EX-99.1 7 blueowlcreditslfllc-9302024.htm EX-99.1 Document











Blue Owl Credit SLF LLC

Supplemental Financial Information (unaudited) as of and for the period ended September 30, 2024

Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)





Consolidated Statement of Assets and Liabilities
(Amounts in Thousands)
September 30, 2024 (Unaudited)(1)(2)
Assets
Investments at fair value (amortized cost of $150,124)
$150,220 
Cash16,174 
Interest receivable68 
Total Assets$166,462 
Liabilities
Debt (net of unamortized debt issuance costs of $1,705)
$31,326 
Payable for investments purchased84,887 
Interest payable125 
Accrued expenses and other liabilities136 
Total Liabilities116,474 
Members’ Equity
Class A capital contributions49,988 
Class B capital contributions— 
Total Members Equity49,988 
Total Liabilities and Members’ Equity$166,462 
Total Members’ Equity - Class A$166,462 

(1) The Company commenced operations on May 6, 2024.
(2) As of September 30, 2024, there is no Class B Members’ Equity capital contributed.




















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Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)





Consolidated Statements of Operations
(Amounts in Thousands)

For the Three Months Ended September 30,For the Nine Months Ended September 30,
2024(1)(2)
2024(1)(2)
Investment Income
Interest income$541 $541 
Other income15 15 
Total investment income$556 $556 
Operating Expenses
Interest expense458 528 
Professional fees124 124 
Other general and administrative20 20 
Total Operating Expenses602 672 
Net Investment Income (Loss) Before Taxes(46)(116)
Income tax expense (benefit), including excise tax expense (benefit)— — 
Net Investment Income (Loss) After Taxes$(46)$(116)
Net Realized and Change in Unrealized Gain (Loss)
Net change in unrealized gain (loss) on investments96 96 
Net realized gain (loss) on investments8 8 
Total Net Realized and Change in Unrealized Gain (Loss)104 104 
Total Net Increase (Decrease) in Members’ Equity Resulting from Operations$58 $(12)
Total Net Increase (Decrease) in Members’ Equity Resulting from Operations - Class A$58 $(12)


(1) The Company commenced operations on May 6, 2024.
(2) As of September 30, 2024, there is no Class B Members’ Equity capital contributed.
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Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)



Consolidated Schedule of Investments
(Amounts in Thousands)


Company(1)(3)(4)InvestmentInterestMaturity DatePar / Units
Amortized Cost(2)
Fair ValuePercentage of Members’ Equity
Debt Investments
Aerospace and defense
Amentum Holdings, Inc.(6)First lien senior secured loanSR+2.25 %07/2031$6,000 $5,985 $5,978 12.0 %
Transdigm, Inc.(6)First lien senior secured loanSR+2.50 %01/203210,000 9,975 9,958 19.9 %
15,960 15,936 31.9 %
Buildings and real estate        
Arcosa Inc(6)(8)First lien senior secured loanSR+2.25 %08/20313,000 $3,000 $3,000 6.0 %
The Azek Group LLC(6)First lien senior secured loanSR+2.00 %09/20312,000 1,995 2,000 4.0 %
4,995 5,000 10.0 %
Business services        
Madison Safety & Flow LLC(6)First lien senior secured loanSR+3.25 %09/20312,000 $1,995 $1,997 4.0 %
Nvent Electric Public Limited Company(6)First lien senior secured loanSR+3.50 %09/203114,000 13,930 13,983 27.9 %
Plano HoldCo, Inc. (dba Perficient) (6)(8)First lien senior secured loanSR+3.50 %08/20314,500 4,478 4,478 9.0 %
POLARIS PURCHASER, INC. (dba Plusgrade)(6)(8)First lien senior secured loanSR+4.00 %03/20318,000 8,000 8,000 16.0 %
28,403 28,458 56.9 %
Distribution        
Paint Intermediate III, LLC(6)First lien senior secured loanSR+3.00 %09/203112,000 $11,940 $11,970 24.0 %
White Cap Supply Holdings, LLC(5)First lien senior secured loanSR+3.25 %10/20296,000 5,970 5,954 11.9 %
17,910 17,924 35.9 %
Energy equipment and services        
Calpine Construction Finance Company, L.P.(6)First lien senior secured loanSR+2.00 %07/20303,000 $2,985 $2,979 6.0 %
Fleet U.S. Bidco Inc.(6)First lien senior secured loanSR+2.75 %02/20317,500 7,500 7,500 15.0 %
10,485 10,479 21.0 %
Financial services        
BCPE Pequod Buyer, Inc. (dba Envestnet).(6)First lien senior secured loanSR+3.50 %09/20318,000 $7,960 $7,962 15.8 %
Focus Financial Partners, LLC(9)(10)First lien senior secured delayed draw term loanSR+3.25 %09/2026— — — — %
Focus Financial Partners, LLC(6)First lien senior secured loanSR+3.25 %09/20317,224 $7,206 $7,200 14.4 %
PUSHPAY USA INC(6)(8)First lien senior secured loanSR+4.50 %08/20314,286 4,244 4,243 8.5 %
19,410 19,405 38.7 %
Food and beverage        
Froneri International Ltd(6)First lien senior secured loanSR+2.00 %09/20314,000 $3,990 $3,983 8.0 %
3,990 3,983 8.0 %
Healthcare providers and services        
CHG Healthcare Services, Inc(6)First lien senior secured loanSR+3.50 %09/20282,254 $2,254 $2,256 4.5 %
CHG PPC Parent LLC(6)First lien senior secured loanSR+2.75 %12/20282,992 2,970 2,979 6.0 %
HAH Group Holding Company LLC(6)First lien senior secured loanSR+5.00 %09/20316,000 5,910 5,914 11.8 %
11,134 11,149 22.3 %
Human resource support services        
iSolved, Inc.(5)First lien senior secured loanSR+3.50 %10/20305,985 $5,985 $5,998 12.0 %
5,985 5,998 12.0 %
Infrastructure and environmental services        
Geosyntec Consultants, Inc.(5)(8)First lien senior secured loanSR+3.75 %07/20316,000 $5,971 $5,970 11.9 %
5,971 5,970 11.9 %
Insurance        
AssuredPartners, Inc.(5)First lien senior secured loanSR+3.50 %02/20313,000 $2,996 $2,996 6.0 %
2,996 2,996 6.0 %
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Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)



