Blue Owl Capital Corp

For the period ended Sep 30, 2025. Filed Nov 5, 2025.

About this filing

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.

Sep 30, 2025 · Filed Nov 5, 2025

OBDC$11.17+2.1%Stored close · as of Nov 9, 2026

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Contents

Item 4.

Note 6. Fair Value of Investments

Investments

The tables below present the fair value hierarchy of investments as of the following periods:

	Level 1	Level 2	Level 3	Total
Cash (including restricted and foreign cash)	$321,299	$—	$—	$321,299
Investments:
First-lien senior secured debt investments	$—	$41,066	$12,714,640	$12,755,706
Second-lien senior secured debt investments	—	35,711	835,770	871,481
Unsecured debt investments	—	—	391,717	391,717
Specialty finance debt investments	—	—	155,201	155,201
Preferred equity investments	—	—	565,961	565,961
Common equity investments	—	7,155	584,217	591,372
Specialty finance equity investments	—	—	1,078,313	1,078,313
Subtotal	—	83,932	16,325,819	16,409,751
Investments measured at Net Asset Value ("NAV")(1)	—	—	—	726,797
Total Investments at Fair Value	$—	$83,932	$16,325,819	$17,136,548
Derivatives:
Interest rate swaps	$—	$1,691	$—	$1,691
Foreign currency forward contracts	$—	$(1,293)	$—	$(1,293)

(1)Includes investments in Credit SLF, LSI Financing LLC and BOCSO which are measured at fair value using the NAV per share (or its equivalent) practical expedient and has not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

	Level 1	Level 2	Level 3	Total
Cash (including restricted and foreign cash)	$514,156	$—	$—	$514,156
Investments:
First-lien senior secured debt investments	$—	$87,260	$9,796,885	$9,884,145
Second-lien senior secured debt investments	—	46,740	660,060	706,800
Unsecured debt investments	—	—	301,956	301,956
Specialty finance debt investments	—	—	90,735	90,735
Preferred equity investments	—	—	366,973	366,973
Common equity investments	912	—	550,886	551,798
Specialty finance equity investments	—	—	799,766	799,766
Subtotal	912	134,000	12,567,261	12,702,173
Investments measured at Net Asset Value ("NAV")(1)	—	—	—	492,372
Total Investments at fair value	$912	$134,000	$12,567,261	$13,194,545
Derivatives:
Interest rate swaps	$—	$(38,241)	$—	$(38,241)

(1)Includes investments in Credit SLF and LSI Financing LLC which are measured at fair value using the NAV per share (or its equivalent) practical expedient and has not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

The tables below present the changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the following periods:

	As of and for the Three Months Ended September 30, 2025
Debt Investments · Equity Investments
	First-lien senior secured	Second-lien senior secured	Unsecured	Specialty finance	Preferred	Common	Specialty finance	Total
Fair value, beginning of period	$12,598,969	$863,667	$374,693	$132,173	$553,787	$564,845	$1,032,677	$16,120,811
Purchases of investments, net	699,184	—	4,707	20,418	12,465	12,373	40,871	790,018
Payment-in-kind	14,690	3,330	12,840	2,610	9,697	273	—	43,440
Proceeds from investments, net	(561,658)	—	—	—	(2,448)	(4,694)	(6,000)	(574,800)
Net change in unrealized gain (loss)	(58,161)	(32,305)	(654)	(18)	(8,095)	11,081	10,765	(77,387)
Net realized gain (loss)	1,105	—	—	—	24	339	—	1,468
Net amortization/accretion of discount/premium on investments	20,511	1,078	131	18	531	—	—	22,269
Fair Value, End of Period	$12,714,640	$835,770	$391,717	$155,201	$565,961	$584,217	$1,078,313	$16,325,819

