# EDGAR Filing Document

**Accession Number:** 0001655887
**File Stem:** 0001655887-25-000060
**Filing Date:** 2025-11
**Character Count:** 688536
**Document Hash:** 1a2dbe5c0372f68ce141521acccbb244
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001655887-25-000060.hdr.sgml**: 20251105

**ACCESSION NUMBER**: 0001655887-25-000060

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 86

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251105

**DATE AS OF CHANGE**: 20251105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Blue Owl Capital Corp II
- **CENTRAL INDEX KEY:** 0001655887

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01219
- **FILM NUMBER:** 251454709

**BUSINESS ADDRESS:**
- **STREET 1:** 399 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** (212) 419-3000

**MAIL ADDRESS:**
- **STREET 1:** 399 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Owl Rock Capital Corp II
- **DATE OF NAME CHANGE:** 20151016

?xml version='1.0' encoding='ASCII'? obdc-20250930

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

________________________________________________________________________________________________

**FORM 10-Q**

________________________________________________________________________________________________

⌧ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended September 30, 2025**

**OR** 

□ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from_______to** 

**Commission File Number: 814-01219**

________________________________________________________________________________________________

**BLUE OWL CAPITAL CORPORATION II**

**(Exact Name of Registrant as Specified in its Charter)**

________________________________________________________________________________________________

---

| | |
|:---|:---|
| **Maryland** | **47-5416332** |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(I.R.S. Employer**<br>**Identification No.)** |
| **399 Park Avenue**<br>**New York, New York** | **10022** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (212) 419-3000**

________________________________________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered <br> None None None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No □

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No □

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | □ | Accelerated filer | □ |
| Non-accelerated filer | ⌧ | Smaller reporting company | □ |
| Emerging growth company | □ | | |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO ☒

As of November 5, 2025, the registrant had 114,256,063 shares of common stock, $0.01 par value per share, outstanding.

i

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**Table of Contents**

---

| | | |
|:---|:---|:---|
| | | **Page** |
| **[PART I.](#i2d4ba762d2664ccbb74f07be184c5d1e_166)** | **[FINANCIAL INFORMATION](#i2d4ba762d2664ccbb74f07be184c5d1e_166)** | |
| [Item 1.](#i2d4ba762d2664ccbb74f07be184c5d1e_169) | <u>[Consolidated Financial Statements](#i2d4ba762d2664ccbb74f07be184c5d1e_34)</u> | [3](#i2d4ba762d2664ccbb74f07be184c5d1e_34) |
|  | <u>[Consolidated Statements of Assets and Liabilities as of](#i2d4ba762d2664ccbb74f07be184c5d1e_43)September 30, 2025[(Unaudited) and](#i2d4ba762d2664ccbb74f07be184c5d1e_43)December 31, 2024</u> | [3](#i2d4ba762d2664ccbb74f07be184c5d1e_34) |
|  | <u>[Consolidated Statements of Operations for the](#i2d4ba762d2664ccbb74f07be184c5d1e_46)Three and Nine Months EndedSeptember 30, 2025[and](#i2d4ba762d2664ccbb74f07be184c5d1e_46)2024[(Unaudited)](#i2d4ba762d2664ccbb74f07be184c5d1e_46)</u> | [4](#i2d4ba762d2664ccbb74f07be184c5d1e_46) |
|  | <u>[Consolidated Schedules of Investments as of](#i2d4ba762d2664ccbb74f07be184c5d1e_49)September 30, 2025[(Unaudited) and](#i2d4ba762d2664ccbb74f07be184c5d1e_49)December 31, 2024</u> | [5](#i2d4ba762d2664ccbb74f07be184c5d1e_52) |
|  | <u>[Consolidated Statements of Changes in Net Assets for the](#i2d4ba762d2664ccbb74f07be184c5d1e_58)Three and Nine Months EndedSeptember 30, 2025[and](#i2d4ba762d2664ccbb74f07be184c5d1e_58)2024[(Unaudited)](#i2d4ba762d2664ccbb74f07be184c5d1e_58)</u> | [43](#i2d4ba762d2664ccbb74f07be184c5d1e_58) |
|  | <u>[Consolidated Statements of Cash Flows for the](#i2d4ba762d2664ccbb74f07be184c5d1e_61)Nine Months EndedSeptember 30, 2025[and](#i2d4ba762d2664ccbb74f07be184c5d1e_61)2024[(Unaudited)](#i2d4ba762d2664ccbb74f07be184c5d1e_61)</u> | [44](#i2d4ba762d2664ccbb74f07be184c5d1e_61) |
|  | <u>[Notes to Consolidated Financial Statements (Unaudited)](#i2d4ba762d2664ccbb74f07be184c5d1e_64)</u> | [45](#i2d4ba762d2664ccbb74f07be184c5d1e_64) |
| [Item 2.](#i2d4ba762d2664ccbb74f07be184c5d1e_301) | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i2d4ba762d2664ccbb74f07be184c5d1e_193)</u> | [79](#i2d4ba762d2664ccbb74f07be184c5d1e_193) |
| [Item 3.](#i2d4ba762d2664ccbb74f07be184c5d1e_70) | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i2d4ba762d2664ccbb74f07be184c5d1e_304)</u> | [114](#i2d4ba762d2664ccbb74f07be184c5d1e_304) |
| [Item 4.](#i2d4ba762d2664ccbb74f07be184c5d1e_76) | <u>[Controls and Procedures](#i2d4ba762d2664ccbb74f07be184c5d1e_313)</u> | [116](#i2d4ba762d2664ccbb74f07be184c5d1e_313) |
| **[PART II.](#i2d4ba762d2664ccbb74f07be184c5d1e_322)** | **[OTHER INFORMATION](#i2d4ba762d2664ccbb74f07be184c5d1e_322)** |  |
| [Item 1.](#i2d4ba762d2664ccbb74f07be184c5d1e_91) | <u>[Legal Proceedings](#i2d4ba762d2664ccbb74f07be184c5d1e_325)</u> | [117](#i2d4ba762d2664ccbb74f07be184c5d1e_325) |
| [Item 1A.](#i2d4ba762d2664ccbb74f07be184c5d1e_88) | <u>[Risk Factors](#i2d4ba762d2664ccbb74f07be184c5d1e_328)</u> | [117](#i2d4ba762d2664ccbb74f07be184c5d1e_328) |
| [Item 2.](#i2d4ba762d2664ccbb74f07be184c5d1e_112) | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i2d4ba762d2664ccbb74f07be184c5d1e_331)</u> | [121](#i2d4ba762d2664ccbb74f07be184c5d1e_331) |
| [Item 3.](#i2d4ba762d2664ccbb74f07be184c5d1e_118) | <u>[Defaults Upon Senior Securities](#i2d4ba762d2664ccbb74f07be184c5d1e_334)</u> | [121](#i2d4ba762d2664ccbb74f07be184c5d1e_334) |
| [Item 4.](#i2d4ba762d2664ccbb74f07be184c5d1e_142) | <u>[Mine Safety Disclosures](#i2d4ba762d2664ccbb74f07be184c5d1e_337)</u> | [121](#i2d4ba762d2664ccbb74f07be184c5d1e_337) |
| [Item 5.](#i2d4ba762d2664ccbb74f07be184c5d1e_145) | <u>[Other Information](#i2d4ba762d2664ccbb74f07be184c5d1e_340)</u> | [122](#i2d4ba762d2664ccbb74f07be184c5d1e_340) |
| [Item 6.](#i2d4ba762d2664ccbb74f07be184c5d1e_157) | <u>[Exhibits](#i2d4ba762d2664ccbb74f07be184c5d1e_373)</u> | [123](#i2d4ba762d2664ccbb74f07be184c5d1e_373) |
|  | <u>[Signatures](#i2d4ba762d2664ccbb74f07be184c5d1e_376)</u> | [124](#i2d4ba762d2664ccbb74f07be184c5d1e_376) |

---

ii

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**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS**

This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about Blue Owl Capital Corporation II (the "Company," "we" or "our"), our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as "anticipates," "expects," "intends," "plans," "will," "may," "continue," "believes," "seeks," "estimates," "would," "could," "should," "targets," "projects," "outlook," "potential," "predicts" and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an economic downturn could impair our portfolio companies' ability to continue to operate, which could lead to the loss of some or all of our investments in such portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an economic downturn could disproportionately impact the companies that we intend to target for investment, potentially causing us to experience a decrease in investment opportunities and diminished demand for capital from these companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of elevated inflation rates, fluctuating interest rates, ongoing supply chain and labor market disruptions, including those as a result of strikes, work stoppages or accidents, instability in the U.S. and international banking systems, changes in law or regulation, including the impact of tariff enactment, trade disputes with other countries, and the risk of recession or a prolonged shutdown of government services could impact our business prospects and the prospects of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an economic downturn could also impact availability and pricing of our financing and our ability to access the debt and equity capital markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a contraction of available credit and/or an inability to access the equity markets could impair our lending and investment activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in base interest rates and significant market volatility on our business and our portfolio companies (including our business prospects and the prospects of our portfolio companies including the ability to achieve our and their business objectives), our industry and the global economy including as a result of ongoing supply chain disruptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interest rate volatility could adversely affect our results, particularly because we use leverage as part of our investment strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• currency fluctuations could adversely affect the results of our investments in foreign companies, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our future operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our contractual arrangements and relationships with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of our portfolio companies to achieve their objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• competition with other entities and our affiliates for investment opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to the uncertainty of the value of our portfolio investments, particularly those having no liquid trading market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of borrowed money to finance a portion of our investments as well as any estimates regarding potential use of leverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the adequacy of our financing sources and working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the loss of key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timing of cash flows, if any, from the operations of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of Blue Owl Credit Advisors LLC ("the Adviser" or "our Adviser") to locate suitable investments for us and to monitor and administer our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of the Adviser to attract and retain highly talented professionals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to qualify for and maintain our tax treatment as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact that environmental, social and governance matters could have on our brand and reputation and our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effect of legal, tax and regulatory changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks, and the increasing use of artificial intelligence and machine learning technology;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of geo-political conditions, including revolution, insurgency, terrorism or war, including those arising out of the ongoing war between Russia and Ukraine, as well as political and social unrest in the Middle East and North Africa regions, uncertainty with respect to immigration, and general uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the European Union and China, on financial market volatility, global economic markets, and various markets for commodities globally such as oil and natural gas;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of the parties to consummate the proposed transactions that will result in us merging (the "Mergers") with and into Blue Owl Capital Corporation ("OBDC") pursuant to an Agreement and Plan of Merger (the "Merger Agreement"), dated November 5, 2025, among the Company, OBDC, Cowboy Merger Sub Inc., a Maryland corporation and wholly

------

owned subsidiary of OBDC ("Merger Sub") and, solely for the limited purposes set forth therein, the Adviser, on the expected timeline, or at all;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to realize the anticipated benefits of the Mergers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effects of disruption on our business from the Mergers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the combined company's plans, expectations, objectives and intentions as a result of the Mergers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any potential termination of the Merger Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the actions of our shareholders with respect to the proposals submitted for their approval in connection with the Mergers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the possibility that competing offers or acquisitions proposals will be made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risk that stockholders litigation in connection with the Mergers may result in significant costs of defense and liability; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other risks, uncertainties and other factors previously identified in the reports and other documents we have filed with the Securities and Exchange Commission ("SEC").

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These forward-looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements. Because we are an investment company, the forward-looking statements and projections contained in this report are excluded from the safe harbor protection provided by Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act").

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**PART I. FINANCIAL INFORMATION**

**Item 1. Consolidated Financial Statements**

**Blue Owl Capital Corporation II**

**Consolidated Statements of Assets and Liabilities**

**(Amounts in thousands, except share and per share amounts)**

---

| | | |
|:---|:---|:---|
| | **As of September 30, 2025 (Unaudited)** | **As of December 31, 2024** |
| **Assets** | | |
| &nbsp;&nbsp;&nbsp;*Investments at fair value:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments (amortized cost of $1,692,358 and $1,896,092 respectively) | $1678418 | $1898336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, affiliated investments (amortized cost of $44,830 and $41,914, respectively) | 38358 | 36865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Controlled, affiliated investments (amortized cost of $244 and $190, respectively) | 266 | 191 |
| Total investments at fair value (amortized cost of $1,737,432 and $1,938,196, respectively) | 1717042 | 1935392 |
| &nbsp;&nbsp;&nbsp;Cash | 45995 | 49440 |
| &nbsp;&nbsp;&nbsp;Foreign cash (cost of $3,007 and $1,477, respectively) | 3069 | 1451 |
| &nbsp;&nbsp;&nbsp;Interest and dividend receivable | 11502 | 16644 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 482 | 914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $1778090 | $2003841 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;Debt (net of deferred unamortized debt issuance costs of $10,656 and $12,549, respectively) | $780949 | $842894 |
| &nbsp;&nbsp;&nbsp;Payables to affiliates | 12747 | 14993 |
| &nbsp;&nbsp;&nbsp;Distribution payable |  | 2555 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 1014 |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 25740 | 19850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 820450 | 880292 |
| &nbsp;&nbsp;&nbsp;Commitments and contingencies (Note 7) |  |  |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Common shares $0.01 par value, 450,000,000 shares authorized; 113,872,539 and 127,727,326 shares issued and outstanding, respectively | 1139 | 1277 |
| &nbsp;&nbsp;&nbsp;Additional paid-in-capital | 1019664 | 1138120 |
| &nbsp;&nbsp;&nbsp;Accumulated undistributed (overdistributed) earnings | (63163) | (15848) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Net Assets** | 957640 | 1123549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities and Net Assets** | $1778090 | $2003841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Asset Value Per Share** | $8.41 | $8.80 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Blue Owl Capital Corporation II**

**Consolidated Statements of Operations**

**(Amounts in thousands, except share and per share amounts)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Investment Income** |  |  |  |  |
| *Investment income from non-controlled, non-affiliated investments:* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | $38475 | $52353 | $124838 | $157657 |
| &nbsp;&nbsp;&nbsp;Payment-in-kind interest income | 2764 | 7179 | 10793 | 20875 |
| &nbsp;&nbsp;&nbsp;Dividend income | 3654 | 3718 | 11322 | 12204 |
| &nbsp;&nbsp;&nbsp;Other income | 585 | 999 | 1706 | 3029 |
| Total investment income from non-controlled, non-affiliated investments | 45478 | 64249 | 148659 | 193765 |
| *Investment income from non-controlled, affiliated investments:* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | 417 | 307 | 1211 | 921 |
| &nbsp;&nbsp;&nbsp;Dividend income | 277 |  | 816 | 254 |
| &nbsp;&nbsp;&nbsp;Other Income | 3 | 19 | 9 | 63 |
| Total investment income from non-controlled, affiliated investments | 697 | 326 | 2036 | 1238 |
| *Investment income from controlled, affiliated investments:* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income | 7 |  | 20 |  |
| Total investment income from controlled, affiliated investments | 7 |  | 20 |  |
| **Total Investment Income** | 46182 | 64575 | 150715 | 195003 |
| **Operating Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | 15975 | 25001 | 50783 | 64227 |
| &nbsp;&nbsp;&nbsp;Management fees, net<sup>(1)</sup> | 6492 | 7816 | 20663 | 23223 |
| &nbsp;&nbsp;&nbsp;Performance based incentive fees | 3688 | 4901 | 12451 | 17028 |
| &nbsp;&nbsp;&nbsp;Professional fees | 1160 | 1096 | 3378 | 3598 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 195 | 197 | 590 | 588 |
| &nbsp;&nbsp;&nbsp;Other general and administrative | 962 | 1142 | 2968 | 3318 |
| **Total Operating Expenses** | 28472 | 40153 | 90833 | 111982 |
| **Net Investment Income (Loss) Before Taxes** | 17710 | 24422 | 59882 | 83021 |
| &nbsp;&nbsp;&nbsp;Income tax expense (benefit), including excise tax expense (benefit) | 316 | 1321 | 1173 | 2735 |
| **Net Investment Income (Loss)** | $17394 | $23101 | $58709 | $80286 |
| **Net Realized and Change in Unrealized Gain (Loss)** |  |  |  |  |
| *Net change in unrealized gain (loss):* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | $(15086) | $8575 | $(18862) | $(2304) |
| &nbsp;&nbsp;&nbsp;Non-controlled, affiliated investments | (371) | (2955) | (1423) | (5131) |
| &nbsp;&nbsp;&nbsp;Controlled, affiliated investments | 24 |  | 21 |  |
| &nbsp;&nbsp;&nbsp;Income tax (provision) benefit | (57) | (66) | (142) | (65) |
| &nbsp;&nbsp;&nbsp;Translation of assets and liabilities in foreign currencies | (674) | 1023 | 1610 | 3056 |
| **Total Net Change in Unrealized Gain (Loss)** | (16164) | 6577 | (18796) | (4444) |
| *Net realized gain (loss):* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | $(444) | $(11775) | $(19114) | $(11752) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | 435 | 3 | 414 | (2810) |
| **Total Net Realized Gain (Loss)** | (9) | (11772) | (18700) | (14562) |
| **Total Net Realized and Change in Unrealized Gain (Loss)** | (16173) | (5195) | (37496) | (19006) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | $1221 | $17906 | $21213 | $61280 |
| &nbsp;&nbsp;&nbsp;**Earnings Per Share - Basic and Diluted** | $0.01 | $0.13 | $0.17 | $0.45 |
| &nbsp;&nbsp;&nbsp;**Weighted Average Shares Outstanding - Basic and Diluted** | 119752779 | 133410881 | 124189895 | 136489093 |

---

_______________

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Refer to Note 3 "Agreements and Related Party Transactions" for additional details on management fee waiver.

The accompanying notes are an integral part of these consolidated financial statements.

------

**Blue Owl Capital Corporation II**

**Consolidated Schedule of Investments**

**As of September 30, 2025**

**(Amounts in thousands, except share amounts)**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | **Interest** | | | | | |
|<br>**Company(1)(25)** |<br>**Investment** | **Ref. Rate** | **Cash** | **PIK** |<br>**Maturity Date** |<br>**Par / Units** |<br>**Amortized Cost(2)(27)** |<br>**Fair Value** |<br>**% of Net Assets** |
| **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | | | | | | | |
| **Debt Investments(7)** | | | | | | | | | |
| **Advertising and media** | | | | | | | | | |
| Monotype Imaging Holdings Inc.(3)(4)(8)(22) | First lien senior secured loan | S+ | 5.50% |  | 2/2031 | $19390 | $19265 | $19390 |  |
|  |  |  |  |  |  |  | 19265 | 19390 | 2.0% |
| **Aerospace and defense** |  |  |  |  |  |  |  |  |  |
| Peraton Corp.(3)(9) | Second lien senior secured loan | S+ | 7.75% |  | 2/2029 | 14494 | 14381 | 8571 |  |
| STS PARENT, LLC (dba STS Aviation Group)(3)(4)(9) | First lien senior secured loan | S+ | 5.00% |  | 10/2031 | 7522 | 7485 | 7485 |  |
| STS PARENT, LLC (dba STS Aviation Group)(3)(4)(9)(22) | First lien senior secured revolving loan | S+ | 5.00% |  | 10/2030 | 557 | 552 | 552 |  |
|  |  |  |  |  |  |  | 22418 | 16608 | 1.7% |
| **Asset based lending and fund finance** | **Asset based lending and fund finance** |  |  |  |  |  |  |  |  |
| AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(3)(4)(6)(31) | Specialty finance debt investment | N/A |  | 12.00% | 7/2030 | 3104 | 3101 | 3104 |  |
| AAM Series 2.1 Aviation Feeder, LLC(3)(4)(6)(31) | Specialty finance debt investment | N/A |  | 12.00% | 11/2030 | 4248 | 4242 | 4248 |  |
| Hg Genesis 8 Sumoco Limited(3)(4)(19)(31) | Unsecured facility | SA+ |  | 7.50% | 9/2027 | £1272 | 1612 | 1712 |  |
| Hg Genesis 9 SumoCo Limited(3)(4)(14)(31) | Unsecured facility | E+ |  | 6.25% | 3/2029 | 1105 | 1172 | 1298 |  |
| Hg Saturn Luchaco Limited(3)(4)(19)(31) | Unsecured facility | SA+ |  | 8.25% | 3/2027 | £9151 | 11672 | 12320 |  |
|  |  |  |  |  |  |  | 21799 | 22682 | 2.4% |
| **Automotive services** |  |  |  |  |  |  |  |  |  |
| MAJCO LLC (dba Big Brand Tire & Service)(3)(4)(8) | First lien senior secured loan | S+ | 4.50% |  | 9/2032 | 6307 | 6275 | 6275 |  |
|  |  |  |  |  |  |  | 6275 | 6275 | 0.7% |
| **Buildings and real estate** |  |  |  |  |  |  |  |  |  |
| Associations Finance, Inc.(3)(4)(6) | Unsecured notes | N/A |  | 14.25% | 5/2030 | 20703 | 20592 | 20703 |  |
| Associations, Inc.(3)(4)(9)(22) | First lien senior secured loan | S+ | 6.50% |  | 7/2028 | 47151 | 47111 | 47151 |  |
| Wrench Group LLC(3)(4)(9) | First lien senior secured loan | S+ | 4.75% |  | 9/2032 | 13259 | 13182 | 13182 |  |
|  |  |  |  |  |  |  | 80885 | 81036 | 8.5% |
| **Business services** |  |  |  |  |  |  |  |  |  |
| Denali BuyerCo, LLC (dba Summit Companies)(3)(4)(9)(22) | First lien senior secured loan | S+ | 5.25% |  | 9/2028 | 6777 | 6711 | 6912 |  |
| Denali BuyerCo, LLC (dba Summit Companies)(3)(4)(9)(22) | First lien senior secured revolving loan | S+ | 5.25% |  | 9/2027 | 63 | 62 | 64 |  |
| DuraServ LLC(3)(4)(8) | First lien senior secured loan | S+ | 4.75% |  | 6/2031 | 8724 | 8682 | 8659 |  |
| Gainsight, Inc.(3)(4)(9) | First lien senior secured loan | S+ | 6.25% |  | 7/2027 | 6788 | 6755 | 6788 |  |
| Hercules Borrower, LLC (dba The Vincit Group)(3)(4)(9) | First lien senior secured loan | S+ | 4.75% |  | 12/2028 | 13820 | 13780 | 13785 |  |
| Hercules Buyer, LLC (dba The Vincit Group)(3)(4)(6)(33) | Unsecured notes | N/A |  | 0.48% | 12/2029 | 831 | 831 | 1147 |  |
| KPSKY Acquisition, Inc. (dba BluSky)(3)(4)(9) | First lien senior secured loan | S+ | 5.50% |  | 10/2028 | 961 | 951 | 874 |  |
| KPSKY Acquisition, Inc. (dba BluSky)(3)(4)(9)(22) | First lien senior secured delayed draw term loan | S+ | 5.75% |  | 10/2028 | 1 |  | (4) |  |
| Pye-Barker Fire & Safety, LLC(3)(4)(9)(22) | First lien senior secured loan | S+ | 4.50% |  | 5/2031 | 7560 | 7518 | 7541 |  |
| Pye-Barker Fire & Safety, LLC(3)(4)(9)(22) | First lien senior secured revolving loan | S+ | 4.50% |  | 5/2030 | 122 | 118 | 119 |  |
|  |  |  |  |  |  |  | 45408 | 45885 | 4.8% |

