Blue Owl Capital Corp
For the period ended Jun 30, 2024. Filed Aug 7, 2024.
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Jun 30, 2024 · Filed Aug 7, 2024
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Item 3.
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.
The table below presents the composition of investments at fair value and amortized cost as of the following periods:
| June 30, 2024 | December 31, 2023 | |||
|---|---|---|---|---|
| ($ in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value |
| First-lien senior secured debt investments(4) | $10,146,454 | $10,071,753 | $8,703,586 | $8,660,754 |
| Second-lien senior secured debt investments | 971,114 | 837,508 | 1,858,354 | 1,774,984 |
| Unsecured debt investments | 289,319 | 289,478 | 300,744 | 292,751 |
| Preferred equity investments(3) | 387,692 | 388,702 | 429,872 | 433,297 |
| Common equity investments(1) | 1,122,318 | 1,371,261 | 986,682 | 1,208,776 |
| Joint ventures(2) | 397,151 | 383,280 | 352,964 | 342,786 |
| Total Investments | $13,314,048 | $13,341,982 | $12,632,202 | $12,713,348 |
(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)Includes debt investment in Amergin AssetCo.
The table below presents the industry composition of investments based on fair value as of the following periods:
| June 30, 2024 | December 31, 2023 | |
|---|---|---|
| Advertising and media | 2.9% | 1.5% |
| Aerospace and defense | 3.3 | 3.1 |
| Asset based lending and fund finance(1) | 5.6 | 6.7 |
| Automotive services | 2.1 | 2.1 |
| Buildings and real estate | 3.9 | 4.1 |
| Business services | 4.2 | 3.1 |
| Chemicals | 3.1 | 1.3 |
| Consumer products | 3.5 | 4.0 |
| Containers and packaging | 1.4 | 1.4 |
| Distribution | 2.5 | 2.5 |
| Education | 0.4 | 0.8 |
| Energy equipment and services | 0.4 | — |
| Financial services | 3.1 | 2.2 |
| Food and beverage | 7.6 | 7.7 |
| Healthcare equipment and services | 2.1 | 4.4 |
| Healthcare providers and services | 5.8 | 6.5 |
| Healthcare technology | 5.5 | 5.0 |
| Household products | 2.0 | 2.2 |
| Human resource support services | 1.5 | 1.6 |
| Infrastructure and environmental services | 1.6 | 1.3 |
| Insurance(3) | 9.2 | 9.9 |
| Internet software and services | 11.4 | 11.8 |
| Joint ventures(2) | 2.9 | 2.7 |
| Leisure and entertainment | 1.8 | 1.9 |
| Manufacturing | 5.5 | 6.0 |
| Oil and gas | 0.3 | 0.3 |
| Pharmaceuticals(4) | 0.7 | 0.2 |
| Professional services | 3.0 | 2.8 |
| Specialty retail | 2.1 | 2.2 |
| Telecommunications(5) | 0.0 | — |
| Transportation | 0.6 | 0.7 |
| Total | 100.0% | 100.0% |
(1)Includes equity investment in Wingspire and debt and equity investments in 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.
(5)Rounds to less than 0.1% as of June 30, 2024.
The table below presents the geographic composition of investments based on fair value as of the following periods:
| June 30, 2024 | December 31, 2023 | |
|---|---|---|
| United States: | ||
| Midwest | 19.8% | 17.6% |
| Northeast | 17.3 | 19.3 |
| South | 34.9 | 34.5 |
| West | 21.2 | 21.3 |
| International | 6.8 | 7.3 |
| Total | 100.0% | 100.0% |
OBDC SLF LLC (fka Blue Owl Capital Corporation Senior Loan Fund LLC)
OBDC SLF LLC (fka Blue Owl Capital Corporation 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 June 30, 2024 and December 31, 2023, OBDC SLF had total investments in senior secured debt at fair value of $1.1 billion and $1.1 billion, respectively. The determination of fair value is in accordance with ASC 820; however, such fair value is not included in the Company’s valuation process described herein. The tables below presents a summary of OBDC SLF’s portfolio as well as a listing of the portfolio investments in its portfolio as of the following periods:
| ($ in thousands) | June 30, 2024 | December 31, 2023 |
|---|---|---|
| Total senior secured debt investments(1) | $1,162,385 | $1,117,310 |
| Weighted average spread over base rate(1) | 3.98% | 4.27% |
| Number of portfolio companies | 70 | 62 |
| Largest funded investment to a single borrower(1) | 37,180 | 39,851 |
(1)At par.