	As of and for the Nine Months Ended September 30, 2025
Debt Investments · Equity Investments
	First-lien senior secured	Second-lien senior secured	Unsecured	Specialty finance	Preferred	Common	Specialty finance	Total
Fair value, beginning of period	$9,796,885	$660,058	$301,956	$90,736	$366,972	$550,886	$799,769	$12,567,262
Purchases of investments, net	1,901,024	141,010	4,708	46,009	59,397	16,760	160,085	2,328,993
Payment-in-kind	55,351	18,833	36,309	3,354	35,849	795	—	150,491
Proceeds from investments, net	(2,444,990)	(129,183)	(33,743)	—	(17,806)	(82,080)	(11,449)	(2,719,251)
Net change in unrealized gain (loss)	(81,580)	54,998	16,776	292	(9,349)	(5,201)	53,553	29,489
Net realized gain (loss)	(5,440)	(102,791)	(1,212)	—	176	22,558	1,118	(85,591)
Net amortization/accretion of discount/premium on investments	71,638	5,564	759	31	1,840	—	—	79,832
Transfers into (out of) Level 3(1)	(29,148)	9,746	—	—	—	(3,091)	—	(22,493)
Transfers in from the OBDE Mergers	3,450,900	177,535	66,164	14,779	128,882	83,590	75,237	3,997,087
Fair Value, End of Period	$12,714,640	$835,770	$391,717	$155,201	$565,961	$584,217	$1,078,313	$16,325,819

(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the nine months ended September 30, 2025, transfers into/(out of) Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.

	As of and for the Three Months Ended September 30, 2024
Debt Investments · Equity Investments
First-lien senior secured · Second-lien senior secured · Unsecured · Specialty finance · Preferred · Common · Specialty finance · Total
Fair value, beginning of period	$9,913,086	$747,823	$289,478	$68,617	$370,317	$497,344		$851,149		$12,737,814
Purchases of investments, net	658,083	—	—	13,468	1,099	—		50,538		723,188
Payment-in-kind	26,325	4,919	10,329	359	10,973	204		—		53,109
Proceeds from investments, net	(532,061)	(80,960)	—	—	(24,305)	(529)		(21,536)		(659,391)
Net change in unrealized gain (loss)	23,862	(17,571)	7,293	—	423	10,073		7,351		31,431
Net realized gains (losses)	(56,615)	—	—	—	1,145		—		(55,470)
Net amortization of discount on investments	11,769	974	64	—	736	—		—		13,543
Transfers between investment types	(16,742)	—	—	—	—	16,742		—		—
Fair Value, End of Period	$10,027,707	$655,185	$307,164	$82,444	$360,388	$523,834		$887,502		$12,844,224

	As of and for the Nine Months Ended September 30, 2024
Debt Investments · Equity Investments
	First-lien senior secured	Second-lien senior secured	Unsecured	Specialty finance	Preferred	Common	Specialty finance	Total
Fair value, beginning of period	$8,574,256	$1,675,269	$280,958	$86,498	$413,310	$533,010	$694,660	$12,257,961
Purchases of investments, net	3,133,885	—	68,072	14,390	8,325	32,455	211,952	3,469,079
Payment-in-kind	82,160	11,201	28,478	1,077	31,466	590	—	154,972
Proceeds from investments, net	(1,706,736)	(971,442)	(137,677)	(19,521)	(30,028)	(32,815)	(49,898)	(2,948,117)
Net change in unrealized gain (loss)	(9,560)	(67,287)	15,377	—	(2,417)	14,646	30,788	(18,453)
Net realized gains (losses)	(62,771)	(2,146)	(12,721)	—	1,145	—	—	(76,493)
Net amortization of discount on investments	33,215	9,590	815	—	2,449	—	—	46,069
Transfers between investment types	(16,742)	—	63,862	—	(63,862)	16,742	—	—
Transfers into (out of) Level 3(1)	—	—	—	—	—	(40,794)	—	(40,794)
Fair Value, End of Period	$10,027,707	$655,185	$307,164	$82,444	$360,388	$523,834	$887,502	$12,844,224

(1)Transfers into (out of) Level 3 were a result of an investment measured at net asset value which is no longer categorized within the fair value hierarchy.

