/2029	—	159	(1)
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)	First lien senior secured revolving loan	12/2029	—	5,266	—
Valeris, Inc. (fka Phantom Purchaser, Inc.)	First lien senior secured revolving loan	9/2031	—	5,443	(14)
Vessco Midco Holdings, LLC	First lien senior secured revolving loan	7/2031	—	5,080	—
Vital Bidco AB (dba Vitamin Well)	First lien senior secured revolving loan	10/2030	—	14,522	—
Wipfli Advisory LLC	First lien senior secured revolving loan	10/2032	—	6,202	(47)
Wrench Group LLC	First lien senior secured revolving loan	9/2031	4,784	8,030	—
WU Holdco, Inc. (dba PurposeBuilt Brands)	First lien senior secured revolving loan	4/2032	1,522	5,579	—
Zendesk, Inc.	First lien senior secured revolving loan	11/2028	—	9,557	(334)

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2026

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


					Unfunded
Company	Commitment Type	Commitment Expiration Date	Funded Commitment		Commitment		Fair Value(23)
Total non-controlled/non-affiliated - debt commitments			$	325,747	$	1,459,790	$	(8,508)
Non-controlled/non-affiliated - equity commitments
Percheron Horsepower-A LP (dba Big Brand Tire & Service)	Limited Partner Interest	N/A	$	12,219	$	1,994	$	—
Polar Investors LP (dba Dentalcorp)	Common Equity	N/A	3,409		852		—
Valor Cl Blocker Feeder LP	LP Interest	N/A	2,714		1,809		—
Total non-controlled/non-affiliated - equity commitments			$	18,342	$	4,655	$	—
Non-controlled/affiliated - debt commitments
Pluralsight, LLC	First lien senior secured delayed draw term loan	8/2029	$	—	$	9,524	$	(524)
Pluralsight, LLC	First lien senior secured revolving loan	8/2029	—		3,810		(210)


Total non-controlled/affiliated - debt commitments			$	—	$	13,334	$	(734)
Controlled/affiliated - debt commitments
Walker Edison Furniture Company LLC	First lien senior secured delayed draw term loan	N/A	$	3,161	$	1,327	$	—
Walker Edison Furniture Company LLC	First lien senior secured delayed draw term loan	N/A	1,531		1,228		—
Notorious Topco, LLC (dba Beauty Industry Group)	First lien senior secured revolving loan	12/2030	—		8,601		(129)
PS Operating Company LLC (fka QC Supply, LLC)	First lien senior secured revolving loan	12/2026	4,925		1,169		—
Swipe Acquisition Corporation (dba PLI)	First lien senior secured revolving loan	11/2027	16,684		3,782		—


Total controlled/affiliated - debt commitments			$	26,301	$	16,107	$	(129)
Controlled/affiliated - equity commitments
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC	Specialty finance equity investment	N/A	$	31,923	$	42,550	$	—
LSI Financing LLC	Specialty finance equity investment	N/A	257,663		96,975		—
OWL-HP FINANCE LLC	Specialty finance equity investment	N/A	17,277		67,223		—
Wingspire Capital Holdings LLC	Specialty finance equity investment	N/A	500,552		4,448		—
Total controlled/affiliated - equity commitments			$	807,415	$	211,196	$	—
Total Portfolio Company Commitments			$	1,177,805	$	1,705,082	$	(9,371)

*Fully funded

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

(24)As defined in the Investment Company Act of 1940, as amended (the “1940 Act”), the Company is deemed to “control” a portfolio company if the Company owns more than 25% of the portfolio company's voting securities or has the power to exercise control over management or policies, including through a management agreement. As defined in the 1940 Act, the Company is an “affiliated person” of this portfolio company if the Company owns more than 5% or more of the portfolio company’s outstanding voting securities. Transactions related to the Company’s investments in non-controlled affiliates and controlled affiliates for the three months ended March 31, 2026, were as follows:

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2026

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


Company	Fair value as of December 31, 2025		Gross Additions (a)		Gross Reductions(b)		Net Change in Unrealized Gains (Losses)		Realized Gains (Losses)		Fair value as of March 31, 2026		Interest and PIK Income		Dividend Income		Other Income
Non - Controlled Affiliates
LSI Financing 1 DAC	$	6,657	$	—	$	—	$	100	$	—	$	6,757	$	—	$	—	$	—
Ideal Image Development, LLC	1,398		2,873		(1,897)		36,848		(39,222)		—		—		—		—
Paradigmatic Holdco LLC (dba Pluralsight)	44,210		119		(57)		(12,670)		—		31,602		480		—		26
Blue Owl Cross-Strategy Opportunities 2025-1 LLC (fka Blue Owl Cross-Strategy Opportunities LLC)	61,927		50,231		—		(514)		—		111,644		—		3,195		—
Total	$	114,192	$	53,223	$	(1,954)	$	23,764	$	(39,222)	$	150,003	$	480	$	3,195	$	26

Controlled Affiliates	Fair value as of December 31, 2025		Gross Additions (a)		Gross Reductions(b)		Net Change in Unrealized Gains (Losses)		Realized Gains (Losses)		Fair value as of March 31, 2026		Interest and PIK Income		Dividend Income		Other Income
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(d)	$	109,070	$	2,546	$	—	$	(2,757)	$	—	$	108,859	$	2,061	$	—	$	—
AAM Series 2.1 Aviation Feeder, LLC(d)	143,157		2,780		(286)		(2,254)		—		143,397		2,669		—		—
Blue Owl Credit SLF LLC(c)	415,248		5,736		—		(32,957)		—		388,027		—		8,863		—
OWL-HP FINANCE LLC(c)	—		17,279		—		23		—		17,302		—		—		—
Blue Owl Leasing LLC(c)	857		—		—		(1)		—		856		—		—		—
Eagle Infrastructure Services, LLC	145,522		89		—		26,498		—		172,109		2,556		1,462		13
Fifth Season Investments LLC	403,170		—		(101,056)		1,034		—		303,148		—		8,587		—
LSI Financing LLC	210,634		67,711		(4,881)		1,253		—		274,717		—		5,379		—
New PLI Holdings, LLC (dba PLI)	202,312		3,424		—		(261)		—		205,475		2,999		1,112		25
Notorious Holdings LLC (dba Beauty Industry Group)	105,151		2,116		—		(1,306)		—		105,961		1,871		—		165
PS Operating Company LLC (fka QC Supply, LLC)	4,154		331		—		(2,364)		—		2,121		—		—		—
Walker Edison Furniture Company LLC	15,087		—		(2)		56,014		(56,356)		14,743		—		—		—
Wingspire Capital Holdings LLC	607,284		—		—		(492)		—		606,792		—		12,786		—
Total	$	2,361,646	$	102,012	$	(106,225)	$	42,430	$	(56,356)	$	2,343,507	$	12,156	$	38,189	$	203

_______________

(a)Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to PIK interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments from a different category.

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

(c)For further description of the Company's investment in Blue Owl Credit SLF LLC (“Credit SLF”), Blue Owl Leasing LLC (“Blue Owl Leasing”) and Owl-HP Finance 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 March 31, 2026

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

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

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

(27)As of March 31, 2026, the net estimated unrealized loss for U.S. federal income tax purposes was $113.1 million based on a tax cost basis of $15.46 billion. As of March 31, 2026, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $563.3 million and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $450.2 million.

(28)Loan was on non-accrual status as of March 31, 2026.

(29)Non-income producing.

(30)Securities acquired in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”) and may be deemed to be “restricted securities” under the Securities Act. As of March 31, 2026, the aggregate fair value of these securities is $3.01 billion or 42.0% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:

Portfolio Company

Investment

Acquisition Date

AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC*

Specialty finance equity investment

7/1/2022

AAM Series 2.1 Aviation Feeder, LLC*

Specialty finance equity investment

7/1/2022

Accelerate Topco Holdings, LLC

Common Units

9/1/2022

Alphasense, LLC

Series E Preferred Shares

6/27/2024

Amergin Asset Management, LLC

Specialty finance equity investment

7/1/2022

ASP Conair Holdings LP

Class A Units

5/17/2021

Baypine Commander Co-Invest, LP

LP Interest

6/24/2025

BEHP Co-Investor II, L.P.

LP Interest

5/11/2022

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

Extended Series C Warrants

5/5/2021

Blend Labs, Inc.

Warrants

7/2/2021

Blue Owl Credit SLF LLC**

LLC Interest

8/1/2024

Blue Owl Leasing LLC**

LLC Interest

6/30/2025

Blue Owl Cross-Strategy Opportunities 2025-1 LLC (fka Blue Owl Cross-Strategy Opportunities LLC)*

Specialty finance equity investment

8/20/2025

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

Common Units

10/1/2021

Capital Integration Systems LLC (dba CAIS)

Class D Common Units

2/27/2026

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

LP Interest

12/2/2021

Dodge Construction Network Holdings, L.P.

Class A-2 Common Units

2/23/2022

Dodge Construction Network Holdings, L.P.

Series A Preferred Units

2/23/2022

Eagle Infrastructure Services, LLC

Common Units

3/31/2023

Elliott Alto Co-Investor Aggregator L.P.

LP Interest

9/27/2022

Evolution Parent, LP (dba SIAA)

LP Interest

4/30/2021

Equity NewCo S.A. (dba Netceed)

Common Equity

1/29/2026

Fifth Season Investments LLC*

Specialty finance equity investment

7/18/2022

Gloves Holdings, LP (dba Protective Industrial Products)

LP Interest

12/29/2020

GoHealth, Inc.

Common stock

8/6/2025

GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)

LP Interest

12/16/2021

Hercules Buyer, LLC (dba The Vincit Group)

Common Units

12/15/2020

Hissho Sushi Holdings, LLC

Class A units

5/17/2022

Hockey Parent Holdings, L.P.

Class A Common Units

9/14/2023

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 Co-Invest 2, L.P.

Class A Units

10/15/2025

KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)

Class A Interest

11/30/2023

LSI Financing 1 DAC*

Specialty finance equity investment

12/14/2022

LSI Financing LLC*

Specialty finance equity investment

11/25/2024

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2026

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

Portfolio Company

Investment

Acquisition Date

Maia Aggregator, LP

Class A-2 Units

2/1/2022

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

Series A Convertible Preferred Stock

5/4/2021

Minerva Holdco, Inc.

Senior A Preferred Stock

2/15/2022

ModMed Software Midco Holdings, Inc. (dba ModMed)

Series A Preferred Units

4/30/2025

New PLI Holdings, LLC (dba PLI)

Class A Common Units

12/23/2020

Nova Women’s Health Partners Holdings, LP

Class A Units

1/28/2026

Notorious Purchaser II, Inc. (dba Beauty Industry Group)

Class B Common Stock

12/19/2025

Nscale Global Holdings Limited

Preferred equity

9/29/2025

Nscale Global Holdings Limited

Series B Preferred Shares

9/29/2025

OWL-HP FINANCE LLC*

Specialty finance equity investment

2/9/2026

Paradigmatic Holdco LLC (dba Pluralsight)

Common stock

8/22/2024

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

Percheron Horsepower-A LP (dba Big Brand Tire & Service)

Limited Partner Interest

9/23/2025

Polar Investors LP (dba Dentalcorp)

Common Equity

1/13/2026

Project Alpine Co-Invest Fund, LP

LP Interest

6/10/2022

PS Op Holdings LLC (fka QC Supply, LLC)

Class A Common Units

12/21/2021

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

LP Interest

8/9/2022

Rhea Acquisition Holdings, LP

Series A-2 Units

2/18/2022

Rome Topco Holdings, LLC (dba SimpliSafe)

Class A Units

11/6/2025

Rome Topco Holdings, LLC (dba SimpliSafe)

Class B Units

11/6/2025

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

Series A Preferred Stock

11/15/2023

Snowbird Manager LP

Limited Partner Interest

12/18/2025

Space Exploration Technologies Corp.

Class A Common Stock

3/25/2021

Space Exploration Technologies Corp.

Class C Common Stock

3/25/2021

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

Series A Preferred Stock

10/14/2021

TCB Holdings I LLC (dba TricorBraun)

Class A Preferred Units

1/31/2025

Thunder Topco L.P. (dba Vector Solutions)

Common Units

6/30/2021

Valor Cl Blocker Feeder LP

LP Interest

10/3/2025

VCI Intermediate TopCo 1 LLC

Class B Units

11/17/2025

VEPF VIII Co-Invest 8-A, L.P.

Limited Partner Interest

3/5/2026

Walker Edison Holdco LLC

Common Units

3/1/2023

Windows Entities

LLC Units

1/16/2020

Wingspire Capital Holdings LLC*

Specialty finance equity investment

9/24/2019

WMC Bidco, Inc. (dba West Monroe)

Senior Preferred Stock

11/9/2021

WP Irving Co-Invest, L.P.

Partnership Units

5/18/2022

XOMA Corporation

Warrants

12/15/2023

Zoro TopCo, Inc.

Series A Preferred Equity

11/22/2022

Zoro TopCo, L.P.

Class A Common Units

11/22/2022

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

** Refer to “Note 4 — Investments – Credit SLF LLC and Blue Owl Leasing” for further information.

(31)This portfolio company is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. As of March 31, 2026, non-qualifying assets represented 15.4% of total assets as calculated in accordance with the regulatory requirements.

(32)Investment represents multiple underlying investments in related entities under common management. These underlying investments are on identical terms and include Midwest Custom Windows, LLC with a fair value of $24.1 million, Greater Toronto Custom Windows, Corp. with a fair value of $10.0 million, Garden State Custom Windows, LLC with a fair value of $33.4 million, Long Island Custom Windows, LLC with a fair value of $28.9 million, Jemico, LLC with a fair value of $23.2 million, Atlanta Custom Windows, LLC with a fair value of $11.5 million

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of March 31, 2026

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

and Fairchester Custom Windows with a fair value of $7.6 million as of March 31, 2026. Greater Toronto Custom Windows, Corp. is considered a non-qualifying asset.

(33)The Company invests in this portfolio company through underlying blocker entities Hercules Blocker 1 LLC, Hercules Blocker 2 LLC, Hercules Blocker 3 LLC, Hercules Blocker 4 LLC, and Hercules Blocker 5 LLC.

(34)Blue Owl Cross-Strategy Opportunities 2025-1 LLC (fka Blue Owl Cross-Strategy Opportunities LLC) (“BOCSO”) was formed to hold alternative credit assets, including asset-based finance (“ABF”). ABF is a subsector of private credit focused on generating income from pools of financial, physical or other assets. As of March 31, 2026, the portfolio consists of five investments totaling $1.03 billion at cost and fair value, respectively, ranging in cost from $24.9 million to $379.6 million and with a fair value ranging from $24.7 million to $378.0 million. The largest investment is 36.9% of the total cost of BOCSO's portfolio. As of March 31, 2026 the portfolio asset class composition was 66% ABF - Specialty finance, 32.0% ABF - Leasing, and 2.4% ABF - Commercial Real Estate.

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

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(2)(27)		Fair Value		% of Net Assets
Non-controlled/non-affiliated portfolio company investments
Debt Investments(7)
Advertising and media
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))(3)(4)(8)	First lien senior secured loan	S+	4.25%		12/2029	$	42,404	$	42,058	$	42,404
Monotype Imaging Holdings Inc.(3)(4)(8)(22)	First lien senior secured loan	S+	5.25%		2/2031	151,694		150,274		151,694
								192,332		194,098		2.6	%
Aerospace and defense
Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC)(3)(4)(9)	First lien senior secured loan	S+	0.84%	5.66%	7/2027	42,510		33,546		21,467
Horizon Avionics Buyer, LLC (dba Acron Aviation)(3)(4)(9)	First lien senior secured loan	S+	4.75%		3/2032	15,385		15,309		15,308
Horizon Avionics Buyer, LLC (dba Acron Aviation)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	4.39%		3/2032	628		613		612
Peraton Corp.(3)(9)	Second lien senior secured loan	S+	7.75%		2/2029	60,393		57,591		47,294
STS PARENT, LLC (dba STS Aviation Group)(3)(4)(9)	First lien senior secured loan	S+	5.00%		10/2031	114,425		113,463		113,281
STS PARENT, LLC (dba STS Aviation Group)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.00%		10/2030	9,127		9,043		8,999
								229,565		206,961		2.8	%
Asset based lending and fund finance
Hg Genesis 8 Sumoco Limited(3)(4)(19)(31)	Unsecured facility	SA+		7.50%	9/2027	£	12,369	15,375		16,637
Hg Genesis 9 SumoCo Limited(3)(4)(14)(31)	Unsecured facility	E+		6.25%	3/2029	€	53,248	56,596		62,537
Hg Saturn Luchaco Limited(3)(4)(19)(31)	Unsecured facility	SA+		8.25%	3/2027	£	54,489	69,134		73,291
								141,105		152,465		2.1	%
Automotive services
MAJCO LLC (dba Big Brand Tire & Service)(3)(4)(9)(22)	First lien senior secured loan	S+	4.50%		9/2032	75,528		75,038		75,339
Spotless Brands, LLC(3)(4)(10)	First lien senior secured loan	S+	5.75%		7/2028	94,049		92,805		94,049
Spotless Brands, LLC(3)(4)(9)(22)	First lien senior secured delayed draw term loan	S+	5.00%		7/2028	4,261		4,146		4,135
Spotless Brands, LLC(3)(4)(8)(22)	First lien senior secured revolving loan	S+	5.75%		7/2028	522		508		522
								172,497		174,045		2.4	%
Buildings and real estate
Associations Finance, Inc.(3)(4)(6)	Unsecured notes	N/A		14.25%	5/2030	202,868		201,437		202,868
Associations, Inc.(3)(4)(9)(22)	First lien senior secured loan	S+	6.50%		7/2028	446,001		444,229		446,001
Wrench Group LLC(3)(4)(9)	First lien senior secured loan	S+	4.75%		9/2032	100,670		100,087		100,166

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(2)(27)	Fair Value	% of Net Assets
Wrench Group LLC(3)(4)(12)	First lien senior secured revolving loan	P+	3.75%		9/2031	2,562		2,485	2,494
								748,238	751,529	10.2	%
Business services
Aurelia Netherlands B.V.(3)(4)(14)(31)	First lien senior secured EUR term loan	E+	4.75%		5/2031	€	64,136	72,487	75,325
CMG HoldCo, LLC (dba Crete United)(3)(4)(10)(22)	First lien senior secured loan	S+	4.50%		11/2030	1,289		1,266	1,285
CoolSys, Inc.(3)(9)	First lien senior secured loan	S+	4.75%		8/2028	11,801		11,628	10,430
DuraServ LLC(3)(4)(8)	First lien senior secured loan	S+	4.75%		6/2031	131,406		130,332	130,092
DuraServ LLC(3)(4)(8)(22)	First lien senior secured revolving loan	S+	4.75%		6/2030	2,397		2,329	2,217
Gainsight, Inc.(3)(4)(9)	First lien senior secured loan	S+	5.75%		7/2027	32,919		32,725	32,919
Hercules Borrower, LLC (dba The Vincit Group)(3)(4)(9)	First lien senior secured loan	S+	4.75%		12/2028	127,350		126,990	127,350
Hercules Buyer, LLC (dba The Vincit Group)(3)(4)(6)(33)	Unsecured notes	N/A		0.48%	12/2029	6,316		6,483	9,117
KPSKY Acquisition, Inc. (dba BluSky)(3)(4)(9)	First lien senior secured loan	S+	5.50%		10/2028	43,125		40,077	39,137
KPSKY Acquisition, Inc. (dba BluSky)(3)(4)(9)	First lien senior secured delayed draw term loan	S+	5.75%		10/2028	31		29	28






								424,346	427,900	5.8	%
Chemicals
Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC)(3)(4)(8)	Second lien senior secured loan	S+	7.75%		11/2028	16,500		16,200	14,726
DCG ACQUISITION CORP. (dba DuBois Chemical)(3)(4)(9)(22)	First lien senior secured loan	S+	5.00%		6/2031	81,400		80,503	80,569
Gaylord Chemical Company, L.L.C.(3)(4)(9)	First lien senior secured loan	S+	5.75%		12/2027	184,108		183,107	183,647
Gaylord Chemical Company, L.L.C.(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.50%		12/2027	10,648		10,635	10,605
Rocket BidCo, Inc. (dba Recochem)(3)(4)(9)(31)	First lien senior secured loan	S+	4.75%		11/2030	260,359		255,616	260,359

								546,061	549,906	7.4	%
Consumer products
Conair Holdings LLC(3)(8)	First lien senior secured loan	S+	3.75%		5/2028	12,409		11,383	6,360
Conair Holdings LLC(3)(4)(8)	Second lien senior secured loan	S+	7.50%		5/2029	161,616		158,772	72,727
Feradyne Outdoors, LLC(3)(4)(9)(28)	First lien senior secured loan	S+		6.75%	5/2028	80,768		78,196	54,518
Foundation Consumer Brands, LLC(3)(4)(9)	First lien senior secured loan	S+	5.00%		2/2029	53,171		52,705	52,906
Lignetics Investment Corp.(3)(4)(9)	First lien senior secured loan	S+	5.75%		11/2027	102,561		101,441	102,304
SWK BUYER, Inc. (dba Stonewall Kitchen)(3)(4)(9)	First lien senior secured loan	S+	5.25%		3/2029	1,456		1,419	1,412

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets
WU Holdco, Inc. (dba PurposeBuilt Brands)(3)(4)(9)	First lien senior secured loan	S+	4.75%		4/2032	94,201	93,969	94,201



							497,885	384,428	5.2	%
Containers and packaging
Arctic Holdco, LLC (dba Novvia Group)(3)(4)(9)(22)	First lien senior secured loan	S+	5.25%		1/2032	101,369	100,967	101,369
Arctic Holdco, LLC (dba Novvia Group)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.25%		1/2031	1,304	1,273	1,304
Ascend Buyer, LLC (dba PPC Flexible Packaging)(3)(4)(9)(22)	First lien senior secured loan	S+	5.25%		9/2028	72,236	71,220	72,236
Fortis Solutions Group, LLC(3)(4)(9)	First lien senior secured loan	S+	5.50%		10/2028	35,100	34,244	34,398
Fortis Solutions Group, LLC(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.30%		10/2027	1,053	1,006	981
Indigo Buyer, Inc. (dba Inovar Packaging Group)(3)(4)(9)(22)	First lien senior secured loan	S+	5.25%		5/2028	11,081	10,962	11,081
Pregis Topco LLC(3)(4)(8)	Second lien senior secured loan	S+	7.75%		8/2029	28,167	27,863	28,167
Pregis Topco LLC(3)(4)(8)	Second lien senior secured loan	S+	6.75%		8/2029	164,333	162,669	164,333
							410,204	413,869	5.6	%
Distribution
ABB/Con-cise Optical Group LLC(3)(4)(9)	First lien senior secured loan	S+	7.50%		2/2028	64,629	64,190	64,144
Endries Acquisition, Inc.(3)(4)(8)	First lien senior secured loan	S+	5.50%		12/2028	128,693	127,726	126,763
Offen, Inc.(3)(4)(9)	First lien senior secured loan	S+	5.00%		7/2030	16,308	16,157	16,145

							208,073	207,052	2.8	%
Education
Severin Acquisition, LLC (dba PowerSchool)(3)(4)(8)	First lien senior secured loan	S+	2.50%	2.25%	10/2031	1,524	1,498	1,505
Severin Acquisition, LLC (dba PowerSchool)(3)(4)(8)(22)	First lien senior secured delayed draw term loan	S+	4.75%		10/2031	66	65	64
							1,563	1,569	—	%
Energy equipment and services
Dresser Utility Solutions, LLC(3)(4)(8)	First lien senior secured loan	S+	5.25%		3/2029	79,931	79,184	79,931
							79,184	79,931	1.1	%
Financial services
Baker Tilly Advisory Group, LP(3)(4)(8)	First lien senior secured loan	S+	4.75%		6/2031	87,280	86,045	87,280
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)(3)(4)(8)(22)	First lien senior secured loan	S+	4.75%		6/2030	39,660	39,104	39,660
Continental Finance Company, LLC(3)(4)(8)	First lien senior secured loan	S+	8.00%		3/2029	7,500	7,438	7,444
Deerfield Dakota Holdings(3)(4)(9)	First lien senior secured loan	S+	3.00%	2.75%	9/2032	116,859	116,300	116,275
Finastra USA, Inc.(3)(4)(9)(31)	First lien senior secured loan	S+	7.25%		9/2029	27,688	27,466	27,896
Klarna Holding AB(3)(4)(9)(31)	Subordinated Floating Rate Notes	S+	7.00%		4/2034	1,000	1,000	1,000

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(2)(27)	Fair Value	% of Net Assets
KRIV Acquisition Inc. (dba Riveron)(3)(4)(9)(22)	First lien senior secured loan	S+	5.00%		7/2031	8,156		7,963	8,156
Minotaur Acquisition, Inc. (dba Inspira Financial)(3)(4)(8)	First lien senior secured loan	S+	5.00%		6/2030	255,802		252,824	255,802
NMI Acquisitionco, Inc. (dba Network Merchants)(3)(4)(8)	First lien senior secured loan	S+	4.50%		9/2028	47,673		47,507	47,673
Smarsh Inc.(3)(4)(9)(22)	First lien senior secured loan	S+	4.75%		2/2029	2,066		2,046	2,055
Wipfli Advisory LLC(3)(4)(9)	First lien senior secured loan	S+	4.50%		10/2032	26,231		26,168	26,155
								613,861	619,396	8.4	%
Food and beverage
Balrog Acquisition, Inc. (dba Bakemark)(3)(4)(8)	Second lien senior secured loan	S+	7.00%		9/2029	28,000		27,799	22,540
Blast Bidco Inc. (dba Bazooka Candy Brands)(3)(4)(9)	First lien senior secured loan	S+	6.00%		10/2030	37,394		36,702	37,394
BP Veraison Buyer, LLC (dba Sun World)(3)(4)(9)	First lien senior secured loan	S+	5.25%		5/2029	137,357		136,112	137,357
Eagle Family Foods Group LLC(3)(4)(10)	First lien senior secured loan	S+	5.00%		8/2030	2,427		2,395	2,427
Fiesta Purchaser, Inc. (dba Shearer's Foods)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	2.75%		2/2029	956		956	945
Gehl Foods, LLC(3)(4)(9)	First lien senior secured loan	S+		6.25%	6/2030	105,116		103,921	105,116
Hissho Parent, LLC(3)(4)(9)	First lien senior secured loan	S+	4.75%		5/2029	17,134		17,000	17,134
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(3)(4)(8)	First lien senior secured loan	S+	6.25%		3/2027	30,922		30,386	30,846
KBP Brands, LLC(3)(4)(9)	First lien senior secured loan	S+	5.50%		5/2027	1,079		1,054	1,057
Ole Smoky Distillery, LLC(3)(4)(8)	First lien senior secured loan	S+	5.50%		3/2028	851		843	806
Rushmore Investment III LLC (dba Winland Foods)(3)(4)(9)	First lien senior secured loan	S+	5.00%		10/2030	357,284		353,680	357,284
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)(3)(4)(9)(22)	First lien senior secured loan	S+	5.00%		7/2027	51,943		51,924	51,662
Vital Bidco AB (dba Vitamin Well)(3)(4)(8)(31)	First lien senior secured loan	S+	4.25%		10/2031	61,574		60,573	61,574

								823,345	826,142	11.2	%
Healthcare equipment and services
Arctic US Bidco, Inc. (dba ThermoSafe)(3)(4)(9)	First lien senior secured loan	S+	4.75%		11/2032	34,722		34,552	34,549
Bamboo US BidCo LLC(3)(4)(9)	First lien senior secured loan	S+	5.00%		9/2030	9,663		9,604	9,663
Bamboo US BidCo LLC(3)(4)(14)	First lien senior secured EUR term loan	E+	5.00%		9/2030	€	4,662	4,835	5,475
Bamboo US BidCo LLC(3)(4)(8)(22)	First lien senior secured delayed draw term loan	S+	5.06%		9/2030	856		849	856
Cambrex Corporation(3)(4)(8)(22)	First lien senior secured loan	S+	4.50%		3/2032	785		777	785
Creek Parent, Inc. (dba Catalent)(3)(4)(8)	First lien senior secured loan	S+	5.00%		12/2031	113,368		111,116	112,801

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(2)(27)	Fair Value	% of Net Assets
CSC MKG Topco LLC (dba Medical Knowledge Group)(3)(4)(8)	First lien senior secured loan	S+	5.50%		2/2029	4,955		4,855	4,955
Nelipak Holding Company(3)(4)(8)(22)	First lien senior secured revolving loan	S+	5.50%		3/2031	1,132		1,025	1,019
Nelipak Holding Company(3)(4)(9)(22)	First lien senior secured loan	S+	5.50%		3/2031	32,058		31,492	31,548
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.(3)(4)(14)	First lien senior secured EUR term loan	E+	5.50%		3/2031	€	47,237	49,629	54,645
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.(3)(4)(13)(22)	First lien senior secured EUR revolving loan	E+	5.50%		3/2031	€	301	256	296
Packaging Coordinators Midco, Inc.(3)(4)(9)	First lien senior secured loan	S+	4.75%		10/2032	157,976		156,175	157,186
Packaging Coordinators Midco, Inc.(3)(4)(19)	First lien senior secured delayed draw term loan	SA+	4.75%		10/2032	£	14,443	18,974	19,329
Packaging Coordinators Midco, Inc.(3)(4)(9)(22)	First lien senior secured delayed draw term loan	S+	4.50%		1/2032	782		775	778
Patriot Acquisition TopCo S.À R.L. (dba Corza Health, Inc.)(3)(4)(9)(22)(31)	First lien senior secured loan	S+	4.75%		1/2028	157,996		156,822	157,996
PerkinElmer U.S. LLC(3)(4)(8)	First lien senior secured loan	S+	4.75%		3/2029	25,721		25,676	25,721
Rhea Parent, Inc.(3)(4)(9)	First lien senior secured loan	S+	5.00%		12/2030	40,670		40,278	40,264
TBRS, Inc. (dba TEAM Technologies)(3)(4)(9)	First lien senior secured loan	S+	4.75%		11/2031	41,570		41,225	41,362
								688,915	699,228	9.5	%
Healthcare providers and services
Allied Benefit Systems Intermediate LLC(3)(4)(9)	First lien senior secured loan	S+	5.00%		10/2030	6,880		6,880	6,846
Belmont Buyer, Inc. (dba Valenz)(3)(4)(9)	First lien senior secured loan	S+	6.50%		6/2029	4,454		4,383	4,454
Belmont Buyer, Inc. (dba Valenz)(3)(4)(9)	First lien senior secured loan	S+	5.25%		6/2029	3,128		3,066	3,121
Bristol Hospice L.L.C.(3)(4)(9)	First lien senior secured loan	S+	5.00%		8/2032	41,993		41,791	41,993
Commander Buyer, Inc. (dba CenExel)(3)(4)(9)	First lien senior secured loan	S+	4.75%		6/2032	56,102		55,813	56,102
Confluent Health, LLC(3)(4)(8)	First lien senior secured loan	S+	5.00%		11/2028	4,913		4,790	4,434
Covetrus, Inc.(3)(4)(9)	Second lien senior secured loan	S+	9.25%		10/2030	30,000		28,902	29,025
Engage Debtco Limited(3)(4)(9)(31)	First lien senior secured loan	S+	3.18%	2.75%	7/2029	1,605		1,566	1,521
Engage Debtco Limited(3)(4)(9)(31)	First lien senior secured delayed draw term loan	S+	3.08%	2.75%	7/2029	521		509	494
EresearchTechnology, Inc. (dba Clario)(3)(4)(8)(22)	First lien senior secured loan	S+	4.75%		1/2032	102,565		101,589	102,565
Ex Vivo Parent Inc. (dba OB Hospitalist)(3)(4)(8)	First lien senior secured loan	S+		9.50%	9/2028	132,032		130,839	132,032
KABAFUSION Parent, LLC(3)(4)(9)	First lien senior secured loan	S+	4.75%		11/2031	48,613		48,020	48,613

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)(3)(4)(8)(22)	First lien senior secured loan	S+	5.00%		12/2029	121,761	120,368	121,457
Lakefield Acquisition Corp. (dba Lakefield Veterinary Group)(3)(4)(10)(22)	First lien senior secured loan	S+	4.00%		9/2030	643	639	643
Maple Acquisition, LLC (dba Medicus)(3)(4)(10)	First lien senior secured loan	S+	4.75%		5/2031	72,776	72,123	72,776
National Dentex Labs LLC (fka Barracuda Dental LLC)(3)(4)(9)(28)	First lien senior secured loan	S+		10.00%	4/2026	145,775	129,794	57,581
National Dentex Labs LLC (fka Barracuda Dental LLC)(3)(4)(9)(28)	First lien senior secured delayed draw term loan	S+		12.00%	4/2026	22,178	14,248	8,760
National Dentex Labs LLC (fka Barracuda Dental LLC)(3)(4)(9)(28)	First lien senior secured delayed draw term loan	S+		10.00%	1/2026	7,470	7,376	7,470
National Dentex Labs LLC (fka Barracuda Dental LLC)(3)(4)(9)(22)(28)	First lien senior secured revolving loan	S+	9.00%		4/2026	10,817	10,147	4,207
National Dentex Labs LLC (fka Barracuda Dental LLC)(3)(4)(9)(28)	First lien senior secured revolving loan	S+		9.00%	4/2026	806	—	318
Natural Partners, LLC(3)(4)(9)(31)	First lien senior secured loan	S+	4.50%		11/2030	7,659	7,554	7,659
OB Hospitalist Group, Inc.(3)(4)(8)	First lien senior secured loan	S+	5.25%		9/2027	164,531	162,834	164,531
Pacific BidCo Inc.(3)(4)(10)(31)	First lien senior secured loan	S+	5.75%		8/2029	48,719	47,785	48,597
PetVet Care Centers, LLC(3)(4)(8)	First lien senior secured loan	S+	6.00%		11/2030	131,005	128,858	117,905
PetVet Care Centers, LLC(3)(4)(8)(22)	First lien senior secured revolving loan	S+	6.00%		11/2029	1,830	1,630	—
Physician Partners, LLC(3)(4)(9)	First lien senior secured loan	S+	6.00%		12/2029	11,372	10,821	10,207
Physician Partners, LLC(3)(9)	First lien senior secured loan	S+	1.50%	2.50%	12/2029	6,514	4,301	3,070
Plasma Buyer LLC (dba PathGroup)(3)(4)(9)(28)	First lien senior secured loan	S+	5.75%		5/2029	1,391	1,332	1,078
Plasma Buyer LLC (dba PathGroup)(3)(4)(9)(28)	First lien senior secured delayed draw term loan	S+	6.25%		5/2029	53	49	41
Plasma Buyer LLC (dba PathGroup)(3)(4)(9)(28)	First lien senior secured revolving loan	S+	5.75%		5/2028	159	149	123
PPV Intermediate Holdings, LLC(3)(4)(9)(22)	First lien senior secured loan	S+	5.75%		8/2029	28,745	28,287	28,363
PPV Intermediate Holdings, LLC(3)(4)(9)	First lien senior secured delayed draw term loan	S+	6.00%		8/2029	1,759	1,733	1,746
Premier Imaging, LLC (dba LucidHealth)(3)(4)(9)	First lien senior secured loan	S+	3.74%	2.26%	3/2026	49,644	49,630	44,680
Premise Health Holding Corp.(3)(4)(9)	First lien senior secured loan	S+	4.50%		11/2032	78,305	77,991	77,522
Quva Pharma, Inc.(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.50%		4/2026	3,835	3,821	3,679
Quva Pharma, Inc.(3)(4)(9)	First lien senior secured loan	S+	2.75%	3.00%	4/2028	67,315	66,357	65,295
Quva Pharma, Inc.(3)(4)(9)	First lien senior secured loan	S+	2.75%	3.00%	4/2026	5,130	5,054	4,976

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(2)(27)	Fair Value	% of Net Assets
SimonMed, Inc.(3)(4)(9)(22)	First lien senior secured loan	S+	4.75%		2/2032	854		851	848
SimonMed, Inc.(3)(4)(9)(22)	First lien senior secured revolving loan	S+	4.55%		2/2031	44		43	43
Soleo Holdings, Inc.(3)(4)(9)	First lien senior secured loan	S+	4.50%		2/2032	58,948		58,683	58,948
Tivity Health, Inc.(3)(4)(8)	First lien senior secured loan	S+	5.00%		6/2029	977		969	977
Unified Women's Healthcare, LP(3)(4)(9)	First lien senior secured loan	S+	5.00%		6/2029	43,947		43,532	43,947
Unified Women's Healthcare, LP(3)(4)(8)	First lien senior secured delayed draw term loan	S+	5.00%		6/2029	17,140		16,989	17,140
Valeris, Inc. (fka Phantom Purchaser, Inc.)(3)(4)(9)	First lien senior secured loan	S+	5.00%		9/2031	42,131		41,565	42,131
Vermont Aus Pty Ltd(3)(4)(17)(31)	First lien senior secured AUD term loan	B+	4.50%		3/2028	A$	2,569	1,696	1,713
								1,545,357	1,449,631	19.6	%
Healthcare technology
BCPE Osprey Buyer, Inc. (dba PartsSource)(3)(4)(9)	First lien senior secured loan	S+	5.75%		8/2028	161,628		159,558	160,011
BCPE Osprey Buyer, Inc. (dba PartsSource)(3)(4)(8)	First lien senior secured delayed draw term loan	S+	5.75%		8/2028	35,342		34,886	34,989
BCPE Osprey Buyer, Inc. (dba PartsSource)(3)(4)(8)(22)	First lien senior secured revolving loan	S+	5.75%		8/2026	14,584		14,501	14,409
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)(3)(4)(8)(22)	First lien senior secured loan	S+	5.00%		8/2031	88,979		87,891	88,979
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)(3)(4)(8)	First lien senior secured loan	S+	4.75%		8/2031	12,910		12,848	12,845
GI Ranger Intermediate, LLC (dba Rectangle Health)(3)(4)(9)	First lien senior secured loan	S+	6.00%		10/2028	24,632		24,015	23,893
GI Ranger Intermediate, LLC (dba Rectangle Health)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	6.00%		10/2027	272		251	211
Indikami Bidco, LLC (dba IntegriChain)(3)(4)(8)	First lien senior secured loan	S+	4.00%	2.50%	12/2030	21,840		21,452	21,403
Indikami Bidco, LLC (dba IntegriChain)(3)(4)(8)	First lien senior secured delayed draw term loan	S+	6.00%		12/2030	334		334	327
Indikami Bidco, LLC (dba IntegriChain)(3)(4)(8)(22)	First lien senior secured revolving loan	S+	6.00%		6/2030	1,586		1,557	1,545
Inovalon Holdings, Inc.(3)(4)(9)	First lien senior secured loan	S+	2.75%	2.75%	11/2028	153,346		153,160	150,279
Inovalon Holdings, Inc.(3)(4)(9)	Second lien senior secured loan	S+		8.50%	11/2033	63,316		63,316	58,250
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(3)(4)(9)(31)	First lien senior secured loan	S+	6.50%		8/2026	168,668		167,605	168,668
Interoperability Bidco, Inc. (dba Lyniate)(3)(4)(9)(22)	First lien senior secured loan	S+	5.75%		3/2028	72,897		72,646	72,511
Klick Inc.(3)(4)(8)(31)	First lien senior secured loan	S+	5.00%		11/2032	71,806		71,453	71,447

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(2)(27)	Fair Value	% of Net Assets
Modernizing Medicine, Inc. (dba ModMed)(3)(4)(9)	First lien senior secured loan	S+	2.50%	2.25%	4/2032	772		765	768
RL Datix Holdings (USA), Inc.(3)(4)(10)	First lien senior secured loan	S+	5.00%		4/2031	56,403		56,404	56,403
RL Datix Holdings (USA), Inc.(3)(4)(19)	First lien senior secured GBP term loan	SA+	5.00%		4/2031	£	26,120	35,250	35,133
Salinger Bidco Inc. (dba Surgical Information Systems)(3)(4)(9)	First lien senior secured loan	S+	5.75%		8/2031	41,293		40,697	41,293
Salinger Bidco Inc. (dba Surgical Information Systems)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.75%		5/2031	333		295	333
								1,018,884	1,013,697	13.7	%
Household products
HGH Purchaser, Inc. (dba Horizon Services)(3)(4)(9)	First lien senior secured loan	S+	3.25%	3.75%	11/2028	194,861		194,123	179,760
HGH Purchaser, Inc. (dba Horizon Services)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	6.50%		11/2028	10,806		10,631	9,517
Mario Midco Holdings, Inc. (dba Len the Plumber)(3)(4)(9)	Unsecured facility	S+		10.75%	4/2032	8,873		8,673	8,429
Mario Purchaser, LLC (dba Len the Plumber)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.75%		4/2028	1,766		1,742	1,693
Mario Purchaser, LLC (dba Len the Plumber)(3)(4)(9)	First lien senior secured loan	S+	5.75%		4/2029	27,772		27,262	26,731
Sentinel Buyer Corp. (dba SimpliSafe)(3)(4)(8)	First lien senior secured loan	S+	5.00%		11/2032	40,313		39,916	39,909
								282,347	266,039	3.6	%
Human resource support services
Cornerstone OnDemand, Inc.(3)(4)(8)	Second lien senior secured loan	S+	6.50%		10/2029	160,417		153,895	144,375
IG Investments Holdings, LLC (dba Insight Global)(3)(4)(9)	First lien senior secured loan	S+	5.00%		9/2028	117,139		116,125	117,139
								270,020	261,514	3.5	%
Infrastructure and environmental services
AWP Group Holdings, Inc.(3)(4)(8)(22)	First lien senior secured loan	S+	4.50%		12/2030	967		943	957
CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.)(3)(4)(9)(22)	First lien senior secured loan	S+	5.00%		1/2031	54,882		54,273	54,882
GI Apple Midco LLC (dba Atlas Technical Consultants)(3)(4)(8)	First lien senior secured loan	S+	6.75%		4/2030	927		917	911
GI Apple Midco LLC (dba Atlas Technical Consultants)(3)(4)(8)(22)	First lien senior secured revolving loan	S+	6.75%		4/2029	50		49	48
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(3)(4)(9)(22)	First lien senior secured loan	S+	5.00%		3/2029	1,942		1,917	1,942
VCI Asset Holdings 1 LLC(3)(4)(6)(31)	First lien senior secured loan	N/A	10.00%		11/2030	90,455		89,567	89,550
Vessco Midco Holdings, LLC(3)(4)(8)	First lien senior secured loan	S+	4.50%		7/2031	45,722		45,179	45,722
Vessco Midco Holdings, LLC(3)(4)(10)	First lien senior secured loan	S+	4.50%		7/2031	14,543		14,472	14,543

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(2)(27)	Fair Value	% of Net Assets
Vessco Midco Holdings, LLC(3)(4)(9)(22)	First lien senior secured delayed draw term loan	S+	4.50%		7/2031	12,599		12,480	12,599
								219,797	221,154	3.0	%
Insurance
AmeriLife Holdings LLC(3)(4)(9)(22)	First lien senior secured loan	S+	5.00%		8/2029	13,254		13,012	13,188
AmeriLife Holdings LLC(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.00%		8/2028	167		163	162
Brightway Holdings, LLC(3)(4)(8)(22)	First lien senior secured loan	S+	5.75%		12/2027	52,568		52,031	52,568
Brightway Holdings, LLC(3)(4)(9)(22)	First lien senior secured delayed draw term loan	S+	5.75%		12/2027	17,919		17,806	17,919
Diamond Mezzanine 24 LLC (dba United Risk)(3)(4)(9)(22)	First lien senior secured loan	S+	5.00%		10/2030	24,922		24,686	24,922
Evolution BuyerCo, Inc. (dba SIAA)(3)(4)(9)	First lien senior secured loan	S+	4.75%		4/2030	941		932	941
Galway Borrower LLC(3)(4)(9)(22)	First lien senior secured delayed draw term loan	S+	4.50%		9/2028	703		698	703
Integrity Marketing Acquisition, LLC(3)(4)(9)	First lien senior secured loan	S+	5.00%		8/2028	97,956		97,027	97,956
KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners)(3)(4)(8)	First lien senior secured loan	S+		10.60%	7/2030	68,189		67,578	68,189
Norvax, LLC (dba GoHealth)(3)(4)(9)(28)	First lien senior secured loan	S+	5.50%		11/2029	2,427		2,316	1,389
Norvax, LLC (dba GoHealth)(3)(4)(9)(28)	First lien senior secured revolving loan	S+	4.50%	7.11%	8/2029	3,955		1,661	—
Simplicity Financial Marketing Group Holdings, Inc.(3)(4)(9)(22)	First lien senior secured loan	S+	4.75%		12/2031	45,877		45,270	45,877
THG Acquisition, LLC (dba Hilb)(3)(4)(8)(22)	First lien senior secured loan	S+	4.75%		10/2031	41,868		41,311	41,511
Trucordia Insurance Holdings, LLC(3)(4)(8)	Second lien senior secured loan	S+	5.75%		6/2033	150,000		148,570	149,625
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(3)(4)(8)	First lien senior secured loan	S+	5.00%		12/2029	51,975		51,589	51,975



								564,650	566,925	7.7	%
Internet software and services
AI Titan Parent, Inc. (dba Prometheus Group)(3)(4)(8)(22)	First lien senior secured loan	S+	4.50%		8/2031	7,887		7,697	7,802
AlphaSense, Inc.(3)(4)(9)	First lien senior secured loan	S+	6.25%		6/2029	707		701	705
Anaplan, Inc.(3)(4)(9)	First lien senior secured loan	S+	4.50%		6/2029	64,180		64,180	64,180
Aptean Acquiror, Inc. (dba Aptean)(3)(4)(9)	First lien senior secured loan	S+	4.75%		1/2031	19,226		18,878	19,226
Aptean Acquiror, Inc. (dba Aptean)(3)(4)(8)(22)	First lien senior secured revolving loan	S+	4.65%		1/2031	437		433	437
Armstrong Bidco Limited(3)(4)(19)(31)	First lien senior secured GBP term loan	SA+	5.25%		6/2029	£	2,960	3,591	3,961

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(2)(27)	Fair Value	% of Net Assets
Artifact Bidco, Inc. (dba Avetta)(3)(4)(9)	First lien senior secured loan	S+	4.15%		7/2031	12,011		11,911	12,011
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)(3)(4)(8)	First lien senior secured loan	S+	6.00%		3/2031	15,817		15,587	15,817
Barracuda Parent, LLC(3)(9)	First lien senior secured loan	S+	4.50%		8/2029	12,667		11,965	10,225
Bayshore Intermediate #2, L.P. (dba Boomi)(3)(4)(9)	First lien senior secured loan	S+	2.50%	3.00%	10/2028	88,925		88,701	88,925
Bayshore Intermediate #2, L.P. (dba Boomi)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.00%		10/2027	1,832		1,817	1,832
BCTO BSI Buyer, Inc. (dba Buildertrend)(3)(4)(9)	First lien senior secured loan	S+	6.50%		12/2028	70,843		70,609	70,843
BCTO WIW Holdings, Inc. (dba When I Work)(3)(4)(6)	Senior convertible notes	N/A		5.50%	8/2030	4,694		4,694	4,694
By Light Professional IT Services LLC(3)(4)(8)	First lien senior secured loan	S+	5.50%		7/2031	41,947		41,355	41,318
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(3)(4)(9)(22)	First lien senior secured loan	S+	5.50%		8/2027	22,551		22,135	22,070
CivicPlus, LLC(3)(4)(9)	First lien senior secured loan	S+	3.25%	2.75%	8/2030	70,616		70,297	70,616
CivicPlus, LLC(3)(4)(9)(22)	First lien senior secured delayed draw term loan	S+	5.50%		8/2030	9,611		9,563	9,611
Coupa Holdings, LLC(3)(4)(9)	First lien senior secured loan	S+	5.25%		2/2030	1,547		1,534	1,547
CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC)(3)(4)(10)	Unsecured notes	S+		11.75%	6/2034	21,389		21,177	21,389
Crewline Buyer, Inc. (dba New Relic)(3)(4)(9)	First lien senior secured loan	S+	6.75%		11/2030	148,219		145,888	147,108
Delinea Buyer, Inc. (f/k/a Centrify)(3)(4)(9)	First lien senior secured loan	S+	5.75%		3/2028	87,526		86,631	87,526
Denali Intermediate Holdings, Inc. (dba Dun & Bradstreet)(3)(4)(8)	First lien senior secured loan	S+	5.50%		8/2032	77,364		76,223	76,204
EET Buyer, Inc. (dba e-Emphasys)(3)(4)(9)	First lien senior secured loan	S+	5.25%		11/2027	23,187		22,920	23,187
Einstein Parent, Inc. (dba Smartsheet)(3)(4)(9)	First lien senior secured loan	S+	6.50%		1/2031	43,387		42,975	43,061
Flexera Software LLC(3)(4)(13)	First lien senior secured EUR term loan	E+	4.50%		8/2032	€	5,300	6,193	6,210
Flexera Software LLC(3)(4)(9)	First lien senior secured loan	S+	4.50%		8/2032	17,563		17,522	17,519
Granicus, Inc.(3)(4)(9)	First lien senior secured loan	S+	3.50%	2.00%	1/2031	17,873		17,648	17,873
Granicus, Inc.(3)(4)(9)	First lien senior secured delayed draw term loan	S+	3.00%	2.00%	1/2031	2,647		2,603	2,641
GS Acquisitionco, Inc. (dba insightsoftware)(3)(4)(9)(22)	First lien senior secured loan	S+	5.25%		5/2028	9,582		9,391	9,482
H&F Opportunities LUX III S.À R.L (dba Checkmarx)(3)(4)(8)(31)	First lien senior secured loan	S+	6.50%		4/2027	51,309		51,215	51,309
Hyland Software, Inc.(3)(4)(9)	First lien senior secured loan	S+	5.00%		9/2030	66,133		66,133	66,133

