Blue Owl Capital Corp
For the period ended Sep 30, 2026. Filed Nov 4, 2026.
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Sep 30, 2026 · Filed Nov 4, 2026
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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:
| As of September 30, 2026 | As of December 31, 2025 | |||
|---|---|---|---|---|
| Amortized Cost | Fair Value | Amortized Cost | Fair Value | |
| First-lien senior secured debt investments | $11,268,653 | $11,017,777 | $12,215,994 | $12,048,934 |
| Second-lien senior secured debt investments | 950,007 | 699,233 | 975,790 | 848,575 |
| Unsecured debt investments | 381,459 | 389,154 | 384,569 | 399,962 |
| Specialty finance debt investments | 178,706 | 178,964 | 157,004 | 157,297 |
| Preferred equity investments | 313,843 | 275,703 | 592,714 | 568,977 |
| Common equity investments | 468,282 | 713,998 | 473,881 | 644,304 |
| Specialty finance equity investments | 1,225,497 | 1,407,540 | 1,195,614 | 1,386,739 |
| Joint ventures | 447,324 | 413,558 | 422,213 | 416,105 |
| Total Investments | $15,233,771 | $15,095,927 | $16,417,779 | $16,470,893 |
The table below presents the industry composition of investments based on fair value as of the following periods:
| As of September 30, 2026 | As of December 31, 2025 | |
|---|---|---|
| Advertising and media | 2.6% | 2.4% |
| Aerospace and defense | 1.3 | 1.4 |
| Asset based lending and fund finance(1) | 7.5 | 6.5 |
| Automotive services | 2.5 | 3.3 |
| Buildings and real estate(5) | 4.4 | 4.6 |
| Business services | 2.9 | 2.7 |
| Chemicals | 3.7 | 3.3 |
| Consumer products | 2.4 | 2.3 |
| Containers and packaging | 3.0 | 2.8 |
| Distribution | 1.6 | 1.3 |
| Education | 0.1 | 0.3 |
| Energy equipment and services | — | 0.5 |
| Financial services | 3.9 | 3.8 |
| Food and beverage | 4.8 | 5.0 |
| Healthcare equipment and services | 4.3 | 4.4 |
| Healthcare providers and services | 8.4 | 9.0 |
| Healthcare technology | 5.8 | 6.3 |
| Household products | 1.8 | 1.7 |
| Human resource support services | 1.6 | 2.0 |
| Infrastructure and environmental services | 3.4 | 2.3 |
| Insurance(3) | 6.4 | 6.3 |
| Internet software and services | 11.8 | 11.1 |
| Joint ventures(2) | 2.7 | 2.5 |
| Leisure and entertainment | 2.8 | 2.0 |
| Manufacturing | 3.8 | 5.3 |
| Pharmaceuticals(4) | 1.9 | 1.3 |
| Professional services | 2.4 | 2.9 |
| Specialty retail | 1.7 | 2.1 |
| Telecommunications | 0.1 | 0.1 |
| Transportation | 0.4 | 0.5 |
| Total | 100.0% | 100.0% |
(1)Includes investments in Wingspire, BOCSO and Amergin AssetCo.
(2)Includes investments in Credit SLF and Blue Owl Leasing. See below, within Note 4, for more information about Credit SLF and Blue Owl Leasing.
(3)Includes investment in Fifth Season.
(4)Includes investments in LSI Financing DAC and LSI Financing LLC.
(5)Includes investment in Owl-HP Finance.
The table below presents the geographic composition of investments based on fair value as of the following periods:
| As of September 30, 2026 | As of December 31, 2025 | |
|---|---|---|
| United States: | ||
| Midwest | 20.7% | 20.6% |
| Northeast | 19.4 | 21.2 |
| South | 37.1 | 36.8 |
| West | 15.0 | 14.8 |
| International | 7.8 | 6.6 |
| Total | 100.0% | 100.0% |
Joint Ventures
Blue Owl Credit SLF LLC
Credit SLF, 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 (each, a “Credit SLF Member” and collectively, the “Credit SLF Members”).