| OBDC SLF LLC’s Portfolio As of June 30, 2024($ in thousands)(Unaudited) | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Company(1)(2)(4)(5) · Investment · Interest · Maturity Date · Par / Units · Amortized Cost(3) · Fair Value · Percentage of Net Assets | |||||||||||
| Debt Investments | |||||||||||
| Aerospace and defense | |||||||||||
| Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC)(6)(11) | First lien senior secured loan | S + | 6.00% (0.75% PIK) | 01/2025 | 34,131 | 34,088 | 29,513 | 6.7% | |||
| Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC)(6)(9)(11) | First lien senior secured revolving loan | S + | 6.00% (0.75% PIK) | 01/2025 | 3,049 | 3,048 | 2,637 | 0.6% | |||
| Bleriot US Bidco Inc.(11) | First lien senior secured loan | S + | 3.25% | 10/2028 | 24,987 | 24,987 | 25,087 | 5.7% | |||
| Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(10) | First lien senior secured loan | S + | 3.50% | 08/2028 | 19,850 | 19,848 | 19,909 | 4.6% | |||
| 81,971 | 77,146 | 17.6% | |||||||||
| Automotive services | |||||||||||
| Holley Inc.(10) | First lien senior secured loan | S + | 3.75% | 11/2028 | 22,031 | 21,924 | 21,906 | 5.0% | |||
| Mavis Tire Express Services Topco Corp.(10) | First lien senior secured loan | S + | 3.75% | 05/2028 | 2,881 | 2,881 | 2,885 | 0.7% | |||
| PAI Holdco, Inc.(11) | First lien senior secured loan | S + | 3.75% | 10/2027 | 13,635 | 13,326 | 12,453 | 2.8% | |||
| Wand Newco 3, Inc. (dba Caliber )(10) | First lien senior secured loan | S + | 3.75% | 01/2031 | 5,000 | 4,988 | 5,031 | 1.1% | |||
| 43,119 | 42,275 | 9.6% | |||||||||
| Buildings and real estate | |||||||||||
| CoreLogic Inc.(10) | First lien senior secured loan | S + | 3.50% | 06/2028 | 7,233 | 6,859 | 7,114 | 1.6% | |||
| Wrench Group LLC(11) | First lien senior secured loan | S + | 4.00% | 10/2028 | 31,598 | 31,531 | 31,598 | 7.2% | |||
| 38,390 | 38,712 | 8.8% | |||||||||
| Business services | |||||||||||
| Capstone Acquisition Holdings, Inc.(6)(10) | First lien senior secured loan | S + | 4.75% | 11/2027 | 14,149 | 14,069 | 14,149 | 3.2% | |||
| Capstone Acquisition Holdings, Inc.(6)(10) | First lien senior secured delayed draw term loan | S + | 4.75% | 11/2027 | 904 | 899 | 904 | 0.2% | |||
| CoolSys, Inc.(11) | First lien senior secured loan | S + | 4.75% | 08/2028 | 26,955 | 26,134 | 26,529 | 6.1% | |||
| ConnectWise, LLC(11) | First lien senior secured loan | S + | 3.50% | 09/2028 | 16,575 | 16,519 | 16,431 | 3.8% | |||
| LABL, Inc.(10) | First lien senior secured loan | S + | 5.00% | 10/2028 | 4,747 | 4,699 | 4,683 | 1.1% | |||
| Packers Holdings, LLC(10) | First lien senior secured loan | S + | 3.25% | 03/2028 | 10,217 | 10,031 | 5,522 | 1.3% | |||
| POLARIS PURCHASER, INC. (dba Plusgrade)(6)(11) | First lien senior secured loan | S + | 4.50% | 03/2031 | 2,500 | 2,476 | 2,488 | 0.6% | |||
| XPLOR T1, LLC(6)(11) | First lien senior secured loan | S + | 4.25% | 06/2031 | 10,000 | 9,950 | 9,950 | 2.3% | |||
| 84,777 | 80,656 | 18.6% | |||||||||
| Chemicals | |||||||||||
| Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC)(10) | First lien senior secured loan | S + | 4.00% | 11/2027 | 17,603 | 17,300 | 17,441 | 4.0% | |||
| Derby Buyer LLC (dba Delrin)(10) | First lien senior secured loan | S + | 3.50% | 11/2030 | 9,975 | 9,975 | 10,016 | 2.3% | |||
| 27,275 | 27,457 | 6.3% | |||||||||
| Consumer products | |||||||||||
| Olaplex, Inc.(10) | First lien senior secured loan | S + | 3.50% | 02/2029 | 24,872 | 24,138 | 23,843 | 5.4% | |||
| 24,138 | 23,843 | 5.4% | |||||||||
| OBDC SLF LLC’s Portfolio As of June 30, 2024($ in thousands)(Unaudited) | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Company(1)(2)(4)(5) · Investment · Interest · Maturity Date · Par / Units · Amortized Cost(3) · Fair Value · Percentage of Net Assets | |||||||||||
| Containers and packaging | |||||||||||
| BW Holding, Inc.(11) | First lien senior secured loan | S + | 4.00% | 12/2028 | 20,827 | 19,939 | 19,032 | 4.3% | |||
| Five Star Lower Holding LLC(11) | First lien senior secured loan | S + | 4.25% | 05/2029 | 25,432 | 25,159 | 23,397 | 5.3% | |||
| Ring Container Technologies Group, LLC(10) | First lien senior secured loan | S + | 3.50% | 08/2028 | 24,375 | 24,336 | 24,499 | 5.6% | |||
| 69,434 | 66,928 | 15.2% | |||||||||
| Distribution | |||||||||||
