Investments

9 Months Ended

Sep. 30, 2023

Schedule of Investments [Abstract]

Investments

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.

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

	September 30, 2023				December 31, 2022
($ in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First-lien senior secured debt investments(5)	$	8,922,221	$	8,875,037	$	9,388,499	$	9,279,179
Second-lien senior secured debt investments	1,851,637		1,783,604		1,934,274		1,860,978
Unsecured debt investments	294,527		276,071		270,714		248,019
Preferred equity investments(3)	404,951		401,139		361,690		355,261
Common equity investments(1)	963,321		1,190,595		772,116		977,927
Joint ventures(2)(4)	386,214		369,712		318,839		288,981
Total Investments	$	12,822,871	$	12,896,158	$	13,046,132	$	13,010,345

_______________

(1)Includes equity investment in Wingspire, Amergin AssetCo, and Fifth Season.

(2)Includes equity investment in OBDC SLF. See below, within Note 4, for more information regarding OBDC SLF.

(3)Includes equity investment in LSI Financing.

(4)This was disclosed as “Investment funds and vehicles” as of December 31, 2022.

(5)Includes investment in Amergin AssetCo.

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

	September 30, 2023		December 31, 2022
Advertising and media	1.4	%	1.5	%
Aerospace and defense	3.0		2.8
Asset based lending and fund finance(1)	6.3		4.9
Automotive	2.0		1.5
Buildings and real estate	3.9		3.7
Business services	3.0		2.9
Chemicals	1.3		1.6
Consumer products	3.9		3.9
Containers and packaging	1.3		1.3
Distribution	3.6		4.2
Education	0.8		1.0
Financial services	4.6		5.0
Food and beverage	6.4		6.7
Healthcare equipment and services	4.0		3.9
Healthcare providers and services	4.6		4.5
Healthcare technology	4.7		4.8
Household products	2.3		2.1
Human resource support services	1.5		1.5
Infrastructure and environmental services	1.3		1.2
Insurance(3)	9.6		9.3
Internet software and services	12.7		13.3
Joint ventures(2)(5)	2.9		2.2
Leisure and entertainment	1.8		2.2
Manufacturing	5.8		5.8
Oil and gas	0.3		0.8
Pharmaceuticals(4)	0.2		—
Professional services	3.9		3.5
Specialty retail	2.2		2.2
Transportation	0.7		1.7
Total	100.0	%	100.0	%

_______________

(1)Includes investment in Wingspire and Amergin AssetCo.

(2)Includes equity investment in OBDC SLF. See below, within Note 4, for more information regarding OBDC SLF.

(3)Includes equity investment in Fifth Season.

(4)Includes equity investment in LSI Financing.

(5)This was disclosed as “Investment funds and vehicles” as of December 31, 2022.

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

	September 30, 2023		December 31, 2022
United States:
Midwest	18.1	%	17.5	%
Northeast	19.6		20.4
South	34.6		34.4
West	19.7		20.6
International	8.0		7.1
Total	100.0	%	100.0	%

Blue Owl Capital Corporation Senior Loan Fund LLC (fka ORCC Senior Loan Fund LLC)

Blue Owl Capital Corporation Senior Loan Fund LLC (fka ORCC Senior Loan Fund LLC) ("OBDC SLF"), a Delaware limited liability company, was formed as a joint venture between the Company and The Regents of the University of California (“Regents”) and commenced operations on June 20, 2017. OBDC SLF’s principal purpose is to make investments, primarily in senior secured loans that are made to middle-market companies or in broadly syndicated loans. Through June 30, 2021, both the Company and Regents had a 50% economic ownership in OBDC SLF. Effective as of June 30, 2021, capital commitments to OBDC SLF were increased to an aggregate of $371.5 million. In connection with this change, the Company increased its economic ownership interest to 87.5% from 50.0% and Regents transferred its remaining economic interest of 12.5% to Nationwide Life Insurance Company (“Nationwide” and together with the Company, the “Members” and each a “Member”). On July 26, 2022, the Members increased their capital commitments in OBDC SLF to an aggregate of $571.5 million. OBDC SLF is managed by the Members, each of which have equal voting rights. Investment decisions must be approved by each of the Members. Except under certain circumstances, contributions to OBDC SLF cannot be redeemed.