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(2)(27)	Fair Value	% of Net Assets
Icefall Parent, Inc. (dba EngageSmart)(3)(4)(9)	First lien senior secured loan	S+	4.50%		1/2030	4,197		4,197	4,197
JS Parent, Inc. (dba Jama Software)(3)(4)(9)	First lien senior secured loan	S+	4.75%		4/2031	900		897	900
Litera Bidco LLC(3)(4)(8)(22)	First lien senior secured loan	S+	5.00%		5/2028	161,317		160,714	161,317
MINDBODY, Inc.(3)(4)(9)	First lien senior secured loan	S+	6.00%		9/2027	62,018		61,881	62,018
Ministry Brands Holdings, LLC(3)(4)(8)	First lien senior secured loan	S+	5.50%		12/2028	11,882		11,638	11,793
Ministry Brands Holdings, LLC(3)(4)(12)(22)	First lien senior secured revolving loan	P+	4.50%		12/2027	90		84	82
PDI TA Holdings, Inc.(3)(4)(9)(22)	First lien senior secured loan	S+	5.50%		2/2031	23,128		22,675	22,832
QAD, Inc.(3)(4)(8)	First lien senior secured loan	S+	4.75%		11/2027	71,989		71,302	71,989
Securonix, Inc.(3)(4)(9)	First lien senior secured loan	S+	3.50%	3.75%	4/2029	1,760		1,652	1,589
Sitecore Holding III A/S(3)(4)(9)	First lien senior secured loan	S+	7.00%		3/2029	4,577		4,556	4,577
Sitecore Holding III A/S(3)(4)(14)	First lien senior secured EUR term loan	E+	7.00%		3/2029	€	26,396	27,819	31,001
Sitecore USA, Inc.(3)(4)(9)	First lien senior secured loan	S+	7.00%		3/2029	27,591		27,470	27,591
Spaceship Purchaser, Inc. (dba Squarespace)(3)(4)(9)	First lien senior secured loan	S+	3.75%		10/2031	12,853		12,853	12,853
Themis Solutions Inc. (dba Clio)(3)(4)(8)(31)	First lien senior secured loan	S+	1.75%	3.75%	10/2032	8,808		8,722	8,719
Thunder Purchaser, Inc. (dba Vector Solutions)(3)(4)(9)	First lien senior secured loan	S+	5.25%		6/2028	105,094		104,258	105,094
Zendesk, Inc.(3)(4)(9)	First lien senior secured loan	S+	5.00%		11/2028	109,267		107,865	109,267
								1,640,750	1,651,281	22.3	%
Leisure and entertainment
Aerosmith Bidco 1 Limited (dba Audiotonix)(3)(4)(9)(31)	First lien senior secured loan	S+	5.25%		7/2031	208,759		205,950	208,759
Eternal Buyer, LLC (dba Wedgewood Weddings)(3)(4)(8)	First lien senior secured loan	S+	4.50%		6/2032	34,913		34,748	34,738
Troon Golf, L.L.C.(3)(4)(9)(22)	First lien senior secured loan	S+	4.50%		8/2028	86,223		85,565	86,223
								326,263	329,720	4.5	%
Manufacturing
Faraday Buyer, LLC (dba MacLean Power Systems)(3)(4)(9)	First lien senior secured loan	S+	6.00%		10/2028	148,849		146,533	148,849
FR Flow Control CB LLC (dba Trillium Flow Technologies)(3)(4)(9)(31)	First lien senior secured loan	S+	5.00%		12/2029	31,581		31,257	31,581
Helix Acquisition Holdings, Inc. (dba MW Industries)(3)(4)(8)	First lien senior secured loan	S+	6.98%		3/2030	946		926	939
Loparex Midco B.V.(3)(4)(9)	First lien senior secured loan	S+	8.75%		2/2027	786		786	794
Loparex Midco B.V.(3)(4)(9)	First lien senior secured loan	S+	4.50%		7/2027	4,122		3,881	4,122

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(2)(27)	Fair Value	% of Net Assets
Loparex Midco B.V.(3)(4)(9)	Second lien senior secured loan	S+	8.75%		7/2027	112,000		109,847	97,720
Loparex Midco B.V.(3)(4)(9)	Second lien senior secured loan	S+	8.50%		7/2027	21,000		20,366	19,793
MHE Intermediate Holdings, LLC (dba OnPoint Group)(3)(4)(9)(22)	First lien senior secured loan	S+	6.00%		7/2027	106,134		105,600	103,194
MHE Intermediate Holdings, LLC (dba OnPoint Group)(3)(4)(9)	First lien senior secured loan	S+	6.25%		7/2027	2,488		2,456	2,432
Sonny's Enterprises, LLC(3)(4)(9)	First lien senior secured loan	S+	5.50%		8/2028	289,872		287,484	288,422
Sonny's Enterprises, LLC(3)(4)(9)(22)	First lien senior secured delayed draw term loan	S+	6.50%		8/2028	12,896		12,726	12,896
Sonny's Enterprises, LLC(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.50%		8/2027	9,510		9,420	9,391


								731,282	720,133	9.7	%
Pharmaceuticals
Puma Buyer, LLC (dba PANTHERx)(3)(4)(9)	First lien senior secured loan	S+	4.25%		3/2032	1,213		1,205	1,213
								1,205	1,213	—	%
Professional services
Essential Services Holding Corporation (dba Turnpoint)(3)(4)(9)	First lien senior secured loan	S+	5.00%		6/2031	25,974		25,648	25,519
Essential Services Holding Corporation (dba Turnpoint)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.00%		6/2030	1,273		1,249	1,218
Gerson Lehrman Group, Inc.(3)(4)(9)	First lien senior secured loan	S+	5.00%		12/2028	155,495		154,351	155,495
Guidehouse Inc.(3)(4)(8)	First lien senior secured loan	S+	4.75%		12/2030	49,443		48,563	48,949
Paris US Holdco, Inc. (dba Precinmac)(3)(4)(8)(22)	First lien senior secured loan	S+	4.75%		12/2031	28,900		28,492	28,819
Relativity ODA LLC(3)(4)(8)	First lien senior secured loan	S+	4.50%		5/2029	101,311		100,641	101,311
Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(9)	First lien senior secured loan	S+	6.50%		5/2028	88,237		87,944	88,237
Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(14)	First lien senior secured EUR term loan	E+	6.75%		5/2028	€	15,067	16,143	17,696
Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(9)	First lien senior secured delayed draw term loan	S+	6.94%		5/2028	1,689		1,688	1,689
Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(14)	First lien senior secured EUR delayed draw term loan	E+	7.25%		5/2028	€	343	366	403
Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(8)(22)	First lien senior secured revolving loan	S+	6.50%		5/2028	2,423		2,414	2,423
Vensure Employer Services, Inc.(3)(4)(9)	First lien senior secured loan	S+	5.00%		9/2031	1,950		1,919	1,931
								469,418	473,690	6.4	%
Specialty retail
Galls, LLC(3)(4)(9)(22)	First lien senior secured loan	S+	6.00%		3/2030	162,512		160,342	162,512
Milan Laser Holdings LLC(3)(4)(9)	First lien senior secured loan	S+	5.00%		4/2027	62,927		62,402	61,354

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units	Amortized Cost(2)(27)		Fair Value		% of Net Assets
The Shade Store, LLC(3)(4)(9)	First lien senior secured loan	S+		6.00%	10/2029	22,354	17,467		17,436





							240,211		241,302		3.3	%
Telecommunications
EOS Finco S.A.R.L(3)(9)(28)(31)	First lien senior secured loan	S+		6.00%	10/2029	39,724	22,269		9,820



							22,269		9,820		0.1	%
Transportation
Lightbeam Bidco, Inc. (dba Lazer Spot)(3)(4)(9)(22)	First lien senior secured loan	S+	4.75%		5/2030	4,789	4,786		4,789
Lytx, Inc.(3)(4)(8)	First lien senior secured loan	S+	5.00%		2/2028	71,005	71,005		71,005

							75,791		75,794		1.0	%
Total non-controlled/non-affiliated debt investments							$	13,185,418	$	12,970,432	175.3	%
Total non-controlled/non-affiliated misc. debt commitments(22)(23)(Note 8)							$	(4,758)	$	(3,039)	—	%
Total non-controlled/non-affiliated portfolio company debt investments							$	13,180,660	$	12,967,393	175.3	%

Equity Investments
Aerospace and defense
Space Exploration Technologies Corp.(3)(4)(29)(30)	Class A Common Stock	N/A			N/A	46,605	2,557		18,053
Space Exploration Technologies Corp.(3)(4)(29)(30)	Class C Common Stock	N/A			N/A	9,360	446		3,626
							3,003		21,679		0.3	%
Asset based lending and fund finance
Amergin Asset Management, LLC(3)(4)(29)(30)	Specialty finance equity investment	N/A			N/A	50,000,000	382		2,137
							382		2,137		—	%
Automotive services
CD&R Value Building Partners I, L.P. (dba Belron)(3)(5)(29)(30)(31)	LP Interest	N/A			N/A	73,986	77,334		98,478
Metis HoldCo, Inc. (dba Mavis Tire Express Services)(3)(4)(6)(30)	Series A Convertible Preferred Stock	N/A		7.00%	N/A	182,000	248,320		251,546
Percheron Horsepower-A LP (dba Big Brand Tire & Service)(3)(5)(22)(29)(30)(31)	Limited Partner Interest	N/A			N/A	1,509,287	12,207		14,517
							337,861		364,541		4.9	%
Buildings and real estate
Dodge Construction Network Holdings, L.P.(3)(4)(29)(30)	Class A-2 Common Units	N/A			N/A	2,613,518	1,920		314
Dodge Construction Network Holdings, L.P.(3)(4)(6)(30)	Series A Preferred Units	N/A		8.25%	N/A	—	50		32
							1,970		346		—	%
Business services


Hercules Buyer, LLC (dba The Vincit Group)(3)(4)(29)(30)(33)	Common Units	N/A			N/A	2,640,000	2,728		3,812
Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)(3)(4)(10)(30)	Perpetual Preferred Stock	S+		10.75%	N/A	12,600	17,375		17,318
							20,103		21,130		0.3	%
Consumer products

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets
ASP Conair Holdings LP(3)(4)(29)(30)	Class A Units	N/A			N/A	73,571	7,442	1,195
							7,442	1,195	—	%
Containers and packaging
TCB Holdings I LLC (dba TricorBraun)(3)(4)(6)(30)	Class A Preferred Units	N/A		14.00%	N/A	43,500	47,978	46,058
							47,978	46,058	0.6	%
Financial services
Blend Labs, Inc.(3)(4)(29)(30)	Warrants	N/A			N/A	179,529	975	1
Snowbird Manager LP(3)(5)(29)(30)(31)	Limited Partner Interest	N/A			N/A	786,491	4,225	4,212
							5,200	4,213	0.1	%
Food and beverage
Hissho Sushi Holdings, LLC(3)(4)(29)(30)	Class A Units	N/A			N/A	15,004	129	189
							129	189	—	%
Healthcare equipment and services
KPCI Co-Invest 2, L.P.(3)(4)(29)(30)(31)	Class A Units	N/A			N/A	851,604	8,516	8,516

Maia Aggregator, LP(3)(4)(29)(30)	Class A-2 Units	N/A			N/A	280,899	268	292
Patriot Holdings SCSp (dba Corza Health, Inc.)(3)(4)(6)(30)(31)	Class A Units	N/A		8.00%	N/A	9,739	14,030	14,020
Patriot Holdings SCSp (dba Corza Health, Inc.)(3)(4)(29)(30)(31)	Class B Units	N/A			N/A	134,107	266	975
Rhea Acquisition Holdings, LP(3)(4)(29)(30)	Series A-2 Units	N/A			N/A	238,095	260	245
							23,340	24,048	0.3	%
Healthcare providers and services
Baypine Commander Co-Invest, LP(3)(4)(29)(30)(31)	LP Interest	N/A			N/A	3,067,771	3,086	3,360
KOBHG Holdings, L.P. (dba OB Hospitalist)(3)(4)(29)(30)	Class A Interests	N/A			N/A	9,687	9,376	11,450
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)(3)(4)(29)(30)	Class A Interest	N/A			N/A	542	5,522	7,526
Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers)(3)(4)(6)(30)	Series A Preferred Stock	N/A		15.00%	N/A	15,050	19,792	16,763
XOMA Corporation(3)(4)(29)(30)	Warrants	N/A			N/A	36,000	269	346
							38,045	39,445	0.5	%
Healthcare technology
BEHP Co-Investor II, L.P.(3)(4)(29)(30)(31)	LP Interest	N/A			N/A	1,269,969	823	1,834
Minerva Holdco, Inc.(3)(4)(6)(30)	Senior A Preferred Stock	N/A		10.75%	N/A	9,000	13,460	13,558
ModMed Software Midco Holdings, Inc. (dba ModMed)(3)(4)(6)(30)	Series A Preferred Units	N/A		13.00%	N/A	170	181	182
WP Irving Co-Invest, L.P.(3)(4)(29)(30)(31)	Partnership Units	N/A			N/A	1,250,000	729	1,805
							15,193	17,379	0.2	%
Household products

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(2)(27)	Fair Value	% of Net Assets
Rome Topco Holdings, LLC (dba SimpliSafe)(3)(4)(29)(30)	Class A Units	N/A			N/A	1,955		1,955	1,955
Rome Topco Holdings, LLC (dba SimpliSafe)(3)(4)(29)(30)	Class B Units	N/A			N/A	1,954,656		—	—
								1,955	1,955	—	%
Human resource support services
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)(3)(4)(6)(30)	Series A Preferred Stock	N/A		10.50%	N/A	51,250		75,162	66,872
								75,162	66,872	0.9	%
Infrastructure and environmental services
Valor Compute Infrastructure L.P.(3)(4)(22)(29)(30)(31)	LP Interest	N/A			N/A	$	1,583	1,583	1,583
VCI Intermediate TopCo 1 LLC(3)(4)(29)(30)(31)	Class B Units	N/A			N/A	$	4,523	4,524	4,522
								6,107	6,105	0.1	%
Insurance
Accelerate Topco Holdings, LLC(3)(4)(29)(30)	Common Units	N/A			N/A	5,641		254	249
Evolution Parent, LP (dba SIAA)(3)(4)(29)(30)	LP Interest	N/A			N/A	51,757		5,279	6,685
GoHealth, Inc.(3)(4)(29)(30)	Common stock	N/A			N/A	33,357		186	—
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)(3)(4)(29)(30)	LP Interest	N/A			N/A	124,940		1,253	1,312
Hockey Parent Holdings, L.P.(3)(4)(29)(30)	Class A Common Units	N/A			N/A	17,500		18,225	22,045
PCF Holdco, LLC (dba Trucordia)(3)(4)(29)(30)	Warrants	N/A			N/A	1,624,016		5,437	4,270
PCF Holdco, LLC (dba Trucordia)(3)(4)(6)(30)	Preferred equity	N/A		14.00%	N/A	20,983		24,397	31,060
								55,031	65,621	0.9	%
Internet software and services
AlphaSense, LLC(3)(4)(29)(30)	Series E Preferred Shares	N/A			N/A	16,929		153	211
Bird Holding B.V. (fka MessageBird Holding B.V.)(3)(4)(29)(30)(31)	Extended Series C Warrants	N/A			N/A	148,430		790	166
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(3)(4)(29)(30)	Common Units	N/A			N/A	9,233,282		10,049	15,495
Elliott Alto Co-Investor Aggregator L.P.(3)(4)(29)(30)(31)	LP Interest	N/A			N/A	6,007		7,542	13,787
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)(3)(4)(29)(30)(31)	LP Interest	N/A			N/A	—		1,817	2,255
Nscale Global Holdings Limited(3)(4)(29)(30)(31)	Series B Preferred Shares	N/A			N/A	9,657		3,669	3,669
Nscale Global Holdings Limited(3)(4)(29)(30)(31)	Preferred equity	N/A			N/A	5,502		5,502	5,502
Project Alpine Co-Invest Fund, LP(3)(4)(29)(30)(31)	LP Interest	N/A			N/A	12,000		12,582	15,759

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units	Amortized Cost(2)(27)		Fair Value		% of Net Assets
Project Hotel California Co-Invest Fund, L.P.(3)(29)(30)(31)	LP Interest	N/A			N/A	4,027	4,182		6,555
Thunder Topco L.P. (dba Vector Solutions)(3)(4)(29)(30)	Common Units	N/A			N/A	5,968,267	6,324		7,100
VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.)(3)(4)(6)(30)	Series A Preferred Stock	N/A		12.00%	N/A	21,250	27,761		31,440
WMC Bidco, Inc. (dba West Monroe)(3)(4)(6)(30)	Senior Preferred Stock	N/A		11.25%	N/A	50,077	77,502		78,491
Zoro TopCo, L.P.(3)(4)(29)(30)	Class A Common Units	N/A			N/A	1,064,900	10,830		11,952
Zoro TopCo, Inc.(3)(4)(9)(30)	Series A Preferred Equity	S+		9.50%	N/A	4,222	6,119		6,275

							174,822		198,657		2.7	%
Manufacturing
Gloves Holdings, LP (dba Protective Industrial Products)(3)(4)(29)(30)	LP Interest	N/A			N/A	48,099	5,395		7,455

Windows Entities(3)(4)(30)(31)(32)	LLC Units	N/A			N/A	31,844	60,319		138,637
							65,714		146,092		2.0	%
Total non-controlled/non-affiliated portfolio company equity investments							$	879,437	$	1,027,662	13.9	%
Total non-controlled/non-affiliated portfolio company investments							$	14,060,097	$	13,995,055	189.2	%

Non-controlled/affiliated portfolio company investments
Debt Investments(7)
Education
Pluralsight, LLC(3)(4)(9)(24)	First lien senior secured loan	S+	3.00%	1.50%	8/2029	23,187	23,110		22,723
Pluralsight, LLC(3)(4)(9)(24)(28)	First lien senior secured loan	S+		7.50%	8/2029	26,609	25,749		21,753
							48,859		44,476		0.6	%
Specialty retail
Ideal Image Development, LLC(3)(4)(9)(22)(24)(28)	First lien senior secured loan	S+		6.50%	2/2029	11,840	10,695		—
Ideal Image Development, LLC(3)(4)(9)(22)(24)(28)	First lien senior secured revolving loan	S+	6.00%		2/2029	2,382	2,255		1,398
							12,950		1,398		—	%
Total non-controlled/affiliated debt investments							61,809		45,874		0.6	%
Total non-controlled/affiliated misc. debt commitments(22)(23)(Note 8)							$	—	$	(266)	—	%
Total non-controlled/affiliated portfolio company debt investments							$	61,809	$	45,608	0.6	%

Equity Investments
Asset based lending and fund finance
Blue Owl Cross-Strategy Opportunities 2025-1 LLC (fka Blue Owl Cross-Strategy Opportunities LLC)(3)(5)(24)(26)(30)(31)(34)	Specialty finance equity investment	N/A			N/A	62,042	62,042		61,927
							62,042		61,927		0.8	%
Education

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units	Amortized Cost(2)(27)		Fair Value		% of Net Assets
Paradigmatic Holdco LLC (dba Pluralsight)(3)(4)(24)(29)(30)	Common stock	N/A			N/A	7,619,079	20,149		—
							20,149		—		—	%
Pharmaceuticals
LSI Financing 1 DAC(3)(4)(24)(30)(31)	Specialty finance equity investment	N/A			N/A	6,748	6,785		6,657
							6,785		6,657		0.1	%
Specialty retail
Ideal Topco, L.P.(3)(4)(24)(29)(30)	Class A-2 Common Units	N/A			N/A	10,365,854	—		—
Ideal Topco, L.P.(3)(4)(24)(29)(30)	Class A-1 Preferred Units	N/A			N/A	25,914,634	25,293		—
							25,293		—		—	%
Total non-controlled/affiliated equity portfolio company investments							$	114,269	$	68,584	0.9	%
Total non-controlled/affiliated portfolio company investments							$	176,078	$	114,192	1.5	%

Controlled/affiliated portfolio company investments
Debt Investments(7)
Advertising and media
Swipe Acquisition Corporation (dba PLI)(3)(4)(8)(24)	First lien senior secured loan	S+	8.00%		11/2027	72,529	72,501		72,529
Swipe Acquisition Corporation (dba PLI)(3)(4)(8)(22)(24)	First lien senior secured loan	S+	5.00%		11/2027	42,489	42,256		42,382
							114,757		114,911		1.6	%
Asset based lending and fund finance
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(3)(4)(6)(24)(31)	Specialty finance debt investment	N/A		12.00%	7/2030	68,514	68,385		68,514
AAM Series 2.1 Aviation Feeder, LLC(3)(4)(6)(24)(31)	Specialty finance debt investment	N/A		12.00%	11/2030	88,783	88,619		88,783
							157,004		157,297		2.1	%
Distribution
PS Operating Company LLC (fka QC Supply, LLC)(4)(9)(24)(28)	First lien senior secured loan	S+		6.26%	12/2026	16,985	13,366		4,161
PS Operating Company LLC (fka QC Supply, LLC)(4)(9)(22)(24)(28)	First lien senior secured revolving loan	S+	6.00%		12/2026	4,594	3,513		(7)
							16,879		4,154		0.1	%
Household products
Walker Edison Furniture Company LLC(3)(4)(9)(22)(24)(28)	First lien senior secured loan	S+		6.75%	3/2027	51,391	25,259		483
Walker Edison Furniture Company LLC(3)(4)(6)(22)(24)(28)	First lien senior secured loan	N/A	10.00%		2/2026	14,537	14,188		14,648
Walker Edison Furniture Company LLC(3)(4)(9)(22)(24)(28)	First lien senior secured revolving loan	S+		6.25%	3/2027	14,575	13,355		—
							52,802		15,131		0.2	%
Infrastructure and environmental services
Eagle Infrastructure Services, LLC(4)(9)(24)	First lien senior secured loan	S+	7.50%		4/2028	87,138	86,239		87,138

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units	Amortized Cost(2)(27)		Fair Value		% of Net Assets
							86,239		87,138		1.2	%
Specialty retail
Notorious Holdings LLC (dba Beauty Industry Group)(3)(4)(9)(24)	First lien senior secured loan	S+		9.00%	12/2031	20,641	20,436		20,435
Notorious Topco, LLC (dba Beauty Industry Group)(3)(4)(9)(24)	First lien senior secured loan	S+		7.25%	12/2030	43,003	42,815		42,788
							63,251		63,223		0.9	%
Total controlled/affiliated debt portfolio company investments							$	490,932	$	441,854	6.0	%
Total controlled/affiliated misc. debt commitments(22)(23)(Note 8)							(44)		(87)		—	%
Total controlled/affiliated debt portfolio company investments							$	490,888	$	441,767	6.0	%

Equity Investments
Advertising and media
New PLI Holdings, LLC (dba PLI)(3)(4)(24)(29)(30)	Class A Common Units	N/A			N/A	86,745	48,007		87,401
							48,007		87,401		1.2	%
Asset based lending and fund finance
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(3)(4)(22)(24)(29)(30)(31)	Specialty finance equity investment	N/A			N/A	30,937	31,431		40,556
AAM Series 2.1 Aviation Feeder, LLC(3)(4)(24)(29)(30)(31)	Specialty finance equity investment	N/A			N/A	34,308	35,325		54,374
Wingspire Capital Holdings LLC(3)(4)(22)(24)(26)(30)	Specialty finance equity investment	N/A			N/A	501,000	500,552		607,284
							567,308		702,214		9.5	%
Distribution
PS Op Holdings LLC (fka QC Supply, LLC)(4)(24)(29)(30)	Class A Common Units	N/A			N/A	248,271	4,300		—
							4,300		—		—	%
Household products
Walker Edison Holdco LLC(3)(4)(24)(29)(30)	Common Units	N/A			N/A	318,823	23,762		—
							23,762		—		—	%
Infrastructure and environmental services
Eagle Infrastructure Services, LLC(4)(24)(29)(30)	Common Units	N/A			N/A	576,276	24,058		58,384
							24,058		58,384		0.8	%
Insurance
Fifth Season Investments LLC(3)(4)(24)(30)	Specialty finance equity investment	N/A			N/A	36	364,593		403,170
							364,593		403,170		5.5	%
Joint ventures
Blue Owl Credit SLF LLC(3)(5)(24)(26)(30)(31)	LLC Interest	N/A			N/A	421,348	421,353		415,248
Blue Owl Leasing LLC(3)(5)(24)(26)(29)(30)(31)	LLC Interest	N/A			N/A	860	860		857
							422,213		416,105		5.6	%
Pharmaceuticals
LSI Financing LLC(3)(5)(22)(24)(30)(31)	Specialty finance equity investment	N/A			N/A	194,833	194,504		210,634

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units	Amortized Cost(2)(27)		Fair Value		% of Net Assets
							194,504		210,634		2.8	%
Specialty retail
Notorious Purchaser II, Inc. (dba Beauty Industry Group)(3)(4)(24)(29)(30)	Class B Common Stock	N/A			N/A	3,440	41,971		41,971
							41,971		41,971		0.6	%
Total controlled/affiliated equity company investments							$	1,690,716	$	1,919,879	26.0	%
Total controlled/affiliated portfolio company investments							$	2,181,604	$	2,361,646	31.9	%
Total Investments							$	16,417,779	$	16,470,893	222.7	%


Interest Rate Swaps as of December 31, 2025
	Company Receives	Company Pays	Maturity Date	Notional Amount		Fair Value		Upfront Payments/Receipts		Change in Unrealized Appreciation / (Depreciation)		Hedged Instrument	Footnote Reference
Interest rate swap	2.63%	S + 1.769%	1/15/2027	$	500,000	$	(13,370)	$	—	$	18,461	2027 Notes	Notes 5 and 7
Interest rate swap	5.95%	S + 2.255%	2/15/2029	600,000		3,645		—		8,799		2029 Notes	Notes 5 and 7
Interest rate swap	5.95%	S + 1.922%	2/15/2029	400,000		7,185		—		8,441		2029 Notes	Notes 5 and 7
Interest rate swap	6.20%	S + 2.392%	7/15/2030	500,000		5,663		—		5,663		2030 Notes	Notes 5 and 7
Total				$	2,000,000	$	3,123			$	41,364


	Forward Contracts as of December 31, 2025
	Notional Amount to be Purchased		Notional Amount to be Sold		Counterparty	Settlement Date	Change in Unrealized Appreciation / (Depreciation)
Foreign currency forward contract	$	126,248	£	94,190	Goldman Sachs Bank USA	1/20/2026	$	(668)
Foreign currency forward contract	$	19,549	£	14,775	SMBC	1/20/2026	(359)
Foreign currency forward contract	$	247,528	€	208,670	Goldman Sachs Bank USA	7/17/2026	256
Foreign currency forward contract	$	6,296	€	5,301	SMBC	7/17/2026	15
Foreign currency forward contract	$	1,685	A$	2,580	Goldman Sachs Bank USA	1/20/2026	(37)
Total							$	(793)

_______________

(1)Certain portfolio company investments are subject to contractual restrictions on sales. Refer to footnote 30 for additional information on the Company’s restricted securities.

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

(4)These investments were valued using unobservable inputs and are considered Level 3 investments.

(5)Investment measured at NAV.

(6)Investment contains a fixed-rate structure.

(8)The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2025 was 3.69%.

(9)The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2025 was 3.65%.

(10)The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2025 was 3.57%.

(11)Reserved.

(12)The interest rate on these loans is subject to Prime, which as of December 31, 2025 was 6.75%.

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)

(13)The interest rate on this loan is subject to 1 month EURIBOR, which as of December 31, 2025 was 1.94%.

(14)The interest rate on this loan is subject to 3 month EURIBOR, which as of December 31, 2025 was 2.03%.

(15)Reserved.

(16)Reserved.

(17)The interest rate on this loan is subject to 3 month BBSY, which as of December 31, 2025 was 3.74%.

(18)Reserved.

(19)The interest rate on this loan is subject to SONIA, which as of December 31, 2025 was 3.73%.

(20)Reserved.

(21)Reserved.

(22)Position or portion thereof is a partially unfunded debt or equity commitment. See “Note 8 — Commitments and Contingencies.”


					Unfunded
Company	Commitment Type	Commitment Expiration Date	Funded Commitment		Commitment		Fair Value(23)
Non-controlled/non-affiliated - debt commitments
Aerosmith Bidco 1 Limited (dba Audiotonix)	First lien senior secured delayed draw term loan	7/2027	$	—	$	76,215	$	—
AI Titan Parent, Inc. (dba Prometheus Group)	First lien senior secured delayed draw term loan	9/2026	340		1,170		—
AlphaSense, Inc.	First lien senior secured delayed draw term loan	6/2029	—		143		—
AmeriLife Holdings LLC	First lien senior secured delayed draw term loan	6/2026	1,895		87		—
Arctic Holdco, LLC (dba Novvia Group)	First lien senior secured delayed draw term loan	1/2027	6,688		4,130		—
Arctic US Bidco, Inc. (dba ThermoSafe)	First lien senior secured delayed draw term loan	11/2027	—		20,833		(52)
Artifact Bidco, Inc. (dba Avetta)	First lien senior secured delayed draw term loan	7/2027	—		2,940		—
Associations, Inc.	First lien senior secured delayed draw term loan	7/2028	14,458		19,280		—
Bamboo US BidCo LLC	First lien senior secured delayed draw term loan	11/2026	856		173		—
Brightway Holdings, LLC	First lien senior secured delayed draw term loan	1/2027	17,919		5,684		—
Cambrex Corporation	First lien senior secured delayed draw term loan	3/2027	—		117		—
Cambrex Corporation	First lien senior secured delayed draw term loan	9/2026	—		219		—
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)	First lien senior secured delayed draw term loan	6/2026	2,010		2,463		—
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)	First lien senior secured delayed draw term loan	1/2027	112		8,843		—
CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.)	First lien senior secured delayed draw term loan	9/2027	510		8,827		—
CivicPlus, LLC	First lien senior secured delayed draw term loan	5/2027	9,611		6,679		—
CMG HoldCo, LLC (dba Crete United)	First lien senior secured delayed draw term loan	7/2027	429		850		(1)
Commander Buyer, Inc. (dba CenExel)	First lien senior secured delayed draw term loan	6/2027	—		15,339		—
Coupa Holdings, LLC	First lien senior secured delayed draw term loan	6/2027	—		140		—
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)	First lien senior secured delayed draw term loan	7/2027	600		2,462		—
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)	First lien senior secured delayed draw term loan	8/2027	—		740		(4)
DCG ACQUISITION CORP. (dba DuBois Chemical)	First lien senior secured delayed draw term loan	6/2026	8,636		3,532		—

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


				Unfunded
Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Commitment	Fair Value(23)
DuraServ LLC	First lien senior secured delayed draw term loan	11/2027	—	29,004	(145)
EresearchTechnology, Inc. (dba Clario)	First lien senior secured delayed draw term loan	1/2027	2,272	13,957	—
Essential Services Holding Corporation (dba Turnpoint)	First lien senior secured delayed draw term loan	6/2026	—	5,093	(64)
Eternal Buyer, LLC (dba Wedgewood Weddings)	First lien senior secured delayed draw term loan	6/2027	—	7,000	—
FR Flow Control CB LLC (dba Trillium Flow Technologies)	First lien senior secured delayed draw term loan	6/2026	—	6,380	—
Galls, LLC	First lien senior secured delayed draw term loan	3/2026	34,080	6,752	—
Galway Borrower LLC	First lien senior secured delayed draw term loan	7/2026	634	2,471	—
GS Acquisitionco, Inc. (dba insightsoftware)	First lien senior secured delayed draw term loan	5/2027	—	888	(7)
GS Acquisitionco, Inc. (dba insightsoftware)	First lien senior secured delayed draw term loan	3/2026	121	204	—
Hercules Borrower, LLC (dba The Vincit Group)	First lien senior secured delayed draw term loan	12/2028	—	6,996	—
Horizon Avionics Buyer, LLC (dba Acron Aviation)	First lien senior secured delayed draw term loan	11/2027	—	6,410	(16)
Indigo Buyer, Inc. (dba Inovar Packaging Group)	First lien senior secured delayed draw term loan	7/2026	2,452	4,522	—
Integrity Marketing Acquisition, LLC	First lien senior secured delayed draw term loan	8/2026	—	6,224	—
Interoperability Bidco, Inc. (dba Lyniate)	First lien senior secured delayed draw term loan	6/2026	—	4,762	(24)
Klick Inc.	First lien senior secured delayed draw term loan	11/2027	—	7,659	(19)
KRIV Acquisition Inc. (dba Riveron)	First lien senior secured delayed draw term loan	9/2027	—	1,655	—
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)	First lien senior secured delayed draw term loan	8/2027	44,410	1,001	—
Lakefield Acquisition Corp. (dba Lakefield Veterinary Group)	First lien senior secured delayed draw term loan	9/2026	83	317	—
Lightbeam Bidco, Inc. (dba Lazer Spot)	First lien senior secured delayed draw term loan	12/2027	356	498	—
Litera Bidco LLC	First lien senior secured delayed draw term loan	11/2026	32,993	2,908	—
Litera Bidco LLC	First lien senior secured delayed draw term loan	5/2027	—	15,101	—
MAJCO LLC (dba Big Brand Tire & Service)	First lien senior secured delayed draw term loan	9/2027	7,204	29,586	—
Maple Acquisition, LLC (dba Medicus)	First lien senior secured delayed draw term loan	5/2026	—	16,172	—
Monotype Imaging Holdings Inc.	First lien senior secured delayed draw term loan	2/2026	3,214	9,308	—
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.	First lien senior secured EUR delayed draw term loan	3/2027	—	21,742	(178)
Nelipak Holding Company	First lien senior secured delayed draw term loan	3/2027	6,262	3,848	—
Packaging Coordinators Midco, Inc.	First lien senior secured delayed draw term loan	4/2026	782	2,324	—
Packaging Coordinators Midco, Inc.	First lien senior secured delayed draw term loan	4/2026	—	21,550	—
Paris US Holdco, Inc. (dba Precinmac)	First lien senior secured delayed draw term loan	12/2026	—	7,442	—
PerkinElmer U.S. LLC	First lien senior secured delayed draw term loan	10/2027	—	4,907	—

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


				Unfunded
Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Commitment	Fair Value(23)
Premise Health Holding Corp.	First lien senior secured delayed draw term loan	11/2027	—	6,932	(35)
RL Datix Holdings (USA), Inc.	First lien senior secured delayed draw term loan	4/2027	—	12,722	—
Salinger Bidco Inc. (dba Surgical Information Systems)	First lien senior secured delayed draw term loan	8/2026	—	3,996	—
Sentinel Buyer Corp. (dba SimpliSafe)	First lien senior secured delayed draw term loan	11/2027	—	3,358	(17)
Severin Acquisition, LLC (dba PowerSchool)	First lien senior secured delayed draw term loan	10/2027	66	248	—
SimonMed, Inc.	First lien senior secured delayed draw term loan	2/2027	101	44	—
Simplicity Financial Marketing Group Holdings, Inc.	First lien senior secured delayed draw term loan	12/2026	5,202	5,702	—
Smarsh Inc.	First lien senior secured delayed draw term loan	1/2027	—	373	—
Soleo Holdings, Inc.	First lien senior secured delayed draw term loan	2/2027	—	8,651	—
Sonny's Enterprises, LLC	First lien senior secured delayed draw term loan	6/2027	12,896	14,737	—
Spaceship Purchaser, Inc. (dba Squarespace)	First lien senior secured delayed draw term loan	10/2027	—	2,492	—
Spotless Brands, LLC	First lien senior secured delayed draw term loan	3/2027	4,261	25,239	—
STS PARENT, LLC (dba STS Aviation Group)	First lien senior secured delayed draw term loan	10/2026	—	32,025	(160)
Tamarack Intermediate, L.L.C. (dba Verisk 3E)	First lien senior secured delayed draw term loan	7/2027	140	337	—
TBRS, Inc. (dba TEAM Technologies)	First lien senior secured delayed draw term loan	11/2026	—	4,887	—
Themis Solutions Inc. (dba Clio)	First lien senior secured delayed draw term loan	10/2027	—	3,750	(38)
THG Acquisition, LLC (dba Hilb)	First lien senior secured delayed draw term loan	10/2026	2,526	6,172	—
Troon Golf, L.L.C.	First lien senior secured delayed draw term loan	9/2026	6,185	6,248	—
Unified Women's Healthcare, LP	First lien senior secured delayed draw term loan	9/2027	—	3,086	—
Vensure Employer Services, Inc.	First lien senior secured delayed draw term loan	9/2026	—	31	—
Vessco Midco Holdings, LLC	First lien senior secured delayed draw term loan	7/2026	12,599	2,642	—
Vessco Midco Holdings, LLC	First lien senior secured delayed draw term loan	5/2028	—	14,139	—
Wipfli Advisory LLC	First lien senior secured delayed draw term loan	4/2028	—	9,837	(14)
Wrench Group LLC	First lien senior secured delayed draw term loan	9/2027	—	13,728	—
WU Holdco, Inc. (dba PurposeBuilt Brands)	First lien senior secured delayed draw term loan	4/2027	—	22,823	—
Zendesk, Inc.	First lien senior secured delayed draw term loan	5/2026	—	7,963	—
Aerosmith Bidco 1 Limited (dba Audiotonix)	First lien senior secured revolving loan	7/2030	—	32,230	—
AI Titan Parent, Inc. (dba Prometheus Group)	First lien senior secured revolving loan	8/2031	—	943	(9)
AmeriLife Holdings LLC	First lien senior secured revolving loan	8/2028	167	833	—
Anaplan, Inc.	First lien senior secured revolving loan	6/2028	—	11,667	—

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


				Unfunded
Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Commitment	Fair Value(23)
Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC)*	First lien senior secured revolving loan	7/2027	3,554	—	—
Aptean Acquiror, Inc. (dba Aptean)	First lien senior secured revolving loan	1/2031	437	1,092	—
Arctic US Bidco, Inc. (dba ThermoSafe)	First lien senior secured multi-currency revolving loan	11/2032	—	6,944	(35)
Arctic Holdco, LLC (dba Novvia Group)	First lien senior secured revolving loan	1/2031	1,304	5,941	—
Artifact Bidco, Inc. (dba Avetta)	First lien senior secured revolving loan	7/2030	—	2,100	—
Ascend Buyer, LLC (dba PPC Flexible Packaging)	First lien senior secured revolving loan	9/2028	1,140	7,004	—
Associations, Inc.	First lien senior secured revolving loan	7/2028	—	27,139	—
AWP Group Holdings, Inc.	First lien senior secured revolving loan	12/2030	60	66	—
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)	First lien senior secured revolving loan	3/2031	—	1,758	—
Baker Tilly Advisory Group, LP	First lien senior secured revolving loan	6/2030	—	16,190	—
Bamboo US BidCo LLC	First lien senior secured revolving loan	10/2029	—	1,538	—
Bayshore Intermediate #2, L.P. (dba Boomi)	First lien senior secured revolving loan	10/2027	1,832	5,555	—
BCPE Osprey Buyer, Inc. (dba PartsSource)	First lien senior secured revolving loan	8/2026	14,584	2,917	—
BCTO BSI Buyer, Inc. (dba Buildertrend)	First lien senior secured revolving loan	12/2028	—	9,563	—
Belmont Buyer, Inc. (dba Valenz)	First lien senior secured revolving loan	6/2029	—	436	—
Blast Bidco Inc. (dba Bazooka Candy Brands)	First lien senior secured revolving loan	10/2029	—	4,440	—
BP Veraison Buyer, LLC (dba Sun World)	First lien senior secured revolving loan	5/2029	—	27,932	—
Bristol Hospice L.L.C.	First lien senior secured revolving loan	8/2032	—	4,007	—
Brightway Holdings, LLC	First lien senior secured revolving loan	12/2027	1,739	3,524	—
By Light Professional IT Services LLC	First lien senior secured revolving loan	7/2031	—	3,178	(48)
Cambrex Corporation	First lien senior secured revolving loan	3/2032	6	96	—
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)	First lien senior secured revolving loan	8/2027	205	1,469	—
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)	First lien senior secured revolving loan	6/2029	—	2,239	—
CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.)	First lien senior secured revolving loan	1/2030	—	3,112	—
CivicPlus, LLC	First lien senior secured revolving loan	8/2030	—	4,887	—
CMG HoldCo, LLC (dba Crete United)	First lien senior secured revolving loan	11/2030	—	281	(1)
Commander Buyer, Inc. (dba CenExel)	First lien senior secured revolving loan	6/2032	—	10,226	—
Coupa Holdings, LLC	First lien senior secured revolving loan	2/2029	—	107	—
Creek Parent, Inc. (dba Catalent)	First lien senior secured revolving loan	12/2031	—	16,401	(82)
Crewline Buyer, Inc. (dba New Relic)	First lien senior secured revolving loan	11/2030	—	14,870	(112)
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)	First lien senior secured revolving loan	8/2031	—	7,663	—
DCG ACQUISITION CORP. (dba DuBois Chemical)	First lien senior secured revolving loan	6/2031	—	12,168	(122)
Deerfield Dakota Holdings	First lien senior secured revolving loan	9/2032	—	10,864	(54)
Delinea Buyer, Inc. (f/k/a Centrify)	First lien senior secured revolving loan	3/2027	—	6,817	—
Denali Intermediate Holdings, Inc. (dba Dun & Bradstreet)	First lien senior secured revolving loan	8/2032	—	7,736	(116)

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


				Unfunded
Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Commitment	Fair Value(23)
Diamond Mezzanine 24 LLC (dba United Risk)	First lien senior secured revolving loan	10/2030	380	808	—
Dresser Utility Solutions, LLC	First lien senior secured revolving loan	3/2029	—	9,481	—
DuraServ LLC	First lien senior secured revolving loan	6/2030	2,397	15,579	—
Eagle Family Foods Group LLC	First lien senior secured revolving loan	8/2030	—	303	—
EET Buyer, Inc. (dba e-Emphasys)	First lien senior secured revolving loan	11/2027	—	2,409	—
Einstein Parent, Inc. (dba Smartsheet)	First lien senior secured revolving loan	1/2031	—	4,488	(34)
Essential Services Holding Corporation (dba Turnpoint)	First lien senior secured revolving loan	6/2030	1,273	1,910	—
EresearchTechnology, Inc. (dba Clario)	First lien senior secured revolving loan	10/2031	—	8,114	—
Eternal Buyer, LLC (dba Wedgewood Weddings)	First lien senior secured revolving loan	6/2032	—	7,000	(35)
Evolution BuyerCo, Inc. (dba SIAA)	First lien senior secured revolving loan	4/2030	—	52	—
Fiesta Purchaser, Inc. (dba Shearer's Foods)	First lien senior secured revolving loan	2/2029	956	7,241	—
Flexera Software LLC	First lien senior secured revolving loan	8/2032	—	1,348	(3)
Fortis Solutions Group, LLC	First lien senior secured revolving loan	10/2027	1,053	2,557	—
Foundation Consumer Brands, LLC	First lien senior secured revolving loan	2/2029	—	4,791	(24)
FR Flow Control CB LLC (dba Trillium Flow Technologies)	First lien senior secured revolving loan	12/2029	—	5,220	—
Gainsight, Inc.	First lien senior secured revolving loan	7/2027	—	4,537	—
Galls, LLC	First lien senior secured revolving loan	3/2030	5,320	11,048	—
Galway Borrower LLC	First lien senior secured revolving loan	9/2028	69	323	—
Gaylord Chemical Company, L.L.C.	First lien senior secured revolving loan	12/2027	10,648	6,526	—
Gerson Lehrman Group, Inc.	First lien senior secured revolving loan	12/2028	—	7,891	—
GI Apple Midco LLC (dba Atlas Technical Consultants)	First lien senior secured revolving loan	4/2029	50	61	—
GI Ranger Intermediate, LLC (dba Rectangle Health)	First lien senior secured revolving loan	10/2027	272	1,770	—
Granicus, Inc.	First lien senior secured revolving loan	1/2031	—	2,467	—
GS Acquisitionco, Inc. (dba insightsoftware)	First lien senior secured revolving loan	5/2028	92	156	—
H&F Opportunities LUX III S.À R.L (dba Checkmarx)	First lien senior secured revolving loan	4/2027	—	16,250	—
Hercules Borrower, LLC (dba The Vincit Group)	First lien senior secured revolving loan	12/2028	—	10,835	—
Horizon Avionics Buyer, LLC (dba Acron Aviation)	First lien senior secured revolving loan	3/2032	628	2,577	—
HGH Purchaser, Inc. (dba Horizon Services)	First lien senior secured revolving loan	11/2028	10,806	5,825	—
Hissho Parent, LLC	First lien senior secured revolving loan	5/2029	—	2,379	—
Hyland Software, Inc.	First lien senior secured revolving loan	9/2029	—	3,198	—
Icefall Parent, Inc. (dba EngageSmart)	First lien senior secured revolving loan	1/2030	—	511	—
IG Investments Holdings, LLC (dba Insight Global)	First lien senior secured revolving loan	9/2028	—	12,513	—
Indigo Buyer, Inc. (dba Inovar Packaging Group)	First lien senior secured revolving loan	5/2028	—	200	—
Indikami Bidco, LLC (dba IntegriChain)	First lien senior secured revolving loan	6/2030	1,586	501	—
Integrity Marketing Acquisition, LLC	First lien senior secured revolving loan	8/2028	—	4,623	—

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


				Unfunded
Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Commitment	Fair Value(23)
Interoperability Bidco, Inc. (dba Lyniate)	First lien senior secured revolving loan	3/2028	1,128	4,513	—
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)*	First lien senior secured revolving loan	8/2026	11,175	—	—
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))	First lien senior secured revolving loan	12/2028	—	4,007	—
JS Parent, Inc. (dba Jama Software)	First lien senior secured revolving loan	4/2031	—	88	—
KABAFUSION Parent, LLC	First lien senior secured revolving loan	11/2031	—	3,889	—
Klick Inc.	First lien senior secured revolving loan	11/2031	—	7,659	(38)
KRIV Acquisition Inc. (dba Riveron)	First lien senior secured revolving loan	7/2031	114	1,333	—
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)	First lien senior secured revolving loan	12/2029	—	16,029	(40)
Lakefield Acquisition Corp. (dba Lakefield Veterinary Group)	First lien senior secured revolving loan	9/2029	—	67	—
Lightbeam Bidco, Inc. (dba Lazer Spot)	First lien senior secured revolving loan	5/2029	—	476	—
Lignetics Investment Corp.	First lien senior secured revolving loan	10/2026	—	12,353	(31)
Litera Bidco LLC	First lien senior secured revolving loan	5/2028	—	8,595	—
MAJCO LLC (dba Big Brand Tire & Service)	First lien senior secured revolving loan	9/2032	—	10,511	(26)
Maple Acquisition, LLC (dba Medicus)	First lien senior secured revolving loan	5/2030	—	12,129	—
Mario Purchaser, LLC (dba Len the Plumber)	First lien senior secured revolving loan	4/2028	1,766	168	—
MHE Intermediate Holdings, LLC (dba OnPoint Group)	First lien senior secured revolving loan	7/2027	7,643	11,464	—
Milan Laser Holdings LLC	First lien senior secured revolving loan	4/2027	—	8,112	(203)
MINDBODY, Inc.	First lien senior secured revolving loan	9/2027	—	6,071	—
Ministry Brands Holdings, LLC	First lien senior secured revolving loan	12/2027	90	987	—
Minotaur Acquisition, Inc. (dba Inspira Financial)	First lien senior secured revolving loan	6/2030	—	20,009	—
Modernizing Medicine, Inc. (dba ModMed)	First lien senior secured revolving loan	4/2032	—	71	—
Monotype Imaging Holdings Inc.	First lien senior secured revolving loan	2/2030	—	18,843	—
National Dentex Labs LLC (fka Barracuda Dental LLC)	First lien senior secured revolving loan	4/2026	10,817	109	—
National Dentex Labs LLC (fka Barracuda Dental LLC)*	First lien senior secured revolving loan	4/2026	806	—	—
Natural Partners, LLC	First lien senior secured revolving loan	11/2030	—	557	—
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.	First lien senior secured EUR revolving loan	3/2031	354	3,702	—
Nelipak Holding Company	First lien senior secured revolving loan	3/2031	1,132	6,413	—
NMI Acquisitionco, Inc. (dba Network Merchants)	First lien senior secured revolving loan	9/2028	—	2,210	—
Norvax, LLC (dba GoHealth)*	First lien senior secured revolving loan	8/2029	3,955	—	—
OB Hospitalist Group, Inc.	First lien senior secured revolving loan	9/2027	—	21,999	—
Offen, Inc.	First lien senior secured revolving loan	7/2029	—	2,185	(22)
Ole Smoky Distillery, LLC	First lien senior secured revolving loan	3/2028	—	116	(6)
Packaging Coordinators Midco, Inc.	First lien senior secured revolving loan	10/2032	—	16,889	(84)
Paris US Holdco, Inc. (dba Precinmac)	First lien senior secured revolving loan	12/2031	279	3,442	—
Patriot Acquisition TopCo S.À R.L. (dba Corza Health, Inc.)	First lien senior secured revolving loan	1/2028	1,157	15,036	—
PDI TA Holdings, Inc.	First lien senior secured revolving loan	2/2031	1,338	486	—

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


				Unfunded
Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Commitment	Fair Value(23)
PetVet Care Centers, LLC	First lien senior secured revolving loan	11/2029	1,830	16,469	—
Plasma Buyer LLC (dba PathGroup)*	First lien senior secured revolving loan	5/2028	159	—	—
PPV Intermediate Holdings, LLC	First lien senior secured revolving loan	8/2029	260	1,821	—
Premise Health Holding Corp.	First lien senior secured revolving loan	11/2031	—	8,920	(89)
Puma Buyer, LLC (dba PANTHERx)	First lien senior secured revolving loan	3/2032	—	208	—
QAD, Inc.	First lien senior secured revolving loan	11/2027	—	9,429	—
Quva Pharma, Inc.	First lien senior secured revolving loan	4/2026	3,835	1,347	—
Relativity ODA LLC	First lien senior secured revolving loan	5/2029	—	8,655	—
Rhea Parent, Inc.	First lien senior secured revolving loan	12/2030	—	4,480	(45)
RL Datix Holdings (USA), Inc.	First lien senior secured revolving loan	10/2030	—	11,139	—
Salinger Bidco Inc. (dba Surgical Information Systems)	First lien senior secured revolving loan	5/2031	333	3,663	—
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)	First lien senior secured revolving loan	7/2027	4,774	4,226	—
Securonix, Inc.	First lien senior secured revolving loan	4/2028	—	305	(30)
Sensor Technology Topco, Inc. (dba Humanetics)	First lien senior secured revolving loan	5/2028	2,423	4,846	—
Severin Acquisition, LLC (dba PowerSchool)	First lien senior secured revolving loan	10/2031	—	189	(2)
Simplicity Financial Marketing Group Holdings, Inc.	First lien senior secured revolving loan	12/2031	—	5,464	—
SimonMed, Inc.	First lien senior secured revolving loan	2/2031	44	53	—
Smarsh Inc.	First lien senior secured revolving loan	2/2029	77	121	—
Soleo Holdings, Inc.	First lien senior secured revolving loan	2/2032	—	8,651	—
Soliant Lower Intermediate, LLC (dba Soliant)	First lien senior secured revolving loan	6/2031	—	4,444	(878)
Sonny's Enterprises, LLC	First lien senior secured revolving loan	8/2027	9,510	14,188	—
Spaceship Purchaser, Inc. (dba Squarespace)	First lien senior secured revolving loan	10/2031	—	2,076	—
Spotless Brands, LLC	First lien senior secured revolving loan	7/2028	522	2,088	—
STS PARENT, LLC (dba STS Aviation Group)	First lien senior secured revolving loan	10/2030	9,127	3,683	—
SWK BUYER, Inc. (dba Stonewall Kitchen)	First lien senior secured revolving loan	3/2029	—	140	(4)
Tamarack Intermediate, L.L.C. (dba Verisk 3E)	First lien senior secured revolving loan	3/2029	—	253	—
TBRS, Inc. (dba TEAM Technologies)	First lien senior secured revolving loan	11/2030	—	5,585	(28)
Themis Solutions Inc. (dba Clio)	First lien senior secured revolving loan	10/2032	—	3,125	(31)
THG Acquisition, LLC (dba Hilb)	First lien senior secured revolving loan	10/2031	572	3,782	—
Thunder Purchaser, Inc. (dba Vector Solutions)	First lien senior secured revolving loan	6/2027	—	8,545	—
Troon Golf, L.L.C.	First lien senior secured revolving loan	8/2028	—	6,248	—
Truist Insurance Holdings, LLC	First lien senior secured revolving loan	5/2029	—	1,755	—
Unified Women's Healthcare, LP	First lien senior secured revolving loan	6/2029	—	177	—
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)	First lien senior secured revolving loan	12/2029	—	5,335	—
Valeris, Inc. (fka Phantom Purchaser, Inc.)	First lien senior secured revolving loan	9/2031	—	5,443	(14)
Vessco Midco Holdings, LLC	First lien senior secured revolving loan	7/2031	—	5,080	—
Vital Bidco AB (dba Vitamin Well)	First lien senior secured revolving loan	10/2030	—	14,522	—
Wipfli Advisory LLC	First lien senior secured revolving loan	10/2032	—	6,558	(19)
Wrench Group LLC	First lien senior secured revolving loan	9/2031	2,562	11,165	—