| BCPE Empire Holdings, Inc. (dba Imperial-Dade)(10) | First lien senior secured loan | S + | 4.00% | 01/2027 | 24,565 | 24,565 | 24,552 | 5.6% | |||
| Dealer Tire Financial, LLC(6)(10) | First lien senior secured loan | S + | 3.50% | 07/2031 | 30,495 | 30,342 | 30,418 | 6.9% | |||
| 54,907 | 54,970 | 12.5% | |||||||||
| Education | |||||||||||
| Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)(11) | First lien senior secured loan | S + | 4.00% | 10/2030 | 19,900 | 19,900 | 19,970 | 4.6% | |||
| Ellucian Holdings Inc. (f/k/a Sophia, L.P.)(10) | First lien senior secured loan | S + | 3.50% | 10/2029 | 24,687 | 24,658 | 24,781 | 5.7% | |||
| 44,558 | 44,751 | 10.3% | |||||||||
| Financial services | |||||||||||
| Saphilux S.a.r.L. (dba IQ-EQ)(6)(12) | First lien senior secured loan | S + | 4.00% | 07/2028 | 15,920 | 15,920 | 16,000 | 3.7% | |||
| 15,920 | 16,000 | 3.7% | |||||||||
| Food and beverage | |||||||||||
| Balrog Acquisition, Inc. (dba Bakemark)(10) | First lien senior secured loan | S + | 4.00% | 09/2028 | 24,375 | 24,208 | 24,253 | 5.5% | |||
| Dessert Holdings(10) | First lien senior secured loan | S + | 4.00% | 06/2028 | 25,327 | 25,209 | 23,935 | 5.5% | |||
| Fiesta Purchaser, Inc. (dba Shearer's Foods)(10) | First lien senior secured loan | S + | 4.00% | 02/2031 | 12,000 | 11,469 | 12,073 | 2.8% | |||
| Fiesta Purchaser, Inc. (dba Shearer's Foods)(6)(7)(8)(9)(10) | First lien senior secured revolving loan | S + | 4.50% | 02/2029 | — | (55) | — | —% | |||
| 60,831 | 60,261 | 13.8% | |||||||||
| Healthcare equipment and services | |||||||||||
| Cadence, Inc.(6)(11) | First lien senior secured loan | S + | 4.75% | 05/2026 | 28,226 | 28,061 | 27,379 | 6.3% | |||
| Cadence, Inc.(6)(7)(9)(11) | First lien senior secured revolving loan | S + | 4.75% | 02/2029 | 4,095 | 4,074 | 3,875 | 0.9% | |||
| Confluent Medical Technologies, Inc.(6)(11) | First lien senior secured loan | S + | 3.75% | 02/2029 | 9,862 | 9,802 | 9,837 | 2.2% | |||
| Medline Borrower, LP(10) | First lien senior secured loan | S + | 2.75% | 10/2028 | 22,261 | 22,261 | 22,290 | 5.1% | |||
| Packaging Coordinators Midco, Inc.(11) | First lien senior secured loan | S + | 3.25% | 11/2027 | 4,874 | 4,874 | 4,887 | 1.1% | |||
| Resonetics, LLC(10) | First lien senior secured loan | S + | 3.75% | 06/2031 | 20,000 | 19,950 | 20,026 | 4.6% | |||
| 89,022 | 88,294 | 20.2% | |||||||||
| Healthcare providers and services | |||||||||||
| Confluent Health, LLC(6)(10) | First lien senior secured loan | S + | 4.00% | 11/2028 | 24,457 | 24,374 | 23,846 | 5.4% | |||
| Covetrus, Inc.(11) | First lien senior secured loan | S + | 5.00% | 10/2029 | 14,813 | 14,091 | 14,291 | 3.2% | |||
| HAH Group Holding Company LLC (dba Help at Home)(6)(10) | First lien senior secured loan | S + | 5.00% | 10/2027 | 8,895 | 8,690 | 8,917 | 2.0% | |||
| Phoenix Newco, Inc. (dba Parexel)(10) | First lien senior secured loan | S + | 3.25% | 11/2028 | 26,881 | 26,790 | 26,924 | 6.1% | |||
| OBDC SLF LLC’s Portfolio As of June 30, 2024($ in thousands)(Unaudited) | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Company(1)(2)(4)(5) · Investment · Interest · Maturity Date · Par / Units · Amortized Cost(3) · Fair Value · Percentage of Net Assets | ||||||||||||
| Physician Partners, LLC(12) | First lien senior secured loan | S + | 4.00% | 12/2028 | 9,775 | 9,706 | 6,992 | 1.6% | ||||
| 83,651 | 80,970 | 18.3% | ||||||||||
| Healthcare technology | ||||||||||||
| Athenahealth Group Inc.(10) | First lien senior secured loan | S + | 3.25% | 02/2029 | 17,473 | 17,413 | 17,396 | 4.0% | ||||
| Bracket Intermediate Holding Corp.(11) | First lien senior secured loan | S + | 5.00% | 05/2028 | 19,800 | 19,318 | 19,857 | 4.5% | ||||
| Cotiviti, Inc.(10) | First lien senior secured loan | S + | 3.25% | 05/2031 | 9,975 | 9,927 | 9,913 | 2.3% | ||||
| Ensemble RCM, LLC(11) | First lien senior secured loan | S + | 3.00% | 08/2029 | 5,000 | 4,950 | 4,980 | 1.1% | ||||
| Imprivata, Inc.(11) | First lien senior secured loan | S + | 3.50% | 12/2027 | 19,601 | 19,601 | 19,675 | 4.5% | ||||
| PointClickCare Technologies, Inc.(11) | First lien senior secured loan | S + | 3.00% | 12/2027 | 4,838 | 4,838 | 4,856 | 1.1% | ||||
| Project Ruby Ultimate Parent Corp. (dba Wellsky)(10) | First lien senior secured loan | S + | 3.50% | 03/2028 | 4,988 | 4,965 | 4,994 | 1.1% | ||||