The Company has determined that OBDC SLF is an investment company under ASC 946; however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a wholly owned investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Other than for purposes of the 1940 Act, the Company does not believe that it has control over this portfolio company. Accordingly, the Company does not consolidate its non-controlling interest in OBDC SLF.

As of September 30, 2023 and December 31, 2022, OBDC SLF had total investments in senior secured debt at fair value of $1.1 billion and $997.4 million, respectively. The determination of fair value is in accordance with ASC 820; however, such fair value is not included in the Company’s valuation process described herein. The tables below presents a summary of OBDC SLF’s portfolio as well as a listing of the portfolio investments in its portfolio as of the following periods:

($ in thousands)	September 30, 2023			December 31, 2022
Total senior secured debt investments(1)	$	1,120,374		$	1,045,865
Weighted average spread over base rate(1)	4.23		%	4.05		%
Number of portfolio companies	62			56
Largest funded investment to a single borrower(1)	39,956			40,272

_______________

(1)At par.

Blue Owl Capital Corporation Senior Loan Fund's Portfolio as of September 30, 2023 ($ in thousands) (Unaudited)
Company(1)(2)(4)(5)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(3)		Fair Value		Percentage of Members' Equity
Debt Investments
Aerospace and defense
Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC)(9)(11)	First lien senior secured loan	S +	6.00% (0.75% PIK)	01/2025	$	34,122	$	34,022	$	26,563	6.3	%
Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC)(9)(11)	First lien senior secured revolving loan	S +	6.00% (0.75% PIK)	01/2025	3,025		3,022		2,355		0.6	%
Bleriot US Bidco Inc.(6)(11)	First lien senior secured loan	S +	4.00%	10/2028	25,176		24,981		25,176		6.0	%
Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(10)	First lien senior secured loan	S +	4.00%	08/2028	19,950		19,754		19,893		4.7	%
					82,273		81,779		73,987		17.6	%
Automotive
Holley Inc.(6)(11)	First lien senior secured loan	S +	3.75%	11/2028	22,613		22,488		21,794		5.2	%
Mavis Tire Express Services Topco Corp.(6)(10)	First lien senior secured loan	S +	4.00%	05/2028	2,903		2,886		2,893		0.7	%
PAI Holdco, Inc.(6)(11)	First lien senior secured loan	S +	3.75%	10/2027	13,741		13,373		12,982		3.1	%
					39,257		38,747		37,669		9.0	%
Buildings and Real estate
CoreLogic Inc.(6)(10)	First lien senior secured loan	S +	3.50%	06/2028	7,289		6,854		6,721		1.6	%
Wrench Group LLC(11)	First lien senior secured loan	S +	4.00%	04/2026	31,759		31,673		31,601		7.5	%
					39,048		38,527		38,322		9.1	%
Business Services
Capstone Acquisition Holdings, Inc.(10)	First lien senior secured loan	S +	4.75%	11/2027	14,259		14,163		14,224		3.4	%
Capstone Acquisition Holdings, Inc.(9)(10)	First lien senior secured delayed draw term loan	S +	4.75%	11/2027	911		905		908		0.2	%
CoolSys, Inc.(11)	First lien senior secured loan	S +	4.75%	08/2028	27,232		26,288		25,121		5.9	%
ConnectWise, LLC(6)(10)	First lien senior secured loan	S +	3.50%	09/2028	16,703		16,639		16,410		3.9	%
LABL, Inc.(6)(10)	First lien senior secured loan	S +	5.00%	10/2028	4,783		4,729		4,764		1.1	%
Packers Holdings, LLC(6)(10)	First lien senior secured loan	S +	3.25%	03/2028	10,295		10,077		6,074		1.4	%
					74,183		72,801		67,501		15.9	%
Chemicals
Aruba Investments Holdings LLC (dba Angus Chemical Company)(6)(10)	First lien senior secured loan	S +	4.00%	11/2027	17,739		17,380		17,363		4.1	%
Cyanco Intermediate 2 Corp.(6)(10)	First lien senior secured loan	S +	4.75%	07/2028	4,999		4,852		5,002		1.2	%
					22,738		22,232		22,365		5.3	%
Consumer Products
Olaplex, Inc.(6)(10)	First lien senior secured loan	S +	3.50%	02/2029	24,999		24,171		20,844		4.9	%
					24,999		24,171		20,844		4.9	%
Containers and Packaging
BW Holding, Inc.(6)(11)	First lien senior secured loan	S +	4.00%	12/2028	20,987		19,985		18,792		4.4	%
Five Star Lower Holding LLC(11)	First lien senior secured loan	S +	4.25%	05/2029	25,626		25,318		24,601		5.8	%
Ring Container Technologies Group, LLC(6)(10)	First lien senior secured loan	S +	3.50%	08/2028	24,563		24,517		24,538		5.8	%