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


					Unfunded
Company	Commitment Type	Commitment Expiration Date	Funded Commitment		Commitment		Fair Value(23)
WU Holdco, Inc. (dba PurposeBuilt Brands)	First lien senior secured revolving loan	4/2032	609		6,492		—
Zendesk, Inc.	First lien senior secured revolving loan	11/2028	—		9,557		—
















Total non-controlled/non-affiliated - debt commitments			$	381,852	$	1,511,879	$	(3,039)
Non-controlled/non-affiliated - equity commitments
Percheron Horsepower-A LP (dba Big Brand Tire & Service)	Limited Partner Interest	N/A	$	12,207	$	2,006	$	—
Valor Compute Infrastructure L.P.	LP Interest	N/A	1,583		2,940		—
Total non-controlled/non-affiliated - equity commitments			$	13,790	$	4,946	$	—
Non-controlled/affiliated - debt commitments
Pluralsight, LLC	First lien senior secured delayed draw term loan	8/2029	$	—	$	9,524	$	(190)
Ideal Image Development, LLC	First lien senior secured revolving loan	2/2029	4,821		1,887		—
Ideal Image Development, LLC*	First lien senior secured revolving loan	2/2029	468		—		—
Pluralsight, LLC	First lien senior secured revolving loan	8/2029	—		3,810		(76)
Total non-controlled/affiliated - debt commitments			$	5,289	$	15,221	$	(266)
Controlled/affiliated - debt commitments
Walker Edison Furniture Company LLC	First lien senior secured delayed draw term loan	3/2027	$	3,097	$	1,327	$	—
Walker Edison Furniture Company LLC	First lien senior secured delayed draw term loan	2/2026	—		958		(44)
Walker Edison Furniture Company LLC	First lien senior secured delayed draw term loan	2/2026	1,531		1,228		—
Notorious Topco, LLC (dba Beauty Industry Group)	First lien senior secured revolving loan	12/2030	—		8,601		(43)
PS Operating Company LLC (fka QC Supply, LLC)	First lien senior secured revolving loan	12/2026	4,594		1,500		—
Swipe Acquisition Corporation (dba PLI)	First lien senior secured revolving loan	11/2027	13,125		222		—
Walker Edison Furniture Company LLC*	First lien senior secured revolving loan	3/2027	14,575		—		—
Total controlled/affiliated - debt commitments			$	36,922	$	13,836	$	(87)
Controlled/affiliated - equity commitments
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC	Specialty finance equity investment	N/A	$	30,937	$	45,278	$	—
Wingspire Capital Holdings LLC	Specialty finance equity investment	N/A	500,552		4,448		—
LSI Financing LLC	Specialty finance equity investment	N/A	194,833		79,350		—

Total controlled/affiliated - equity commitments			$	726,322	$	129,076	$	—
Total Portfolio Company Commitments			$	1,164,175	$	1,674,958	$	(3,392)

*Fully funded

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

(24)As defined in the 1940 Act, the Company is deemed to “control” a portfolio company if the Company owns more than 25% of the portfolio company's voting securities or has the power to exercise control over management or policies, including through a management agreement. As defined in the 1940 Act, the Company is an “affiliated person” of this portfolio company if the Company owns more than 5% or more of the portfolio company’s outstanding voting securities. Transactions related to the Company’s investments in non-controlled affiliates and controlled affiliates for the year ended December 31, 2025, were as follows:


Company	Fair value as of December 31, 2024		Gross Additions (a)		Gross Reductions(b)		Net Change in Unrealized Gains (Losses)		Realized Gains (Losses)		Transfers		Fair value as of December 31, 2025		Interest and PIK Income		Dividend Income		Other Income
Non - Controlled Affiliates
LSI Financing 1 DAC	$	4,771	$	3,041	$	(1,001)	$	(154)	$	—	$	—	$	6,657	$	—	$	555	$	—

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


LSI Financing LLC	158,824		—		—		—		—		(158,824)		—		—		—		—
Ideal Image Development, LLC	16,183		27,789		(6,618)		(35,956)		—		—		1,398		289		—		27
Paradigmatic Holdco LLC (dba Pluralsight)	55,282		13,840		(114)		(24,798)		—		—		44,210		4,231		—		95
Blue Owl Cross-Strategy Opportunities 2025-1 LLC (fka Blue Owl Cross-Strategy Opportunities LLC)	—		62,042		—		(115)		—		—		61,927		—		406		—
Total	$	235,060	$	106,712	$	(7,733)	$	(61,023)	$	—	$	(158,824)	$	114,192	$	4,520	$	961	$	122

Controlled Affiliates	Fair value as of December 31, 2024		Gross Additions (a)		Gross Reductions(b)		Net Change in Unrealized Gains (Losses)		Realized Gains (Losses)		Transfers		Fair value as of December 31, 2025		Interest and PIK Income		Dividend Income		Other Income
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(d)	$	75,111	$	29,227	$	(1,290)	$	6,022	$	—	—		$	109,070	$	7,359	$	—	$	—
AAM Series 2.1 Aviation Feeder, LLC(d)	77,680		55,580		(2,911)		12,808		—		—		143,157		8,741		—		—
Blue Owl Credit SLF LLC(c)	295,476		127,929		—		(8,157)		—		—		415,248		—		41,392		—
Blue Owl Leasing LLC(c)	—		860		—		(3)		—		—		857		—		—		—
Eagle Infrastructure Services, LLC	111,801		349		—		33,372		—		—		145,522		10,824		4,738		50
Fifth Season Investments LLC	223,274		162,235		—		17,661		—		—		403,170		—		37,727		—
LSI Financing LLC	—		178,159		(139,658)		13,310		—		158,824		210,634		—		13,049		—
New PLI Holdings, LLC (dba PLI)	200,472		7,025		(11)		(5,174)		—		—		202,312		13,043		3,559		75
Notorious Holdings LLC (dba Beauty Industry Group)	—		105,222		—		(71)		—		—		105,151		270		—		2
PS Operating Company LLC (fka QC Supply, LLC)	2,916		995		(1,836)		2,079		—		—		4,154		—		—		—
Walker Edison Furniture Company LLC	12,411		11,997		(1,783)		(7,603)		65		—		15,087		—		—		—
Wingspire Capital Holdings LLC	508,887		75,147		(6,000)		29,250		—		—		607,284		—		45,872		—
Total	$	1,508,028	$	754,725	$	(153,489)	$	93,494	$	65	$	158,824	$	2,361,646	$	40,237	$	146,337	$	127

_______________

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)

(c)For further description of the Company's investment in Credit SLF and Blue Owl Leasing see “Note 4 — Investments.”

(d)In connection with its investment in Amergin Assetco the Company made a minority investment in Amergin Asset Management, LLC, which has entered into a Servicing Agreement with Amergin Assetco.

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

(27)As of December 31, 2025, the net estimated unrealized loss for U.S. federal income tax purposes was $26.6 million based on a tax cost basis of $16.60 billion. As of December 31, 2025, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $572.2 million and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $545.6 million.

(28)Loan was on non-accrual status as of December 31, 2025.

(29)Non-income producing.

(30)Securities acquired in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”) and may be deemed to be “restricted securities” under the Securities Act. As of December 31, 2025, the aggregate fair value of these securities is $3.02 billion or 40.8% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:

Portfolio Company

Investment

Acquisition Date

AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC*

Specialty finance equity investment

7/1/2022

AAM Series 2.1 Aviation Feeder, LLC*

Specialty finance equity investment

7/1/2022

Alphasense, LLC

Series E Preferred Shares

6/27/2024

Amergin Asset Management, LLC

Specialty finance equity investment

7/1/2022

Accelerate Topco Holdings, LLC

Common Units

9/1/2022

ASP Conair Holdings LP

Class A Units

5/17/2021

Baypine Commander Co-Invest, LP

LP Interest

6/24/2025

BEHP Co-Investor II, L.P.

LP Interest

5/11/2022

Blend Labs, Inc.

Warrants

7/2/2021

Blue Owl Credit SLF LLC**

LLC Interest

8/1/2024

Blue Owl Cross-Strategy Opportunities 2025-1 LLC (fka Blue Owl Cross-Strategy Opportunities LLC)*

Specialty finance equity investment

8/20/2025

Blue Owl Leasing LLC**

LLC Interest

6/30/2025

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

Common Units

10/1/2021

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

LP Interest

12/2/2021

Dodge Construction Network Holdings, L.P.

Class A-2 Common Units

2/23/2022

Dodge Construction Network Holdings, L.P.

Series A Preferred Units

2/23/2022

Eagle Infrastructure Services, LLC

Common Units

3/31/2023

Elliott Alto Co-Investor Aggregator L.P.

LP Interest

9/27/2022

Evolution Parent, LP (dba SIAA)

LP Interest

4/30/2021

Fifth Season Investments LLC*

Specialty finance equity investment

7/18/2022

Gloves Holdings, LP (dba Protective Industrial Products)

LP Interest

12/29/2020

GoHealth, Inc.

Common stock

8/6/2025

GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)

LP Interest

12/16/2021

Hercules Buyer, LLC (dba The Vincit Group)

Common Units

12/15/2020

Hissho Sushi Holdings, LLC

Class A units

5/17/2022

Hockey Parent Holdings, L.P.

Class A Common Units

9/14/2023

Ideal Topco, L.P.

Class A-2 Common Units

2/20/2024

Ideal Topco, L.P.

Class A-1 Preferred Units

2/20/2024

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

LP Interest

6/8/2022

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

Perpetual Preferred Stock

6/23/2022

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

Class A Interests

9/27/2021

KPCI Co-Invest 2, L.P.

Class A Units

10/15/2025

KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)

Class A Interest

11/30/2023

LSI Financing 1 DAC*

Specialty finance equity investment

12/14/2022

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)

Portfolio Company

Investment

Acquisition Date

LSI Financing LLC*

Specialty finance equity investment

11/25/2024

Maia Aggregator, LP

Class A-2 Units

2/1/2022

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

Series A Convertible Preferred Stock

5/4/2021

Minerva Holdco, Inc.

Senior A Preferred Stock

2/15/2022

ModMed Software Midco Holdings, Inc. (dba ModMed)

Series A Preferred Units

4/30/2025

New PLI Holdings, LLC (dba PLI)

Class A Common Units

12/23/2020

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

Extended Series C Warrants

5/5/2021

Notorious Purchaser II, Inc. (dba Beauty Industry Group)

Class B Common Stock

12/19/2025

Nscale Global Holdings Limited

Preferred equity

9/29/2025

Nscale Global Holdings Limited

Series B Preferred Shares

9/29/2025

Paradigmatic Holdco LLC (dba Pluralsight)

Common stock

8/22/2024

Patriot Holdings SCSp (dba Corza Health, Inc.)

Class A Units

1/29/2021

Patriot Holdings SCSp (dba Corza Health, Inc.)

Class B Units

1/29/2021

PCF Holdco, LLC (dba Trucordia)

Preferred equity

2/16/2023

PCF Holdco, LLC (dba Trucordia)

Warrants

2/16/2023

Percheron Horsepower-A LP (dba Big Brand Tire & Service)

Limited Partner Interest

9/23/2025

Project Alpine Co-Invest Fund, LP

LP Interest

6/10/2022

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

LP Interest

8/9/2022

PS Op Holdings LLC (fka QC Supply, LLC)

Class A Common Units

12/21/2021

Rhea Acquisition Holdings, LP

Series A-2 Units

2/18/2022

Rome Topco Holdings, LLC (dba SimpliSafe)

Class A Units

11/6/2025

Rome Topco Holdings, LLC (dba SimpliSafe)

Class B Units

11/6/2025

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

Series A Preferred Stock

11/15/2023

Snowbird Manager LP

Limited Partner Interest

12/18/2025

Space Exploration Technologies Corp.

Class A Common Stock

3/25/2021

Space Exploration Technologies Corp.

Class C Common Stock

3/25/2021

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

Series A Preferred Stock

10/14/2021

TCB Holdings I LLC (dba TricorBraun)

Class A Preferred Units

1/31/2025

Thunder Topco L.P. (dba Vector Solutions)

Common Units

6/30/2021

Valor Compute Infrastructure L.P.

LP Interest

10/3/2025

VCI Intermediate TopCo 1 LLC

Class B Units

11/17/2025

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

Series A Preferred Stock

10/15/2021

Walker Edison Holdco LLC

Common Units

3/1/2023

Windows Entities

LLC Units

1/16/2020

Wingspire Capital Holdings LLC*

Specialty finance equity investment

9/24/2019

WMC Bidco, Inc. (dba West Monroe)

Senior Preferred Stock

11/9/2021

WP Irving Co-Invest, L.P.

Partnership Units

5/18/2022

XOMA Corporation

Warrants

12/15/2023

Zoro TopCo, Inc.

Series A Preferred Equity

11/22/2022

Zoro TopCo, L.P.

Class A Common Units

11/22/2022

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

** Refer to “Note 4 — Investments – Credit SLF LLC and Blue Owl Leasing” for further information.

(31)This portfolio company is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. As of December 31, 2025, non-qualifying assets represented 15.0% of total assets as calculated in accordance with the regulatory requirements.

Blue Owl Capital Corporation

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)

(34)BOCSO was formed to hold alternative credit assets, including ABF. ABF is a subsector of private credit focused on generating income from pools of financial, physical or other assets. As of December 31, 2025, the portfolio consists of three investments totaling $0.50 billion at cost and fair value, respectively, ranging in cost from $24.8 million to $304.4 million and with a fair value ranging from $24.8 million to $303.9 million. The largest investment is 62.0% of the total cost of BOCSO's portfolio. As of December 31, 2025 the portfolio asset class composition was 62.0% ABF - Specialty finance, 33.0% ABF - Leasing, and 5.0% ABF - Commercial Real Estate.

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

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited)

(Amounts in thousands, except share and per share amounts and as otherwise noted)

Note 1. Organization

Blue Owl Capital Corporation (the “Company” or “OBDC”) is a Maryland corporation formed on October 15, 2015. The Company’s investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company’s investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. Within this space, the Company predominantly focuses on investing in institutionally-backed, upper middle market businesses, which the Company categorizes as those that generate greater than $50 million of EBITDA annually. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans, broadly syndicated loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company’s common equity.

The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, the Company is treated as a regulated investment company (“RIC”) under subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Because the Company has elected to be regulated as a BDC and qualifies as a RIC under the Code, the Company’s portfolio is subject to diversification and other requirements.

On April 27, 2016, the Company formed a wholly-owned subsidiary, OR Lending LLC, a Delaware limited liability company, which holds a California finance lenders license. OR Lending LLC makes loans to borrowers headquartered in California. From time to time the Company may form wholly-owned subsidiaries to facilitate the normal course of business.

Blue Owl Credit Advisors LLC (the “Adviser”) serves as the Company’s investment adviser. The Adviser is registered with the Securities and Exchange Commission (“SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), an indirect affiliate of Blue Owl Capital Inc. (“Blue Owl”) (New York Stock Exchange (“NYSE”): OWL) and part of Blue Owl’s Credit platform. Blue Owl consists of three investment platforms: (1) Credit, which includes several strategies, including direct lending, alternative credit, investment grade credit, liquid credit and other adjacent investment strategies, (2) Real Assets, which focuses on three primary investment strategies: net lease, real estate credit and digital infrastructure, and (3) GP Strategic Capital, which primarily focuses on acquiring equity stakes in, or providing debt financing to, large, multi-product private equity and private credit firms. Subject to the overall supervision of the Company’s board of directors (the “Board”), the Adviser manages the day-to-day operations of, and provides investment advisory and management services to, the Company.

Since July 6, 2023, the Company’s common stock has traded on the NYSE under the symbol “OBDC.”

On January 13, 2025, the Company consummated the transactions contemplated by the Agreement and Plan of Merger (the “OBDE Merger Agreement”) with Blue Owl Capital Corporation III, a Maryland corporation (“OBDE”), Cardinal Merger Sub Inc., a Maryland corporation and wholly-owned subsidiary of the Company (“OBDE Merger Sub”), and, solely for the limited purposes set forth therein, the Adviser, and Blue Owl Diversified Credit Advisors LLC (“ODCA”), a Delaware limited liability company and investment adviser to OBDE. In connection therewith, OBDE Merger Sub merged with and into OBDE, with OBDE continuing as the surviving company and as a wholly-owned subsidiary of the Company (the “OBDE Initial Merger”) and, immediately thereafter, OBDE merged with and into the Company, with the Company continuing as the surviving company (together with the OBDE Initial Merger, the “OBDE Mergers”). Refer to “Note 13 — Merger with Blue Owl Capital Corporation III” for further discussion of the OBDE Mergers.

Note 2. Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company is an investment company and, therefore, applies the specialized accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. In the opinion of management, all adjustments considered necessary for the fair presentation of the consolidated financial statements have been included. The Company was initially capitalized on March 1, 2016 and commenced operations on March 3, 2016. The Company’s fiscal year ends on December 31.

Reclassifications

As a result of changes in presentations, certain prior year amounts have been reclassified to conform to the current presentation. These reclassifications had no effect on the reported results of operations.

Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual amounts could differ from those estimates and such differences could be material.

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

Cash and Restricted Cash

Cash consists of deposits held at a custodian bank and restricted cash pledged as collateral. Cash is carried at cost, which approximates fair value. The Company deposits its cash with highly-rated banking corporations and, at times, may exceed the insured limits under applicable law. Restricted cash primarily relates to cash held as collateral for interest rate swaps.

Investments at Fair Value

Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds received and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period. Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Pursuant to Rule 2a-5, the Board designated the Adviser as the Company's valuation designee to perform fair value determinations relating to the value of assets held by the Company for which market quotations are not readily available.

Investments for which market quotations are readily available are typically valued at the average bid price of those market quotations. To validate market quotations, the Company utilizes a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available, as is the case for substantially all of the Company’s investments, are valued at fair value as determined in good faith by the Adviser, as the valuation designee, based on, among other things, the input of the independent third-party valuation firm(s) engaged at the direction of the Adviser.

As part of the valuation process, the Adviser, as the valuation designee, takes into account relevant factors in determining the fair value of the Company’s investments, including: the estimated enterprise value of a portfolio company (i.e., the total fair value of the portfolio company’s debt and equity), the nature and realizable value of any collateral, the portfolio company’s ability to make payments based on its earnings and cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company’s securities to any similar publicly traded securities, and overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase or sale transaction, public offering or subsequent equity sale occurs, the Adviser, as the valuation designee, considers whether the pricing indicated by the external event corroborates its valuation.

The Adviser, as the valuation designee, undertakes a multi-step valuation process, which includes, among other procedures, the following:

•With respect to investments for which market quotations are readily available, those investments will typically be valued at the average bid price of those market quotations;

•With respect to investments for which market quotations are not readily available, the valuation process begins with the independent valuation firm(s) providing a preliminary valuation of each investment to the Adviser’s valuation committee;

•Preliminary valuation conclusions are documented and discussed with the Adviser’s valuation committee;

•The Adviser, as the valuation designee, reviews the recommended valuations and determines the fair value of each investment;

•Each quarter, the Adviser, as the valuation designee, will provide the Audit Committee a summary or description of material fair value matters that occurred in the prior quarter and on an annual basis, the Adviser, as the valuation designee, will provide the Audit Committee with a written assessment of the adequacy and effectiveness of its fair value process; and

•The Audit Committee oversees the valuation designee and will report to the Board on any valuation matters requiring the Board’s attention.

The Company conducts this valuation process on a quarterly basis.

The Company applies Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 820, Fair Value Measurements (“ASC 820”), as amended, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. ASC 820 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, the Company considers its principal market to be the market that has the greatest volume and level of activity. ASC 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance with ASC 820, these levels are summarized below:

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

•Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

•Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

•Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

Transfers between levels, if any, are recognized at the beginning of the period in which the transfer occurs. In addition to using the above inputs in investment valuations, the Company applies the valuation policy approved by its Board that is consistent with ASC 820. Consistent with the valuation policy, the Adviser, as the valuation designee, evaluates the source of the inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When an investment is valued based on prices provided by reputable dealers or pricing services (such as broker quotes), the Adviser, as the valuation designee, subjects those prices to various criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment. For example, the Adviser, as the valuation designee, or the independent valuation firm(s), reviews pricing support provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs.

The Company applies the practical expedient provided by the ASC Topic 820 relating to investments in certain entities that calculate net asset value per share (or its equivalent). ASC Topic 820 permits an entity holding investments in certain entities that either are investment companies, or have attributes similar to an investment company, and calculate NAV per share or its equivalent for which the fair value is not readily determinable, to measure the fair value of such investments on the basis of that NAV per share, or its equivalent, without adjustment. Investments which are valued using NAV per share as a practical expedient are not categorized within the fair value hierarchy as per ASC Topic 820.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material.

In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein.

Financial and Derivative Instruments

The Company follows the guidance in ASC 815 Derivatives and Hedging, when accounting for all derivative instruments. The Company designated certain interest rate swaps as hedging instruments, and as a result, the entire change in the fair value of the hedging instrument shall be recorded in the same line item of the Consolidated Statements of Operations as the hedged item. The Company’s interest rate swaps are used to hedge the Company’s fixed rate debt, and therefore both the periodic payment and the change in fair value for the effective hedge, if applicable, will be recognized as components of interest expense in the Consolidated Statements of Operations. Fair value is estimated by discounting remaining payments using applicable current market rates, or market quotes, if available. For all other derivatives, including forwards, the Company does not utilize hedge accounting and values such derivatives at fair value with the unrealized gains or losses recorded in net change in unrealized gains (losses) from foreign currency and other transactions in the Company’s Consolidated Statements of Operations. The Company nets all of its derivatives by counterparty across all derivative instruments, not taking into account collateral posted, which is recorded separately, if applicable.

Foreign Currency Forward Contracts

The Company uses foreign currency forward contracts to reduce the Company's exposure to fluctuations in the value of foreign currencies. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another at a pre-determined price at a future date. Foreign currency forward contracts are marked-to-market at the applicable forward rate.

Foreign Currency

Foreign currency amounts are translated into U.S. dollars on the following basis:

•cash, fair value of investments, outstanding debt, other assets and liabilities: at the spot exchange rate on the last business day of the period; and

•purchases and sales of investments, borrowings and repayments of such borrowings, income and expenses: at the rates of exchange prevailing on the respective dates of such transactions.

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

The Company includes net changes in fair values on investments held resulting from foreign exchange rate fluctuations with the net change in unrealized gains (losses) from foreign currency and other transactions on the Consolidated Statements of Operations. Fluctuations arising from the translation of foreign currency borrowings are included with the net change in unrealized gains (losses) from foreign currency and other transactions on the Consolidated Statements of Operations.

Investments denominated in foreign currencies and foreign currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. dollar.

Interest and Dividend Income Recognition

Interest income is recorded on the accrual basis and includes amortization or accretion of premiums or discounts. Certain investments may have contractual PIK interest or dividends, the majority of which is structured at initial underwriting. PIK interest and dividends represent accrued interest or dividends that are added to the principal amount or liquidation amount of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or at the occurrence of a liquidation event.


	For the Three Months Ended March 31,
	2026			2025
PIK Interest Income	$	31,481		$	36,431
PIK Interest Income as a % of Investment Income	7.9		%	7.8		%
PIK Dividend Income	$	14,905		$	13,493
PIK Dividend Income as a % of Investment Income	3.8		%	2.9		%
Total PIK Income	$	46,386		$	49,924
Total PIK Income as a % of Investment Income	11.7		%	10.7		%

Discounts to par value on securities purchased are amortized into interest income over the contractual life of the respective security using the effective yield method. Premiums to par value on securities purchased are amortized to first call date. The amortized cost of investments represents the original cost adjusted for the amortization or accretion of premiums or discounts, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. If at any point the Company believes PIK interest or dividends are not expected to be realized, the investment generating PIK interest or dividends will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are generally reversed through interest income. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.

Other Income

From time to time, the Company may receive fees for services provided to portfolio companies. These fees are generally only available to the Company as a result of closing investments, are generally paid at the closing of the investments, are generally non-recurring and are recognized as revenue when earned upon closing of the investment. The services that the Adviser provides vary by investment, but can include closing, work, diligence or other similar fees and fees for providing managerial assistance to the Company’s portfolio companies.

Offering Expenses

Costs associated with the private placement offering of common shares of the Company were capitalized as deferred offering expenses and included in prepaid expenses and other assets in the Consolidated Statements of Assets and Liabilities and were amortized over a twelve-month period from incurrence. The Company records expenses related to public equity offerings as a reduction of capital upon completion of an offering of registered securities. The costs associated with renewals of the Company’s shelf registration statement will be expensed as incurred.

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

Debt Issuance Costs

The Company records origination and other expenses related to its debt obligations as deferred financing costs. These expenses are deferred and amortized utilizing the effective yield method, over the estimated life of the related debt instrument. Debt issuance costs are presented on the Consolidated Statements of Assets and Liabilities as a direct deduction from the debt liability. In circumstances in which there is not an associated debt liability amount recorded in the consolidated financial statements when the debt issuance costs are incurred, such debt issuance costs will be reported on the Consolidated Statements of Assets and Liabilities as an asset until the debt liability is recorded.

Reimbursement of Transaction-Related Expenses

The Company may receive reimbursement for certain transaction-related expenses in pursuing investments. Transaction-related expenses, which are generally expected to be reimbursed by the Company’s portfolio companies, are typically deferred until the transaction is consummated and are recorded in prepaid expenses and other assets on the date incurred. The costs of successfully completed investments not otherwise reimbursed are borne by the Company and are included as a component of the investment’s cost basis.

Cash advances received in respect of transaction-related expenses are recorded as cash with an offset to accrued expenses and other liabilities. Accrued expenses and other liabilities are relieved as reimbursable expenses are incurred.

Income Taxes

The Company has elected to be treated as a BDC under the 1940 Act. The Company has elected to be treated as a RIC under the Code beginning with its taxable year ending December 31, 2016, and intends to continue to qualify as a RIC. So long as the Company maintains its tax treatment as a RIC, it generally will not pay U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s investors and will not be reflected in the consolidated financial statements of the Company. However, the Company will be subject to U.S. federal income tax imposed at corporate rates on any income, including capital gains not distributed (or not deemed distributed) to its stockholders.

To qualify as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders on a timely basis, at least the sum of (i) 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses and (ii) its net tax-exempt income. In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (iii) certain undistributed amounts from previous years on which the Company paid no U.S. federal income tax. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income.

Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state income taxes imposed at corporate rates.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. There were no material uncertain tax positions as of December 31, 2025. As applicable, the Company’s prior three tax years remain subject to examination by U.S. federal, state and local tax authorities.

Distributions to Common Shareholders

Distributions to common shareholders are recorded on the record date. The amount to be distributed is determined by the Board and is generally based upon the earnings estimated by the Adviser. In addition, the Board may consider the level of undistributed taxable income carried forward from the prior year for distribution in the current year. Net realized long-term capital gains, if any, would generally be distributed at least annually, although the Company may decide to retain such capital gains for investment.

The Company has adopted a dividend reinvestment plan that provides for reinvestment of any cash distributions on behalf of shareholders, unless a shareholder elects to receive cash. As a result, if the Board authorizes and declares a cash distribution, then the shareholders who have not “opted out” of the dividend reinvestment plan will have their cash distribution automatically reinvested in additional shares of the Company’s common stock, rather than receiving the cash distribution. The Company expects to use newly issued shares or shares purchased in the open-market to implement the dividend reinvestment plan.

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

Consolidation

As provided under Regulation S-X and ASC Topic 946 – Financial Services – Investment Companies, the Company will generally not consolidate its investment in a company other than a wholly-owned investment company or controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the Company’s wholly-owned subsidiaries that meet the aforementioned criteria in its consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation.

The Company does not consolidate its equity interest in Credit SLF, Blue Owl Leasing, Owl-HP Finance, Wingspire Capital Holdings LLC (“Wingspire”), LSI Financing LLC, Fifth Season Investment LLC (“Fifth Season”), or Amergin AssetCo. For further description of the Company’s investment in Credit SLF and Blue Owl Leasing, see “Note 4 — Investments.” For further description of the Company’s investments in Wingspire, Amergin AssetCo and Fifth Season, see “Note 3 — Agreements and Related Party Transactions – Controlled/Affiliated Portfolio Companies.”

Segment Reporting

In accordance with ASC Topic 280 – “Segment Reporting (ASC 280),” the Company has determined that it has a single operating and reporting segment. As a result, the Company’s segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets.

The Company operates through a single operating and reporting segment with an investment objective to generate both current income, and to a lesser extent, capital appreciation through debt and equity investments. The chief operating decision maker (“CODM”) is comprised of the Company’s chief executive officer, president, and chief financial officer and chief operating officer and assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company’s net increase in shareholders’ equity resulting from operations (“net income”). In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in determining the amount of dividends to be distributed to the Company’s stockholders. As the Company’s operations comprise a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheet as “total assets” and the significant segment expenses are listed on the accompanying consolidated statement of operations.

New Accounting Pronouncements

The Company’s management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying consolidated financial statements.

Note 3. Agreements and Related Party Transactions

Administration Agreement

The Company has entered into an amended and restated Administration Agreement (the “Administration Agreement”) with the Adviser. Under the terms of the Administration Agreement, the Adviser performs, or oversees, the performance of, required administrative services, which includes providing office space, equipment and office services, maintaining financial records, preparing reports to shareholders and reports filed with the SEC, and managing the payment of expenses and the performance of administrative and professional services rendered by others.

The Administration Agreement also provides that the Company reimburses the Adviser for certain offering costs.

The Company reimburses the Adviser for services performed for it pursuant to the terms of the Administration Agreement. In addition, pursuant to the terms of the Administration Agreement, the Adviser may delegate its obligations under the Administration Agreement to an affiliate or to a third party and the Company will reimburse the Adviser for any services performed for it by such affiliate or third party.

Unless earlier terminated as described below, the Administration Agreement will remain in effect for two years from the date it first became effective, and will remain in effect from year to year thereafter if approved annually by (1) the vote of the Board, or by the vote of a majority of its outstanding voting securities, and (2) the vote of a majority of the Company’s directors who are not “interested persons” of the Company, of the Adviser or of any of their respective affiliates, as defined in the 1940 Act. On May 4, 2026, the Board approved the continuation of the Administration Agreement. The Administration Agreement may be terminated at any time, without the payment of any penalty, on 60 days’ written notice, by the vote of a majority of the outstanding voting securities of the Company, or by the vote of the Board or by the Adviser.

No person who is an officer, director, or employee of the Adviser or its affiliates and who serves as a director of the Company receives any compensation from the Company for his or her services as a director. However, the Company reimburses the Adviser (or its affiliates) for an allocable portion of the compensation paid by the Adviser or its affiliates to the Company’s Chief Compliance Officer, Chief Financial Officer and their respective staffs (based on the percentage of time those individuals devote, on an estimated basis, to the business and affairs of the Company). Directors who are not affiliated with the Adviser receive compensation for their services and reimbursement of expenses incurred to attend meetings.

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

For the three months ended March 31, 2026 and 2025, the Company incurred expenses of approximately $1.8 million and $2.8 million, respectively, for costs and expenses reimbursable to the Adviser under the terms of the Administration Agreement.

Investment Advisory Agreement

The Company has entered into a fourth amended and restated investment advisory agreement between the Company and the Adviser (the “Investment Advisory Agreement”). On May 4, 2026, the Board approved the continuation of the Investment Advisory Agreement.

The Adviser’s services under the Investment Advisory Agreement are not exclusive, and it is free to furnish similar services to other entities so long as its services to the Company are not impaired.

Unless earlier terminated as described below, the Investment Advisory Agreement will remain in effect for two years from the date it first became effective, and will remain in effect from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company’s outstanding voting securities and, in each case, by a majority of independent directors.

The Investment Advisory Agreement will automatically terminate within the meaning of the 1940 Act and related SEC guidance and interpretations in the event of its assignment. In accordance with the 1940 Act, without payment of any penalty, the Company may terminate the Investment Advisory Agreement with the Adviser upon 60 days’ written notice. The decision to terminate the agreement may be made by a majority of the Board or the shareholders holding a majority (as defined under the 1940 Act) of the outstanding shares of the Company’s common stock or the Adviser. In addition, without payment of any penalty, the Adviser may generally terminate the Investment Advisory Agreement upon 60 days’ written notice.

From time to time, the Adviser may pay amounts owed by the Company to third-party providers of goods or services, including the Board, and the Company will subsequently reimburse the Adviser for such amounts paid on its behalf. Amounts payable to the Adviser are settled in the normal course of business without formal payment terms.

Under the terms of the Investment Advisory Agreement, the Company will pay the Adviser a base management fee and may also pay to it certain incentive fees. The cost of both the management fee and the incentive fee will ultimately be borne by the Company’s shareholders.

The management fee is currently payable quarterly in arrears. The management fee is payable at an annual rate of (x) 1.50% of the Company’s average gross assets (excluding cash and cash equivalents, but including assets purchased with borrowed amounts) that is above an asset coverage ratio of 200% calculated in accordance with Sections 18 and 61 of the 1940 Act and (y) 1.00% of the Company’s average gross assets (excluding cash and cash equivalents, but including assets purchased with borrowed amounts) that is below an asset coverage ratio of 200% calculated in accordance with Section 18 and 61 of the 1940 Act, in each case, at the end of the two most recently completed calendar quarters. The management fee for any partial month or quarter, as the case may be, will be appropriately prorated and adjusted for any share issuances or repurchases during the relevant calendar months or quarters.

For the three months ended March 31, 2026 and 2025, management fees were $60.7 million, net of $0.2 million in management fee waivers, and $62.2 million, net of $49 thousand in management fee waivers, respectively.

The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on the Company’s pre-incentive fee net investment income and a portion is based on the Company’s capital gains. The portion of the incentive fee based on pre-incentive fee net investment income is determined and paid quarterly in arrears commencing with the first calendar quarter following the immediately preceding calendar quarter commencing with the first calendar quarter following July 18, 2019 (the “Listing Date”), and equals 100% of the pre-incentive fee net investment income in excess of a 1.5% quarterly “hurdle rate,” until the Adviser has received 17.5% of the total pre-incentive fee net investment income for that calendar quarter and, for pre-incentive fee net investment income in excess of 1.82% quarterly, 17.5% of all remaining pre-incentive fee net investment income for that calendar quarter. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation or any amortization or accretion of any purchase premium or purchase discount to interest income resulting solely from the purchase accounting for any premium or discount paid for the acquisition of assets in a merger.

The second component of the incentive fee, the capital gains incentive fee, payable at the end of each calendar year in arrears, equals 17.5% of cumulative realized capital gains from the Listing Date to the end of each calendar year, less cumulative realized capital losses and unrealized capital depreciation from the Listing Date to the end of each calendar year, less the aggregate amount of any previously paid capital gains incentive fee for prior periods provided, however, that the calculation of realized capital gains, realized capital losses and unrealized capital depreciation shall not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation resulting solely from the purchase accounting for any premium or discount paid for the acquisition of assets in a merger. In no event will the capital gains incentive fee payable pursuant to the Investment Advisory Agreement be in excess of the amount permitted by the Advisers Act of 1940, as amended, including Section 205 thereof.

While the Investment Advisory Agreement neither includes nor contemplates the inclusion of unrealized gains in the calculation of the capital gains incentive fee, as required by U.S. GAAP, the Company accrues capital gains incentive fees on unrealized gains.

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

This accrual reflects the incentive fees that would be payable to the Adviser if the Company’s entire investment portfolio was liquidated at its fair value as of the balance sheet date even though the Adviser is not entitled to an incentive fee with respect to unrealized gains unless and until such gains are actually realized.

For the three months ended March 31, 2026 and 2025 the Company incurred $32.4 million and $41.0 million of performance based incentive fees based on net investment income, respectively.

For the three months ended March 31, 2026 and 2025 the Company did not accrue capital gains based incentive fees.

Affiliated Transactions

The Company may be prohibited under the 1940 Act from participating in certain transactions with its affiliates without prior approval of the directors who are not interested persons, and in some cases, the prior approval of the SEC. The Company, the Adviser and certain of their affiliates were granted an order for exemptive relief that permitted co-investing with affiliates of the Company subject to various approvals of the Board and other conditions. On May 6, 2025, the Company, the Adviser and certain of their affiliates were granted a new order for exemptive relief that superseded the prior order for exemptive relief (the “Order”) by the SEC for the Company to co-invest with other funds managed by the Adviser or certain affiliates, in a manner consistent with the Company’s investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to such Order, the Company generally is permitted to co-invest with certain of its affiliates if such co-investments are done on the same terms and at the same time, as further detailed in the Order. The Order requires that a “required majority” (as defined in Section 57(o) of the 1940 Act) of directors who are not “interested persons” of the Company, the Adviser, or any of their respective affiliates, as defined in the 1940 Act (“Independent Directors”) make certain conclusions in connection with certain co-investment transactions, including (1) when the Company co-invests with an affiliated entity (as defined in the co-investment application) in an issuer where an affiliated entity has an existing investment in the issuer unless the transaction is completed on a pro rata basis, and (2) if the Company disposes of an asset acquired in a co-investment transaction unless the disposition is done on a pro rata basis or the disposition is of a tradable security. Pursuant to the Order, the Board oversees the Company’s participation in the co-investment program. As required by the Order, the Company has adopted, and the Board, including a required majority of the Independent Directors, has approved, policies and procedures reasonably designed to ensure compliance with the conditions of the Order. The Board, including a required majority of the Independent Directors, also reviewed the Co-Investment Policies of the Adviser to ensure that they are reasonably designed to prevent the Company from being disadvantaged by participation in the co-investment program. The Adviser and the Company’s Chief Compliance Officer will also provide reporting to the Board.

The Adviser is affiliated with ODCA, Blue Owl Technology Credit Advisors LLC (“OTCA”), Blue Owl Technology Credit Advisors II LLC (“OTCA II”), Blue Owl Credit Private Fund Advisors LLC (“OPFA” and together with ODCA, OTCA, OTCA II and the Adviser, the “Blue Owl Credit Advisers”), which are also registered investment advisers. The Blue Owl Credit Advisers are affiliates of Blue Owl and comprise part of Blue Owl's Credit platform, which includes several strategies, including direct lending, alternative credit, investment grade credit, liquid credit and other adjacent investment strategies. The Blue Owl Credit Advisers’ allocation policies seek to ensure equitable allocation of investment opportunities over time between the Company and other funds managed by the Adviser or its affiliates and address the co-investment restrictions set forth under the 1940 Act. As a result of the Order, there could be significant overlap in the Company’s investment portfolio and the investment portfolios of the BDCs, interval fund, private funds and separately managed accounts managed by the Blue Owl Credit Advisers (collectively, the “Blue Owl Credit Clients”) and/or other funds managed by the Adviser or its affiliates that avail themselves of the Order. In addition, the Adviser and its affiliates are permitted to allocate an investment to a number of products across platforms that it views as appropriate for the particular investment objectives, strategies and characteristics of such products.

License Agreement

On July 6, 2023, the Company entered into a license agreement (the “License Agreement”) with an affiliate of Blue Owl, pursuant to which the Company was granted a non-exclusive license to use the name “Blue Owl.” Under the License Agreement, the Company has a right to use the Blue Owl name for so long as the Adviser or one of its affiliates remains the Company’s investment adviser. Other than with respect to this limited license, the Company will have no legal right to the “Blue Owl” name or logo.

Controlled, Affiliated/Non-Controlled, Affiliated Portfolio Companies

Under the 1940 Act, the Company is required to separately identify investments where it owns 5% or more of a portfolio company’s outstanding voting securities as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company’s outstanding voting securities and/or has the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies. Under the 1940 Act, “non-affiliated investments” are defined as investments that are neither controlled investments nor affiliated investments. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled affiliated investments is contained in the accompanying consolidated financial statements, including the consolidated schedule of investments.

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

The Company has made investments in controlled, affiliated companies, including Wingspire, Amergin AssetCo, Fifth Season, LSI Financing LLC, Credit SLF, Blue Owl Leasing and Owl-HP Finance. For further description of Credit SLF and Blue Owl Leasing, see “Note 4 — Investments.”

The Company has also made investments in non-controlled, affiliated companies, including LSI Financing 1 DAC (“LSI Financing DAC”) and BOCSO.

Wingspire is an independent diversified direct lender focused on providing asset-based commercial finance loans and related senior secured loans to U.S.-based middle-market borrowers. Wingspire offers a wide variety of asset-based financing solutions to businesses in an array of industries, including revolving credit facilities, machinery and equipment term loans, real estate term loans, first-in/last-out tranches, cash flow term loans, and opportunistic/bridge financings. Wingspire conducts its business through an indirectly owned subsidiary, Wingspire Capital LLC. The Company made its initial commitment to Wingspire on September 24, 2019, and subsequently made periodic additional commitments to increase its total to $505.0 million. As of March 31, 2026, the fair value of the Company’s investment in Wingspire was $606.8 million. The Company does not consolidate its equity interest in Wingspire.

Amergin AssetCo was created to invest in a leasing platform focused on railcar, aviation and other long-lived transportation assets. Amergin acquires existing on-lease portfolios of new and end-of-life railcars and related equipment and selectively purchases off-lease assets and is building a commercial aircraft portfolio through aircraft financing and engine acquisition on a sale and lease back basis. Amergin consists of Amergin AssetCo and Amergin Asset Management LLC, which has entered into a Servicing Agreement with Amergin AssetCo. The Company made an initial equity commitment to Amergin AssetCo on July 1, 2022. As of March 31, 2026, its commitment to Amergin AssetCo was $270.2 million, of which $110.6 million is equity and $159.6 million is debt. As of March 31, 2026, the fair value of the Company’s investment in Amergin AssetCo was $254.2 million. The Company does not consolidate its equity interest in Amergin AssetCo.

Fifth Season is a portfolio company created to invest in life insurance based assets, including secondary and tertiary life settlement and other life insurance exposures using detailed analytics, internal life expectancy review and sophisticated portfolio management techniques. On July 18, 2022, the Company made an initial equity investment in Fifth Season. As of March 31, 2026, the fair value of the Company’s investment in Fifth Season was $303.1 million. The Company does not consolidate its equity interest in Fifth Season.

LSI Financing DAC is a portfolio company formed to acquire contractual rights to revenue pursuant to earnout agreements generally in the life sciences space. On December 14, 2022, the Company made an initial equity commitment to LSI Financing DAC. As of March 31, 2026, the Company’s investment at fair value in LSI Financing DAC was $6.8 million and the Company’s total commitment was $6.8 million.

LSI Financing LLC is a separately managed portfolio company formed to indirectly own royalty purchase agreements and loans in the life sciences space. The Adviser provides consulting services to a subsidiary of LSI Financing LLC in exchange for a fee. The Adviser has agreed to waive a portion of the management fee payable by the Company pursuant to the Investment Advisory Agreement equal to the pro rata amount of such consulting fee. On November 25, 2024, the Company redeemed a portion of its interest in LSI Financing DAC in exchange for common shares of LSI Financing LLC. As of March 31, 2026, the Company’s investment at fair value in LSI Financing LLC was $274.7 million and the Company’s total commitment was $354.6 million. The Company does not consolidate its equity interest in LSI Financing LLC.

BOCSO is a portfolio company formed to hold alternative credit assets, including ABF. ABF is a subsector of private credit focused on generating income from pools of financial, physical or other assets. On September 18, 2025, the Company made an initial equity contribution to BOCSO. As of March 31, 2026, the Company’s investment at fair value in BOCSO was $111.6 million and the Company’s total commitment was $112.3 million. The Company does not consolidate its equity interest in BOCSO.

OWL-HP FINANCE LLC (“Owl-HP Finance”) is an investment partnership with Hearthstone Residential Holdings (“Hearthstone”), a majority-owned subsidiary of Five Point Holdings, LLC (“Five Point”) (NYSE:FPH). Owl-HP Finance was created to invest in residential land banking (or lot option) programs that provide capital to public home builders. As of March 31, 2026, the Company’s investment at fair value in Owl-HP Finance was $17.3 million and the Company’s total commitment was $84.5 million. The Company does not consolidate its equity interest in Owl-HP Finance.

Note 4. Investments

The information in the tables below is presented on an aggregate portfolio basis, without regard to whether they are non-controlled non-affiliated, non-controlled affiliated or controlled affiliated investments.

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

The table below presents the composition of investments at fair value and amortized cost as of the following periods:


	As of March 31, 2026				As of December 31, 2025
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First-lien senior secured debt investments	$	11,255,827	$	11,035,403	$	12,215,994	$	12,048,934
Second-lien senior secured debt investments	962,550		773,357		975,790		848,575
Unsecured debt investments	359,188		369,374		384,569		399,962
Specialty finance debt investments	159,315		159,598		157,004		157,297
Preferred equity investments	547,459		536,853		592,714		568,977
Common equity investments	460,319		665,746		473,881		644,304
Specialty finance equity investments	1,227,623		1,414,987		1,195,614		1,386,739
Joint ventures	427,949		388,883		422,213		416,105
Total Investments	$	15,400,230	$	15,344,201	$	16,417,779	$	16,470,893

The table below presents the industry composition of investments based on fair value as of the following periods:


	As of March 31, 2026		As of December 31, 2025
Advertising and media	2.5	%	2.4	%
Aerospace and defense	1.4		1.4
Asset based lending and fund finance(1)	7.1		6.5
Automotive services	3.7		3.3
Buildings and real estate(5)	4.9		4.6
Business services	2.8		2.7
Chemicals	3.4		3.3
Consumer products	2.6		2.3
Containers and packaging	2.9		2.8
Distribution	1.3		1.3
Education	0.2		0.3
Energy equipment and services	0.5		0.5
Financial services	3.8		3.8
Food and beverage	5.1		5.0
Healthcare equipment and services	4.6		4.4
Healthcare providers and services	9.1		9.0
Healthcare technology	5.6		6.3
Household products	1.9		1.7
Human resource support services	1.7		2.0
Infrastructure and environmental services	2.6		2.3
Insurance(3)	6.0		6.3
Internet software and services	10.3		11.1
Joint ventures(2)	2.5		2.5
Leisure and entertainment	2.1		2.0
Manufacturing	4.4		5.3

Pharmaceuticals(4)	2.0		1.3
Professional services	2.3		2.9
Specialty retail	2.2		2.1
Telecommunications	0.1		0.1
Transportation	0.4		0.5
Total	100.0	%	100.0	%

_______________

(1)Includes investments in Wingspire, BOCSO and Amergin AssetCo.

(2)Includes investment in Credit SLF and Blue Owl Leasing. See below, within Note 4, for more information.

(3)Includes investment in Fifth Season.

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

(4)Includes investments in LSI Financing DAC and LSI Financing LLC.

(5)Includes investments in Owl-HP Finance.

The table below presents the geographic composition of investments based on fair value as of the following periods:


	As of March 31, 2026		As of December 31, 2025
United States:
Midwest	20.5	%	20.6	%
Northeast	21.7		21.2
South	36.9		36.8
West	13.8		14.8
International	7.1		6.6
Total	100.0	%	100.0	%

Blue Owl Credit SLF LLC

Credit SLF, a Delaware limited liability company, is a joint venture among the Company, Blue Owl Capital Corporation II, Blue Owl Credit Income Corp., Blue Owl Technology Finance Corp., Blue Owl Technology Income Corp. and State Teachers Retirement System of Ohio (each, a “Credit SLF Member” and collectively, the “Credit SLF Members”). Credit SLF’s principal purpose is to make investments primarily in senior secured loans to middle market companies, broadly syndicated loans and in senior and subordinated notes issued by collateralized loan obligations. Credit SLF is managed by a board of directors comprised of an equal number of directors appointed by each Credit SLF Member and which acts unanimously. Investment decisions must be approved by Credit SLF’s board. The Credit SLF Members coinvest through Credit SLF, or its wholly owned subsidiaries. Credit SLF’s date of inception was May 6, 2024 and Credit SLF made its first portfolio company investment on July 23, 2024.

Prior to January 13, 2025, OBDE was a Class A Member. On January 13, 2025, pursuant to the Mergers, the Company assumed OBDE’s portion of commitment and contribution to Credit SLF of approximately $6.3 million and $2.4 million respectively.

Credit SLF’s investments at fair value are determined in accordance with FASB ASC 820, as amended; however, determination of such fair value is not included in the Company’s valuation process.

Other than for purposes of the 1940 Act, the Company does not believe it has control over this portfolio company. Accordingly, the Company does not consolidate its non-controlling interest in Credit SLF.

The Company’s initial capital commitment to and economic ownership in Credit SLF was $24.5 million and 42.8%, respectively. On November 1, 2024, the Company increased its capital commitment to and economic ownership in Credit SLF capital to $774.2 million and 84.6%, respectively.

On January 13, 2025, in connection with the OBDE Mergers, the Company assumed OBDE’s capital commitment to and economic ownership in Credit SLF of approximately $6.3 million and 0.7% respectively. On May 15, 2025, the Credit SLF Members modified their capital commitments to Credit SLF and the Company’s capital commitment was reduced to $404.1 million. On September 4, 2025, certain Credit SLF Members increased their capital commitments to Credit SLF and the Company’s capital commitment was increased to $427.1 million. In the first quarter of 2026, certain Credit SLF Members further increased their capital commitments to Credit SLF and the Company’s capital commitment was increased to $446.5 million of which $19.4 million was unfunded as of March 31, 2026.