---

------

**Blue Owl Capital Corporation II**

**Consolidated Schedule of Investments**

**As of September 30, 2025**

**(Amounts in thousands, except share amounts)**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | **Interest** | | | | | |
|<br>**Company(1)(25)** |<br>**Investment** | **Ref. Rate** | **Cash** | **PIK** |<br>**Maturity Date** |<br>**Par / Units** |<br>**Amortized Cost(2)(27)** |<br>**Fair Value** |<br>**% of Net Assets** |
| **Chemicals** | | | | | | | | | |
| Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC)(3)(4)(8) | Second lien senior secured loan | S+ | 7.75% |  | 11/2028 | 22500 | 22336 | 20363 |  |
| DCG ACQUISITION CORP. (dba DuBois Chemical)(3)(4)(9)(22) | First lien senior secured loan | S+ | 5.00% |  | 6/2031 | 6177 | 6123 | 6130 |  |
| Gaylord Chemical Company, L.L.C.(3)(4)(9)(22) | First lien senior secured loan | S+ | 5.50% |  | 12/2027 | 25508 | 25470 | 25508 |  |
| Rocket BidCo, Inc. (dba Recochem)(3)(4)(9)(31) | First lien senior secured loan | S+ | 4.75% |  | 11/2030 | 22129 | 21759 | 22129 |  |
| Velocity HoldCo III Inc. (dba VelocityEHS)(3)(4)(9) | First lien senior secured loan | S+ | 5.50% |  | 4/2027 | 5871 | 5829 | 5871 |  |
|  |  |  |  |  |  |  | 81517 | 80001 | 8.4% |
| **Consumer products** |  |  |  |  |  |  |  |  |  |
| Conair Holdings LLC(3)(4)(8) | Second lien senior secured loan | S+ | 7.50% |  | 5/2029 | 31280 | 30998 | 18455 |  |
| Feradyne Outdoors, LLC(3)(4)(9) | First lien senior secured loan | S+ | 3.15% | 3.60% | 5/2028 | 677 | 677 | 516 |  |
| Foundation Consumer Brands, LLC(3)(4)(9) | First lien senior secured loan | S+ | 5.00% |  | 2/2029 | 3860 | 3817 | 3840 |  |
| Lignetics Investment Corp.(3)(4)(9) | First lien senior secured loan | S+ | 5.75% |  | 11/2027 | 10631 | 10612 | 10525 |  |
| Lignetics Investment Corp.(3)(4)(9) | First lien senior secured loan | S+ | 5.50% |  | 11/2027 | 1610 | 1607 | 1594 |  |
| Lignetics Investment Corp.(3)(4)(9)(22) | First lien senior secured revolving loan | S+ | 5.75% |  | 10/2026 | 1225 | 1224 | 1211 |  |
| SWK BUYER, Inc. (dba Stonewall Kitchen)(3)(4)(9) | First lien senior secured loan | S+ | 5.25% |  | 3/2029 | 730 | 722 | 715 |  |
| SWK BUYER, Inc. (dba Stonewall Kitchen)(3)(4)(10)(22) | First lien senior secured revolving loan | S+ | 5.25% |  | 3/2029 | 34 | 34 | 33 |  |
| WU Holdco, Inc. (dba PurposeBuilt Brands)(3)(4)(9) | First lien senior secured loan | S+ | 4.75% |  | 4/2032 | 11183 | 11157 | 11183 |  |
|  |  |  |  |  |  |  | 60848 | 48072 | 5.0% |
| **Containers and packaging** |  |  |  |  |  |  |  |  |  |
| Arctic Holdco, LLC (dba Novvia Group)(3)(4)(9)(22) | First lien senior secured loan | S+ | 5.25% |  | 1/2032 | 3796 | 3791 | 3796 |  |
| Arctic Holdco, LLC (dba Novvia Group)(3)(4)(9)(22) | First lien senior secured revolving loan | S+ | 5.25% |  | 1/2031 | 22 | 20 | 22 |  |
| Ascend Buyer, LLC (dba PPC Flexible Packaging)(3)(4)(9) | First lien senior secured loan | S+ | 5.75% |  | 9/2028 | 777 | 774 | 777 |  |
| Fortis Solutions Group, LLC(3)(4)(9) | First lien senior secured loan | S+ | 5.50% |  | 10/2028 | 876 | 867 | 859 |  |
| Fortis Solutions Group, LLC(3)(4)(9)(22) | First lien senior secured revolving loan | S+ | 5.50% |  | 10/2027 | 22 | 22 | 21 |  |
| Indigo Buyer, Inc. (dba Inovar Packaging Group)(3)(4)(9)(22) | First lien senior secured loan | S+ | 5.25% |  | 5/2028 | 1118 | 1111 | 1118 |  |
| Pregis Topco LLC(3)(4)(8) | Second lien senior secured loan | S+ | 7.75% |  | 8/2029 | 9333 | 9232 | 9333 |  |
| Pregis Topco LLC(3)(4)(8) | Second lien senior secured loan | S+ | 6.75% |  | 8/2029 | 20667 | 20475 | 20667 |  |
|  |  |  |  |  |  |  | 36292 | 36593 | 3.8% |
| **Distribution** |  |  |  |  |  |  |  |  |  |
| ABB/Con-cise Optical Group LLC(3)(4)(9) | First lien senior secured loan | S+ | 7.50% |  | 2/2028 | 850 | 844 | 842 |  |
| BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC)(3)(4)(9)(22) | First lien senior secured loan | S+ | 5.00% |  | 10/2029 | 31286 | 31042 | 31286 |  |
| Endries Acquisition, Inc.(3)(4)(8) | First lien senior secured loan | S+ | 5.50% |  | 12/2028 | 23892 | 23771 | 23594 |  |
| Offen, Inc.(3)(4)(8) | First lien senior secured loan | S+ | 5.00% |  | 7/2030 | 4087 | 4048 | 4046 |  |
|  |  |  |  |  |  |  | 59705 | 59768 | 6.2% |
| **Education** |  |  |  |  |  |  |  |  |  |
| Pluralsight, LLC(3)(4)(9) | First lien senior secured loan | S+ | 3.00% | 1.50% | 8/2029 | 3980 | 3980 | 3940 |  |
| Pluralsight, LLC(3)(4)(9) | First lien senior secured loan | S+ |  | 7.50% | 8/2029 | 4439 | 4439 | 4395 |  |
| Severin Acquisition, LLC (dba PowerSchool)(3)(4)(8)(22) | First lien senior secured loan | S+ | 2.75% | 2.25% | 10/2031 | 787 | 779 | 775 |  |
|  |  |  |  |  |  |  | 9198 | 9110 | 1.0% |

---

------

**Blue Owl Capital Corporation II**

**Consolidated Schedule of Investments**

**As of September 30, 2025**

**(Amounts in thousands, except share amounts)**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | **Interest** | | | | | |
|<br>**Company(1)(25)** |<br>**Investment** | **Ref. Rate** | **Cash** | **PIK** |<br>**Maturity Date** |<br>**Par / Units** |<br>**Amortized Cost(2)(27)** |<br>**Fair Value** |<br>**% of Net Assets** |
| **Energy equipment and services** | | | | | | | | | |
| Dresser Utility Solutions, LLC(3)(4)(8) | First lien senior secured loan | S+ | 5.50% |  | 3/2029 | 10155 | 10077 | 10155 |  |
|  |  |  |  |  |  |  | 10077 | 10155 | 1.1% |
| **Financial services** |  |  |  |  |  |  |  |  |  |
| Baker Tilly Advisory Group, LP(3)(4)(8) | First lien senior secured loan | S+ | 4.75% |  | 6/2031 | 10676 | 10539 | 10676 |  |
| CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)(3)(4)(8)(22) | First lien senior secured loan | S+ | 4.75% |  | 6/2030 | 841 | 831 | 841 |  |
| Continental Finance Company, LLC(3)(4)(8) | First lien senior secured loan | S+ | 8.00% |  | 3/2029 | 875 | 867 | 866 |  |
| Deerfield Dakota Holdings(3)(4)(9) | First lien senior secured loan | S+ | 3.00% | 2.75% | 9/2032 | 12686 | 12623 | 12622 |  |
| Finastra USA, Inc.(3)(4)(9)(31) | First lien senior secured loan | S+ | 7.25% |  | 9/2029 | 1042 | 1032 | 1047 |  |
| KRIV Acquisition Inc. (dba Riveron)(3)(4)(9)(22) | First lien senior secured loan | S+ | 5.00% |  | 7/2031 | 1065 | 1040 | 1062 |  |
| Minotaur Acquisition, Inc. (dba Inspira Financial)(3)(4)(8) | First lien senior secured loan | S+ | 5.00% |  | 6/2030 | 27270 | 27032 | 27270 |  |
| NMI Acquisitionco, Inc. (dba Network Merchants)(3)(4)(8) | First lien senior secured loan | S+ | 4.50% |  | 9/2028 | 4717 | 4717 | 4717 |  |
| Smarsh Inc.(3)(4)(9) | First lien senior secured loan | S+ | 4.75% |  | 2/2029 | 994 | 989 | 992 |  |
| Smarsh Inc.(3)(4)(8)(22) | First lien senior secured revolving loan | S+ | 4.75% |  | 2/2029 | 28 | 27 | 27 |  |
|  |  |  |  |  |  |  | 59697 | 60120 | 6.3% |
| **Food and beverage** |  |  |  |  |  |  |  |  |  |
| Balrog Acquisition, Inc. (dba Bakemark)(3)(4)(8) | Second lien senior secured loan | S+ | 7.00% |  | 9/2029 | 5000 | 4975 | 4800 |  |
| BP Veraison Buyer, LLC (dba Sun World)(3)(4)(9) | First lien senior secured loan | S+ | 5.25% |  | 5/2029 | 19068 | 18955 | 19068 |  |
| Eagle Family Foods Group LLC(3)(4)(10) | First lien senior secured loan | S+ | 5.00% |  | 8/2030 | 1724 | 1709 | 1724 |  |
| Fiesta Purchaser, Inc. (dba Shearer's Foods)(3)(4)(10)(22) | First lien senior secured revolving loan | S+ | 3.25% |  | 2/2029 | 55 | 39 | 55 |  |
| Gehl Foods, LLC(3)(4)(9) | First lien senior secured loan | S+ | 6.25% |  | 6/2030 | 12763 | 12646 | 12763 |  |
| Hissho Parent, LLC(3)(4)(9) | First lien senior secured loan | S+ | 4.50% |  | 5/2029 | 1129 | 1123 | 1129 |  |
| Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(3)(4)(8) | First lien senior secured loan | S+ | 6.25% |  | 3/2027 | 260 | 260 | 260 |  |
| Rushmore Investment III LLC (dba Winland Foods)(3)(4)(9) | First lien senior secured loan | S+ | 5.00% |  | 10/2030 | 44996 | 44622 | 44996 |  |
| Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)(3)(4)(9)(22) | First lien senior secured loan | S+ | 4.75% |  | 7/2027 | 5945 | 5928 | 5914 |  |
| The Better Being Co., LLC (fka Nutraceutical International Corporation)(3)(4)(8) | First lien senior secured loan | S+ | 6.75% |  | 9/2026 | 35374 | 35345 | 35374 |  |
| Vital Bidco AB (dba Vitamin Well)(3)(4)(8)(31) | First lien senior secured loan | S+ | 4.31% |  | 10/2031 | 4748 | 4689 | 4748 |  |
|  |  |  |  |  |  |  | 130291 | 130831 | 13.7% |
| **Healthcare equipment and services** |  |  |  |  |  |  |  |  |  |
| Cambrex Corporation(3)(4)(8) | First lien senior secured loan | S+ | 4.50% |  | 3/2032 | 781 | 774 | 781 |  |
| Creek Parent, Inc. (dba Catalent)(3)(4)(8) | First lien senior secured loan | S+ | 5.00% |  | 12/2031 | 870 | 856 | 870 |  |
| CSC MKG Topco LLC (dba Medical Knowledge Group)(3)(4)(8) | First lien senior secured loan | S+ | 5.50% |  | 2/2029 | 826 | 817 | 824 |  |
| Nelipak Holding Company(3)(4)(8)(22) | First lien senior secured loan | S+ | 5.50% |  | 3/2031 | 3932 | 3879 | 3846 |  |
| NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.(3)(4)(13)(22) | First lien senior secured EUR term loan | E+ | 5.50% |  | 3/2031 | 6125 | 6547 | 7045 |  |
| Packaging Coordinators Midco, Inc.(3)(4)(9) | First lien senior secured loan | S+ | 4.75% |  | 1/2032 | 3056 | 3017 | 3041 |  |
| Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(3)(4)(9)(22)(31) | First lien senior secured loan | S+ | 4.75% |  | 1/2028 | 23677 | 23525 | 23677 |  |

---

------

**Blue Owl Capital Corporation II**

**Consolidated Schedule of Investments**

**As of September 30, 2025**

**(Amounts in thousands, except share amounts)**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | **Interest** | | | | | |
|<br>**Company(1)(25)** |<br>**Investment** | **Ref. Rate** | **Cash** | **PIK** |<br>**Maturity Date** |<br>**Par / Units** |<br>**Amortized Cost(2)(27)** |<br>**Fair Value** |<br>**% of Net Assets** |
| Rhea Parent, Inc.(3)(4)(9) | First lien senior secured loan | S+ | 4.75% |  | 12/2030 | 791 | 788 | 789 |  |
| TBRS, Inc. (dba TEAM Technologies)(3)(4)(9) | First lien senior secured loan | S+ | 4.75% |  | 11/2031 | 795 | 791 | 791 |  |
| TBRS, Inc. (dba TEAM Technologies)(3)(4)(9)(22) | First lien senior secured revolving loan | S+ | 4.75% |  | 11/2030 | 7 | 6 | 6 |  |
|  |  |  |  |  |  |  | 41000 | 41670 | 4.4% |
| **Healthcare providers and services** |  |  |  |  |  |  |  |  |  |
| Allied Benefit Systems Intermediate LLC(3)(4)(8) | First lien senior secured loan | S+ | 5.25% |  | 10/2030 | 2956 | 2922 | 2956 |  |
| Bristol Hospice L.L.C.(3)(4)(8) | First lien senior secured loan | S+ | 5.00% |  | 08/2032 | 4564 | 4542 | 4542 |  |
| Commander Buyer, Inc. (dba CenExel)(3)(4)(9) | First lien senior secured loan | S+ | 4.75% |  | 6/2032 | 6461 | 6427 | 6445 |  |
| EresearchTechnology, Inc. (dba Clario)(3)(4)(8)(22) | First lien senior secured loan | S+ | 4.75% |  | 1/2032 | 669 | 663 | 669 |  |
| Ex Vivo Parent Inc. (dba OB Hospitalist)(3)(4)(8) | First lien senior secured loan | S+ |  | 9.50% | 9/2028 | 16991 | 16871 | 16991 |  |
| KABAFUSION Parent, LLC(3)(4)(9) | First lien senior secured loan | S+ | 5.00% |  | 11/2031 | 1392 | 1379 | 1392 |  |
| KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)(3)(4)(9) | First lien senior secured loan | S+ | 4.75% |  | 12/2029 | 4308 | 4248 | 4308 |  |
| Maple Acquisition, LLC (dba Medicus)(3)(4)(10) | First lien senior secured loan | S+ | 5.00% |  | 5/2031 | 5256 | 5222 | 5256 |  |
| National Dentex Labs LLC (fka Barracuda Dental LLC)(3)(4)(9)(28) | First lien senior secured loan | S+ |  | 10.00% | 4/2026 | 22109 | 21022 | 8622 |  |
| National Dentex Labs LLC (fka Barracuda Dental LLC)(3)(4)(9)(22)(28) | First lien senior secured delayed draw term loan | S+ |  | 10.00% | 12/2025 | 430 | 429 | 430 |  |
| National Dentex Labs LLC (fka Barracuda Dental LLC)(3)(4)(11)(28) | First lien senior secured delayed draw term loan | S+ |  | 12.00% | 4/2026 | 3347 | 1476 | 1305 |  |
| National Dentex Labs LLC (fka Barracuda Dental LLC)(3)(4)(9)(22)(28) | First lien senior secured revolving loan | S+ |  | 9.00% | 4/2026 | 1766 | 1619 | 678 |  |
| Natural Partners, LLC(3)(4)(9)(31) | First lien senior secured loan | S+ | 4.50% |  | 11/2030 | 2194 | 2173 | 2188 |  |
| OB Hospitalist Group, Inc.(3)(4)(8) | First lien senior secured loan | S+ | 5.25% |  | 9/2027 | 20720 | 20534 | 20720 |  |
| Pacific BidCo Inc.(3)(4)(10)(31) | First lien senior secured loan | S+ | 4.12% | 1.88% | 8/2029 | 1839 | 1812 | 1825 |  |
| Pacific BidCo Inc.(3)(4)(10)(31) | First lien senior secured delayed draw term loan | S+ | 5.75% |  | 8/2029 | 191 | 188 | 189 |  |
| PetVet Care Centers, LLC(3)(4)(8) | First lien senior secured loan | S+ | 6.00% |  | 11/2030 | 15015 | 14895 | 13889 |  |
| Plasma Buyer LLC (dba PathGroup)(3)(4)(9) | First lien senior secured loan | S+ | 5.75% |  | 5/2029 | 662 | 654 | 568 |  |
| Plasma Buyer LLC (dba PathGroup)(3)(4)(9) | First lien senior secured delayed draw term loan | S+ | 6.25% |  | 5/2029 | 25 | 25 | 21 |  |
| Plasma Buyer LLC (dba PathGroup)(3)(4)(9) | First lien senior secured revolving loan | S+ | 5.75% |  | 5/2028 | 75 | 75 | 65 |  |
| Premier Imaging, LLC (dba LucidHealth)(3)(4)(9) | First lien senior secured loan | S+ | 3.60% | 2.40% | 3/2026 | 8685 | 8674 | 8120 |  |
| Premise Health Holding Corp.(3)(4)(9) | First lien senior secured loan | S+ | 5.25% |  | 3/2031 | 7966 | 7867 | 7966 |  |
| Quva Pharma, Inc.(3)(4)(9) | First lien senior secured loan | S+ | 5.50% |  | 4/2028 | 15235 | 15029 | 14855 |  |
| Quva Pharma, Inc.(3)(4)(9) | First lien senior secured loan | S+ | 5.50% |  | 4/2026 | 3534 | 3491 | 3445 |  |
| SimonMed, Inc.(3)(4)(9)(22) | First lien senior secured loan | S+ | 4.75% |  | 2/2032 | 828 | 824 | 824 |  |
| SimonMed, Inc.(3)(4)(9)(22) | First lien senior secured revolving loan | S+ | 4.75% |  | 2/2031 | 36 | 35 | 35 |  |
| Soleo Holdings, Inc.(3)(4)(9) | First lien senior secured loan | S+ | 4.50% |  | 2/2032 | 739 | 735 | 739 |  |
| Tivity Health, Inc.(3)(4)(8) | First lien senior secured loan | S+ | 5.00% |  | 6/2029 | 490 | 490 | 490 |  |

---

------

**Blue Owl Capital Corporation II**

**Consolidated Schedule of Investments**

**As of September 30, 2025**

**(Amounts in thousands, except share amounts)**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | **Interest** | | | | | |
|<br>**Company(1)(25)** |<br>**Investment** | **Ref. Rate** | **Cash** | **PIK** |<br>**Maturity Date** |<br>**Par / Units** |<br>**Amortized Cost(2)(27)** |<br>**Fair Value** |<br>**% of Net Assets** |
| Unified Women's Healthcare, LP(3)(4)(9) | First lien senior secured loan | S+ | 5.00% |  | 6/2029 | 11027 | 10963 | 11027 |  |
| Unified Women's Healthcare, LP(3)(4)(8) | First lien senior secured delayed draw term loan | S+ | 5.00% |  | 6/2029 | 4494 | 4468 | 4494 |  |
| Valeris, Inc. (fka Phantom Purchaser, Inc.)(3)(4)(9) | First lien senior secured loan | S+ | 5.00% |  | 9/2031 | 1760 | 1744 | 1760 |  |
| Vermont Aus Pty Ltd(3)(4)(16)(31) | First lien senior secured AUD term loan | BBSY+ | 5.75% |  | 3/2028 | 1287 | 876 | 853 |  |
|  |  |  |  |  |  |  | 162372 | 147667 | 15.4% |
| **Healthcare technology** |  |  |  |  |  |  |  |  |  |
| BCPE Osprey Buyer, Inc. (dba PartsSource)(3)(4)(9) | First lien senior secured loan | S+ | 5.75% |  | 8/2028 | 581 | 576 | 575 |  |
| BCPE Osprey Buyer, Inc. (dba PartsSource)(3)(4)(8)(22) | First lien senior secured delayed draw term loan | S+ | 5.75% |  | 8/2028 | 281 | 277 | 279 |  |
| BCPE Osprey Buyer, Inc. (dba PartsSource)(3)(4)(8)(22) | First lien senior secured revolving loan | S+ | 5.75% |  | 8/2026 | 43 | 43 | 43 |  |
| CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)(3)(4)(8)(22) | First lien senior secured loan | S+ | 5.00% |  | 8/2031 | 8920 | 8875 | 8920 |  |
| CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)(3)(4)(8) | First lien senior secured loan | S+ | 4.75% |  | 8/2031 | 1234 | 1228 | 1228 |  |
| GI Ranger Intermediate, LLC (dba Rectangle Health)(3)(4)(8) | First lien senior secured loan | S+ | 5.75% |  | 10/2028 | 891 | 882 | 874 |  |
| Indikami Bidco, LLC (dba IntegriChain)(3)(4)(8) | First lien senior secured loan | S+ | 4.00% | 2.50% | 12/2030 | 2801 | 2752 | 2759 |  |
| Indikami Bidco, LLC (dba IntegriChain)(3)(4)(8)(22) | First lien senior secured delayed draw term loan | S+ | 6.00% |  | 12/2030 | 43 | 40 | 42 |  |
| Indikami Bidco, LLC (dba IntegriChain)(3)(4)(8)(22) | First lien senior secured revolving loan | S+ | 6.00% |  | 6/2030 | 205 | 200 | 201 |  |
| Inovalon Holdings, Inc.(3)(4)(8) | First lien senior secured loan | S+ | 2.75% | 2.75% | 11/2028 | 18163 | 18139 | 18163 |  |
| Inovalon Holdings, Inc.(3)(4)(8) | Second lien senior secured loan | S+ |  | 8.50% | 11/2033 | 7680 | 7680 | 7680 |  |
| Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(3)(4)(9)(31) | First lien senior secured loan | S+ | 6.50% |  | 8/2026 | 40886 | 40790 | 40477 |  |
| Interoperability Bidco, Inc. (dba Lyniate)(3)(4)(9)(22) | First lien senior secured loan | S+ | 5.75% |  | 3/2028 | 14842 | 14810 | 14609 |  |
| Modernizing Medicine, Inc. (dba ModMed)(3)(4)(9) | First lien senior secured loan | S+ | 2.50% | 2.25% | 4/2032 | 768 | 761 | 764 |  |
| RL Datix Holdings (USA), Inc.(3)(4)(10) | First lien senior secured loan | S+ | 5.00% |  | 4/2031 | 7206 | 7206 | 7206 |  |
| RL Datix Holdings (USA), Inc.(3)(4)(19) | First lien senior secured GBP term loan | SA+ | 5.00% |  | 4/2031 | £3337 | 4503 | 4492 |  |
| Salinger Bidco Inc. (dba Surgical Information Systems)(3)(4)(9) | First lien senior secured loan | S+ | 5.75% |  | 8/2031 | 5086 | 5019 | 5086 |  |
| Salinger Bidco Inc. (dba Surgical Information Systems)(3)(4)(9)(22) | First lien senior secured revolving loan | S+ | 5.75% |  | 5/2031 | 82 | 76 | 82 |  |
|  |  |  |  |  |  |  | 113857 | 113480 | 11.8% |
| **Household products** |  |  |  |  |  |  |  |  |  |
| HGH Purchaser, Inc. (dba Horizon Services)(3)(4)(9) | First lien senior secured loan | S+ | 4.50% | 2.50% | 11/2026 | 35043 | 35033 | 32240 |  |
| HGH Purchaser, Inc. (dba Horizon Services)(3)(4)(9)(22) | First lien senior secured revolving loan | S+ | 6.50% |  | 11/2026 | 2776 | 2775 | 2480 |  |
| Mario Midco Holdings, Inc. (dba Len the Plumber)(3)(4)(8) | Unsecured facility | S+ |  | 10.75% | 4/2032 | 253 | 249 | 244 |  |
| Mario Purchaser, LLC (dba Len the Plumber)(3)(4)(8) | First lien senior secured loan | S+ | 5.75% |  | 4/2029 | 795 | 786 | 772 |  |
| Mario Purchaser, LLC (dba Len the Plumber)(3)(4)(8)(22) | First lien senior secured revolving loan | S+ | 5.75% |  | 4/2028 | 20 | 20 | 19 |  |
| SimpliSafe Holding Corporation(3)(4)(8) | First lien senior secured loan | S+ | 6.25% |  | 5/2028 | 897 | 890 | 897 |  |
|  |  |  |  |  |  |  | 39753 | 36652 | 3.8% |

---

------

**Blue Owl Capital Corporation II**

**Consolidated Schedule of Investments**

**As of September 30, 2025**

**(Amounts in thousands, except share amounts)**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | **Interest** | | | | | |
|<br>**Company(1)(25)** |<br>**Investment** | **Ref. Rate** | **Cash** | **PIK** |<br>**Maturity Date** |<br>**Par / Units** |<br>**Amortized Cost(2)(27)** |<br>**Fair Value** |<br>**% of Net Assets** |
| **Human resource support services** | | | | | | | | | |
| Cornerstone OnDemand, Inc.(3)(4)(8) | Second lien senior secured loan | S+ | 6.50% |  | 10/2029 | 16667 | 16517 | 15750 |  |
| IG Investments Holdings, LLC (dba Insight Global)(3)(4)(9) | First lien senior secured loan | S+ | 5.00% |  | 9/2028 | 9033 | 9034 | 9033 |  |
|  |  |  |  |  |  |  | 25551 | 24783 | 2.6% |
| **Infrastructure and environmental services** | **Infrastructure and environmental services** |  |  |  |  |  |  |  |  |
| CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.)(3)(4)(9) | First lien senior secured loan | S+ | 5.00% |  | 1/2031 | 7593 | 7525 | 7593 |  |
| KENE Acquisition, Inc. (dba Entrust Solutions Group)(3)(4)(9)(22) | First lien senior secured loan | S+ | 5.25% |  | 2/2031 | 2295 | 2251 | 2295 |  |
| Tamarack Intermediate, L.L.C. (dba Verisk 3E)(3)(4)(8)(22) | First lien senior secured loan | S+ | 5.00% |  | 3/2029 | 864 | 855 | 864 |  |
| Vessco Midco Holdings, LLC(3)(4)(8)(22) | First lien senior secured loan | S+ | 4.75% |  | 7/2031 | 3679 | 3645 | 3679 |  |
|  |  |  |  |  |  |  | 14276 | 14431 | 1.5% |
| **Insurance** |  |  |  |  |  |  |  |  |  |
| Brightway Holdings, LLC(3)(4)(9)(22) | First lien senior secured loan | S+ | 5.75% |  | 12/2027 | 6671 | 6632 | 6671 |  |
| Brightway Holdings, LLC(3)(4)(8)(22) | First lien senior secured revolving loan | S+ | 5.75% |  | 12/2027 | 384 | 382 | 384 |  |
| Diamond Mezzanine 24 LLC (dba United Risk)(3)(4)(9)(22) | First lien senior secured loan | S+ | 5.00% |  | 10/2030 | 999 | 995 | 999 |  |
| Evolution BuyerCo, Inc. (dba SIAA)(3)(4)(9)(22) | First lien senior secured loan | S+ | 4.75% |  | 4/2030 | 901 | 892 | 901 |  |
| Galway Borrower LLC(3)(4)(9)(22) | First lien senior secured delayed draw term loan | S+ | 4.50% |  | 9/2028 | 292 | 291 | 292 |  |
| Integrity Marketing Acquisition, LLC(3)(4)(9) | First lien senior secured loan | S+ | 5.00% |  | 8/2028 | 4432 | 4414 | 4432 |  |
| KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners)(3)(4)(8) | First lien senior secured loan | S+ |  | 10.60% | 7/2030 | 2034 | 2023 | 2034 |  |
| Norvax, LLC (dba GoHealth)(3)(4)(9)(28) | First lien senior secured loan | S+ | 5.50% |  | 11/2029 | 539 | 539 | 309 |  |
| Norvax, LLC (dba GoHealth)(3)(4)(9)(28) | First lien senior secured revolving loan | S+ | 4.50% | 6.60% | 8/2029 | 859 | 407 |  |  |
| Simplicity Financial Marketing Group Holdings, Inc.(3)(4)(9)(22) | First lien senior secured loan | S+ | 5.00% |  | 12/2031 | 767 | 759 | 767 |  |
| THG Acquisition, LLC (dba Hilb)(3)(4)(8)(22) | First lien senior secured loan | S+ | 4.75% |  | 10/2031 | 4868 | 4820 | 4842 |  |
| USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(3)(4)(8) | First lien senior secured loan | S+ | 5.00% |  | 12/2029 | 1622 | 1615 | 1622 |  |
|  |  |  |  |  |  |  | 23769 | 23253 | 2.4% |
| **Internet software and services** |  |  |  |  |  |  |  |  |  |
| Anaplan, Inc.(3)(4)(9) | First lien senior secured loan | S+ | 4.50% |  | 6/2029 | 3439 | 3439 | 3439 |  |
| Aptean Acquiror, Inc. (dba Aptean)(3)(4)(9) | First lien senior secured loan | S+ | 4.75% |  | 1/2031 | 4589 | 4552 | 4589 |  |
| Aptean Acquiror, Inc. (dba Aptean)(3)(4)(8)(22) | First lien senior secured revolving loan | S+ | 4.34% |  | 1/2031 | 35 | 33 | 35 |  |
| Artifact Bidco, Inc. (dba Avetta)(3)(4)(9) | First lien senior secured loan | S+ | 4.25% |  | 7/2031 | 1550 | 1543 | 1550 |  |
| Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)(3)(4)(8) | First lien senior secured loan | S+ | 6.00% |  | 3/2031 | 2137 | 2111 | 2137 |  |
| Bayshore Intermediate #2, L.P. (dba Boomi)(3)(4)(9) | First lien senior secured loan | S+ | 2.50% | 3.00% | 10/2028 | 4903 | 4902 | 4903 |  |
| Bayshore Intermediate #2, L.P. (dba Boomi)(3)(4)(9)(22) | First lien senior secured revolving loan | S+ | 5.00% |  | 10/2027 | 102 | 101 | 102 |  |
| BCTO BSI Buyer, Inc. (dba Buildertrend)(3)(4)(9) | First lien senior secured loan | S+ | 6.50% |  | 12/2026 | 11335 | 11307 | 11335 |  |
| BCTO WIW Holdings, Inc. (dba When I Work)(3)(4)(6) | Senior convertible notes | N/A |  | 5.50% | 8/2030 | 201 | 201 | 201 |  |
| By Light Professional IT Services LLC(3)(4)(8) | First lien senior secured loan | S+ | 5.50% |  | 7/2031 | 4764 | 4695 | 4693 |  |