Blue Owl Capital Corporation Senior Loan Fund's Portfolio as of September 30, 2023 ($ in thousands) (Unaudited)
Company(1)(2)(4)(5)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(3)	Fair Value	Percentage of Members' Equity
Valcour Packaging, LLC(6)(12)	First lien senior secured loan	L +	3.75%	10/2028	6,895	6,878	5,530	1.3	%
					78,071	76,698	73,461	17.3	%
Distribution
BCPE Empire Holdings, Inc. (dba Imperial-Dade)(6)(10)	First lien senior secured loan	S +	4.75%	12/2028	24,688	23,798	24,663	5.8	%
Dealer Tire Financial, LLC(10)	First lien senior secured loan	S +	4.50%	12/2027	30,725	30,112	30,744	7.3	%
SRS Distribution, Inc.(6)(10)	First lien senior secured loan	S +	3.50%	06/2028	9,800	9,748	9,690	2.3	%
					65,213	63,658	65,097	15.4	%
Education
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)(10)	First lien senior secured loan	S +	4.50%	09/2030	20,000	19,750	19,750	4.7	%
Sophia, L.P.(10)	First lien senior secured loan	S +	4.25%	10/2027	19,750	19,597	19,701	4.7	%
					39,750	39,347	39,451	9.4	%
Financial Services
Saphilux S.a.r.L (dba IQ EQ)(11)	First lien senior secured loan	S +	4.75%	07/2028	15,000	14,782	14,775	3.5	%
					15,000	14,782	14,775	3.5	%
Food and beverage
Balrog Acquisition, Inc. (dba Bakemark)(6)(10)	First lien senior secured loan	S +	4.00%	09/2028	24,563	24,370	24,255	5.7	%
Dessert Holdings(10)	First lien senior secured loan	S +	4.00%	06/2028	25,523	25,385	22,715	5.4	%
Naked Juice LLC (dba Tropicana)(6)(11)	First lien senior secured loan	S +	3.25%	01/2029	1,975	1,972	1,872	0.3	%
Sovos Brands Intermediate, Inc.(6)(11)	First lien senior secured loan	S +	3.50%	06/2028	20,724	20,687	20,701	4.9	%
					72,785	72,414	69,543	16.3	%
Healthcare equipment and services
Cadence, Inc.(11)	First lien senior secured loan	S +	5.00%	05/2026	26,231	26,053	25,444	6.0	%
Cadence, Inc.(11)	First lien senior secured loan	S +	4.75%	05/2026	2,202	2,113	2,136	0.5	%
Cadence, Inc.(7)(11)	First lien senior secured revolving loan	S +	4.75%	05/2026	4,976	4,963	4,756	1.1	%
Confluent Medical Technologies, Inc.(11)	First lien senior secured loan	S +	3.75%	02/2029	4,925	4,905	4,839	1.1	%
Medline Borrower, LP(6)(10)	First lien senior secured loan	S +	3.25%	10/2028	24,625	24,534	24,544	5.8	%
Packaging Coordinators Midco, Inc.(6)(11)	First lien senior secured loan	S +	3.50%	11/2027	4,899	4,890	4,874	1.2	%
					67,858	67,458	66,593	15.7	%
Healthcare providers and services
Confluent Health, LLC(6)(11)	First lien senior secured loan	S +	4.00%	11/2028	24,651	24,555	23,376	5.5	%
Covetrus, Inc.(11)	First lien senior secured loan	S +	5.00%	10/2029	14,925	14,124	14,752	3.5	%
HAH Group Holding Company LLC (dba Help at Home)(10)	First lien senior secured loan	S +	5.00%	10/2027	8,963	8,720	8,784	2.1	%
Phoenix Newco, Inc. (dba Parexel)(6)(10)	First lien senior secured loan	S +	3.25%	11/2028	27,088	26,983	26,874	6.4	%
Physician Partners, LLC(10)	First lien senior secured loan	S +	4.00%	12/2028	9,850	9,770	9,346	2.2	%
					85,477	84,152	83,132	19.7	%
Healthcare technology
Athenahealth Group Inc.(10)	First lien senior secured loan	S +	3.25%	02/2029	17,607	17,539	17,249	4.1	%

