Exhibit 21.1

SUBSIDIARIES OF BLUE OWL CAPITAL CORPORATION III

Name	Jurisdiction
OR LENDING III LLC	DELAWARE
ORCC III FINANCING LLC	DELAWARE
ORCC III FINANCING II LLC	DELAWARE
OBDC III FINANCING III LLC	DELAWARE
CLO XIV LLC	DELAWARE
OR PCF III LLC	DELAWARE
OR AH III LLC	DELAWARE
ORCC III FSI LLC	DELAWARE
ORCC III AAM RH LLC	DELAWARE
ORCC III AAM LLC	DELAWARE
ORCC III BC 2 LLC	DELAWARE
ORCC III BC 3 LLC	DELAWARE
ORCC III BC 4 LLC	DELAWARE
ORCC III BC 5 LLC	DELAWARE
ORCC III BC 6 LLC	DELAWARE
ORCC III BC 8 LLC	DELAWARE
ORCC III BC 11 LLC	DELAWARE
ORCC III BC 12 LLC	DELAWARE
ORCC III BC 13 LLC	DELAWARE