Blue Owl Capital Corp
For the period ended Mar 31, 2025. Filed May 7, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 7, 2025
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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:
| March 31, 2025 | December 31, 2024 | |||
|---|---|---|---|---|
| ($ in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value |
| First-lien senior secured debt investments(4) | $13,755,798 | $13,703,893 | $10,079,065 | $9,974,880 |
| Second-lien senior secured debt investments | 938,296 | 891,935 | 877,564 | 706,800 |
| Unsecured debt investments | 370,910 | 377,711 | 303,418 | 301,956 |
| Preferred equity investments(3) | 551,288 | 550,927 | 375,749 | 371,744 |
| Common equity investments(1) | 1,460,276 | 1,797,988 | 1,240,171 | 1,543,689 |
| Joint ventures(2) | 381,198 | 369,552 | 293,423 | 295,476 |
| Total Investments | $17,457,766 | $17,692,006 | $13,169,390 | $13,194,545 |
(1)Includes equity investments in Wingspire, Amergin AssetCo, Fifth Season and LSI Financing LLC.
(2)Includes equity investment in Credit SLF. See below, within Note 4, for more information.
(3)Includes equity investments in LSI Financing DAC.
(4)Includes debt investments in Amergin AssetCo.
The table below presents the industry composition of investments based on fair value as of the following periods:
| March 31, 2025 | December 31, 2024 | |
|---|---|---|
| Advertising and media | 2.2% | 2.8% |
| Aerospace and defense | 2.0 | 2.4 |
| Asset based lending and fund finance(1) | 5.0 | 5.9 |
| Automotive services | 2.4 | 2.1 |
| Buildings and real estate | 3.7 | 3.9 |
| Business services | 5.2 | 4.7 |
| Chemicals | 3.1 | 3.1 |
| Consumer products | 3.7 | 3.6 |
| Containers and packaging | 2.6 | 1.4 |
| Distribution | 2.4 | 2.5 |
| Education | 0.4 | 0.4 |
| Energy equipment and services | 0.4 | 0.4 |
| Financial services | 2.8 | 3.5 |
| Food and beverage | 6.5 | 7.3 |
| Healthcare equipment and services | 4.4 | 3.7 |
| Healthcare providers and services | 7.6 | 6.3 |
| Healthcare technology | 6.5 | 6.2 |
| Household products | 1.3 | 1.7 |
| Human resource support services | 1.8 | 1.4 |
| Infrastructure and environmental services | 1.7 | 2.0 |
| Insurance(3) | 7.5 | 7.6 |
| Internet software and services | 10.9 | 10.5 |
| Joint ventures(2) | 2.1 | 2.2 |
| Leisure and entertainment | 1.7 | 1.8 |
| Manufacturing | 5.2 | 5.9 |
| Pharmaceuticals(4) | 0.9 | 1.2 |
| Professional services | 2.6 | 2.6 |
| Specialty retail | 2.8 | 2.2 |
| Telecommunications | 0.2 | 0.1 |
| Transportation | 0.4 | 0.6 |
| Total | 100.0% | 100.0% |
(1)Includes equity investment in Wingspire and debt and equity investments in Amergin AssetCo.
(2)Includes equity investment in Credit SLF. See below, within Note 4, for more information.
(3)Includes equity investment in Fifth Season.
(4)Includes equity investments in LSI Financing DAC and LSI Financing LLC.
The table below presents the geographic composition of investments based on fair value as of the following periods:
| March 31, 2025 | December 31, 2024 | |
|---|---|---|
| United States: | ||
| Midwest | 21.7% | 19.7% |
| Northeast | 17.9 | 18.6 |
| South | 35.4 | 34.1 |
| West | 18.8 | 20.0 |
| International | 6.2 | 7.6 |
| Total | 100.0% | 100.0% |
Blue Owl Credit SLF LLC
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 (“OSTRS”) (each, a “Credit Member” and collectively, the “Credit Members”). Credit SLF has no Class B Members as of March 31, 2025. 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 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 $2.4 million respectively.
The Company’s investment in Credit SLF is a co-investment made with its affiliates in accordance with the terms of the exemptive relief that it received from the SEC. Credit SLF’s investments at fair value are determined in accordance with FASB ASC 820, as amended; however, such fair value is not included in the Company's valuation process.
Other than for purposes of the 1940 Act, the Company does not believe it has control over this portfolio company. Accordingly, the Company does not consolidate its non-controlling interest in Credit SLF.
As of March 31, 2025, the capital commitment and economic ownership of each Credit SLF Member is as follows:
| Members | Capital Commitment | Economic Ownership Interest |
|---|---|---|
| ($ in thousands) | ||
| Blue Owl Capital Corporation | $780,468 | 85.4% |
| Blue Owl Capital Corporation II | 500 | 0.1% |
| Blue Owl Credit Income Corp. | 11,250 | 1.2% |
| Blue Owl Technology Finance Corp. | 5,000 | 0.5% |
| Blue Owl Technology Income Corp. | 2,500 | 0.3% |
| State Teachers Retirement System of Ohio | 114,245 | 12.5% |
| Total | $913,963 | 100.0% |
The table below sets forth Credit SLF's consolidated financial data as of and for the following periods:
| As of | ||
|---|---|---|
| ($ in thousands) | March 31, 2025 | December 31, 2024 |
| Consolidated Balance Sheet Data | ||
| Cash | $231,574 | $17,354 |
| Investments at fair value | $1,542,540 | $1,164,473 |
| Total Assets | $1,793,067 | $1,196,367 |
| Total Debt (net of unamortized debt issuance costs) | $1,123,081 | $750,610 |
| Total Liabilities | $1,360,268 | $847,556 |
| Total Credit SLF Members' Equity | $432,799 | $348,811 |
| For the Three Months Ended March 31, | |
|---|---|
| ($ in thousands) | 2025 |
| Consolidated Statement of Operations Data | |
| Income | |
| Investment income | $23,696 |
| Expenses | |
| Net operating expenses | 13,659 |
| Net investment income (loss) | $10,037 |
| Total net realized and unrealized gain (loss) | (16,103) |
| Net increase (decrease) in Credit SLF Members' Equity resulting from operations | $(6,066) |
The Company's proportional share of Credit SLF's generated distributions for the following period:
| For the Three Months Ended March 31, | |
|---|---|
| ($ in thousands) | 2025 |
| Dividend Income | $8,517 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.