Blue Owl Capital Corporation Senior Loan Fund's Portfolio as of September 30, 2023 ($ in thousands) (Unaudited)
Company(1)(2)(4)(5)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(3)	Fair Value	Percentage of Members' Equity
Bracket Intermediate Holding Corp.(6)(11)	First lien senior secured loan	S +	5.00%	05/2028	19,949	19,390	19,904	4.7	%
Imprivata, Inc.(6)(10)	First lien senior secured loan	S +	4.25%	12/2027	19,750	19,160	19,726	4.7	%
PointClickCare Technologies, Inc.(11)	First lien senior secured loan	S +	4.00%	12/2027	4,863	4,806	4,863	1.2	%
					62,169	60,895	61,742	14.7	%
Infrastructure and environmental services
CHA Holding, Inc.(11)	First lien senior secured loan	S +	4.50%	04/2025	39,956	39,848	39,756	9.4	%
					39,956	39,848	39,756	9.4	%
Insurance
Acrisure, LLC(6)(11)	First lien senior secured loan	S +	5.75%	02/2027	9,925	9,514	9,950	2.4	%
AssuredPartners, Inc.(6)(10)	First lien senior secured loan	S +	4.25%	02/2027	4,950	4,808	4,947	1.2	%
Asurion, LLC(10)	First lien senior secured loan	S +	4.25%	08/2028	7,891	7,542	7,654	1.8	%
Broadstreet Partners, Inc.(6)(10)	First lien senior secured loan	S +	4.00%	01/2029	4,987	4,929	4,982	1.1	%
Integro Parent Inc.(9)(11)	First lien senior secured loan	S +	12.25% (PIK)	10/2024	3,598	3,598	3,598	0.8	%
Integro Parent Inc.(7)(9)(11)	First lien senior secured revolving loan	S +	4.50%	10/2024	725	725	725	0.2	%
Hyperion Refinance S.à r.l (dba Howden Group)(6)(10)	First lien senior secured loan	S +	5.25%	04/2030	19,900	19,147	19,876	4.7	%
					51,976	50,263	51,732	12.2	%
Internet software and services
Barracuda Networks, Inc.(6)(11)	First lien senior secured loan	S +	4.50%	08/2029	24,813	24,163	24,537	5.8	%
CDK Global, Inc.(11)	First lien senior secured loan	S +	4.25%	07/2029	24,813	24,171	24,800	5.9	%
DCert Buyer, Inc.(6)(10)	First lien senior secured loan	S +	4.00%	10/2026	11,849	11,804	11,759	2.8	%
Fortra, LLC (f/k/a Help/Systems Holdings, Inc.)(6)(11)	First lien senior secured loan	S +	4.00%	11/2026	14,733	14,659	14,085	3.3	%
					76,208	74,797	75,181	17.8	%
Manufacturing
Engineered Machinery Holdings, Inc. (dba Duravant)(11)	First lien senior secured loan	S +	3.50%	05/2028	34,387	34,262	34,174	8.1	%
Gloves Buyer, Inc. (dba Protective Industrial Products)(10)	First lien senior secured loan	S +	4.00%	12/2027	14,762	14,616	14,652	3.5	%
Pro Mach Group, Inc.(6)(10)	First lien senior secured loan	S +	4.00%	08/2028	24,569	24,476	24,572	5.8	%
					73,718	73,354	73,398	17.4	%
Professional Services
Apex Group Treasury LLC(6)(11)	First lien senior secured loan	S +	3.75%	07/2028	32,436	32,348	32,098	7.6	%
Sovos Compliance, LLC(6)(10)	First lien senior secured loan	S +	4.50%	08/2028	25,325	25,198	24,887	5.9	%
					57,761	57,546	56,985	13.5	%
Telecommunications
EOS U.S. Finco LLC(11)	First lien senior secured loan	S +	6.00%	10/2029	22,348	21,142	21,901	5.2	%
EOS U.S. Finco LLC(7)(8)(11)	First lien senior secured loan	S +	6.00%	10/2029	—	(61)	(51)	—	%
Park Place Technologies, LLC(6)(10)	First lien senior secured loan	S +	5.00%	11/2027	14,773	14,388	14,514	3.4	%
					37,121	35,469	36,364	8.6	%
Transportation