| 81,012 | 81,671 | 18.6% | ||||||||||
| Insurance | ||||||||||||
| Acrisure, LLC(11) | First lien senior secured loan | S + | 3.25% | 11/2030 | 9,555 | 9,555 | 9,537 | 2.2% | ||||
| Ardonagh Midco 3 PLC(6)(10) | First lien senior secured loan | S + | 3.75% | 02/2031 | 15,000 | 14,963 | 14,925 | 3.4% | ||||
| AssuredPartners, Inc.(10) | First lien senior secured loan | S + | 3.50% | 02/2031 | 9,975 | 9,963 | 9,995 | 2.3% | ||||
| Asurion, LLC(10) | First lien senior secured loan | S + | 4.25% | 08/2028 | 7,831 | 7,530 | 7,764 | 1.8% | ||||
| Broadstreet Partners, Inc.(10) | First lien senior secured loan | S + | 4.25% | 06/2031 | 4,975 | 4,969 | 4,959 | 1.1% | ||||
| Integro Parent Inc.(6)(11) | First lien senior secured loan | S + | 12.25% (PIK) | 10/2024 | 3,790 | 3,790 | 3,790 | 0.9% | ||||
| Integro Parent Inc.(6)(9) | First lien senior secured revolving loan | S + | 12.25% (PIK) | 10/2024 | 764 | 764 | 764 | 0.2% | ||||
| Hyperion Refinance S.à r.l (dba Howden Group)(10) | First lien senior secured loan | S + | 4.00% | 04/2030 | 24,738 | 24,032 | 24,756 | 5.6% | ||||
| Truist Insurance Holdings, LLC(11) | First lien senior secured loan | S + | 3.25% | 05/2031 | 12,500 | 12,332 | 12,511 | 2.9% | ||||
| Truist Insurance Holdings, LLC(7)(9)(11) | First lien senior secured revolving loan | S + | 3.25% | 05/2029 | 149 | 149 | 149 | —% | ||||
| Soliant Lower Intermediate, LLC (dba Soliant)(10) | First lien senior secured loan | S + | 3.75% | 06/2031 | 9,949 | 9,579 | 9,975 | 2.3% | ||||
| 97,626 | 99,125 | 22.7% | ||||||||||
| Internet software and services | ||||||||||||
| Barracuda Networks, Inc.(12) | First lien senior secured loan | S + | 4.50% | 08/2029 | 24,625 | 24,048 | 24,561 | 5.6% | ||||
| Cloud Software Group, Inc.(11) | First lien senior secured loan | S + | 4.50% | 03/2031 | 5,000 | 4,964 | 5,010 | 1.1% | ||||
| Fortra, LLC (f/k/a Help/Systems Holdings, Inc.)(11) | First lien senior secured loan | S + | 4.00% | 11/2026 | 14,618 | 14,545 | 13,078 | 3.0% | ||||
| Mitchell International, Inc.(10) | First lien senior secured loan | S + | 3.25% | 06/2031 | 10,000 | 9,949 | 9,900 | 2.3% | ||||
| Proofpoint, Inc.(10) | First lien senior secured loan | S + | 3.00% | 08/2028 | 9,950 | 9,950 | 9,954 | 2.3% | ||||
| Sedgwick Claims Management Services, Inc.(10) | First lien senior secured loan | S + | 3.75% | 02/2028 | 15,000 | 14,963 | 14,999 | 3.4% | ||||
| Storable, Inc.(10) | First lien senior secured loan | S + | 3.50% | 04/2028 | 14,962 | 14,857 | 14,965 | 3.4% | ||||
| 93,276 | 92,467 | 21.1% | ||||||||||
| OBDC SLF LLC’s Portfolio As of June 30, 2024($ in thousands)(Unaudited) | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Company(1)(2)(4)(5) · Investment · Interest · Maturity Date · Par / Units · Amortized Cost(3) · Fair Value · Percentage of Net Assets | |||||||||||
| Manufacturing | |||||||||||
| Engineered Machinery Holdings, Inc. (dba Duravant)(11) | First lien senior secured loan | S + | 3.75% | 05/2028 | 34,125 | 34,018 | 34,231 | 7.8% | |||
| Gloves Buyer, Inc. (dba Protective Industrial Products)(10) | First lien senior secured loan | S + | 4.00% | 12/2027 | 14,651 | 14,527 | 14,559 | 3.4% | |||
| Pro Mach Group, Inc.(10) | First lien senior secured loan | S + | 3.50% | 08/2028 | 24,446 | 24,447 | 24,551 | 5.6% | |||
| 72,992 | 73,341 | 16.8% | |||||||||
| Professional services | |||||||||||
| Apex Group Treasury LLC(11) | First lien senior secured loan | S + | 3.75% | 07/2028 | 32,188 | 32,112 | 32,188 | 7.4% | |||
| Sovos Compliance, LLC(10) | First lien senior secured loan | S + | 4.50% | 08/2028 | 25,132 | 25,021 | 24,913 | 5.7% | |||
| Vistage International, Inc.(6)(11) | First lien senior secured loan | S + | 4.75% | 07/2029 | 9,949 | 9,903 | 9,949 | 2.3% | |||
| 67,036 | 67,050 | 15.4% | |||||||||
| Telecommunications | |||||||||||
| EOS U.S. Finco LLC(12) | First lien senior secured loan | S + | 6.00% | 10/2029 | 21,783 | 20,713 | 17,657 | 4.0% | |||
| EOS U.S. Finco LLC(7)(8)(12) | First lien senior secured delayed draw term loan | S + | 6.00% | 10/2029 | 70 | 15 | (352) | (0.1)% | |||
| 20,728 | 17,305 | 3.9% | |||||||||
| Total Debt Investments | $1,150,663 | $1,133,222 | 258.8% | ||||||||
| Total Investments | $1,150,663 | $1,133,222 | 258.8% | ||||||||
(4)Unless otherwise indicated, all investments are considered Level 2 investments.