Consolidated Schedule of Investments
(Amounts in Thousands)
Leisure and entertainment        
Pretzel Parent, Inc.(6)(8)First lien senior secured loanSR+4.75 %08/20313,000 $2,955 $2,955 5.9 %
2,955 2,955 5.9 %
Manufacturing        
ALLIANCE LAUNDRY SYSTEMS LLC(5)First lien senior secured loanSR+3.50 %08/20317,500 $7,463 $7,505 15.0 %
Chariot Buyer LLC(5)First lien senior secured loanSR+3.50 %11/20282,494 2,487 2,479 5.0 %
DXP Enterprises, Inc.(6)First lien senior secured loanSR+4.75 %10/20306,000 6,000 6,003 12.0 %
15,950 15,987 32.0 %
Professional services        
First Advantage Holdings, LLC(6)(8)First lien senior secured loanSR+3.25 %09/20314,000 $3,980 $3,980 8.0 %
3,980 3,980 8.0 %
Total Debt Investments$150,124 $150,220 300.5 %
Total Investments$150,124 $150,220 300.5 %
(1) Unless otherwise indicated, Blue Owl Credit SLF’s investments are pledged as collateral supporting the amounts outstanding under Blue Owl Credit SLF’s Debt Facilities.
(2) The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
(3) Unless otherwise indicated, all investments are considered Level 2 investments.
(4) Unless otherwise indicated, loan contains a variable rate structure, which may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate (“SOFR” or “SR”) (which can include one-, three-, six- or twelve-month SOFR), at the borrower’s option, and which reset periodically based on the terms of the loan agreement.
(5) The interest rate on these loans is subject to 1 month SOFR, which as of September 30, 2024 was 4.85%.
(6) The interest rate on these loans is subject to 3 month SOFR, which as of September 30, 2024 was 4.59%.
(7) The interest rate on these loans is subject to 6 month SOFR, which as of September 30, 2024 was 4.25%.
(8) Level 3 investment.
(9) Position or portion of is an unfunded loan commitment.
(10) 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.




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Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)



Organization and Principal Business
Blue Owl Credit SLF LLC (“Credit SLF” or the “Company”), a Delaware limited liability company, is a joint venture among Blue Owl Capital Corporation, Blue Owl Capital Corporation II, Blue Owl Capital Corporation III, Blue Owl Credit Income Corp., Blue Owl Technology Finance Corp., Blue Owl Technology Finance Corp. II, and Blue Owl Technology Income Corp. (the “Blue Owl BDCs”) and State Teachers Retirement System of Ohio (“OSTRS”) (collectively, the “Class A Members”). Credit SLF has no “Class B Members” as of September 30, 2024. The Company’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. The Company is managed by the Class A Members, each of which have equal voting rights. Except under certain circumstances, contributions to the Company cannot be redeemed. Investment decisions must be approved by each of the Class A Members. The Class A Members co-invest through the Company, or its wholly owned subsidiaries: BOC SLF WH I BA LTD, BOC SLF WH II RB LTD, BOC SLF WH III C LTD and BOC SLF WH 4 WF LTD. The Company commenced operations on May 6, 2024 and made its first portfolio company investment on July 23, 2024.