The tables below present the net change in unrealized gains on investments for which Level 3 inputs were used in determining the fair value that are still held by the Company for the following periods:

	Net Change in Unrealized Gain (Loss) for the Three Months Ended September 30, 2025 on Investments Held at September 30, 2025	Net Change in Unrealized Gain (Loss) for the Three Months Ended September 30, 2024 on Investments Held at September 30, 2024
First-lien senior secured debt investments	$(58,162)	$(29,429)
Second-lien senior secured debt investments	(32,305)	(16,856)
Unsecured debt investments	(654)	7,293
Specialty finance debt investments	(18)	—
Preferred equity investments	(8,095)	2,095
Common equity investments	11,081	10,073
Specialty finance equity investments	10,765	7,351
Total Investments	$(77,388)	$(19,473)

	Net Change in Unrealized Gain (Loss) for the Nine Months Ended September 30, 2025 on Investments Held at September 30, 2025	Net Change in Unrealized Gain (Loss) for the Nine Months Ended September 30, 2024 on Investments Held at September 30, 2024
First-lien senior secured debt investments	$(98,831)	$(6,229)
Second-lien senior secured debt investments	(49,203)	(61,463)
Unsecured debt investments	16,776	15,377
Specialty finance debt investments	292	—
Preferred equity investments	(9,349)	653
Common equity investments	25,761	14,641
Specialty finance equity investments	53,553	29,180
Total Investments	$(61,001)	$(7,841)

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of the following periods. The weighted average range of unobservable inputs is based on fair value of investments. The tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.

As of September 30, 2025
Fair Value · Valuation Technique · Unobservable Input · (Range) Weighted Average · Impact to Valuation from an Increase in Input
First-lien senior secured debt investments	$11,785,691			Yield Analysis		Market Yield		(6.4% - 33.5%) 9.9%	Decrease
286,493		Collateral Analysis		Recovery Rate		(0.0% - 100.0%) 56.8%		Increase
642,456		Recent Transaction		Transaction Price		(98.5% - 103.3%) 99.4%		Increase
Second-lien senior secured debt investments	$835,770			Yield Analysis		Market Yield		(9.3% - 40.0%) 16.7%	Decrease
Unsecured debt investments	$378,351			Yield Analysis		Market Yield		(8.5% - 18.2%) 12.6%	Decrease
4,694		Recent Transaction		Transaction Price		(100.0% - 100.0%) 100.0%		Decrease
8,672		Market Approach		EBITDA Multiple		(12.0x - 12.0x) 12.0x		Increase
Specialty finance debt investments	$155,201			Yield Analysis		Market Yield		(11.8% - 11.8%) 11.8%	Decrease
Preferred equity investments	$556,587			Yield Analysis		Market Yield		(11.7% - 37.9%) 15.6%	Decrease
9,171		Recent Transaction		Transaction Price		(100.0% - 100.0%) 100.0%		Increase
203		Market Approach		Revenue Multiple		(11.8x - 11.8x) 11.8x		Increase
Common equity investments	$500,194			Market Approach		EBITDA Multiple		(1.0x - 18.5x) 10.1x	Increase
45,340		Market Approach		Revenue Multiple		(6.3x - 13.0x) 11.0x		Increase
12,043		Recent Transaction		Transaction Price		($96.84 - $96.84) $96.84		Increase
12,098		Recent Transaction		Transaction Price		99.5% - 99.5% (99.5%)		Increase
13,708		Yield Analysis		Market Yield		(8.6% - 8.6%) 8.6%		Decrease
165		Market Approach		Gross Profit Multiple		(9.0x - 9.0x) 9.0x		Increase
669		Option Pricing Model		Volatility		(60.0% - 70.0%) 69.9%		Increase
Specialty finance equity investments	$572,569			Market Approach		EBITDA Multiple		1.3x - 1.3x (1.3x)	Increase
398,015	Market Approach		AUM Multiple		1.1x - 1.1x (1.1x)		Increase
98,731	Market Approach		N/A(1)		N/A		N/A
6,422	Yield Analysis		Market Yield		11.8% - 11.8% (11.8%)		Decrease
2,576	Discounted Cash Flow Analysis		Discounted Factor		20.0% - 20.0% (20.0%)		Decrease

(1)Fair value based on a weighting of the appraised value of the portfolio company’s underlying assets and their cost.