(5)Unless otherwise indicated, loan contains a variable rate structure and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the Secured Overnight Financing Rate (“SOFR” or“S,” which can include one-, three- or six- month SOFR), or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate), at the borrower’s option, and which reset periodically based on the terms of the loan agreement.
(6)Level 3 investment.
(8)The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan.
(10)The interest rate on these loans is subject to 1 month SOFR, which as of June 30, 2024 was 5.34%.
(11)The interest rate on these loans is subject to 3 month SOFR, which as of June 30, 2024 was 5.32%.
(12)The interest rate on these loans is subject to 6 month SOFR, which as of June 30, 2024 was 5.25%.
| Blue Owl Capital Corporation Senior Loan Fund's Portfolio as of December 31, 2023($ 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)(9)(11) | First lien senior secured loan | S + | 6.00% (0.75% PIK) | 01/2025 | 34,097 | 34,015 | 27,426 | 7.0% |
| 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 | 3,030 | 3,028 | 2,437 | 0.6% |
| Bleriot US Bidco Inc.(6)(11) | First lien senior secured loan | S + | 4.00% | 10/2028 | 25,113 | 24,927 | 25,193 | 6.4% |
| Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(6)(10) | First lien senior secured loan | S + | 4.00% | 04/2026 | 19,900 | 19,713 | 19,940 | 5.1% |
| 82,140 | 81,683 | 74,996 | 19.1% | |||||
| Automotive | ||||||||
| Holley Inc.(6)(10) | First lien senior secured loan | S + | 3.75% | 11/2028 | 22,550 | 22,431 | 21,686 | 5.5% |
| Mavis Tire Express Services Topco Corp.(6)(10) | First lien senior secured loan | S + | 4.00% | 05/2028 | 2,895 | 2,879 | 2,896 | 0.7% |
| PAI Holdco, Inc.(11) | First lien senior secured loan | S + | 3.75% | 10/2027 | 13,706 | 13,357 | 12,746 | 3.3% |
| 39,151 | 38,667 | 37,328 | 9.5% | |||||
| Buildings and Real estate | ||||||||
| CoreLogic Inc.(6)(10) | First lien senior secured loan | S + | 3.50% | 06/2028 | 7,270 | 6,855 | 7,056 | 1.8% |
| Wrench Group LLC(6)(11) | First lien senior secured loan | S + | 4.00% | 04/2026 | 31,677 | 31,598 | 31,706 | 8.1% |
| 38,947 | 38,453 | 38,762 | 9.9% | |||||
| Business Services | ||||||||
| Capstone Acquisition Holdings, Inc.(10) | First lien senior secured loan | S + | 4.75% | 11/2027 | 14,223 | 14,131 | 14,187 | 3.6% |
| Capstone Acquisition Holdings, Inc.(9)(10) | First lien senior secured delayed draw term loan | S + | 4.75% | 11/2027 | 908 | 903 | 906 | 0.2% |
| CoolSys, Inc.(6)(11) | First lien senior secured loan | S + | 4.75% | 08/2028 | 27,162 | 26,263 | 25,275 | 6.5% |
| ConnectWise, LLC(6)(11) | First lien senior secured loan | S + | 3.50% | 09/2028 | 16,660 | 16,600 | 16,603 | 4.2% |
| LABL, Inc.(6)(10) | First lien senior secured loan | S + | 5.00% | 10/2028 | 4,771 | 4,719 | 4,566 | 1.2% |
| Packers Holdings, LLC(6)(10) | First lien senior secured loan | S + | 3.25% | 03/2028 | 10,269 | 10,062 | 6,423 | 1.6% |
| 73,993 | 72,678 | 67,960 | 17.3% | |||||
| Chemicals | ||||||||
| Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC)(6)(10) | First lien senior secured loan | S + | 4.00% | 11/2027 | 17,693 | 17,353 | 17,417 | 4.4% |
| Cyanco Intermediate 2 Corp.(6)(10) | First lien senior secured loan | S + | 4.75% | 07/2028 | 4,988 | 4,846 | 4,968 | 1.3% |
| Derby Buyer LLC(10) | First lien senior secured loan | S + | 4.25% | 11/2030 | 10,000 | 9,707 | 10,000 | 2.6% |
| 32,681 | 31,906 | 32,385 | 8.3% | |||||
| Consumer Products | ||||||||
| Olaplex, Inc.(6)(10) | First lien senior secured loan | S + | 3.50% | 02/2029 | 24,936 | 24,140 | 23,003 | 5.9% |
| 24,936 | 24,140 | 23,003 | 5.9% | |||||
| Containers and Packaging | ||||||||