Blue Owl Capital Corporation Senior Loan Fund's Portfolio as of September 30, 2023 ($ in thousands) (Unaudited)
Company(1)(2)(4)(5)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(3)		Fair Value		Percentage of Members' Equity
Safe Fleet Holdings LLC(6)(10)	First lien senior secured loan	S +	5.00%	02/2029	14,813		14,431		14,813		3.5	%
					14,813		14,431		14,813		3.5	%
Total Debt Investments					1,120,374		1,103,369		1,082,711		256.2	%
Total Investments					$	1,120,374	$	1,103,369	$	1,082,711	256.2	%

_______________

(1)Certain portfolio company investments are subject to contractual restrictions on sales.

(2)Unless otherwise indicated, OBDC SLF’s investments are pledged as collateral supporting the amounts outstanding under OBDC SLF’s credit facility.

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

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

(5)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 London Interbank Offered Rate (“LIBOR” or “L”) (which can include one-, two-, three- or six-month LIBOR), Secured Overnight Financing Rate ("SOFR" or "S," which can include one-, three- or six- month SOFR), 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.

(6)Level 2 investment.

(7)Position or portion thereof is an unfunded loan commitment.

(8)The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan.

(9)Investment is not pledged as collateral under OBDC SLF’s credit facilities.

(10)The interest rate on these loans is subject to 1 month SOFR, which as of September 30, 2023 was 5.32%.

(11)The interest rate on these loans is subject to 3 month SOFR, which as of September 30, 2023 was 5.40%.

(12)The interest rate on these loans is subject to 6 month LIBOR, which as of September 30, 2023 was 5.90%.

Blue Owl Capital Corporation Senior Loan Fund's Portfolio as of December 31, 2022 ($ in thousands)
Company(1)(2)(4)(5)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(3)		Fair Value		Percentage of Members' Equity
Debt Investments
Aerospace and defense
Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC)(7)	First lien senior secured loan	L +	6.00%	1/2025	$	34,111	$	33,956	$	33,305	10.1	%
Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC)(7)(13)	First lien senior secured revolving loan	L +	6.00%	1/2025	3,000		2,995		2,928		0.9	%
Bleriot US Bidco Inc.(7)	First lien senior secured loan	L +	4.00%	10/2026	25,368		25,282		25,049		7.6	%
Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(14)	First lien senior secured loan	S +	3.50%	4/2026	38,700		38,602		36,813		11.0	%
					101,179		100,835		98,095		29.6	%
Automotive
Holley, Inc.(7)(9)	First lien senior secured loan	L +	3.75%	11/2028	23,202		23,060		20,025		6.1	%
Mavis Tire Express Services Topco Corp. (9) (14)	First lien senior secured loan	S +	4.00%	5/2028	2,925		2,905		2,785		0.8	%
PAI Holdco, Inc.(7)	First lien senior secured loan	L +	3.75%	10/2027	9,887		9,767		8,700		2.6	%
					36,014		35,732		31,510		9.5	%
Buildings and Real estate
CoreLogic Inc. (6)(9)	First lien senior secured loan	L +	3.50%	6/2028	12,357		11,545		10,273		3.1	%
Wrench Group, LLC.(7)	First lien senior secured loan	L +	4.00%	4/2026	32,008		31,898		30,890		9.5	%
					44,365		43,443		41,163		12.6	%
Business Services
Capstone Acquisition Holdings, Inc. (6)	First lien senior secured loan	L +	4.75%	11/2027	4,953		4,916		4,941		1.5	%
Capstone Acquisition Holdings, Inc. (6)	First lien senior secured delayed draw term loan	L +	4.75%	11/2027	334		331		333		0.1	%
CoolSys, Inc.(7)	First lien senior secured loan	L +	4.75%	8/2028	13,932		13,817		11,250		3.4	%
CoolSys, Inc.(10)(11)(12)(13)	First lien senior secured delayed draw term loan	L +	4.75%	8/2023	—		(19)		(467)		—	%
ConnectWise, LLC(6)(9)	First lien senior secured loan	L +	3.50%	9/2028	16,830		16,759		15,951		4.8	%
LABL, Inc.(6)	First lien senior secured loan	L +	5.00%	10/2028	7,920		7,819		7,496		2.3	%
Packers Holdings, LLC(6)	First lien senior secured loan	L +	3.25%	3/2028	21,066		20,679		18,327		5.5	%
					65,035		64,302		57,831		17.6	%
Chemicals
Aruba Investments Holdings LLC (dba Angus Chemical Company)(6)	First lien senior secured loan	L +	3.75%	11/2027	15,874		15,525		15,398		4.7	%
					15,874		15,525		15,398		4.7	%
Consumer Products
Olaplex, Inc.(14)	First lien senior secured loan	S +	3.50%	2/2029	14,925		14,892		14,030		4.2	%
					14,925		14,892		14,030		4.2	%
Containers and Packaging
BW Holding, Inc.(15)	First lien senior secured loan	S +	4.00%	12/2028	12,197		11,971		11,221		3.4	%
Five Star Lower Holding LLC (16)	First lien senior secured loan	S +	4.25%	5/2029	21,820		21,540		21,275		6.4	%
Ring Container Technologies Group, LLC (dba Ring Container Technologies)(6)	First lien senior secured loan	L +	3.50%	8/2028	24,750		24,699		24,379		7.4	%
Valcour Packaging, LLC (8)	First lien senior secured loan	L +	3.75%	10/2028	6,948		6,927		6,218		1.9	%
					65,715		65,137		63,093		19.1	%