---

------

**Blue Owl Capital Corporation II**

**Consolidated Schedule of Investments**

**As of September 30, 2025**

**(Amounts in thousands, except share amounts)**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | **Interest** | | | | | |
|<br>**Company(1)(25)** |<br>**Investment** | **Ref. Rate** | **Cash** | **PIK** |<br>**Maturity Date** |<br>**Par / Units** |<br>**Amortized Cost(2)(27)** |<br>**Fair Value** |<br>**% of Net Assets** |
| Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(3)(4)(9)(22) | First lien senior secured loan | S+ | 5.50% |  | 8/2027 | 2972 | 2945 | 2894 |  |
| CivicPlus, LLC(3)(4)(9) | First lien senior secured loan | S+ | 5.50% |  | 8/2030 | 3267 | 3251 | 3259 |  |
| CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC)(3)(4)(10) | Unsecured notes | S+ |  | 11.75% | 6/2034 | 365 | 361 | 365 |  |
| Crewline Buyer, Inc. (dba New Relic)(3)(4)(8) | First lien senior secured loan | S+ | 6.75% |  | 11/2030 | 4702 | 4645 | 4666 |  |
| Delinea Buyer, Inc. (f/k/a Centrify)(3)(4)(9) | First lien senior secured loan | S+ | 5.75% |  | 3/2028 | 17158 | 16965 | 17158 |  |
| Delta TopCo, Inc. (dba Infoblox, Inc.)(3)(8) | Second lien senior secured loan | S+ | 5.25% |  | 11/2030 | 27000 | 26881 | 26841 |  |
| Denali Intermediate Holdings, Inc. (dba Dun & Bradstreet)(3)(4)(8) | First lien senior secured loan | S+ | 5.50% |  | 8/2032 | 8864 | 8732 | 8731 |  |
| EET Buyer, Inc. (dba e-Emphasys)(3)(4)(9) | First lien senior secured loan | S+ | 4.75% |  | 11/2027 | 877 | 874 | 877 |  |
| Einstein Parent, Inc. (dba Smartsheet)(3)(4)(9) | First lien senior secured loan | S+ | 6.50% |  | 1/2031 | 906 | 897 | 897 |  |
| Forescout Technologies, Inc.(3)(4)(9) | First lien senior secured loan | S+ | 5.00% |  | 5/2031 | 7783 | 7749 | 7783 |  |
| Granicus, Inc.(3)(4)(9) | First lien senior secured loan | S+ | 3.50% | 2.25% | 1/2031 | 3959 | 3928 | 3959 |  |
| Granicus, Inc.(3)(4)(9) | First lien senior secured delayed draw term loan | S+ | 3.00% | 2.25% | 1/2031 | 586 | 582 | 585 |  |
| H&F Opportunities LUX III S.À R.L (dba Checkmarx)(3)(4)(8)(31) | First lien senior secured loan | S+ | 6.50% |  | 4/2027 | 14508 | 14459 | 14508 |  |
| Hyland Software, Inc.(3)(4)(8) | First lien senior secured loan | S+ | 5.00% |  | 9/2030 | 1768 | 1768 | 1768 |  |
| Icefall Parent, Inc. (dba EngageSmart)(3)(4)(9) | First lien senior secured loan | S+ | 4.50% |  | 1/2030 | 3922 | 3922 | 3922 |  |
| Litera Bidco LLC(3)(4)(8)(22) | First lien senior secured loan | S+ | 5.00% |  | 05/2028 | 26849 | 26751 | 26849 |  |
| MINDBODY, Inc.(3)(4)(9) | First lien senior secured loan | S+ | 6.00% |  | 9/2027 | 10945 | 10911 | 10945 |  |
| Ministry Brands Holdings, LLC(3)(4)(8) | First lien senior secured loan | S+ | 5.50% |  | 12/2028 | 750 | 742 | 744 |  |
| PDI TA Holdings, Inc.(3)(4)(9)(22) | First lien senior secured loan | S+ | 5.50% |  | 2/2031 | 5074 | 5008 | 5047 |  |
| QAD, Inc.(3)(4)(8) | First lien senior secured loan | S+ | 4.75% |  | 11/2027 | 4374 | 4374 | 4374 |  |
| Securonix, Inc.(3)(4)(9) | First lien senior secured loan | S+ | 4.00% | 3.75% | 4/2029 | 872 | 867 | 782 |  |
| Spaceship Purchaser, Inc. (dba Squarespace)(3)(4)(9) | First lien senior secured loan | S+ | 5.00% |  | 10/2031 | 698 | 695 | 698 |  |
| Thunder Purchaser, Inc. (dba Vector Solutions)(3)(4)(9) | First lien senior secured loan | S+ | 5.25% |  | 6/2028 | 14472 | 14409 | 14472 |  |
|  |  |  |  |  |  |  | 194600 | 195108 | 20.4% |
| **Leisure and entertainment** |  |  |  |  |  |  |  |  |  |
| Aerosmith Bidco 1 Limited (dba Audiotonix)(3)(4)(10)(31) | First lien senior secured loan | S+ | 5.25% |  | 7/2031 | 26657 | 26358 | 26657 |  |
| Eternal Buyer, LLC (dba Wedgewood Weddings)(3)(4)(8) | First lien senior secured loan | S+ | 4.75% |  | 6/2032 | 4018 | 3998 | 3998 |  |
| Troon Golf, L.L.C.(3)(4)(9)(22) | First lien senior secured loan | S+ | 4.75% |  | 8/2028 | 8644 | 8639 | 8644 |  |
|  |  |  |  |  |  |  | 38995 | 39299 | 4.1% |
| **Manufacturing** |  |  |  |  |  |  |  |  |  |
| Faraday Buyer, LLC (dba MacLean Power Systems)(3)(4)(9) | First lien senior secured loan | S+ | 6.00% |  | 10/2028 | 17612 | 17374 | 17612 |  |
| FR Flow Control CB LLC (dba Trillium Flow Technologies)(3)(4)(9)(31) | First lien senior secured loan | S+ | 5.25% |  | 12/2029 | 728 | 723 | 728 |  |
| FR Flow Control CB LLC (dba Trillium Flow Technologies)(3)(4)(8)(22)(31) | First lien senior secured revolving loan | S+ | 5.25% |  | 12/2029 | 13 | 13 | 13 |  |
| JSG II, Inc.(3)(4)(12) | First lien senior secured loan | P+ | 3.50% |  | 6/2026 | 3356 | 3352 | 3348 |  |

---

------

**Blue Owl Capital Corporation II**

**Consolidated Schedule of Investments**

**As of September 30, 2025**

**(Amounts in thousands, except share amounts)**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | **Interest** | | | | | |
|<br>**Company(1)(25)** |<br>**Investment** | **Ref. Rate** | **Cash** | **PIK** |<br>**Maturity Date** |<br>**Par / Units** |<br>**Amortized Cost(2)(27)** |<br>**Fair Value** |<br>**% of Net Assets** |
| Loparex Midco B.V.(3)(4)(9) | First lien senior secured loan | S+ | 6.00% |  | 2/2027 | 197 | 197 | 197 |  |
| Loparex Midco B.V.(3)(4)(9) | First lien senior secured loan | S+ | 4.50% |  | 7/2027 | 1031 | 958 | 979 |  |
| Loparex Midco B.V.(3)(4)(9) | Second lien senior secured loan | S+ | 8.75% |  | 7/2027 | 28000 | 27380 | 23660 |  |
| Loparex Midco B.V.(3)(4)(9) | Second lien senior secured loan | S+ | 8.50% |  | 7/2027 | 5250 | 5250 | 4817 |  |
| MHE Intermediate Holdings, LLC (dba OnPoint Group)(3)(4)(9)(22) | First lien senior secured loan | S+ | 6.00% |  | 7/2027 | 9790 | 9753 | 9465 |  |
| Sonny's Enterprises, LLC(3)(4)(9)(22) | First lien senior secured loan | S+ | 5.50% |  | 8/2028 | 46468 | 46060 | 46119 |  |
| Sonny's Enterprises, LLC(3)(4)(9)(22) | First lien senior secured delayed draw term loan | S+ | 6.50% |  | 8/2028 | 2008 | 1979 | 2008 |  |
| Sonny's Enterprises, LLC(3)(4)(9)(22) | First lien senior secured revolving loan | S+ | 5.50% |  | 8/2027 | 1133 | 1110 | 1112 |  |
|  |  |  |  |  |  |  | 114149 | 110058 | 11.5% |
| **Pharmaceuticals** |  |  |  |  |  |  |  |  |  |
| Puma Buyer, LLC (dba PANTHERx)(3)(4)(9) | First lien senior secured loan | S+ | 4.25% |  | 3/2032 | 859 | 853 | 859 |  |
|  |  |  |  |  |  |  | 853 | 859 | 0.1% |
| **Professional services** |  |  |  |  |  |  |  |  |  |
| Essential Services Holding Corporation (dba Turnpoint)(3)(4)(9) | First lien senior secured loan | S+ | 5.00% |  | 6/2031 | 3128 | 3101 | 3089 |  |
| Essential Services Holding Corporation (dba Turnpoint)(3)(4)(9)(22) | First lien senior secured revolving loan | S+ | 5.00% |  | 6/2030 | 77 | 74 | 72 |  |
| Gerson Lehrman Group, Inc.(3)(4)(9) | First lien senior secured loan | S+ | 5.00% |  | 12/2028 | 10366 | 10310 | 10366 |  |
| Guidehouse Inc.(3)(4)(8) | First lien senior secured loan | S+ | 3.00% | 2.00% | 12/2030 | 934 | 934 | 929 |  |
| Paris US Holdco, Inc. (dba Precinmac)(3)(4)(8)(22) | First lien senior secured loan | S+ | 4.75% |  | 12/2031 | 722 | 715 | 720 |  |
| Relativity ODA LLC(3)(4)(8) | First lien senior secured loan | S+ | 4.50% |  | 5/2029 | 19162 | 19100 | 19162 |  |
| Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(9) | First lien senior secured loan | S+ | 7.00% |  | 5/2028 | 12019 | 11995 | 12019 |  |
| Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(14) | First lien senior secured EUR term loan | E+ | 7.25% |  | 5/2028 | 2060 | 2233 | 2420 |  |
| Vensure Employer Services, Inc.(3)(4)(9) | First lien senior secured loan | S+ | 4.98% |  | 9/2031 | 928 | 920 | 919 |  |
|  |  |  |  |  |  |  | 49382 | 49696 | 5.2% |
| **Specialty retail** |  |  |  |  |  |  |  |  |  |
| Galls, LLC(3)(4)(9)(22) | First lien senior secured loan | S+ | 5.00% | 1.50% | 3/2030 | 19205 | 18956 | 19205 |  |
| Galls, LLC(3)(4)(9)(22) | First lien senior secured revolving loan | S+ | 6.00% |  | 3/2030 | 588 | 565 | 588 |  |
| Milan Laser Holdings LLC(3)(4)(9) | First lien senior secured loan | S+ | 5.00% |  | 4/2027 | 22060 | 21992 | 21729 |  |
| Notorious Topco, LLC (dba Beauty Industry Group)(3)(4)(9)(28) | First lien senior secured loan | S+ | 4.75% | 2.50% | 11/2027 | 26610 | 26286 | 15833 |  |
| Notorious Topco, LLC (dba Beauty Industry Group)(3)(4)(9)(28) | First lien senior secured revolving loan | S+ | 6.75% |  | 5/2027 | 2113 | 2103 | 1257 |  |
| The Shade Store, LLC(3)(4)(9) | First lien senior secured loan | S+ | 6.00% |  | 10/2029 | 6652 | 6500 | 6270 |  |
| The Shade Store, LLC(3)(4)(9) | First lien senior secured loan | S+ | 7.00% |  | 10/2029 | 191 | 191 | 185 |  |
| The Shade Store, LLC(3)(4)(9)(22) | First lien senior secured revolving loan | S+ | 6.00% |  | 10/2028 | 537 | 531 | 497 |  |
|  |  |  |  |  |  |  | 77124 | 65564 | 6.8% |
| **Telecommunications** |  |  |  |  |  |  |  |  |  |
| EOS Finco S.A.R.L(3)(9)(28)(31) | First lien senior secured loan | S+ |  | 6.00% | 10/2029 | 10870 | 8671 | 2726 |  |
| Park Place Technologies, LLC(3)(4)(9) | First lien senior secured loan | S+ | 5.25% |  | 3/2031 | 2517 | 2496 | 2517 |  |
| Park Place Technologies, LLC(3)(4)(9)(22) | First lien senior secured revolving loan | S+ | 5.25% |  | 3/2030 | 96 | 94 | 96 |  |
| PPT Holdings III, LLC (dba Park Place Technologies)(3)(4)(6) | First lien senior secured loan | N/A |  | 12.75% | 3/2034 | 910 | 893 | 910 |  |
|  |  |  |  |  |  |  | 12154 | 6249 | 0.7% |

---

------

**Blue Owl Capital Corporation II**

**Consolidated Schedule of Investments**

**As of September 30, 2025**

**(Amounts in thousands, except share amounts)**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | **Interest** | | | | | |
|<br>**Company(1)(25)** |<br>**Investment** | **Ref. Rate** | **Cash** | **PIK** |<br>**Maturity Date** |<br>**Par / Units** |<br>**Amortized Cost(2)(27)** |<br>**Fair Value** |<br>**% of Net Assets** |
| **Transportation** | | | | | | | | | |
| Lytx, Inc.(3)(4)(8) | First lien senior secured loan | S+ | 5.00% |  | 2/2028 | 23668 | 23668 | 23668 |  |
|  |  |  |  |  |  |  | 23668 | 23668 | 2.5% |
| **Total non-controlled/non-affiliated debt investments** | **Total non-controlled/non-affiliated debt investments** |  |  |  |  |  | $1575178 | $1518963 | 158.6% |
| **Total non-controlled/non-affiliated misc. debt commitments(22)(23)(Note 7)** | **Total non-controlled/non-affiliated misc. debt commitments(22)(23)(Note 7)** | **Total non-controlled/non-affiliated misc. debt commitments(22)(23)(Note 7)** | **Total non-controlled/non-affiliated misc. debt commitments(22)(23)(Note 7)** | **Total non-controlled/non-affiliated misc. debt commitments(22)(23)(Note 7)** | **Total non-controlled/non-affiliated misc. debt commitments(22)(23)(Note 7)** |  | $(527) | $(546) | (0.1)% |
| **Total non-controlled/non-affiliated portfolio company debt investments** | **Total non-controlled/non-affiliated portfolio company debt investments** | **Total non-controlled/non-affiliated portfolio company debt investments** | **Total non-controlled/non-affiliated portfolio company debt investments** | **Total non-controlled/non-affiliated portfolio company debt investments** | **Total non-controlled/non-affiliated portfolio company debt investments** |  | $1574651 | $1518417 | 158.6% |
| **Equity Investments** |  |  |  |  |  |  |  |  |  |
| **Asset based lending and fund finance** | **Asset based lending and fund finance** |  |  |  |  |  |  |  |  |
| AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(3)(4)(22)(29)(30)(31) | Specialty finance equity investment | N/A |  |  | N/A | 1473 | 1476 | 2207 |  |
| AAM Series 2.1 Aviation Feeder, LLC(3)(4)(29)(30)(31) | Specialty finance equity investment | N/A |  |  | N/A | 1634 | 1636 | 2495 |  |
| Amergin Asset Management, LLC(3)(4)(29)(30) | Specialty finance equity investment | N/A |  |  | N/A | 50000000 |  | 2576 |  |
| Blue Owl Cross-Strategy Opportunities LLC(3)(5)(30)(31)(34) | Specialty finance equity investment | N/A |  |  | N/A | 553000 | 553 | 553 |  |
|  |  |  |  |  |  |  | 3665 | 7831 | 0.8% |
| **Automotive services** |  |  |  |  |  |  |  |  |  |
| CD&R Value Building Partners I, L.P. (dba Belron)(3)(5)(29)(30)(31) | LP Interest | N/A |  |  | N/A | 1121 | 1089 | 1555 |  |
| Metis HoldCo, Inc. (dba Mavis Tire Express Services)(3)(4)(6)(30) | Series A Convertible Preferred Stock | N/A |  | 7.00% | N/A | 42379 | 43296 | 43879 |  |
| Percheron Horsepower-A LP (dba Big Brand Tire & Service)(3)(4)(22)(29)(30)(31) | Limited Partner Interest | N/A |  |  | N/A | 1324000 | 1324 | 1324 |  |
|  |  |  |  |  |  |  | 45709 | 46758 | 4.9% |
| **Buildings and real estate** |  |  |  |  |  |  |  |  |  |
| Dodge Construction Network Holdings, L.P.(3)(4)(29)(30) | Class A-2 Common Units | N/A |  |  | N/A | 431889 | 368 | 47 |  |
| Dodge Construction Network Holdings, L.P.(3)(4)(9)(30) | Series A Preferred Units | S+ |  | 8.25% | N/A | 0 | 9 | 5 |  |
|  |  |  |  |  |  |  | 377 | 52 | —% |
| **Business services** |  |  |  |  |  |  |  |  |  |
| Denali Holding, LP (dba Summit Companies)(3)(4)(29)(30) | Class A Units | N/A |  |  | N/A | 41874 | 425 | 1193 |  |
| Hercules Buyer, LLC (dba The Vincit Group)(3)(4)(29)(30)(33) | Common Units | N/A |  |  | N/A | 352000 | 352 | 484 |  |
| Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)(3)(4)(10)(30) | Perpetual Preferred Stock | S+ |  | 10.75% | N/A | 219 | 324 | 327 |  |
|  |  |  |  |  |  |  | 1101 | 2004 | 0.2% |
| **Consumer products** |  |  |  |  |  |  |  |  |  |
| ASP Conair Holdings LP(3)(4)(29)(30) | Class A Units | N/A |  |  | N/A | 12857 | 1286 | 729 |  |
|  |  |  |  |  |  |  | 1286 | 729 | 0.1% |
| **Containers and packaging** |  |  |  |  |  |  |  |  |  |
| TCB Holdings I LLC (dba TricorBraun)(3)(4)(6)(30) | Class A Preferred Units | N/A |  | 14.00% | N/A | 1058 | 1029 | 1032 |  |
|  |  |  |  |  |  |  | 1029 | 1032 | 0.1% |
| **Education** |  |  |  |  |  |  |  |  |  |
| Paradigmatic Holdco LLC (dba Pluralsight)(3)(4)(29)(30) | Common stock | N/A |  |  | N/A | 1309529 | 3475 | 2160 |  |
|  |  |  |  |  |  |  | 3475 | 2160 | 0.2% |
| **Food and beverage** |  |  |  |  |  |  |  |  |  |
| Hissho Sushi Holdings, LLC(3)(4)(29)(30) | Class A Units | N/A |  |  | N/A | 7502 | 60 | 112 |  |
|  |  |  |  |  |  |  | 60 | 112 | —% |

---

------

**Blue Owl Capital Corporation II**

**Consolidated Schedule of Investments**

**As of September 30, 2025**

**(Amounts in thousands, except share amounts)**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | **Interest** | | | | | |
|<br>**Company(1)(25)** |<br>**Investment** | **Ref. Rate** | **Cash** | **PIK** |<br>**Maturity Date** |<br>**Par / Units** |<br>**Amortized Cost(2)(27)** |<br>**Fair Value** |<br>**% of Net Assets** |
| **Healthcare equipment and services** | | | | | | | | | |
| KPCI Holdings, L.P.(3)(4)(29)(30) | Class A Units | N/A |  |  | N/A | 5665 | 6014 | 16203 |  |
| Maia Aggregator, LP(3)(4)(29)(30) | Class A-2 Units | N/A |  |  | N/A | 112360 | 112 | 109 |  |
| Patriot Holdings SCSp (dba Corza Health, Inc.)(3)(4)(6)(30)(31) | Class A Units | N/A |  | 8.00% | N/A | 1515 | 2157 | 2141 |  |
| Patriot Holdings SCSp (dba Corza Health, Inc.)(3)(4)(29)(30)(31) | Class B Units | N/A |  |  | N/A | 20867 | 28 | 97 |  |
| Rhea Acquisition Holdings, LP(3)(4)(29)(30) | Series A-2 Units | N/A |  |  | N/A | 119048 | 119 | 140 |  |
|  |  |  |  |  |  |  | 8430 | 18690 | 2.0% |
| **Healthcare providers and services** |  |  |  |  |  |  |  |  |  |
| Baypine Commander Co-Invest, LP(3)(4)(29)(30)(31) | LP Interest | N/A |  |  | N/A | 352409 | 352 | 352 |  |
| KOBHG Holdings, L.P. (dba OB Hospitalist)(3)(4)(29)(30) | Class A Interests | N/A |  |  | N/A | 1291 | 1291 | 1255 |  |
| KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)(3)(4)(29)(30) | Class A Interest | N/A |  |  | N/A | 30 | 301 | 418 |  |
| Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers)(3)(4)(6)(30) | Series A Preferred Stock | N/A |  | 15.00% | N/A | 1721 | 2202 | 1981 |  |
| XOMA Corporation(3)(4)(29)(30) | Warrants | N/A |  |  | N/A | 1800 | 12 | 33 |  |
|  |  |  |  |  |  |  | 4158 | 4039 | 0.4% |
| **Healthcare technology** |  |  |  |  |  |  |  |  |  |
| Minerva Holdco, Inc.(3)(4)(6)(30) | Senior A Preferred Stock | N/A |  | 10.75% | N/A | 1000 | 1464 | 1462 |  |
| ModMed Software Midco Holdings, Inc. (dba ModMed)(3)(4)(6)(30) | Series A Preferred Units | N/A |  | 13.00% | N/A | 169738 | 165 | 167 |  |
|  |  |  |  |  |  |  | 1629 | 1629 | 0.2% |
| **Human resource support services** |  |  |  |  |  |  |  |  |  |
| Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)(3)(4)(6)(30) | Series A Preferred Stock | N/A |  | 10.50% | N/A | 5500 | 7958 | 7238 |  |
|  |  |  |  |  |  |  | 7958 | 7238 | 0.8% |
| **Insurance** |  |  |  |  |  |  |  |  |  |
| Evolution Parent, LP (dba SIAA)(3)(4)(29)(30) | LP Interest | N/A |  |  | N/A | 8919 | 892 | 1152 |  |
| Fifth Season Investments LLC(3)(4)(30) | Specialty finance equity investment | N/A |  |  | N/A | 0 | 3726 | 4146 |  |
| GoHealth, Inc.(3)(4)(29)(30) | Common stock | N/A |  |  | N/A | 7413 | 41 |  |  |
| GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)(3)(4)(29)(30) | LP Interest | N/A |  |  | N/A | 10526 | 127 | 105 |  |
|  |  |  |  |  |  |  | 4786 | 5403 | 0.6% |
| **Internet software and services** |  |  |  |  |  |  |  |  |  |
| Bird Holding B.V. (fka MessageBird Holding B.V.)(3)(4)(29)(30)(31) | Extended Series C Warrants | N/A |  |  | N/A | 25540 | 157 | 28 |  |
| Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(3)(4)(29)(30) | Common Units | N/A |  |  | N/A | $1345 | 1345 | 2257 |  |
| Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)(3)(4)(29)(30)(31) | LP Interest | N/A |  |  | N/A | 31348 | 31 | 39 |  |
| Nscale Global Holdings Limited(3)(4)(29)(30)(31) | Preferred equity | N/A |  |  | N/A | $608 | 608 | 608 |  |
| Nscale Global Holdings Limited(3)(4)(29)(30)(31) | Series B Preferred Shares | N/A |  |  | N/A | 405 | 405 | 405 |  |
| Project Alpine Co-Invest Fund, LP(3)(4)(29)(30)(31) | LP Interest | N/A |  |  | N/A | 1000 | 1001 | 1313 |  |
| Thunder Topco L.P. (dba Vector Solutions)(3)(4)(29)(30) | Common Units | N/A |  |  | N/A | 820 | 820 | 975 |  |