As of March 31, 2026, the capital commitment and economic ownership of each Credit SLF Member is as follows:


Members	Capital Commitment		Net Contributed Capital		Economic Ownership Interest(1)
Blue Owl Capital Corporation	$	446,460	$	427,085	66.1	%
Blue Owl Capital Corporation II(2)	244		244		0.0	%
Blue Owl Credit Income Corp.	136,419		87,169		13.5	%
Blue Owl Technology Finance Corp.	53,812		34,937		5.4	%
Blue Owl Technology Income Corp.	16,161		16,161		2.5	%
State Teachers Retirement System of Ohio	93,299		80,799		12.5	%
Total	$	746,395	$	646,395	100.0	%

_______________

(1) This represents each equity holder’s ownership percentage at March 31, 2026 based on net contributed capital.

(2) Economic ownership interest for Blue Owl Capital Corporation II is 0.04%.

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

The table below sets forth Credit SLF’s consolidated financial data as of and for the following periods:


	As of March 31, 2026		As of December 31, 2025
Consolidated Balance Sheet Data
Cash	$	167,235	$	124,718
Investments at fair value	2,417,836		2,343,367
Total Assets	2,616,236		2,477,523
Total Debt (net of unamortized debt issuance costs)	1,831,178		1,728,363
Total Liabilities	2,026,448		1,863,454
Total Credit SLF Members’ Equity	$	589,788	$	614,069


	For the Three Months Ended March 31,
	2026		2025
Consolidated Statement of Operations Data
Income
Investment income	$	41,005	$	23,696
Expenses
Net operating expenses	25,030		13,659
Net investment income (loss)	$	15,975	$	10,037


Total net realized and unrealized gain (loss)	(51,991)		(16,103)
Net increase (decrease) in Credit SLF Members’ Equity resulting from operations	$	(36,016)	$	(6,066)

The Company’s proportional share of Credit SLF’s distributions for the following periods:


	For the Three Months Ended March 31,
	2026		2025
Dividend income	$	8,861	$	8,517

Blue Owl Leasing LLC

Blue Owl Leasing, a Delaware limited liability company, is a joint venture among the Company, Blue Owl Capital Corporation II, Blue Owl Credit Income Corp., Blue Owl Technology Finance Corp., Blue Owl Technology Income Corp. Blue Owl Alternative Credit Fund and California State Teachers Retirement System (each, a “Blue Owl Leasing Member” and collectively, the “Blue Owl Leasing Members”). Blue Owl Leasing’s principal purpose is to make investments, either directly or indirectly through financing subsidiaries or other persons, primarily in leases and loans. Investment decisions must be approved by Blue Owl Leasing. The Blue Owl Leasing Members coinvest through Blue Owl Leasing, or its wholly owned subsidiaries. Blue Owl Leasing’s date of inception was June 30, 2025 and Blue Owl Leasing made its first portfolio company investment on October 23, 2025.

Blue Owl Leasing’s investments at fair value are determined in accordance with FASB ASC 820, as amended; however, such fair value is not included in the Company’s valuation process.

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

As of March 31, 2026, the capital commitment, called capital and economic ownership of each Blue Owl Leasing Member is as follows:


Members	Capital Commitment		Net Contributed Capital		Economic Ownership Interest(1)
Blue Owl Capital Corporation	$	860	$	860	2.2	%
Blue Owl Capital Corporation II	90		90		0.2	%
Blue Owl Credit Income Corp.	30,952		1,900		4.7	%
Blue Owl Technology Finance Corp.	8,955		800		2.0	%
Blue Owl Technology Income Corp.	3,918		350		0.9	%
Blue Owl Alternative Credit Fund	31,000		31,000		77.5	%
California State Teachers Retirement System	10,825		5,000		12.5	%
Total	$	86,600	$	40,000	100.0	%

_______________

(1) This represents each equity holder’s ownership percentage at March 31, 2026, based on net contributed capital.

The table below sets forth Blue Owl Leasing’s consolidated financial data as of and for the following period:


	As of March 31, 2026		As of December 31, 2025(1)
Consolidated Balance Sheet Data
Cash	$	9,981	$	34,555
Investments at fair value	39,363		39,628
Total Assets	49,650		74,531
Total Debt (net of unamortized debt issuance costs)	9,374		9,754
Total Liabilities	9,861		10,076
Total Blue Owl Leasing Members’ Equity	$	39,789	$	64,455

_______________

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


	For the Three Months Ended March 31,
	2026
Consolidated Statement of Operations Data
Income
Investment income	$	1,043
Expenses
Net operating expenses	871
Net investment income (loss)	$	172


Total net realized and unrealized gain (loss)	(239)
Net Increase (Decrease) in Blue Owl Leasing Members’ Equity Resulting From Operations	$	(67)

Blue Owl Leasing did not distribute any dividends to the Company for the period ended March 31, 2026.

Asset Sale

In February 2026, the Company sold a portion of its portfolio company investments with aggregate fair value of $357.6 million equivalent to 99.8% of par value to certain purchasers. Each investment sold represented a partial amount of the Company’s exposure to the respective portfolio company. The investments sold consisted of 91.9% first-lien investments, 4.7% second-lien investments and 3.4% unsecured investments and include investments in 74 portfolio companies across 24 industries. 98.3% of investments sold were floating rate. The investments sold had an average investment size of $4.8 million and a weighted average spread of 5.5% and consist of partial sales representing approximately 5.0% of the Company’s exposure to each underlying portfolio company as of December 31, 2025. As a result of the sale, the Company recognized a $1.7 million gain on the sale in the first quarter of 2026. The Company used the proceeds from the sale to repay indebtedness.

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

Note 5. Debt

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150%. As of March 31, 2026 and December 31, 2025, the Company’s asset coverage was 183% and 178%, respectively.

The tables below present the Company’s debt obligations for the following periods:


	As of March 31, 2026
	Aggregate Principal Committed		Outstanding Principal		Amount Available(3)		Unamortized Debt Issuance Costs		Net Carrying Value
Revolving Credit Facility(1)	$	4,025,000	$	516,000	$	3,464,086	$	(26,162)	$	489,838
SPV Asset Facility II	300,000		283,700		16,300		(5,429)		278,271
SPV Asset Facility V	525,000		483,000		42,000		(4,708)		478,292
SPV Asset Facility VI	500,000		440,000		30,398		(3,787)		436,213
SPV Asset Facility VII	300,000		300,000		—		(1,478)		298,522
CLO I	390,000		390,000		—		(3,394)		386,606
CLO III	260,000		260,000		—		(1,679)		258,321
CLO IV	234,448		234,448		—		(2,946)		231,502
CLO V	509,625		509,625		—		(2,001)		507,624
CLO VII	330,500		330,500		—		(2,084)		328,416
CLO X	272,000		272,000		—		(1,875)		270,125

July 2026 Notes	1,000,000		1,000,000		—		(1,467)		998,533
2027 Notes(2)	500,000		500,000		—		(12,540)		486,646
April 2027 Notes	325,000		325,000		—		(873)		324,127
July 2027 Notes	250,000		250,000		—		(1,177)		248,823
2028 Notes	850,000		850,000		—		(5,905)		844,095
June 2028 Notes	100,000		100,000		—		(527)		99,473
2029 Notes(2)	1,000,000		1,000,000		—		(7,674)		996,429
2030 Notes(2)	500,000		500,000		—		(9,538)		492,703
Total Debt	$	12,171,573	$	8,544,273	$	3,552,784	$	(95,244)	$	8,454,559

________________

(1)The amount available is reduced by $44.9 million of outstanding letters of credit.

(2)Net carrying value is inclusive of change in fair market value of effective hedge.

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

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)


	As of December 31, 2025
	Aggregate Principal Committed		Outstanding Principal		Amount Available(3)		Unamortized Debt Issuance Costs		Net Carrying Value
Revolving Credit Facility(1)	$	4,025,000	$	1,012,000	$	2,970,841	$	(27,931)	$	984,069
SPV Asset Facility II	300,000		161,700		137,146		(5,562)		156,138
SPV Asset Facility V	525,000		384,000		48,167		(5,001)		378,999
SPV Asset Facility VI	500,000		300,000		92,046		(4,041)		295,959
SPV Asset Facility VII	300,000		210,000		9,964		(1,601)		208,399
CLO I	390,000		390,000		—		(3,489)		386,511
CLO III	260,000		260,000		—		(1,727)		258,273
CLO IV	275,463		275,463		—		(3,346)		272,117
CLO V	509,625		509,625		—		(2,062)		507,563
CLO VII	330,500		330,500		—		(2,127)		328,373
CLO X	272,000		272,000		—		(1,797)		270,203
CLO XIV	260,000		260,000		—		(1,578)		258,422
2026 Notes	500,000		500,000		—		(91)		499,909
July 2026 Notes	1,000,000		1,000,000		—		(2,717)		997,283
2027 Notes(2)	500,000		500,000		—		(2,117)		483,987
April 2027 Notes	325,000		325,000		—		(1,078)		323,922
July 2027 Notes	250,000		250,000		—		(1,389)		248,611
2028 Notes	850,000		850,000		—		(6,549)		843,451
June 2028 Notes	100,000		100,000		—		(585)		99,415
2029 Notes(2)	1,000,000		1,000,000		—		(8,373)		1,002,667
2030 Notes(2)	500,000		500,000		—		(10,025)		495,805
Total Debt	$	12,972,588	$	9,390,288	$	3,258,164	$	(93,186)	$	9,300,076

_______________

(1)The amount available is reduced by $42.2 million of outstanding letters of credit.

(2)Net carrying value is inclusive of change in fair market value of effective hedge.

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

The table below presents the components of interest expense for the following periods:


	For the Three Months Ended March 31,
	2026			2025
Interest expense	$	121,508		$	141,355
Amortization of debt issuance costs	12,387			9,802
Net change in unrealized (gain) loss on effective interest rate swaps and hedged items included in interest expense(1)	421			(2,625)

Total Interest Expense	$	134,316		$	148,532
Average interest rate	5.2		%	5.6		%
Average daily borrowings	$	9,346,381		$	10,175,195

_______________

(1)Refer to the 2027 Notes, 2029 Notes and 2030 Notes for details on the associated interest rate swaps.

Credit Facilities

The Company’s credit facilities contain customary covenants, including certain limitations on the incurrence by the Company of additional indebtedness and on the Company’s ability to make distributions to the Company’s shareholders, or redeem, repurchase or retire shares of stock, upon the occurrence of certain events, and customary events of default (with customary cure and notice provisions).

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

Revolving Credit Facility

On August 26, 2022, the Company entered into an Amended and Restated Senior Secured Revolving Credit Agreement (as amended from time to time, the “Revolving Credit Facility”). The parties to the Revolving Credit Facility include the Company, as Borrower, the lenders from time to time parties thereto and Truist Bank, as Administrative Agent. On November 22, 2024 (the “Revolving Credit Facility Second Amendment Date”), the Revolving Credit Facility was amended to, among other things, extend the availability period and maturity date for certain lenders. The following describes the terms of the Revolving Credit Facility as modified through November 6, 2025.

The Revolving Credit Facility is guaranteed by certain subsidiaries of the Company in existence as of the Revolving Credit Facility Second Amendment Date, and will be guaranteed by certain subsidiaries of the Company that are formed or acquired by the Company thereafter (each a “Guarantor” and collectively, the “Guarantors”). Proceeds of the Revolving Credit Facility may be used for general corporate purposes, including the funding of portfolio investments.

The Revolving Credit Facility provides for, on an aggregated basis, a total of outstanding term loans and revolving credit facility commitments in the principal amount of $4.03 billion, which is comprised of (a) a term loan in a principal amount of $75.0 million and (b) subject to availability under the borrowing base, which is based on the Company’s portfolio investments and other outstanding indebtedness, a revolving credit facility in a principal amount of up to $3.95 billion (increased from $3.83 billion on November 6, 2025). The amount available for borrowing under the Revolving Credit Facility is reduced by any standby letters of credit issued through the Revolving Credit Facility. Maximum capacity under the Revolving Credit Facility may be increased to $5.50 billion through the Company’s exercise of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The Revolving Credit Facility includes a $300.0 million limit for swingline loans and is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Company and each Guarantor, subject to certain exceptions.

The availability period under the Revolving Credit Facility will terminate on (a) August 26, 2026 with respect to $50.0 million of commitments and (b) November 22, 2028 with respect to the remaining commitments (each date, a “Revolving Credit Facility Commitment Termination Date”). The Revolving Credit Facility will mature on (a) August 26, 2027 with respect to $50.0 million of commitments and (b) November 22, 2029 with respect to the remaining commitments (each date, a “Revolving Credit Facility Maturity Date”). During the period from the earliest Revolving Credit Facility Commitment Termination Date to the latest Revolving Credit Facility Maturity Date, the Company will be obligated to make mandatory prepayments under the Revolving Credit Facility out of the proceeds of certain asset sales and other recovery events and equity and debt issuances.

The Company may borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn under the Revolving Credit Facility with respect to the commitments in U.S. dollars maturing on November 22, 2029 bear interest at either (i) term SOFR plus any applicable credit adjustment spread plus margin of either 1.775% per annum or, (x) if the gross borrowing base is greater than or equal to the product of 1.60 and the combined debt amount, but less than the product of 2.00 and the combined debt amount, 1.650% per annum or (y) if the gross borrowing base is greater than or equal to the product of 2.00 and the combined debt amount, 1.525% per annum or (ii) the alternative base rate plus margin of either 0.775% per annum or, (x) if the gross borrowing base is greater than or equal to the product of 1.60 and the combined debt amount but less than the product of 2.00 and the combined debt amount, 0.650% per annum or (y) if the gross borrowing base is greater than or equal to the product of 2.00 and the combined debt amount, 0.525% per annum. Amounts drawn under the Revolving Credit Facility with respect to the commitments in U.S. dollars maturing on August 26, 2027 bear interest at either (i) term SOFR plus any applicable credit adjustment spread plus margin of 2.00% per annum or (ii) the alternative base rate plus margin of 1.00% per annum. With respect to loans denominated in U.S. dollars, the Company may elect either term SOFR or the alternative base rate at the time of drawdown, and such loans may be converted from one rate to another at any time at the Company’s option, subject to certain conditions. Amounts drawn under the Revolving Credit Facility with respect to the commitments in other permitted currencies maturing on November 22, 2029 bear interest at the relevant rate specified therein (including any applicable credit adjustment spread) plus margin of either 1.775% per annum or, (x) if the gross borrowing base is greater than or equal to the product of 1.60 and the combined debt amount, but less than the product of 2.00 and the combined debt amount 1.650% per annum or (y) if the gross borrowing base is greater than or equal to the product of 2.00 and the combined debt amount, 1.525% per annum. Amounts drawn under the Revolving Credit Facility with respect to the commitments in other permitted currencies maturing on August 26, 2027 bear interest at the relevant rate specified therein (including any applicable credit adjustment spread) plus margin of 2.00% per annum. Beginning on and after the Revolving Credit Facility Second Amendment Date, the Company also pays a fee of 0.350% on daily undrawn amounts under the Revolving Credit Facility.

The Revolving Credit Facility includes customary covenants, including certain limitations on the incurrence by the Company of additional indebtedness and on the Company’s ability to make distributions to the Company’s shareholders, or redeem, repurchase or retire shares of stock, upon the occurrence of certain events and certain financial covenants related to asset coverage and liquidity and other maintenance covenants, as well as customary events of default. The Revolving Credit Facility requires a minimum asset coverage ratio with respect to the consolidated assets of the Company and its subsidiaries to senior securities that constitute indebtedness of no less than 1.50 to 1.00 at any time.

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

SPV Asset Facilities

Certain of the Company’s wholly owned subsidiaries are parties to credit facilities (the “SPV Asset Facilities”). Pursuant to the SPV Asset Facilities, from time to time the Company sells and contributes certain investments to these wholly owned subsidiaries pursuant to sale and contribution agreements by and between the Company and the wholly owned subsidiaries. No gain or loss is recognized as a result of these contributions. Proceeds from the SPV Asset Facilities are used to finance the origination and acquisition of eligible assets by the wholly owned subsidiary, including the purchase of such assets from the Company. The Company retains a residual interest in assets contributed to or acquired by the wholly owned subsidiary through the Company’s ownership of the wholly owned subsidiary. The SPV Asset Facilities are secured by a perfected first priority security interest in the assets of these wholly owned subsidiaries and on any payments received by such wholly owned subsidiaries in respect of those assets. Assets pledged to lenders under the SPV Asset Facilities will not be available to pay the Company’s debts. The SPV Asset Facilities contain customary covenants, including certain limitations on the incurrence by the Company of additional indebtedness and on the Company’s ability to make distributions to its shareholders, or redeem, repurchase or retire shares of stock, upon the occurrence of certain events, and customary events of default (with customary cure and notice provisions). Borrowings of the wholly owned subsidiaries under the SPV Asset Facilities are considered the Company’s borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.

SPV Asset Facility II

On May 22, 2018, ORCC Financing II LLC (“ORCC Financing II”), a Delaware limited liability company and subsidiary of the Company, entered into a Credit Agreement (as amended, the “SPV Asset Facility II”), with ORCC Financing II, as Borrower, the lenders from time to time parties thereto (the “SPV Asset Facility II Lenders”), Natixis, New York Branch, as Administrative Agent, State Street Bank and Trust Company, as Collateral Agent, Collateral Administrator and Custodian, and Cortland Capital Market Services LLC as Document Custodian. The parties to the SPV Asset Facility II have entered into various amendments, including to admit new lenders, increase or decrease the maximum principal amount available under the facility, extend the availability period and maturity date, change the interest rate and make various other changes. On March 31, 2025, the parties to the SPV Asset Facility II entered into an amendment, including to replace Cortland Capital Market Services LLC as Document Custodian with State Street Bank and Trust Company and make various other changes. The following describes the terms of SPV Asset Facility II as most recently amended through March 31, 2025 (the “SPV Asset Facility II Tenth Amendment Date”).

The maximum principal amount of the SPV Asset Facility II as of the SPV Asset Facility II Tenth Amendment Date is $300.0 million (which consists of $300.0 million of revolving commitments). The availability of this amount is subject to an overcollateralization ratio test, which is based on the value of ORCC Financing II’s assets from time to time, and satisfaction of certain conditions, including an interest coverage ratio test, certain concentration limits and collateral quality tests.

The SPV Asset Facility II provides for the ability to draw and redraw revolving loans under the SPV Asset Facility II through April 22, 2028, unless the revolving commitments are terminated sooner as provided in the SPV Asset Facility II (the “SPV Asset Facility II Commitment Termination Date”). Unless otherwise terminated, the SPV Asset Facility II will mature on April 17, 2036 (the “SPV Asset Facility II Stated Maturity”). Prior to the SPV Asset Facility II Stated Maturity, proceeds received by ORCC Financing II from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to the Company, subject to certain conditions. On the SPV Asset Facility II Stated Maturity, ORCC Financing II must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to the Company.

With respect to revolving loans, amounts drawn bear interest at Term SOFR (or, in the case of certain lenders that are commercial paper conduits, the lower of their cost of funds and Term SOFR plus 0.10%) plus a spread of 1.95%. From the SPV Asset Facility II Tenth Amendment Date to the SPV Asset Facility II Commitment Termination Date, there is a commitment fee of 0.50% per annum on the undrawn amount, if any, of the revolving commitments in the SPV Asset Facility II.

SPV Asset Facilities Assumed in the OBDE Mergers

On January 13, 2025, the Company became party to and assumed all of OBDE’s obligations under OBDE’s SPV asset facilities (the “OBDE SPV Asset Facility Assumption Date”).

SPV Asset Facility V

On July 29, 2021 (the “SPV Asset Facility V Closing Date”), ORCC III Financing LLC (“ORCC III Financing”), a Delaware limited liability company entered into a Credit Agreement (as amended through the date hereof, the “SPV Asset Facility V”), with ORCC III Financing, as borrower, OBDE, as equityholder, ODCA, as collateral manager, the lenders from time to time parties thereto, Société Générale, as agent, State Street Bank and Trust Company, as collateral agent, collateral administrator, custodian and collateral custodian. The parties to the SPV Asset Facility V have entered into various amendments, including to admit new lenders, increase the maximum principal amount available under the facility, add a swingline commitment to the facility, extend the availability period and maturity date, change the interest rate, replace the collateral custodian and make various other changes. The following describes the terms of SPV Asset Facility V as most recently amended on August 15, 2025.

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

The maximum principal amount of the SPV Asset Facility V is $525.0 million (decreased from $625.0 million on December 8, 2023), which can be drawn in multiple currencies subject to certain conditions; the availability of this amount is subject to the borrowing base, which is determined on the basis of the value and types of ORCC III Financing’s assets from time to time, and satisfaction of certain conditions, including certain concentration limits. The SPV Asset Facility V includes a $100.0 million sub-limit for swingline loans.

The SPV Asset Facility V provides for the ability to (1) draw term loans and (2) draw and redraw revolving loans under the SPV Asset Facility V through March 16, 2028, unless the commitments are terminated sooner as provided in the SPV Asset Facility V (the “SPV Asset Facility V Commitment Termination Date”). Unless otherwise terminated, the SPV Asset Facility V will mature on March 15, 2030 (the “SPV Asset Facility V Stated Maturity”). Prior to the SPV Asset Facility V Stated Maturity, proceeds received by ORCC III Financing from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to the Company, subject to certain conditions. On the SPV Asset Facility V Stated Maturity, ORCC III Financing must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to the Company.

Amounts drawn in U.S. dollars bear interest at SOFR plus a spread of 1.90%; amounts drawn in Canadian dollars bear interest at Term CORRA plus a spread of 1.90%; amounts drawn in Euros bear interest at EURIBOR plus a spread of 1.90%; and amounts drawn in British pounds bear interest at SONIA plus a spread of 1.90%. These benchmarks may be replaced as a base rate under certain circumstances. From the SPV Asset Facility V Closing Date to the SPV Asset Facility V Commitment Termination Date, there is a commitment fee, calculated on a daily basis, ranging from 0.00% to 1.00% on the undrawn amount under the SPV Asset Facility V.

SPV Asset Facility VI

On December 2, 2021 (the “SPV Asset Facility VI Closing Date”), ORCC III Financing II LLC (“ORCC III Financing II”), a Delaware limited liability company and newly formed subsidiary entered into a loan financing and servicing agreement (the “SPV Asset Facility VI”), with ORCC III Financing II, as borrower, OBDE, as equityholder and services provider, the lenders from time to time parties thereto, Deutsche Bank AG, New York Branch, as facility agent, State Street Bank and Trust Company, as collateral agent and collateral custodian. The parties to the SPV Asset Facility VI have entered into various amendments, including to replace the collateral custodian and make various other changes. The following describes the terms of SPV Asset Facility VI as most recently amended through April 9, 2025.

The maximum principal amount of the SPV Asset Facility VI is $500.0 million (increased from $350.0 million to $500.0 million on October 10, 2024); the availability of this amount is subject to a borrowing base test, which is based on the value of ORCC III Financing II’s assets from time to time, and satisfaction of certain conditions, including interest spread and weighted average coupon tests, certain concentration limits and collateral quality tests.

The SPV Asset Facility VI provides for the ability to borrow, reborrow, repay and prepay advances under the SPV Asset Facility VI for a period until December 2, 2027 unless such period is extended or accelerated under the terms of the SPV Asset Facility VI (the “SPV Asset Facility VI Revolving Period”). Unless otherwise extended, accelerated or terminated under the terms of the SPV Asset Facility VI, the SPV Asset Facility VI will mature on the date that is two years after the last day of the SPV Asset Facility VI Revolving Period, on December 2, 2029 (the “SPV Asset Facility VI Termination Date”). Prior to the SPV Asset Facility VI Termination Date, proceeds received by ORCC III Financing II from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding advances, and the excess may be returned to the Company, subject to certain conditions. On the SPV Asset Facility VI Termination Date, ORCC III Financing II must pay in full all outstanding fees and expenses and all principal and interest on outstanding advances, and the excess may be returned to the Company.

Amounts drawn bear interest at SOFR (or, in the case of certain lenders that are commercial paper conduits, the lower of (a) their cost of funds and (b) SOFR, such SOFR not to be lower than zero) plus a spread equal to 1.70% per annum, which spread will increase (a) on and after the end of the SPV Asset Facility VI Revolving Period by 0.15% per annum if no event of default has occurred and (b) by 2.00% per annum upon the occurrence of an event of default (such spread, the “SPV Asset Facility VI Applicable Margin”). SOFR may be replaced as a base rate under certain circumstances. During the SPV Asset Facility VI Revolving Period, ORCC III Financing II will pay an undrawn fee ranging from 0.00% to 0.25% per annum on the undrawn amount, if any, of the revolving commitments in the SPV Asset Facility VI. During the SPV Asset Facility VI Revolving Period, if the undrawn commitments are in excess of a certain portion (initially 20% and increasing in stages to 35%, 50% and 60%) of the total commitments under the SPV Asset Facility VI, ORCC III Financing II will also pay a make-whole fee equal to the SPV Asset Facility VI Applicable Margin multiplied by such excess undrawn commitment amount, reduced by the undrawn fee payable on such excess. ORCC III Financing II will also pay Deutsche Bank AG, New York Branch, certain fees (and reimburse certain expenses) in connection with its role as facility agent.

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

SPV Asset Facility VII

On March 20, 2024 (the “SPV Asset Facility VII Closing Date”), OBDC III Financing III LLC (“OBDC III Financing III”), a Delaware limited liability company, entered into a Credit Agreement (the “SPV Asset Facility VII”), with OBDC III Financing III, as borrower, ODCA, as servicer, the lenders from time to time parties thereto, Bank of America, N.A., as administrative agent, State Street Bank and Trust Company, as collateral agent, and Alter Domus (US) LLC, as collateral custodian. The following describes the terms of SPV Asset Facility VII as amended through the OBDE SPV Asset Facility Assumption Date.

The maximum principal amount of the SPV Asset Facility VII is $300.0 million, which can be drawn in multiple currencies subject to certain conditions; the availability of this amount is subject to the borrowing base, which is determined on the basis of the value and types of OBDC III Financing III’s assets from time to time, and satisfaction of certain conditions, including certain portfolio criteria.

The SPV Asset Facility VII provides for the ability to draw and redraw revolving loans under the SPV Asset Facility VII for a period of up to three years after the SPV Asset Facility VII Closing Date unless the commitments are terminated sooner as provided in the SPV Asset Facility VII (the “SPV Asset Facility VII Availability Period”). Unless otherwise terminated, the SPV Asset Facility VII will mature on March 20, 2029 (the “SPV Asset Facility VII Maturity Date”). To the extent the commitments are terminated or permanently reduced during the first two years following the SPV Asset Facility VII Closing Date, OBDC III Financing III may owe a prepayment penalty. Prior to the SPV Asset Facility VII Maturity Date, proceeds received by OBDC III Financing III from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to the Company, subject to certain conditions. On the SPV Asset Facility VII Maturity Date, OBDC III Financing III must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to the Company.

Amounts drawn in U.S. dollars are benchmarked to Daily SOFR, amounts drawn in British pounds are benchmarked to SONIA plus an adjustment of 0.11930%, amounts drawn in Canadian dollars are benchmarked to Daily Simple CORRA plus an adjustment of 0.29547%, and amounts drawn in Euros are benchmarked to EURIBOR, and in each case plus a spread equal to the Applicable Rate. The “Applicable Rate” ranges from 1.75% to 2.50% depending on the composition of the collateral. The SPV Asset Facility VII also allows for amounts drawn in U.S. dollars to bear interest at an alternate base rate without a spread. During the Availability Period, there is a commitment fee subject to minimum utilization, calculated on a daily basis, ranging from 0.25% to 1.25% on the undrawn amount under the Secured Credit Facility.

Debt Securitization Transactions

The Company incurs secured financing through debt securitization transactions, also known as collateralized loan obligation transactions (the “CLO Transactions”) issued by the Company’s consolidated subsidiaries (the “CLO Issuers”), which are backed by a portfolio of collateral obligations consisting of middle-market loans and participation interests in middle-market loans as well as by other assets of the CLO Issuers. The CLO Issuers issue preferred shares which are not secured by the collateral securing the CLO Transactions which the Company purchases. The Company acts as retention holder in connection with the CLO Transactions for the purposes of satisfying certain U.S. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of a CLO Issuer’s preferred shares. Notes issued by CLO Issuers have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities (e.g., “blue sky”) laws, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or pursuant to an applicable exemption from such registration. The Adviser serves as collateral manager for the CLO Issuers under a collateral management agreement. The Adviser is entitled to receive fees for providing these services. The Adviser routinely waives its right to receive such fees but may rescind such waiver at any time; provided, however, that if the Adviser rescinds such waiver, the management fee payable to Adviser pursuant to the Investment Advisory Agreement will be offset by the amount of the collateral management fee attributable to a CLO Issuer’s equity or notes owned by the Company. Assets pledged to debt holders of the CLO Transactions and the other secured parties under each CLO Transaction’s documentation will not be available to pay the debts of the Company. The Company consolidates the financial statements of the CLO Issuers in its consolidated financial statements.

CLO I

On May 28, 2019 (the “CLO I Closing Date”), the Company completed a $596.0 million term debt securitization transaction (the “CLO I Transaction”). The secured notes and preferred shares issued in the CLO I Transaction and the secured loan borrowed in the CLO I Transaction were issued and incurred, as applicable, by the Company’s consolidated subsidiaries Owl Rock CLO I, Ltd., an exempted company incorporated in the Cayman Islands with limited liability (the “CLO I Issuer”), and Owl Rock CLO I, LLC, a Delaware limited liability company (the “CLO I Co-Issuer” and together with the CLO I Issuer, the “CLO I Issuers”). The following describes the terms of the CLO I Transaction as supplemented through June 28, 2023 (the “CLO I Indenture Supplement Date”).

In the CLO I Transaction the CLO I Issuers (A) issued the following notes pursuant to an indenture and security agreement dated as of the CLO I Closing Date (as supplemented by the supplemental indenture dated as of the CLO I Indenture Supplement Date by and among the CLO I Issuer, the CLO I Co-Issuer and State Street Bank and Trust Company, the “CLO I Indenture”), by and among

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

the CLO I Issuers and State Street Bank and Trust Company: (i) $242.0 million of AAA(sf) Class A Notes, which bear interest at term SOFR (plus a spread adjustment) plus 1.80%, (ii) $30.0 million of AAA(sf) Class A-F Notes, which bear interest at a fixed rate of 4.165%, and (iii) $68.0 million of AA(sf) Class B Notes, which bear interest at term SOFR (plus a spread adjustment) plus 2.70% (together, the “CLO I Notes”) and (B) borrowed $50.0 million under floating rate loans (the “Class A Loans” and together with the CLO I Notes, the “CLO I Debt”), which bear interest at term SOFR (plus a spread adjustment) plus 1.80%, under a credit agreement (the “CLO I Credit Agreement”), dated as of the CLO I Closing Date, by and among the CLO I Issuers, as borrowers, various financial institutions, as lenders, and State Street Bank and Trust Company, as collateral trustee and loan agent. The Class A Loans may be exchanged by the lenders for Class A Notes at any time, subject to certain conditions under the CLO I Credit Agreement and the CLO I Indenture. The CLO I Debt is scheduled to mature on the Payment Date (as defined in the CLO I Indenture) in May, 2031. The CLO I Notes were privately placed by Natixis Securities Americas, LLC and SG Americas Securities, LLC.

The CLO I Secured Notes were redeemed in the CLO I Refinancing, described below.

Concurrently with the issuance of the CLO I Notes and the borrowing under the Class A Loans, the CLO I Issuer issued approximately $206.1 million of subordinated securities in the form of 206,106 preferred shares at an issue price of U.S.$1,000 per share (the “CLO I Preferred Shares”).

The CLO I Debt is secured by all of the assets of the CLO I Issuer, which will consist primarily of middle-market loans, participation interests in middle-market loans, and related rights and the cash proceeds thereof. As part of the CLO I Transaction, ORCC Financing II and the Company sold and contributed approximately $575.0 million par amount of middle-market loans to the CLO I Issuer on the CLO I Closing Date. No gain or loss was recognized as a result of these sales and contributions. Such loans constituted the initial portfolio assets securing the CLO I Debt. The Company and ORCC Financing II each made customary representations, warranties, and covenants to the CLO I Issuer regarding such sales and contributions under a loan sale agreement.

Through May 20, 2023, a portion of the proceeds received by the CLO I Issuer from the loans securing the CLO I Debt could be used by the CLO I Issuer to purchase additional middle-market loans under the direction of the Adviser as the collateral manager for the CLO I Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle-market loans.

The CLO I Debt is the secured obligation of the CLO I Issuers, and the CLO I Indenture and the CLO I Credit Agreement include customary covenants and events of default.

The CLO I Notes were offered in reliance on Section 4(a)(2) of the Securities Act.

CLO I Refinancing

On January 4, 2024 (the “CLO I Refinancing Date”), the Company completed a $390.0 million term debt securitization refinancing (the “CLO I Refinancing”). The secured notes issued in the CLO I Refinancing and the secured loan borrowed in the CLO I Refinancing were issued and incurred, as applicable, by the Company’s consolidated subsidiary Owl Rock CLO I, LLC, a limited liability company organized under the laws of the State of Delaware (the “CLO I Refinancing Issuer”).

The CLO I Refinancing was executed by (A) the issuance of the following classes of notes pursuant to an indenture and security agreement dated as of May 28, 2019 (the “Original CLO I Closing Date”) by and among Owl Rock CLO I, Ltd., as issuer (the “Original CLO I Issuer”), the CLO I Refinancing Issuer, as co-issuer and State Street Bank and Trust Company, as supplemented by the first supplemental indenture dated as of June 28, 2023 and as further supplemented by the second supplemental indenture dated as of the CLO I Refinancing Date (the “CLO I Refinancing Indenture”), by and between the CLO I Refinancing Issuer and State Street Bank and Trust Company: (i) $221.4 million of AAA(sf) Class A-NR Notes, which bear interest at the Benchmark, as defined in the CLO I Refinancing Indenture, plus 2.40%, (ii) $25.0 million of AAA(sf) Class A-FR Notes, which bear interest at 6.35%, (iii) $41.6 million of AA(sf) Class B-R Notes, which bear interest at the Benchmark plus 3.25% and (iv) $52.0 million of A(sf) Class C Notes, which bear interest at the Benchmark plus 4.25% (together, the “CLO I Refinancing Secured Notes”) and (B) the borrowing by the CLO I Refinancing Issuer of $50.0 million under floating rate Class A-LR loans (the “CLO I Refinancing Class A-LR Loans” and together with the CLO I Refinancing Secured Notes, the “CLO I Refinancing Secured Debt”). The CLO I Refinancing Class A-LR Loans bear interest at the Benchmark plus 2.40%. The CLO I Class A-LR Loans were borrowed under a credit agreement (the “CLO I Class A-LR Credit Agreement”), dated as of the CLO I Refinancing Date, by and among the CLO I Refinancing Issuer, as borrower, various financial institutions and other persons, as lenders, and State Street Bank and Trust Company, as collateral trustee and loan agent. The CLO I Refinancing Secured Debt is secured by middle-market loans, participation interests in middle-market loans and other assets of the CLO I Refinancing Issuer. The CLO I Refinancing Secured Debt is scheduled to mature on February 20, 2036. The CLO I Refinancing Secured Notes were privately placed by Natixis Securities Americas LLC. The proceeds from the CLO I Refinancing were used to redeem in full the classes of debt issued on the Original CLO I Closing Date, to redeem a portion of the preferred shares of the CLO I Refinancing Issuer as described below and to pay expenses incurred in connection with the CLO I Refinancing. On the CLO I Refinancing Date, the Original CLO I Issuer was merged with and into the CLO I Refinancing Issuer, with the CLO I Refinancing Issuer surviving the merger. The CLO I Refinancing Issuer assumed by all operation of law all of the rights and obligations of the Original CLO I Issuer, including the subordinated securities issued by the Original CLO I Issuer on the Original CLO I Closing Date.

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

Concurrently with the issuance of the CLO I Refinancing Secured Notes and the borrowing under the CLO I Refinancing Class A-LR Loans, the CLO I Refinancing Issuer redeemed $85.3 million of subordinated securities, for a total of $120.8 million of outstanding subordinated securities in the form of 120,800 preferred shares ($1,000 per preferred share) (the “CLO I Refinancing Preferred Shares”) held by the Company.

On the Original CLO I Closing Date, the Original CLO I Issuer entered into a loan sale agreement with Company, which provided for the sale and contribution of approximately $247.0 million par amount of middle-market loans from the Company to the Original CLO I Issuer on the Original CLO I Closing Date and for future sales from the Company to the Original CLO I Issuer on an ongoing basis. As part of the CLO I Refinancing, the CLO I Refinancing Issuer, as the successor to the Original CLO I Issuer, and the Company entered into an amended and restated loan sale agreement with the Company dated as of the CLO I Refinancing Date (the “OBDC CLO I Refinancing Loan Sale Agreement”), pursuant to which the CLO I Refinancing Issuer assumed all ongoing obligations of the Original CLO I Issuer under the original agreement and the Company sold approximately $106.0 million par amount middle-market loans to the CLO I Refinancing Issuer on the CLO I Refinancing Date and provides for future sales from the Company to the CLO I Refinancing Issuer on an ongoing basis. Such loans constituted part of the portfolio of assets securing the CLO I Refinancing Secured Debt. A portion of the portfolio assets securing the CLO I Refinancing Secured Debt consists of middle-market loans purchased by the Original CLO I Issuer from ORCC Financing II under an additional loan sale agreement executed on the Original CLO I Closing Date between the Original CLO I Issuer and ORCC Financing II and which the CLO I Refinancing Issuer and ORCC Financing II amended and restated on the CLO I Refinancing Date (the “ORCC Financing II CLO I Loan Sale Agreement”) in connection with the refinancing. No gain or loss was recognized as a result of these sales and contributions. The Company and ORCC Financing II each made customary representations, warranties, and covenants to the CLO I Refinancing Issuer under the applicable loan sale agreement.

Through February 20, 2028, a portion of the proceeds received by the CLO I Refinancing Issuer from the loans securing the CLO I Refinancing Secured Notes may be used by the CLO I Refinancing Issuer to purchase additional middle-market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO I Refinancing Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle-market loans.

The CLO I Refinancing Secured Debt is the secured obligation of the CLO I Refinancing Issuer, and the CLO I Refinancing Indenture and CLO I Refinancing Class A-LR Credit Agreement each includes customary covenants and events of default.

CLO II Refinancing

On April 9, 2021 (the “CLO II Refinancing Date”), the Company completed a $398.1 million term debt securitization refinancing (the “CLO II Refinancing”). The secured notes and preferred shares issued in the CLO II Refinancing were issued by the Company’s consolidated subsidiaries Owl Rock CLO II, Ltd., an exempted company incorporated in the Cayman Islands with limited liability (the “CLO II Issuer”), and Owl Rock CLO II, LLC, a Delaware limited liability company (the “CLO II Co-Issuer” and together with the CLO II Issuer, the “CLO II Issuers”). The following describes the terms of the CLO II Refinancing as supplemented through July 18, 2023 (the “CLO II Refinancing Indenture Supplement Date”).

The CLO II Refinancing was executed by the issuance of the following classes of notes pursuant to an indenture and security agreement dated as of December 12, 2019 (such date, the “CLO II Closing Date,” and such agreement, the “CLO II Indenture”), as supplemented by the first supplemental indenture dated as of the CLO II Refinancing Date and as further supplemented by the second supplemental indenture dated as of the CLO II Refinancing Indenture Supplement Date) by and among the CLO II Issuer, the CLO II Co-Issuer and State Street Bank And Trust Company, the “CLO II Refinancing Indenture”), by and among the CLO II Issuers and State Street Bank and Trust Company: (i) $204.0 million of AAA(sf) Class A-LR Notes, which bear interest at term SOFR (plus a spread adjustment) plus 1.55%, (ii) $20.0 million of AAA(sf) Class A-FR Notes, which bear interest at a fixed rate of 2.48% and (iii) $36.0 million of AA(sf) Class B-R Notes, which bear interest at term SOFR (plus a spread adjustment) plus 1.90% (together, the “CLO II Refinancing Debt”). The CLO II Refinancing Debt is secured by the middle-market loans, participation interests in middle-market loans and other assets of the CLO II Issuer. The CLO II Refinancing Debt is scheduled to mature on the Payment Date (as defined in the CLO II Refinancing Indenture) in April, 2033. The CLO II Refinancing Debt was privately placed by Deutsche Bank Securities Inc. The proceeds from the CLO II Refinancing were used to redeem in full the classes of notes issued on the CLO II Closing Date.

Concurrently with the issuance of the CLO II Refinancing Debt, the CLO II Issuer issued subordinated securities in the form of 1,500 additional preferred shares at an issue price of U.S.$1,000 per share (the “CLO II Refinancing Preferred Shares”) resulting in a total outstanding number of CLO II Preferred Shares of 138,100 ($138.1 million total issue price). The proceeds from the CLO II Refinancing Preferred Shares were used to pay certain expenses incurred in connection with the CLO II Refinancing.

Through April 20, 2025, a portion of the proceeds received by the CLO II Issuer from the loans securing the CLO II Refinancing Debt were used by the CLO II Issuer to purchase additional middle-market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO II Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle-market loans.

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

The CLO II Refinancing Debt was the secured obligation of the CLO II Issuers, and the CLO II Refinancing Indenture included customary covenants and events of default.

On July 7, 2025, the CLO II Issuers redeemed all classes of the CLO II Refinancing Debt in full, along with accrued and unpaid interest.

CLO III

On March 26, 2020 (the “CLO III Closing Date”), the Company completed a $395.3 million term debt securitization transaction (the “CLO III Transaction”). The secured notes and preferred shares issued in the CLO III Transaction were issued by the Company’s consolidated subsidiaries Owl Rock CLO III, Ltd., an exempted company incorporated in the Cayman Islands with limited liability (the “CLO III Issuer”), and Owl Rock CLO III, LLC, a Delaware limited liability company (the “CLO III Co-Issuer” and together with the CLO III Issuer, the “CLO III Issuers”). The following describes the terms of the CLO III Transaction as supplemented through July 18, 2023 (the “CLO III Indenture Supplement Date”).

The CLO III Transaction was executed by the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the CLO III Closing Date (as supplemented by the supplemental indenture dated as of the CLO III Indenture Supplement Date by and among the CLO III Issuer, the CLO III Co-Issuer and State Street Bank And Trust Company, the “CLO III Indenture”), by and among the CLO III Issuers and State Street Bank and Trust Company: (i) $166.0 million of AAA(sf) Class A-1L Notes, which bear interest at term SOFR (plus a spread adjustment) plus 1.80%, (ii) $40.0 million of AAA(sf) Class A-1F Notes, which bear interest at a fixed rate of 2.75%, (iii) $20.0 million of AAA(sf) Class A-2 Notes, which bear interest at term SOFR (plus a spread adjustment) plus 2.00%, and (iv) $34.0 million of AA(sf) Class B Notes, which bear interest at term SOFR (plus a spread adjustment) plus 2.45% (together, the “CLO III Debt”). The CLO III Debt is scheduled to mature on the Payment Date (as defined in the CLO III Indenture) in April, 2032. The CLO III Debt was privately placed by SG Americas Securities, LLC.

Concurrently with the issuance of the CLO III Debt, the CLO III Issuer issued approximately $135.3 million of subordinated securities in the form of 135,310 preferred shares at an issue price of U.S.one thousand per share (the “CLO III Preferred Shares”).

The CLO III Debt is secured by all of the assets of the CLO III Issuer, which will consist primarily of middle-market loans, participation interests in middle-market loans, and related rights and the cash proceeds thereof. As part of the CLO III Transaction, ORCC Financing IV and the Company sold and contributed approximately $400.0 million par amount of middle-market loans to the CLO III Issuer on the CLO III Closing Date. No gain or loss was recognized as a result of these sales and contributions. Such loans constituted the initial portfolio assets securing the CLO III Debt. The Company and ORCC Financing IV each made customary representations, warranties, and covenants to the CLO III Issuer regarding such sales and contributions under a loan sale agreement.

Through April 20, 2024, a portion of the proceeds received by the CLO III Issuer from the loans securing the CLO III Debt may be used by the CLO III Issuer to purchase additional middle-market loans under the direction of the Adviser as the collateral manager for the CLO III Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle-market loans.

The CLO III Debt is the secured obligation of the CLO III Issuers, and the CLO III Indenture includes customary covenants and events of default. Assets pledged to holders of the CLO III Debt and the other secured parties under the CLO III Indenture will not be available to pay the debts of the Company.

The CLO III Debt was offered in reliance on Section 4(a)(2) of the Securities Act.

CLO III Refinancing

On April 11, 2024 (the “CLO III Refinancing Date”), the Company completed a $260,000,000 term debt securitization refinancing (the “CLO III Refinancing”). The secured notes issued in the CLO III Refinancing were issued by the Company’s consolidated subsidiary Owl Rock CLO III, LLC, a limited liability company organized under the laws of the State of Delaware (the “CLO III Issuer”).

The CLO III Refinancing was executed by (A) the issuance of the following classes of notes pursuant to an indenture and security agreement dated as of March 26, 2020 (the “Original CLO III Closing Date”) by and among Owl Rock CLO III, Ltd., as issuer (the “Original CLO III Issuer”), the CLO III Issuer, as co-issuer and State Street Bank and Trust Company, as supplemented by the first supplemental indenture dated as of July 18, 2023 and as further amended by the second supplemental indenture dated as of the CLO III Refinancing Date (the “CLO III Indenture”), by and between the CLO III Issuer and State Street Bank and Trust Company: (i) $228,000,000 of AAA(sf) Class A-R Notes, which bear interest at the Benchmark (as defined in the CLO III Indenture) plus 1.85% and (ii) $32,000,000 of AA(sf) Class B-R Notes, which bear interest at the Benchmark plus 2.35% (together, the “CLO III Secured Notes”). The CLO III Secured Notes are secured by middle-market loans and other assets of the CLO III Issuer. The CLO III Secured Notes are scheduled to mature on the Payment Date (as defined in the CLO III Indenture) in April 2036. The CLO III Secured Notes were privately placed by SG Americas Securities, LLC. The proceeds from the CLO III Refinancing were used to redeem in full the classes of notes issued on the Original CLO III Closing Date and to pay expenses incurred in connection with the CLO III Refinancing. On the CLO III Refinancing Date, the Original CLO III Issuer was merged with and into the CLO III Issuer, with the CLO III Issuer surviving the merger. The CLO III Issuer assumed by all operation of law all of the rights and obligations of the

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

Original CLO III Issuer, including the subordinated securities issued by the Original CLO III Issuer on the Original CLO III Closing Date.

On the Original CLO III Closing Date, the CLO III Issuer issued $135,310,000 of subordinated securities in the form of 135,310 preferred shares ($1,000 per preferred share) (the “CLO III Preferred Shares”). The Company acquired the CLO III Preferred Shares on the Original CLO III Closing Date. As of the CLO III Refinancing Date, the CLO III Preferred Shares remain outstanding and continue to be held by the Company.

On the Original CLO III Closing Date, the Original CLO III Issuer entered into a loan sale agreement with Company, which provided for the sale and contribution of approximately $275 million par amount of middle-market loans from the Company to the Original CLO III Issuer on the Original CLO III Closing Date and for future sales from the Company to the Original CLO III Issuer on an ongoing basis. As part of the CLO III Refinancing, the CLO III Issuer, as the successor to the Original CLO III Issuer, and the Company entered into an amended and restated loan sale agreement with the Company dated as of the CLO III Refinancing Date (the “CLO III Loan Sale Agreement”), pursuant to which the CLO III Issuer assumed all ongoing obligations of the Original CLO III Issuer under the original agreement and provides for future sales from the Company to the CLO III Issuer on an ongoing basis. Such loans constituted part of the portfolio of assets securing the CLO III Secured Notes. The Company made customary representations, warranties, and covenants to the CLO III Issuer under the applicable loan sale agreement.

Through April 20, 2028, a portion of the proceeds received by the CLO III Issuer from the loans securing the CLO III Secured Notes may be used by the CLO III Issuer to purchase additional middle-market loans under the direction of the Adviser in its capacity as collateral manager for the CLO III Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle-market loans.

The CLO III Secured Notes are the secured obligation of the CLO III Issuer, and the CLO III Indenture includes customary covenants and events of default.

CLO IV Refinancing

On July 9, 2021 (the “CLO IV Refinancing Date”), the Company completed a $440.5 million term debt securitization refinancing (the “CLO IV Refinancing”). The secured notes and preferred shares issued in the CLO IV Refinancing were issued by the Company’s consolidated subsidiaries Owl Rock CLO IV, Ltd., an exempted company incorporated in the Cayman Islands with limited liability (the “CLO IV Issuer”), and Owl Rock CLO IV, LLC, a Delaware limited liability company (the “CLO IV Co-Issuer” and together with the CLO IV Issuer, the “CLO IV Issuers”). The following describes the terms of the CLO IV Refinancing as supplemented through July 18, 2023 (the “CLO IV Refinancing Indenture Supplement Date”).

The CLO IV Refinancing was executed by the issuance of the following classes of notes pursuant to an indenture and security agreement dated as of May 28, 2020 (such date, the CLO IV Closing Date, and such agreement, the “CLO IV Indenture”), as supplemented by the first supplemental indenture dated as of the CLO IV Refinancing Date and as further supplemented by the second supplemental indenture dated as of the CLO IV Refinancing Indenture Supplement Date) by and among the CLO IV Issuer, the CLO IV Co-Issuer and State Street Bank And Trust Company, the “CLO IV Refinancing Indenture”), by and among the CLO IV Issuers and State Street Bank and Trust Company: (i) $252.0 million of AAA(sf) Class A-1-R Notes, which bear interest at term SOFR (plus a spread adjustment) plus 1.60% and (ii) $40.5 million of AA(sf) Class A-2-R Notes, which bear interest at term SOFR (plus a spread adjustment) plus 1.90% (together, the “CLO IV Refinancing Secured Notes”). The CLO IV Refinancing Secured Notes are secured by the middle-market loans, participation interests in middle-market loans and other assets of the Issuer. The CLO IV Refinancing Secured Notes are scheduled to mature on the Payment Date (as defined in the CLO IV Refinancing Indenture) in August, 2033. The CLO IV Refinancing Secured Notes were privately placed by Natixis Securities Americas LLC. The proceeds from the CLO IV Refinancing were used to redeem in full the classes of notes issued on the CLO IV Closing Date, to redeem a portion of the preferred shares of the CLO IV Issuer as described below and to pay expenses incurred in connection with the CLO IV Refinancing.

Concurrently with the issuance of the CLO IV Refinancing Secured Notes, the CLO IV Issuer redeemed 38,900 preferred shares held by the Company (the “CLO IV Preferred Shares”) at a total redemption price of $38.9 million ($1,000 per preferred share). The Company retains the 148,000 CLO IV Preferred Shares that remain outstanding and that the Company acquired on the CLO IV Closing Date.

Through August 20, 2025, a portion of the proceeds received by the CLO IV Issuer from the loans securing the CLO IV Refinancing Secured Notes may be used by the CLO IV Issuer to purchase additional middle-market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO IV Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle-market loans.