| BW Holding, Inc.(11) | First lien senior secured loan | S + | 4.00% | 12/2028 | 20,934 | 19,969 | 19,469 | 5.0% |
| Five Star Lower Holding LLC(6)(11) | First lien senior secured loan | S + | 4.25% | 05/2029 | 25,561 | 25,265 | 25,076 | 6.4% |
| Ring Container Technologies Group, LLC(6)(10) | First lien senior secured loan | S + | 3.50% | 08/2028 | 24,500 | 24,457 | 24,537 | 6.3% |
| Blue Owl Capital Corporation Senior Loan Fund's Portfolio as of December 31, 2023($ in thousands) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Company(1)(2)(4)(5) · Investment · Interest · Maturity Date · Par / Units · Amortized Cost(3) · Fair Value · Percentage of Members' Equity | ||||||||
| Valcour Packaging, LLC(6)(10) | First lien senior secured loan | S + | 3.75% | 10/2028 | 2,154 | 2,149 | 1,682 | 0.4% |
| 73,149 | 71,840 | 70,764 | 18.1% | |||||
| Distribution | ||||||||
| BCPE Empire Holdings, Inc. (dba Imperial-Dade)(6)(10) | First lien senior secured loan | S + | 4.75% | 12/2028 | 24,626 | 23,772 | 24,671 | 6.3% |
| Dealer Tire Financial, LLC(6)(10) | First lien senior secured loan | S + | 4.50% | 12/2027 | 30,648 | 30,015 | 30,706 | 7.8% |
| SRS Distribution, Inc.(6)(10) | First lien senior secured loan | S + | 3.50% | 06/2028 | 9,775 | 9,725 | 9,779 | 2.5% |
| 65,049 | 63,512 | 65,156 | 16.6% | |||||
| Education | ||||||||
| Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)(6)(11) | First lien senior secured loan | S + | 4.50% | 10/2030 | 20,000 | 19,757 | 20,046 | 5.1% |
| Sophia, L.P.(6)(10) | First lien senior secured loan | S + | 4.25% | 10/2027 | 19,700 | 19,556 | 19,655 | 5.0% |
| 39,700 | 39,313 | 39,701 | 10.1% | |||||
| Financial Services | ||||||||
| Saphilux S.a.r.L (dba IQ EQ)(6)(12) | First lien senior secured loan | S + | 4.75% | 07/2028 | 15,000 | 14,792 | 15,009 | 3.8% |
| 15,000 | 14,792 | 15,009 | 3.8% | |||||
| Food and beverage | ||||||||
| Balrog Acquisition, Inc. (dba Bakemark)(6)(10) | First lien senior secured loan | S + | 4.00% | 09/2028 | 24,500 | 24,316 | 24,079 | 6.1% |
| Dessert Holdings(10) | First lien senior secured loan | S + | 4.00% | 06/2028 | 25,458 | 25,326 | 22,912 | 5.8% |
| Naked Juice LLC (dba Tropicana)(6)(11) | First lien senior secured loan | S + | 3.25% | 01/2029 | 1,970 | 1,966 | 1,901 | 0.5% |
| Sovos Brands Intermediate, Inc.(6)(11) | First lien senior secured loan | S + | 3.50% | 06/2028 | 20,724 | 20,689 | 20,782 | 5.3% |
| 72,652 | 72,297 | 69,674 | 17.7% | |||||
| Healthcare equipment and services | ||||||||
| Cadence, Inc.(11) | First lien senior secured loan | S + | 4.75% | 05/2026 | 28,364 | 28,131 | 27,513 | 7.0% |
| Cadence, Inc.(7)(9)(11) | First lien senior secured revolving loan | S + | 4.75% | 05/2026 | 4,095 | 4,087 | 3,875 | 1.0% |
| Confluent Medical Technologies, Inc.(11) | First lien senior secured loan | S + | 3.75% | 02/2029 | 4,913 | 4,893 | 4,887 | 1.2% |
| Medline Borrower, LP(6)(10) | First lien senior secured loan | S + | 3.00% | 10/2028 | 24,563 | 24,476 | 24,663 | 6.3% |
| Packaging Coordinators Midco, Inc.(6)(11) | First lien senior secured loan | S + | 3.50% | 11/2027 | 4,887 | 4,878 | 4,884 | 1.2% |
| Resonetics, LLC(11) | First lien senior secured loan | S + | 6.00% | 04/2028 | 25,000 | 24,282 | 25,000 | 6.4% |
| 91,822 | 90,747 | 90,822 | 23.1% | |||||
| Healthcare providers and services | ||||||||
| Confluent Health, LLC(10) | First lien senior secured loan | S + | 4.00% | 11/2028 | 24,586 | 24,495 | 24,095 | 6.2% |
| Covetrus, Inc.(6)(11) | First lien senior secured loan | S + | 5.00% | 10/2029 | 14,888 | 14,113 | 14,718 | 3.8% |
| HAH Group Holding Company LLC (dba Help at Home)(10) | First lien senior secured loan | S + | 5.00% | 10/2027 | 8,941 | 8,709 | 8,852 | 2.3% |
| Phoenix Newco, Inc. (dba Parexel)(6)(10) | First lien senior secured loan | S + | 3.25% | 11/2028 | 27,019 | 26,919 | 27,162 | 6.9% |