Investment Portfolio Detail
Investments at fair value and amortized cost consisted of the following as of September 30, 2024:

September 30, 2024
($ in thousands)Amortized CostFair Value
First-lien senior secured debt investments$150,124 $150,220 
Total Investments$150,124 $150,220 

The industry composition of investments based on fair value as of September 30, 2024:
September 30, 2024
Aerospace and defense10.7 %
Buildings and real estate3.3 
Business services18.9 
Distribution11.9 
Energy equipment and services7.0 
Financial services12.9 
Food and beverage2.7 
Healthcare providers and services7.4 
Human resource support services4.0 
Infrastructure and environmental services4.0 
Insurance2.0 
Leisure and entertainment2.0 
Manufacturing10.6 
Professional services2.6 
Total100.0 %







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Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)



The geographic composition of investments based on fair value consisted of the below as of the following period:
September 30, 2024
United States:
Midwest31.4 %
Northeast15.2 
South26.5 
West16.1 
International10.8 
Total100.00 %

Investments
The following table presents the fair value hierarchy of investments as of September 30, 2024:
Fair Value Hierarchy as of September 30, 2024
($ in thousands)Level 1Level 2Level 3Total
First-lien senior secured debt investments$— $117,595 $32,625 $150,220 
Total Investments$— $117,595 $32,625 $150,220 

Debt Activity

Bank of America Facility
On June 12, 2024, BOC SLF WH I BA LTD., an exempted company incorporated with limited liability under the laws of the Cayman Islands, and wholly-owned subsidiary of the Credit SLF, entered into a $300 million revolving credit facility (the “Bank of America Facility”) among the lenders party thereto, and Bank of America, N.A.. The maturity date of the Bank of America Facility is June 12, 2027. As of September 30, 2024, there was $11.7 million outstanding under the Bank of America Facility.
Borrowings under the Bank of America Facility bore interest at a per annum rate equal to (a) with respect to any Term SOFR Loan, SOFR + 1.45% and (b) with respect to any Base Rate Loan, Base Rate + 1.45%. Credit SLF predominantly borrowed utilizing SOFR loans. Credit SLF also pays unused commitment fee (i) prior to the six-month anniversary of such date, 0.35% and (ii) thereafter, (x) with respect to the First Unused Amount, 1.10% and (y) with respect to the Second Unused Amount, 0.35%.
RBC Facility
On June 5, 2024, BOC SLF WH II RB LTD., an exempted company incorporated with limited liability under the laws of the Cayman Islands, a wholly-owned subsidiary of Credit SLF, as borrower, entered into a $300 million Amended and Restated Revolving Loan Agreement with Royal Bank of Canada and the lenders party thereto (the “RBC Facility”). The maturity date of the RBC Facility is October 14, 2032. As of September 30, 2024, there was $9.7 million outstanding under the RBC Facility.
Borrowings under the RBC Facility bore interest at a per annum rate equal to SOFR +1.55%.
Citibank Facility
On June 28, 2024, BOC SLF WH III C LTD., an exempted company incorporated with limited liability under the laws of the Cayman Islands, and wholly-owned subsidiary of the Credit SLF, entered into a $300 million revolving credit facility (the “Citibank Facility”) among the lenders party thereto, and Citibank, N.A.. The maturity date of the Citibank Facility is June 28, 2027. As of September 30, 2024, there was $11.7 million outstanding under the Citibank Facility.
Borrowings under the Citibank Facility bore interest at a per annum rate equal to (i) during the Reinvestment Period, SOFR + 1.40% and (ii) after the end of the Reinvestment Period, 1.90%.
Wells Fargo Facility
On August 1, 2024, BOC SLF WH 4 LTD., an exempted company incorporated with limited liability under the laws of the Cayman Islands, and wholly-owned subsidiary of the Credit SLF, entered into a $300 million revolving credit facility (the “Wells Fargo Facility”) among the lenders party thereto, and Wells Fargo Bank, National Association.. The maturity date of the Wells Fargo Facility is August 1, 2027. As of September 30, 2024, there was $0.0 outstanding borrowings under the Wells Fargo Facility.
Borrowings under the Wells Fargo Facility bore interest at a per annum rate equal to SOFR + 1.50%.
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Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)



Debt obligations consisted of the following as of September 30, 2024:

As of
September 30, 2024
($ in thousands) Aggregate Principal Committed Outstanding Principal 
Amount Available(1)
 
Net Carrying Value(2)
Bank of America Facility$300,000 $11,674 $20,791 $11,179 
RBC Facility300,000 9,683 22,781 9,300 
Citibank Facility300,000 11,674 20,791 11,295 
Wells Fargo Facility300,000 — 15,271 (448)
Total Debt$1,200,000 $33,031 $79,634 $31,326 

(1)The amount available reflects any collateral related limitations at the Company level related to each credit facility’s borrowing base.
(2)The carrying value of the Bank of America Facility, RBC Facility, Citibank Facility, and Wells Fargo Facility are presented net of unamortized costs of $0.5 million, $0.4 million, $0.4 million, and $0.4 million respectively.

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

For the Three Months Ended September 30,
For the Nine Months Ended September 30,
($ in thousands)
2024(1)
2024(1)
Interest expense$339 $394 
Amortization of debt issuance costs119 134 
Total Interest Expense$458 $528 
Average interest rate(2)
8.3 %7.6 %
Average daily outstanding borrowings(2)
$16,110 $16,110 

(1)The Company commenced operations on May 6, 2024.
(2)Averages are calculated based on annualized amounts.


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