The CLO IV Refinancing Secured Notes are the secured obligation of the CLO IV Issuers, and the CLO IV Refinancing Indenture includes customary covenants and events of default.

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

CLO V

On November 20, 2020 (the “CLO V Closing Date”), the Company completed a $345.5 million term debt securitization transaction (the “CLO V Transaction”). The secured notes and preferred shares issued in the CLO V Transaction were issued by the Company’s consolidated subsidiaries Owl Rock CLO V, Ltd., an exempted company incorporated in the Cayman Islands with limited liability (the “CLO V Issuer”), and Owl Rock CLO V, LLC, a Delaware limited liability company (the “CLO V Co-Issuer” and together with the CLO V Issuer, the “CLO V Issuers”).

The CLO V Transaction was executed by the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the CLO V Closing Date (the “CLO V Indenture”), by and among the CLO V Issuers and State Street Bank and Trust Company: (i) $182.0 million of AAA(sf)/AAAsf Class A-1 Notes, which bear interest at three-month LIBOR plus 1.85% and (ii) $14.0 million of AAA(sf) Class A-2 Notes, which bear interest at three-month LIBOR plus 2.20% (together, the “CLO V Secured Notes”). The CLO V Secured Notes are secured by the middle-market loans, participation interests in middle-market loans and other assets of the CLO V Issuer. The CLO V Secured Notes are scheduled to mature on the Payment Date (as defined the CLO V Indenture) in November, 2029. The CLO V Secured Notes were privately placed by Natixis Securities Americas LLC.

The CLO V Secured Notes were redeemed in the CLO V Refinancing, described below.

Concurrently with the issuance of the CLO V Secured Notes, the CLO V Issuer issued approximately $149.5 million of subordinated securities in the form of 149,450 preferred shares at an issue price of U.S.$1,000 per share (the “CLO V Preferred Shares”).

As part of the CLO V Transaction, the Company entered into a loan sale agreement with the CLO V Issuer dated as of the CLO V Closing Date, which provided for the sale and contribution of approximately $201.8 million par amount of middle-market loans from the Company to the CLO V Issuer on the CLO V Closing Date and for future sales from the Company to the CLO V Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO V Secured Notes. The remainder of the initial portfolio assets securing the CLO V Secured Notes consisted of approximately $84.7 million par amount of middle-market loans purchased by the CLO V Issuer from ORCC Financing II under an additional loan sale agreement executed on the CLO V Closing Date between the Issuer and ORCC Financing II. No gain or loss was recognized as a result of these sales and contributions. The Company and ORCC Financing II each made customary representations, warranties, and covenants to the Issuer under the applicable loan sale agreement.

Through July 20, 2022, a portion of the proceeds received by the CLO V Issuer from the loans securing the CLO V Secured Notes could be used by the CLO V Issuer to purchase additional middle-market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO V Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle-market loans.

The CLO V Secured Notes were the secured obligation of the CLO V Issuers, and the CLO V Indenture includes customary covenants and events of default.

CLO V Refinancing

On April 20, 2022 (the “CLO V Refinancing Date”), the Company completed a $669.2 million term debt securitization refinancing (the “CLO V Refinancing”). The secured notes and preferred shares issued in the CLO V Refinancing were issued by the CLO V Co-Issuer, as Issuer (the “CLO V Refinancing Issuer”).

The CLO V Refinancing was executed by the issuance of the following classes of notes pursuant to the CLO V Indenture as supplemented by the supplemental indenture dated as of the CLO V Refinancing Date (the “CLO V Refinancing Indenture”), by and among the CLO V Refinancing Issuer and State Street Bank and Trust Company: (i) $354.4 million of AAA(sf) Class A-1R Notes, which bear interest at the Benchmark, as defined in the CLO V Refinancing Indenture, plus 1.78%, (ii) $30.4 million of AAA(sf) Class A-2R Notes, which bear interest at the Benchmark plus 1.95%, (iii) $49.0 million of AA(sf) Class B-1 Notes, which bear interest at the Benchmark plus 2.20%, (iv) $5.0 million of AA(sf) Class B-2 Notes, which bear interest at 4.25%, (v) $31.5 million of A(sf) Class C-1 Notes, which bear interest at the Benchmark plus 3.15% and (vi) $39.4 million of A(sf) Class C-2 Notes, which bear interest at 5.10% (together, the “CLO V Refinancing Secured Notes”). The CLO V Refinancing Secured Notes are secured by the middle-market loans, participation interests in middle-market loans and other assets of the Issuer. The CLO V Refinancing Secured Notes are scheduled to mature on the Payment Date (as defined in the CLO V Refinancing Indenture) in April, 2034. The CLO V Refinancing Secured Notes were privately placed by Natixis Securities Americas LLC. The proceeds from the CLO V Refinancing were used to redeem in full the classes of notes issued on the CLO V Closing Date and to pay expenses incurred in connection with the CLO V Refinancing.

Concurrently with the issuance of the CLO V Refinancing Secured Notes, the CLO V Issuer issued approximately $10.2 million of additional subordinated securities, for a total of $159.6 million of subordinated securities in the form of 159,620 preferred shares at an issue price of U.S.$1,000 per share.

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

On the CLO V Closing Date, the CLO V Issuer entered into a loan sale agreement with Company, which provided for the sale and contribution of approximately $201.8 million par amount of middle-market loans from the Company to the CLO V Issuer on the CLO V Closing Date and for future sales from the Company to the CLO V Issuer on an ongoing basis. As part of the CLO V Refinancing, the CLO V Refinancing Issuer, as the successor to the CLO V Issuer, and the Company entered into an amended and restated loan sale agreement with the Company dated as of the CLO V Refinancing Date, pursuant to which the CLO V Refinancing Issuer assumed all ongoing obligations of the CLO V Issuer under the original agreement and the Company sold and contributed approximately $275.7 million par amount middle-market loans to the CLO V Refinancing Issuer on the CLO V Refinancing Date and provides for future sales from the Company to the CLO V Refinancing Issuer on an ongoing basis. Such loans constituted part of the portfolio of assets securing the CLO V Refinancing Secured Notes. A portion of the portfolio assets securing the CLO V Refinancing Secured Notes consists of middle-market loans purchased by the CLO V Issuer from ORCC Financing II under an additional loan sale agreement executed on the CLO V Closing Date between the CLO V Issuer and ORCC Financing II and which the CLO V Refinancing Issuer and ORCC Financing II amended and restated on the CLO V Refinancing Date in connection with the refinancing. No gain or loss was recognized as a result of these sales and contributions. The Company and ORCC Financing II each made customary representations, warranties, and covenants to the CLO V Refinancing Issuer under the applicable loan sale agreement.

Through April 20, 2026, a portion of the proceeds received by the CLO V Issuer from the loans securing the CLO V Refinancing Secured Notes may be used by the Issuer to purchase additional middle-market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO V Refinancing Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle-market loans.

The CLO V Refinancing Secured Notes are the secured obligation of the CLO V Refinancing Issuer, and the CLO V Refinancing Indenture includes customary covenants and events of default.

CLO VII

On July 26, 2022 (the “CLO VII Closing Date”), the Company completed a $350.5 million term debt securitization transaction (the “CLO VII Transaction”). The secured notes and preferred shares issued in the CLO VII Transaction and the secured loan borrowed in the CLO VII Transaction were issued and incurred, as applicable, by the Company’s consolidated subsidiary Owl Rock CLO VII, LLC, a limited liability organized under the laws of the State of Delaware (the “CLO VII Issuer”).

The CLO VII Transaction was executed by (A) the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the CLO VII Closing Date (the “CLO VII Indenture”), by and among the CLO VII Issuer and State Street Bank and Trust Company: (i) $48.0 million of AAA(sf) Class A-1 Notes, which bear interest at three-month term SOFR plus 2.10%, (ii) $24.0 million of AAA(sf) Class A-2 Notes, which bear interest at 5.00%, (iii) $6.0 million of AA(sf) Class B-1 Notes, which bear interest at three-month term SOFR plus 2.85% and (iv) $26.2 million of AA(sf) Class B-2 Notes, which bear interest at 5.71% and (v) $10.0 million of A(sf) Class C Notes, which bear interest at 6.86% (together, the “CLO VII Secured Notes”) and (B) the borrowing by the CLO VII Issuer of $75.0 million under floating rate Class A-L1 loans (the “CLO VII Class A-L1 Loans”) and $50.0 million under floating rate Class A-L2 loans (the “CLO VII Class A-L2 Loans” and together with the CLO VII Class A-L1 Loans and the CLO VII Secured Notes, the “CLO VII Debt”). The CLO VII Class A-L1 Loans and the CLO VII Class A-L2 Loans bear interest at three-month term SOFR plus 2.10%. The CLO VII Class A-L1 Loans were borrowed under a credit agreement (the “CLO VII A-L1 Credit Agreement”), dated as of the CLO VII Closing Date, by and among the CLO VII Issuer, as borrower, various financial institutions, as lenders, and State Street Bank and Trust Company, as collateral trustee and loan agent and the CLO VII Class A-L2 Loans were borrowed under a credit agreement (the “CLO VII A-L2 Credit Agreement”), dated as of the CLO VII Closing Date, by and among the CLO VII Issuer, as borrower, various financial institutions, as lenders, and State Street Bank and Trust Company, as collateral trustee and loan agent. The CLO VII Debt is secured by middle-market loans, participation interests in middle-market loans and other assets of the CLO VII Issuer. The CLO VII Debt is scheduled to mature on the Payment Date (as defined in the CLO VII Indenture) in July, 2033. The CLO VII Secured Notes were privately placed by SG Americas Securities, LLC as Initial Purchaser.

Concurrently with the issuance of the CLO VII Secured Notes and the borrowing under the CLO VII Class A-L1 Loans and CLO VII Class A-L2 Loans, the CLO VII Issuer issued approximately $111.3 million of subordinated securities in the form of 111,320 preferred shares at an issue price of U.S.$1,000 per share (the “CLO VII Preferred Shares”).

As part of the CLO VII Transaction, the Company entered into a loan sale agreement with the CLO VII Issuer dated as of the CLO VII Closing Date, which provided for the sale and contribution of approximately $255.5 million par amount of middle-market loans from the Company to the CLO VII Issuer on the CLO VII Closing Date and for future sales from the Company to the CLO VII Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO VII Debt. The remainder of the initial portfolio assets securing the CLO VII Debt consisted of approximately $93.3 million par amount of middle-market loans purchased by the CLO VII Issuer from ORCC Financing IV under an additional loan sale agreement executed on the CLO VII Closing Date between the CLO VII Issuer and ORCC Financing IV. No gain or loss was recognized as a result of these sales and contributions. The Company and ORCC Financing IV each made customary representations, warranties, and covenants to the CLO VII Issuer under the applicable loan sale agreement.

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

Through July 20, 2025, a portion of the proceeds received by the CLO VII Issuer from the loans securing the CLO VII Debt may be used by the CLO VII Issuer to purchase additional middle-market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO VII Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle-market loans.

The CLO VII Debt is the secured obligation of the CLO VII Issuer, and the CLO VII Indenture, the CLO VII A-L1 Credit Agreement and the CLO VII A-L2 Credit Agreement each include customary covenants and events of default.

CLO VII Refinancing

On February 28, 2025 (the “CLO VII Refinancing Date”), the Company completed a $484.9 million term debt securitization refinancing (the “CLO VII Refinancing”). The secured notes and preferred shares issued in the CLO VII Refinancing and the secured loans borrowed in the CLO VII Refinancing were issued and incurred, as applicable, by the CLO VII Issuer, as issuer (the “CLO VII Refinancing Issuer”).

The CLO VII Refinancing was executed by (A) the issuance of the following classes of notes pursuant to an indenture and security agreement dated as of July 26, 2022 (the “Original CLO VII Closing Date”), by and between the CLO VII Refinancing Issuer and State Street Bank and Trust Company, as amended and supplemented by the first supplemental indenture dated as of the CLO VII Refinancing Date (the “CLO VII Refinancing Indenture”), by and between the CLO VII Refinancing Issuer and State Street Bank and Trust Company: (i) $202.0 million of AAA(sf) Class A-R Notes, which bear interest at the Benchmark plus 1.40% and (ii) $53.5 million of AA(sf) Class B-R Notes, which bear interest at the Benchmark plus 1.70% (together, the “CLO VII Refinancing Secured Notes”) and (B) the borrowing by the Issuer of (i) $50.0 million under floating rate Class A-L1-R loans (the “CLO VII Refinancing Class A-L1-R Loans”) and (ii) $25.0 million under floating rate Class A-L2-R loans (the “CLO VII Refinancing Class A-L2-R Loans” and together with the Class A-L1-R Loans and the Secured Notes, the “CLO VII Refinancing Debt”). The CLO VII Refinancing Class A-L1-R Loans and the CLO VII Refinancing Class A-L2-R Loans bear interest at the Benchmark plus 1.40%. The Class A-L1-R Loans were borrowed under a loan agreement (the “CLO VII Refinancing A-L1-R Loan Agreement”), dated as of the CLO VII Refinancing Date, by and among the CLO VII Refinancing Issuer, as borrower, State Street Bank and Trust Company, as collateral trustee and loan agent, and the lenders party thereto and the CLO VII Refinancing Class A-L2-R Loans were borrowed under a loan agreement (the “CLO VII Refinancing A-L2-R Loan Agreement”), dated as of the CLO VII Refinancing Date, by and among the CLO VII Refinancing Issuer, as borrower, State Street Bank and Trust Company, as collateral trustee and loan agent, and the lenders party thereto. The CLO VII Refinancing Debt is secured by middle market loans, participation interests in middle market loans and other assets of the CLO VII Refinancing Issuer. The CLO VII Refinancing Debt is scheduled to mature on the Payment Date in April 2038. The CLO VII Refinancing Secured Notes were privately placed by SG Americas Securities, LLC as Initial Purchaser.

Concurrently with the issuance of the CLO VII Refinancing Secured Notes and the borrowing under the CLO VII Refinancing Class A-L1-R Loans and CLO VII Refinancing Class A-L2-R Loans, the CLO VII Refinancing Issuer issued $43.1 million of additional subordinated securities in the form of 43,100 of its preferred shares (the “CLO VII Refinancing Additional Preferred Shares”). The CLO VII Refinancing Additional Preferred Shares were issued by the CLO VII Refinancing Issuer as part of its issued share capital and are not secured by the collateral securing the CLO VII Refinancing Debt. The Company purchased all of the CLO VII Refinancing Additional Preferred Shares issued on the CLO VII Refinancing Date. On the Original CLO VII Closing Date, the CLO VII Refinancing Issuer issued $111.3 million of subordinated interests in the form of 111,320 of its preferred shares which the Company purchased and continue to be held. The total amount of outstanding preferred shares as of the CLO VII Refinancing Date is 154,420.

On the Original CLO VII Closing Date, the CLO VII Refinancing Issuer entered into a loan sale agreement with the Company, which provided for the sale and contribution of approximately $255.5 million par amount of middle market loans from the Company to the CLO VII Refinancing Issuer on the Original CLO VII Closing Date and for future sales from the Company to the CLO VII Refinancing Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the Debt. As part of the CLO VII Refinancing, the CLO VII Refinancing Issuer and the Company entered into an amended and restated loan sale agreement dated as of the CLO VII Refinancing Date (the “CLO VII Refinancing OBDC Loan Sale Agreement”), which provides for the sale and contribution of approximately $111.2 million par amount of middle market loans from the Company to the CLO VII Refinancing Issuer on the CLO VII Refinancing Date and for future sales from the Company to the CLO VII Refinancing Issuer on an ongoing basis. Such loans constituted part of the portfolio of assets securing the CLO VII Refinancing Debt. The Company made customary representations, warranties, and covenants to the CLO VII Refinancing Issuer under the applicable loan sale agreement.

Through April 20, 2030, a portion of the proceeds received by the CLO VII Refinancing Issuer from the loans securing the CLO VII Refinancing Debt may be used by the Issuer to purchase additional middle market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO VII Refinancing Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle market loans.

The CLO VII Refinancing Debt is the secured obligation of the CLO VII Refinancing Issuer, and the CLO VII Refinancing Indenture, the CLO VII Refinancing A-L1-R Loan Agreement and the CLO VII Refinancing A-L2-R Loan Agreement each include customary covenants and events of default.

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

CLO X

On March 9, 2023 (the “CLO X Closing Date”), the Company completed a $397.7 million term debt securitization transaction (the “CLO X Transaction”). The secured notes and preferred shares issued in the CLO X Transaction were issued by the Company’s consolidated subsidiary Owl Rock CLO X, LLC, a limited liability organized under the laws of the State of Delaware (the “CLO X Issuer”).

The CLO X Transaction was executed by the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the CLO X Closing Date (the “CLO X Indenture”), by and among the CLO X Issuer and State Street Bank and Trust Company: (i) $228.0 million of AAA(sf) Class A Notes, which bear interest at three-month term SOFR plus 2.45% and (ii) $32.0 million of AA(sf) Class B Notes, which bear interest at three-month term SOFR plus 3.60% (together, the “CLO X Secured Notes”). The Secured Notes are secured by middle-market loans, participation interests in middle-market loans and other assets of the CLO X Issuer. The CLO X Secured Notes are scheduled to mature on the Payment Date (as defined in the CLO X Indenture) in April, 2035. The CLO X Secured Notes were privately placed by Deutsche Bank Securities Inc. as Initial Purchaser.

Concurrently with the issuance of the CLO X Secured Notes, the CLO X Issuer issued approximately $137.7 million of subordinated securities in the form of 137,700 preferred shares at an issue price of U.S. $1,000 per share (the “CLO X Preferred Shares”).

As part of the CLO X Transaction, the Company entered into a loan sale agreement with the CLO X Issuer dated as of the CLO X Closing Date, which provided for the sale and contribution of approximately $245.9 million par amount of middle-market loans from the Company to the CLO X Issuer on the CLO X Closing Date and for future sales from the Company to the CLO X Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO X Secured Notes. The remainder of the initial portfolio assets securing the CLO X Secured Notes consisted of approximately $141.3 million par amount of middle-market loans purchased by the CLO X Issuer from ORCC Financing III under an additional loan sale agreement executed on the CLO X Closing Date between the CLO X Issuer and ORCC Financing III. No gain or loss was recognized as a result of these sales and contributions. The Company and ORCC Financing III each made customary representations, warranties, and covenants to the CLO X Issuer under the applicable loan sale agreement.

Through April 20, 2027, a portion of the proceeds received by the CLO X Issuer from the loans securing the CLO X Secured Notes may be used by the CLO X Issuer to purchase additional middle-market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO X Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle-market loans.

The CLO X Secured Notes are the secured obligation of the CLO X Issuer, and the CLO X Indenture includes customary covenants and events of default.

CLO X Refinancing

On April 4, 2025 (the “CLO X Refinancing Date”), the Company completed a $409.7 million term debt securitization refinancing (the “CLO X Refinancing”). The secured notes issued and the secured loans borrowed in the CLO X Refinancing were issued and incurred, as applicable, by the CLO X Issuer, as issuer (the “CLO X Refinancing Issuer”).

The CLO X Refinancing was executed by (A) the issuance of the following classes of notes pursuant to an amended and restated indenture and security agreement dated as of the CLO X Refinancing Date (the “CLO X Refinancing Indenture”), by and between the CLO X Refinancing Issuer and State Street Bank and Trust Company: (i) $93.0 million of AAA(sf) Class A-R Notes, which bear interest at the Benchmark plus 1.39% and (ii) $44.0 million of AA(sf) Class B-R Notes, which bear interest at the Benchmark plus 1.70% (together, the “CLO X Refinancing Secured Notes”) and (B) the borrowing by the CLO X Refinancing Issuer of $135.0 million under floating rate Class A-L1 loans (the “CLO X Refinancing Class A-L1 Loans” and together with the CLO X Refinancing Secured Notes, the “CLO X Refinancing Debt”). The CLO X Refinancing Class A-L1 Loans bear interest at the Benchmark plus 1.39%. The CLO X Refinancing Class A-L1 Loans were borrowed under a loan agreement (the “CLO X Refinancing Class A-L1 Loan Agreement”), dated as of the CLO X Refinancing Date, by and among the CLO X Refinancing Issuer, as borrower, State Street Bank and Trust Company, as collateral trustee and loan agent, and the lenders party thereto. The CLO X Refinancing Debt is secured by middle market loans, participation interests in middle market loans and other assets of the CLO X Refinancing Issuer. The CLO X Refinancing Debt is scheduled to mature on the Payment Date in April 2037. The CLO X Refinancing Secured Notes were privately placed by Deutsche Bank Securities Inc. as Initial Purchaser. The proceeds from the CLO Refinancing were used to redeem in full the classes of notes issued on CLO X Closing Date and to pay expenses incurred in connection with the CLO X Refinancing.

On the CLO X Closing Date, the CLO X Issuer issued $137.7 million of subordinated securities in the form of 137,700 of its preferred shares (the “CLO X Preferred Shares”) which the Company purchased and continue to be held. The CLO X Preferred Shares were issued by the CLO X Issuer as part of its issued share capital and are not secured by the collateral securing the CLO X Refinancing Debt.

100

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

On the CLO X Closing Date, the CLO X Issuer entered into a loan sale agreement with the Company, which provided for the sale and contribution of approximately $245.9 million par amount of middle market loans from the Company to the CLO X Issuer on the CLO X Closing Date and for future sales from the Company to the CLO X Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO X Debt. As part of the CLO X Refinancing, the CLO X Issuer and the Company entered into an amended and restated loan sale agreement dated as of the CLO X Refinancing Date (the “CLO X Refinancing OBDC Loan Sale Agreement”), which provides for the sale and contribution of approximately $56.3 million par amount of middle market loans from the Company to the CLO X Issuer on the CLO X Refinancing Date and for future sales from the Company to the CLO Issuer on an ongoing basis. Such loans constituted part of the portfolio of assets securing the CLO X Debt. The Company made customary representations, warranties, and covenants to the Issuer under the applicable loan sale agreement.

Through April 20, 2029, a portion of the proceeds received by the CLO X Refinancing Issuer from the loans securing the CLO X Refinancing Debt may be used by the CLO X Refinancing Issuer to purchase additional middle market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO X Refinancing Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle market loans.

The CLO X Refinancing Debt is the secured obligation of the CLO X Refinancing Issuer, and the CLO X Refinancing Indenture and the CLO X Refinancing A-L1 Loan Agreement each include customary covenants and events of default.

CLO XIV

On November 21, 2023 (the “CLO XIV Closing Date”), OBDE completed a $397.3 million term debt securitization transaction (the “CLO XIV Transaction”). The secured notes and preferred shares issued in the CLO XIV Transaction and the secured loan borrowed in the CLO XIV Transaction were issued and incurred, as applicable, by OBDE’s consolidated subsidiary Owl Rock CLO XIV, LLC, a limited liability company organized under the laws of the State of Delaware (the “CLO XIV Issuer”). On January 13, 2025, as a result of the consummation of the OBDE Mergers, the Company became party to the relevant agreements with respect to and assumed all of OBDE’s obligations under the CLO XIV Transaction.

The CLO XIV Transaction was executed by (A) the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the Closing Date (the “CLO XIV Indenture”), by and among the CLO XIV Issuer and State Street Bank and Trust Company: (i) $203.0 million of AAA(sf) Class A Notes, which bore interest at three-month term SOFR plus 2.40% and (ii) $32.0 million of AA(sf) Class B Notes, which bore interest at three-month term SOFR plus 3.25% (together, the “CLO XIV Secured Notes”) and (B) the borrowing by the CLO XIV Issuer of $25.0 million under floating rate Class A-L loans (the “CLO XIV Class A-L Loans” and together with the CLO XIV Secured Notes, the “CLO XIV Debt”). The CLO XIV Class A-L Loans bore interest at three-month term SOFR plus 2.40%. The CLO XIV Class A-L Loans were borrowed under a credit agreement (the “CLO XIV Class A-L Credit Agreement”), dated as of the CLO XIV Closing Date, by and among the CLO XIV Issuer, as borrower, various financial institutions, as lenders, and State Street Bank and Trust Company, as collateral trustee and loan agent. The CLO XIV Debt was secured by middle-market loans, participation interests in middle-market loans and other assets of the CLO XIV Issuer. The CLO XIV Secured Notes were privately placed by SG Americas Securities, LLC as Initial Purchaser.

Concurrently with the issuance of the CLO XIV Secured Notes and the borrowing under the CLO XIV Class A-L Loans, the CLO XIV Issuer issued approximately $137.3 million of subordinated securities in the form of 137,300 preferred shares at an issue price of U.S.$1,000 per share (the “CLO XIV Preferred Shares”).

As part of the CLO XIV Transaction, OBDE entered into a loan sale agreement with the CLO XIV Issuer dated as of the CLO XIV Closing Date (the “CLO XIV OBDC III Loan Sale Agreement”), which provided for the contribution of approximately $167.3 million funded par amount of middle-market loans from OBDE to the CLO XIV Issuer on the CLO XIV Closing Date and for future sales from the Company to the CLO XIV Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO XIV Debt. The remainder of the initial portfolio assets securing the CLO XIV Debt consisted of approximately $204.0 million funded par amount of middle-market loans purchased by the CLO XIV Issuer from ORCC III Financing LLC, a wholly-owned subsidiary of OBDE, under an additional loan sale agreement executed on the CLO XIV Closing Date between the CLO XIV Issuer and ORCC III Financing LLC (the “CLO XIV ORCC III Financing Loan Sale Agreement”). OBDE and ORCC III Financing LLC each made customary representations, warranties, and covenants to the CLO XIV Issuer under the applicable loan sale agreement. No gain or loss was recognized as a result of these sales or contributions.

Through October 20, 2027, a portion of the proceeds received by the CLO XIV Issuer from the loans securing the CLO XIV Secured Notes could be used by the CLO XIV Issuer to purchase additional middle-market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO XIV Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle-market loans.

The CLO XIV Debt was the secured obligation of the CLO XIV Issuer, and the CLO XIV Indenture and CLO XIV Class A-L Credit Agreement each includes customary covenants and events of default.

On January 20, 2026, the CLO XIV Issuer redeemed all classes of the CLO XIV Debt in full, along with accrued and unpaid interest.

101

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

Unsecured Notes

On December 14, 2023, the Company entered into an agreement of removal, appointment and acceptance (the “Tripartite Agreement”), with Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association (the “Retiring Trustee”) and Deutsche Bank Trust Company Americas (the “Successor Trustee”), with respect to the Indenture, dated April 10, 2019 between the Company and the Retiring Trustee (the “Base Indenture”), the first supplemental indenture, dated April 10, 2019 (the “First Supplemental Indenture”) between the Company and the Retiring Trustee, the second supplemental indenture, dated October 8, 2019 (the “Second Supplemental Indenture”) between the Company and the Retiring Trustee, the third supplemental indenture, dated January 22, 2020 (the “Third Supplemental Indenture”) between the Company and the Retiring Trustee, the Fourth Supplemental Indenture, dated July 23, 2020 (the “Fourth Supplemental Indenture”) between the Company and the Retiring Trustee, the Fifth Supplemental Indenture, dated December 8, 2020 (the “Fifth Supplemental Indenture”) between the Company and the Retiring Trustee, the Sixth Supplemental Indenture, dated April 26, 2021 (the “Sixth Supplemental Indenture”) between the Company and the Retiring Trustee, the Seventh Supplemental Indenture, dated June 11, 2021 (the “Seventh Supplemental Indenture” and together with the Base Indenture, the First Supplemental Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture, the Fourth Supplemental Indenture, the Fifth Supplemental Indenture, the Sixth Supplemental Indenture, and the Eighth Supplemental Indenture (as defined below), the “Indenture”) between the Company and the Successor Trustee.

The Tripartite Agreement provides that, effective as of the date thereof, (1) the Retiring Trustee assigns, transfers, delivers and confirms to the Successor Trustee all of its rights, title and interest under the Indenture and all of the rights, power, trusts and duties as trustee, security registrar, paying agent, authenticating agent and depositary custodian under the Indenture; and (2) the Successor Trustee accepts its appointment as successor trustee, security registrar, paying agent, authenticating agent and depositary custodian under the Indenture, and accepts the rights, indemnities, protections, powers, trust and duties of or afforded to Retiring Trustee as trustee, security registrar, paying agent, authenticating agent and depositary custodian under the Indenture. The Successor Trustee’s appointment in its capacities as paying agent and security registrar became effective on December 29, 2023.

2024 Notes

On April 10, 2019, the Company issued $400.0 million aggregate principal amount of notes that were due on April 15, 2024 (the “2024 Notes”). The 2024 Notes bore interest at a rate of 5.25% per year, payable semi-annually on April 15 and October 15 of each year, commencing on October 15, 2019. On February 21, 2024, the Company caused notice to be issued to the Successor Trustee of the 2024 Notes regarding the Company’s exercise of the option to redeem in full all $400.0 million in aggregate principal amount of the 2024 Notes at 100.0% of their principal amount, plus the accrued and unpaid interest thereon through, but excluding, the redemption date, March 22, 2024. On March 22, 2024, the Company redeemed in full all $400.0 million in aggregate principal amount of the 2024 Notes at 100.0% of their principal amount, plus the accrued and unpaid interest thereon through, but excluding, March 22, 2024.

In connection with the issuance of the 2024 Notes, on April 10, 2019 the Company entered into centrally cleared interest rate swaps. The notional amount of the interest rate swaps was $400.0 million. The Company received fixed rate interest at 5.25% and paid variable rate interest based on six-month SOFR (plus a spread adjustment) plus 3.051%. The interest rate swap was unwound prior to its maturity on March 22, 2024 in connection with the 2024 Notes redemption. For the year ended December 31, 2024, the Company made a payment of $6.6 million in conjunction with unwinding the swap. The swap adjusted interest expense is included as a component of interest expense on the Company’s Consolidated Statements of Operations. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on the Company’s Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by a change in net carrying value of the 2024 Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations.

2025 Notes

On October 8, 2019, the Company issued $425.0 million aggregate principal amount of notes that were due on March 30, 2025 (the “2025 Notes”). The 2025 Notes bore interest at a rate of 4.00% per year, payable semi-annually on March 30 and September 30 of each year, commencing on March 30, 2020. On March 31, 2025, the Company repaid in full all $425.0 million in aggregate principal amount of the 2025 Notes at 100.0% of their principal amount, plus the accrued and unpaid interest thereon through, but excluding, March 31, 2025.

July 2025 Notes

On January 22, 2020, the Company issued $500.0 million aggregate principal amount of notes that mature on July 22, 2025 (the “July 2025 Notes”). The July 2025 Notes bore interest at a rate of 3.75% per year, payable semi-annually on January 22 and July 22, of each year, commencing on July 22, 2020. On July 22, 2025, the Company repaid in full all $500.0 million in aggregate principal amount of the July 2025 Notes at 100.0% of their principal amount, plus the accrued and unpaid interest thereon through, but excluding, July 22, 2025.

102

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

2026 Notes

On July 23, 2020, the Company issued $500.0 million aggregate principal amount of notes that mature on January 15, 2026 (the “2026 Notes”). The 2026 Notes bore interest at a rate of 4.25% per year, payable semi-annually on January 15 and July 15 of each year, commencing on January 15, 2021. On January 15, 2026, the Company repaid all $500.0 million of the 2026 Notes at 100.0% of their principal amount, plus the accrued interest thereon through, but excluding, January 15, 2026.

July 2026 Notes

On December 8, 2020, the Company issued $1.00 billion aggregate principal amount of notes that mature on July 15, 2026 (the “July 2026 Notes”). The July 2026 Notes bear interest at a rate of 3.40% per year, payable semi-annually on January 15 and July 15 of each year, commencing on July 15, 2021. The Company may redeem some or all of the July 2026 Notes at any time, or from time to time, at a redemption price equal to the greater of (1) 100% of the principal amount of the July 2026 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the July 2026 Notes to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 50 basis points, plus, in each case, accrued and unpaid interest to the redemption date; provided, however, that if the Company redeems any July 2026 Notes on or after June 15, 2026 (the date falling one month prior to the maturity date of the July 2026 Notes), the redemption price for the July 2026 Notes will be equal to 100% of the principal amount of the July 2026 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption.

2027 Notes

On April 26, 2021, the Company issued $500.0 million aggregate principal amount of notes that mature on January 15, 2027 (the “2027 Notes”). The 2027 Notes bear interest at a rate of 2.625% per year, payable semi-annually on January 15 and July 15, of each year, commencing on July 15, 2021. The Company may redeem some or all of the 2027 Notes at any time, or from time to time, at a redemption price equal to the greater of (1) 100% of the principal amount of the 2027 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2027 Notes to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 30 basis points, plus, in each case, accrued and unpaid interest to the redemption date; provided, however, that if the Company redeems any 2027 Notes on or after December 15, 2026 (the date falling one month prior to the maturity date of the 2027 Notes), the redemption price for the 2027 Notes will be equal to 100% of the principal amount of the 2027 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption.

In connection with the issuance of the 2027 Notes, on April 26, 2021, the Company entered into centrally cleared interest rate swaps. The notional amount of the interest rate swaps is $500.0 million. The Company will receive fixed rate interest at 2.625% and pay variable rate interest based on six-month SOFR (plus a spread adjustment) 1.769%.

The centrally cleared interest rate swaps had a termination date of January 15, 2027. On January 15, 2026, the Company terminated the centrally cleared interest rate swap and paid proceeds equal to the fair value of the centrally cleared interest rate swap as of the termination date, adjusted for accrued swap interest then owed, totaling $13.1 million. Contemporaneously, the Company entered into a bilateral interest rate swap with the same notional, fixed rate and termination date as the swaps terminated, and a variable rate interest based on SOFR minus 0.907%. The adjustment to the net carrying value of the 2027 Notes offsetting the fair value of the centrally cleared swaps was capitalized to the 2027 Notes as of the swap termination date and will amortize to the maturity date as a component of interest expense on the Consolidated Statements of Operations.

For the three months ended March 31, 2026 and 2025, the Company made net periodic payments of $8.6 million and $10.6 million, respectively. The interest expense related to the 2027 Notes is equally offset by the proceeds received from the interest rate swaps. The swap adjusted interest expense is included as a component of interest expense on the Company’s Consolidated Statements of Operations. As of March 31, 2026 and December 31, 2025, the interest rate swap had a fair value of $(0.8) million and $(13.4) million, respectively.

Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on the Company’s Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by a change in net carrying value of the 2027 Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations.

2028 Notes

On June 11, 2021, the Company issued $450.0 million aggregate principal amount of notes that mature on June 11, 2028 and on August 17, 2021, the Company issued an additional $400.0 million aggregate principal amount of the Company's 2.875% notes due 2028 (together, the “2028 Notes”). The 2028 Notes bear interest at a rate of 2.875% per year, payable semi-annually on June 11 and December 11, of each year, commencing on December 11, 2021. The Company may redeem some or all of the 2028 Notes at any

103

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

time, or from time to time, at a redemption price equal to the greater of (1) 100% of the principal amount of the 2028 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2028 Notes to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 30 basis points, plus, in each case, accrued and unpaid interest to the redemption date; provided, however, that if the Company redeems any 2028 Notes on or after April 11, 2028 (the date falling two months prior to the maturity date of the 2028 Notes), the redemption price for the 2028 Notes will be equal to 100% of the principal amount of the 2028 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption.

2029 Notes

On January 22, 2024, pursuant to the Base Indenture and an Eighth Supplemental Indenture, dated January 22, 2024 (the “Eighth Supplemental Indenture”) between the Company and the Successor Trustee, the Company issued $600.0 million aggregate principal amount of notes that mature on March 15, 2029 and on November 19, 2024, the Company issued an additional $400.0 million aggregate principal amount of the Company’s 5.95% notes due 2029 (together, the “2029 Notes”). The 2029 Notes bear interest at a rate of 5.95% per year, payable semi-annually on March 15 and September 15, of each year, commencing on September 15, 2024. The Company may redeem some or all of the 2029 Notes at any time, or from time to time, at a redemption price equal to the greater of (1) 100% of the principal amount of the 2029 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2029 Notes to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 35 basis points, plus, in each case, accrued and unpaid interest to the redemption date; provided, however, that if the Company redeems any 2029 Notes on or after February 15, 2029 (the date falling one month prior to the maturity date of the 2029 Notes), the redemption price for the 2029 Notes will be equal to 100% of the principal amount of the 2029 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption.

On February 9, 2024, in connection with the initial issuance of the 2029 Notes on January 22, 2024, the Company entered into centrally cleared interest rate swaps. The notional amount of the interest rate swaps was $600.0 million. The Company received fixed rate interest at 5.95% and paid variable rate interest based on six-month SOFR (plus a spread adjustment) plus 2.118%.

On July 29, 2025, the Company terminated the centrally cleared interest rate swap and received proceeds equal to the fair value of the centrally cleared interest rate swap as of the termination date, adjusted for accrued swap interest then owed, totaling $3.9 million. Contemporaneously, the Company entered into a bilateral interest rate swap with the same notional, fixed rate and termination date as the swaps terminated, and a variable rate interest based on SOFR plus 2.255%. The adjustment to the net carrying value of the 2029 Notes offsetting the fair value of the centrally cleared swaps was capitalized to the 2029 Notes as of the swap termination date and will amortize to the maturity date as a component of interest expense on the Consolidated Statements of Operations. The interest expense related to the 2029 Notes is equally offset by the proceeds received from the fixed rate leg of the interest rate swaps. The swap adjusted interest expense is included as a component of interest expense on the Company’s Consolidated Statements of Operations. As of March 31, 2026 and December 31, 2025, the interest rate swap had a fair value of $(0.6) million and $3.6 million, respectively. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on the Company’s Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swaps including the centrally cleared interest rate swap through its termination date, is offset by a change in net carrying value of the 2029 Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations. For the three months ended March 31, 2026, the Company made net periodic payments of $0.9 million.

On November 19, 2024, in connection with the additional issuance of the 2029 Notes on November 19, 2024, the Company entered into a bilateral interest rate swap. The notional amount of the interest rate swap is $400.0 million. The Company will receive fixed rate interest at 5.950% and pay variable rate interest based on six-month SOFR (plus a spread adjustment) plus 1.922%. The interest rate swap matures on February 15, 2029. As of March 31, 2026 and December 31, 2025, the interest rate swap had a fair value of $4.0 million and $7.2 million, respectively. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on the Company’s Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by a change in net carrying value of the 2029 Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations. The interest rate swaps mature on February 15, 2029. For the three months ended March 31, 2026, the Company received net periodic payments of $0.1 million.

2030 Notes

On May 15, 2025, pursuant to the Base Indenture and a Ninth Supplemental Indenture (the “Ninth Supplemental Indenture”) between the Company and the Successor Trustee, the Company issued $500.0 million aggregate principal amount of notes that mature July 15, 2030 (the “2030 Notes”). The 2030 Notes bear interest at a rate of 6.200% per year payable semiannually on January 15 and July 15 of each year, commencing on January 15, 2026. The Company may redeem some or all of the 2030 Notes at any time and

104

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

from time to time, at a redemption price equal to the greater of (1) 100% of the principal amount of the 2030 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2030 Notes to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the treasury rate plus 40 basis points, plus, in each case, accrued and unpaid interest thereon to the redemption date; provided, however, that if the Company redeems any 2030 Notes on or after June 15, 2030 (the date falling one month prior to the maturity date of the 2030 Notes), the redemption price for the 2030 Notes will be equal to 100% of the principal amount of the 2030 Notes being redeemed plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

On May 15, 2025, in connection with the issuance of the 2030 Notes, the Company entered into a bilateral interest rate swap. The notional amount of the interest rate swap is $500.0 million. The Company will receive fixed rate interest at 6.200% and pay variable rate interest based on three-month SOFR plus 2.392%. The interest rate swap matures on July 15, 2030. For the three months ended March 31, 2026, the Company received fixed interest payments of $7.5 million. As of March 31, 2026 and December 31, 2025, the interest rate swap had a fair value of $2.0 million and $5.7 million, respectively. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on the Company’s Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by a change in net carrying value of the 2030 Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations.

Notes Assumed in the OBDE Mergers

On January 13, 2025, in connection with the OBDE Mergers, the Company entered into a Second Supplemental Indenture (the “April 2027 Notes Second Supplemental Indenture”) relating to the Company’s assumption of the April 2027 Notes (as defined below). Also on January 13, 2025, in connection with the OBDE Mergers, the Company entered into an assumption agreement (the “OBDE Note Assumption Agreement”) relating to the Company’s assumption of the July 2025 Notes II; the July 2027 Notes and the June 2028 Notes (each as defined below).

April 2027 Notes

On October 13, 2021, OBDE issued $325.0 million aggregate principal amount of notes that mature on April 13, 2027 (the notes initially issued on October 13, 2021, together with the registered notes issued in the exchange offer described below, the “April 2027 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. When initially issued, the April 2027 Notes were not registered under the Securities Act and could not be offered or sold in the United States absent registration or an applicable exemption from registration.

The April 2027 Notes were issued pursuant to an Indenture dated as of October 13, 2021 (the “April 2027 Notes Base Indenture”), between the Company and Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association, as trustee (the “April 2027 Notes Trustee”), and a First Supplemental Indenture, dated as of October 13, 2021 (the “April 2027 Notes First Supplemental Indenture” and together with the April 2027 Notes Base Indenture and April 2027 Notes Second Supplemental Indenture, the “April 2027 Notes Indenture”), between the Company and the April 2027 Notes Trustee. The April 2027 Notes will mature on April 13, 2027 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the Indenture. The OBDE 2027 Notes bear interest at a rate of 3.125% per year, payable semi-annually on April 13 and October 13 of each year, commencing on April 13, 2022. Concurrent with the issuance of the April 2027 Notes, the Company entered into a Registration Rights Agreement (the “April 2027 Notes Registration Rights Agreement”) for the benefit of the purchasers of the April 2027 Notes. Pursuant to the terms of the April 2027 Notes Registration Rights Agreement, OBDE filed a registration statement with the SEC and, on August 25, 2022, commenced an offer to exchange the notes initially issued on October 13, 2021 for newly registered notes with substantially similar terms, which expired on September 28, 2022 and was completed promptly thereafter.

On January 13, 2025, in connection with the OBDE Mergers, the Company entered into the April 2027 Notes Second Supplemental Indenture by and between the April 2027 Notes Trustee and the Company, effective as of the closing of the OBDE Mergers. Pursuant to the April 2027 Notes Second Supplemental Indenture, the Company expressly assumed the obligations of OBDE for the due and punctual payment of the principal of, and premium, if any, and interest on all the April 2027 Notes outstanding, and the due and punctual performance and observance of all of the covenants and conditions to be performed by OBDE.

July 2025 Notes II and July 2027 Notes

On July 21, 2022, OBDE entered into a Master Note Purchase Agreement (the “Note Purchase Agreement”) governing the issuance of (i) $142.0 million in aggregate principal amount of Series 2022A Notes, Tranche A, due July 21, 2025, with a fixed interest rate of 7.50% per year (the “July 2025 Notes II”) and (ii) $190.0 million in aggregate principal amount of Series 2022A Notes, Tranche B, due July 21, 2027, with a fixed interest rate of 7.58% per year (the “July 2027 Notes I” and, together with the July 2025

105

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

Notes II, the “Series 2022A Notes”), in each case, to qualified institutional investors in a private placement. The Series 2022A Notes are guaranteed by certain domestic subsidiaries of the Company.

On December 22, 2022, OBDE entered into a First Supplement to the Note Purchase Agreement (the “First Supplement”) governing the issuance of $60.0 million in aggregate principal amount of Series 2022B Notes, due July 21, 2027, with a fixed interest rate of 7.58% per year (the “July 2027 Notes II, and together with the July 2027 Notes I, the “July 2027 Notes”). Except as otherwise expressly set forth in the First Supplement, the terms of the Note Purchase Agreement that applied to the July 2025 Notes and apply to the July 2027 Notes I and the July 2027 Notes II, including, without limitation, the material terms described herein.

On January 13, 2025, the Company entered into the “Note Assumption Agreement for the benefit of the Noteholders (as defined in the Note Purchase Agreement). The Note Assumption Agreement relates to the Company’s assumption of (i) the July 2025 Notes II; (ii) the July 2027 Notes; and (iii) the June 2028 Notes and other obligations of OBDE under the Note Purchase Agreement, as supplemented by the First Supplement and the Second Supplement (as defined below). Pursuant to the OBDE Note Assumption Agreement, the Company unconditionally and expressly assumed, confirmed and agreed to perform and observe each and every one of the covenants, rights, promises, agreements, terms, conditions, obligations, duties and liabilities of OBDE under the Note Purchase Agreement, under the July 2025 Notes II, the July 2027 Notes and the June 2028 Notes and under any documents, instruments or agreements executed and delivered or furnished by OBDE in connection therewith, and to be bound by all waivers made by OBDE with respect to any matter set forth therein.

On April 16, 2025, the Company entered into the First Amendment to the Note Purchase Agreement, which provided for optional prepayments of a series or tranche of notes without allocating any such optional prepayment to the other outstanding notes, subject to certain conditions. On April 28, 2025 the Company completed the optional prepayment of the July 2025 Notes II, plus accrued and unpaid interest on such notes.

Interest on the outstanding Series 2022A Notes will be due semiannually on January 21 and July 21 each year, beginning on January 21, 2023. The outstanding Series 2022A Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, the Company is obligated to offer to prepay the outstanding Series 2022A Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The outstanding Series 2022A Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.

The Note Purchase Agreement contains customary terms and conditions for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, a minimum net worth of $800.0 million, and a minimum asset coverage ratio of 1.50 to 1.00.

In addition, in the event that a Below Investment Grade Event (as defined in the Note Purchase Agreement) occurs, the outstanding Series 2022A Notes will bear interest at a fixed rate per annum which is 1.00% above the stated rate of the outstanding Series 2022A Notes from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing. In the event that a Secured Debt Ratio Event (as defined in the Note Purchase Agreement) occurs, the outstanding Series 2022A Notes will bear interest at a fixed rate per annum which is 1.50% above the stated rate of the outstanding Series 2022A Notes from the date of the occurrence of the Secured Debt Ratio Event to and until the date on which the Secured Debt Ratio Event is no longer continuing. In the event that both a Below Investment Grade Event and a Secured Debt Ratio Event have occurred and are continuing, the outstanding Series 2022A Notes will bear interest at a fixed rate per annum which is 2.00% above the stated rate of the outstanding Series 2022A Notes from the date of the occurrence of the later to occur of the Below Investment Grade Event and the Secured Debt Ratio Event to and until the date on which one of such events is no longer continuing.

The Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, certain cross-defaults or cross-acceleration under other indebtedness of the Company, certain judgments and orders and certain events of bankruptcy.

June 2028 Notes

On June 29, 2023, OBDE entered into a Second Supplement to the Note Purchase Agreement (the “Second Supplement”) governing the issuance of $100.0 million in aggregate principal amount of Series 2023A Notes, due June 29, 2028, with a fixed interest rate of 8.10% per year (the “June 2028 Notes”). Except as otherwise expressly set forth in the Second Supplement, the terms of the Note Purchase Agreement that apply to the June 2025 Notes II and the July 2027 Notes apply to the June 2028 Notes, including, without limitation, the material terms described above.

106

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

Maturity of Debt Obligations

The table below presents a summary of the Company’s contractual payment obligations under credit facilities and notes as of March 31, 2026:


	Payments Due by Period
	Total		Less than 1 year		1-3 years		3-5 years		After 5 years
Revolving Credit Facility	$	516,000	$	—	$	5,582	$	510,418	$	—
SPV Asset Facility II	283,700		—		—		—		283,700
SPV Asset Facility V	483,000		—		—		483,000		—
SPV Asset Facility VI	440,000		—		—		440,000		—
SPV Asset Facility VII	300,000		—		300,000		—		—
CLO I	390,000		—		—		—		390,000
CLO III	260,000		—		—		—		260,000
CLO IV	234,448		—		—		—		234,448
CLO V	509,625		—		—		—		509,625
CLO VII	330,500		—		—		—		330,500
CLO X	272,000		—		—		—		272,000
July 2026 Notes	1,000,000		1,000,000		—		—		—
2027 Notes	500,000		500,000		—		—		—
April 2027 Notes	325,000		—		325,000		—		—
July 2027 Notes	250,000		—		250,000		—		—
2028 Notes	850,000		—		850,000		—		—
June 2028 Notes	100,000		—		100,000		—		—
2029 Notes	1,000,000		—		1,000,000		—		—
2030 Notes	500,000		—		—		500,000		—
Total Contractual Obligations	$	8,544,273	$	1,500,000	$	2,830,582	$	1,933,418	$	2,280,273

107

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

Note 6. Fair Value of Investments

Investments

The tables below present the fair value hierarchy of investments as of the following periods:


	Fair Value Hierarchy as of March 31, 2026
	Level 1		Level 2		Level 3		Total
Cash (including restricted and foreign cash)	$	455,400	$	—	$	—	$	455,400
Investments:
First-lien senior secured debt investments	$	—	$	31,483	$	11,003,920	$	11,035,403
Second-lien senior secured debt investments	—		43,181		730,176		773,357
Unsecured debt investments	—		—		369,374		369,374
Specialty finance debt investments	—		—		159,598		159,598
Preferred equity investments	—		—		536,853		536,853
Common equity investments	—		3,907		537,854		541,761
Specialty finance equity investments	—		—		1,011,324		1,011,324
Subtotal	—		78,571		14,349,099		14,427,670
Investments measured at NAV(1)	—		—		—		916,531
Total Investments at Fair Value	$	—	$	78,571	$	14,349,099	$	15,344,201
Derivatives:
Assets
Interest rate swaps	$	—	$	4,613	$	—	$	4,613
Foreign currency forward contracts	$	—	$	7,487	$	—	$	7,487

___________

(1)Includes investments in Credit SLF, LSI Financing LLC, BOCSO, Blue Owl Leasing and Owl-HP Finance which are measured at fair value using the NAV per share (or its equivalent) practical expedient and has not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.