Credit SLF makes investments primarily in senior secured broadly syndicated loans to U.S. middle market companies. It was formed in May 2024 and made its first portfolio company investment in July 2024.
Credit SLF is managed by a board of directors comprised of an equal number of directors appointed by each Credit SLF 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.
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.
Other than for purposes of the 1940 Act, the Company does not believe it has control over Credit SLF. Accordingly, the Company does not consolidate its non-controlling interest in Credit SLF.
The Company’s initial capital commitment to and economic ownership in Credit SLF was$24.5 million and 42.8%, respectively.
As of September 30, 2026, the Company had committed$446.5 million of capital to Credit SLF.
On January 13, 2025, in connection with the OBDE Mergers, the Company assumed OBDE’s capital commitment to and economic ownership in Credit SLF of approximately $6.3 million and 0.7% respectively. On May 15, 2025, the Credit SLF Members modified their capital commitments to Credit SLF and the Company’s capital commitment was reduced to $404.1 million. On September 4, 2025, certain Credit SLF Members increased their capital commitments to Credit SLF and the Company’s capital commitment was increased to $427.1 million. In the first quarter of 2026, certain Credit SLF Members further increased their capital commitments to Credit SLF and the Company’s capital commitment was increased to $446.5 million all of which was funded as of September 30, 2026.
As of September 30, 2026, the capital commitment and economic ownership of each Credit SLF Member is as follows:
| Members | Capital Commitment | Net Contributed Capital | Economic Ownership Interest(1) |
|---|---|---|---|
| Blue Owl Capital Corporation | $446,460 | $446,460 | 59.8% |
| Blue Owl Capital Corporation II(2) | 244 | 244 | 0.0% |
| Blue Owl Credit Income Corp. | 136,419 | 136,419 | 18.3% |
| Blue Owl Technology Finance Corp. | 53,812 | 53,812 | 7.2% |
| Blue Owl Technology Income Corp. | 16,161 | 16,161 | 2.2% |
| State Teachers Retirement System of Ohio | 93,299 | 93,299 | 12.5% |
| Total | $746,395 | $746,395 | 100.0% |
(1)This represents each equity holder’s ownership percentage at September 30, 2026 based on net contributed capital.
(2)Economic ownership interest for Blue Owl Capital Corporation II is 0.03%.
The table below sets forth Credit SLF’s consolidated financial data as of and for the following periods:
| As of September 30, 2026 | As of December 31, 2025 | |
|---|---|---|
| Consolidated Balance Sheet Data | ||
| Cash | $280,819 | $124,718 |
| Investments at fair value | 3,233,925 | 2,343,367 |
| Total Assets | 3,563,987 | 2,477,523 |
| Total Debt (net of unamortized debt issuance costs) | 2,536,069 | 1,728,363 |
| Total Liabilities | 2,868,241 | 1,863,454 |
| Total Credit SLF Members’ Equity | $695,746 | $614,069 |
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| Consolidated Statement of Operations Data | ||||
| Income | ||||
| Investment income | $49,699 | $38,037 | $132,756 | $93,154 |
| Expenses | ||||
| Net operating expenses | 32,238 | 22,351 | 83,454 | 54,491 |
| Net investment income (loss) | $17,461 | $15,686 | $49,302 | $38,663 |
| Total net realized and unrealized gain (loss) | 13,584 | (2,345) | (46,032) | (9,129) |
| Net increase (decrease) in Credit SLF Members’ Equity resulting from operations | $31,045 | $13,341 | $3,270 | $29,534 |
The Company’s proportional share of Credit SLF’s distributions for the following periods:
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| Dividend income | $10,606 | $11,983 | $29,859 | $30,670 |
Blue Owl Leasing LLC
Blue Owl Leasing 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. Blue Owl Alternative Credit Fund and California State Teachers Retirement System (each, a “Blue Owl Leasing Member” and collectively, the “Blue Owl Leasing Members”).