---

------

**Blue Owl Capital Corporation II**

**Consolidated Schedule of Investments**

**As of September 30, 2025**

**(Amounts in thousands, except share amounts)**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | **Interest** | | | | | |
|<br>**Company(1)(25)** |<br>**Investment** | **Ref. Rate** | **Cash** | **PIK** |<br>**Maturity Date** |<br>**Par / Units** |<br>**Amortized Cost(2)(27)** |<br>**Fair Value** |<br>**% of Net Assets** |
| VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.)(3)(4)(6)(30) | Series A Preferred Stock | N/A |  | 11.00% | N/A | 3750 | 4767 | 5315 |  |
| WMC Bidco, Inc. (dba West Monroe)(3)(4)(6)(30) | Senior Preferred Stock | N/A |  | 11.25% | N/A | 3694 | 3660 | 3658 |  |
|  |  |  |  |  |  |  | 12794 | 14598 | 1.5% |
| **Manufacturing** |  |  |  |  |  |  |  |  |  |
| Gloves Holdings, LP (dba Protective Industrial Products)(3)(4)(29)(30) | LP Interest | N/A |  |  | N/A | 8524 | 936 | 1321 |  |
| Windows Entities(3)(4)(30)(32) | LLC Units | N/A |  |  | N/A | 10616 | 20107 | 46211 |  |
|  |  |  |  |  |  |  | 21043 | 47532 | 5.0% |
| **Pharmaceuticals** |  |  |  |  |  |  |  |  |  |
| LSI Financing 1 DAC(3)(4)(30)(31) | Specialty finance equity investment | N/A |  |  | N/A | 204 | 207 | 194 |  |
|  |  |  |  |  |  |  | 207 | 194 | —% |
| **Total non-controlled/non-affiliated portfolio company equity investments** | **Total non-controlled/non-affiliated portfolio company equity investments** | **Total non-controlled/non-affiliated portfolio company equity investments** | **Total non-controlled/non-affiliated portfolio company equity investments** | **Total non-controlled/non-affiliated portfolio company equity investments** |  |  | $117707 | $160001 | 16.7% |
| **Total non-controlled/non-affiliated portfolio company investments** | **Total non-controlled/non-affiliated portfolio company investments** |  |  |  |  |  | $1692358 | $1678418 | 175.3% |
| **Non-controlled/affiliated portfolio company investments** | **Non-controlled/affiliated portfolio company investments** |  |  |  |  |  |  |  |  |
| **Debt Investments(7)** |  |  |  |  |  |  |  |  |  |
| **Advertising and media** |  |  |  |  |  |  |  |  |  |
| Swipe Acquisition Corporation (dba PLI)(3)(4)(8)(24) | First lien senior secured loan | S+ | 8.00% |  | 11/2027 | 8972 | 8970 | 8972 |  |
| Swipe Acquisition Corporation (dba PLI)(3)(4)(8)(22)(24) | First lien senior secured loan | S+ | 5.00% |  | 11/2027 | 5261 | 5228 | 5248 |  |
|  |  |  |  |  |  |  | 14198 | 14220 | 1.5% |
| **Household products** |  |  |  |  |  |  |  |  |  |
| Walker Edison Furniture Company LLC(3)(4)(9)(22)(24)(28) | First lien senior secured loan | S+ |  | 6.75% | 3/2027 | 8851 | 6315 | 1036 |  |
| Walker Edison Furniture Company LLC(3)(4)(6)(22)(24)(28) | First lien senior secured loan | N/A |  | 10.00% | 2/2026 | 1018 | 997 | 1011 |  |
| Walker Edison Furniture Company LLC(3)(4)(9)(24)(28) | First lien senior secured revolving loan | S+ | 6.25% |  | 3/2027 | 2247 | 2247 | 118 |  |
|  |  |  |  |  |  |  | $9559 | $2165 | 0.2% |
| **Total non-controlled/affiliated portfolio company debt investments** | **Total non-controlled/affiliated portfolio company debt investments** | **Total non-controlled/affiliated portfolio company debt investments** | **Total non-controlled/affiliated portfolio company debt investments** |  |  |  | $23757 | $16385 | 1.7% |
| **Equity Investments** |  |  |  |  |  |  |  |  |  |
| **Advertising and media** |  |  |  |  |  |  |  |  |  |
| New PLI Holdings, LLC (dba PLI)(3)(4)(24)(29)(30) | Class A Common Units | N/A |  |  | N/A | 5952 | 5952 | 10980 |  |
|  |  |  |  |  |  |  | 5952 | 10980 | 1.1% |
| **Household products** |  |  |  |  |  |  |  |  |  |
| Walker Edison Holdco LLC(3)(4)(24)(29)(30) | Common Units | N/A |  |  | N/A | 49159 | 4750 |  |  |
|  |  |  |  |  |  |  | 4750 |  | —% |
| **Pharmaceuticals** |  |  |  |  |  |  |  |  |  |
| LSI Financing LLC(3)(5)(22)(24)(30)(31) | Specialty finance equity investment | N/A |  |  | N/A | 10371 | 10371 | 10993 |  |
|  |  |  |  |  |  |  | 10371 | 10993 | 1.1% |
| **Total non-controlled/affiliated portfolio company equity investments** | **Total non-controlled/affiliated portfolio company equity investments** | **Total non-controlled/affiliated portfolio company equity investments** | **Total non-controlled/affiliated portfolio company equity investments** |  |  |  | $21073 | $21973 | 2.3% |
| **Total non-controlled/affiliated portfolio company investments** | **Total non-controlled/affiliated portfolio company investments** |  |  |  |  |  | $44830 | $38358 | 4.0% |

---

------

**Blue Owl Capital Corporation II**

**Consolidated Schedule of Investments**

**As of September 30, 2025**

**(Amounts in thousands, except share amounts)**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | **Interest** | | | | | |
|<br>**Company(1)(25)** |<br>**Investment** | **Ref. Rate** | **Cash** | **PIK** |<br>**Maturity Date** |<br>**Par / Units** |<br>**Amortized Cost(2)(27)** |<br>**Fair Value** |<br>**% of Net Assets** |
| **Controlled/affiliated portfolio company investments** | **Controlled/affiliated portfolio company investments** | | | | | | | | |
| **Equity Investments** | | | | | | | | | |
| **Joint ventures** | | | | | | | | | |
| Blue Owl Credit SLF LLC(3)(5)(24)(26)(30)(31) | LLC Interest | N/A |  |  | N/A | 245 | 244 | 266 |  |
|  |  |  |  |  |  |  | 244 | 266 |  |
| **Total controlled/affiliated equity investments** | **Total controlled/affiliated equity investments** |  |  |  |  |  | $244 | $266 | —% |
| **Total controlled/affiliated portfolio company investments** | **Total controlled/affiliated portfolio company investments** |  |  |  |  |  | $244 | $266 | —% |
| **Total Investments** |  |  |  |  |  |  | $1737432 | $1717042 | 179.3% |

---

_______________

<sup>(1)</sup> Certain portfolio company investments are subject to contractual restrictions on sales. Refer to footnote 30 for additional information on the Company's restricted securities.

<sup>(2)</sup> The amortized cost represents the original cost adjusted for the accretion and amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

<sup>(3)</sup> Represents co-investment made with the Company's affiliates in accordance with the terms of exemptive relief that the Company received from the U.S. Securities and Exchange Commission. See Note 3 "Agreements and Related Party Transactions."

<sup>(4)</sup> These investments were valued using unobservable inputs and are considered Level 3 investments.

<sup>(5)</sup> Investment measured at net asset value ("NAV").

<sup>(6)</sup> Investment contains a fixed-rate structure.

<sup>(7)</sup> 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-, six- or twelve-month SOFR), Euro Interbank Offered Rate ("EURIBOR" or "E", which can include one-, two-, three- or six-month EURIBOR), Canadian Overnight Repo Rate Average ("CORRA" or "C") (which can include one- or three-month CORRA), SONIA ("SONIA" or "SA"), Australian Bank Bill Swap Bid Rate ("BBSY" or "B") (which can include one-, three-, or six-month BBSY) or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate ("PRIME" or "P")), at the borrower's option, and which reset periodically based on the terms of the loan agreement.

<sup>(8)</sup> The interest rate on these loans is subject to 1 month SOFR, which as of September 30, 2025 was 4.13%.

<sup>(9)</sup> The interest rate on these loans is subject to 3 month SOFR, which as of September 30, 2025 was 3.98%.

<sup>(10)</sup> The interest rate on these loans is subject to 6 month SOFR, which as of September 30, 2025 was 3.85%.

<sup>(11)</sup> The interest rate on these loans is subject to 12 month SOFR, which as of September 30, 2025 was 3.66%.

<sup>(12)</sup> The interest rate on these loans is subject to Prime, which as of September 30, 2025 was 7.25%.

<sup>(13)</sup> The interest rate on this loan is subject to 1 month EURIBOR, which as of September 30, 2025 was 1.93%.

<sup>(14)</sup> The interest rate on this loan is subject to 3 month EURIBOR, which as of September 30, 2025 was 2.03%.

<sup>(15)</sup> Reserved. .

<sup>(16)</sup> The interest rate on these loans is subject to 1 month BBSY, which as of September 30, 2025 was 3.49%.

<sup>(17)</sup> Reserved.

<sup>(18)</sup> Reserved.

<sup>(19)</sup> The interest rate on this loan is subject to SONIA, which as of September 30, 2025 was 3.97%.

<sup>(20)</sup> Reserved.

<sup>(21)</sup> Reserved.

<sup>(22)</sup> Position or portion thereof is a debt or equity commitment. See below for more information on the Company's commitments. See Note 7 "Commitments and Contingencies."

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Commitment Type** | **Commitment Expiration Date** | **Funded Commitment** | **Unfunded** | **Unfunded** |
| **Portfolio Company** | **Commitment Type** | **Commitment Expiration Date** | **Funded Commitment** | **Commitment** | **Fair Value**<sup>(23)</sup> |
| **Non-controlled/non-affiliated - debt commitments** | **Non-controlled/non-affiliated - debt commitments** | | | | |
| Aerosmith Bidco 1 Limited (dba Audiotonix) | First lien senior secured delayed draw term loan | 7/2027 | $— | $9732 | $— |
| Arctic Holdco, LLC (dba Novvia Group) | First lien senior secured delayed draw term loan | 1/2027 | 250 | 154 |  |
| Artifact Bidco, Inc. (dba Avetta) | First lien senior secured delayed draw term loan | 7/2027 |  | 379 |  |
| Associations, Inc. | First lien senior secured delayed draw term loan | 7/2028 | 1354 | 2222 |  |
| BCPE Osprey Buyer, Inc. (dba PartsSource) | First lien senior secured delayed draw term loan | 10/2025 | 211 | 82 |  |
| BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC) | First lien senior secured delayed draw term loan | 10/2025 | 301 | 616 |  |
| Brightway Holdings, LLC | First lien senior secured delayed draw term loan | 1/2027 | 1575 | 790 |  |
| Cambrex Corporation | First lien senior secured delayed draw term loan | 3/2027 |  | 117 |  |
| Cambrex Corporation | First lien senior secured delayed draw term loan | 9/2026 |  | 219 |  |
| CCM Midco, LLC (f/k/a Cresset Capital Management, LLC) | First lien senior secured delayed draw term loan | 6/2026 | 67 | 82 |  |

---

------

**Blue Owl Capital Corporation II**

**Consolidated Schedule of Investments**

**As of September 30, 2025**

**(Amounts in thousands, except share amounts)**

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Commitment Type** | **Commitment Expiration Date** | **Funded Commitment** | **Unfunded** | **Unfunded** |
| **Portfolio Company** | **Commitment Type** | **Commitment Expiration Date** | **Funded Commitment** | **Commitment** | **Fair Value**<sup>(23)</sup> |
| CCM Midco, LLC (f/k/a Cresset Capital Management, LLC) | First lien senior secured delayed draw term loan | 11/2025 |  | 484 |  |
| CCM Midco, LLC (f/k/a Cresset Capital Management, LLC) | First lien senior secured delayed draw term loan | 1/2027 | 4 | 295 |  |
| CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.) | First lien senior secured delayed draw term loan | 9/2027 |  | 1301 |  |
| CivicPlus, LLC | First lien senior secured delayed draw term loan | 5/2027 |  | 610 |  |
| Commander Buyer, Inc. (dba CenExel) | First lien senior secured delayed draw term loan | 6/2027 |  | 1762 |  |
| CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) | First lien senior secured delayed draw term loan | 7/2027 | 60 | 246 |  |
| CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) | First lien senior secured delayed draw term loan | 8/2027 |  | 71 |  |
| DCG ACQUISITION CORP. (dba DuBois Chemical) | First lien senior secured delayed draw term loan | 6/2026 | 563 | 376 |  |
| Denali BuyerCo, LLC (dba Summit Companies) | First lien senior secured delayed draw term loan | 1/2027 | 1005 | 1099 |  |
| EresearchTechnology, Inc. (dba Clario) | First lien senior secured delayed draw term loan | 1/2027 | 15 | 91 |  |
| Essential Services Holding Corporation (dba Turnpoint) | First lien senior secured delayed draw term loan | 6/2026 |  | 613 | (5) |
| Eternal Buyer, LLC (dba Wedgewood Weddings) | First lien senior secured delayed draw term loan | 6/2027 |  | 804 |  |
| Evolution BuyerCo, Inc. (dba SIAA) | First lien senior secured delayed draw term loan | 12/2025 | 62 | 43 |  |
| Faraday Buyer, LLC (dba MacLean Power Systems) | First lien senior secured delayed draw term loan | 11/2025 |  | 1882 |  |
| FR Flow Control CB LLC (dba Trillium Flow Technologies) | First lien senior secured delayed draw term loan | 6/2026 |  | 147 |  |
| Galls, LLC | First lien senior secured delayed draw term loan | 3/2026 | 3075 | 2268 |  |
| Galway Borrower LLC | First lien senior secured delayed draw term loan | 7/2026 | 251 | 1302 |  |
| Hercules Borrower, LLC (dba The Vincit Group) | First lien senior secured delayed draw term loan | 12/2025 |  | 757 | (2) |
| Indigo Buyer, Inc. (dba Inovar Packaging Group) | First lien senior secured delayed draw term loan | 7/2026 | 28 | 193 |  |
| Indikami Bidco, LLC (dba IntegriChain) | First lien senior secured delayed draw term loan | 12/2025 | 43 | 334 |  |
| Integrity Marketing Acquisition, LLC | First lien senior secured delayed draw term loan | 8/2026 |  | 315 |  |
| Interoperability Bidco, Inc. (dba Lyniate) | First lien senior secured delayed draw term loan | 6/2026 |  | 952 | (14) |
| KENE Acquisition, Inc. (dba Entrust Solutions Group) | First lien senior secured delayed draw term loan | 2/2026 | 101 | 881 |  |
| KPSKY Acquisition, Inc. (dba BluSky) | First lien senior secured delayed draw term loan | 11/2025 | 1 | 58 |  |
| KRIV Acquisition Inc. (dba Riveron) | First lien senior secured delayed draw term loan | 9/2027 |  | 221 |  |
| KWOL Acquisition, Inc. (dba Worldwide Clinical Trials) | First lien senior secured delayed draw term loan | 8/2027 |  | 2461 |  |
| Litera Bidco LLC | First lien senior secured delayed draw term loan | 5/2027 |  | 2487 |  |
| Litera Bidco LLC | First lien senior secured delayed draw term loan | 11/2026 | 5448 | 479 |  |
| Maple Acquisition, LLC (dba Medicus) | First lien senior secured delayed draw term loan | 5/2026 |  | 1069 |  |
| MAJCO LLC (dba Big Brand Tire & Service) | First lien senior secured delayed draw term loan | 6/2026 |  | 1892 | (5) |
| MAJCO LLC (dba Big Brand Tire & Service) | First lien senior secured delayed draw term loan | 9/2027 |  | 4415 | (11) |
| Minotaur Acquisition, Inc. (dba Inspira Financial) | First lien senior secured delayed draw term loan | 5/2026 |  | 3958 |  |
| Monotype Imaging Holdings Inc. | First lien senior secured delayed draw term loan | 2/2026 | 411 | 1187 |  |
| National Dentex Labs LLC (fka Barracuda Dental LLC) | First lien senior secured delayed draw term loan | 12/2025 | 430 | 730 |  |
| NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A. | First lien senior secured EUR delayed draw term loan | 3/2027 |  | 2799 | (35) |
| Nelipak Holding Company | First lien senior secured delayed draw term loan | 3/2027 |  | 1302 | (16) |
| Packaging Coordinators Midco, Inc. | First lien senior secured delayed draw term loan | 4/2026 |  | 1628 |  |
| Paris US Holdco, Inc. (dba Precinmac) | First lien senior secured delayed draw term loan | 12/2026 |  | 186 |  |
| PetVet Care Centers, LLC | First lien senior secured delayed draw term loan | 11/2025 |  | 1993 | (130) |
| Pluralsight, LLC | First lien senior secured delayed draw term loan | 8/2029 |  | 1637 | (16) |
| Pye-Barker Fire & Safety, LLC | First lien senior secured delayed draw term loan | 5/2026 | 358 | 2102 |  |
| RL Datix Holdings (USA), Inc. | First lien senior secured delayed draw term loan | 4/2027 |  | 1625 |  |
| Salinger Bidco Inc. (dba Surgical Information Systems) | First lien senior secured delayed draw term loan | 8/2026 |  | 492 |  |
| Severin Acquisition, LLC (dba PowerSchool) | First lien senior secured delayed draw term loan | 10/2027 | 27 | 131 |  |
| SimonMed, Inc. | First lien senior secured delayed draw term loan | 2/2027 | 73 | 73 |  |

---

------

**Blue Owl Capital Corporation II**

**Consolidated Schedule of Investments**

**As of September 30, 2025**

**(Amounts in thousands, except share amounts)**

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Commitment Type** | **Commitment Expiration Date** | **Funded Commitment** | **Unfunded** | **Unfunded** |
| **Portfolio Company** | **Commitment Type** | **Commitment Expiration Date** | **Funded Commitment** | **Commitment** | **Fair Value**<sup>(23)</sup> |
| Simplicity Financial Marketing Group Holdings, Inc. | First lien senior secured delayed draw term loan | 12/2026 | 56 | 134 |  |
| Smarsh Inc. | First lien senior secured delayed draw term loan | 1/2027 |  | 186 |  |
| Soleo Holdings, Inc. | First lien senior secured delayed draw term loan | 2/2027 |  | 108 |  |
| Sonny's Enterprises, LLC | First lien senior secured delayed draw term loan | 6/2026 | 353 | 4105 |  |
| Sonny's Enterprises, LLC | First lien senior secured delayed draw term loan | 6/2027 | 2008 | 2288 |  |
| Spaceship Purchaser, Inc. (dba Squarespace) | First lien senior secured delayed draw term loan | 10/2026 |  | 42 |  |
| Spaceship Purchaser, Inc. (dba Squarespace) | First lien senior secured delayed draw term loan | 10/2027 |  | 100 |  |
| STS PARENT, LLC (dba STS Aviation Group) | First lien senior secured delayed draw term loan | 10/2026 |  | 2100 |  |
| Tamarack Intermediate, L.L.C. (dba Verisk 3E) | First lien senior secured delayed draw term loan | 7/2027 | 62 | 149 |  |
| TBRS, Inc. (dba TEAM Technologies) | First lien senior secured delayed draw term loan | 11/2026 |  | 93 |  |
| THG Acquisition, LLC (dba Hilb) | First lien senior secured delayed draw term loan | 10/2026 | 169 | 874 |  |
| Troon Golf, L.L.C. | First lien senior secured delayed draw term loan | 9/2026 | 620 | 625 |  |
| Unified Women's Healthcare, LP | First lien senior secured delayed draw term loan | 9/2027 |  | 1273 |  |
| Vensure Employer Services, Inc. | First lien senior secured delayed draw term loan | 9/2026 |  | 66 |  |
| Vessco Midco Holdings, LLC | First lien senior secured delayed draw term loan | 7/2026 | 564 | 474 |  |
| Walker Edison Furniture Company LLC | First lien senior secured delayed draw term loan | 2/2026 |  | 427 |  |
| Walker Edison Furniture Company LLC | First lien senior secured delayed draw term loan | 2/2026 | 225 | 148 |  |
| Wrench Group LLC | First lien senior secured delayed draw term loan | 9/2027 |  | 1808 | (2) |
| WU Holdco, Inc. (dba PurposeBuilt Brands) | First lien senior secured delayed draw term loan | 4/2027 |  | 2720 |  |
| Aerosmith Bidco 1 Limited (dba Audiotonix) | First lien senior secured revolving loan | 7/2030 |  | 4116 |  |
| Anaplan, Inc. | First lien senior secured revolving loan | 6/2028 |  | 972 |  |
| Aptean Acquiror, Inc. (dba Aptean) | First lien senior secured revolving loan | 1/2031 | 35 | 329 |  |
| Arctic Holdco, LLC (dba Novvia Group) | First lien senior secured revolving loan | 1/2031 | 22 | 249 |  |
| Artifact Bidco, Inc. (dba Avetta) | First lien senior secured revolving loan | 7/2030 |  | 271 |  |
| Ascend Buyer, LLC (dba PPC Flexible Packaging) | First lien senior secured revolving loan | 9/2028 |  | 106 |  |
| Associations, Inc. | First lien senior secured revolving loan | 7/2028 |  | 2873 |  |
| Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.) | First lien senior secured revolving loan | 3/2031 |  | 238 |  |
| Baker Tilly Advisory Group, LP | First lien senior secured revolving loan | 6/2030 |  | 1975 |  |
| Bayshore Intermediate #2, L.P. (dba Boomi) | First lien senior secured revolving loan | 10/2027 | 102 | 309 |  |
| BCPE Osprey Buyer, Inc. (dba PartsSource) | First lien senior secured revolving loan | 8/2026 | 43 | 9 |  |
| BCTO BSI Buyer, Inc. (dba Buildertrend) | First lien senior secured revolving loan | 12/2026 |  | 1527 |  |
| BP Veraison Buyer, LLC (dba Sun World) | First lien senior secured revolving loan | 5/2029 |  | 3868 |  |
| Brightway Holdings, LLC | First lien senior secured revolving loan | 12/2027 | 384 | 142 |  |
| Bristol Hospice L.L.C. | First lien senior secured revolving loan | 8/2032 |  | 436 | (2) |
| By Light Professional IT Services LLC | First lien senior secured revolving loan | 7/2031 |  | 361 | (5) |
| Cambrex Corporation | First lien senior secured revolving loan | 3/2032 |  | 102 |  |
| Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.) | First lien senior secured revolving loan | 8/2027 | 43 | 142 |  |
| CCM Midco, LLC (f/k/a Cresset Capital Management, LLC) | First lien senior secured revolving loan | 6/2029 |  | 75 |  |
| CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.) | First lien senior secured revolving loan | 1/2030 |  | 434 |  |
| CivicPlus, LLC | First lien senior secured revolving loan | 8/2030 |  | 256 | (1) |
| Commander Buyer, Inc. (dba CenExel) | First lien senior secured revolving loan | 6/2032 |  | 1175 | (3) |
| Creek Parent, Inc. (dba Catalent) | First lien senior secured revolving loan | 12/2031 |  | 126 |  |
| Crewline Buyer, Inc. (dba New Relic) | First lien senior secured revolving loan | 11/2030 |  | 472 | (4) |
| CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) | First lien senior secured revolving loan | 8/2031 |  | 766 |  |
| DCG ACQUISITION CORP. (dba DuBois Chemical) | First lien senior secured revolving loan | 6/2031 |  | 939 | (7) |
| Deerfield Dakota Holdings | First lien senior secured revolving loan | 9/2032 |  | 1189 | (6) |
| Delinea Buyer, Inc. (f/k/a Centrify) | First lien senior secured revolving loan | 3/2027 |  | 1345 |  |
| Denali Intermediate Holdings, Inc. (dba Dun & Bradstreet) | First lien senior secured revolving loan | 8/2032 |  | 886 | (13) |

---

------

**Blue Owl Capital Corporation II**

**Consolidated Schedule of Investments**

**As of September 30, 2025**

**(Amounts in thousands, except share amounts)**

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Commitment Type** | **Commitment Expiration Date** | **Funded Commitment** | **Unfunded** | **Unfunded** |
| **Portfolio Company** | **Commitment Type** | **Commitment Expiration Date** | **Funded Commitment** | **Commitment** | **Fair Value**<sup>(23)</sup> |
| Denali BuyerCo, LLC (dba Summit Companies) | First lien senior secured revolving loan | 9/2027 | 63 | 63 |  |
| Diamond Mezzanine 24 LLC (dba United Risk) | First lien senior secured revolving loan | 10/2030 | 15 | 32 |  |
| Dresser Utility Solutions, LLC | First lien senior secured revolving loan | 3/2029 |  | 1201 |  |
| DuraServ LLC | First lien senior secured revolving loan | 6/2030 |  | 1190 | (9) |
| Eagle Family Foods Group LLC | First lien senior secured revolving loan | 8/2030 |  | 202 |  |
| EET Buyer, Inc. (dba e-Emphasys) | First lien senior secured revolving loan | 11/2027 |  | 91 |  |
| Einstein Parent, Inc. (dba Smartsheet) | First lien senior secured revolving loan | 1/2031 |  | 94 | (1) |
| EresearchTechnology, Inc. (dba Clario) | First lien senior secured revolving loan | 10/2031 |  | 53 |  |
| Essential Services Holding Corporation (dba Turnpoint) | First lien senior secured revolving loan | 6/2030 | 77 | 307 |  |
| Eternal Buyer, LLC (dba Wedgewood Weddings) | First lien senior secured revolving loan | 6/2032 |  | 804 | (4) |
| Evolution BuyerCo, Inc. (dba SIAA) | First lien senior secured revolving loan | 4/2030 |  | 52 |  |
| Fiesta Purchaser, Inc. (dba Shearer's Foods) | First lien senior secured revolving loan | 2/2029 | 55 | 1052 |  |
| Forescout Technologies, Inc. | First lien senior secured revolving loan | 5/2030 |  | 1121 |  |
| Fortis Solutions Group, LLC | First lien senior secured revolving loan | 10/2027 | 22 | 67 |  |
| Foundation Consumer Brands, LLC | First lien senior secured revolving loan | 2/2029 |  | 108 | (1) |
| FR Flow Control CB LLC (dba Trillium Flow Technologies) | First lien senior secured revolving loan | 12/2029 | 13 | 107 |  |
| Gainsight, Inc. | First lien senior secured revolving loan | 7/2027 |  | 936 |  |
| Galls, LLC | First lien senior secured revolving loan | 3/2030 | 588 | 1551 |  |
| Galway Borrower LLC | First lien senior secured revolving loan | 9/2028 | 41 | 155 |  |
| Gaylord Chemical Company, L.L.C. | First lien senior secured revolving loan | 12/2027 | 1252 | 1357 |  |
| Gerson Lehrman Group, Inc. | First lien senior secured revolving loan | 12/2028 |  | 526 |  |
| GI Ranger Intermediate, LLC (dba Rectangle Health) | First lien senior secured revolving loan | 10/2027 |  | 74 | (1) |
| Granicus, Inc. | First lien senior secured revolving loan | 1/2031 |  | 548 |  |
| Hercules Borrower, LLC (dba The Vincit Group) | First lien senior secured revolving loan | 12/2028 |  | 1173 | (3) |
| H&F Opportunities LUX III S.À R.L (dba Checkmarx) | First lien senior secured revolving loan | 4/2027 |  | 4583 |  |
| HGH Purchaser, Inc. (dba Horizon Services) | First lien senior secured revolving loan | 11/2026 | 2776 | 925 |  |
| Hissho Parent, LLC | First lien senior secured revolving loan | 5/2029 |  | 116 |  |
| Hyland Software, Inc. | First lien senior secured revolving loan | 9/2029 |  | 85 |  |
| Icefall Parent, Inc. (dba EngageSmart) | First lien senior secured revolving loan | 1/2030 |  | 386 |  |
| IG Investments Holdings, LLC (dba Insight Global) | First lien senior secured revolving loan | 9/2028 |  | 963 |  |
| Indigo Buyer, Inc. (dba Inovar Packaging Group) | First lien senior secured revolving loan | 5/2028 |  | 100 |  |
| Indikami Bidco, LLC (dba IntegriChain) | First lien senior secured revolving loan | 6/2030 | 205 | 65 |  |
| Integrity Marketing Acquisition, LLC | First lien senior secured revolving loan | 8/2028 |  | 210 |  |
| Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)\* | First lien senior secured revolving loan | 8/2026 | 2712 |  |  |
| Interoperability Bidco, Inc. (dba Lyniate) | First lien senior secured revolving loan | 3/2028 | 451 | 677 |  |
| KABAFUSION Parent, LLC | First lien senior secured revolving loan | 11/2031 |  | 111 |  |
| KENE Acquisition, Inc. (dba Entrust Solutions Group) | First lien senior secured revolving loan | 2/2031 |  | 295 |  |
| KRIV Acquisition Inc. (dba Riveron) | First lien senior secured revolving loan | 7/2031 | 18 | 171 |  |
| KWOL Acquisition, Inc. (dba Worldwide Clinical Trials) | First lien senior secured revolving loan | 12/2029 |  | 883 |  |
| Lignetics Investment Corp. | First lien senior secured revolving loan | 10/2026 | 1225 | 245 |  |
| Litera Bidco LLC | First lien senior secured revolving loan | 5/2028 | 210 | 1205 |  |
| Maple Acquisition, LLC (dba Medicus) | First lien senior secured revolving loan | 5/2030 |  | 802 |  |
| MAJCO LLC (dba Big Brand Tire & Service) | First lien senior secured revolving loan | 9/2032 |  | 1261 | (6) |
| Mario Purchaser, LLC (dba Len the Plumber) | First lien senior secured revolving loan | 4/2028 | 20 | 35 |  |
| MHE Intermediate Holdings, LLC (dba OnPoint Group) | First lien senior secured revolving loan | 7/2027 | 714 | 1071 |  |
| Milan Laser Holdings LLC | First lien senior secured revolving loan | 4/2026 |  | 2837 | (43) |
| MINDBODY, Inc. | First lien senior secured revolving loan | 9/2027 |  | 1071 |  |
| Ministry Brands Holdings, LLC | First lien senior secured revolving loan | 12/2027 |  | 68 | (1) |