Blue Owl Capital Corporation Senior Loan Fund's Portfolio as of December 31, 2022 ($ in thousands)
Company(1)(2)(4)(5)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(3)	Fair Value	Percentage of Members' Equity
Distribution
BCPE Empire Holdings, Inc. (dba Imperial-Dade) (9)(14)	First lien senior secured loan	S +	4.63%	6/2026	24,813	24,044	24,068	7.3	%
Dealer Tire, LLC(14)	First lien senior secured loan	S +	4.50%	12/2025	35,982	35,091	35,563	10.7	%
SRS Distribution, Inc.(7)	First lien senior secured loan	L +	3.50%	6/2028	9,875	9,816	9,431	2.9	%
					70,670	68,951	69,062	20.9	%
Education
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)(7)	First lien senior secured loan	L +	4.00%	7/2025	33,512	33,470	32,646	9.9	%
Sophia, L.P. (14)	First lien senior secured loan	S +	4.25%	10/2027	19,900	19,723	19,850	6.0	%
					53,412	53,193	52,496	15.9	%
Food and beverage
Balrog Acquisition, Inc. (dba Bakemark)(7)	First lien senior secured loan	L +	4.00%	9/2028	24,750	24,533	24,193	7.3	%
Dessert Holdings(7)	First lien senior secured loan	L +	4.00%	6/2028	25,718	25,560	23,789	7.2	%
Eagle Parent Corp.(9)(15)	First lien senior secured loan	S +	4.25%	4/2029	2,722	2,661	2,668	0.8	%
Naked Juice LLC (dba Tropicana)(9)(15)	First lien senior secured loan	S +	3.25%	1/2029	1,990	1,986	1,775	0.5	%
Sovos Brands Intermediate, Inc.(7)(9)	First lien senior secured loan	L +	3.50%	6/2028	20,724	20,683	20,138	6.1	%
					75,904	75,423	72,563	21.9	%
Healthcare equipment and services
Cadence, Inc.(6)	First lien senior secured loan	L +	5.00%	5/2025	28,640	28,277	27,793	8.4	%
Cadence, Inc.(6)(10)(13)	First lien senior secured revolving loan	L +	5.00%	5/2024	2,921	2,892	2,704	0.8	%
Confluent Medical Technologies, Inc.(15)	First lien senior secured loan	S +	3.75%	2/2029	4,963	4,940	4,702	1.4	%
Medline Intermediate, LP(6)(9)	First lien senior secured loan	L +	3.25%	10/2028	24,813	24,710	23,547	7.1	%
Packaging Coordinators Midco, Inc.(7)(9)	First lien senior secured loan	L +	3.50%	11/2027	4,937	4,927	4,672	1.4	%
					66,274	65,746	63,418	19.1	%
Healthcare providers and services
Confluent Health, LLC(6)	First lien senior secured loan	L +	4.00%	11/2028	20,419	20,331	20,011	6.1	%
Confluent Health, LLC(6)(10)(12)(13)	First lien senior secured delayed draw term loan	L +	4.00%	11/2023	2,514	2,496	2,426	0.7	%
Corgi Bidco, Inc.(9)(15)	First lien senior secured loan	S +	5.00%	10/2029	15,000	14,126	14,018	4.2	%
Phoenix Newco, Inc. (dba Parexel)(6)(9)	First lien senior secured loan	L +	3.25%	11/2028	27,294	27,177	26,240	7.9	%
Physician Partners, LLC(9)(14)	First lien senior secured loan	S +	4.00%	12/2028	9,925	9,836	9,434	2.9	%
					75,152	73,966	72,129	21.8	%
Healthcare technology
Athenahealth, Inc.(9)(14)	First lien senior secured loan	S +	3.50%	2/2029	17,741	17,665	15,974	4.8	%
Athenahealth, Inc.(9)(10)(11)(12)(13)(14)	First lien senior secured delayed draw term loan	S +	3.50%	8/2023	—	(4)	(206)	—	%
Imprivata, Inc.(14)	First lien senior secured loan	S +	4.25%	12/2027	19,900	19,305	19,154	0.058
PointClickCare Technologies Inc.(15)	First lien senior secured loan	S +	4.00%	12/2027	9,925	9,794	9,751	3.0	%
					47,566	46,760	44,673	13.6	%
Infrastructure and environmental services