Blue Owl Leasing makes investments primarily in secured fixed-rate equipment leases and loans.
Blue Owl Leasing is managed by the Blue Owl Leasing Members who must unanimously approve investment decisions. Blue Owl Leasing Members coinvest through Blue Owl Leasing, or its wholly owned subsidiaries.
Other than for purposes of the 1940 Act, the Company does not believe it has control over Blue Owl Leasing. Accordingly, the Company does not consolidate its non-controlling interest in Blue Owl Leasing.
Blue Owl Leasing’s investments at fair value are determined in accordance with ASC 820, as amended; however, such fair value is not included in the Company’s valuation process.
As of September 30, 2026, the capital commitment, contributed capital and economic ownership of each Blue Owl Leasing Member is as follows:
| Members | Capital Commitment | Net Contributed Capital | Economic Ownership Interest(1) |
|---|---|---|---|
| Blue Owl Capital Corporation | $860 | $860 | 2.2% |
| Blue Owl Capital Corporation II | 90 | 90 | 0.2% |
| Blue Owl Credit Income Corp. | 30,952 | 1,900 | 4.7% |
| Blue Owl Technology Finance Corp. | 8,955 | 800 | 2.0% |
| Blue Owl Technology Income Corp. | 3,918 | 350 | 0.9% |
| Blue Owl Alternative Credit Fund | 31,000 | 31,000 | 77.5% |
| California State Teachers Retirement System | 10,825 | 5,000 | 12.5% |
| Total | $86,600 | $40,000 | 100.0% |
(1) This represents each equity holder’s ownership percentage at September 30, 2026, based on net contributed capital.
The table below sets forth Blue Owl Leasing’s consolidated financial data as of and for the following periods:
| As of September 30, 2026 | As of December 31, 2025(1) | |
|---|---|---|
| Consolidated Balance Sheet Data | ||
| Cash | $5,073 | $34,555 |
| Investments at fair value | 55,215 | 39,628 |
| Total Assets | 60,801 | 74,531 |
| Total Debt (net of unamortized debt issuance costs) | 20,151 | 9,754 |
| Total Liabilities | 21,224 | 10,076 |
| Total Blue Owl Leasing Members’ Equity | $39,577 | $64,455 |
(1)Blue Owl Leasing’s date of inception was June 30, 2025.
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |
|---|---|---|
| 2026 | 2026 | |
| Consolidated Statement of Operations Data | ||
| Income | ||
| Investment income | $1,136 | $3,223 |
| Expenses | ||
| Net operating expenses | 787 | 2,443 |
| Net investment income (loss) before taxes | $349 | $780 |
| Tax expense (benefit) | 8 | 8 |
| Net investment income (loss) after taxes | 341 | 772 |
| Total net realized and unrealized gain (loss) | (344) | (450) |
| Net Increase (Decrease) in Blue Owl Leasing Members’ Equity Resulting From Operations | $(3) | $322 |
The Company’s proportional share of Blue Owl Leasing’s distributions for the following periods:
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |
|---|---|---|
| 2026 | 2026 | |
| Dividend income | $8 | $12 |
Asset Sale
In February 2026, the Company sold a portion of its portfolio company investments with aggregate fair value of $357.6 million equivalent to 99.8% of par value to certain purchasers. Each investment sold represented a partial amount of the Company’s exposure to the respective portfolio company. The investments sold consisted of 91.9% first-lien investments,4.7% second-lien investments and 3.4% unsecured investments and include investments in 74 portfolio companies across 24 industries.98.3% of investments sold were floating rate. The investments sold had an average investment size of $4.8 million and a weighted average spread of 5.5% and consist of partial sales representing approximately 5.0% of the Company’s exposure to each underlying portfolio company as of December 31, 2025. As a result of the sale, the Company recognized a $1.7 million gain on the sale in the first quarter of 2026. The Company used the proceeds from the sale to repay indebtedness.
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