| Physician Partners, LLC(6)(11) | First lien senior secured loan | S + | 4.00% | 12/2028 | 9,825 | 9,749 | 9,260 | 2.4% |
| 85,259 | 83,985 | 84,087 | 21.6% | |||||
| Healthcare technology | ||||||||
| Athenahealth Group Inc.(6)(10) | First lien senior secured loan | S + | 3.25% | 02/2029 | 17,562 | 17,497 | 17,466 | 4.5% |
| Bracket Intermediate Holding Corp.(6)(11) | First lien senior secured loan | S + | 5.00% | 05/2028 | 19,900 | 19,366 | 19,870 | 5.1% |
| Blue Owl Capital Corporation Senior Loan Fund's Portfolio as of December 31, 2023($ in thousands) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Company(1)(2)(4)(5) · Investment · Interest · Maturity Date · Par / Units · Amortized Cost(3) · Fair Value · Percentage of Members' Equity | ||||||||
| Imprivata, Inc.(6)(10) | First lien senior secured loan | S + | 4.25% | 12/2027 | 19,700 | 19,111 | 19,757 | 5.0% |
| PointClickCare Technologies, Inc.(11) | First lien senior secured loan | S + | 4.00% | 12/2027 | 4,850 | 4,797 | 4,850 | 1.2% |
| 62,012 | 60,771 | 61,943 | 15.8% | |||||
| Infrastructure and environmental services | ||||||||
| CHA Holding, Inc.(10) | First lien senior secured loan | S + | 4.94% | 04/2025 | 39,851 | 39,759 | 39,851 | 10.2% |
| 39,851 | 39,759 | 39,851 | 10.2% | |||||
| Insurance | ||||||||
| Acrisure, LLC(6)(11) | First lien senior secured loan | S + | 4.50% | 11/2030 | 9,925 | 9,827 | 9,933 | 2.5% |
| Asurion, LLC(6)(10) | First lien senior secured loan | S + | 4.25% | 08/2028 | 7,871 | 7,539 | 7,833 | 2.0% |
| Broadstreet Partners, Inc.(6)(10) | First lien senior secured loan | S + | 3.75% | 01/2029 | 4,988 | 4,988 | 4,995 | 1.3% |
| Integro Parent Inc.(9)(11) | First lien senior secured loan | S + | 12.25% (PIK) | 10/2024 | 3,561 | 3,561 | 3,561 | 0.9% |
| Integro Parent Inc.(7)(9)(11) | First lien senior secured revolving loan | S + | 4.50% (12.25% PIK) | 10/2024 | 718 | 717 | 719 | 0.2% |
| Hyperion Refinance S.à r.l (dba Howden Group)(6)(10) | First lien senior secured loan | S + | 5.25% | 04/2030 | 19,850 | 19,121 | 19,870 | 5.1% |
| 46,913 | 45,753 | 46,911 | 12.0% | |||||
| Internet software and services | ||||||||
| Barracuda Networks, Inc.(6)(11) | First lien senior secured loan | S + | 4.50% | 08/2029 | 24,750 | 24,124 | 24,102 | 6.2% |
| DCert Buyer, Inc.(6)(10) | First lien senior secured loan | S + | 4.00% | 10/2026 | 11,818 | 11,777 | 11,695 | 3.0% |
| Fortra, LLC (f/k/a Help/Systems Holdings, Inc.)(6)(11) | First lien senior secured loan | S + | 4.00% | 11/2026 | 14,695 | 14,621 | 13,892 | 3.5% |
| 51,263 | 50,522 | 49,689 | 12.7% | |||||
| Manufacturing | ||||||||
| Engineered Machinery Holdings, Inc. (dba Duravant)(6)(11) | First lien senior secured loan | S + | 3.50% | 05/2028 | 34,299 | 34,181 | 34,012 | 8.7% |
| Gloves Buyer, Inc. (dba Protective Industrial Products)(10) | First lien senior secured loan | S + | 4.00% | 12/2027 | 14,725 | 14,587 | 14,651 | 3.7% |
| Pro Mach Group, Inc.(6)(10) | First lien senior secured loan | S + | 4.00% | 08/2028 | 24,507 | 24,418 | 24,534 | 6.3% |
| 73,531 | 73,186 | 73,197 | 18.7% | |||||
| Professional Services | ||||||||
| Apex Group Treasury LLC(11) | First lien senior secured loan | S + | 3.75% | 07/2028 | 32,354 | 32,269 | 32,192 | 8.2% |
| Sovos Compliance, LLC(6)(10) | First lien senior secured loan | S + | 4.50% | 08/2028 | 25,261 | 25,139 | 24,915 | 6.4% |
| 57,615 | 57,408 | 57,107 | 14.6% | |||||
| Telecommunications | ||||||||
| EOS U.S. Finco LLC(11) | First lien senior secured loan | S + | 5.75% | 10/2029 | 22,065 | 20,909 | 20,190 | 5.2% |
| EOS U.S. Finco LLC(7)(8)(11) | First lien senior secured delayed draw term loan | S + | 6.00% | 10/2029 | 71 | 11 | (84) | —% |