---

------

**Blue Owl Capital Corporation II**

**Consolidated Schedule of Investments**

**As of September 30, 2025**

**(Amounts in thousands, except share amounts)**

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Commitment Type** | **Commitment Expiration Date** | **Funded Commitment** | **Unfunded** | **Unfunded** |
| **Portfolio Company** | **Commitment Type** | **Commitment Expiration Date** | **Funded Commitment** | **Commitment** | **Fair Value**<sup>(23)</sup> |
| Minotaur Acquisition, Inc. (dba Inspira Financial) | First lien senior secured revolving loan | 6/2030 |  | 2435 |  |
| Modernizing Medicine, Inc. (dba ModMed) | First lien senior secured revolving loan | 4/2032 |  | 71 |  |
| Monotype Imaging Holdings Inc. | First lien senior secured revolving loan | 2/2030 |  | 2402 |  |
| National Dentex Labs LLC (fka Barracuda Dental LLC) | First lien senior secured revolving loan | 4/2026 | 1766 | 17 |  |
| Natural Partners, LLC | First lien senior secured revolving loan | 11/2030 |  | 159 |  |
| NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A. | First lien senior secured EUR revolving loan | 3/2031 | 32 | 490 |  |
| Nelipak Holding Company | First lien senior secured revolving loan | 3/2031 | 602 | 369 |  |
| NMI Acquisitionco, Inc. (dba Network Merchants) | First lien senior secured revolving loan | 9/2028 |  | 218 |  |
| Norvax, LLC (dba GoHealth)\* | First lien senior secured revolving loan | 8/2029 | 859 |  |  |
| Notorious Topco, LLC (dba Beauty Industry Group)\* | First lien senior secured revolving loan | 5/2027 | 2113 |  |  |
| OB Hospitalist Group, Inc. | First lien senior secured revolving loan | 9/2027 |  | 2931 |  |
| Offen, Inc. | First lien senior secured revolving loan | 7/2029 |  | 546 | (5) |
| Packaging Coordinators Midco, Inc. | First lien senior secured revolving loan | 1/2032 |  | 309 | (2) |
| Packaging Coordinators Midco, Inc. | First lien senior secured revolving loan | 12/2032 |  | 67 |  |
| Paris US Holdco, Inc. (dba Precinmac) | First lien senior secured revolving loan | 12/2031 | 5 | 88 |  |
| Park Place Technologies, LLC | First lien senior secured revolving loan | 3/2030 | 96 | 180 |  |
| Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.) | First lien senior secured revolving loan | 1/2028 | 190 | 2465 |  |
| PDI TA Holdings, Inc. | First lien senior secured revolving loan | 2/2031 | 164 | 246 |  |
| PetVet Care Centers, LLC | First lien senior secured revolving loan | 11/2029 |  | 2092 | (157) |
| Plasma Buyer LLC (dba PathGroup)\* | First lien senior secured revolving loan | 5/2028 | 75 |  |  |
| Pluralsight, LLC | First lien senior secured revolving loan | 8/2029 |  | 655 | (7) |
| Premise Health Holding Corp. | First lien senior secured revolving loan | 2/2030 |  | 938 |  |
| Puma Buyer, LLC (dba PANTHERx) | First lien senior secured revolving loan | 3/2032 |  | 139 |  |
| Pye-Barker Fire & Safety, LLC | First lien senior secured revolving loan | 5/2030 | 122 | 852 |  |
| QAD, Inc. | First lien senior secured revolving loan | 11/2027 |  | 571 |  |
| Quva Pharma, Inc.\* | First lien senior secured revolving loan | 4/2026 | 1182 |  |  |
| Relativity ODA LLC | First lien senior secured revolving loan | 5/2029 |  | 1637 |  |
| Rhea Parent, Inc. | First lien senior secured revolving loan | 12/2030 |  | 81 |  |
| RL Datix Holdings (USA), Inc. | First lien senior secured revolving loan | 10/2030 |  | 1423 |  |
| Salinger Bidco Inc. (dba Surgical Information Systems) | First lien senior secured revolving loan | 5/2031 | 82 | 410 |  |
| Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC) | First lien senior secured revolving loan | 7/2027 | 690 | 310 |  |
| Securonix, Inc. | First lien senior secured revolving loan | 4/2028 |  | 153 | (16) |
| Sensor Technology Topco, Inc. (dba Humanetics) | First lien senior secured revolving loan | 5/2028 |  | 969 |  |
| Severin Acquisition, LLC (dba PowerSchool) | First lien senior secured revolving loan | 10/2031 |  | 94 | (1) |
| SimonMed, Inc. | First lien senior secured revolving loan | 2/2031 | 36 | 61 |  |
| Simplicity Financial Marketing Group Holdings, Inc. | First lien senior secured revolving loan | 12/2031 |  | 95 |  |
| Smarsh Inc. | First lien senior secured revolving loan | 2/2029 | 28 | 71 |  |
| Soleo Holdings, Inc. | First lien senior secured revolving loan | 2/2032 |  | 108 |  |
| Sonny's Enterprises, LLC | First lien senior secured revolving loan | 8/2027 | 1133 | 1691 |  |
| Spaceship Purchaser, Inc. (dba Squarespace) | First lien senior secured revolving loan | 10/2031 |  | 83 |  |
| STS PARENT, LLC (dba STS Aviation Group) | First lien senior secured revolving loan | 10/2030 | 557 | 284 |  |
| SWK BUYER, Inc. (dba Stonewall Kitchen) | First lien senior secured revolving loan | 3/2029 | 34 | 36 |  |
| Tamarack Intermediate, L.L.C. (dba Verisk 3E) | First lien senior secured revolving loan | 3/2029 |  | 112 |  |
| TBRS, Inc. (dba TEAM Technologies) | First lien senior secured revolving loan | 11/2030 | 7 | 100 |  |
| The Better Being Co., LLC (fka Nutraceutical International Corporation) | First lien senior secured revolving loan | 9/2026 |  | 2353 |  |
| The Better Being Co., LLC (fka Nutraceutical International Corporation)\* | First lien senior secured revolving loan | 9/2026 | 151 |  |  |
| The Shade Store, LLC | First lien senior secured revolving loan | 10/2028 | 537 | 151 |  |
| THG Acquisition, LLC (dba Hilb) | First lien senior secured revolving loan | 10/2031 | 39 | 483 |  |

---

------

**Blue Owl Capital Corporation II**

**Consolidated Schedule of Investments**

**As of September 30, 2025**

**(Amounts in thousands, except share amounts)**

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Commitment Type** | **Commitment Expiration Date** | **Funded Commitment** | **Unfunded** | **Unfunded** |
| **Portfolio Company** | **Commitment Type** | **Commitment Expiration Date** | **Funded Commitment** | **Commitment** | **Fair Value**<sup>(23)</sup> |
| Thunder Purchaser, Inc. (dba Vector Solutions) | First lien senior secured revolving loan | 6/2027 |  | 1174 |  |
| Troon Golf, L.L.C. | First lien senior secured revolving loan | 8/2028 |  | 625 |  |
| Unified Women's Healthcare, LP | First lien senior secured revolving loan | 6/2029 |  | 88 |  |
| USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners) | First lien senior secured revolving loan | 12/2029 |  | 183 |  |
| Valeris, Inc. (fka Phantom Purchaser, Inc.) | First lien senior secured revolving loan | 9/2031 |  | 227 | (1) |
| Velocity HoldCo III Inc. (dba VelocityEHS) | First lien senior secured revolving loan | 4/2027 |  | 368 |  |
| Vessco Midco Holdings, LLC | First lien senior secured revolving loan | 7/2031 |  | 346 |  |
| Vital Bidco AB (dba Vitamin Well) | First lien senior secured revolving loan | 10/2030 |  | 1117 |  |
| Wrench Group LLC | First lien senior secured revolving loan | 9/2031 |  | 1808 | (11) |
| WU Holdco, Inc. (dba PurposeBuilt Brands) | First lien senior secured revolving loan | 4/2032 |  | 846 |  |
| **Total non-controlled/non-affiliated - debt commitments** | **Total non-controlled/non-affiliated - debt commitments** |  | $**41356** | $**174308** | $**(546)** |
| **Non-controlled/non-affiliated - equity commitments** | **Non-controlled/non-affiliated - equity commitments** |  |  |  |  |
| AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC | Specialty finance equity investment | N/A | $1473 | $2274 | $— |
| Percheron Horsepower-A LP (dba Big Brand Tire & Service) | Limited Partner Interest | N/A | 1324 | 232 |  |
| **Total non-controlled/non-affiliated - equity commitments** | **Total non-controlled/non-affiliated - equity commitments** |  | $**2797** | $**2506** | $**—** |
| **Non-controlled/affiliated - debt commitments** | **Non-controlled/affiliated - debt commitments** |  |  |  |  |
| Swipe Acquisition Corporation (dba PLI) | First lien senior secured revolving loan | 11/2027 | $1625 | $28 | $— |
| Walker Edison Furniture Company LLC\* | First lien senior secured revolving loan | 3/2027 | 2247 |  |  |
| Walker Edison Furniture Company LLC | First lien senior secured delayed draw term loan | 3/2027 | 500 | 220 |  |
| **Total non-controlled/affiliated - debt commitments** | **Total non-controlled/affiliated - debt commitments** |  | $**4372** | $**248** | $**—** |
| **Non-controlled/affiliated - equity commitments** | **Non-controlled/affiliated - equity commitments** |  |  |  |  |
| LSI Financing LLC | Specialty finance equity investment | N/A | $10371 | $3968 | $— |
| **Total non-controlled/affiliated - equity commitments** | **Total non-controlled/affiliated - equity commitments** |  | $**10371** | $**3968** | $**—** |
| **Total Portfolio Company Commitments** |  |  | $**58896** | $**181030** | $**(546)** |

---

\*Fully funded

<sup>(23)</sup> The negative cost and fair value results from unamortized fees, which are capitalized to the investment cost of unfunded commitments.

<sup>(24)</sup> As defined in the Investment Company Act of 1940, as amended (the "1940 Act"), the Company is deemed to "control" a portfolio company if the Company owns more than 25% of the portfolio company's voting securities or has the power to exercise control over management or policies, including through a management agreement. As defined in the 1940 Act, the Company is an "affiliated person" of this portfolio company if the Company owns more than 5% or more of the portfolio company's outstanding voting securities. Transactions related to the Company's investments in non-controlled affiliates and controlled affiliates for the nine months ended September 30, 2025 were as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Fair Value at December 31, 2024** | **Gross Additions(a)** | **Gross Reductions(b)** | **Net Change in Unrealized Gain/(Loss)** | **Realized Gain/(Loss)** | **Transfers** | **Fair Value at September 30, 2025** | **Other Income** | **Interest Income** | **Dividend Income** |
| **Non-Controlled Affiliates** | **Non-Controlled Affiliates** | **Non-Controlled Affiliates** | | | | | | | | |
| LSI Financing LLC | $9554 | $7385 | $(6404) | $458 | $— | $— | $10993 | $— | $— | $485 |
| New PLI Holdings, LLC (dba PLI) | 24830 | 1416 | (550) | (496) |  |  | 25200 | 9 | 1211 | 331 |
| Walker Edison Furniture Company LLC | 2481 | 1069 |  | (1385) |  |  | 2165 |  |  |  |
| **Total** | $36865 | $9870 | $(6954) | $(1423) | $— | $— | $38358 | $9 | $1211 | $816 |
| **Controlled Affiliates** |  |  |  |  |  |  |  |  |  |  |
| Blue Owl Credit SLF LLC | 191 | 54 |  | 21 |  |  | 266 |  |  | 20 |
| **Total** | $191 | $54 | $— | $21 | $— | $— | $266 | $— | $— | $20 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup>Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to payment-in-kind ("PIK") interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement at fair value of an existing portfolio company into this controlled affiliated category from a different category.

------

**Blue Owl Capital Corporation II**

**Consolidated Schedule of Investments**

**As of September 30, 2025**

**(Amounts in thousands, except share amounts)**

**(Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup>Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, return of capital, the amortization of premiums and the exchange of one or more existing securities for one or more new securities.

<sup>(25)</sup> Unless otherwise indicated, all or a portion of the Company's portfolio companies are pledged as collateral supporting the available capacity under the SPV Asset Facilities. See Note 5 "Debt."

<sup>(26)</sup> Investment is not pledged as collateral for the credit facilities.

<sup>(27)</sup> As of September 30, 2025, the net estimated unrealized loss for U.S. federal income tax purposes was $19.9 million based on a tax cost basis of $1.7 billion. As of September 30, 2025, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $79.2 million and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $59.3 million.

<sup>(28)</sup> Loan was on non-accrual status as of September 30, 2025

<sup>(29)</sup> Investment is non-income producing

<sup>(30)</sup> Securities acquired in transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be "restricted securities" under the Securities Act. As of September 30, 2025, the aggregate fair value of these securities is $182.2 million, or 19.0% of the Company's net assets. the acquisition dates of the restricted securities are as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio Company** | **Investment** | **Acquisition Date** |
| AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC | Specialty finance equity investment | July 1, 2022 |
| AAM Series 2.1 Aviation Feeder, LLC | Specialty finance equity investment | July 1, 2022 |
| Amergin Asset Management, LLC | Specialty finance equity investment | July 1, 2022 |
| ASP Conair Holdings LP | Class A Units | May 17, 2021 |
| Baypine Commander Co-Invest, LP | LP Interest | June 24, 2025 |
| Blue Owl Credit SLF LLC | LLC Interest | August 1, 2024 |
| Blue Owl Cross-Strategy Opportunities LLC | Specialty finance equity investment | September 19, 2025 |
| Brooklyn Lender Co-Invest 2, L.P. (dba Boomi) | Common Units | October 1, 2021 |
| CD&R Value Building Partners I, L.P. (dba Belron) | LP Interest | December 2, 2021 |
| Denali Holding, LP (dba Summit Companies) | Class A Units | September 15, 2021 |
| Dodge Construction Network Holdings, L.P. | Class A-2 Common Units | February 23, 2022 |
| Dodge Construction Network Holdings, L.P. | Series A Preferred Units | February 23, 2022 |
| Evolution Parent, LP (dba SIAA) | LP Interest | April 30, 2021 |
| Fifth Season Investments LLC | Specialty finance equity investment | October 17, 2022 |
| Gloves Holdings, LP (dba Protective Industrial Products) | LP Interest | December 29, 2020 |
| GoHealth, Inc. | Common stock | August 6, 2025 |
| GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway) | LP Interest | December 16, 2021 |
| Hercules Buyer, LLC (dba The Vincit Group) | Common Units | December 15, 2020 |
| Hissho Sushi Holdings, LLC | Class A Units | May 17, 2022 |
| Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC) | LP Interest | June 8, 2022 |
| Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.) | Perpetual Preferred Stock | June 22, 2022 |
| KOBHG Holdings, L.P. (dba OB Hospitalist) | Class A Interests | September 27, 2021 |
| KPCI Holdings, L.P. | Class A Units | November 30, 2020 |
| KWOL Acquisition, Inc. (dba Worldwide Clinical Trials) | Class A Interest | August 25, 2025 |
| LSI Financing 1 DAC | Specialty finance equity investment | December 14, 2022 |
| LSI Financing LLC | Specialty finance equity investment | July 7, 2025 |
| Maia Aggregator, LP | Class A-2 Units | February 1, 2022 |
| Bird Holding B.V. (fka MessageBird Holding B.V.) | Extended Series C Warrants | May 5, 2021 |
| Metis HoldCo, Inc. (dba Mavis Tire Express Services) | Series A Convertible Preferred Stock | May 4, 2021 |
| Minerva Holdco, Inc. | Senior A Preferred Stock | February 15, 2022 |
| ModMed Software Midco Holdings, Inc. (dba ModMed) | Series A Preferred Units | April 30, 2025 |
| New PLI Holdings, LLC (dba PLI) | Class A Common Units | December 23, 2020 |
| Nscale Global Holdings Limited | Preferred equity | September 29, 2025 |
| Paradigmatic Holdco LLC (dba Pluralsight) | Common stock | August 22, 2024 |
| Patriot Holdings SCSp (dba Corza Health, Inc.) | Class A Units | January 29, 2021 |
| Patriot Holdings SCSp (dba Corza Health, Inc.) | Class B Units | January 29, 2021 |
| Percheron Horsepower-A LP (dba Big Brand Tire & Service) | Limited Partner Interest | September 23, 2025 |
| Project Alpine Co-Invest Fund, LP | LP Interest | June 13, 2022 |
| Rhea Acquisition Holdings, LP | Series A-2 Units | February 18, 2022 |
| Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers) | Series A Preferred Stock | November 15, 2023 |

---

------

**Blue Owl Capital Corporation II**

**Consolidated Schedule of Investments**

**As of September 30, 2025**

**(Amounts in thousands, except share amounts)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| **Portfolio Company** | **Investment** | **Acquisition Date** |
| Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.) | Series A Preferred Stock | October 15, 2021 |
| TCB Holdings I LLC (dba TricorBraun) | Class A Preferred Units | January 31, 2025 |
| Thunder Topco L.P. (dba Vector Solutions) | Common Units | June 30, 2021 |
| VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.) | Series A Preferred Stock | October 15, 2021 |
| Walker Edison Holdco LLC | Common Units | March 1, 2023 |
| Windows Entities | LLC Units | January 16, 2020 |
| WMC Bidco, Inc. (dba West Monroe) | Senior Preferred Stock | November 9, 2021 |
| XOMA Corporation | Warrants | December 15, 2023 |

---

<sup>(31)</sup> This portfolio company is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. As of September 30, 2025, non-qualifying assets represented 10.7% of total assets as calculated in accordance with the regulatory requirements.

<sup>(32)</sup> Investment represents multiple underlying investments in related entities under common management. These underlying investments are on identical terms and include Midwest Custom Windows, LLC with a fair value of $8.0 million, Greater Toronto Custom Windows, Corp. with a fair value of $3.3 million, Garden State Custom Windows, LLC with a fair value of $11.1 million, Long Island Custom Windows, LLC with a fair value of $9.6 million, Jemico, LLC with a fair value of $7.7 million, Atlanta Custom Windows, LLC with a fair value of $3.8 million and Fairchester Custom Windows LLC with a fair value of $2.5 million as of September 30, 2025. Greater Toronto Custom Windows, Corp. is considered a non-qualifying asset.

<sup>(33)</sup> The Company invests in this portfolio company through underlying blocker entities Hercules Blocker 1 LLC, Hercules Blocker 2 LLC, Hercules Blocker 3 LLC, Hercules Blocker 4 LLC, and Hercules Blocker 5 LLC.

<sup>(34)</sup> BOCSO was formed to invest in alternative credit assets, including asset-based finance ("ABF"). ABF is a subsector of private credit focused on generating income from pools of financial, physical or other assets. As of September 30, 2025, the portfolio consists of one investment with a cost and fair value of $24.6 million and $24.6 million, respectively. As of September 30, 2025, the portfolio industry composition was 100.0% ABF – Commercial Real Estate.

The accompanying notes are an integral part of these consolidated financial statements.

------

**Blue Owl Capital Corporation II**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(Amounts in thousands, except share amounts)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)(4)(22)(23)** | **Investment** | **Interest** | **Interest** | **Maturity Date** | **Par / Units** | **Amortized Cost(3)(28)** | **Fair Value** | **Percentage of Net Assets(32)** |
| **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | | | | | | | |
| **Debt Investments** | | | | | | | | |
| **Advertising and media** | | | | | | | | |
| Broadcast Music, Inc. (fka Otis Merger Sub, Inc.)(12) | First lien senior secured loan | S+ | 5.75% | 02/2030 | $4514 | $4413 | $4480 | 0.4% |
| Monotype Imaging Holdings Inc.(5)(13) | First lien senior secured loan | S+ | 5.50% | 02/2031 | 19496 | 19357 | 19447 | 1.7% |
|  |  |  |  |  |  | 23770 | 23927 | 2.1% |
| **Aerospace and defense** |  |  |  |  |  |  |  |  |
| Peraton Corp.(13)(19) | Second lien senior secured loan | S+ | 7.75% | 02/2029 | 14494 | 14359 | 11682 | 1.0% |
| STS PARENT, LLC (dba STS Aviation Group)(12) | First lien senior secured loan | S+ | 5.00% | 10/2031 | 7560 | 7523 | 7522 | 0.7% |
| STS PARENT, LLC (dba STS Aviation Group)(5)(12) | First lien senior secured revolving loan | S+ | 5.00% | 10/2030 | 389 | 384 | 384 | —% |
| Valence Surface Technologies LLC(5)(13) | First lien senior secured loan | S+ | 7.75% (3.88% PIK) | 12/2026 | 39641 | 39593 | 37263 | 3.3% |
|  |  |  |  |  |  | 61859 | 56851 | 5.0% |
| **Asset based lending and fund finance** | **Asset based lending and fund finance** |  |  |  |  |  |  |  |
| AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(21)(25) | First lien senior secured loan |  | 12.00% PIK | 07/2030 | 2506 | 2488 | 2506 | 0.2% |
| AAM Series 2.1 Aviation Feeder, LLC(21)(25) | First lien senior secured loan |  | 12.00% PIK | 11/2030 | 2534 | 2528 | 2534 | 0.2% |
| Hg Genesis 8 Sumoco Limited(7)(21) | Unsecured facility | SA+ | 7.00% PIK | 09/2027 | £1381 | 1767 | 1729 | 0.2% |
| Hg Genesis 9 SumoCo Limited(10)(21) | Unsecured facility | E+ | 6.25% PIK | 03/2029 | 1172 | 1284 | 1214 | 0.1% |
| Hg Saturn Luchaco Limited(7)(21) | Unsecured facility | SA+ | 7.50% PIK | 03/2026 | £8113 | 10299 | 10161 | 0.9% |
|  |  |  |  |  |  | 18366 | 18144 | 1.6% |
| **Buildings and real estate** |  |  |  |  |  |  |  |  |
| Associations Finance, Inc.(25) | Unsecured notes |  | 14.25% PIK | 05/2030 | 18618 | 18495 | 18618 | 1.7% |
| Associations, Inc.(5)(13) | First lien senior secured loan | S+ | 6.50% | 07/2028 | 48180 | 48132 | 48180 | 4.3% |
|  |  |  |  |  |  | 66627 | 66798 | 6.0% |
| **Business services** |  |  |  |  |  |  |  |  |
| CIBT Global, Inc.(8)(13) | First lien senior secured loan | S+ | 5.25% (4.25% PIK) | 06/2027 | 173 | 104 | 35 | —% |
| CIBT Global, Inc.(8)(16) | Second lien senior secured loan | P+ | 7.75% PIK | 12/2027 | 11237 | 4706 |  | —% |
| Denali BuyerCo, LLC (dba Summit Companies)(13) | First lien senior secured loan | S+ | 5.75% | 09/2028 | 5816 | 5750 | 5816 | 0.5% |
| Diamondback Acquisition, Inc. (dba Sphera)(12) | First lien senior secured loan | S+ | 5.50% | 09/2028 | 619 | 612 | 616 | 0.1% |
| DuraServ LLC(5)(12) | First lien senior secured loan | S+ | 4.50% | 06/2031 | 7592 | 7550 | 7554 | 0.7% |
| Gainsight, Inc.(5)(13) | First lien senior secured loan | S+ | 6.00% | 07/2027 | 7275 | 7225 | 7275 | 0.6% |
| Hercules Borrower, LLC (dba The Vincit Group)(13) | First lien senior secured loan | S+ | 5.50% | 12/2026 | 27695 | 27695 | 27695 | 2.5% |
| Hercules Buyer, LLC (dba The Vincit Group)(24)(25) | Unsecured notes |  | 0.48% PIK | 12/2029 | 831 | 831 | 1016 | 0.1% |
| Kaseya Inc.(12) | First lien senior secured loan | S+ | 5.50% | 06/2029 | 544 | 536 | 544 | —% |
| Kaseya Inc.(5)(13) | First lien senior secured delayed draw term loan | S+ | 5.50% | 06/2029 | 16 | 16 | 16 | —% |
| KPSKY Acquisition, Inc. (dba BluSky)(13) | First lien senior secured loan | S+ | 5.50% | 10/2028 | 968 | 956 | 888 | 0.1% |
| KPSKY Acquisition, Inc. (dba BluSky)(5)(13) | First lien senior secured delayed draw term loan | S+ | 5.75% | 10/2028 | 1 |  | (3) | —% |