	Fair Value Hierarchy as of December 31, 2025
	Level 1		Level 2		Level 3		Total
Cash (including restricted and foreign cash)	$	568,542	$	—	$	—	$	568,542
Investments:
First-lien senior secured debt investments	$	—	$	39,027	$	12,009,907	$	12,048,934
Second-lien senior secured debt investments	—		47,294		801,281		848,575
Unsecured debt investments	—		—		399,962		399,962
Specialty finance debt investments	—		—		157,297		157,297
Preferred equity investments	—		—		568,977		568,977
Common equity investments	—		6,555		520,542		527,097
Specialty finance equity investments	—		—		1,114,178		1,114,178
Subtotal	—		92,876		15,572,144		15,665,020
Investments measured at NAV(1)	—		—		—		805,873
Total Investments at fair value	$	—	$	92,876	$	15,572,144	$	16,470,893
Derivatives:
Assets
Interest rate swaps	$	—	$	3,123	$	—	$	3,123
Liabilities
Foreign currency forward contracts	$	—	$	793	$	—	$	793

_______________

(1)Includes investments in Credit SLF, LSI Financing LLC, BOCSO and Blue Owl Leasing which are measured at fair value using the NAV per share (or its equivalent) practical expedient and has not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

108

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

The tables below present the changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the following periods:


	As of and for the Three Months Ended March 31, 2026
	Debt Investments								Equity Investments
	First-lien senior secured		Second-lien senior secured		Unsecured		Specialty finance		Preferred		Common		Specialty finance		Total
Fair value, beginning of period	$	12,009,907	$	801,281	$	399,962	$	157,297	$	568,977	$	520,542	$	1,114,178	$	15,572,144
Purchases of investments, net	348,644		—		—		—		976		12,068		2,728		364,416
Payment-in-kind	16,348		2,017		11,633		2,586		9,748		278		—		42,610
Proceeds from investments, net	(1,286,957)		(16,723)		(39,358)		(285)		(36,550)		(15,799)		(101,057)		(1,496,729)
Net change in unrealized gain (loss)	(53,257)		(57,687)		(5,211)		(11)		13,127		30,888		(4,525)		(76,676)
Net realized gain (loss)	(55,405)		145		2,256		—		(19,977)		(10,281)		—		(83,262)
Net amortization/accretion of discount/premium on investments	15,923		1,143		92		11		552		—		—		17,721
Transfers between investment types	(158)		—		—		—		—		158		—		—
Transfers into (out of) Level 3(1)	8,875		—		—		—		—		—		—		8,875

Fair Value, End of Period	$	11,003,920	$	730,176	$	369,374	$	159,598	$	536,853	$	537,854	$	1,011,324	$	14,349,099

_______________

(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended March 31, 2026, transfers into/(out of) Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.


	As of and for the Three Months Ended March 31, 2025
	Debt Investments								Equity Investments
	First-lien senior secured		Second-lien senior secured		Unsecured		Specialty finance		Preferred		Common		Specialty finance		Total
Fair value, beginning of period	$	9,796,885	$	660,060	$	301,956	$	90,735	$	366,973	$	550,886	$	799,766	$	12,567,261
Purchases of investments, net	723,797		—		—		15,780		44,022		—		50,369		833,968
Payment-in-kind	24,688		6,529		12,551		14		9,227		257		—		53,266
Proceeds from investments, net	(504,586)		(6,468)		(9,485)		—		(10,376)		—		(3,054)		(533,969)
Net change in unrealized gain (loss)	63,107		101,400		8,263		289		3,719		2,658		13,759		193,195
Net realized gains (losses)	(10,955)		(102,791)		(1,853)		—		103		—		1,118		(114,378)
Net amortization/accretion of discount/premium on investments	16,065		967		115		6		641		—		—		17,794
Transfers into (out of) Level 3(1)	(25,266)		9,746		—		—		—		(3,091)		—		(18,611)

Transfers in from the OBDE Mergers	3,450,900		177,535		66,164		14,779		128,882		83,590		75,237		3,997,087
Fair Value, End of Period	$	13,534,635	$	846,978	$	377,711	$	121,603	$	543,191	$	634,300	$	937,195	$	16,995,613

_______________

(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended March 31, 2025, transfers into/(out of) Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.

109

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

The tables below present the net change in unrealized gains on investments for which Level 3 inputs were used in determining the fair value that are still held by the Company for the following periods:


	Net Change in Unrealized Gain (Loss) for the Three Months Ended March 31, 2026 on Investments Held at March 31, 2026		Net Change in Unrealized Gain (Loss) for the Three Months Ended March 31, 2025 on Investments Held at March 31, 2025
First-lien senior secured debt investments	$	(101,741)	$	51,375
Second-lien senior secured debt investments	(57,687)		(2,987)
Unsecured debt investments	(5,211)		8,263
Specialty finance debt investments	(11)		289
Preferred equity investments	(8,488)		3,719
Common equity investments	7,126		2,657
Specialty finance equity investments	(4,525)		13,760
Total Investments	$	(170,537)	$	77,076

110

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of the following periods. The weighted average range of unobservable inputs is based on fair value of investments. The tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.

As of March 31, 2026

Fair Value

Valuation Technique

Unobservable Input

Range (Weighted Average)

Impact to Valuation from an Increase in Input

First-lien senior secured debt investments

10,671,586

Yield Analysis

Market Yield

7.4% - 23.3% (10.1%)

Decrease

177,319

Collateral Analysis

Recovery Rate

0.0% - 100.0% (53.9%)

Increase

155,015

Recent Transaction

Transaction Price

96.0% - 99.5% (99.4%)

Increase

Second-lien senior secured debt investments

661,856

Yield Analysis

Market Yield

10.6% - 45.0% (21.5%)

Decrease

68,320

Collateral Analysis

Recovery Rate

61.0% - 61.0% (61.0%)

Increase

Unsecured debt investments

359,792

Yield Analysis

Market Yield

5.5% - 18.7% (13.5%)

Decrease

9,582

Market Approach

EBITDA Multiple

12.0x - 12.0x (12.0x)

Increase

Specialty finance debt investments

159,598

Yield Analysis

Market Yield

12.2% - 12.2% (12.2%)

Decrease

Preferred equity investments

519,847

Yield Analysis

Market Yield

12.8% - 43.6% (17.1%)

Decrease

16,748

Recent Transaction

Transaction Price

111.1% - 289.9% (224.6%)

Increase

258

Market Approach

Revenue Multiple

13.2x - 13.2x (13.2x)

Increase

Common equity investments

410,182

Market Approach

EBITDA Multiple

4.0x - 17.0x (7.4x)

Increase

41,542

Market Approach

Net Recovery

0.0% - 99.0% (99.0%)

Decrease

38,613

Market Approach

Revenue Multiple

5.0x - 47.0x (10.6x)

Increase

25,673

Recent Transaction

Transaction Price

100.0% - 989.5% (527.2%)

Increase

14,332

Yield Analysis

Market Yield

8.4% - 8.4% (8.4%)

Decrease

6,966

Market Approach

Market Adjustment Factor

(3.2)%

Increase

109

Market Approach

Gross Profit Multiple

7.0x - 7.0x (7.0x)

Increase

437

Option Pricing Model

Volatility

60.0% - 70.0% (70.0%)

Increase

Specialty finance equity investments

606,792

Market Approach

EBITDA Multiple

1.3x - 1.3x (1.3x)

Increase

303,148

Market Approach

AUM Multiple

1.0x - 1.0x (1.0x)

Increase

92,658

Market Approach

Recovery Rate

N/A

6,757

Yield Analysis

Market Yield

11.8% - 11.8% (11.8%)

Decrease

1,969

Discounted Cash Flow Analysis

Discounted Factor

20.0% - 20.0% (20.0%)

Decrease

______________

(1)Fair value based on a weighting of the appraised value of the portfolio company’s underlying assets and their cost.

111

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

As of December 31, 2025

Fair Value

Valuation Technique

Unobservable Input

Range (Weighted Average)

Impact to Valuation from an Increase in Input

First-lien senior secured debt investments

11,273,964

Yield Analysis

Market Yield

6.3% - 20.1% (9.6%)

Decrease

536,599

Recent Transaction

Transaction Price

99.0% - 99.8% (99.3%)

Increase

199,344

Collateral Analysis

Recovery Rate

0.0% - 107.2% (59.5%)

Increase

Second-lien senior secured debt investments

801,281

Yield Analysis

Market Yield

9.7% - 62.4% (18.9%)

Decrease

Unsecured debt investments

390,845

Yield Analysis

Market Yield

5.5% - 17.6% (12.6%)

Decrease

9,117

Market Approach

EBITDA Multiple

12.0x - 12.0x (12.0x)

Increase

Specialty finance debt investments

157,297

Yield Analysis

Market Yield

11.6% - 11.6% (11.6%)

Decrease

Preferred equity investments

559,595

Yield Analysis

Market Yield

11.6% - 35.3% (16.1%)

Decrease

9,171

Market Approach

EBITDA Multiple

128.9x - 128.9x (128.9x)

Increase

211

Market Approach

Revenue Multiple

11.3x - 11.3x (11.3x)

Increase

Common equity investments

388,838

Market Approach

EBITDA Multiple

4.0x - 17.9x (7.7x)

Increase

45,461

Market Approach

Revenue Multiple

6.3x - 13.0x (10.7x)

Increase

43,926

Recent Transaction

Transaction Price

100.0% - 100.0% (100.0%)

Increase

21,679

Market Approach

Transaction Price

$96.84 - $96.84 ($96.84)

Increase

14,020

Yield Analysis

Market Yield

8.5% - 8.5% (8.5%)

Decrease

6,105

Market Approach

Market Adjustment Factor

(0.0%)

Increase

347

Option Pricing Model

Volatility

60.0% - 70.0% (70.0%)

Increase

166

Market Approach

Gross Profit Multiple

9.0x - 9.0x (9.0x)

Increase

Specialty finance equity investments

607,284

Market Approach

EBITDA Multiple

1.3x - 1.3x (1.3x)

Increase

403,170

Market Approach

AUM Multiple

1.1x - 1.1x (1.1x)

Increase

94,930

Market Approach

N/A(1)

N/A

6,657

Yield Analysis

Market Yield

11.5% - 11.5% (11.5%)

Decrease

2,137

Discounted Cash Flow Analysis

Discounted Factor

20.0% - 20.0% (20.0%)

Decrease

_____________

(1)Fair value based on a weighting of the appraised value of the portfolio company’s underlying assets and their cost.

The Company typically determines the fair value of its performing Level 3 debt investments utilizing a yield analysis. In a yield analysis, a price is ascribed for each investment based upon an assessment of current and expected market yields for similar investments and risk profiles. Additional consideration is given to the expected life, portfolio company performance since close, and other terms and risks associated with an investment. Among other factors, a determinant of risk is the amount of leverage used by the portfolio company relative to its total enterprise value, and the rights and remedies of the Company’s investment within the portfolio company’s capital structure.

112

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

When the debtor is not performing or when there is insufficient value to cover the investment, the Company may utilize a net recovery approach to determine the fair value of debt investments in subject companies. A net recovery analysis typically consists of two steps. First, the total enterprise value for the subject company is estimated using standard valuation approaches, most commonly the market approach. Second, the fair value for each investment in the subject company is then estimated by allocating the subject company’s total enterprise value to the outstanding securities in the capital structure based upon various factors, including seniority, preferences, and other features if deemed relevant to each security in the capital structure.

Significant unobservable quantitative inputs typically used in the fair value measurement of the Company’s Level 3 debt investments primarily include current market yields, including relevant market indices, but may also include quotes from brokers, dealers, and pricing services as indicated by comparable investments. For the Company’s Level 3 equity investments, a market approach, based on comparable financial performance multiples such as publicly-traded company and comparable market transaction multiples of revenues, earnings before income taxes, depreciation and amortization (“EBITDA”), or some combination thereof and comparable market transactions typically would be used.

Debt Not Carried at Fair Value

Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings, or market quotes, if available. The table below presents the carrying and fair values of the Company’s debt obligations as of the following periods:


	As of March 31, 2026						As of December 31, 2025
	Net Carrying Value		Debt Issuance Costs		Fair Value		Net Carrying Value		Debt Issuance Costs		Fair Value
Revolving Credit Facility	$	489,838	$	(26,162)	$	489,838	$	984,069	$	(27,931)	$	984,069
SPV Asset Facility II	278,271		(5,429)		278,271		156,138		(5,562)		156,138
SPV Asset Facility V	478,292		(4,708)		478,292		378,999		(5,001)		378,999
SPV Asset Facility VI	436,213		(3,787)		436,213		295,959		(4,041)		295,959
SPV Asset Facility VII	298,522		(1,478)		298,522		208,399		(1,601)		208,399
CLO I	386,606		(3,394)		386,606		386,511		(3,489)		386,511
CLO III	258,321		(1,679)		258,321		258,273		(1,727)		258,273
CLO IV	231,502		(2,946)		231,502		272,117		(3,346)		272,117
CLO V	507,624		(2,001)		507,624		507,563		(2,062)		507,563
CLO VII	328,416		(2,084)		328,416		328,373		(2,127)		328,373
CLO X	270,125		(1,875)		270,125		270,203		(1,797)		270,203
CLO XIV	—		—		—		258,422		(1,578)		258,422
2026 Notes	—		—		—		499,909		(91)		498,750
July 2026 Notes	998,533		(1,467)		992,500		997,283		(2,717)		992,500
2027 Notes	486,646		(12,540)		487,500		483,987		(2,117)		488,750
April 2027 Notes	324,127		(873)		315,250		323,922		(1,078)		317,688
July 2027 Notes	248,823		(1,177)		250,000		248,611		(1,389)		250,000
2028 Notes	844,095		(5,905)		790,500		843,451		(6,549)		803,250
June 2028 Notes	99,473		(527)		100,000		99,415		(585)		100,000
2029 Notes	996,429		(7,674)		987,500		1,002,667		(8,373)		1,010,000
2030 Notes	492,703		(9,538)		493,750		495,805		(10,025)		506,250
Total Debt	$	8,454,559	$	(95,244)	$	8,380,730	$	9,300,076	$	(93,186)	$	9,272,214

The below table presents the fair value measurements of the Company’s debt obligations as of the following periods:


	As of March 31, 2026		As of December 31, 2025
Level 1	$	—	$	—
Level 2	4,417,000		4,967,188
Level 3	3,963,730		4,305,026
Total Debt	$	8,380,730	$	9,272,214

113

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

Financial Instruments Not Carried at Fair Value

As of March 31, 2026 and December 31, 2025, the carrying amounts of the Company’s other assets and liabilities approximate fair value due to their short maturities. These financial instruments would be categorized as Level 3 within the hierarchy.

Note 7. Derivative Instruments

The Company enters into derivative instruments from time to time to help mitigate its foreign currency and interest rate risk exposures. See “Note 6 – Fair Value of Investments” for additional disclosures related to the fair value hierarchy for derivative instruments.

The table below presents the fair value and notional value of the derivative assets and liabilities for the following periods:


		As of March 31, 2026						As of December 31, 2025
	Counterparty	Notional Amount		Assets		Liabilities		Notional Amount		Assets		Liabilities
Derivatives designated as hedges:
Interest Rate Swap 2027 Notes	Deutsche Bank AG	$	500,000	$	—	$	(826)	$	500,000	$	—	$	(13,370)
Interest Rate Swap 2030 Notes	Deutsche Bank AG	$	500,000	2,033		—		$	500,000	5,663		—
				2,033		(826)				5,663		(13,370)
Interest Rate Swap 2029 Notes	Goldman Sachs Bank USA	$	600,000	—		(605)		$	600,000	3,645		—
Interest Rate Swap 2029 Notes	Goldman Sachs Bank USA	$	400,000	4,011		—		$	400,000	7,185		—
				4,011		(605)				10,830		—
Total Derivatives Designated as Hedges(1)(2)				$	6,044	$	(1,431)			$	16,493	$	(13,370)

Derivatives not designated as hedges:
Foreign currency forward contract GBP	Goldman Sachs Bank USA	£	94,190	$	126,079	$	(124,590)	£	94,190	$	126,248	$	(126,916)
Foreign currency forward contract EUR	Goldman Sachs Bank USA	€	208,670	247,532		(242,301)		€	208,670	247,528		(247,272)
Foreign currency forward contract AUD	Goldman Sachs Bank USA	A$	2,580	1,730		(1,780)		A$	2,580	1,685		(1,722)
Foreign currency forward contract AUD	Goldman Sachs Bank USA	$	352	352		(359)		$	—	—		—
				$	375,693	$	(369,030)			$	375,461	$	(375,910)
Foreign currency forward contract GBP	SMBC Capital Markets, Inc.	£	14,775	19,760		(19,544)		£	14,775	19,549		(19,908)
Foreign currency forward contract EUR	SMBC Capital Markets, Inc.	€	5,301	6,296		(6,155)		€	5,301	6,296		(6,281)
				26,056		(25,699)				25,845		(26,189)
Foreign currency forward contract CAD	Royal Bank of Canada	C$	2,967	2,186		(2,150)		C$	—	—		—
Foreign currency forward contract CAD	Royal Bank of Canada	C$	111,549	81,237		(80,806)		C$	—	—		—
				83,423		(82,956)				—		—
Total Derivatives not Designated as Hedges				$	485,172	$	(477,685)			$	401,306	$	(402,099)

_______________

(1) The net fair value of the derivatives designated as hedges is recorded as an asset or liability in the Consolidated Statements of Assets and Liabilities.

(2) The Company’s unsecured notes, that are designated in a qualifying hedging relationship, had carrying value of $1.98 billion and $1.98 billion, net of the related cumulative hedging adjustments that represented an increase (decrease) to the carrying value of the notes of $5.5 million and $3.0 million, as of March 31, 2026 and December 31, 2025, respectively.

114

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

The tables below present net unrealized gains and losses on effective interest rate swaps and hedged items included in interest expense for the following periods:


	Three Months Ended March 31, 2026
	Change in Unrealized Gain (Loss) on:
	Interest Rate Swaps		Hedged Items		Net
Derivatives designated as hedges:
Interest rate swaps 2027 Notes	$	(590)	$	697	$	107
Interest rate swaps 2030 Notes	(3,630)		3,589		(41)
	(4,220)		4,286		66
Interest rate swaps 2029 Notes	(3,174)		3,139		(35)
Interest rate swaps 2029 Notes	(4,250)		3,798		(452)
	(7,424)		6,937		(487)
Net Change in Unrealized Gain (Loss) on Interest Rate Swaps and Hedged Items(1)			$	(421)

_______________

(1) Recorded and recognized as components of interest expense in the Consolidated Statements of Operations.

On January 15, 2026, the centrally cleared interest rate swap hedging the 2027 Notes with the notional amount of $500 million was terminated and replaced with a bilateral interest rate swap with identical notional, fixed rate and termination date. See “Note 5 — Debt” for more details.


	Three Months Ended March 31, 2025
	Change in Unrealized Gain (Loss) on:
	Interest Rate Swaps		Hedged Items		Net
Derivatives designated as hedges:
Interest rate swaps 2027 Notes	$	6,330	$	(4,060)	$	2,270

	6,330		(4,060)		2,270
Interest rate swaps 2029 Notes	8,823		(8,346)		477
Interest rate swaps 2029 Notes	5,836		(5,958)		(122)
	14,659		(14,304)		355
Net Change in Unrealized Gain (Loss) on Interest Rate Swaps and Hedged Items(1)			$	2,625

_______________

(1) Recorded and recognized as components of interest expense in the Consolidated Statements of Operations.

The table below presents net change in unrealized gains and losses on derivative instruments not designated as a qualifying hedge accounting relationship recognized by the Company for the following periods:


	Three Months Ended March 31, 2026
	Net Change in Unrealized Gain (Loss)
Derivatives not designated as hedges:
Foreign currency forward contract GBP	$	2,732
Foreign currency forward contract AUD	(20)
Foreign currency forward contract EUR	5,101
Foreign currency forward contract CAD	467
Total Net Unrealized Gain (Loss)(1)	$	8,280

_______________

(1) Recorded and recognized as components of translation of assets and liabilities in foreign currencies and other transactions in the Consolidated Statements of Operations.

For the three months ended March 31, 2026, the Company recognized a realized loss of $0.3 million, primarily related to the foreign currency forward contracts held with Goldman Sachs Bank USA. The Company did not hold any foreign currency forward contracts for the three months ended March 31, 2025.

115

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

Note 8. Commitments and Contingencies

Portfolio Company Commitments

From time to time, the Company may enter into commitments to fund investments in the form of revolving credit, delayed draw, or equity commitments, which require the Company to provide funding when requested by portfolio companies in accordance with underlying loan agreements. The Company had the following outstanding unfunded commitments as of the following periods:


	As of March 31, 2026		As of December 31, 2025
Revolving loan commitments	$	818,244	$	888,190
Delayed draw loan commitments	670,987		652,746

Debt commitments	$	1,489,231	$	1,540,936

Specialty finance equity commitments	$	211,196	$	129,076
Common equity commitments	4,655		4,946
Equity commitments	$	215,851	$	134,022

Total Unfunded Commitments	$	1,705,082	$	1,674,958

As of March 31, 2026, the Company believed they had adequate financial resources to satisfy the unfunded portfolio company commitments.

Other Commitments and Contingencies

Refer to “Note 9 — Net Assets” for details on the Company’s stock repurchase program.

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. At March 31, 2026, the Company was not aware of any material pending or threatened litigation that would require accounting recognition or financial statement disclosure.

Note 9. Net Assets

Equity Issuances

The Company has the authority to issue 1,000,000,000 common shares at $0.01 per share par value.

On January 13, 2025, as a result of the OBDE Mergers, the Company issued an aggregate of approximately 120,630,330 shares of the Company’s common stock.

“At the Market” Offerings

The Company is party to an equity distribution agreement with several banks (the “Equity Distribution Agreement”). The Equity Distribution Agreement provides that the Company may from time to time issue and sell, by means of “at the market” offerings, up to $750.0 million of its common stock. Subject to the terms and conditions of the Equity Distribution Agreement, sales of common stock, if any, may be made in transactions that are deemed to be “at the market” offerings as defined in Rule 415(a)(4) under the Securities Act. Under the Equity Distribution Agreement, common stock with an aggregate offering amount of $746.9 million remained available for issuance as of March 31, 2026.

The Company may from time to time issue and sell shares of its common stock through public or “at the market” offerings. There were no sales of the Company’s common stock during the period ended March 31, 2026. The Company issued and sold the following shares of common stock during the period ended March 31, 2025:


	For the Three Months Ended March 31, 2025
	Number of Shares Issued	Gross Proceeds		Underwriting Fees/Offering Expenses		Net Proceeds		Average Offering Price Per Share(1)
“At the market” offerings	200,603	$	3,089	$	19	$	3,070	$	15.40
	200,603	$	3,089	$	19	$	3,070	$	15.40

_____________

(1)Represents the gross offering price per share before deducting underwriting discounts and commissions and offering expenses.

Distributions

The tables below present the distributions declared on shares of the Company’s common stock for the following periods:

116

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

For the Three Months Ended March 31, 2026

Date Declared

Record Date

Payment Date

Distribution per Share

February 18, 2026

March 31, 2026

April 15, 2026

0.37

For the Three Months Ended March 31, 2025

Date Declared

Record Date

Payment Date

Distribution per Share

February 18, 2025

March 31, 2025

April 15, 2025

0.37

February 18, 2025 (supplemental dividend)

February 28, 2025

March 17, 2025

0.05

Dividend Reinvestment

With respect to distributions, the Company has adopted an “opt out” dividend reinvestment plan for common shareholders. As a result, in the event of a declared distribution, each shareholder that has not “opted out” of the dividend reinvestment plan will have their dividends or distributions automatically reinvested in additional shares of the Company’s common stock rather than receiving cash distributions. If newly issued shares are used to implement the dividend reinvestment plan, the number of shares to be issued to a shareholder will be determined by dividing the total dollar amount of the cash dividend or distribution payable to a shareholder by the market price per share of the Company’s common stock at the close of regular trading on the NYSE on the payment date of a distribution, or if no sale is reported for such day, the average of the reported bid and ask prices. However, if the market price per share on the payment date of a cash dividend or distribution exceeds the most recently computed net asset value per share, the Company will issue shares at the greater of (i) the most recently computed net asset value per share and (ii) 95% of the current market price per share (or such lesser discount to the current market price per share that still exceeded the most recently computed net asset value per share). If shares are purchased in the open market to implement the dividend reinvestment plan, the number of shares to be issued to a shareholder shall be determined by dividing the dollar amount of the cash dividend payable to such shareholder by the weighted average price per share for all shares purchased by the plan administrator in the open market in connection with the dividend. Shareholders who receive distributions in the form of shares of common stock will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.

The following tables present the shares distributed pursuant to the dividend reinvestment plan for the following periods:

For the Three Months Ended March 31, 2026

Date Declared

Record Date

Payment Date

November 4, 2025

December 31, 2025

January 15, 2026

1,070,678

(1)

_______________

(1)Shares purchased in the open market in order to satisfy dividends reinvested under the Company’s dividend reinvestment program.

For the Three Months Ended March 31, 2025

Date Declared

Record Date

Payment Date

February 18, 2025 (supplemental dividend)

February 28, 2025

March 17, 2025

146,066

(1)

November 5, 2024

December 31, 2024

January 15, 2025

552,015

(1)

_______________

(1)Shares purchased in the open market in order to satisfy dividends reinvested under the Company’s dividend reinvestment program.

2025 Stock Repurchase Program

On November 4, 2025, the Board approved a repurchase program (the “2025 Stock Repurchase Program”) under which the Company could repurchase up to $200.0 million of the Company’s common stock. Under the 2025 Repurchase Program, purchases could be made at management’s discretion from time to time in open-market transactions, including pursuant to trading plans with investment banks pursuant to Rule 10b5-1 of the Exchange Act, in accordance with all applicable rules and regulations. The 2025 Stock Repurchase Program terminated on February 17, 2026, in connection with the entry into the 2026 Stock Repurchase Program, as defined below. As of the program termination date, 11,599,738 shares of our common stock were repurchased pursuant to the 2025 Stock Repurchase Program for approximately $148.2 million since the 2025 Stock Repurchase Program’s inception. There were no repurchases made for the three months ended March 31, 2025. No shares were repurchased in 2026 under the 2025 Stock Repurchase Program.

2026 Stock Repurchase Program

On February 17, 2026, the Board approved a repurchase program (the “2026 Stock Repurchase Program”) under which the Company may repurchase up to $300.0 million of its common stock. Under the 2026 Repurchase Program, purchases may be made at management’s discretion from time to time in open-market transactions, including pursuant to trading plans with investment banks pursuant to Rule 10b5-1 of the Exchange Act, in accordance with all applicable rules and regulations. Unless extended by the Board, the 2026 Stock Repurchase Program will terminate 18-months from the date it was approved.

117

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

For the three months ended March 31, 2026, the Company had the following repurchase activity under the 2026 Stock Repurchase Program:


Period of Activity	Total Number of Shares Repurchased	Average Price Paid per Share		Approximate Dollar Value of Shares that have been Purchased Under the Plans		Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan


March 1, 2026 to March 31, 2026	3,143,108	$	11.20	$	35,190	$	264,811
	3,143,108			$	35,190

Note 10. Earnings Per Share

The following table presents the computation of basic and diluted earnings per common share for the following periods:


	For the Three Months Ended March 31,
		2026		2025
Increase (decrease) in net assets resulting from operations		$	(24,382)	$	242,635
Weighted average shares of common stock outstanding - basic and diluted		498,903,632		494,825,717
Earnings per common share-basic and diluted		$	(0.05)	$	0.49

Note 11. Income Taxes

The Company has elected to be treated as a RIC under Subchapter M of the Code, and intends to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, the Company must, among other things, distribute to its shareholders in each taxable year generally at least 90% of the Company’s investment company taxable income, as defined by the Code, and net tax-exempt income for that taxable year. In addition, a RIC may, in certain cases, satisfy this distribution requirement by distributing dividends relating to a taxable year after the close of such taxable year under the “spillover dividend” provisions of Subchapter M. To maintain tax treatment as a RIC, the Company, among other things, intends to make the requisite distributions to its shareholders, which generally relieves the Company from corporate-level U.S. federal income taxes.

Depending on the level of taxable income earned in a tax year, the Company can be expected to carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that the Company determines that its estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, the Company will accrue excise tax on estimated excess taxable income.

For the three months ended March 31, 2026 and 2025, the Company recorded U.S. federal and state corporate-level income tax expense/(benefit) of $2.4 million and $3.7 million, including U.S. federal excise tax expense/(benefit) of $1.7 million and $2.0 million, respectively.

Taxable Subsidiaries

Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. For the three months ended March 31, 2026 and 2025, the Company recorded tax expense of approximately $0.8 million and $1.7 million for taxable subsidiaries, respectively. The income tax expense for the Company’s taxable consolidated subsidiaries will vary depending on the level of investment income earnings and realized gains from the exits of investments held by such taxable subsidiaries during the respective periods.

The Company recorded a net deferred tax liability of $41.3 million and $41.2 million as of March 31, 2026 and December 31, 2025, respectively, for taxable subsidiaries, which is significantly related to GAAP to tax outside basis differences in the taxable subsidiaries' investment in certain partnership interests.

118

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

Note 12. Financial Highlights

The table below presents the financial highlights for a common share outstanding for the following periods:


	For the Three Months Ended March 31,
	2026			2025
Per share data:
Net asset value, beginning of period	$	14.81		$	15.26
Results of operations:
Net investment income(1)	0.32			0.41
Net realized and unrealized gain (loss)(1)	(0.37)			0.08
Net increase (decrease) in net assets resulting from operations	(0.05)			0.49
Distributions:
Distributions declared from earnings(2)	(0.37)			(0.42)
Capital share transactions:
Repurchase of common shares(2)	0.02			—

Issuance of common shares in connection with the OBDE Mergers	—			(0.19)
Total increase (decrease) in net assets	(0.40)			(0.12)
Net Asset Value, End of Period(8)	$	14.41		$	15.14

Shares outstanding, end of period	496,305,391			511,048,237
Per share market value at end of period	$	11.06		$	14.66
Total return, based on market value(3)	(8.0)		%	(0.3)		%
Total return, based on net asset value(4)	0.6		%	2.0		%
Ratios / supplemental data:(5)
Ratio of total expenses to average net assets(6)(7)	13.1		%	15.4		%
Ratio of net investment income to average net assets(6)	8.8		%	11.8		%
Net assets, end of period	$	7,154,000		$	7,739,089
Weighted-average shares outstanding	498,903,632			494,825,717
Portfolio turnover rate	2.5		%	6.0		%

_______________

(1)The per share data was derived using the weighted average shares outstanding during the period.

(2)The per share data was derived using actual shares outstanding at the date of the relevant transaction.

(3)Total return based on market value is calculated as the change in market value per share during the respective periods, taking into account dividends and distributions, if any, reinvested in accordance with the Company’s dividend reinvestment plan.

(4)Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions, if any, are reinvested in accordance with the Company’s dividend reinvestment plan), if any, divided by the beginning NAV per share.

(5)Does not include expenses of investment companies in which the Company invests.

(6)The ratios reflect annualized amounts, except in the case of non-recurring expenses (e.g. initial organization expenses).

(7)Prior to any management fee waivers, the annualized total expenses to average net assets for the three months ended March 31, 2026 and 2025, was 13.1% and 15.4%, respectively.

(8)Totals presented may not sum due to rounding.

119

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

Note 13. Merger with Blue Owl Capital Corporation III

On January 13, 2025, the Company completed its previously announced acquisition of OBDE. In accordance with the OBDE Merger Agreement, at the effective time of the OBDE Mergers, each outstanding share of OBDE common stock was converted into the right to receive 0.9779 shares of common stock, par value $0.01 per share of the Company (with OBDE stockholders receiving cash in lieu of fractional shares of the Company’s common stock). As a result of the OBDE Mergers, the Company issued an aggregate of approximately 120,630,330 shares of its common stock to former OBDE stockholders prior to any adjustment for OBDE stockholders receiving cash in lieu of fractional shares.

The OBDE Mergers were accounted for as an asset acquisition in accordance with ASC 805-50, Business Combinations — Related Issues. The consideration paid to OBDE’s shareholders was less than the aggregate fair values of the assets acquired and liabilities assumed, which resulted in a purchase discount (the “purchase discount”). The purchase discount was allocated to the cost of OBDE investments acquired by us on a pro-rata basis based on their relative fair values as of the closing date. Immediately following the OBDE Mergers, the Company marked the investments to their respective fair values and, as a result, the purchase discount allocated to the cost basis of the investments acquired was immediately recognized as unrealized appreciation on the Company’s Consolidated Statement of Operations. The purchase discount allocated to the loan investments acquired will amortize over the life of each respective loan through interest income with a corresponding adjustment recorded as unrealized depreciation on such loans acquired through their ultimate disposition. The purchase discount allocated to equity investments acquired does not amortize over the life of such investments through interest income and, assuming no subsequent change to the fair value of the equity investments acquired and disposition of such equity investments at fair value, the Company will recognize a realized gain with a corresponding reversal of the unrealized appreciation on disposition of such equity investments acquired. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses, unrealized capital appreciation or depreciation or any amortization or accretion of any purchase premium or purchase discount to interest income resulting solely from the purchase accounting for any premium or discount paid for the acquisition of assets in the OBDE Mergers.

The OBDE Mergers were considered a tax-free reorganization and the Company has elected to carry forward the historical cost basis of the OBDE investments for tax purposes.

The following table summarizes the allocation of the purchase price to the assets acquired and liabilities assumed as a result of the OBDE Mergers immediately prior to the OBDE Mergers:



Common stock issued by the Company(1)	$	1,755,181
Transaction costs, net(2)	7,020
Total purchase price	$	1,762,201
Assets acquired:
Investments, at fair value (amortized cost of $4,234,860)	$	4,236,514
Cash and cash equivalents	125,621
Other assets(4)	65,735
Total assets acquired	$	4,427,870
Liabilities assumed:
Debt (net of unamortized debt issuance costs of $28,157)	$	2,535,285
Other liabilities(3)	47,493
Total liabilities assumed	$	2,582,778
Net assets acquired	$	1,845,092
Total Purchase Premium/(Discount)	$	(82,891)

_______________

(1)Based on the most recent market price at closing of $14.55 and the approximate 120,630,330 common shares issued by the Company in conjunction with the OBDE Mergers.

(2)Pursuant to the OBDE Merger Agreement, the Adviser agreed to reimburse each of the Company and OBDE 50% of all fees and expenses incurred and payable in connection with or related to the OBDE Mergers or the OBDE Merger Agreement up to an aggregate amount equal to $4.25 million. Net of merger transaction costs borne by the Adviser, the Company capitalized $7.0 million of merger transaction costs as part of the total consideration paid to acquire the assets and liabilities of OBDE.

(3)Includes $2.9 million of management fees and $1.3 million of incentive fees accrued by OBDE through the closing date of the OBDE Mergers pursuant to an investment advisory agreement between OBDE and its investment adviser, which was terminated upon the closing of the OBDE Mergers. The payable for these fees was assumed by the Company. Other liabilities assumed also include $1.9 million of payables to affiliates and $41.1 million of other accrued expenses and other liabilities.

(4)Includes $44.7 million of interest receivable and $21.0 million of prepaid expenses and other assets.

120

Blue Owl Capital Corporation

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

Note 14. Subsequent Events

In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date of issuance. There are no subsequent events to disclose except for the following:

Dividend

On May 5, 2026, the Board declared a second quarter dividend of $0.31 per share for stockholders of record as of June 30, 2026, payable on or before July 15, 2026.

September 2028 Notes

On April 16, 2026, the Company issued unsecured notes due September 2028 (the “September 2028 Notes”) in the aggregate principal amount of $400.0 million. The September 2028 Notes bear interest at a rate of 6.45%. In connection with the issuance of the September 2028 Notes, the Company entered into a bilateral interest rate swap. The notional amount of the interest rate swap is $400.0 million. The Company will receive fixed rate interest at 6.45% and pay variable rate interest based on SOFR plus 2.664%.

CLO I Redemption

On April 16, 2026, the CLO I Issuer redeemed or prepaid all classes of the CLO I Refinancing Debt in full, along with accrued and unpaid interest.

121

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The information contained in this section should be read in conjunction with “ITEM 1. FINANCIAL STATEMENTS.” This discussion contains forward-looking statements, which relate to future events or the future performance or financial condition of Blue Owl Capital Corporation and involves numerous risks and uncertainties, including, but not limited to, those described in our Form 10-K for fiscal year December 31, 2025, and in “ITEM 1A. RISK FACTORS.” This discussion also should be read in conjunction with the “Cautionary Statement Regarding Forward Looking Statements” set forth on page 3 of this quarterly report on Form 10-Q (“Quarterly Report”). Actual results could differ materially from those implied or expressed in any forward-looking statements.

Overview

Blue Owl Capital Corporation (the “Company”, “we”, “us” or “our”) is a Maryland corporation formed on October 15, 2015. Our investment objective is to generate current income, and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. Our investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle market companies. Within this space, we predominantly focus on investing in institutionally-backed, upper middle market businesses, which we categorize as those generating greater than $50 million of EBITDA annually. We invest in senior secured or unsecured loans, subordinated loans or mezzanine loans, broadly syndicated loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company’s common equity. We may hold our investments directly or through specialty financing portfolio companies and joint ventures. Except for our specialty financing company investments, our equity investments are typically not control-oriented investments and we may structure such equity investments to include provisions protecting our rights as a minority-interest holder.

We are managed by Blue Owl Credit Advisors LLC (“the Adviser” or “our Adviser”). The Adviser is registered with the U.S. Securities and Exchange Commission (the “SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), an indirect affiliate of Blue Owl Capital Inc. (“Blue Owl”) (NYSE: OWL) and part of Blue Owl’s Credit platform. Subject to the overall supervision of our board of directors (“the Board” or “our Board”), the Adviser manages our day-to-day operations, and provides investment advisory and management services to us. The Adviser or its affiliates may engage in certain origination activities and receive attendant arrangement, structuring or similar fees. The Adviser is responsible for managing our business and activities, including sourcing investment opportunities, conducting research, performing diligence on potential investments, structuring our investments, and monitoring our portfolio companies on an ongoing basis through a team of investment professionals.

Since July 6, 2023, our common stock trades on the NYSE under the symbol “OBDC.”

The Adviser also serves as investment adviser to Blue Owl Capital Corporation II and Blue Owl Credit Income Corp. Blue Owl consists of three investment platforms: (1) Credit, which includes several strategies, including direct lending, alternative credit, investment grade credit, liquid credit and other adjacent investment strategies, (2) Real Assets, which focuses on three primary investment strategies: net lease, real estate credit and digital infrastructure, and (3) GP Strategic Capital, which primarily focuses on acquiring equity stakes in, or providing debt financing to, large, multi-product private equity and private credit firms. The Adviser is part of the direct lending strategy of Blue Owl’s Credit platform which offers private credit solutions to primarily upper-middle-market companies through differentiated access points. In addition to the Adviser, Blue Owl’s Credit platform’s direct lending strategy is comprised of Blue Owl Technology Credit Advisors LLC (“OTCA”), Blue Owl Technology Credit Advisors II LLC (“OTCA II”), Blue Owl Credit Private Fund Advisors LLC (“OPFA”) and Blue Owl Diversified Credit Advisors LLC (“ODCA” and together with the Adviser, OTCA, OTCA II, and OPFA, the “Blue Owl Credit Advisers”), which also are registered investment advisers. As of March 31, 2026, the Adviser and its affiliates had $159.24 billion of assets under management across Blue Owl’s Credit platform.

The management of our investment portfolio is the responsibility of the Adviser and the Diversified Lending Investment Committee. The Investment Team is led by Douglas I. Ostrover, Marc S. Lipschultz and Craig W. Packer and is supported by certain members of the Adviser's senior executive team and Blue Owl’s Credit platform’s direct lending investment committees. Blue Owl’s four direct lending investment committees focus on a specific investment strategy (Diversified Lending, Technology Lending, First Lien Lending and Opportunistic Lending). Douglas I. Ostrover, Marc S. Lipschultz, Craig W. Packer and Alexis Maged sit on each of Blue Owl’s direct lending investment committees. In addition to Messers. Ostrover, Lipschultz, Packer and Maged, the Diversified Lending Investment Committee is comprised of Matthias Ederer, Patrick Linnemann, Meenal Mehta and Logan Nicholson. We consider the individuals on the Diversified Lending Investment Committee to be our portfolio managers. The Investment Team, under the Diversified Lending Investment Committee's supervision, sources investment opportunities, conducts research, performs due diligence on potential investments, structures our investments and will monitor our portfolio companies on an ongoing basis.

The Diversified Lending Investment Committee meets regularly to consider our investments, direct our strategic initiatives and supervise the actions taken by the Adviser on our behalf. In addition, the Diversified Lending Investment Committee reviews and determines whether to make prospective investments (including approving parameters or guidelines pursuant to which certain investments may be made or sold consistent with our investment objective), structures financings and monitors the performance of the investment portfolio. Each investment opportunity requires the approval of a majority of the Diversified Lending Investment Committee. Follow-on investments in existing portfolio companies may require the Diversified Lending Investment Committee's

122

approval beyond that obtained when the initial investment in the portfolio company was made. In addition, temporary investments, such as those in cash equivalents, U.S. government securities and other high quality debt investments that mature in one year or less, may require approval by the Diversified Lending Investment Committee. The compensation packages of Diversified Lending Investment Committee members from the Adviser include various combinations of discretionary bonuses and variable incentive compensation based primarily on performance for services provided and may include shares of Blue Owl.

We may be prohibited under the Investment Company Act of 1940, as amended (the “1940 Act”) from participating in certain transactions with our affiliates without the prior approval of our directors who are not interested persons, and in some cases, the prior approval of the SEC. We rely on an order for exemptive relief (the “Order”) to co-invest with other funds managed by the Adviser or certain affiliates, in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to such Order, we are generally permitted to co-invest with certain of our affiliates if such co-investments are done on the same terms and at the same time, as further detailed in the Order. The Order requires that a “required majority” (as defined in Section 57(o) of the 1940 Act) of directors who are not “interested persons” of us, the Adviser, or any of their respective affiliates, as defined in the 1940 Act (“Independent Directors”) make certain conclusions in connection with certain co-investment transactions, including (1) when we co-invest with an affiliated entity (as defined in the co-investment application) in an issuer where an affiliated entity has an existing investment in the issuer unless the transaction is completed on a pro rata basis, and (2) if we dispose of an asset acquired in a co-investment transaction unless the disposition is done on a pro rata basis or the disposition is of a tradable security. Pursuant to the Order, the Board oversees our participation in the co-investment program. As required by the Order, we have adopted, and the Board, including a required majority of the Independent Directors, has approved, policies and procedures reasonably designed to ensure compliance with the conditions of the Order. The Board, including a required majority of the Independent Directors, also reviewed the Co-Investment Policies of the Adviser to ensure that they are reasonably designed to prevent us from being disadvantaged by participation in the co-investment program. The Adviser and our Chief Compliance Officer will also provide reporting to the Board.

The Blue Owl Credit Advisers’ investment allocation policies seek to ensure equitable allocation of investment opportunities and addresses the co-investment restrictions set forth under the 1940 Act. As a result of the Order, there could be significant overlap in our investment portfolio and the investment portfolio of the business development companies (“BDCs”), interval fund, private funds and separately managed accounts managed by the Blue Owl Credit Advisers (collectively, the “Blue Owl Credit Clients”) and/or other funds managed by the Adviser or its affiliates that avail themselves of the Order. In addition, the Adviser and its affiliates are permitted to allocate an investment to a number of products across platforms that it views as appropriate for the particular investment objectives, strategies and characteristics of such products.

On April 27, 2016, we formed a wholly-owned subsidiary, OR Lending LLC, a Delaware limited liability company, which holds a California finance lenders license. OR Lending LLC makes loans to borrowers headquartered in California. From time to time we may form wholly-owned subsidiaries to facilitate our normal course of business.

Certain consolidated subsidiaries of ours are subject to U.S. federal and state corporate-level income taxes.

We have elected to be regulated as a BDC under the 1940 Act and as a regulated investment company (“RIC”) for U.S. federal income tax purposes. As a result, we are required to comply with various statutory and regulatory requirements, such as:

•the requirement to invest at least 70% of our assets in “qualifying assets”, as such term is defined in the 1940 Act;

•source of income limitations;

•asset diversification requirements; and

•the requirement to distribute (or be treated as distributing) in each taxable year at least the sum of (i) 90% of our investment company taxable income and (ii) 90% of our tax-exempt interest for that taxable year.

On January 13, 2025, we consummated the transactions contemplated by the Agreement and Plan of Merger (the “Merger Agreement”), dated August 7, 2024, with Blue Owl Capital Corporation III, a Maryland corporation (“OBDE”), Cardinal Merger Sub, Inc., a Maryland corporation and our wholly-owned subsidiary (“Merger Sub”), and, solely for the limited purposes set forth therein, the Adviser, and ODCA, investment adviser to OBDE. In connection therewith, Merger Sub merged with and into OBDE, with OBDE continuing as the surviving company and our wholly-owned subsidiary (the “Initial Merger”) and, immediately thereafter, OBDE merged with and into us, and we continued as the surviving company (together with the Initial Merger, the “Mergers”).

123

Our Investment Framework

Our investment objective is to generate current income, and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. Our investment strategy focuses primarily on originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. Since our Adviser and its affiliates began investment activities in April 2016 through March 31, 2026, our Adviser and its affiliates have originated $193.98 billion aggregate principal amount of investments, of which $189.83 billion of aggregate principal amount of investments prior to any subsequent exits or repayments, was retained by either us or a corporation or fund advised by our Adviser or its affiliates. We seek to participate in transactions sponsored by what we believe to be high-quality private equity and venture capital firms capable of providing both operational and financial resources. We seek to generate current income primarily in U.S. middle-market companies, both sponsored and non-sponsored, through direct originations of senior secured loans or originations of unsecured loans, subordinated loans or mezzanine loans, broadly syndicated loans and, to a lesser extent, investments in equity and equity-related securities including warrants, preferred stock and similar forms of senior equity. We may hold our investments directly or through specialty financing portfolio companies and joint ventures. Except for our specialty financing company investments, our equity investments are typically not control-oriented investments and we may structure such equity investments to include provisions protecting our rights as a minority-interest holder.

In general, we define “middle-market companies” to mean companies with earnings before interest expense, income tax expense, depreciation and amortization, or “EBITDA,” between $25 million and $500 million annually and/or annual revenue of $125 million to $5 billion. Within this space, we predominantly focus on investing in upper middle market businesses, where we can structure larger transactions, which we believe to be more resilient and of greater strategic significance. We categorize “upper middle market” companies as those generating $50 million or more of EBITDA annually. We may on occasion invest in smaller or larger companies if an attractive opportunity presents itself, especially when there are dislocations in the capital markets, including the high yield and syndicated loan markets. We note that over time, the average EBITDA of companies in our portfolio has grown significantly as the scale of private market solutions has grown. Across our investments, we typically seek to be senior in the capital structure, targeting a loan-to-value ratio (the amount of outstanding debt as a percentage of the value of the company) of 50% or below on average, which may provide a level of downside protection and help preserve capital.

We expect that our portfolio composition will be comprised predominantly of directly originated debt and income producing securities, with a lesser allocation to equity or equity-linked opportunities which we may hold directly or through specialty purpose vehicles and joint ventures. In addition, we may invest a portion of our portfolio in opportunistic investments and publicly traded debt investments and we may evaluate and enter into strategic portfolio transactions that may result in additional portfolio companies that we are considered to control. These types of investments are intended to supplement our core strategy and further enhance returns to our shareholders. These investments may include high-yield bonds and broadly-syndicated loans, including “covenant light” loans (as defined below), and other publicly traded debt instruments, typically originated and structured by banks on behalf of large corporate borrowers with employee counts, revenues, EBITDAs and enterprise values larger than those of middle market companies, and equity investments in portfolio companies that make senior secured loans or invest in broadly syndicated loans, structured products, asset-based solutions or other forms of specialty finance, which may include, but is not limited to, investments such as life settlement, royalty interests and equipment finance.

In addition, we generally do not intend to invest more than 20% of our total assets in companies whose principal place of business is outside the United States, although we do not generally intend to invest in companies whose principal place of business is in an emerging market. Our portfolio composition may fluctuate from time to time based on market conditions and interest rates.

Covenants are contractual restrictions that lenders place on companies to limit the corporate actions a company may pursue. The loans in which we expect to invest may have financial maintenance covenants, which are used to proactively address materially adverse changes in a portfolio company’s financial performance or may take the form of “covenant-lite” loans which generally refer to loans that do not have a complete set of financial maintenance covenants. Generally, “covenant-lite” loans provide borrower companies more freedom to negatively impact lenders because their covenants are incurrence-based, which means they are only tested and can only be breached following an affirmative action of the borrower, rather than by a deterioration in the borrower’s financial condition. Accordingly, to the extent we invest in “covenant-lite” loans, we may have fewer rights against a borrower and may have a greater risk of loss on such investments as compared to investments in or exposure to loans with financial maintenance covenants.

As of March 31, 2026, our average debt investment size in each of our portfolio companies was approximately $61.1 million based on fair value. The investment size will vary with the size of our capital base and market conditions. As of March 31, 2026, excluding certain investments that fall outside of our typical borrower profile, our portfolio companies representing 91.6% of our total debt portfolio based on fair value, had weighted average annual revenue of $1.04 billion, weighted average annual EBITDA of $239 million, an average interest coverage of 1.9x and an average net loan-to value of 47%.

The companies in which we invest use our capital to support their growth, acquisitions, market or product expansion, refinancings and/or recapitalizations. The debt in which we invest typically is not rated by any rating agency, but if these instruments were rated, they would likely receive a rating of below investment grade (that is, below BBB- or Baa3), which is often referred to as “high yield” or “junk.”

124

Key Components of Our Results of Operations

Investments

We focus primarily on the direct origination of loans to institutionally-backed, upper middle market companies domiciled in the United States.

Our level of investment activity (both the number of investments and the size of each investment) can and will vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle market companies, the level of merger and acquisition activity for such companies, the general economic environment and the competitive environment for the types of investments we make.

In addition, as part of our risk strategy on investments, we may reduce the levels of certain investments through partial sales or syndication to additional lenders.

Revenues

We generate revenues primarily in the form of interest income from the investments we hold. In addition, we generate income from dividends on either direct equity investments or equity interests obtained in connection with originating loans, such as options, warrants or conversion rights. Our debt investments typically have a term of three to ten years. As of March 31, 2026, 96.1% of our debt investments based on fair value bear interest at a floating rate, subject to interest rate floors, in certain cases. Interest on our debt investments is generally payable either monthly or quarterly.

Our investment portfolio consists primarily of floating rate loans, and our credit facilities bear interest at floating rates. Macro trends in base interest rates like the Secured Overnight Financing Rate (“SOFR”) and any alternative reference rates may affect our net investment income over the long term. However, because we generally originate loans to a small number of portfolio companies each quarter, and those investments vary in size, our results in any given period, including the interest rate on investments that were sold or repaid in a period compared to the interest rate of new investments made during that period, often are idiosyncratic, and reflect the characteristics of the particular portfolio companies that we invested in or exited during the period and not necessarily any trends in our business or macro trends. Generally, because our portfolio consists primarily of floating rate loans, we expect our earnings to benefit from a prolonged higher rate environment.

Loan origination fees, original issue discount and market discount or premium are capitalized, and we accrete or amortize such amounts under U.S. generally accepted accounting principles (“U.S. GAAP”) as interest income using the effective yield method for term instruments and the straight-line method for revolving or delayed draw instruments. Repayments of our debt investments can reduce interest income from period to period. The frequency or volume of these repayments may fluctuate significantly. We record prepayment premiums on loans as interest income. We may also generate revenue in the form of commitment, loan origination, structuring, or due diligence fees, fees for providing managerial assistance to our portfolio companies and possibly consulting fees.