	Fair Value	Valuation Technique	Unobservable Input	Range (Weighted Average)	Impact to Valuation from an Increase in Input
First-lien senior secured debt investments	$9,257,126	Yield Analysis	Market Yield	(6.8% - 35.2%) 11.3%	Decrease
	64,659	Collateral Analysis	Recovery Rate	(13.5% - 62.5%) 49.5%	Increase
	475,100	Recent Transaction	Transaction Price	(98.3% - 100.0%) 99.0%	Increase
Second-lien senior secured debt investments	$655,188	Yield Analysis	Market Yield	(11.4% - 19.8%) 16.1%	Decrease
	4,872	Collateral Analysis	Recovery Rate	(0.0% - 4.0%) 4.0%	Increase
Unsecured debt investments	$295,601	Yield Analysis	Market Yield	(8.6% - 18.1%) 13.1%	Decrease
	6,355	Market Approach	EBITDA Multiple	(11.8x - 11.8x) 11.8x	Increase
Specialty finance debt investments	$90,735	Yield Analysis	Market Yield	(12.3% - 12.3%) 12.3%	Decrease
Preferred equity investments	$358,070	Yield Analysis	Market Yield	(13.2% - 37.1%) 18.0%	Decrease
	8,751	Market Approach	EBITDA Multiple	(7.1x - 7.1x) 7.1x	Increase
	152	Market Approach	Revenue Multiple	(8.5x - 8.5x) 8.5x	Increase
Common equity investments	$491,428	Market Approach	EBITDA Multiple	(3.3x - 20.0x) 9.7x	Increase
	38,412	Market Approach	Revenue Multiple	(5.3x - 14.5x) 11.4x	Increase
	10,011	Market Approach	Transaction Price	($96.84 - $96.84) $96.84	Increase
	10,498	Yield Analysis	Market Yield	(8.5% - 8.5%) 8.5%	Decrease
	180	Market Approach	Gross Profit Multiple	(10.0x - 10.0x) 10.0x	Increase
	357	Option Pricing Model	Volatility	(60.0% - 70.0%) 69.8%	Increase
Specialty finance equity investments	$508,887	Market Approach	EBITDA Multiple	1.20x	Increase
	223,274	Market Approach	AUM Multiple	1.10x	Increase
	62,056	Market Approach	N/A	N/A	N/A
	4,771	Yield Analysis	Market Yield	(12.3% - 12.3%) 12.3%	Decrease
	778	Discounted Cash Flow Analysis	Discounted Factor	(20.0% - 20.0%) 20.0%	Decrease

The Company typically determines the fair value of its performing Level 3 debt investments utilizing a yield analysis. In a yield analysis, a price is ascribed for each investment based upon an assessment of current and expected market yields for similar investments and risk profiles. Additional consideration is given to the expected life, portfolio company performance since close, and other terms and risks associated with an investment. Among other factors, a determinant of risk is the amount of leverage used by the portfolio company relative to its total enterprise value, and the rights and remedies of the Company’s investment within the portfolio company’s capital structure.

When the debtor is not performing or when there is insufficient value to cover the investment, the Company may utilize a net recovery approach to determine the fair value of debt investments in subject companies. A net recovery analysis typically consists of two steps. First, the total enterprise value for the subject company is estimated using standard valuation approaches, most commonly the market approach. Second, the fair value for each investment in the subject company is then estimated by allocating the subject company’s total enterprise value to the outstanding securities in the capital structure based upon various factors, including seniority, preferences, and other features if deemed relevant to each security in the capital structure.

Significant unobservable quantitative inputs typically used in the fair value measurement of the Company’s Level 3 debt investments primarily include current market yields, including relevant market indices, but may also include quotes from brokers, dealers, and pricing services as indicated by comparable investments. For the Company’s Level 3 equity investments, a market approach, based on comparable financial performance multiples such as publicly-traded company and comparable market transaction multiples of revenues, earnings before income taxes, depreciation and amortization (“EBITDA”), or some combination thereof and comparable market transactions typically would be used.