---

------

**Blue Owl Capital Corporation II**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2024**

**(Amounts in thousands, except share amounts)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)(4)(22)(23)** | **Investment** | **Interest** | **Interest** | **Maturity Date** | **Par / Units** | **Amortized Cost(3)(28)** | **Fair Value** | **Percentage of Net Assets(32)** |
| Pye-Barker Fire & Safety, LLC(5)(13) | First lien senior secured loan | S+ | 4.50% | 05/2031 | 6693 | 6657 | 6676 | 0.6% |
| Pye-Barker Fire & Safety, LLC(5)(13) | First lien senior secured revolving loan | S+ | 4.50% | 05/2030 | 122 | 117 | 119 | —% |
|  |  |  |  |  |  | 62755 | 58247 | 5.2% |
| **Chemicals** |  |  |  |  |  |  |  |  |
| Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC)(12)(19) | Second lien senior secured loan | S+ | 7.75% | 11/2028 | 22500 | 22305 | 21929 | 2.0% |
| DCG ACQUISITION CORP. (dba DuBois Chemical)(12) | First lien senior secured loan | S+ | 4.50% | 06/2031 | 5614 | 5561 | 5586 | 0.5% |
| Gaylord Chemical Company, L.L.C.(5)(13) | First lien senior secured loan | S+ | 5.25% | 12/2027 | 25847 | 25788 | 25847 | 2.3% |
| Rocket BidCo, Inc. (dba Recochem)(13)(21) | First lien senior secured loan | S+ | 5.75% | 11/2030 | 22000 | 21587 | 21780 | 1.9% |
| Velocity HoldCo III Inc. (dba VelocityEHS)(13) | First lien senior secured loan | S+ | 5.50% | 04/2027 | 5917 | 5857 | 5917 | 0.5% |
|  |  |  |  |  |  | 81098 | 81059 | 7.2% |
| **Consumer products** |  |  |  |  |  |  |  |  |
| Conair Holdings LLC(12) | Second lien senior secured loan | S+ | 7.50% | 05/2029 | 31280 | 30952 | 28700 | 2.6% |
| Feradyne Outdoors, LLC(13) | First lien senior secured loan | S+ | 6.75% (3.74% PIK) | 05/2028 | 658 | 658 | 565 | 0.1% |
| Foundation Consumer Brands, LLC(12) | First lien senior secured loan | S+ | 6.25% | 02/2027 | 2992 | 2950 | 2992 | 0.3% |
| Lignetics Investment Corp.(13) | First lien senior secured loan | S+ | 5.50% | 11/2027 | 12336 | 12307 | 12274 | 1.1% |
| Lignetics Investment Corp.(5)(13) | First lien senior secured revolving loan | S+ | 5.50% | 10/2026 | 1078 | 1075 | 1071 | 0.1% |
| SWK BUYER, Inc. (dba Stonewall Kitchen)(13) | First lien senior secured loan | S+ | 5.25% | 03/2029 | 736 | 726 | 713 | 0.1% |
| WU Holdco, Inc. (dba Weiman Products, LLC)(5)(13) | First lien senior secured loan | S+ | 5.00% | 03/2027 | 48911 | 48657 | 48911 | 4.4% |
|  |  |  |  |  |  | 97325 | 95226 | 8.5% |
| **Containers and packaging** |  |  |  |  |  |  |  |  |
| Arctic Holdco, LLC (dba Novvia Group)(12) | First lien senior secured loan | S+ | 6.00% | 12/2026 | 2881 | 2843 | 2881 | 0.3% |
| Ascend Buyer, LLC (dba PPC Flexible Packaging)(13) | First lien senior secured loan | S+ | 5.75% | 09/2028 | 749 | 745 | 749 | 0.1% |
| Ascend Buyer, LLC (dba PPC Flexible Packaging)(5)(13) | First lien senior secured revolving loan | S+ | 5.75% | 09/2027 | 26 | 26 | 26 | —% |
| Fortis Solutions Group, LLC(13) | First lien senior secured loan | S+ | 5.50% | 10/2028 | 884 | 872 | 870 | 0.1% |
| Fortis Solutions Group, LLC(5)(13) | First lien senior secured revolving loan | S+ | 5.50% | 10/2027 | 31 | 31 | 30 | —% |
| Indigo Buyer, Inc. (dba Inovar Packaging Group)(13) | First lien senior secured loan | S+ | 6.25% | 05/2028 | 879 | 873 | 879 | 0.1% |
| Indigo Buyer, Inc. (dba Inovar Packaging Group)(12) | First lien senior secured loan | S+ | 5.25% | 05/2028 | 220 | 218 | 218 | —% |
| Pregis Topco LLC(12) | Second lien senior secured loan | S+ | 7.75% | 08/2029 | 9333 | 9217 | 9333 | 0.8% |
| Pregis Topco LLC(12) | Second lien senior secured loan | S+ | 6.75% | 08/2029 | 20667 | 20445 | 20667 | 1.8% |
|  |  |  |  |  |  | 35270 | 35653 | 3.2% |

---

------

**Blue Owl Capital Corporation II**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2024**

**(Amounts in thousands, except share amounts)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)(4)(22)(23)** | **Investment** | **Interest** | **Interest** | **Maturity Date** | **Par / Units** | **Amortized Cost(3)(28)** | **Fair Value** | **Percentage of Net Assets(32)** |
| **Distribution** | | | | | | | | |
| ABB/Con-cise Optical Group LLC(13) | First lien senior secured loan | S+ | 7.50% | 02/2028 | 850 | 843 | 833 | 0.1% |
| BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC)(5)(13) | First lien senior secured loan | S+ | 5.00% | 10/2029 | 31418 | 31137 | 31418 | 2.8% |
| Endries Acquisition, Inc.(12) | First lien senior secured loan | S+ | 5.25% | 12/2028 | 22294 | 22158 | 22127 | 2.0% |
| Offen, Inc.(12) | First lien senior secured loan | S+ | 5.00% | 06/2026 | 4647 | 4636 | 4647 | 0.4% |
|  |  |  |  |  |  | 58774 | 59025 | 5.3% |
| **Education** |  |  |  |  |  |  |  |  |
| Pluralsight, LLC(13) | First lien senior secured loan | S+ | 4.50% (1.50% PIK) | 08/2029 | 3944 | 3944 | 3944 | 0.4% |
| Pluralsight, LLC(13) | First lien senior secured loan | S+ | 7.50% PIK | 08/2029 | 4055 | 4055 | 4055 | 0.4% |
| Severin Acquisition, LLC (dba PowerSchool)(12) | First lien senior secured loan | S+ | 5.00% (2.25% PIK) | 10/2031 | 752 | 745 | 745 | 0.1% |
|  |  |  |  |  |  | 8744 | 8744 | 0.8% |
| **Energy equipment and services** |  |  |  |  |  |  |  |  |
| Dresser Utility Solutions, LLC(12) | First lien senior secured loan | S+ | 5.25% | 03/2029 | 9369 | 9286 | 9346 | 0.8% |
|  |  |  |  |  |  | 9286 | 9346 | 0.8% |
| **Financial services** |  |  |  |  |  |  |  |  |
| Baker Tilly Advisory Group, L.P.(12) | First lien senior secured loan | S+ | 4.75% | 06/2031 | 9342 | 9213 | 9295 | 0.8% |
| Blackhawk Network Holdings, Inc.(12)(19) | First lien senior secured loan | S+ | 5.00% | 03/2029 | 14925 | 14655 | 15091 | 1.3% |
| Cresset Capital Management, LLC(12) | First lien senior secured loan | S+ | 5.00% | 06/2030 | 520 | 515 | 520 | —% |
| Finastra USA, Inc.(5)(13)(21) | First lien senior secured loan | S+ | 7.25% | 09/2029 | 3992 | 3945 | 3992 | 0.4% |
| KRIV Acquisition Inc. (dba Riveron)(13) | First lien senior secured loan | S+ | 5.75% | 07/2029 | 1035 | 1010 | 1035 | 0.1% |
| Minotaur Acquisition, Inc. (dba Inspira Financial)(12) | First lien senior secured loan | S+ | 5.00% | 06/2030 | 27647 | 27373 | 27508 | 2.4% |
| NMI Acquisitionco, Inc. (dba Network Merchants)(12) | First lien senior secured loan | S+ | 5.00% | 09/2028 | 4755 | 4743 | 4755 | 0.4% |
| Smarsh Inc.(5)(13) | First lien senior secured loan | S+ | 5.75% | 02/2029 | 857 | 851 | 857 | 0.1% |
| Smarsh Inc.(5)(12) | First lien senior secured revolving loan | S+ | 5.75% | 02/2029 | 3 | 3 | 3 | —% |
|  |  |  |  |  |  | 62308 | 63056 | 5.6% |
| **Food and beverage** |  |  |  |  |  |  |  |  |
| Balrog Acquisition, Inc. (dba Bakemark)(13) | Second lien senior secured loan | S+ | 7.00% | 09/2029 | 5000 | 4971 | 5000 | 0.4% |
| BP Veraison Buyer, LLC (dba Sun World)(13) | First lien senior secured loan | S+ | 5.25% | 05/2029 | 19215 | 19083 | 19215 | 1.7% |
| EAGLE FAMILY FOODS GROUP LLC(12) | First lien senior secured loan | S+ | 5.00% | 08/2030 | 1748 | 1732 | 1740 | 0.2% |
| Fiesta Purchaser, Inc. (dba Shearer's Foods)(12)(19) | First lien senior secured loan | S+ | 3.25% | 02/2031 | 4975 | 4975 | 4974 | 0.4% |
| Gehl Foods, LLC(12) | First lien senior secured loan | S+ | 6.25% | 06/2030 | 11113 | 11009 | 11057 | 1.0% |
| Gehl Foods, LLC(5)(13) | First lien senior secured delayed draw term loan | S+ | 6.25% | 06/2030 | 342 | 335 | 340 | —% |
| H-Food Holdings, LLC(8)(16) | Second lien senior secured loan | P+ | 6.00% | 03/2026 | 18200 | 16326 | 728 | 0.1% |
| Hissho Parent, LLC(13) | First lien senior secured loan | S+ | 4.75% | 05/2029 | 1138 | 1131 | 1138 | 0.1% |

---

------

**Blue Owl Capital Corporation II**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2024**

**(Amounts in thousands, except share amounts)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)(4)(22)(23)** | **Investment** | **Interest** | **Interest** | **Maturity Date** | **Par / Units** | **Amortized Cost(3)(28)** | **Fair Value** | **Percentage of Net Assets(32)** |
| Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(12) | First lien senior secured loan | S+ | 6.25% | 03/2027 | 720 | 713 | 710 | 0.1% |
| Nellson Nutraceutical, LLC(12) | First lien senior secured loan | S+ | 5.75% | 12/2025 | 25567 | 25440 | 25567 | 2.3% |
| Rushmore Investment III LLC (dba Winland Foods)(13) | First lien senior secured loan | S+ | 5.00% | 10/2030 | 45339 | 44916 | 45339 | 4.0% |
| Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)(5)(13) | First lien senior secured loan | S+ | 4.50% | 07/2025 | 5146 | 5136 | 5102 | 0.5% |
| The Better Being Co., LLC (fka Nutraceutical International Corporation)(12) | First lien senior secured loan | S+ | 7.50% (3.90% PIK) | 09/2026 | 36191 | 36027 | 36191 | 3.2% |
| Vital Bidco AB (dba Vitamin Well)(13)(21) | First lien senior secured loan | S+ | 4.50% | 10/2031 | 4784 | 4719 | 4717 | 0.4% |
| Vital Bidco AB (dba Vitamin Well)(5)(12)(21) | First lien senior secured revolving loan | S+ | 4.50% | 10/2030 | 273 | 258 | 258 | —% |
|  |  |  |  |  |  | 176771 | 162076 | 14.4% |
| **Healthcare equipment and services** |  |  |  |  |  |  |  |  |
| Creek Parent, Inc. (dba Catalent)(12) | First lien senior secured loan | S+ | 5.25% | 12/2031 | 874 | 859 | 859 | 0.1% |
| CSC MKG Topco LLC (dba Medical Knowledge Group)(12) | First lien senior secured loan | S+ | 5.75% | 02/2029 | 833 | 822 | 824 | 0.1% |
| NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.(5)(9) | First lien senior secured EUR term loan | E+ | 5.50% | 03/2031 | 6296 | 6712 | 6377 | 0.6% |
| Nelipak Holding Company(5)(12) | First lien senior secured loan | S+ | 5.50% | 03/2031 | 3763 | 3704 | 3677 | 0.3% |
| Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(13)(21) | First lien senior secured loan | S+ | 5.25% | 01/2028 | 23667 | 23473 | 23667 | 2.1% |
| Rhea Parent, Inc.(13) | First lien senior secured loan | S+ | 4.75% | 12/2030 | 1000 | 997 | 997 | 0.1% |
| TBRS, Inc. (dba TEAM Technologies)(13) | First lien senior secured loan | S+ | 4.75% | 11/2031 | 702 | 699 | 699 | 0.1% |
| TBRS, Inc. (dba TEAM Technologies)(5)(13) | First lien senior secured revolving loan | S+ | 4.75% | 11/2030 | 6 | 6 | 6 | —% |
|  |  |  |  |  |  | 37272 | 37106 | 3.3% |
| **Healthcare providers and services** |  |  |  |  |  |  |  |  |
| Allied Benefit Systems Intermediate LLC(12) | First lien senior secured loan | S+ | 5.25% | 10/2030 | 2979 | 2939 | 2979 | 0.3% |
| Ex Vivo Parent Inc. (dba OB Hospitalist)(13) | First lien senior secured loan | S+ | 9.75% PIK | 09/2028 | 15258 | 15114 | 15219 | 1.4% |
| KABAFUSION Parent, LLC(13) | First lien senior secured loan | S+ | 5.00% | 11/2031 | 889 | 880 | 880 | 0.1% |
| KWOL Acquisition Inc. (dba Worldwide Clinical Trials)(13) | First lien senior secured loan | S+ | 4.75% | 12/2029 | 4307 | 4237 | 4307 | 0.4% |
| Maple Acquisition, LLC (dba Medicus)(14) | First lien senior secured loan | S+ | 5.25% | 05/2031 | 5612 | 5573 | 5612 | 0.5% |
| National Dentex Labs LLC (fka Barracuda Dental LLC)(5)(13) | First lien senior secured loan | S+ | 8.00% (3.00% PIK) | 04/2026 | 20950 | 20878 | 16720 | 1.5% |
| National Dentex Labs LLC (fka Barracuda Dental LLC)(15) | First lien senior secured delayed draw term loan | S+ | 10.00% PIK | 04/2026 | 1476 | 1476 | 1166 | 0.1% |
| National Dentex Labs LLC (fka Barracuda Dental LLC)(5)(13) | First lien senior secured revolving loan | S+ | 7.00% | 04/2026 | 1296 | 1289 | 927 | 0.1% |
| Natural Partners, LLC(13)(21) | First lien senior secured loan | S+ | 4.50% | 11/2027 | 1232 | 1217 | 1226 | 0.1% |
| OB Hospitalist Group, Inc.(12) | First lien senior secured loan | S+ | 5.25% | 09/2027 | 20881 | 20631 | 20829 | 1.9% |
| Pacific BidCo Inc.(14)(21) | First lien senior secured loan | S+ | 6.00% (2.05% PIK) | 08/2029 | 2001 | 1965 | 1951 | 0.2% |
| PetVet Care Centers, LLC(12) | First lien senior secured loan | S+ | 6.00% | 11/2030 | 15130 | 14996 | 14487 | 1.3% |
| Phantom Purchaser, Inc.(13) | First lien senior secured loan | S+ | 5.00% | 09/2031 | 1773 | 1756 | 1760 | 0.2% |

---

------

**Blue Owl Capital Corporation II**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2024**

**(Amounts in thousands, except share amounts)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)(4)(22)(23)** | **Investment** | **Interest** | **Interest** | **Maturity Date** | **Par / Units** | **Amortized Cost(3)(28)** | **Fair Value** | **Percentage of Net Assets(32)** |
| Plasma Buyer LLC (dba PathGroup)(13) | First lien senior secured loan | S+ | 5.75% | 05/2029 | 665 | 656 | 657 | 0.1% |
| Plasma Buyer LLC (dba PathGroup)(5)(13) | First lien senior secured delayed draw term loan | S+ | 6.25% | 05/2029 | 20 | 20 | 20 | —% |
| Plasma Buyer LLC (dba PathGroup)(5)(13) | First lien senior secured revolving loan | S+ | 5.75% | 05/2028 | 42 | 42 | 41 | —% |
| Premier Imaging, LLC (dba LucidHealth)(13) | First lien senior secured loan | S+ | 6.00% (6.47% PIK) | 03/2026 | 8396 | 8396 | 7788 | 0.7% |
| Premise Health Holding Corp.(13) | First lien senior secured loan | S+ | 5.50% | 03/2031 | 8027 | 7917 | 8007 | 0.7% |
| Quva Pharma, Inc.(14) | First lien senior secured loan | S+ | 5.50% | 04/2028 | 15354 | 15095 | 15201 | 1.4% |
| Quva Pharma, Inc.(5)(14) | First lien senior secured revolving loan | S+ | 5.50% | 04/2026 | 993 | 984 | 981 | 0.1% |
| Tivity Health, Inc.(12) | First lien senior secured loan | S+ | 5.00% | 06/2029 | 494 | 494 | 494 | —% |
| Unified Women's Healthcare, LP(13) | First lien senior secured loan | S+ | 5.25% | 06/2029 | 893 | 888 | 893 | 0.1% |
| Unified Women's Healthcare, LP(13) | First lien senior secured loan | S+ | 5.50% | 06/2029 | 9909 | 9843 | 9909 | 0.9% |
| Unified Women's Healthcare, LP(5)(12) | First lien senior secured delayed draw term loan | S+ | 5.25% | 06/2029 | 3945 | 3917 | 3945 | 0.4% |
| Vermont Aus Pty Ltd(17)(21) | First lien senior secured AUD term loan | BBSY+ | 5.75% | 03/2028 | 1297 | 880 | 799 | 0.1% |
|  |  |  |  |  |  | 142083 | 136798 | 12.6% |
| **Healthcare technology** |  |  |  |  |  |  |  |  |
| BCPE Osprey Buyer, Inc. (dba PartsSource)(13) | First lien senior secured loan | S+ | 5.75% | 08/2028 | 585 | 580 | 578 | 0.1% |
| BCPE Osprey Buyer, Inc. (dba PartsSource)(5)(12) | First lien senior secured delayed draw term loan | S+ | 5.75% | 08/2028 | 122 | 118 | 120 | —% |
| BCPE Osprey Buyer, Inc. (dba PartsSource)(5)(12) | First lien senior secured revolving loan | S+ | 5.75% | 08/2026 | 34 | 34 | 34 | —% |
| CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)(12) | First lien senior secured loan | S+ | 5.00% | 08/2031 | 8927 | 8878 | 8905 | 0.8% |
| GI Ranger Intermediate, LLC (dba Rectangle Health)(13) | First lien senior secured loan | S+ | 6.00% | 10/2028 | 898 | 888 | 883 | 0.1% |
| GI Ranger Intermediate, LLC (dba Rectangle Health)(5)(13) | First lien senior secured revolving loan | S+ | 6.00% | 10/2027 | 9 | 8 | 7 | —% |
| Indikami Bidco, LLC (dba IntegriChain)(12) | First lien senior secured loan | S+ | 6.50% (2.50% PIK) | 12/2030 | 2749 | 2694 | 2735 | 0.2% |
| Indikami Bidco, LLC (dba IntegriChain)(5)(12) | First lien senior secured delayed draw term loan | S+ | 6.00% | 12/2030 | 22 | 19 | 21 | —% |
| Indikami Bidco, LLC (dba IntegriChain)(5)(12) | First lien senior secured revolving loan | S+ | 6.00% | 06/2030 | 97 | 92 | 96 | —% |
| Inovalon Holdings, Inc.(13) | First lien senior secured loan | S+ | 5.75% | 11/2028 | 38530 | 37976 | 38048 | 3.4% |
| Inovalon Holdings, Inc.(13) | Second lien senior secured loan | S+ | 10.50% PIK | 11/2033 | 30581 | 30231 | 30275 | 2.7% |
| Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(13)(21) | First lien senior secured loan | S+ | 6.50% | 08/2026 | 41183 | 41009 | 40153 | 3.6% |
| Interoperability Bidco, Inc. (dba Lyniate)(13) | First lien senior secured loan | S+ | 6.25% | 03/2028 | 14504 | 14462 | 14140 | 1.3% |
| Interoperability Bidco, Inc. (dba Lyniate)(5)(12) | First lien senior secured revolving loan | S+ | 6.25% | 03/2028 | 59 | 52 | 30 | —% |

---

------

**Blue Owl Capital Corporation II**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2024**

**(Amounts in thousands, except share amounts)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)(4)(22)(23)** | **Investment** | **Interest** | **Interest** | **Maturity Date** | **Par / Units** | **Amortized Cost(3)(28)** | **Fair Value** | **Percentage of Net Assets(32)** |
| RL Datix Holdings (USA), Inc.(14) | First lien senior secured loan | S+ | 5.50% | 04/2031 | 7206 | 7139 | 7170 | 0.6% |
| RL Datix Holdings (USA), Inc.(5)(13) | First lien senior secured revolving loan | S+ | 5.50% | 10/2030 | 180 | 167 | 173 | —% |
| RL Datix Holdings (USA), Inc.(7) | First lien senior secured GBP term loan | SA+ | 5.50% | 04/2031 | £3337 | 4129 | 4158 | 0.4% |
| Salinger Bidco Inc. (dba Surgical Information Systems)(12) | First lien senior secured loan | S+ | 5.75% | 08/2031 | 5086 | 5013 | 5073 | 0.5% |
|  |  |  |  |  |  | 153489 | 152599 | 13.6% |
| **Household products** |  |  |  |  |  |  |  |  |
| HGH Purchaser, Inc. (dba Horizon Services)(13) | First lien senior secured loan | S+ | 7.00% (2.50% PIK) | 11/2026 | 34648 | 34555 | 32828 | 2.9% |
| Mario Midco Holdings, Inc. (dba Len the Plumber)(12) | Unsecured facility | S+ | 10.75% PIK | 04/2032 | 225 | 221 | 217 | —% |
| Mario Purchaser, LLC (dba Len the Plumber)(5)(12) | First lien senior secured loan | S+ | 5.75% | 04/2029 | 801 | 789 | 777 | 0.1% |
| Mario Purchaser, LLC (dba Len the Plumber)(5)(12) | First lien senior secured revolving loan | S+ | 5.75% | 04/2028 | 17 | 16 | 15 | —% |
| SimpliSafe Holding Corporation(12) | First lien senior secured loan | S+ | 6.25% | 05/2028 | 904 | 895 | 904 | 0.1% |
|  |  |  |  |  |  | 36476 | 34741 | 3.1% |
| **Human resource support services** |  |  |  |  |  |  |  |  |
| Cornerstone OnDemand, Inc.(12) | Second lien senior secured loan | S+ | 6.50% | 10/2029 | 16667 | 16495 | 14208 | 1.3% |
| IG Investments Holdings, LLC (dba Insight Global)(13) | First lien senior secured loan | S+ | 5.00% | 09/2028 | 9102 | 9102 | 9102 | 0.8% |
|  |  |  |  |  |  | 25597 | 23310 | 2.1% |
| **Infrastructure and environmental services** | **Infrastructure and environmental services** |  |  |  |  |  |  |  |
| CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.)(5)(13) | First lien senior secured loan | S+ | 5.50% | 01/2031 | 6064 | 6001 | 6064 | 0.5% |
| KENE Acquisition, Inc. (dba Entrust Solutions Group)(13) | First lien senior secured loan | S+ | 5.25% | 02/2031 | 2211 | 2171 | 2183 | 0.2% |
| KENE Acquisition, Inc. (dba Entrust Solutions Group)(5)(12) | First lien senior secured delayed draw term loan | S+ | 5.25% | 02/2031 | 102 | 93 | 99 | —% |
| LineStar Integrity Services LLC(13) | First lien senior secured loan | S+ | 7.25% | 02/2026 | 11246 | 10910 | 10739 | 1.0% |
| Tamarack Intermediate, L.L.C. (dba Verisk 3E)(13) | First lien senior secured loan | S+ | 5.75% | 03/2028 | 808 | 798 | 804 | 0.1% |
| Vessco Midco Holdings, LLC(12) | First lien senior secured loan | S+ | 4.75% | 07/2031 | 3115 | 3086 | 3100 | 0.3% |
| Vessco Midco Holdings, LLC(5)(14) | First lien senior secured delayed draw term loan | S+ | 4.75% | 07/2031 | 273 | 267 | 272 | —% |
|  |  |  |  |  |  | 23326 | 23261 | 2.1% |
| **Insurance** |  |  |  |  |  |  |  |  |
| Alera Group, Inc.(12) | First lien senior secured loan | S+ | 5.25% | 10/2028 | 7221 | 7220 | 7221 | 0.6% |
| Alera Group, Inc.(5)(12) | First lien senior secured delayed draw term loan | S+ | 5.75% | 10/2028 | 6728 | 6668 | 6728 | 0.6% |
| Brightway Holdings, LLC(13) | First lien senior secured loan | S+ | 6.50% | 12/2027 | 4872 | 4837 | 4847 | 0.4% |
| Brightway Holdings, LLC(5)(12) | First lien senior secured revolving loan | S+ | 6.50% | 12/2027 | 211 | 207 | 208 | —% |
| Diamond Mezzanine 24 LLC (dba United Risk)(13) | First lien senior secured loan | S+ | 5.00% | 10/2030 | 713 | 709 | 709 | 0.1% |
| Diamond Mezzanine 24 LLC (dba United Risk)(16) | First lien senior secured revolving loan | P+ | 4.00% | 10/2030 | 48 | 47 | 47 | —% |
| Evolution BuyerCo, Inc. (dba SIAA)(13) | First lien senior secured loan | S+ | 6.25% | 04/2028 | 28908 | 28682 | 28908 | 2.6% |
| Evolution BuyerCo, Inc. (dba SIAA)(5)(13) | First lien senior secured delayed draw term loan | S+ | 6.00% | 04/2028 | 821 | 793 | 821 | 0.1% |