Dividend income on equity investments is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded companies.

Our portfolio activity also reflects the proceeds from sales of investments. We recognize realized gains or losses on investments based on the difference between the net proceeds from the disposition and the amortized cost basis of the investment without regard to unrealized gains or losses previously recognized. We record current period changes in fair value of investments that are measured at fair value as a component of the net change in unrealized gains (losses) on investments in the consolidated statement of operations.

Expenses

Our primary operating expenses include the payment of the management fee, the incentive fee, expenses reimbursable under the Administration Agreement and Investment Advisory Agreement, legal and professional fees, interest and other debt expenses and other operating expenses. The management fee and incentive fee compensate our Adviser for work in identifying, evaluating, negotiating, closing, monitoring and realizing our investments.

Except as specifically provided below, all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory and management services to us, the base compensation, bonus and benefits, and the routine overhead expenses of such personnel allocable to such services, are provided and paid for by the Adviser. We bear our allocable portion of the compensation paid by the Adviser (or its affiliates) to our Chief Compliance Officer and Chief Financial Officer and their respective staffs (based on a percentage of time such individuals devote, on an estimated basis, to our business affairs). We bear all other costs and expenses of our operations, administration and transactions, including, but not limited to (i) investment advisory fees, including management fees and incentive fees, to the Adviser, pursuant to the Investment Advisory Agreement; (ii) our allocable portion of overhead and other expenses incurred by the Adviser in performing its administrative obligations under the Administration Agreement; and (iii) all other costs and expenses of its operations and transactions including, without limitation, those relating to:

•the cost of our organization and offerings;

•the cost of calculating our net asset value, including the cost of any third-party valuation services;

125

•the cost of effecting any sales and repurchases of our common stock and other securities;

•fees and expenses payable under any dealer manager agreements, if any;

•debt service and other costs of borrowings or other financing arrangements;

•costs of hedging;

•expenses, including travel expense, incurred by the Adviser, or members of the investment team, or payable to third parties, performing due diligence on prospective portfolio companies and, if necessary, enforcing our rights;

•transfer agent and custodial fees;

•fees and expenses associated with marketing efforts;

•federal and state registration fees, any stock exchange listing fees and fees payable to rating agencies;

•U.S. federal, state and local taxes;

•independent directors’ fees and expenses including certain travel expenses;

•costs of preparing financial statements and maintaining books and records and filing reports or other documents with the SEC (or other regulatory bodies) and other reporting and compliance costs, including registration and listing fees, and the compensation of professionals responsible for the preparation of the foregoing;

•costs of any reports, proxy statements or other notices to our shareholders (including printing and mailing costs), the costs of any shareholder or director meetings and the compensation of investor relations personnel responsible for the preparation of the foregoing and related matters;

•commissions and other compensation payable to brokers or dealers;

•research and market data;

•fidelity bond, directors’ and officers’ errors and omissions liability insurance and other insurance premiums;

•direct costs and expenses of administration, including printing, mailing, long distance telephone and staff;

•fees and expenses associated with independent audits, outside legal and consulting costs;

•costs of winding up;

•costs incurred in connection with the formation or maintenance of entities or vehicles to hold our assets for tax or other purposes;

•extraordinary expenses (such as litigation or indemnification); and

•costs associated with reporting and compliance obligations under the 1940 Act and applicable federal and state securities laws.

We expect, but cannot assure, that our general and administrative expenses will increase in dollar terms during periods of asset growth, but will decline as a percentage of total assets during such periods.

Leverage

The amount of leverage we use in any period depends on a variety of factors, including cash available for investing, the cost of financing and general economic and market conditions. Generally, our total borrowings are limited so that we cannot incur additional borrowings, including through the issuance of additional debt securities, if such additional indebtedness would cause our asset coverage ratio to fall below 200% or 150%, if certain requirements are met. This means that generally, $1 for every $1 of investor equity (or, if certain conditions are met, we can borrow up to $2 for every $1 of investor equity). In any period, our interest expense will depend largely on the extent of our borrowing, and we expect interest expense will increase as we increase our debt outstanding. In addition, we may dedicate assets to financing facilities. On June 8, 2020, we received shareholder approval for the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act, as amended by the Small Business Credit Availability Act. As a result, effective on June 9, 2020, our asset coverage requirement applicable to senior securities was reduced from 200% to 150%. Our current target leverage ratio is 0.90x-1.25x.

Market Trends

Broader geopolitical developments, including the conflict involving Iran, have contributed to elevated market volatility, even if they have not altered the fundamental operating environment for the U.S. companies in which we invest. We actively monitor these dynamics alongside other sources of risk. As part of our standard valuation and risk management processes, we conduct reviews of every investment in our portfolio on a quarterly basis. In response to heightened uncertainty over the last year, we took additional, proactive steps to reassess risk across our portfolio. We conducted thematic stress tests twice – first in response to tariff policies implemented in 2025, and more recently to evaluate the potential implications of rapid advancements in artificial intelligence. These additional reviews reinforced our confidence that our portfolio is well positioned, supported by borrowers with strong business fundamentals and defensive characteristics.

We believe the middle market lending environment provides opportunities for us to meet our goal of making investments that generate attractive risk-adjusted returns.

126

Limited Availability of Capital for Middle Market Companies — The middle market is a large addressable market. According to GE Capital’s National Center for the Middle Market Mid-Year 2025 Middle Market Indicator, there are approximately 200,000 U.S. middle market companies, which have approximately 48 million aggregate employees. Moreover, the U.S. middle market accounts for one-third of private sector gross domestic product (“GDP”). GE defines U.S. middle market companies as those between $10 million and $1 billion in annual revenue, which we believe has significant overlap with our definition of U.S. middle market companies. We believe U.S. middle market companies will continue to require access to debt capital to refinance existing debt, support growth and finance acquisitions. We believe that regulatory and structural factors, industry consolidation and general risk aversion, limit the amount of traditional financing available to U.S. middle market companies. We believe that many commercial and investment banks have, in recent years, de-emphasized their service and product offerings to middle market businesses in favor of lending to large corporate clients and managing capital markets transactions. In addition, these lenders may be constrained in their ability to underwrite and hold bank loans and high yield securities for middle market issuers as they seek to meet existing and future regulatory capital requirements. We also believe that there is a lack of market participants that are willing to hold meaningful amounts of certain middle market loans. As a result, we believe our ability to minimize syndication risk for a company seeking financing by being able to hold its loans without having to syndicate them, coupled with reduced capacity of traditional lenders to serve the middle-market, present an attractive opportunity to invest in middle market companies.

Capital Markets Have Been Unable to Fill the Void in U.S. Middle Market Finance Left by Banks — Access to underwritten bond and syndicated loan markets is challenging for middle market companies due to loan issue size and liquidity. For example, high yield bonds are generally purchased by institutional investors, such as mutual funds and exchange traded funds (“ETFs”) who, among other things, are focused on the liquidity characteristics of the bond being issued in order to fund investor redemptions and/or comply with regulatory requirements. Accordingly, the existence of an active secondary market for bonds is an important consideration in these entities’ initial investment decision. Syndicated loans arranged through a bank are done either on a “best efforts” basis or are underwritten with terms plus provisions that permit the underwriters to change certain terms, including pricing, structure, yield and tenor, otherwise known as “flex”, to successfully syndicate the loan, in the event the terms initially marketed are insufficiently attractive to investors. Furthermore, banks are generally reluctant to underwrite middle market loans because the arrangement fees they may earn on the placement of the debt generally are not sufficient to meet the banks’ return hurdles. Loans provided by companies such as ours provide certainty to issuers in that we have a more stable capital base and have the ability to invest in illiquid assets, and we can commit to a given amount of debt on specific terms, at stated coupons and with agreed upon fees. As we are the ultimate holder of the loans, we do not require market “flex” or other arrangements that banks may require when acting on an agency basis. In addition, our Adviser has teams focused on both liquid credit and private credit and these teams are able to collaborate with respect to syndicated loans.

Secular Trends Supporting Growth for Private Credit — We believe that periods of market volatility, such as the current period of market volatility caused, in part, by uncertainty regarding inflation and interest rates, and current geopolitical conditions, have accentuated the advantages of private credit. The availability of capital in the liquid credit market is highly sensitive to market conditions whereas we believe private lending has proven to be a stable and reliable source of capital through periods of volatility. We believe the opportunity set for private credit will continue to expand even as the public markets remain open. Financial sponsors and companies today are familiar with direct lending and have seen firsthand the strong value proposition that a private solution can offer. Scale, certainty of execution and flexibility all provide borrowers with a compelling alternative to the syndicated loan and high yield markets. Based on our experience, larger, higher quality credits that have traditionally been issuers in the syndicated and high yield markets are increasingly seeking private solutions independent of credit market conditions. In our view, this is supported by financial sponsors wanting to work with collaborative financing partners that have scale and breadth of capabilities. This has driven substantial growth in direct lending portfolio companies over time. Given the dynamics mentioned above, we believe this trend is poised to continue and that the large amount of uninvested capital held by funds of private equity firms broadly, estimated by Preqin Ltd., an alternative assets industry data and research company, to be $2.7 trillion as of December 31, 2025, will continue to serve as a tailwind to the space.

Attractive Investment Dynamics — An imbalance between the supply of, and demand for, middle market debt capital creates attractive pricing dynamics. We believe the directly negotiated nature of middle market financings also generally provides more favorable terms to the lender, including stronger covenant and reporting packages, better call protection, and lender-protective change of control provisions. Additionally, we believe BDC managers’ expertise in credit selection and ability to manage through credit cycles has generally resulted in BDCs experiencing lower loss rates than U.S. commercial banks through credit cycles. Further, we believe that historical middle market default rates have been lower, and recovery rates have been higher, as compared to the larger market capitalization, broadly distributed market, leading to lower cumulative losses. Lastly, we believe that in the current environment, lenders with available capital may be able to take advantage of attractive investment opportunities as the economy reopens and may be able to achieve improved economic spreads and documentation terms.

Conservative Capital Structures — With more conservative capital structures, U.S. middle market companies have exhibited higher levels of cash flows available to service their debt. In addition, U.S. middle market companies often are characterized by simpler capital structures than larger borrowers, which facilitates a streamlined underwriting process and, when necessary, restructuring process.

127

Attractive Opportunities in Investments in Loans — We invest in senior secured or unsecured loans, subordinated loans or mezzanine loans, broadly syndicated loans and, to a lesser extent, equity and equity-related securities. We believe that opportunities in senior secured loans are significant because of the floating rate structure of most senior secured debt issuances and because of the strong defensive characteristics of these types of investments. We believe that debt issues with floating interest rates offer a superior return profile as compared with fixed-rate investments, since floating rate structures are generally less susceptible to declines in value experienced by fixed-rate securities in a rising interest rate environment. Senior secured debt also provides strong defensive characteristics. Senior secured debt has priority in payment among an issuer’s security holders whereby holders are due to receive payment before junior creditors and equity holders. Further, these investments are secured by the issuer’s assets, which may provide protection in the event of a default.

Portfolio and Investment Activity

Our business is impacted by conditions in the financial markets and economic conditions in the United States, and to a lesser extent, globally.

During the first quarter of 2026, global equity and debt markets experienced elevated volatility, with spread widening in fixed income markets as a result of intensifying geopolitical conflicts and heightened focus on the evolution of artificial intelligence (“AI”). The 10-year Treasury yield ended the first quarter of 2026 up nearly 15 basis points since the end of 2025 and the CBOE Volatility Index peaked above 30 during the first quarter of 2026, its highest level since April 2025. As a result of this volatility and higher inflation expectations, the Federal Reserve is now expected to maintain current interest rates in the near term.

We approached this environment more conservatively resulting in repayments in excess of originations in the quarter ended March 31, 2026; however, underlying credit performance remains strong, market spreads are beginning to widen and we have maintained a lower leverage level. As a result, we have available capital to deploy into attractive risk-adjusted opportunities as the pipeline of compelling investments builds. We have also leveraged Blue Owl’s expanded capabilities in alternative and asset-based credit, as well as digital infrastructure, to access attractive risk-adjusted opportunities and adding accretive, non-correlated returns. We have continued to invest in our specialty finance vehicles and joint ventures where we continue to see opportunities for higher returns that are less correlated with our core direct lending strategy.

Specifically, we invest in Credit SLF, Blue Owl Leasing and specialty financing portfolio companies, including Wingspire Capital Holdings LLC (“Wingspire”), Fifth Season Investments LLC (“Fifth Season”), LSI Financing 1 DAC (“LSI Financing DAC”), LSI Financing LLC, AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC and AAM Series 2.1 Aviation Feeder, LLC (collectively, “Amergin Assetco”), Blue Owl Cross-Strategy Opportunities 2025-1 LLC (fka Blue Owl Cross-Strategy Opportunities LLC) (“BOCSO”) and OWL-HP FINANCE LLC (“Owl-HP Finance”). See “Specialty Financing Portfolio Companies and Joint Ventures.” These companies may use our capital to support acquisitions which could continue to lead to increased dividend income supported by well-diversified underlying portfolios. We view these companies as a complement to our lending strategy and expect them to help offset rate and spread volatility and support net asset value growth. These companies have strong underlying diversification and generate predictable income streams.

Consistent with our last several quarters, a substantial portion of our financings are with existing borrowers, with the majority coming from large, incumbent borrowers, reflecting the advantage of incumbency and scale and allowing us to support their continued growth and maintain the credit quality of our portfolio.

We continue to focus on investing in upper middle-market businesses in non-cyclical industries we view as recession resistant and that we are familiar with, including defensive service-oriented sectors that provide intangible mission-critical solutions and products such as healthcare, business services, technology and insurance brokerage. These companies have diversified revenue streams, strong recurring cash flow profiles and healthy liquidity.

Generally, we seek to invest not more than 20% of our portfolio in any single industry classification and target portfolio companies that comprise 1-2% of our portfolio and our current portfolio is highly diversified with an average investment size of less than 0.5% and our top ten investments representing less than 25% of the total portfolio.

Blue Owl serves as the lead, co-lead or administrative agent on many of our investments and the majority of our investments are supported by sophisticated financial sponsors who provide operational and financial resources. Our borrowers have a weighted average EBITDA of approximately $239 million (up from approximately $115 million in 2021) and average revenue of approximately $1.04 billion (up from approximately $500 million in 2021) and we believe this scale contributes to the durability of our borrowers and their ability to adapt to different economic environments. In addition, Blue Owl’s direct lending strategy continues to invest in, and is often the lead lender or administrative agent on, transactions in excess of $1 billion in size, which gives us the ability to structure the terms of such deals to maximize deal economics and credit protection and provide customized flexible solutions. The average hold size of Blue Owl’s direct lending strategy’s new investments is approximately $350 million (up from approximately $200 million in 2021) and average total new deal size is approximately $1.5 billion (up from approximately $600 million in 2021).

128

We believe that the construction of our current portfolio coupled with our experienced investment team and strong underwriting standards leave us well-positioned for the current economic environment. Many of the companies in which we invest are continuing to see modest growth in both revenues and EBITDA. However, in the event of further geopolitical, economic and financial market instability, in the U.S. and elsewhere, it is possible that the results of some of the middle-market companies similar to those in which we invest could be challenged.

The markdowns on our investments were primarily driven by the impact of credit spread widening and not a deterioration in the underlying quality of our assets. Across the portfolio we are not seeing a meaningful increase in amendment activity, requests for increased revolver borrowings, missed payments or other signs of an overall, broad deterioration in our results or those of our portfolio companies at this time although there can be no assurance that the performance of certain of our portfolio companies will not be negatively impacted by economic conditions, which could have a negative impact on our future results. The vast majority of our payment-in-kind (“PIK”) was structured as PIK from inception and not implemented as a result of credit underperformance.

Our technology portfolio is managed by 40 dedicated investment professionals who assess the risks and opportunities of our prospective and existing investments, which has included those related to AI, for many years. As of March 31, 2026, year over year, our software borrowers, which make up 16% of the portfolio, continued to deliver revenue and EBITDA growth consistent with our broader investments. We also believe that our software borrowers are well positioned to evolve as a result of developments in AI and believe that a limited portion of these investments are subject to risk of significant disruption.

Within software, we remain focused on scaled companies that offer mission-critical solutions to established customer bases, with strong customer retention rates and high switching costs. We intend to continue to invest in companies that offer a depth of broad, integrated solutions and product offerings across a geographic diversity and we emphasize agile, adaptable technology that enables fast integration of AI and other emerging technologies to maintain a competitive edge. Specifically, within enterprise software we currently focus on investing in application software, which represents the operating layer for core business functions; systems and infrastructure software, which is the defense layer that protects enterprise data and networks and of which cybersecurity is a large component; and fintech and payments software, which provide critical means for the global movement of capital. We believe that these categories of enterprise software play specific, functional roles that will be difficult to bypass even as technology shifts because the need for auditability, control and data integrity will remain constant and these categories of software will provide a stable layer through which new technology is governed and executed. We also intend to identify ways to participate in growth of various industries as a result of AI. In the future, we may evaluate cross-platform opportunities to invest in data center assets and AI related equipment such as graphic processing units.

In February 2026, we sold a portion of our portfolio company investments with aggregate fair value of $357.6 million, equivalent to 99.8% of par value to certain purchasers. Each investment sold represented a partial amount of our exposure to the respective portfolio company. The investments sold consisted of 91.9% first-lien investments, 4.7% second-lien investments and 3.4% unsecured investments and include investments in 74 portfolio companies across 24 industries. 98.3% of investments sold were floating rate and 100% were 1- or 2-rated on our 5-point internal investment ratings scale. The investments sold had an average investment size of $4.8 million and a weighted average spread of 5.5% and consist of partial sales representing approximately 5.0% of the Company’s exposure to each underlying portfolio company as of December 31, 2025. As a result of the sale, the Company recognized $1.7 million gain on the sale in the first quarter of 2026. We used the proceeds from the loans sale to repay indebtedness.

Additionally see, “Note 4 – Investments – Asset Sale.” This transaction enhances balance sheet flexibility, modestly increases portfolio diversity and creates additional capacity to deploy capital into attractive, risk-adjusted investment opportunities.

As of March 31, 2026, based on fair value, our portfolio consisted of 72.1% first lien senior secured debt investments (of which 51% we consider to be unitranche debt investments (including “last out” portions of such loans)), 5.0% second lien senior secured debt investments, 2.4% unsecured debt investments, 1.0% specialty finance debt investments, 3.5% preferred equity investments, 4.3% common equity investments, 9.2% specialty finance equity investments and 2.5% joint ventures.

As of March 31, 2026, our weighted average total yield of the portfolio at fair value and amortized cost was 9.5% and 9.5%, respectively, and our weighted average yield of accruing debt and income producing securities at fair value and amortized cost was 10.0% and 10.0%, respectively. Refer to our weighted average yields and interest rates table for more information on our calculation of weighted average yields. As of March 31, 2026, the weighted average spread of total floating rate debt investments was 5.6%.

As of March 31, 2026, we had investments in 230 portfolio companies with an aggregate fair value of $15.34 billion. Our current target leverage ratio is 0.90x-1.25x. As of March 31, 2026, we had net leverage of 1.13x debt-to-equity.

129

The table below presents our investment activity for the following periods (information presented herein is at par value unless otherwise indicated):


	For the Three Months Ended March 31,
($ in thousands)	2026			2025
New investment commitments:
Gross originations	$	682,018		$	1,162,632
Less: Sell downs	(5,640)			(3,758)
Total new investment commitments	$	676,378		$	1,158,874
Principal amount of new investments funded:
First-lien senior secured debt investments	$	277,315		$	672,387
Second-lien senior secured debt investments	—			—
Unsecured debt investments	—			55,808
Specialty finance debt investments	—			15,780
Preferred equity investments	976			45,329
Common equity investments	10,936			7,986
Specialty finance equity investments	135,219			30,151
Joint venture investments	5,736			85,418
Total principal amount of new investments funded	$	430,182		$	912,859

Drawdowns (repayments) on revolvers and delayed draw term loans, net	$	94,565		$	179,113

Principal amount of investments sold or repaid:
First-lien senior secured debt investments(1)	$	(1,283,682)		$	(768,128)
Second-lien senior secured debt investments	(16,725)			(185,478)
Unsecured debt investments	(39,867)			(62,343)
Specialty finance debt investments	—			—
Preferred equity investments	(30,260)			(10,376)
Common equity investments	(1,488)			(652)
Specialty finance equity investments	(105,369)			(51,469)
Joint venture investments	—			—
Total principal amount of investments sold or repaid	$	(1,477,391)		$	(1,078,446)

Number of new investment commitments in new portfolio companies(2)	7			12
Average new investment commitment amount in new portfolio companies	54,575			43,509
Weighted average term for new investment commitments (in years)	6.8			6.0
Percentage of new debt investment commitments at floating rates	100.0		%	100.0		%
Percentage of new debt investment commitments at fixed rates	—		%	—		%
Weighted average interest rate of new investment commitments(3)	8.7		%	9.5		%
Weighted average spread over applicable base rate of new debt investment commitments at floating rates	5.1		%	5.2		%

_______________

(1)Includes scheduled paydowns.

(2)Number of new investment commitments represents commitments to a particular portfolio company.

(3)Assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month SOFR, which was 3.68% and 4.29% as of March 31, 2026 and 2025, respectively.

130

The table below presents our investments as of the following periods:


	As of March 31, 2026				As of December 31, 2025
($ in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First-lien senior secured debt investments(1)	$	11,255,827	$	11,035,403	$	12,215,994	$	12,048,934
Second-lien senior secured debt investments	962,550		773,357		975,790		848,575
Unsecured debt investments	359,188		369,374		384,569		399,962
Specialty finance debt investments	159,315		159,598		157,004		157,297
Preferred equity investments	547,459		536,853		592,714		568,977
Common equity investments	460,319		665,746		473,881		644,304
Specialty finance equity investments	1,227,623		1,414,987		1,195,614		1,386,739
Joint ventures	427,949		388,883		422,213		416,105
Total Investments	$	15,400,230	$	15,344,201	$	16,417,779	$	16,470,893

_______________

(1)We consider 51% and 50% of first-lien senior secured debt investments to be unitranche loans as of March 31, 2026 and December 31, 2025, respectively.

The table below presents investments by industry composition based on fair value as of the following periods:


	As of March 31, 2026		As of December 31, 2025
Advertising and media	2.5	%	2.4	%
Aerospace and defense	1.4		1.4
Asset based lending and fund finance(1)	7.1		6.5
Automotive services	3.7		3.3
Buildings and real estate(5)	4.9		4.6
Business services	2.8		2.7
Chemicals	3.4		3.3
Consumer products	2.6		2.3
Containers and packaging	2.9		2.8
Distribution	1.3		1.3
Education	0.2		0.3
Energy equipment and services	0.5		0.5
Financial services	3.8		3.8
Food and beverage	5.1		5.0
Healthcare equipment and services	4.6		4.4
Healthcare providers and services	9.1		9.0
Healthcare technology	5.6		6.3
Household products	1.9		1.7
Human resource support services	1.7		2.0
Infrastructure and environmental services	2.6		2.3
Insurance(3)	6.0		6.3
Internet software and services	10.3		11.1
Joint ventures(2)	2.5		2.5
Leisure and entertainment	2.1		2.0
Manufacturing	4.4		5.3

Pharmaceuticals(4)	2.0		1.3
Professional services	2.3		2.9
Specialty retail	2.2		2.1
Telecommunications	0.1		0.1
Transportation	0.4		0.5
Total	100.0	%	100.0	%

_______________

(1)Includes investments in Wingspire, BOCSO and Amergin AssetCo.

131

(2)Includes investment in Credit SLF and Blue Owl Leasing.

(3)Includes investment in Fifth Season.

(4)Includes investments in LSI Financing DAC and LSI Financing LLC.

(5)Includes investments in Owl-HP Finance.

The table below presents investments by geographic composition based on fair value as of the following periods:


	As of March 31, 2026		As of December 31, 2025
United States:
Midwest	20.5	%	20.6	%
Northeast	21.7		21.2
South	36.9		36.8
West	13.8		14.8
International	7.1		6.6
Total	100.0	%	100.0	%

The table below presents the weighted average yields and interest rates of our investments at fair value as of the following periods:


	As of March 31, 2026		As of December 31, 2025
Weighted average total yield of portfolio(1)	9.5	%	9.5	%
Weighted average total yield of debt and income producing securities(1)	10.0	%	10.0	%
Weighted average interest rate of debt securities	9.4	%	9.6	%
Weighted average spread over base rate of all floating rate debt investments	5.6	%	5.7	%

_______________

(1)For non-stated rate income producing investments, computed based on (a) the dividend or interest income earned for the respective trailing twelve months ended on the measurement date, divided by (b) the ending fair value. In instances where historical dividend or interest income data is not available or not representative for the trailing twelve months ended, the dividend or interest income is annualized.

The weighted average yield of our accruing debt and income producing securities is not the same as a return on investment for our shareholders but, rather, relates to our investment portfolio and is calculated before the payment of all of our and our subsidiaries’ fees and expenses. The weighted average yield was computed using the effective interest rates as of each respective date, including accretion of original issue discount and loan origination fees, but excluding investments on non-accrual status, if any. There can be no assurance that the weighted average yield will remain at its current level.

Our Adviser monitors our portfolio companies on an ongoing basis. It monitors the financial trends of each portfolio company to determine if they are meeting their respective business plans and to assess the appropriate course of action with respect to each portfolio company. Our Adviser has several methods of evaluating and monitoring the performance and fair value of our investments, which may include the following:

•assessment of success of the portfolio company in adhering to its business plan and compliance with covenants;

•periodic and regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor, to discuss financial position, requirements and accomplishments;

•comparisons to other companies in the portfolio company’s industry; and

•review of monthly or quarterly financial statements and financial projections for portfolio companies.

An investment will be placed on the Adviser's credit watch list when select events occur and will only be removed from the watch list with oversight of the Diversified Lending Investment Committee and/or other agents of Blue Owl’s Credit platform. Once an investment is on the credit watch list, the Adviser works with the borrower to resolve any financial stress through amendments, waivers or other alternatives. If a borrower defaults on its payment obligations, the Adviser's focus shifts to capital recovery. If an investment needs to be restructured, the Adviser’s workout team partners with the investment team and all material amendments, waivers and restructurings require the approval of a majority of the Diversified Lending Investment Committee.

As part of the monitoring process, our Adviser employs an investment rating system to categorize our investments. In addition to various risk management and monitoring tools, our Adviser rates the credit risk of all investments on a scale of 1 to 5. This system is intended primarily to reflect the underlying risk of a portfolio investment relative to our initial cost basis in respect of such portfolio investment (i.e., at the time of origination or acquisition), although it may also take into account the performance of the portfolio company’s business, the collateral coverage of the investment and other relevant factors. The rating system is as follows:

132


Investment Rating						Description
1						Investments rated 1 involve the least amount of risk to our initial cost basis. The borrower is performing above expectations, and the trends and risk factors for this investment since origination or acquisition are generally favorable;
2						Investments rated 2 involve an acceptable level of risk that is similar to the risk at the time of origination or acquisition. The borrower is generally performing as expected and the risk factors are neutral to favorable. All investments or acquired investments in new portfolio companies are initially assessed a rating of 2;
3						Investments rated 3 involve a borrower performing below expectations and indicates that the loan’s risk has increased somewhat since origination or acquisition;
4						Investments rated 4 involve a borrower performing materially below expectations and indicates that the loan’s risk has increased materially since origination or acquisition. In addition to the borrower being generally out of compliance with debt covenants, loan payments may be past due (but generally not more than 120 days past due); and
5						Investments rated 5 involve a borrower performing substantially below expectations and indicates that the loan’s risk has increased substantially since origination or acquisition. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. Loans rated 5 are not anticipated to be repaid in full and we will reduce the fair market value of the loan to the amount we anticipate will be recovered.

Our Adviser rates the investments in our portfolio at least quarterly and it is possible that the rating of a portfolio investment may be reduced or increased over time. For investments rated 3, 4 or 5, our Adviser enhances its level of scrutiny over the monitoring of such portfolio company.

The Adviser has built out its portfolio management team to include workout experts who closely monitor our portfolio companies and who, on at least a quarterly basis, assess each portfolio company’s operational and liquidity exposure and outlook to understand and mitigate risks; and, on at least a monthly basis, evaluates existing and newly identified situations where operating results are deviating from expectations. As part of its monitoring process, the Adviser focuses on projected liquidity needs and where warranted, re-underwriting credits and evaluating downside and liquidation scenarios.

The Adviser focuses on downside protection by leveraging existing rights available under our credit documents; however, for investments that are significantly underperforming or which may need to be restructured, the Adviser’s workout team partners with the Investment Team and all material amendments, waivers and restructurings require the approval of a majority of the Diversified Lending Investment Committee. As of March 31, 2026, seven of our portfolio companies are on non-accrual, which represents 1.0% of our portfolio at fair value. Our annual net gain/loss ratio is approximately (0.31)%.

The table below presents the composition of our portfolio on the 1 to 5 rating scale as of the following periods:


	As of March 31, 2026				As of December 31, 2025
Investment Rating	Investments at Fair Value		Percentage of Total Portfolio(1)		Investments at Fair Value		Percentage of Total Portfolio(1)
($ in thousands)
1	$	1,341,983	8.7	%	$	1,358,369	8.2	%
2	12,653,009		82.5		13,595,328		82.5
3	1,150,626		7.5		1,285,575		7.8
4	107,167		0.7		122,826		0.7
5	91,416		0.6		108,795		0.7
Total	$	15,344,201	100.0	%	$	16,470,893	100.0	%

________________

(1) Totals presented may not sum due to rounding.

The table below presents the amortized cost and fair value of our performing and non-accrual investments as of the following periods:


	As of March 31, 2026								As of December 31, 2025
($ in thousands)	Amortized Cost		Percentage		Fair value		Percentage		Amortized Cost		Percentage		Fair value		Percentage
Performing	$	15,090,588	98.0	%	$	15,190,885	99.0	%	$	16,041,906	97.7	%	$	16,283,196	98.9	%
Non-accrual	309,642		2.0		153,316		1.0		375,873		2.3		187,697		1.1
Total	$	15,400,230	100.0	%	$	15,344,201	100.0	%	$	16,417,779	100.0	%	$	16,470,893	100.0	%

133

Specialty Financing Portfolio Companies and Joint Ventures

We leverage the expanding role that private lenders are being asked to play in the broader credit markets to evaluate cross-platform opportunities including strategic equity and accretive joint venture investments that have cash flow and credit profiles that provide consistent income.

Specialty Financing Portfolio Companies

Wingspire is an independent diversified direct lender focused on providing asset-based commercial finance loans and related senior secured loans to U.S.-based middle-market borrowers. Wingspire offers a wide variety of asset-based financing solutions to businesses in an array of industries, including revolving credit facilities, machinery and equipment term loans, real estate term loans, first-in/last-out tranches, cash flow term loans, and opportunistic / bridge financings. We made our initial commitment to Wingspire on September 24, 2019, and subsequently made periodic additional commitments to increase our total commitment to $505 million. As of March 31, 2026, the fair value of the Company’s investment in Wingspire was $606.8 million. We do not consolidate our equity interest in Wingspire.

Amergin was created to invest in a leasing platform focused on railcar, aviation and other long-lived transportation assets. Amergin acquires existing on-lease portfolios of new and end-of-life railcars and related equipment and selectively purchases off-lease assets and is building a commercial aircraft portfolio through aircraft financing and engine acquisition on a sale and lease back basis. Amergin consists of Amergin AssetCo and Amergin Asset Management LLC, which has entered into a Servicing Agreement with Amergin AssetCo. We made an initial equity commitment to Amergin AssetCo on July 1, 2022. As of March 31, 2026, our commitment to Amergin AssetCo was $270.2 million, of which $110.6 million was equity and $159.6 million was debt. As of March 31, 2026, the fair value of the Company’s investment in Amergin AssetCo was $254.2 million. We do not consolidate our equity interest in Amergin AssetCo.

Fifth Season is a portfolio company created to invest in life insurance based assets, including secondary and tertiary life settlement and other life insurance exposures using detailed analytics, internal life expectancy review and sophisticated portfolio management techniques. On July 18, 2022, we made an initial equity investment in Fifth Season. As of March 31, 2026, our investment in Fifth Season was $303.1 million at fair value. We do not consolidate our equity interest in Fifth Season.

LSI Financing DAC is a portfolio company formed to acquire contractual rights to revenue pursuant to earnout agreements generally in the life sciences space. On December 14, 2022, we made an initial equity commitment to LSI Financing DAC. As of March 31, 2026, the fair value of our investment in LSI Financing DAC was $6.8 million and our total commitment was $6.8 million. We do not consolidate our equity interest in LSI Financing DAC.

LSI Financing LLC is a separately managed portfolio company formed to indirectly own royalty purchase agreements and loans in the life sciences space. The Adviser provides consulting services to a subsidiary of LSI Financing LLC in exchange for a fee. The Adviser has agreed to waive a portion of the management fee payable by us pursuant to the Investment Advisory Agreement equal to the pro rata amount of such consulting fee. On November 25, 2024, we redeemed a portion of its interest in LSI Financing DAC in exchange for common shares of LSI Financing LLC. As of March 31, 2026, our investment at fair value in LSI Financing LLC was $274.7 million and our total commitment was $354.6 million. We do not consolidate our equity interest in LSI Financing LLC.

BOCSO was formed to hold alternative credit assets, including ABF. ABF is a subsector of private credit focused on generating income from pools of financial, physical or other assets. As of March 31, 2026, the portfolio consists of five investments totaling $1.03 billion at cost and fair value, respectively, and ranging in cost from $24.9 million to $379.6 million and with fair value ranging from $24.7 million to $378.0 million. The largest investment is 36.9% of the total cost of BOCSO’s portfolio. As of March 31, 2026, the portfolio asset class composition was 65.6% ABF — Specialty finance, 32.0% ABF — Leasing, and 2.4% ABF — Commercial Real Estate. We do not consolidate our equity interest in BOCSO.

Owl-HP Finance is an investment partnership with Hearthstone Residential Holdings (“Hearthstone”), a majority-owned subsidiary of Five Point Holdings, LLC (“Five Point”) (NYSE:FPH). Owl-HP Finance was created to invest in residential land banking (or lot option) programs that provide capital to public home builders. As of March 31, 2026, the Company’s investment at fair value in Owl-HP Finance was $17.3 million and our total commitment was $84.5 million. We do not consolidate our equity interest in Owl-HP Finance.

134

Joint Ventures

On May 6, 2024, Credit SLF, a Delaware limited liability company, was formed as a joint venture between the Credit SLF Members. The Credit SLF Members co-manage Credit SLF. Credit SLF’s principal purpose is to make investments in senior secured loans to middle-market companies, broadly syndicated loans and senior and subordinated notes issued by collateralized loan obligations. Credit SLF is managed by a board consisting of an equal number of representatives appointed by each Credit SLF Member and which acts unanimously. Investment decisions must be approved by Credit SLF’s board. Our investment in Credit SLF is a co-investment made with our affiliates in accordance with the terms of the exemptive relief that we received from the SEC. We do not consolidate our non-controlling interest in Credit SLF.

Refer to Exhibit 99.1 for the Credit SLF Supplemental Financial Information.

On June 30, 2025, Blue Owl Leasing, a Delaware limited liability company, was formed as a joint venture between the Blue Owl Leasing Members. The Blue Owl Leasing Members co-manage Blue Owl Leasing. Blue Owl Leasing’s principal purpose is to make investments in leases and loans. Investment decisions must be approved by Blue Owl Leasing. Our investment in Blue Owl Leasing is a co-investment made with our affiliates in accordance with the terms of the exemptive relief that we received from the SEC. We do not consolidate our non-controlling interest in Blue Owl Leasing.

Refer to Exhibit 99.2 for the Blue Owl Leasing Supplemental Financial Information.

Results of Operations

The table below presents our operating results for the following periods:


	For the Three Months Ended March 31,
($ in millions)	2026		2025		$ Change
Total Investment Income	$	396.8	$	464.6	$	(67.8)
Less: Total Operating Expenses	235.2		259.6		(24.4)
Net Investment Income (Loss) Before Taxes	$	161.6	$	205.0	$	(43.4)
Less: Income tax expense (benefit), including excise tax expense (benefit)	2.4		3.7		(1.3)
Net Investment Income (Loss) After Taxes	$	159.2	$	201.3	$	(42.1)
Net change in unrealized gain (loss)	(100.8)		194.9		(295.7)
Net realized gain (loss)	(82.8)		(153.6)		70.8
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(24.4)	$	242.6	$	(267.0)

Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including the level of investment origination and exit activity, expenses, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio. For the three months ended March 31, 2026, our net asset value per share decreased, primarily driven by widening spreads contributing to decreases in the fair values in certain of our portfolio investments and distributions in excess of our net investment income, partially offset by accretive share repurchases.

On January 13, 2025, we completed the transactions contemplated by the OBDE Merger Agreement and OBDE was merged with and into us. The OBDE Mergers were accounted for as an asset acquisition in accordance with ASC 805-50, Business Combinations — Related Issues. The consideration paid to OBDE’s shareholders was less than the aggregate fair values of the assets acquired and liabilities assumed, which resulted in a purchase discount (the “purchase discount”). The purchase discount was allocated to the cost of OBDE investments acquired by us on a pro-rata basis based on their relative fair values as of the closing date. Immediately following the OBDE Mergers, we marked the investments to their respective fair values and, as a result, the purchase discount allocated to the cost basis of the investments acquired was immediately recognized as unrealized appreciation on our Consolidated Statement of Operations. The purchase discount allocated to the loan investments acquired amortizes over the life of each respective loan through interest income with a corresponding adjustment recorded as unrealized depreciation on such loans acquired through their ultimate disposition. The purchase discount allocated to equity investments acquired does not amortize over the life of such investments through interest income and, assuming no subsequent change to the fair value of the equity investments acquired and disposition of such equity investments at fair value, we will recognize a realized gain with a corresponding reversal of the unrealized appreciation on disposition of such equity investments acquired. Refer to “Note 13 — Merger with Blue Owl Capital Corporation III” for additional details.

As a supplement to our financial results reported in accordance with GAAP, we have provided, as detailed below, certain non-GAAP financial measures to our operating results that exclude the aforementioned purchase discount and the ongoing amortization thereof, as determined in accordance with GAAP. The non—GAAP financial measures include (i) adjusted net investment income after taxes; (ii) adjusted net realized and unrealized gains (losses); and (iii) adjusted net increase in net assets from operations. We believe that the adjustment to exclude the full effect of the purchase discount is meaningful because it is a measure that we and investors use to assess our financial condition and results of operations. Although these non—GAAP financial measures are intended

135

to enhance investors’ understanding of our business and performance, these non—GAAP financial measures should not be considered an alternative to GAAP. The aforementioned non—GAAP financial measures may not be comparable to similar non—GAAP financial measures used by other companies.


	For the Three Months Ended March 31,
($ in millions)	2026		2025		$ Change(1)
Net investment income after taxes:	$	159.2	$	201.3	$	(42.1)
Less: Purchase discount amortization	(6.2)		(7.8)		1.6
Adjusted, Non—GAAP, Net Investment Income after Taxes	$	153.0	$	193.5	$	(40.5)

Net realized and unrealized gains (losses):	$	(183.6)	$	41.3	$	(224.9)
Net change in unrealized (appreciation) depreciation due to the purchase discount	5.0		(75.1)		80.0
Realized (gain) loss due to the purchase discount	1.3		(0.0)		1.3
Adjusted, Non—GAAP, Net Realized and Unrealized Gains (Losses)	$	(177.3)	$	(33.8)	$	(143.5)

Net increase in net assets from operations:	$	(24.4)	$	242.6	$	(267.0)
Less: Purchase discount amortization	(6.2)		(7.8)		1.6
Net change in unrealized (appreciation) depreciation due to the purchase discount	5.0		(75.1)		80.0
Realized (gain) loss due to the purchase discount	1.3		(0.0)		1.3
Adjusted, Non—GAAP, Net Increase in Net Assets from Operations(1)	$	(24.4)	$	159.7	$	(184.1)

_______________

(1)Totals presented may not sum due to rounding.

Investment Income

The table below presents investment income for the following periods:


	For the Three Months Ended March 31,
($ in millions)	2026		2025		$ Change
Interest income from investments	$	300.3	$	366.0	$	(65.7)
PIK interest income from investments	31.5		36.4		(4.9)
Dividend income from investments	61.6		56.5		5.1
Other income	3.4		5.7		(2.3)
Total Investment Income	$	396.8	$	464.6	$	(67.8)

Three Months Ended March 31, 2026 Compared to the Three Months Ended March 31, 2025

Investment income decreased to $396.8 million for the three months ended March 31, 2026, from $464.6 million for the same period in the prior year, primarily due to lower interest income, partially offset by higher dividend income from our equity investments. Interest income was lower by $65.7 million period-over-period due to a reduction in our portfolio size from net repayments of approximately $2.1 billion, and a decrease in the weighted average yield of our debt portfolio from 10.2% to 9.5%. Included in interest income are other fees, such as prepayment fees and accelerated amortization of upfront fees from unscheduled paydowns, which are non-recurring in nature. Fees received from unscheduled paydowns decreased to $7.8 million for the three months ended March 31, 2026 from $8.2 million for the same period in the prior year, due to a decreased level of repayment related activity in the current year period. Payment-in-kind (“PIK”) interest income from investments decreased by $4.9 million period-over-period due to a decrease in the amount of PIK earning investments. PIK income as a percentage of overall income increased slightly to 11.7% from 10.7% in the prior period due to a larger decrease in total investment income relative to PIK income. Dividend income increased to $61.6 million from $56.5 million in the prior year period, primarily due to an increase in dividends earned from our equity investments as a result of growth in our strategic equity investments. Other income decreased period-over-period due to a decrease in incremental fee income, which are fees that are generally available to us as a result of closing investments and normally paid at the time of closing. We expect that investment income will vary based on a variety of factors including the pace of our originations and repayments.

136

Expenses

The table below presents our expenses for the following periods:


	For the Three Months Ended March 31,
($ in millions)	2026		2025		$ Change
Interest expense	$	134.4	$	148.5	$	(14.1)
Management fee, net(1)	60.7		62.2		(1.5)
Performance based incentive fees	32.4		41.0		(8.6)
Professional fees	4.2		3.6		0.6
Directors’ fees	0.4		0.3		0.1
Other general and administrative	3.1		4.0		(0.9)
Total Operating Expenses	$	235.2	$	259.6	$	(24.4)

_______________

(1)Refer to “Note 3 – Agreements and Related Party Transactions” to our consolidated financial statements included in this Quarterly Report for additional details on management fee waiver.

Under the terms of the Administration Agreement, we reimburse the Adviser for services performed for us. In addition, pursuant to the terms of the Administration Agreement, the Adviser may delegate its obligations under the Administration Agreement to an affiliate or to a third party and we reimburse the Adviser for any services performed for us by such affiliate or third party.

Three Months Ended March 31, 2026 Compared to the Three Months Ended March 31, 2025

Total operating expenses decreased for the three months ended March 31, 2026, compared to the same period in the prior year, primarily driven by decreases in interest expense, performance based incentive fees and management fees. Interest expense decreased due to a decrease in daily average borrowings from $10.2 billion to $9.3 billion, as well as due to a decrease in the average interest rate from 5.6% to 5.2% period-over-period. Performance based incentive fees decreased due to lower net investment income. Management fees decreased due to a decrease in average adjusted gross assets driven by sales and repayments of portfolio investments. As a percentage of total assets, professional fees, directors’ fees and other general and administrative expenses remained relatively consistent period-over-period.

Income Taxes, Including Excise Taxes

We have elected to be treated as a RIC under subchapter M of the Code, and we intend to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, we must, among other things, distribute to our shareholders in each taxable year generally at least the sum of (i) 90% of our investment company taxable income, as defined by the Code, and (ii) 90% of our net tax-exempt income for that taxable year. In addition, a RIC may, in certain cases, satisfy this distribution requirement by distributing dividends relating to a taxable year after the close of such taxable year under the “spillover dividend” provisions of subchapter M. As of March 31, 2026, we have generated undistributed taxable earnings “spillover” of approximately $0.28 per share. The undistributed taxable earnings spillover will be carried forward toward distributions to be paid in accordance with RIC requirements. To maintain our tax treatment as a RIC, we, among other things, intend to make the requisite distributions to our shareholders, which generally relieves us from U.S. federal income taxes at corporate rates.

Depending on the level of taxable income earned in a tax year, we can be expected to carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, we will accrue excise tax on estimated excess taxable income.

For the three months ended March 31, 2026 and 2025, we recorded U.S. federal and state income tax expense/(benefit) of $2.4 million, and $3.7 million, respectively, including U.S. federal excise tax expense (benefit) of $1.7 million and $2.0 million, respectively.

Certain of our consolidated subsidiaries are subject to U.S. federal and state income taxes. For the three months ended March 31, 2026 and 2025, we recorded a tax expense of approximately $0.8 million and $1.7 million for taxable subsidiaries, respectively. The income tax expense for our taxable consolidated subsidiaries will vary depending on the level of investment income earnings and realized gains from the exits of investments held by such taxable subsidiaries during the respective periods.

137

Net Unrealized Gains (Losses)

We fair value our portfolio investments quarterly and any changes in fair value are recorded as unrealized gains or losses. During the following periods, net unrealized gains (losses) were as follows:


	For the Three Months Ended March 31,
($ in millions)	2026		2025		$ Change
Net change in unrealized gain (loss) on investments	$	(98.2)	$	192.4	$	(290.6)
Income tax (provision) benefit	0.7		(1.5)		2.2
Net change in translation of assets and liabilities in foreign currencies and other transactions	(3.3)		4.0		(7.3)
Net Change in Unrealized Gain (Loss)	$	(100.8)	$	194.9	$	(295.7)

Three Months Ended March 31, 2026 Compared to the Three Months Ended March 31, 2025

For the three months ended March 31, 2026, the net unrealized loss was driven by a decrease in the fair value of certain debt and equity investments, partially offset by reversals of prior period unrealized losses that were realized in the current quarter. For the three months ended March 31, 2025, the net unrealized gain included $75.1 million of net unrealized gain due to purchase discount from the Mergers across 189 portfolio companies that were acquired. In addition, the net unrealized gain was driven by an increase in the fair value of certain debt and equity investments and reversals of prior period unrealized losses that were realized in the quarter related to exited investments, partially offset by a decrease in the fair value of certain debt investments as detailed below. The ten largest contributors to the change in net unrealized gain (loss) on investments consisted of the following:


Portfolio Company	For the Three Months Ended March 31, 2026		Portfolio Company	For the Three Months Ended March 31, 2025
($ in millions)			($ in millions)
Cornerstone OnDemand, Inc.	$	(57.5)	H-Food Holdings, LLC	$	115.3
Loparex Midco B.V.	(35.4)		Remaining Portfolio Companies	65.9
Blue Owl Credit SLF LLC(1)	(33.0)		CIBT Global, Inc.	27.1
Pluralsight, LLC(2)	(12.7)		Tall Tree Foods, Inc.	15.6
EOS Finco S.A.R.L (dba Netceed)	12.4		AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC / AAM Series 2.1 Aviation Feeder, LLC(1)	11.1
Metis HoldCo, Inc. (dba Mavis Tire Express Services)	13.9		Inovalon Holdings, Inc.	6.6
Conair Holdings LLC	25.6		EOS Finco S.A.R.L	(6.5)
Eagle Infrastructure Services, LLC(1)	26.5		Walker Edison Furniture Company LLC(1)	(8.1)
Ideal Image Development, LLC(2)	36.8		National Dentex Labs LLC (fka Barracuda Dental LLC)	(9.3)
Walker Edison Furniture Company LLC(1)	56.0		Notorious Topco, LLC (dba Beauty Industry Group)	(11.6)
Remaining Portfolio Companies	(130.8)		Blue Owl Credit SLF LLC(1)	(13.7)
Total	$	(98.2)	Total	$	192.4

_______________

(1)Portfolio company is a controlled, affiliated investment.

(2)Portfolio company is a non-controlled, affiliated investment.

138

Net Realized Gains (Losses)

The table below presents the realized gains and losses on fully exited and partially exited portfolio companies during the following periods:


	For the Three Months Ended March 31,
($ in millions)	2026		2025		$ Change
Net realized gain (loss) on investments	$	(84.9)	$	(151.9)	$	67.0
Net realized gain (loss) on foreign currency transactions	2.1		(1.6)		3.7
Net Realized Gain (Loss)	$	(82.8)	$	(153.5)	$	70.7

For the three months ended March 31, 2026, we recognized net realized losses on investments of $84.9 million, primarily driven by the full or partial sales of investments and the restructuring of certain debt and equity investments, partially offset by the realized gain of $1.7 million from our strategic asset sale in the first quarter of 2026, see “Note 4 – Investments – Asset Sale” for additional details. We incurred gains on foreign currency transactions of $2.1 million for the three months ended March 31, 2026, primarily as a result of fluctuations in the GBP, EUR and AUD exchange rates vs. US Dollar.

The largest contributors to the change in net realized gain (loss) on investments consisted of the following:


Portfolio Company	For the Three Months Ended March 31, 2026
($ in millions)
Walker Edison Furniture Company LLC(1)	$	(56.4)
Ideal Image Development, LLC(2)	(39.2)
EOS Finco S.A.R.L (dba Netceed)	(12.7)
Rushmore Investment III LLC (dba Winland Foods)	0.2
Galls, LLC	0.2
OB Hospitalist Group, Inc.	0.2
Brightway Holdings, LLC	0.5
Tall Tree Foods, Inc.	1.0
Remaining Portfolio Companies	1.6
VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.)	6.2
Space Exploration Technologies Corp.	13.5
Total	$	(84.9)

_______________

(1)Portfolio company is a controlled, affiliated investment.

(2)Portfolio company is a non-controlled, affiliated investment.


Portfolio Company	For the Three Months Ended March 31, 2025
($ in millions)
H-Food Holdings, LLC	$	(102.8)
CIBT Global, Inc.	(27.1)
Tall Tree Foods, Inc.	(14.1)
HFS Matterhorn Topco, Inc.	(10.9)
GoHealth, Inc.	(3.0)
Remaining Portfolio Companies	0.3
Packaging Coordinators Midco, Inc.	0.2
Arctic Holdco, LLC (dba Novvia Group)	0.3
EOS Finco S.A.R.L	1.1
Amergin Asset Management, LLC	1.1
Physician Partners, LLC	3.0
Total	$	(151.9)

139

Realized Gross Internal Rate of Return

Since we began investing in 2016 through March 31, 2026, our exited investments have resulted in an aggregate cash flow realized gross internal rate of return to us of approximately 10% (based on total capital invested of $22.92 billion and total proceeds from these exited investments of $28.13 billion).

IRR, is a measure of our discounted cash flows (inflows and outflows). Specifically, IRR is the discount rate at which the net present value of all cash flows is equal to zero. That is, IRR is the discount rate at which the present value of total capital invested in each of our investments is equal to the present value of all realized returns from that investment. Our IRR calculations are unaudited.