Blue Owl Capital Corporation Senior Loan Fund's Portfolio as of December 31, 2022 ($ in thousands)
Company(1)(2)(4)(5)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(3)		Fair Value		Percentage of Members' Equity
CHA Holding, Inc.(7)	First lien senior secured loan	L +	4.50%	4/2025	40,272		40,115		39,466		11.9	%
					40,272		40,115		39,466		11.9	%
Insurance
Acrisure, LLC(15)	First lien senior secured loan	S +	5.75%	2/2027	10,000		9,513		9,900		3.0	%
AssuredPartners, Inc.(6)	First lien senior secured loan	L +	4.25%	2/2027	4,988		4,822		4,875		1.5	%
Integro Parent Inc.(15)	First lien senior secured loan	S +	10.25%	10/2024	3,649		3,648		3,638		1.1	%
Integro Parent Inc.(15)	First lien senior secured revolving loan	S +	10.25%	10/2024	736		736		733		0.2	%
					19,373		18,719		19,146		5.8	%
Internet software and services
Barracuda Networks, Inc. (15)	First lien senior secured loan	S +	4.50%	8/2029	25,000		24,282		24,063		7.3	%
CDK Global, Inc.(9)(15)	First lien senior secured loan	S +	4.50%	7/2029	25,000		24,292		24,745		7.5	%
DCert Buyer, Inc. (dba DigiCert)(9)(16)	First lien senior secured loan	S +	4.00%	10/2026	21,993		21,925		21,214		6.4	%
Help/Systems Holdings, Inc.(15)	First lien senior secured loan	S +	4.00%	11/2026	14,847		14,773		13,325		4.0	%
					86,840		85,272		83,347		25.2	%
Manufacturing
Engineered Machinery Holdings (dba Duravant)(7)	First lien senior secured loan	L +	3.75%	5/2028	34,649		34,508		33,483		10.1	%
Gloves Buyer, Inc. (dba Protective Industrial Products)(6)	First lien senior secured loan	L +	4.00%	12/2027	14,875		14,706		14,763		4.7	%
Pro Mach Group, Inc.(6)(9)	First lien senior secured loan	L +	4.00%	8/2028	24,757		24,652		24,039		7.3	%
					74,281		73,866		72,285		22.1	%
Professional Services
Apex Group Treasury, LLC(7)(9)	First lien senior secured loan	L +	3.75%	7/2028	32,685		32,584		31,050		9.4	%
Sovos Compliance, LLC(6)	First lien senior secured loan	L +	4.50%	8/2028	25,518		25,374		23,477		7.1	%
					58,203		57,958		54,527		16.5	%
Telecommunications
ETC Group(15)	First lien senior secured loan	S +	6.00%	10/2029	5,000		4,609		4,763		1.4	%
Park Place Technologies, LLC(9) (14)	First lien senior secured loan	S +	5.00%	11/2027	14,886		14,443		13,987		4.2	%
					19,886		19,052		18,750		5.6	%
Transportation
Safe Fleet Holdings(14)	First lien senior secured loan	S +	5.00%	2/2029	14,925		14,501		14,403		4.4	%
					14,925		14,501		14,403		4.4	%
Total Debt Investments					1,045,865		1,033,388		997,385		302.0	%
Total Investments					$	1,045,865	$	1,033,388	$	997,385	302.0	%