---

------

**Blue Owl Capital Corporation II**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2024**

**(Amounts in thousands, except share amounts)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)(4)(22)(23)** | **Investment** | **Interest** | **Interest** | **Maturity Date** | **Par / Units** | **Amortized Cost(3)(28)** | **Fair Value** | **Percentage of Net Assets(32)** |
| Galway Borrower LLC(5)(13) | First lien senior secured delayed draw term loan | S+ | 4.50% | 09/2028 | 44 | 43 | 44 | —% |
| Integrity Marketing Acquisition, LLC(13) | First lien senior secured loan | S+ | 5.00% | 08/2028 | 4151 | 4131 | 4151 | 0.4% |
| KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners)(12) | First lien senior secured loan | S+ | 10.50% PIK | 07/2030 | 1817 | 1804 | 1817 | 0.2% |
| Norvax, LLC (dba GoHealth)(5)(13) | First lien senior secured revolving loan | S+ | 6.50% | 06/2025 | 462 | 462 | 462 | —% |
| PCF Midco II, LLC (dba PCF Insurance Services)(25) | First lien senior secured loan |  | 9.00% PIK | 10/2031 | 28509 | 26911 | 27155 | 2.4% |
| Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(12) | First lien senior secured loan | S+ | 5.50% | 11/2028 | 13705 | 13705 | 13705 | 1.2% |
| Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(13) | First lien senior secured delayed draw term loan | S+ | 5.50% | 11/2028 | 4534 | 4534 | 4534 | 0.4% |
| Simplicity Financial Marketing Group Holdings, Inc.(13) | First lien senior secured loan | S+ | 5.00% | 12/2031 | 714 | 707 | 707 | 0.1% |
| Tempo Buyer Corp. (dba Global Claims Services)(13) | First lien senior secured loan | S+ | 4.75% | 08/2028 | 681 | 673 | 681 | 0.1% |
| THG Acquisition, LLC (dba Hilb)(5)(12) | First lien senior secured loan | S+ | 4.75% | 10/2031 | 4723 | 4672 | 4671 | 0.4% |
| USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(12) | First lien senior secured loan | S+ | 5.00% | 12/2029 | 1634 | 1626 | 1634 | 0.1% |
|  |  |  |  |  |  | 108431 | 109050 | 9.7% |
| **Internet software and services** |  |  |  |  |  |  |  |  |
| Anaplan, Inc.(13) | First lien senior secured loan | S+ | 5.25% | 06/2029 | 8782 | 8780 | 8782 | 0.8% |
| Aptean Acquiror, Inc. (dba Aptean)(5)(13) | First lien senior secured loan | S+ | 5.00% | 01/2031 | 4417 | 4377 | 4407 | 0.4% |
| Artifact Bidco, Inc. (dba Avetta)(13) | First lien senior secured loan | S+ | 4.50% | 07/2031 | 1550 | 1543 | 1542 | 0.1% |
| Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)(12) | First lien senior secured loan | S+ | 6.50% | 03/2031 | 2137 | 2108 | 2121 | 0.2% |
| Bayshore Intermediate #2, L.P. (dba Boomi)(13) | First lien senior secured loan | S+ | 6.25% (3.38% PIK) | 10/2028 | 4762 | 4761 | 4762 | 0.4% |
| BCTO BSI Buyer, Inc. (dba Buildertrend)(13) | First lien senior secured loan | S+ | 6.50% | 12/2026 | 11406 | 11363 | 11406 | 1.0% |
| Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(5)(13) | First lien senior secured loan | S+ | 5.50% | 08/2027 | 3015 | 2977 | 2929 | 0.3% |
| CivicPlus, LLC(13) | First lien senior secured loan | S+ | 5.75% | 08/2027 | 2571 | 2557 | 2571 | 0.2% |
| CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC)(14) | Unsecured notes | S+ | 11.75% PIK | 06/2034 | 639 | 629 | 639 | 0.1% |
| Crewline Buyer, Inc. (dba New Relic)(12) | First lien senior secured loan | S+ | 6.75% | 11/2030 | 4702 | 4639 | 4643 | 0.4% |
| Delinea Buyer, Inc. (f/k/a Centrify)(13) | First lien senior secured loan | S+ | 5.75% | 03/2028 | 17292 | 17045 | 17292 | 1.5% |
| Delta TopCo, Inc. (dba Infoblox, Inc.)(14)(19) | Second lien senior secured loan | S+ | 5.25% | 11/2030 | 27000 | 26868 | 27351 | 2.4% |
| EET Buyer, Inc. (dba e-Emphasys)(13) | First lien senior secured loan | S+ | 4.75% | 11/2027 | 884 | 879 | 884 | 0.1% |
| Forescout Technologies, Inc.(13) | First lien senior secured loan | S+ | 5.00% | 05/2031 | 7842 | 7805 | 7802 | 0.7% |
| Granicus, Inc.(13) | First lien senior secured loan | S+ | 5.75% (2.25% PIK) | 01/2031 | 3920 | 3886 | 3920 | 0.3% |
| Granicus, Inc.(13) | First lien senior secured delayed draw term loan | S+ | 5.25% (2.25% PIK) | 01/2031 | 581 | 576 | 575 | 0.1% |
| H&F Opportunities LUX III S.À R.L (dba Checkmarx)(12)(21) | First lien senior secured loan | S+ | 7.50% | 04/2026 | 14544 | 14429 | 14508 | 1.3% |
| Hyland Software, Inc.(12) | First lien senior secured loan | S+ | 6.00% | 09/2030 | 1782 | 1758 | 1782 | 0.2% |

---

------

**Blue Owl Capital Corporation II**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2024**

**(Amounts in thousands, except share amounts)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)(4)(22)(23)** | **Investment** | **Interest** | **Interest** | **Maturity Date** | **Par / Units** | **Amortized Cost(3)(28)** | **Fair Value** | **Percentage of Net Assets(32)** |
| Icefall Parent, Inc. (dba EngageSmart)(12) | First lien senior secured loan | S+ | 6.50% | 01/2030 | 4049 | 3978 | 4049 | 0.4% |
| Litera Bidco LLC(5)(12) | First lien senior secured loan | S+ | 5.00% | 05/2028 | 24155 | 24043 | 24094 | 2.1% |
| MINDBODY, Inc.(13) | First lien senior secured loan | S+ | 7.00% | 09/2025 | 10945 | 10939 | 10945 | 1.0% |
| Ministry Brands Holdings, LLC(12) | First lien senior secured loan | S+ | 5.50% | 12/2028 | 756 | 747 | 751 | 0.1% |
| PDI TA Holdings, Inc.(13) | First lien senior secured loan | S+ | 5.00% | 02/2031 | 4013 | 3961 | 3973 | 0.4% |
| PDI TA Holdings, Inc.(5)(13) | First lien senior secured delayed draw term loan | S+ | 5.50% | 02/2031 | 520 | 508 | 513 | —% |
| QAD, Inc.(12) | First lien senior secured loan | S+ | 4.75% | 11/2027 | 4408 | 4408 | 4397 | 0.4% |
| Securonix, Inc.(13) | First lien senior secured loan | S+ | 7.75% (3.75% PIK) | 04/2028 | 847 | 842 | 735 | 0.1% |
| Securonix, Inc.(5)(13) | First lien senior secured revolving loan | S+ | 7.00% | 04/2028 | 3 | 3 | (17) | —% |
| Spaceship Purchaser, Inc. (dba Squarespace)(13) | First lien senior secured loan | S+ | 5.00% | 10/2031 | 701 | 698 | 698 | 0.1% |
| Thunder Purchaser, Inc. (dba Vector Solutions)(13) | First lien senior secured loan | S+ | 5.50% | 06/2028 | 14582 | 14503 | 14582 | 1.3% |
| When I Work, Inc.(13) | First lien senior secured loan | S+ | 5.50% | 11/2027 | 925 | 921 | 893 | 0.1% |
|  |  |  |  |  |  | 182531 | 183529 | 16.3% |
| **Leisure and entertainment** |  |  |  |  |  |  |  |  |
| Aerosmith Bidco 1 Limited (dba Audiotonix)(12)(21) | First lien senior secured loan | S+ | 5.25% | 07/2031 | 33145 | 32738 | 33062 | 2.9% |
| Troon Golf, L.L.C.(5)(13) | First lien senior secured loan | S+ | 4.50% | 08/2028 | 8710 | 8704 | 8710 | 0.8% |
|  |  |  |  |  |  | 41442 | 41772 | 3.7% |
| **Manufacturing** |  |  |  |  |  |  |  |  |
| Faraday Buyer, LLC (dba MacLean Power Systems)(13) | First lien senior secured loan | S+ | 6.00% | 10/2028 | 17746 | 17458 | 17569 | 1.6% |
| FR Flow Control CB LLC (dba Trillium Flow Technologies)(13)(21) | First lien senior secured loan | S+ | 5.25% | 12/2029 | 733 | 728 | 728 | 0.1% |
| JSG II, Inc.(12) | First lien senior secured loan | S+ | 4.50% | 06/2026 | 3374 | 3366 | 3374 | 0.3% |
| Loparex Midco BV(13) | First lien senior secured loan | S+ | 6.00% | 02/2027 | 199 | 199 | 199 | —% |
| MHE Intermediate Holdings, LLC (dba OnPoint Group)(5)(13) | First lien senior secured loan | S+ | 6.00% | 07/2027 | 9453 | 9402 | 9453 | 0.8% |
| PHM Netherlands Midco B.V. (dba Loparex)(13) | Second lien senior secured loan | S+ | 8.75% | 07/2027 | 28000 | 27163 | 25410 | 2.3% |
| PHM Netherlands Midco B.V. (dba Loparex)(13) | Second lien senior secured loan | S+ | 8.50% | 07/2027 | 5250 | 5250 | 5001 | 0.4% |
| Sonny's Enterprises, LLC(13) | First lien senior secured loan | S+ | 5.50% | 08/2028 | 46475 | 45989 | 46243 | 4.1% |
| Sonny's Enterprises, LLC(5)(13) | First lien senior secured delayed draw term loan | S+ | 5.50% | 08/2028 | 356 | 339 | 354 | —% |
| Sonny's Enterprises, LLC(5)(13) | First lien senior secured revolving loan | S+ | 5.50% | 08/2027 | 706 | 674 | 692 | 0.1% |
|  |  |  |  |  |  | 110568 | 109023 | 9.7% |
| **Professional services** |  |  |  |  |  |  |  |  |
| Essential Services Holding Corporation (dba Turnpoint)(12) | First lien senior secured loan | S+ | 5.00% | 06/2031 | 3128 | 3099 | 3097 | 0.3% |
| Gerson Lehrman Group, Inc.(13) | First lien senior secured loan | S+ | 5.25% | 12/2027 | 10392 | 10319 | 10366 | 0.9% |
| Guidehouse Inc.(12) | First lien senior secured loan | S+ | 5.75% (2.00% PIK) | 12/2030 | 926 | 926 | 922 | 0.1% |

---

------

**Blue Owl Capital Corporation II**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2024**

**(Amounts in thousands, except share amounts)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)(4)(22)(23)** | **Investment** | **Interest** | **Interest** | **Maturity Date** | **Par / Units** | **Amortized Cost(3)(28)** | **Fair Value** | **Percentage of Net Assets(32)** |
| Paris US Holdco, Inc. (dba Precinmac)(12) | First lien senior secured loan | S+ | 5.00% | 12/2031 | 721 | 714 | 714 | 0.1% |
| Relativity ODA LLC(12) | First lien senior secured loan | S+ | 4.50% | 05/2029 | 19162 | 19090 | 19114 | 1.7% |
| Sensor Technology Topco, Inc. (dba Humanetics)(5)(13) | First lien senior secured loan | S+ | 7.00% | 05/2028 | 11213 | 11173 | 11269 | 1.0% |
| Sensor Technology Topco, Inc. (dba Humanetics)(5)(12) | First lien senior secured revolving loan | S+ | 6.50% | 05/2028 | 628 | 624 | 630 | 0.1% |
| Sensor Technology Topco, Inc. (dba Humanetics)(5)(10) | First lien senior secured EUR term loan | E+ | 7.25% | 05/2028 | 2026 | 2193 | 2109 | 0.2% |
| Vensure Employer Services, Inc.(13) | First lien senior secured loan | S+ | 5.00% | 09/2031 | 828 | 820 | 820 | 0.1% |
|  |  |  |  |  |  | 48958 | 49041 | 4.4% |
| **Specialty retail** |  |  |  |  |  |  |  |  |
| Galls, LLC(5)(13) | First lien senior secured loan | S+ | 6.50% (1.50% PIK) | 03/2030 | 16655 | 16405 | 16655 | 1.5% |
| Milan Laser Holdings LLC(13) | First lien senior secured loan | S+ | 5.00% | 04/2027 | 22233 | 22134 | 22233 | 2.0% |
| Notorious Topco, LLC (dba Beauty Industry Group)(13) | First lien senior secured loan | S+ | 7.25% (2.50% PIK) | 11/2027 | 26244 | 26035 | 23356 | 2.1% |
| The Shade Store, LLC(13) | First lien senior secured loan | S+ | 6.00% | 10/2029 | 6679 | 6477 | 6512 | 0.6% |
| The Shade Store, LLC(5)(13) | First lien senior secured revolving loan | S+ | 6.00% | 10/2028 | 165 | 148 | 148 | —% |
|  |  |  |  |  |  | 71199 | 68904 | 6.1% |
| **Telecommunications** |  |  |  |  |  |  |  |  |
| EOS Finco S.A.R.L(14)(21) | First lien senior secured loan | S+ | 6.00% | 10/2029 | 8447 | 8098 | 5659 | 0.5% |
| Park Place Technologies, LLC(12) | First lien senior secured loan | S+ | 5.25% | 03/2031 | 2344 | 2323 | 2333 | 0.2% |
| Park Place Technologies, LLC(5)(12) | First lien senior secured revolving loan | S+ | 5.25% | 03/2030 | 79 | 77 | 78 | —% |
| PPT Holdings III, LLC (dba Park Place Technologies)(25) | First lien senior secured loan |  | 12.75% PIK | 03/2034 | 827 | 809 | 817 | 0.1% |
|  |  |  |  |  |  | 11307 | 8887 | 0.8% |
| **Transportation** |  |  |  |  |  |  |  |  |
| Lytx, Inc.(12) | First lien senior secured loan | S+ | 5.00% | 02/2028 | 23668 | 23668 | 23668 | 2.1% |
|  |  |  |  |  |  | 23668 | 23668 | 2.1% |
| **Total non-controlled/non-affiliated portfolio company debt investments** | **Total non-controlled/non-affiliated portfolio company debt investments** | **Total non-controlled/non-affiliated portfolio company debt investments** |  |  |  | 1779300 | 1739841 | 154.9% |
| **Equity Investments** |  |  |  |  |  |  |  |  |
| **Asset based lending and fund finance** | **Asset based lending and fund finance** |  |  |  |  |  |  |  |
| AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(5)(11)(21)(26) | LLC Interest |  | N/A | N/A | 1487 | 1487 | 1667 | 0.1% |
| AAM Series 2.1 Aviation Feeder, LLC(5)(11)(21)(26) | LLC Interest |  | N/A | N/A | 1422 | 1425 | 1781 | 0.2% |
| Amergin Asset Management, LLC(11)(26) | Class A Units |  | N/A | N/A | 50000000 |  | 1555 | 0.1% |
|  |  |  |  |  |  | 2912 | 5003 | 0.4% |
| **Automotive Services** |  |  |  |  |  |  |  |  |
| CD&R Value Building Partners I, L.P. (dba Belron)(6)(11)(21)(26) | LP Interest |  | N/A | N/A | 1000 | 966 | 1154 | 0.1% |
| Metis HoldCo, Inc. (dba Mavis Tire Express Services)(25)(26) | Series A Convertible Preferred Stock |  | 7.00% PIK | N/A | 32308 | 40986 | 41660 | 3.7% |
|  |  |  |  |  |  | 41952 | 42814 | 3.8% |

---

------

**Blue Owl Capital Corporation II**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2024**

**(Amounts in thousands, except share amounts)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)(4)(22)(23)** | **Investment** | **Interest** | **Interest** | **Maturity Date** | **Par / Units** | **Amortized Cost(3)(28)** | **Fair Value** | **Percentage of Net Assets(32)** |
| **Buildings and real estate** | | | | | | | | |
| Dodge Construction Network Holdings, L.P.(13)(26) | Series A Preferred Units | S+ | 8.25% | N/A | 0 | 9 | 5 | —% |
| Dodge Construction Network Holdings, L.P.(11)(26) | Class A-2 Common Units |  | N/A | N/A | 431889 | 368 | 61 | —% |
|  |  |  |  |  |  | 377 | 66 | —% |
| **Business Services** |  |  |  |  |  |  |  |  |
| Denali Holding, LP (dba Summit Companies)(11)(26) | Class A Units |  | N/A | N/A | 41874 | 425 | 739 | 0.1% |
| Hercules Buyer, LLC (dba The Vincit Group)(11)(24)(26) | Common Units |  | N/A | N/A | 350000 | 352 | 427 | —% |
| Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)(14)(26) | Perpetual Preferred Stock | S+ | 10.75% PIK | N/A | 400 | 548 | 555 | —% |
|  |  |  |  |  |  | 1325 | 1721 | 0.1% |
| **Consumer Products** |  |  |  |  |  |  |  |  |
| ASP Conair Holdings LP(11)(26) | Class A Units |  | N/A | N/A | 12857 | 1286 | 1398 | 0.1% |
|  |  |  |  |  |  | 1286 | 1398 | 0.1% |
| **Education** |  |  |  |  |  |  |  |  |
| Paradigmatic Holdco LLC (dba Pluralsight)(11)(26) | Common stock |  | N/A | N/A | 1309529 | 3475 | 3475 | 0.3% |
|  |  |  |  |  |  | 3475 | 3475 | 0.3% |
| **Food and beverage** |  |  |  |  |  |  |  |  |
| HFS Matterhorn Topco, Inc.(11)(26) | LLC Interest |  | N/A | N/A | 1625 | 1625 |  | —% |
| Hissho Sushi Holdings, LLC(11)(26) | Class A Units |  | N/A | N/A | 7502 | 60 | 97 | —% |
|  |  |  |  |  |  | 1685 | 97 | —% |
| **Healthcare equipment and services** |  |  |  |  |  |  |  |  |
| KPCI Holdings, L.P.(11)(26) | Class A Units |  | N/A | N/A | 5665 | 6014 | 15827 | 1.4% |
| Maia Aggregator, LP(11)(26) | Class A-2 Units |  | N/A | N/A | 112360 | 112 | 102 | —% |
| Patriot Holdings SCSp (dba Corza Health, Inc.)(21)(25)(26) | Class A Units |  | 8.00% PIK | N/A | 1515 | 2033 | 2023 | 0.2% |
| Patriot Holdings SCSp (dba Corza Health, Inc.)(11)(21)(26) | Class B Units |  | N/A | N/A | 20868 | 28 | 86 | —% |
| Rhea Acquisition Holdings, LP(11)(26) | Series A-2 Units |  | N/A | N/A | 119048 | 119 | 144 | —% |
|  |  |  |  |  |  | 8306 | 18182 | 1.6% |
| **Healthcare providers and services** |  |  |  |  |  |  |  |  |
| KOBHG Holdings, L.P. (dba OB Hospitalist)(11)(26) | Class A Interests |  | N/A | N/A | 1291 | 1291 | 1181 | 0.1% |
| KWOL Acquisition Inc. (dba Worldwide Clinical Trials)(11)(26) | Class A Interest |  | N/A | N/A | 30 | 301 | 341 | —% |
| Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers)(25)(26) | Series A Preferred Stock |  | 15.00% PIK | N/A | 1721 | 1965 | 1849 | 0.2% |
| XOMA Corporation(11)(26) | Warrants |  | N/A | N/A | 1800 | 12 | 21 | —% |
|  |  |  |  |  |  | 3569 | 3392 | 0.3% |
| **Healthcare technology** |  |  |  |  |  |  |  |  |
| Minerva Holdco, Inc.(25)(26) | Senior A Preferred Stock |  | 10.75% PIK | N/A | 1000 | 1348 | 1319 | 0.1% |
|  |  |  |  |  |  | 1348 | 1319 | 0.1% |
| **Human resource support services** |  |  |  |  |  |  |  |  |
| Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)(25)(26) | Series A Preferred Stock |  | 10.50% PIK | N/A | 5500 | 7548 | 6039 | 0.5% |
|  |  |  |  |  |  | 7548 | 6039 | 0.5% |

---

------

**Blue Owl Capital Corporation II**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2024**

**(Amounts in thousands, except share amounts)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)(4)(22)(23)** | **Investment** | **Interest** | **Interest** | **Maturity Date** | **Par / Units** | **Amortized Cost(3)(28)** | **Fair Value** | **Percentage of Net Assets(32)** |
| **Insurance** | | | | | | | | |
| Evolution Parent, LP (dba SIAA)(11)(26) | LP Interest |  | N/A | N/A | 8919 | 892 | 1015 | 0.1% |
| Fifth Season Investments LLC(26) | Class A Units |  | N/A | N/A | 0 | 2698 | 2977 | 0.3% |
| GoHealth, Inc.(11)(18) | Common stock |  | N/A | N/A | 15139 | 1163 | 203 | —% |
| GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)(11)(26) | LP Interest |  | N/A | N/A | 10513 | 107 | 105 | —% |
| PCF Holdco, LLC (dba PCF Insurance Services)(11)(26) | Class A Units |  | N/A | N/A | 2513848 | 6375 | 11746 | 1.0% |
|  |  |  |  |  |  | 11235 | 16046 | 1.4% |
| **Internet software and services** |  |  |  |  |  |  |  |  |
| BCTO WIW Holdings, Inc. (dba When I Work)(11)(26) | Class A Common Stock |  | N/A | N/A | 3000 | 300 | 164 | —% |
| Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(11)(26) | Common Units |  | N/A | N/A | 1345119 | 1345 | 2019 | 0.2% |
| Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)(11)(21)(26) | LP Interest |  | N/A | N/A | 31348 | 31 | 39 | —% |
| Bird Holding B.V. (fka MessageBird Holding B.V.)(11)(21)(26) | Extended Series C Warrants |  | N/A | N/A | 25540 | 157 | 37 | —% |
| Project Alpine Co-Invest Fund, LP(11)(21)(26) | LP Interest |  | N/A | N/A | 1000 | 1001 | 1313 | 0.1% |
| Thunder Topco L.P. (dba Vector Solutions)(11)(26) | Common Units |  | N/A | N/A | 819817 | 820 | 975 | 0.1% |
| VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.)(25)(26) | Series A Preferred Stock |  | 10.00% PIK | N/A | 3750 | 4417 | 4638 | 0.4% |
| WMC Bidco, Inc. (dba West Monroe)(25)(26) | Senior Preferred Stock |  | 11.25% PIK | N/A | 2385 | 3356 | 3320 | 0.3% |
|  |  |  |  |  |  | 11427 | 12505 | 1.1% |
| **Manufacturing** |  |  |  |  |  |  |  |  |
| Gloves Holdings, LP (dba Protective Industrial Products)(11)(26) | LP Interest |  | N/A | N/A | 7000 | 700 | 829 | 0.1% |
| Windows Entities(26)(27) | LLC Units |  | N/A | N/A | 10615 | 20107 | 46210 | 4.1% |
|  |  |  |  |  |  | 20807 | 47039 | 4.2% |
| **Pharmaceuticals** |  |  |  |  |  |  |  |  |
| LSI Financing 1 DAC(21)(26) | Preferred equity |  | N/A | N/A | 234 | 237 | 239 | —% |
|  |  |  |  |  |  | 237 | 239 | —% |
| **Total non-controlled/non-affiliated portfolio company equity investments** | **Total non-controlled/non-affiliated portfolio company equity investments** | **Total non-controlled/non-affiliated portfolio company equity investments** | **Total non-controlled/non-affiliated portfolio company equity investments** | **Total non-controlled/non-affiliated portfolio company equity investments** |  | $117489 | $159335 | 14.2% |
| **Total non-controlled/non-affiliated portfolio company investments** | **Total non-controlled/non-affiliated portfolio company investments** | **Total non-controlled/non-affiliated portfolio company investments** | **Total non-controlled/non-affiliated portfolio company investments** |  |  | $1896789 | $1899176 | 169.0% |
| **Non-controlled/affiliated portfolio company investments** | **Non-controlled/affiliated portfolio company investments** | **Non-controlled/affiliated portfolio company investments** | **Non-controlled/affiliated portfolio company investments** |  |  |  |  |  |
| **Debt Investments** |  |  |  |  |  |  |  |  |
| **Advertising and media** |  |  |  |  |  |  |  |  |
| Swipe Acquisition Corporation (dba PLI)(12)(29) | First lien senior secured loan | S+ | 8.00% | 06/2026 | 631 | 627 | 631 | 0.1% |
| Swipe Acquisition Corporation (dba PLI)(12)(29) | First lien senior secured loan | S+ | 8.00% | 11/2027 | 8341 | 8341 | 8341 | 0.7% |
| Swipe Acquisition Corporation (dba PLI)(5)(12)(29) | First lien senior secured loan | S+ | 5.00% | 11/2027 | 4407 | 4364 | 4364 | 0.4% |
|  |  |  |  |  |  | 13332 | 13336 | 1.2% |
| **Household products** |  |  |  |  |  |  |  |  |
| Walker Edison Furniture Company LLC(5)(8)(13)(29) | First lien senior secured loan | S+ | 6.75% PIK | 03/2027 | 7893 | 6244 | 1037 | 0.1% |
| Walker Edison Furniture Company LLC(8)(13)(29) | First lien senior secured revolving loan | S+ | 6.25% | 03/2027 | 2247 | 2247 | 1444 | 0.1% |
|  |  |  |  |  |  | 8491 | 2481 | 0.2% |
| **Total non-controlled/affiliated portfolio company debt investments** | **Total non-controlled/affiliated portfolio company debt investments** | **Total non-controlled/affiliated portfolio company debt investments** |  |  |  | $21823 | $15817 | 1.4% |