Debt Not Carried at Fair Value

Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings, or market quotes, if available. The table below presents the carrying and fair values of the Company’s debt obligations as of the following periods:

	As of September 30, 2025			As of December 31, 2024
	Net Carrying Value	Debt Issuance Costs	Fair Value	Net Carrying Value	Debt Issuance Costs	Fair Value
Revolving Credit Facility	$1,192,780	$(29,220)	$1,192,780	$269,919	$(22,426)	$269,919
SPV Asset Facility II	156,002	(5,698)	156,002	296,227	(3,773)	296,227
SPV Asset Facility V	388,699	(5,301)	388,699	—	—	—
SPV Asset Facility VI	295,699	(4,301)	295,699	—	—	—
SPV Asset Facility VII	208,274	(1,726)	208,274	—	—	—
CLO I	386,414	(3,586)	386,414	386,183	(3,817)	386,183
CLO II	—	—	—	257,770	(2,230)	257,770
CLO III	258,220	(1,780)	258,220	258,138	(1,862)	258,138
CLO IV	288,949	(3,551)	288,949	288,694	(3,806)	288,694
CLO V	507,500	(2,125)	507,500	507,315	(2,310)	507,315
CLO VII	328,330	(2,170)	328,330	237,538	(1,612)	237,538
CLO X	270,349	(1,651)	270,349	258,322	(1,678)	258,322
CLO XIV	258,382	(1,618)	258,382	—
2025 Notes	—	—	—	424,579	(421)	423,938
July 2025 Notes	—	—	—	498,952	(1,048)	496,250
2026 Notes	499,318	(682)	498,750	497,572	(2,428)	495,000
July 2026 Notes	996,039	(3,961)	990,000	992,360	(7,640)	970,000
2027 Notes	479,508	(2,617)	486,250	465,449	(4,101)	476,250
April 2027 Notes	323,713	(1,287)	316,063	—	—	—
July 2027 Notes	248,397	(1,603)	250,000	—	—	—
2028 Notes	842,800	(7,200)	803,250	840,888	(9,112)	782,000
June 2028 Notes	99,356	(644)	100,000	—	—	—
2029 Notes	1,003,108	(9,084)	1,020,000	977,796	(16,099)	1,017,500
2030 Notes	496,688	(10,507)	513,750	—	—	—
Total Debt	$9,528,525	$(100,312)	$9,517,661	$7,457,702	$(84,363)	$7,421,044

The below table presents the fair value measurements of the Company’s debt obligations as of the following periods:

	As of September 30, 2025	As of December 31, 2024
Level 1	$—	$—
Level 2	4,978,063	4,660,938
Level 3	4,539,598	2,760,106
Total Debt	$9,517,661	$7,421,044

Financial Instruments Not Carried at Fair Value

As of September 30, 2025 and December 31, 2024, the carrying amounts of the Company’s other assets and liabilities approximate fair value due to their short maturities. These financial instruments would be categorized as Level 3 within the hierarchy.

Note 7. Derivative Instruments

The Company enters into derivative instruments from time to time to help mitigate its foreign currency and interest rate risk exposures. See Note 6 – “Fair Value of Investments” for additional disclosures related to the fair value hierarchy for derivative instruments.

The table below presents the fair value and notional value of the derivative assets and liabilities for the following periods:

As of September 30, 2025 · As of December 31, 2024
Notional Amount · Assets · Liabilities · Notional Amount · Assets · Liabilities
Derivatives designated as hedges
Interest rate swaps 2027 Notes	$500,000		$—		$(17,227)	$500,000		$—		$(31,831)
Interest rate swaps 2029 Notes	$600,000		4,079		—	$600,000		—		(5,154)
Interest rate swaps 2029 Notes	$400,000		7,729		—	$400,000		—		(1,256)
Interest rate swaps 2030 Notes	$500,000		7,110		—	$—		—		—
Total derivatives designated as hedges(1)(2)		$18,918		$(17,227)			$—		$(38,241)
Derivatives not designated as hedges
Foreign currency forward contract GBP	£94,190		$126,248		$(126,633)
Foreign currency forward contract EUR	€213,971		253,824		(254,709)
Foreign currency forward contract AUD	A$2,580		1,685		(1,708)
Total derivatives not designated as hedges		$381,757		$(383,050)

(1)The net fair value of the derivatives designated as hedges is recorded as an asset or liability in the Consolidated Statements of Assets and Liabilities.