_______________

(1)Certain portfolio company investments are subject to contractual restrictions on sales.

(2)Unless otherwise indicated, OBDC SLF’s investments are pledged as collateral supporting the amounts outstanding under OBDC SLF’s credit facility.

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

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

(5)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 London Interbank Offered Rate (“LIBOR” or “L”) (which can include one-, two-, three- or six-month LIBOR), Secured Overnight Financing Rate ("SOFR" or "S," which can include one-, three- or six-

month SOFR), 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.

(6)The interest rate on these loans is subject to 1 month LIBOR, which as of December 31, 2022 was 4.39%.

(7)The interest rate on these loans is subject to 3 month LIBOR, which as of December 31, 2022 was 4.77%.

(8)The interest rate on these loans is subject to 6 month LIBOR, which as of December 31, 2022 was 5.14%.

(9)Level 2 investment.

(10)Position or portion thereof is an unfunded loan commitment.

(11)The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan.

(12)The date disclosed represents the commitment period of the unfunded term loan. Upon expiration of the commitment period, the funded portion of the term loan may be subject to a longer maturity date.

(13)Investment is not pledged as collateral under OBDC SLF’s credit facilities.

(14)The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2022 was 4.36%.

(15)The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2022 was 4.59%.

(16)The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2022 was 4.78%.

The table below presents selected balance sheet information for OBDC SLF as of the following periods:

($ in thousands)	September 30, 2023 (Unaudited)		December 31, 2022
Assets
Investments at fair value (amortized cost of $1,103,369 and $1,033,388, respectively)	$	1,082,711	$	997,385
Cash	38,217		27,914
Interest receivable	7,505		3,920
Receivable for investments sold	$	2,198	$	—
Prepaid expenses and other assets	58,105		6,108
Total Assets	$	1,188,736	$	1,035,327
Liabilities
Debt (net of unamortized debt issuance costs of $5,240 and $6,117, respectively)	$	719,643	$	685,265
Distributions payable	14,449		11,095
Payable for investments purchased	21,502		—
Accrued expenses and other liabilities	10,615		8,703
Total Liabilities	$	766,209	$	705,063
Members' Equity
Members' Equity	422,527		330,264
Members' Equity	422,527		330,264
Total Liabilities and Members' Equity	$	1,188,736	$	1,035,327

    

The table below presents selected statement of operations information for OBDC SLF for the following periods:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
($ in thousands)	2023		2022		2023		2022
Investment Income
Interest income	$	29,362	$	19,140	$	79,868	$	41,884
Other income	91		772		222		1,993
Total Investment Income	29,453		19,912		80,090		43,877
Expenses
Interest expense	13,817		7,419		37,873		14,965
Professional fees	336		243		823		719
Total Expenses	14,153		7,662		38,696		15,684
Net Investment Income Before Taxes	15,300		12,250		41,394		28,193
Tax expense (benefit)	(920)		436		272		(184)
Net Investment Income After Taxes	$	16,220	$	11,814	$	41,122	$	28,377
Net Realized and Change in Unrealized Gain (Loss) on Investments
Net change in unrealized gain (loss) on investments	4,767		599		15,345		(33,610)
Net realized gain on investments	(1,500)		—		(3,146)		20
Total Net Realized and Change in Unrealized Gain (Loss) on Investments	3,267		599		12,199		(33,590)
Net Increase in Members' Equity Resulting from Operations	$	19,487	$	12,413	$	53,321	$	(5,213)