| Park Place Technologies, LLC(6)(10) | First lien senior secured loan | S + | 5.00% | 11/2027 | 14,735 | 14,370 | 14,635 | 3.7% |
| 36,871 | 35,290 | 34,741 | 8.9% | |||||
| Transportation | ||||||||
| Safe Fleet Holdings LLC(10) | First lien senior secured loan | S + | 5.00% | 02/2029 | 14,775 | 14,408 | 14,812 | 3.8% |
| 14,775 | 14,408 | 14,812 | 3.8% | |||||
| Blue Owl Capital Corporation Senior Loan Fund's Portfolio as of December 31, 2023($ in thousands) | ||||
|---|---|---|---|---|
| Company(1)(2)(4)(5) · Investment · Interest · Maturity Date · Par / Units · Amortized Cost(3) · Fair Value · Percentage of Members' Equity | ||||
| Total Debt Investments | $1,117,310 | $1,101,110 | $1,087,898 | 277.7% |
| Total Investments | $1,117,310 | $1,101,110 | $1,087,898 | 277.7% |
(5)Unless otherwise indicated, loan contains a variable rate structure and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the Secured Overnight Financing Rate (“SOFR” or“S,” which can include one-, three- or six- month SOFR), or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate), at the borrower’s option, and which reset periodically based on the terms of the loan agreement.
(8)The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan.
(10)The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2023 was 5.35%.
(11)The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2023 was 5.33%.
(12)The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2023 was 5.16%.
The table below presents selected balance sheet information for OBDC SLF as of the following periods:
| ($ in thousands) | June 30, 2024 (Unaudited) | December 31, 2023 |
|---|---|---|
| Assets | ||
| Investments at fair value (amortized cost of $1,150,663 and $1,101,110, respectively) | $1,133,222 | $1,087,898 |
| Cash | 62,763 | 37,617 |
| Interest receivable | 8,149 | 7,734 |
| Prepaid expenses and other assets | 32,223 | 6,992 |
| Total Assets | $1,236,357 | $1,140,241 |
| Liabilities | ||
| Debt (net of unamortized debt issuance costs of $4,260 and $4,930, respectively) | $696,289 | $721,953 |
| Distributions payable | 16,387 | 14,832 |
| Payable for investments purchased | 74,871 | — |
| Accrued expenses and other liabilities | 10,885 | 11,701 |
| Total Liabilities | $798,432 | $748,486 |
| Members' Equity | ||
| Members' Equity | 437,925 | 391,755 |
| Members' Equity | 437,925 | 391,755 |
| Total Liabilities and Members' Equity | $1,236,357 | $1,140,241 |
The table below presents selected statement of operations information for OBDC SLF for the following periods:
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||
|---|---|---|---|---|
| ($ in thousands) | 2024 | 2023 | 2024 | 2023 |
| Investment Income | ||||
| Interest income | $29,390 | $26,866 | $61,198 | $50,509 |
| Other income | 931 | 66 | 1,031 | 130 |
| Total Investment Income | 30,321 | 26,932 | 62,229 | 50,639 |
| Expenses | ||||
| Interest expense | 13,429 | 12,737 | 27,356 | 24,056 |
| Professional fees | 275 | 246 | 489 | 488 |
| Total Expenses | 13,704 | 12,983 | 27,845 | 24,544 |
| Net Investment Income Before Taxes | 16,617 | 13,949 | 34,384 | 26,095 |
| Tax expense (benefit) | 110 | 482 | 284 | 1,191 |
| Net Investment Income After Taxes | $16,507 | $13,467 | $34,100 | $24,904 |
| Net Realized and Change in Unrealized Gain (Loss) on Investments | ||||
| Net change in unrealized gain (loss) on investments | (3,699) | 1,903 | (4,229) | 10,578 |
| Net realized gain on investments | 8 | (1,668) | (564) | (1,645) |
| Total Net Realized and Change in Unrealized Gain (Loss) on Investments | (3,691) | 235 | (4,793) | 8,933 |
| Net Increase in Members' Equity Resulting from Operations | $12,816 | $13,702 | $29,307 | $33,837 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.