(2)The Company’s unsecured notes, that are designated in a qualifying hedging relationship, had carrying value of $2.0 billion and $1.4 billion, net of the related cumulative hedging adjustments that represented an increase (decrease) to the carrying value of the notes of $1.5 million and $(36.6) million, as of September 30, 2025 and December 31, 2024, respectively.

The Company did not hold any foreign currency forward contracts as of December 31, 2024.

The tables below present net unrealized gains and losses on effective interest rate swaps and hedged items included in interest expense for the following periods:

Three Months Ended September 30, 2025 · Nine Months Ended September 30, 2025
Change in Unrealized Gain (Loss) on: · Change in Unrealized Gain (Loss) on:
Interest Rate Swaps · Hedged Items · Net · Interest Rate Swaps · Hedged Items · Net
Derivatives designated as hedges
Interest rate swaps 2027 Notes	$3,842	$(3,965)	$(123)		$14,604	$(12,576)	$2,028
Interest rate swaps 2029 Notes	$(4,268)	$3,995	(273)		$9,233	$(9,110)	123
Interest rate swaps 2029 Notes	$173	$(182)	(9)		$8,985	$(9,186)	(201)
Interest rate swaps 2030 Notes	$686	$(761)	(75)		$7,110	$(7,195)	(85)
Net change in unrealized gain (loss) on interest rate swaps and hedged items(1)	$(480)			$1,865

(1) Recorded and recognized as components of interest expense in the Consolidated Statements of Operations.

On July 29, 2025, the centrally cleared interest rate swap hedging the 2029 Notes with the notional amount of $600 million was terminated and replaced with a bilateral interest rate swap with identical notional, fixed rate and termination date. See Note 5. Debt for more details. As a result of the termination, a gain of $0.05 million was realized for the three and nine months ended September 30, 2025 and recorded as a component of interest expense in the Consolidated Statements of Operations.

Three Months Ended September 30, 2024 · Nine Months Ended September 30, 2024
Change in Unrealized Gain (Loss) on: · Change in Unrealized Gain (Loss) on:
Interest Rate Swaps · Hedged Items · Net · Interest Rate Swaps · Hedged Items · Net
Derivatives designated as hedges
Interest rate swaps 2024 Notes	$—	$—	$—		$3,574	$(3,400)	$174
Interest rate swaps 2027 Notes	$15,011	$(14,375)	636		$13,598	$(12,638)	960
Interest rate swaps 2029 Notes	$21,495	$(20,128)	1,367		$13,351	$(12,638)	713
Net change in unrealized (gain) loss on interest rate swaps and hedged items(1)	$2,003			$1,847

(1) Recorded and recognized as components of interest expense in the Consolidated Statements of Operations.

The table below presents net realized and unrealized gains and losses on derivative instruments not designated as a qualifying hedge accounting relationship recognized by the Company for the following periods:

Three Months Ended September 30, 2025 · Nine Months Ended September 30, 2025
Net Change in Unrealized Gain (Loss) · Net Realized Gain (Loss) · Net · Net Change in Unrealized Gain (Loss) · Net Realized Gain (Loss) · Net
Derivatives not designated as hedges
Foreign currency forward contract GBP	$838	$2,018		$2,856	$(385)		$2,018	$1,633
Foreign currency forward contract EUR	$3,421	$(86)		3,335	$(885)		$(86)	(971)
Foreign currency forward contract AUD	$(12)	$6		(6)	$(23)		$6	(17)
Total net unrealized and realized gain (loss)(1)			$6,185			$645

(1) Recorded and recognized as components of translation of assets and liabilities in foreign currencies and other transactions in the Consolidated Statements of Operations.

The Company did not hold any foreign currency forward contracts for the three and nine months ended September 30, 2024.

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