Capital invested, with respect to an investment, represents the aggregate cost basis allocable to the realized or unrealized portion of the investment, net of any upfront fees paid at closing for the term loan portion of the investment.

Realized returns, with respect to an investment, represents the total cash received with respect to each investment, including all amortization payments, interest, dividends, prepayment fees, upfront fees (except upfront fees paid at closing for the term loan portion of an investment), administrative fees, agent fees, amendment fees, accrued interest, and other fees and proceeds.

Gross IRR, with respect to an investment, is calculated based on the dates that we invested capital and dates we received distributions, regardless of when we made distributions to our shareholders. Initial investments are assumed to occur at time zero.

Gross IRR reflects historical results relating to our past performance and is not necessarily indicative of our future results. In addition, gross IRR does not reflect the effect of management fees, expenses, incentive fees or taxes borne, or to be borne, by us or our shareholders, and would be lower if it did.

Aggregate cash flow realized gross IRR on our exited investments reflects only invested and realized cash amounts as described above, and does not reflect any unrealized gains or losses in our portfolio.

Price Range of Common Stock

Our common stock is traded on the NYSE under the symbol “OBDC.” Our common stock has traded at prices both above and below our net asset value per share. It is not possible to predict whether our common stock will trade at a price per share at, above or below net asset value per share. See “ITEM 1A. Risk Factors—Risks Related to an Investment in Our Common Stock” in our annual report on Form 10-K for the fiscal year ended December 31, 2025.

The following table sets forth the net asset value per share of our common stock, the range of high and low closing sales prices of our common stock reported on the NYSE, the closing sales price as a premium (discount) to net asset value and the dividends declared by us for the quarter ended March 31, 2026. On May 1, 2026, the last reported closing sales price of our common stock on the NYSE was $11.86 per share, which represented a discount of approximately 17.7% to the net asset value per share reported by us as of March 31, 2026.


			Price Range
Period	Net Asset Value(1)		High		Low		High Sales Price Premium (Discount) to Net Asset Value(2)		Low Sales Price Premium (Discount) to Net Asset Value(2)		Cash Dividend Per Share(3)

Quarter Ended March 31, 2026	$	14.41	$	12.73	$	10.83	-11.7	%	-24.8	%	$	0.37

_______________

(1)Net asset value per share is determined as of the last day in the relevant quarter and therefore may not reflect the net asset value per share on the date of the high and low closing sales prices. The net asset values shown are based on outstanding shares at the end of the relevant quarter.

(2)Calculated as the respective high or low closing sales price less net asset value, divided by net asset value (in each case, as of the applicable quarter).

(3)Represents the total dividend or distribution declared in the relevant quarter, inclusive of a supplemental dividend, if any. For additional details, refer to “Note 9 — Net Assets” to our consolidated financial statements included in this Quarterly Report.

Financial Condition, Liquidity and Capital Resources

Our liquidity and capital resources are generated primarily from cash flows from interest, dividends and fees earned from our investments and principal repayments, our credit facilities, debt securitization transactions, and other secured and unsecured debt. We may also generate cash flow from operations, future borrowings and future offerings of securities including public and/or private issuances of debt and/or equity securities through both registered offerings off of our shelf registration statement and private offerings. The primary uses of our cash are (i) investments in portfolio companies and other investments and to comply with certain portfolio diversification requirements, (ii) the cost of operations (including paying or reimbursing our Adviser), (iii) debt service, repayment and other financing costs of any borrowings and (iv) cash distributions to the holders of our shares.

140

We may from time to time enter into additional credit facilities, increase the size of our existing credit facilities, enter into additional debt securitization transactions, or issue additional debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. Our current target ratio is 0.90x-1.25x. As of March 31, 2026, our weighted average total cost of debt was 5.7%. In addition, from time to time, we may seek to retire, repurchase, or exchange debt securities in open market purchases or by other means, including privately negotiated transactions, in each case dependent on market conditions, liquidity, contractual obligations, and other matters. The amounts involved in any such transactions, individually or in the aggregate, may be material.

As of March 31, 2026 and December 31, 2025, our asset coverage ratio was 183% and 178%, respectively. We seek to carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage. Further, we maintain sufficient borrowing capacity within the 150% asset coverage limitation to cover any outstanding unfunded commitments we are required to fund.

Cash and restricted cash as of March 31, 2026, taken together with our available debt, is expected to be sufficient for our investing activities and to conduct our operations in the near term. As of March 31, 2026, we had $3.55 billion available under our credit facilities including any limitations related to each credit facility’s borrowing base.

Our long-term cash needs will include principal payments on outstanding indebtedness and funding of additional portfolio investments. Funding for long-term cash needs will come from unused net proceeds from financing activities. We believe that our liquidity and sources of capital are adequate to satisfy our short and long-term cash requirements. We cannot, however, be certain that these sources of funds will be available at a time and upon terms acceptable to us in sufficient amounts in the future.

As of March 31, 2026, we had $455.4 million in cash and restricted cash, including foreign cash. During the three months ended March 31, 2026, $0.97 billion in cash was provided by operating activities, primarily as a result of sell downs and repayments of $1.54 billion, partially offset by funding portfolio investments of $0.54 billion and other operating activity of $(28.9) million. Cash used in financing activities was $1.08 billion during the period, which was primarily the result of net repayments of $846.0 million, distributions paid of $184.9 million, share repurchases of $35.2 million and debt issuance costs of $14.4 million.

Equity

Equity Issuances

We have the authority to issue 1,000,000,000 common shares at $0.01 per share par value.

On January 13, 2025, as a result of the OBDE Mergers, we issued an aggregate of approximately 120,630,330 shares of our common stock.

“At the Market” Offerings

We are party to an equity distribution agreement with several banks (the “Equity Distribution Agreement”). The Equity Distribution Agreement provides that we may from time to time issue and sell, by means of “at the market” offerings, up to $750.0 million of our common stock. Subject to the terms and conditions of the Equity Distribution Agreement, sales of common shares, if any, may be made in transactions that are deemed to be “at the market” offerings as defined in Rule 415(a)(4) under the Securities Act. Under the Equity Distribution Agreement, common shares with an aggregate offering amount of $746.9 million remained available for issuance as of March 31, 2026.

We may from time to time issue and sell shares of our common stock through public or “at the market” offerings. There were no sales of the Company’s common stock during the period ended March 31, 2026. The Company issued and sold the following shares of common stock during the period ended March 31, 2025:


	For the Three Months Ended March 31, 2025
Issuances of Common Stock	Number of Shares Issued	Gross Proceeds		Underwriting Fees/Offering Expenses		Net Proceeds		Average Offering Price per Share(1)
($ in thousands, except share and per share data)
“At the market” offerings	200,603	$	3,089	$	19	$	3,070	$	15.40
	200,603	$	3,089	$	19	$	3,070	$	15.40

_______________

(1)Represents the gross offering price per share before deducting underwriting discounts and commissions and offering expenses.

141

Distributions

The following tables present the distributions declared on shares of our common stock for the following periods:

For the Three Months Ended March 31, 2026

Date Declared

Record Date

Payment Date

Distribution per Share

February 18, 2026

March 31, 2026

April 15, 2026

0.37

For the Three Months Ended March 31, 2025

Date Declared

Record Date

Payment Date

Distribution per Share

February 18, 2025

March 31, 2025

April 15, 2025

0.37

February 18, 2025 (supplemental dividend)

February 28, 2025

March 17, 2025

0.05

During certain periods, our distributions may exceed our earnings. As a result, it is possible that a portion of the distributions we make may represent a return of capital. A return of capital generally is a return of a shareholder’s investment rather than a return of earnings or gains derived from our investment activities. Each year, a statement on Form 1099-DIV identifying the tax character of the distributions will be mailed to our shareholders. The tax character of the distributions are not determined until our taxable year end.

Dividend Reinvestment

Pursuant to our second amended and restated dividend reinvestment plan, we will reinvest all cash distributions declared by the Board on behalf of our shareholders who do not elect to receive their distribution in cash as provided below. As a result, if the Board authorizes, and we declare, a cash dividend or other distribution, then our shareholders who have not opted out of our dividend reinvestment plan will have their cash distributions automatically reinvested in additional shares of our common stock as described below, rather than receiving the cash dividend or other distribution. Any fractional share otherwise issuable to a participant in the dividend reinvestment plan will instead be paid in cash.

If newly issued shares are used to implement the dividend reinvestment plan, the number of shares to be issued to a shareholder will be determined by dividing the total dollar amount of the cash dividend or distribution payable to a shareholder by the market price per share of our common stock at the close of regular trading on the NYSE on the payment date of a distribution, or if no sale is reported for such day, the average of the reported bid and ask prices. However, if the market price per share on the payment date of a cash dividend or distribution exceeds the most recently computed net asset value per share, we will issue shares at the greater of (i) the most recently computed net asset value per share and (ii) 95% of the current market price per share (or such lesser discount to the current market price per share that still exceeded the most recently computed net asset value per share). For example, if the most recently computed net asset value per share is $15.00 and the market price on the payment date of a cash dividend is $16.00 per share, we will issue shares at $15.20 per share (95% of the current market price). If the most recently computed net asset value per share is $15.00 and the market price on the payment date of a cash dividend is $15.50 per share, we will issue shares at $15.00 per share, as net asset value is greater than 95% ($14.73 per share) of the current market price. Pursuant to our second amended and restated dividend reinvestment plan, if shares are purchased in the open market to implement the dividend reinvestment plan, the number of shares to be issued to a shareholder shall be determined by dividing the dollar amount of the cash dividend payable to such shareholder by the weighted average price per share for all shares purchased by the plan administrator in the open market in connection with the dividend. Shareholders who receive distributions in the form of shares of common stock will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.

The tables below present the shares distributed pursuant to the dividend reinvestment plan for the following periods:

For the Three Months Ended March 31, 2026

Date Declared

Record Date

Payment Date

November 4, 2025

December 31, 2025

January 15, 2026

1,070,678

(1)

_______________

(1)Shares purchased in the open market in order to satisfy dividends reinvested under our dividend reinvestment program.

For the Three Months Ended March 31, 2025

Date Declared

Record Date

Payment Date

February 18, 2025 (supplemental dividend)

February 28, 2025

March 17, 2025

146,066

(1)

November 5, 2024

December 31, 2024

January 15, 2025

552,015

(1)

_______________

(1)Shares purchased in the open market in order to satisfy dividends reinvested under our dividend reinvestment program.

2025 Stock Repurchase Program

142

could be made at management’s discretion from time to time in open-market transactions, including pursuant to trading plans with investment banks pursuant to Rule 10b5-1 of the Exchange Act, in accordance with all applicable rules and regulations. The 2025 Stock Repurchase Program terminated on February 17, 2026, in connection with the entry into the 2026 Stock Repurchase Program, as defined below. As of the program termination date, 11,599,738 shares of our common stock have been repurchased pursuant to the 2025 Stock Repurchase Program for approximately $148.2 million since the 2025 Stock Repurchase Program’s inception. No shares were repurchased in 2026 under the 2025 Stock Repurchase Program. There were no repurchases made in the three months ended March 31, 2025.

2026 Stock Repurchase Program

In the three months ended March 31, 2026, we had the following repurchase activity under the 2026 Stock Repurchase Program:


Period ($ in thousands, except share and per share amounts)	Total Number of Shares Repurchased	Average Price Paid per Share	Approximate Dollar Value of Shares that have been Purchased Under the Plans		Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan


March 1, 2026 to March 31, 2026	3,143,108	11.20	$	35,190	$	264,811
	3,143,108		$	35,190

Debt

As of March 31, 2026, we had in place an Amended and Restated Senior Secured Revolving Credit Agreement (as amended from time to time, the “Revolving Credit Facility”), as well as special purpose vehicle asset credit facilities, CLOs, and unsecured notes and in the future we may enter into additional borrowing arrangements of these types. See “Note 5 — Debt” to our consolidated financial statements included in this Quarterly Report.

143

Aggregate Borrowings

The tables below present debt obligations as of the following periods:


	As of March 31, 2026
($ in thousands)	Maturity Date	Aggregate Principal Committed		Outstanding Principal		Amount Available(3)		Unamortized Debt Issuance Costs		Net Carrying Value
Revolving Credit Facility(1)	November 22, 2029(4)	$	4,025,000	$	516,000	$	3,464,086	$	(26,162)	$	489,838
SPV Asset Facility II	April 17, 2036	300,000		283,700		16,300		(5,429)		278,271
SPV Asset Facility V	March 15, 2030	525,000		483,000		42,000		(4,708)		478,292
SPV Asset Facility VI	December 2, 2029	500,000		440,000		30,398		(3,787)		436,213
SPV Asset Facility VII	March 20, 2029	300,000		300,000		—		(1,478)		298,522
CLO I	February 20, 2036	390,000		390,000		—		(3,394)		386,606
CLO III	April 20, 2036	260,000		260,000		—		(1,679)		258,321
CLO IV	August 20, 2033	234,448		234,448		—		(2,946)		231,502
CLO V	April 20, 2034	509,625		509,625		—		(2,001)		507,624
CLO VII	April 20, 2038	330,500		330,500		—		(2,084)		328,416
CLO X	April 20, 2037	272,000		272,000		—		(1,875)		270,125

July 2026 Notes	July 15, 2026	1,000,000		1,000,000		—		(1,467)		998,533
2027 Notes(2)	January 15, 2027	500,000		500,000		—		(12,540)		486,646
April 2027 Notes	April 13, 2027	325,000		325,000		—		(873)		324,127
July 2027 Notes	July 21, 2027	250,000		250,000		—		(1,177)		248,823
2028 Notes	June 11, 2028	850,000		850,000		—		(5,905)		844,095
June 2028 Notes	June 29, 2028	100,000		100,000		—		(527)		99,473
2029 Notes(2)	March 15, 2029	1,000,000		1,000,000		—		(7,674)		996,429
2030 Notes(2)	July 15, 2030	500,000		500,000		—		(9,538)		492,703
Total Debt		$	12,171,573	$	8,544,273	$	3,552,784	$	(95,244)	$	8,454,559

_______________

(1)The amount available is reduced by $44.9 million of outstanding letters of credit.

(2)Net carrying value is inclusive of change in fair market value of effective hedge.

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

(4)The revolving credit facility will mature on August 26, 2027 with respect to $50 million of commitments (commitment expires August 26, 2026), and on November 22, 2029 with respect to the remaining commitments.

144


	As of December 31, 2025
($ in thousands)	Maturity Date	Aggregate Principal Committed		Outstanding Principal		Amount Available(3)		Unamortized Debt Issuance Costs		Net Carrying Value
Revolving Credit Facility(1)	November 22, 2029	$	4,025,000	$	1,012,000	$	2,970,841	$	(27,931)	$	984,069
SPV Asset Facility II	April 17, 2036	300,000		161,700		137,146		(5,562)		156,138
SPV Asset Facility V	March 15, 2030	525,000		384,000		48,167		(5,001)		378,999
SPV Asset Facility VI	December 2, 2029	500,000		300,000		92,046		(4,041)		295,959
SPV Asset Facility VII	March 20, 2029	300,000		210,000		9,964		(1,601)		208,399
CLO I	February 20, 2036	390,000		390,000		—		(3,489)		386,511
CLO III	April 20, 2036	260,000		260,000		—		(1,727)		258,273
CLO IV	August 20, 2033	275,463		275,463		—		(3,346)		272,117
CLO V	April 20, 2034	509,625		509,625		—		(2,062)		507,563
CLO VII	April 20, 2038	330,500		330,500		—		(2,127)		328,373
CLO X	April 20, 2037	272,000		272,000		—		(1,797)		270,203
CLO XIV	October 20, 2035	260,000		260,000		—		(1,578)		258,422
2026 Notes	January 15, 2026	500,000		500,000		—		(91)		499,909
July 2026 Notes	July 15, 2026	1,000,000		1,000,000		—		(2,717)		997,283
2027 Notes(2)	January 15, 2027	500,000		500,000		—		(2,117)		483,987
April 2027 Notes	April 13, 2027	325,000		325,000		—		(1,078)		323,922
July 2027 Notes	July 21, 2027	250,000		250,000		—		(1,389)		248,611
2028 Notes	June 11, 2028	850,000		850,000		—		(6,549)		843,451
June 2028 Notes	June 29, 2028	100,000		100,000		—		(585)		99,415
2029 Notes(2)	March 15, 2029	1,000,000		1,000,000		—		(8,373)		1,002,667
2030 Notes(2)	July 15, 2030	500,000		500,000		—		(10,025)		495,805
Total Debt		$	12,972,588	$	9,390,288	$	3,258,164	$	(93,186)	$	9,300,076

_______________

(1)The amount available is reduced by $42.2 million of outstanding letters of credit.

(2)Net carrying value is inclusive of change in fair market value of effective hedge.

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

The table below presents the components of interest expense for the following periods:


	For the Three Months Ended March 31,
($ in thousands)	2026			2025
Interest expense	$	121,508		$	141,355
Amortization of debt issuance costs	12,387			9,802
Net change in unrealized (gain) loss on effective interest rate swaps and hedged items included in interest expense(1)	421			(2,625)

Total Interest Expense	$	134,316		$	148,532
Average interest rate	5.2		%	5.6		%
Average daily borrowings	$	9,346,381		$	10,175,195

_______________

(1)Refer to “Note 5 — Debt – 2027 Notes, 2029 Notes and 2030 Notes” to our consolidated financial statements included in this Quarterly Report for details on the associated interest rate swaps.

145

Senior Securities

The table below presents information about our senior securities as of the following periods:


Class and Period	Total Amount Outstanding Exclusive of Treasury Securities(1) ($ in millions)		Asset Coverage per Unit(2)		Involuntary Liquidating Preference per Unit(3)	Average Market Value per Unit(4)
Revolving Credit Facility
March 31, 2026 (Unaudited)	$	516.0	$	1,830	—	N/A
December 31, 2025	1,012.0		1,778		—	N/A
December 31, 2024	292.3		1,778		—	N/A
December 31, 2023	419.0		1,830		—	N/A
December 31, 2022	557.1		1,788		—	N/A
December 31, 2021	892.3		1,820		—	N/A
December 31, 2020	252.5		2,060		—	N/A
December 31, 2019	480.9		2,926		—	N/A
December 31, 2018	308.6		2,254		—	N/A
December 31, 2017	—		2,580		—	N/A
SPV Asset Facility I(6)
December 31, 2020	$	—	$	—	—	N/A
December 31, 2019	300.0		2,926		—	N/A
December 31, 2018	400.0		2,254		—	N/A
December 31, 2017	400.0		2,580		—	N/A
SPV Asset Facility II
March 31, 2026 (Unaudited)	$	283.7	$	1,830	—	N/A
December 31, 2025	161.7		1,778		—	N/A
December 31, 2024	300.0		1,778		—	N/A
December 31, 2023	250.0		1,830		—	N/A
December 31, 2022	250.0		1,788		—	N/A
December 31, 2021	100.0		1,820		—	N/A
December 31, 2020	100.0		2,060		—	N/A
December 31, 2019	350.0		2,926		—	N/A
December 31, 2018	550.0		2,254		—	N/A
SPV Asset Facility III(9)
December 31, 2023	$	—	$	—	—	N/A
December 31, 2022	250.0		1,788		—	N/A
December 31, 2021	190.0		1,820		—	N/A
December 31, 2020	375.0		2,060		—	N/A
December 31, 2019	255.0		2,926		—	N/A
December 31, 2018	300.0		2,254		—	N/A
SPV Asset Facility IV(8)
December 31, 2022	$	—	$	—	—	N/A
December 31, 2021	155.0		1,820		—	N/A
December 31, 2020	295.0		2,060		—	N/A
December 31, 2019	60.3		2,926		—	N/A
SPV Asset Facility V
March 31, 2026 (Unaudited)	$	483.0	$	1,830	—	N/A
December 31, 2025	384.0		1,778		—	N/A
SPV Asset Facility VI
March 31, 2026 (Unaudited)	$	440.0	$	1,830	—	N/A
December 31, 2025	300.0		1,778		—	N/A
SPV Asset Facility VII
March 31, 2026 (Unaudited)	$	300.0	$	1,830	—	N/A
December 31, 2025	210.0		1,778		—	N/A

146


Class and Period	Total Amount Outstanding Exclusive of Treasury Securities(1) ($ in millions)		Asset Coverage per Unit(2)		Involuntary Liquidating Preference per Unit(3)	Average Market Value per Unit(4)
CLO I
March 31, 2026 (Unaudited)	$	390.0	$	1,830	—	N/A
December 31, 2025	390.0		1,778		—	N/A
December 31, 2024	390.0		1,778		—	N/A
December 31, 2023	276.6		1,830		—	N/A
December 31, 2022	390.0		1,788		—	N/A
December 31, 2021	390.0		1,820		—	N/A
December 31, 2020	390.0		2,060		—	N/A
December 31, 2019	390.0		2,926		—	N/A
CLO II(15)
March 31, 2026 (Unaudited)	$	—	$	1,830	—	N/A
December 31, 2025	—		1,778		—	N/A
December 31, 2024	260.0		1,778		—	N/A
December 31, 2023	260.0		1,830		—	N/A
December 31, 2022	260.0		1,788		—	N/A
December 31, 2021	260.0		1,820		—	N/A
December 31, 2020	260.0		2,060		—	N/A
December 31, 2019	260.0		2,926		—	N/A
CLO III
March 31, 2026 (Unaudited)	$	260.0	$	1,830	—	N/A
December 31, 2025	260.0		1,778		—	N/A
December 31, 2024	260.0		1,778		—	N/A
December 31, 2023	260.0		1,830		—	N/A
December 31, 2022	260.0		1,788		—	N/A
December 31, 2021	260.0		1,820		—	N/A
December 31, 2020	260.0		2,060		—	N/A
CLO IV
March 31, 2026 (Unaudited)	$	234.4	$	1,830	—	N/A
December 31, 2025	275.5		1,778		—	N/A
December 31, 2024	292.5		1,778		—	N/A
December 31, 2023	292.5		1,830		—	N/A
December 31, 2022	292.5		1,788		—	N/A
December 31, 2021	292.5		1,820		—	N/A
December 31, 2020	252.0		2,060		—	N/A
CLO V
March 31, 2026 (Unaudited)	$	509.6	$	1,830	—	N/A
December 31, 2025	509.6		1,778		—	N/A
December 31, 2024	509.6		1,778		—	N/A
December 31, 2023	509.6		1,830		—	N/A
December 31, 2022	509.6		1,788		—	N/A
December 31, 2021	196.0		1,820		—	N/A
December 31, 2020	196.0		2,060		—	N/A
CLO VI(10)
December 31, 2024	$	—	$	—	—	N/A
December 31, 2023	260.0		1,830		—	N/A
December 31, 2022	260.0		1,788		—	N/A
December 31, 2021	260.0		1,820		—	N/A
CLO VII
March 31, 2026 (Unaudited)	$	330.5	$	1,830	—	N/A
December 31, 2025	330.5		1,778		—	N/A
December 31, 2024	239.2		1,778		—	N/A

147


Class and Period	Total Amount Outstanding Exclusive of Treasury Securities(1) ($ in millions)		Asset Coverage per Unit(2)		Involuntary Liquidating Preference per Unit(3)	Average Market Value per Unit(4)
December 31, 2023	239.2		1,830		—	N/A
December 31, 2022	239.2		1,788		—	N/A
CLO X
March 31, 2026 (Unaudited)	$	272.0	$	1,830	—	N/A
December 31, 2025	272.0		1,778		—	N/A
December 31, 2024	260.0		1,778		—	N/A
December 31, 2023	260.0		1,830		—	N/A
CLO XIV(16)
March 31, 2026 (Unaudited)	$	—	$	1,830	—	N/A
December 31, 2025	260.0		1,778		—	N/A
Subscription Credit Facility(5)
December 31, 2019	$	—	$	—	—	N/A
December 31, 2018	883.0		2,254		—	N/A
December 31, 2017	393.5		2,580		—	N/A
December 31, 2016	495.0		2,375		—	N/A
2023 Notes(7)
December 31, 2021	$	—	$	—	—	N/A
December 31, 2020	150.0		2,060		—	N/A
December 31, 2019	150.0		2,926		—	N/A
December 31, 2018	150.0		2,254		—	N/A
December 31, 2017	138.5		2,580		—	N/A
2024 Notes(11)
December 31, 2024	$	—	$	—	—	N/A
December 31, 2023	400.0		1,830		—	N/A
December 31, 2022	400.0		1,788		—	N/A
December 31, 2021	400.0		1,820		—	N/A
December 31, 2020	400.0		2,060		—	N/A
December 31, 2019	400.0		2,926		—	N/A
2025 Notes(12)
December 31, 2025	—		1,778		—	N/A
December 31, 2024	425.0		1,778		—	N/A
December 31, 2023	425.0		1,830		—	N/A
December 31, 2022	425.0		1,788		—	N/A
December 31, 2021	425.0		1,820		—	N/A
December 31, 2020	425.0		2,060		—	N/A
December 31, 2019	425.0		2,926		—	N/A
July 2025 Notes(14)
December 31, 2025	$	—	$	1,778	—	N/A
December 31, 2024	500.0		1,778		—	N/A
December 31, 2023	500.0		1,830		—	N/A
December 31, 2022	500.0		1,788		—	N/A
December 31, 2021	500.0		1,820		—	N/A
December 31, 2020	500.0		2,060		—	N/A
July 2025 Notes II(13)
December 31, 2025	$	—	$	1,778	—	N/A
2026 Notes(17)
March 31, 2026 (Unaudited)	—		1,830		—	N/A
December 31, 2025	500.0		1,778		—	N/A
December 31, 2024	500.0		1,778		—	N/A
December 31, 2023	500.0		1,830		—	N/A
December 31, 2022	500.0		1,788		—	N/A
December 31, 2021	500.0		1,820		—	N/A

148


Class and Period	Total Amount Outstanding Exclusive of Treasury Securities(1) ($ in millions)		Asset Coverage per Unit(2)		Involuntary Liquidating Preference per Unit(3)	Average Market Value per Unit(4)
December 31, 2020	500.0		2,060		—	N/A
July 2026 Notes
March 31, 2026 (Unaudited)	$	1,000.0	$	1,830	—	N/A
December 31, 2025	1,000.0		1,778		—	N/A
December 31, 2024	1,000.0		1,778		—	N/A
December 31, 2023	1,000.0		1,830		—	N/A
December 31, 2022	1,000.0		1,788		—	N/A
December 31, 2021	1,000.0		1,820		—	N/A
December 31, 2020	1,000.0		2,060		—	N/A
2027 Notes
March 31, 2026 (Unaudited)	$	500.0	$	1,830	—	N/A
December 31, 2025	500.0		1,778		—	N/A
December 31, 2024	500.0		1,778		—	N/A
December 31, 2023	500.0		1,830		—	N/A
December 31, 2022	500.0		1,788		—	N/A
December 31, 2021	500.0		1,820		—	N/A
April 2027 Notes
March 31, 2026 (Unaudited)	$	325.0	$	1,830	—	N/A
December 31, 2025	325.0		1,778		—	N/A
July 2027 Notes
March 31, 2026 (Unaudited)	$	250.0	$	1,830	—	N/A
December 31, 2025	250.0		1,778		—	N/A
2028 Notes
March 31, 2026 (Unaudited)	$	850.0	$	1,830	—	N/A
December 31, 2025	850.0		1,778		—	N/A
December 31, 2024	850.0		1,778		—	N/A
December 31, 2023	850.0		1,830		—	N/A
December 31, 2022	850.0		1,788		—	N/A
December 31, 2021	850.0		1,820		—	N/A
June 2028 Notes
March 31, 2026 (Unaudited)	$	100.0	$	1,830	—	N/A
December 31, 2025	100.0		1,778		—	N/A
2029 Notes
March 31, 2026 (Unaudited)	$	1,000.0	$	1,830	—	N/A
December 31, 2025	1,000.0		1,778		—	N/A
December 31, 2024	1,000.0		1,778		—	N/A
2030 Notes
March 31, 2026 (Unaudited)	$	500.0	$	1,830	—	N/A
December 31, 2025	500.0		1,778		—	N/A

_______________

(1)Total amount of each class of senior securities outstanding at the end of the period presented.

(2)Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.

(3)The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. The “—” in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.

(4)Not applicable as such senior securities are not registered for public trading on a stock exchange.

(5)Facility was terminated in 2019.

(6)Facility was terminated in 2020.

(7)On November 23, 2021, we caused notice to be issued to the holders of the 2023 Notes regarding our exercise of the option to redeem in full all $150,000,000 in aggregate principal amount of the 2023 Notes at 100% of their principal amount, plus the accrued and unpaid interest thereon through, but excluding, the redemption date, December 23, 2021. On December 23, 2021, we redeemed in full all $150,000,000 in aggregate principal amount of the 2023 Notes at 100% of their principal amount, plus the accrued and unpaid interest thereon through, but excluding, December 23, 2021.

149

(8)Facility was terminated in 2022.

(9)Facility was terminated in 2023.

(10)Facility was terminated in 2024.

(11)On February 21, 2024, we caused notice to be issued to the holders of the 2024 Notes regarding our exercise of the option to redeem in full all $400,000,000 in aggregate principal amount of the 2024 Notes at 100% of their principal amount, plus the accrued and unpaid interest thereon through, but excluding, the redemption date, March 22, 2024. On March 22, 2024, we redeemed in full all $400,000,000 in aggregate principal amount of the 2024 Notes at 100% of their principal amount, plus the accrued and unpaid interest thereon through, but excluding, March 22, 2024.

(12)On March 31, 2025, we redeemed in full all $425,000,000 in aggregate principal amount of the 2025 Notes at 100% of their principal amount, plus the accrued and unpaid interest thereon through, but excluding, March 31, 2025.

(13)On April 28, 2025, we redeemed in full all $142,000,000 in aggregate principal amount of the July 2025 Notes II at 100% of their principal amount, plus the accrued and unpaid interest thereon through, but excluding, April 28, 2025.

(14)On July 22, 2025, we redeemed in full all $500,000,000 in aggregate principal amount of the July 2025 Notes at 100% of their principal amount, plus the accrued and unpaid interest thereon through, but excluding, July 22, 2025.

(15)Facility was terminated in 2025.

(16)CLO was terminated in 2026.

(17)On January 15, 2026, we redeemed in full all $500,000,000 in aggregate principal amount of the 2026 Notes at 100% of their principal amount, plus the accrued and unpaid interest thereon through, but excluding, January 15, 2026.

150

Off-Balance Sheet Arrangements

Portfolio Company Commitments

From time to time, we may enter into commitments to fund investments in the form of revolving credit, delayed draw, or equity commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. We had the following outstanding commitments as of the following periods:


($ in thousands)	As of March 31, 2026		As of December 31, 2025
Revolving loan commitments	$	818,244	$	888,190
Delayed draw loan commitments	670,987		652,746

Debt commitments	1,489,231		1,540,936

Specialty finance equity commitments	$	211,196	$	129,076
Common equity commitments	4,655		4,946
Equity commitments	215,851		134,022

Total Unfunded Commitments	$	1,705,082	$	1,674,958

We seek to carefully consider our unfunded portfolio company commitments for the purpose of planning our ongoing financial leverage. Further, we consider any outstanding unfunded portfolio company commitments we are required to fund within the 150% asset coverage limitation. As of March 31, 2026, we believed we had adequate financial resources to satisfy the unfunded portfolio company commitments.

Other Commitments and Contingencies

Refer to “Note 9 — Net Assets” for details on the Company’s stock repurchase program.

From time to time, we may become a party to certain legal proceedings incidental to the normal course of its business. At March 31, 2026, management were not aware of any material pending or threatened litigation that would require accounting recognition or financial statement disclosure.

Related-Party Transactions

We have entered into a number of business relationships with affiliated or related parties, including the following:

•the Investment Advisory Agreement;

•the Administration Agreement; and

•the License Agreement.

In addition to the aforementioned agreements, we, our Adviser and certain of our Adviser’s affiliates have been granted exemptive relief by the SEC to co-invest with other funds managed by the Adviser or its affiliates, in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors.

Additionally, we invest in Wingspire, Amergin AssetCo, Fifth Season, LSI Financing LLC, Credit SLF, Blue Owl Leasing and Owl-HP Finance, controlled affiliated investments, as defined in the 1940 Act and in LSI Financing DAC and BOCSO, non-controlled affiliated investments, as defined in the 1940 Act. Refer to “Note 3 — Agreements and Related Party Transactions” to our consolidated financial statements included in this Quarterly Report for further details.

Critical Accounting Policies

The preparation of the consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting policies should be read in connection with our risk factors as described in our Form 10-K for the fiscal year ended December 31, 2025, in “ITEM 1A. RISK FACTORS.”

Investments at Fair Value

Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

151

Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Pursuant to Rule 2a-5, the Board designated the Adviser as our valuation designee to perform fair value determinations relating to the value of assets held by us for which market quotations are not readily available.

Investments for which market quotations are readily available are typically valued at the average bid price of those market quotations. To validate market quotations, we utilize a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available, as is the case for substantially all of our investments, are valued at fair value as determined in good faith by our Adviser, as the valuation designee, based on, among other things, the input of the independent third-party valuation firm(s) engaged at the direction of our Adviser.

As part of the valuation process, our Adviser, as the valuation designee takes into account relevant factors in determining the fair value of our investments, including: the estimated enterprise value of a portfolio company (i.e., the total fair value of the portfolio company’s debt and equity), the nature and realizable value of any collateral, the portfolio company’s ability to make payments based on its earnings and cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company’s securities to any similar publicly traded securities, and overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Board considers whether the pricing indicated by the external event corroborates its valuation.

Our Adviser, as the valuation designee, undertakes a multi-step valuation process, which includes, among other procedures, the following:

•With respect to investments for which market quotations are readily available, those investments will typically be valued at the average bid price of those market quotations;

•Preliminary valuation conclusions are documented and discussed with the Adviser’s valuation committee;

•Our Adviser, as the valuation designee, reviews the recommended valuations and determines the fair value of each investment;

•Each quarter, our Adviser, as the valuation designee, provides the Audit Committee a summary or description of material fair value matters that occurred in the prior quarter and on an annual basis, our Adviser, as the valuation designee, will provide the Audit Committee with a written assessment of the adequacy and effectiveness of its fair value process; and

•The Audit Committee oversees the valuation designee and will report to the Board on any valuation matters requiring the Board’s attention.

We conduct this valuation process on a quarterly basis.

We apply ASC 820, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. ASC 820 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, we consider its principal market to be the market that has the greatest volume and level of activity. ASC 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance with ASC 820, these levels are summarized below:

•Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access.

•Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

•Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

Transfers between levels, if any, are recognized at the beginning of the period in which the transfer occurred. In addition to using the above inputs in investment valuations, we apply the valuation policy approved by our Board that is consistent with ASC 820. Consistent with the valuation policy, our Adviser, as the valuation designee, evaluates the source of the inputs, including any markets in which our investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When an investment is valued based on prices provided by reputable dealers or pricing services (that is, broker quotes), our Adviser, as the valuation designee, subjects those prices to various criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment. For example, our Adviser, as the valuation designee, or the

152

independent valuation firm(s), review pricing support provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs.

The Company applies the practical expedient provided by the ASC Topic 820 relating to investments in certain entities that calculate net asset value per share (or its equivalent). ASC Topic 820 permits an entity holding investments in certain entities that either are investment companies, or have attributes similar to an investment company, and calculate net asset value (“NAV”) per share or its equivalent for which the fair value is not readily determinable, to measure the fair value of such investments on the basis of that NAV per share, or its equivalent, without adjustment. Investments which are valued using NAV per share as a practical expedient are not categorized within the fair value hierarchy as per ASC Topic 820.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize amounts that are different from the amounts presented and such differences could be material.

Financial and Derivative Instruments

Rule 18f-4 requires BDCs that use derivatives to, among other things, comply with a value-at-risk leverage limit, adopt a derivatives risk management program, and implement certain testing and board reporting procedures. Rule 18f-4 exempts BDCs that qualify as “limited derivatives users” from the aforementioned requirements, provided that these BDCs adopt written policies and procedures that are reasonably designed to manage the BDC’s derivatives risks and comply with certain recordkeeping requirements. Rule 18f-4 provides that a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. Pursuant to Rule 18f-4, when we trade reverse repurchase agreements or similar financing transactions, including certain tender option bonds, we need to aggregate the amount of any other senior securities representing indebtedness (e.g., bank borrowings, if applicable) when calculating our asset coverage ratio. The Company currently qualifies as a “limited derivatives user” and expects to continue to do so. The Company has adopted a derivatives policy and complies with the recordkeeping requirements of Rule 18f-4.

Interest and Dividend Income Recognition

Interest income is recorded on the accrual basis and includes amortization and accretion of discounts or premiums. Certain investments may have contractual PIK interest or dividends, the majority of which is structured at initial underwriting. PIK interest or dividends represent accrued interest or dividends that are added to the principal amount of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or at the occurrence of a liquidation event. Discounts to par value on securities purchased are amortized into interest income over the contractual life of the respective security using the effective yield method. Premiums to par value on securities purchased are amortized to first call date. The amortized cost of investments represents the original cost adjusted for the amortization or accretion of discounts or premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. If at any point we believe PIK interest is not expected to be realized, the investment generating PIK interest will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are generally reversed through interest income. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

153

Distributions

We have elected to be treated for U.S. federal income tax purposes, and qualify annually thereafter, as a RIC under subchapter M of the Code. To obtain and maintain our tax treatment as a RIC, we must timely distribute (or be deemed to distribute) in each taxable year to our shareholders at least the sum of :

•90% of our investment company taxable income (which is generally our ordinary income plus the excess of realized short-term capital gains over realized net long-term capital losses), determined without regard to the deduction for dividends paid, for such taxable year; and

•90% of our net tax-exempt interest income (which is the excess of our gross tax-exempt interest income over certain disallowed deductions) for such taxable year.

As a RIC, we (but not our shareholders) generally will not be subject to U.S. federal tax on investment company taxable income and net capital gains that we distribute to our shareholders.

We intend to distribute annually all or substantially all of such income. To the extent that we retain our net capital gains or any investment company taxable income, we generally will be subject to U.S. federal income tax at corporate rates. We can be expected to carry forward our net capital gains or any investment company taxable income in excess of current year dividend distributions, and pay the U.S. federal excise tax as described below.

Amounts not distributed on a timely basis in accordance with a calendar year distribution requirement are subject to a nondeductible 4% U.S. federal excise tax payable by us. We may be subject to a nondeductible 4% U.S. federal excise tax if we do not distribute (or are treated as distributing) during each calendar year an amount at least equal to the sum of:

•98% of our net ordinary income excluding certain ordinary gains or losses for that calendar year;

•98.2% of our capital gain net income, adjusted for certain ordinary gains and losses, recognized for the twelve-month period ending on October 31 of that calendar year; and

•certain undistributed amounts from previous years in which we paid no U.S. federal income tax.

While we intend to distribute any income and capital gains in the manner necessary to minimize imposition of the 4% U.S. federal excise tax, sufficient amounts of our taxable income and capital gains may not be distributed and as a result, in such cases, the excise tax will be imposed. In such an event, we will be liable for this tax only on the amount by which we do not meet the foregoing distribution requirement.

We intend to pay quarterly distributions to our shareholders out of assets legally available for distribution. All distributions will be paid at the discretion of our Board and will depend on our earnings, financial condition, maintenance of our tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as our Board may deem relevant from time to time.

To the extent our current taxable earnings for a year fall below the total amount of our distributions for that year, a portion of those distributions may be deemed a return of capital to our shareholders for U.S. federal income tax purposes. Thus, the source of a distribution to our shareholders may be the original capital invested by the shareholder rather than our income or gains. Shareholders should read written disclosure carefully and should not assume that the source of any distribution is our ordinary income or gains.

We have adopted an “opt out” dividend reinvestment plan for our common shareholders. As a result, if we declare a cash dividend or other distribution, each shareholder that has not “opted out” of our dividend reinvestment plan will have their dividends or distributions automatically reinvested in additional shares of our common stock rather than receiving cash distributions. Shareholders who receive distributions in the form of shares of common stock will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.

Income Taxes

We have elected to be treated as a BDC under the 1940 Act. We have also elected to be treated as a RIC under the Code beginning with the taxable year ending December 31, 2016 and intend to continue to qualify as a RIC. So long as we maintain our tax treatment as a RIC, we generally will not pay U.S. federal income taxes on any ordinary income or capital gains that we distribute at least annually to our shareholders as distributions. Rather, any tax liability related to income earned and distributed by us represents obligations of our investors and will not be reflected in our consolidated financial statements. However, we will be subject to U.S. federal income tax imposed at corporate rates on any income, including capital gains, not distributed (or deemed distributed) to our stockholders.

To qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, we generally must distribute to our shareholders, for each taxable year, at least (i) 90% of our “investment company taxable income” for that year, which is generally our net ordinary income plus the excess, if any, of our realized net short-term capital gains over our realized net long-term capital losses and (ii) our net tax-exempt income. In order for us to not be subject to U.S. federal excise taxes, we must distribute annually an amount at least equal to the sum of (i) 98% of our net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of our capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (iii) certain undistributed amounts from previous

154

years on which we paid no U.S. federal income tax. We, at our discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. excise tax on this income.

Certain consolidated subsidiaries of ours are subject to U.S. federal and state income taxes imposed at corporate rates. We evaluate tax positions taken or expected to be taken in the course of preparing our consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. There were no material uncertain tax positions through December 31, 2025. As applicable, our prior three tax years remain subject to examination by U.S. federal, state and local tax authorities.

Recent Developments

Dividend

On May 5, 2026, our Board declared a second quarter dividend of $0.31 per share for stockholders of record as of June 30, 2026, payable on or before July 15, 2026.

September 2028 Notes

On April 13, 2026, we issued unsecured notes due September 2028 (the “September 2028 Notes”) in the aggregate principal amount of $400.0 million. The September 2028 Notes bear interest at a rate of 6.45%. In connection with the issuance of the September 2028 Notes, we entered into a bilateral interest rate swap. The notional amount of the interest rate swap is $400.0 million. The Company will receive fixed rate interest at 6.45% and pay variable rate interest based on SOFR plus 2.664%.

CLO I Redemption

On April 16, 2026, the CLO I Issuer redeemed or prepaid all classes of the CLO I Refinancing Debt in full, along with accrued and unpaid interest.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We are subject to financial market risks, including valuation risk, interest rate risk, currency risk, credit risk and inflation risk. Uncertainty with respect to the imposition of tariffs on and trade disputes with certain countries, the fluctuations in global interest rates, the ongoing war between Russia and Ukraine, continued political unrest in various countries such as Venezuela, the conflicts in the Middle East and North Africa regions, and concerns over future increases in inflation or adverse investor sentiment generally, introduced significant volatility in the financial markets, a prolonged government shut down and the effects of this volatility has materially impacted and could continue to materially impact our market risks, including those listed below.

Valuation Risk

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of private companies. Most of our investments will not have a readily available market price, and we value these investments at fair value as determined in good faith by the Adviser, as our valuation designee, based on, among other things, the input of independent third-party valuation firm(s) engaged at the direction of the Adviser, as our valuation designee, and in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material. The independent third-party valuation firm(s) engaged at the discretion of the Adviser and its affiliates are full service financial institutions engaged in a variety of activities and from time to time we may receive or provide additional services to or from such independent third-party valuation firm(s).

Interest Rate Risk

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. We intend to fund portions of our investments with borrowings, and at such time, our net investment income will be affected by the difference between the rate at which we invest and the rate at which we borrow. Accordingly, we cannot assure you that a significant change in market interest rates will not have a material adverse effect on our net investment income.

In a low interest rate environment, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net income and potentially adversely affecting our operating results. Conversely, in a rising interest rate environment, such difference could potentially increase thereby increasing our net income as indicated per the table below.

155

As of March 31, 2026, 96.1% of our debt investments based on fair value were floating rates. Additionally, the weighted average floor, based on fair value, of our debt investments was 0.8% and the majority of our debt investments have a floor of 1.0%. The Revolving Credit Facility and our special purpose vehicle asset credit facilities bear interest at variable interest rates with a floor of 0%. Our unsecured notes bear interest at fixed rates. The 2027 Notes, 2029 Notes and 2030 Notes are hedged against interest rate swap instruments. All of our CLOs bear interest at variables rates with a floor of 0%, except for CLO I and CLO V, which bear interest at fixed and variable rates with a floor of 0%.

Based on our Consolidated Statements of Assets and Liabilities as of March 31, 2026, the following table shows the annualized impact on net income of hypothetical base rate changes in interest rates on our debt investments (considering interest rate floors for floating rate instruments) assuming each floating rate investment is subject to 3-month reference rate election and there are no changes in our investment and borrowing structure:


($ in thousands)	Interest Income		Interest Expense(1)		Net Income(2)
Up 300 basis points	$	363,624	$	178,497	$	185,127
Up 200 basis points	242,416		118,998		123,418
Up 100 basis points	121,208		59,499		61,709
Down 100 basis points	(121,184)		(59,499)		(61,685)
Down 200 basis points	(242,235)		(118,998)		(123,237)
Down 300 basis points	(344,567)		(178,497)		(166,070)

_______________

(1)Includes the impact of our interest rate swaps as a result of interest rate changes.

(2)Excludes the impact of income based fees. See “Note 3 — Agreements and Related Party Transactions” to our consolidated financial statements included in this Quarterly Report for more information on the income based fees.

We may hedge against interest rate fluctuations by using hedging instruments such as additional interest rate swaps, futures, options, and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions, such as interest rate swap agreements, may also limit our ability to participate in the benefits of lower interest rates.

Currency Risk

From time to time, we may make investments that are denominated in a foreign currency, borrow in certain foreign currencies under our credit facilities or issue notes in certain foreign currencies. These investments, borrowings and issuances are translated into U.S. dollars at each balance sheet date, exposing us to movements in foreign exchange rates. We may employ hedging techniques to minimize these risks, but we cannot assure you that such strategies will be effective or without risk to us. We may utilize instruments such as, but not limited to, forward contracts or cross currency swaps to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates. Instead of entering into a foreign currency forward contract in connection with loans or other investments denominated in a foreign currency, we may borrow in that currency to establish a natural hedge against our loan, issuance or investment. To the extent the loan, issuance or investment is based on a floating rate other than a rate under which we can borrow under our credit facilities, we may utilize interest rate derivatives to hedge our exposure to changes in the associated rate.

Credit Risk

We generally endeavor to minimize our risk of exposure by limiting to reputable financial institutions the counterparties with which we enter into financial transactions. As of March 31, 2026 and December 31, 2025, we held the majority of our cash balances with a single highly rated money center bank and such balances are in excess of Federal Deposit Insurance Corporation insured limits. We seek to mitigate this exposure by monitoring the credit standing of these financial institutions.

Inflation Risk

Inflation is likely to continue in the near to medium-term, particularly in the United States, with the possibility that monetary policy may continue to tighten in response. Persistent inflationary pressures could affect our portfolio companies’ profit margins.

Item 4. Controls and Procedures

(a)Evaluation of Disclosure Controls and Procedures

In accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q and determined that our disclosure controls and procedures are effective as of the end of the period covered by the Quarterly Report on Form 10-Q.

(b) Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during the quarter ended March 31, 2026, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

Neither we nor the Adviser are currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceeding threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us. While the outcome of any such future legal or regulatory proceedings cannot be predicted with certainty, we do not expect that any such future proceedings will have a material effect upon our financial condition or results of operations.

However, on April 27, 2026, a derivative action was brought by Richard Delman on behalf of the Company in the United States District Court for the Southern District of New York, alleging that the Adviser received excessive advisory fees in violation of its statutory fiduciary duty under Section 36(b) of the Investment Company Act of 1940. The action seeks recovery of the allegedly excessive fees, injunctive relief, costs and rescission of the Investment Advisory Agreement pursuant to Section 47(b) of the Investment Company Act. This litigation is in its preliminary stages. The Adviser believes the claims asserted in the complaint are without merit and intends to vigorously defend against them. The outcome of this matter is inherently uncertain, and we and the Adviser are unable to predict the ultimate outcome or estimate the amount or range of loss, if any, that may result from this matter.

Item 1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in Part I, “ITEM 1A. RISK FACTORS” in our annual report on Form 10-K for the fiscal year ended December 31, 2025, which could materially affect our business, financial condition and/or operating results. The risks described in our annual report on Form 10-K for the fiscal year ended December 31, 2025, are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

For the quarter ended March 31, 2026, other than the shares issued pursuant to our dividend reinvestment plan, we did not sell any unregistered equity securities.

For the quarter ended March 31, 2026, pursuant to our dividend reinvestment plan, we purchased 1,070,678 shares of our common stock in the open market, at a weighted average price of $12.57 per share, for distribution to stockholders of record as of December 31, 2025 for the fourth quarter dividend, that did not opt out of our dividend reinvestment plan in order to satisfy the reinvestment portion of our dividends.

For the three months ended March 31, 2026, we had the following repurchase activity under the 2026 Stock Repurchase Program:


Period of Activity	Total Number of Shares Repurchased	Average Price Paid per Share		Approximate Dollar Value of Shares that have been Purchased Under the Plans		Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan


March 1, 2026 to March 31, 2026	3,143,108	$	11.20	$	35,190	$	264,811
	3,143,108			$	35,190

Refer to “Note 9 — Net Assets” to our consolidated financial statements included in this Quarterly Report for additional details.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Rule 10b5-1 Trading Plans

During the fiscal quarter ended March 31, 2026, none of the Company’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

Item 6. Exhibits.


Exhibit Number						Description of Exhibits
3.1						Articles of Amendment and Restatement, dated March 1, 2016, as amended June 22, 2023 (incorporated by reference to Exhibit 3.1 to the Company’s Quarterly Report on Form 10-Q, filed on August 9, 2023).
3.2						Amended and Restated Bylaws, dated July 6, 2023 (incorporated by reference to Exhibit 3.2 to the Company's Current Report on Form 8-K, filed on June 22, 2023).
3.3						Articles of Amendment, dated August 12, 2024 (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K, filed on August 13, 2024).
21.1*						Subsidiary List
31.1*						Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*						Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**						Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2**						Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
99.1*						Supplemental Financial Information of Blue Owl Credit SLF LLC (Unaudited) as of and for the three months ended March 31, 2026.
99.2*						Supplemental Financial Information of Blue Owl Leasing LLC as of and for the three months ended March 31, 2026.

101.INS						Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document
101.SCH						Inline XBRL Taxonomy Extension Schema Document
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

________________

* Filed herein.

** Furnished herein.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.


	Blue Owl Capital Corporation

Date: May 6, 2026	By:	/s/ Craig W. Packer
		Craig W. Packer
		Chief Executive Officer and Director


	Blue Owl Capital Corporation

Date: May 6, 2026	By:	/s/ Jonathan Lamm
		Jonathan Lamm
		Chief Operating Officer and Chief Financial Officer