---

------

**Blue Owl Capital Corporation II**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2024**

**(Amounts in thousands, except share amounts)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)(4)(22)(23)** | **Investment** | **Interest** | **Interest** | **Maturity Date** | **Par / Units** | **Amortized Cost(3)(28)** | **Fair Value** | **Percentage of Net Assets(32)** |
| **Equity Investments** | | | | | | | | |
| **Advertising and media** | | | | | | | | |
| New PLI Holdings, LLC (dba PLI)(11)(26)(29) | Class A Common Units |  | N/A | N/A | 10755 | 5952 | 11494 | 1.0% |
|  |  |  |  |  |  | 5952 | 11494 | 1.0% |
| **Household Products** |  |  |  |  |  |  |  |  |
| Walker Edison Holdco LLC(11)(26)(29) | Common Units |  | N/A | N/A | 49159 | 4750 |  | —% |
|  |  |  |  |  |  | 4750 |  | —% |
| **Pharmaceuticals** |  |  |  |  |  |  |  |  |
| LSI Financing LLC(6)(21)(26)(29) | Common Equity |  | N/A | N/A | 9389 | 9389 | 9554 | 0.9% |
|  |  |  |  |  |  | 9389 | 9554 | 0.9% |
| **Total non-controlled/affiliated portfolio company equity investments** | **Total non-controlled/affiliated portfolio company equity investments** | **Total non-controlled/affiliated portfolio company equity investments** | **Total non-controlled/affiliated portfolio company equity investments** |  |  | $20091 | $21048 | 1.9% |
| **Total non-controlled/affiliated portfolio company investments** | **Total non-controlled/affiliated portfolio company investments** | **Total non-controlled/affiliated portfolio company investments** |  |  |  | $41914 | $36865 | 3.3% |
| **Controlled/affiliated portfolio company investments** | **Controlled/affiliated portfolio company investments** | **Controlled/affiliated portfolio company investments** | **Controlled/affiliated portfolio company investments** | **Controlled/affiliated portfolio company investments** | **Controlled/affiliated portfolio company investments** |  |  |  |
| **Equity Investments** | **Equity Investments** | **Equity Investments** | **Equity Investments** | **Equity Investments** | **Equity Investments** |  |  |  |
| **Joint Venture** |  |  |  |  |  |  |  |  |
| Blue Owl Credit SLF LLC(6)(21)(26)(30)(31) | LLC Interest |  | N/A | N/A | 189 | 190 | 191 | —% |
|  |  |  |  |  |  | 190 | 191 | —% |
| **Total controlled/affiliated portfolio company equity investments** | **Total controlled/affiliated portfolio company equity investments** | **Total controlled/affiliated portfolio company equity investments** | **Total controlled/affiliated portfolio company equity investments** | **Total controlled/affiliated portfolio company equity investments** | **Total controlled/affiliated portfolio company equity investments** | $190 | $191 | —% |
| **Total controlled/affiliated portfolio company investments** | **Total controlled/affiliated portfolio company investments** | **Total controlled/affiliated portfolio company investments** | **Total controlled/affiliated portfolio company investments** | **Total controlled/affiliated portfolio company investments** | **Total controlled/affiliated portfolio company investments** | $190 | $191 | —% |
| **Total non-controlled/non-affiliated misc. debt commitments(5)(33)(Note 7)** | **Total non-controlled/non-affiliated misc. debt commitments(5)(33)(Note 7)** | **Total non-controlled/non-affiliated misc. debt commitments(5)(33)(Note 7)** | **Total non-controlled/non-affiliated misc. debt commitments(5)(33)(Note 7)** | **Total non-controlled/non-affiliated misc. debt commitments(5)(33)(Note 7)** | **Total non-controlled/non-affiliated misc. debt commitments(5)(33)(Note 7)** | $(697) | $(840) | (0.1)% |
| **Total Investments** |  |  |  |  |  | $1938196 | $1935392 | 172.2% |

---

_______________

<sup>(1)</sup> Certain portfolio company investments are subject to contractual restrictions on sales. Refer to footnote 25 for additional information on our restricted securities.

<sup>(2)</sup> Unless otherwise indicated, all investments are considered Level 3 investments.

<sup>(3)</sup> The amortized cost represents the original cost adjusted for the accretion and amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

<sup>(4)</sup> 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), Euro Interbank Offered Rate ("EURIBOR" or "E", which can include one-, two-, three- or six-month EURIBOR), SONIA ("SONIA" or "SA"), Australian Bank Bill Swap Bid Rate ("BBSY" or "BB") (which can include one-, three-, or six-month BBSY) or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate ("PRIME" or "P")), at the borrower's option, and which reset periodically based on the terms of the loan agreement.

<sup>(5)</sup> Position or portion thereof is a partially unfunded debt or equity commitment. See below for more information on the Company's commitments. See Note 7 "Commitments and Contingencies."

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Commitment Type** | **Commitment Expiration Date** | **Funded Commitment** | **Unfunded** | **Unfunded** |
| **Portfolio Company** | **Commitment Type** | **Commitment Expiration Date** | **Funded Commitment** | **Commitment** | **Fair Value**<sup>(33)</sup> |
| **Non-controlled/non-affiliated - delayed draw debt commitments** | **Non-controlled/non-affiliated - delayed draw debt commitments** | | | | |
| Aerosmith Bidco 1 Limited (dba Audiotonix) | First lien senior secured delayed draw term loan | 7/2027 |  | 10543 | (8) |
| Alera Group, Inc. | First lien senior secured delayed draw term loan | 11/2025 | 6728 | 380 |  |
| Aptean Acquiror, Inc. (dba Aptean) | First lien senior secured delayed draw term loan | 1/2026 | 71 | 199 |  |
| Artifact Bidco, Inc. (dba Avetta) | First lien senior secured delayed draw term loan | 7/2027 |  | 379 |  |
| Associations, Inc. | First lien senior secured delayed draw term loan | 7/2028 | 598 | 2987 |  |
| Baker Tilly Advisory Group, L.P. | First lien senior secured delayed draw term loan | 6/2026 |  | 1410 |  |
| BCPE Osprey Buyer, Inc. (dba PartsSource) | First lien senior secured delayed draw term loan | 10/2025 | 51 | 244 |  |
| BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC) | First lien senior secured delayed draw term loan | 10/2025 | 198 | 721 |  |
| CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.) | First lien senior secured delayed draw term loan | 1/2026 | 729 | 1001 |  |
| Cresset Capital Management, LLC | First lien senior secured delayed draw term loan | 9/2025 |  | 254 |  |

---

------

**Blue Owl Capital Corporation II**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2024**

**(Amounts in thousands, except share amounts)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Commitment Type** | **Commitment Expiration Date** | **Funded Commitment** | **Unfunded** | **Unfunded** |
| **Portfolio Company** | **Commitment Type** | **Commitment Expiration Date** | **Funded Commitment** | **Commitment** | **Fair Value**<sup>(33)</sup> |
| Cresset Capital Management, LLC | First lien senior secured delayed draw term loan | 6/2026 |  | 149 |  |
| CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) | First lien senior secured delayed draw term loan | 8/2026 |  | 307 | (1) |
| DCG ACQUISITION CORP. (dba DuBois Chemical) | First lien senior secured delayed draw term loan | 6/2026 |  | 939 |  |
| Diamond Mezzanine 24 LLC (dba United Risk) | First lien senior secured delayed draw term loan | 10/2026 |  | 190 |  |
| Dresser Utility Solutions, LLC | First lien senior secured delayed draw term loan | 9/2025 |  | 858 |  |
| DuraServ LLC | First lien senior secured delayed draw term loan | 6/2026 | 1180 | 1198 |  |
| Endries Acquisition, Inc. | First lien senior secured delayed draw term loan | 12/2025 |  | 1781 | (13) |
| Essential Services Holding Corporation (dba Turnpoint) | First lien senior secured delayed draw term loan | 6/2026 |  | 613 | (3) |
| Evolution BuyerCo, Inc. (dba SIAA) | First lien senior secured delayed draw term loan | 12/2025 | 821 | 4149 |  |
| Faraday Buyer, LLC (dba MacLean Power Systems) | First lien senior secured delayed draw term loan | 11/2025 |  | 1882 |  |
| FR Flow Control CB LLC (dba Trillium Flow Technologies) | First lien senior secured delayed draw term loan | 6/2026 |  | 147 |  |
| Galls, LLC | First lien senior secured delayed draw term loan | 3/2026 | 588 | 4757 |  |
| Galway Borrower LLC | First lien senior secured delayed draw term loan | 7/2026 | 28 | 1526 |  |
| Gehl Foods, LLC | First lien senior secured delayed draw term loan | 12/2025 | 342 | 513 |  |
| Indigo Buyer, Inc. (dba Inovar Packaging Group) | First lien senior secured delayed draw term loan | 7/2026 |  | 221 |  |
| Indikami Bidco, LLC (dba IntegriChain) | First lien senior secured delayed draw term loan | 12/2025 | 22 | 356 |  |
| Integrity Marketing Acquisition, LLC | First lien senior secured delayed draw term loan | 8/2026 |  | 628 |  |
| Interoperability Bidco, Inc. (dba Lyniate) | First lien senior secured delayed draw term loan | 6/2026 |  | 952 | (24) |
| Kaseya Inc. | First lien senior secured delayed draw term loan | 6/2025 | 6 | 24 |  |
| KENE Acquisition, Inc. (dba Entrust Solutions Group) | First lien senior secured delayed draw term loan | 2/2026 | 102 | 881 |  |
| KPSKY Acquisition, Inc. (dba BluSky) | First lien senior secured delayed draw term loan | 11/2025 | 1 | 58 |  |
| Litera Bidco LLC | First lien senior secured delayed draw term loan | 5/2027 |  | 2487 | (6) |
| Litera Bidco LLC | First lien senior secured delayed draw term loan | 11/2026 | 2803 | 3166 |  |
| Maple Acquisition, LLC (dba Medicus) | First lien senior secured delayed draw term loan | 5/2026 |  | 1069 |  |
| Mario Purchaser, LLC (dba Len the Plumber) | First lien senior secured delayed draw term loan | 10/2025 | 18 | 166 |  |
| Minotaur Acquisition, Inc. (dba Inspira Financial) | First lien senior secured delayed draw term loan | 5/2026 |  | 3958 |  |
| Monotype Imaging Holdings Inc. | First lien senior secured delayed draw term loan | 2/2026 | 373 | 1228 |  |
| National Dentex Labs LLC (fka Barracuda Dental LLC) | First lien senior secured delayed draw term loan | 4/2026 | 855 | 197 |  |
| NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A. | First lien senior secured EUR delayed draw term loan | 3/2027 |  | 2469 | (31) |
| Nelipak Holding Company | First lien senior secured delayed draw term loan | 3/2027 |  | 1302 | (16) |
| Paris US Holdco, Inc. (dba Precinmac) | First lien senior secured delayed draw term loan | 12/2026 |  | 186 | (1) |
| Park Place Technologies, LLC | First lien senior secured delayed draw term loan | 9/2025 |  | 368 |  |
| PDI TA Holdings, Inc. | First lien senior secured delayed draw term loan | 2/2026 | 520 | 411 |  |
| PetVet Care Centers, LLC | First lien senior secured delayed draw term loan | 11/2025 |  | 1993 | (65) |
| Plasma Buyer LLC (dba PathGroup) | First lien senior secured delayed draw term loan | 9/2025 | 20 | 5 |  |
| Pluralsight, LLC | First lien senior secured delayed draw term loan | 8/2029 |  | 1637 |  |
| Pye-Barker Fire & Safety, LLC | First lien senior secured delayed draw term loan | 5/2026 | 1644 | 2969 |  |
| RL Datix Holdings (USA), Inc. | First lien senior secured delayed draw term loan | 4/2027 |  | 1625 |  |
| Salinger Bidco Inc. (dba Surgical Information Systems) | First lien senior secured delayed draw term loan | 8/2026 |  | 492 |  |
| Sensor Technology Topco, Inc. (dba Humanetics) | First lien senior secured delayed draw term loan | 9/2025 | 37 | 188 |  |
| Sensor Technology Topco, Inc. (dba Humanetics) | First lien senior secured EUR delayed draw term loan | 9/2025 | 8 | 39 |  |
| Severin Acquisition, LLC (dba PowerSchool) | First lien senior secured delayed draw term loan | 10/2027 |  | 157 | (1) |
| Simplicity Financial Marketing Group Holdings, Inc. | First lien senior secured delayed draw term loan | 12/2026 |  | 190 | (1) |

---

------

**Blue Owl Capital Corporation II**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2024**

**(Amounts in thousands, except share amounts)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Commitment Type** | **Commitment Expiration Date** | **Funded Commitment** | **Unfunded** | **Unfunded** |
| **Portfolio Company** | **Commitment Type** | **Commitment Expiration Date** | **Funded Commitment** | **Commitment** | **Fair Value**<sup>(33)</sup> |
| Smarsh Inc. | First lien senior secured delayed draw term loan | 2/2025 | 95 | 95 |  |
| Sonny's Enterprises, LLC | First lien senior secured delayed draw term loan | 6/2026 | 356 | 4105 |  |
| Spaceship Purchaser, Inc. (dba Squarespace) | First lien senior secured delayed draw term loan | 10/2026 |  | 42 |  |
| Spaceship Purchaser, Inc. (dba Squarespace) | First lien senior secured delayed draw term loan | 10/2027 |  | 100 |  |
| STS PARENT, LLC (dba STS Aviation Group) | First lien senior secured delayed draw term loan | 10/2026 |  | 2100 | (5) |
| TBRS, Inc. (dba TEAM Technologies) | First lien senior secured delayed draw term loan | 11/2026 |  | 191 |  |
| THG Acquisition, LLC (dba Hilb) | First lien senior secured delayed draw term loan | 10/2026 |  | 1044 | (5) |
| Troon Golf, L.L.C. | First lien senior secured delayed draw term loan | 9/2026 | 625 | 625 |  |
| Unified Women's Healthcare, LP | First lien senior secured delayed draw term loan | 3/2026 | 3945 | 581 |  |
| Vensure Employer Services, Inc. | First lien senior secured delayed draw term loan | 9/2026 |  | 172 | (1) |
| Vessco Midco Holdings, LLC | First lien senior secured delayed draw term loan | 7/2026 | 273 | 765 |  |
| WU Holdco, Inc. (dba Weiman Products, LLC) | First lien senior secured delayed draw term loan | 7/2026 | 2264 | 964 |  |
| **Non-controlled/affiliated debt - delayed draw debt commitments** | **Non-controlled/affiliated debt - delayed draw debt commitments** |  |  |  |  |
| Walker Edison Furniture Company LLC | First lien senior secured delayed draw term loan | 3/2027 | 1633 | 365 |  |
| **Non-controlled/non-affiliated - revolving debt commitments** | **Non-controlled/non-affiliated - revolving debt commitments** |  |  |  |  |
| Aerosmith Bidco 1 Limited (dba Audiotonix) | First lien senior secured revolving loan | 7/2030 |  | 4391 | (11) |
| Anaplan, Inc. | First lien senior secured revolving loan | 6/2028 |  | 972 |  |
| Aptean Acquiror, Inc. (dba Aptean) | First lien senior secured revolving loan | 1/2031 |  | 364 | (1) |
| Artifact Bidco, Inc. (dba Avetta) | First lien senior secured revolving loan | 7/2030 |  | 271 | (1) |
| Ascend Buyer, LLC (dba PPC Flexible Packaging) | First lien senior secured revolving loan | 9/2027 | 26 | 52 |  |
| Associations, Inc. | First lien senior secured revolving loan | 7/2028 | 1436 | 1436 |  |
| Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.) | First lien senior secured revolving loan | 3/2031 |  | 238 | (2) |
| Baker Tilly Advisory Group, L.P. | First lien senior secured revolving loan | 6/2030 |  | 1975 | (10) |
| Bayshore Intermediate #2, L.P. (dba Boomi) | First lien senior secured revolving loan | 10/2027 |  | 410 |  |
| BCPE Osprey Buyer, Inc. (dba PartsSource) | First lien senior secured revolving loan | 8/2026 | 34 | 17 |  |
| BCTO BSI Buyer, Inc. (dba Buildertrend) | First lien senior secured revolving loan | 12/2026 |  | 1527 |  |
| BP Veraison Buyer, LLC (dba Sun World) | First lien senior secured revolving loan | 5/2029 |  | 3868 |  |
| Brightway Holdings, LLC | First lien senior secured revolving loan | 12/2027 | 211 | 316 |  |
| Broadcast Music, Inc. (fka Otis Merger Sub, Inc.) | First lien senior secured revolving loan | 2/2030 |  | 825 | (6) |
| Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.) | First lien senior secured revolving loan | 8/2027 | 64 | 121 |  |
| CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.) | First lien senior secured revolving loan | 1/2030 |  | 434 |  |
| CivicPlus, LLC | First lien senior secured revolving loan | 8/2027 |  | 213 |  |
| Creek Parent, Inc. (dba Catalent) | First lien senior secured revolving loan | 12/2031 |  | 126 | (2) |
| Cresset Capital Management, LLC | First lien senior secured revolving loan | 6/2029 |  | 75 |  |
| Crewline Buyer, Inc. (dba New Relic) | First lien senior secured revolving loan | 11/2030 |  | 472 | (6) |
| CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) | First lien senior secured revolving loan | 8/2031 |  | 766 | (2) |
| DCG ACQUISITION CORP. (dba DuBois Chemical) | First lien senior secured revolving loan | 6/2031 |  | 939 | (5) |
| Delinea Buyer, Inc. (f/k/a Centrify) | First lien senior secured revolving loan | 3/2027 |  | 1345 |  |
| Denali BuyerCo, LLC (dba Summit Companies) | First lien senior secured revolving loan | 9/2027 |  | 125 |  |
| Diamond Mezzanine 24 LLC (dba United Risk)\* | First lien senior secured revolving loan | 10/2030 | 48 |  |  |
| Dresser Utility Solutions, LLC | First lien senior secured revolving loan | 3/2029 |  | 1201 | (3) |
| DuraServ LLC | First lien senior secured revolving loan | 6/2030 |  | 1190 | (6) |
| Eagle Family Foods Group LLC | First lien senior secured revolving loan | 8/2030 |  | 202 | (1) |
| EET Buyer, Inc. (dba e-Emphasys) | First lien senior secured revolving loan | 11/2027 |  | 91 |  |
| Essential Services Holding Corporation (dba Turnpoint) | First lien senior secured revolving loan | 6/2030 |  | 383 | (4) |

---

------

**Blue Owl Capital Corporation II**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2024**

**(Amounts in thousands, except share amounts)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Commitment Type** | **Commitment Expiration Date** | **Funded Commitment** | **Unfunded** | **Unfunded** |
| **Portfolio Company** | **Commitment Type** | **Commitment Expiration Date** | **Funded Commitment** | **Commitment** | **Fair Value**<sup>(33)</sup> |
| Evolution BuyerCo, Inc. (dba SIAA) | First lien senior secured revolving loan | 4/2027 |  | 2230 |  |
| Fiesta Purchaser, Inc. (dba Shearer's Foods) | First lien senior secured revolving loan | 2/2029 |  | 1108 |  |
| Finastra USA, Inc. | First lien senior secured revolving loan | 9/2029 | 244 | 148 |  |
| Forescout Technologies, Inc. | First lien senior secured revolving loan | 5/2030 |  | 1121 | (6) |
| Fortis Solutions Group, LLC | First lien senior secured revolving loan | 10/2027 | 31 | 58 |  |
| FR Flow Control CB LLC (dba Trillium Flow Technologies) | First lien senior secured revolving loan | 12/2029 |  | 120 | (1) |
| Gainsight, Inc. | First lien senior secured revolving loan | 7/2027 | 487 | 448 |  |
| Galls, LLC | First lien senior secured revolving loan | 3/2030 |  | 2139 |  |
| Galway Borrower LLC | First lien senior secured revolving loan | 9/2028 | 16 | 179 |  |
| Gaylord Chemical Company, L.L.C. | First lien senior secured revolving loan | 12/2027 | 1357 | 1252 |  |
| Gerson Lehrman Group, Inc. | First lien senior secured revolving loan | 12/2027 |  | 526 | (1) |
| GI Ranger Intermediate, LLC (dba Rectangle Health) | First lien senior secured revolving loan | 10/2027 | 9 | 65 |  |
| Granicus, Inc. | First lien senior secured revolving loan | 1/2031 |  | 548 |  |
| H&F Opportunities LUX III S.À R.L (dba Checkmarx) | First lien senior secured revolving loan | 4/2026 |  | 4583 | (11) |
| Hercules Borrower, LLC (dba The Vincit Group) | First lien senior secured revolving loan | 12/2026 |  | 3343 |  |
| HGH Purchaser, Inc. (dba Horizon Services) | First lien senior secured revolving loan | 11/2026 |  | 3702 | (194) |
| Hissho Parent, LLC | First lien senior secured revolving loan | 5/2029 |  | 116 |  |
| Hyland Software, Inc. | First lien senior secured revolving loan | 9/2029 |  | 85 |  |
| Icefall Parent, Inc. (dba EngageSmart) | First lien senior secured revolving loan | 1/2030 |  | 386 |  |
| IG Investments Holdings, LLC (dba Insight Global) | First lien senior secured revolving loan | 9/2028 |  | 963 |  |
| Indigo Buyer, Inc. (dba Inovar Packaging Group) | First lien senior secured revolving loan | 5/2028 |  | 100 |  |
| Indikami Bidco, LLC (dba IntegriChain) | First lien senior secured revolving loan | 6/2030 | 97 | 172 |  |
| Integrity Marketing Acquisition, LLC | First lien senior secured revolving loan | 8/2028 |  | 210 |  |
| Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)\* | First lien senior secured revolving loan | 8/2026 | 2712 |  |  |
| Interoperability Bidco, Inc. (dba Lyniate) | First lien senior secured revolving loan | 3/2028 | 59 | 1070 |  |
| KABAFUSION Parent, LLC | First lien senior secured revolving loan | 11/2031 |  | 111 | (1) |
| Kaseya Inc. | First lien senior secured revolving loan | 6/2029 | 8 | 24 |  |
| KENE Acquisition, Inc. (dba Entrust Solutions Group) | First lien senior secured revolving loan | 2/2031 |  | 295 | (4) |
| KRIV Acquisition Inc. (dba Riveron) | First lien senior secured revolving loan | 7/2029 |  | 142 |  |
| KWOL Acquisition Inc. (dba Worldwide Clinical Trials) | First lien senior secured revolving loan | 12/2029 |  | 589 |  |
| Lignetics Investment Corp. | First lien senior secured revolving loan | 11/2026 | 1078 | 392 |  |
| LineStar Integrity Services LLC\* | First lien senior secured revolving loan | 2/2026 | 1597 |  |  |
| Litera Bidco LLC | First lien senior secured revolving loan | 5/2028 |  | 1416 | (4) |
| Maple Acquisition, LLC (dba Medicus) | First lien senior secured revolving loan | 5/2030 |  | 802 |  |
| Mario Purchaser, LLC (dba Len the Plumber) | First lien senior secured revolving loan | 4/2028 | 17 | 39 |  |
| MHE Intermediate Holdings, LLC (dba OnPoint Group) | First lien senior secured revolving loan | 7/2027 | 357 | 1429 |  |
| Milan Laser Holdings LLC | First lien senior secured revolving loan | 4/2026 |  | 2837 |  |
| MINDBODY, Inc. | First lien senior secured revolving loan | 9/2025 |  | 1071 |  |
| Ministry Brands Holdings, LLC | First lien senior secured revolving loan | 12/2027 |  | 68 | (1) |
| Minotaur Acquisition, Inc. (dba Inspira Financial) | First lien senior secured revolving loan | 6/2030 |  | 2435 | (12) |
| Monotype Imaging Holdings Inc. | First lien senior secured revolving loan | 2/2030 |  | 2402 | (6) |
| National Dentex Labs LLC (fka Barracuda Dental LLC) | First lien senior secured revolving loan | 4/2026 | 1296 | 421 |  |
| Natural Partners, LLC | First lien senior secured revolving loan | 11/2027 |  | 159 | (1) |
| NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A. | First lien senior secured EUR revolving loan | 3/2031 | 157 | 303 |  |

---

------

**Blue Owl Capital Corporation II**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2024**

**(Amounts in thousands, except share amounts)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Commitment Type** | **Commitment Expiration Date** | **Funded Commitment** | **Unfunded** | **Unfunded** |
| **Portfolio Company** | **Commitment Type** | **Commitment Expiration Date** | **Funded Commitment** | **Commitment** | **Fair Value**<sup>(33)</sup> |
| Nelipak Holding Company | First lien senior secured revolving loan | 3/2031 | 408 | 563 |  |
| NMI Acquisitionco, Inc. (dba Network Merchants) | First lien senior secured revolving loan | 9/2028 |  | 218 |  |
| Norvax, LLC (dba GoHealth) | First lien senior secured revolving loan | 6/2025 | 462 | 901 |  |
| Notorious Topco, LLC (dba Beauty Industry Group) | First lien senior secured revolving loan | 5/2027 |  | 2113 | (232) |
| OB Hospitalist Group, Inc. | First lien senior secured revolving loan | 9/2027 |  | 2931 | (7) |
| Paris US Holdco, Inc. (dba Precinmac) | First lien senior secured revolving loan | 12/2031 |  | 93 | (1) |
| Park Place Technologies, LLC | First lien senior secured revolving loan | 3/2030 | 79 | 197 |  |
| Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.) | First lien senior secured revolving loan | 1/2028 |  | 2654 |  |
| PDI TA Holdings, Inc. | First lien senior secured revolving loan | 2/2031 |  | 410 | (4) |
| Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services) | First lien senior secured revolving loan | 11/2027 |  | 1035 |  |
| PetVet Care Centers, LLC | First lien senior secured revolving loan | 11/2029 |  | 2092 | (89) |
| Phantom Purchaser, Inc. | First lien senior secured revolving loan | 9/2031 |  | 227 | (2) |
| Plasma Buyer LLC (dba PathGroup) | First lien senior secured revolving loan | 5/2028 | 42 | 33 |  |
| Pluralsight, LLC | First lien senior secured revolving loan | 8/2029 |  | 655 |  |
| Premise Health Holding Corp. | First lien senior secured revolving loan | 2/2030 |  | 938 | (2) |
| Pye-Barker Fire & Safety, LLC | First lien senior secured revolving loan | 5/2030 | 122 | 852 |  |
| QAD, Inc. | First lien senior secured revolving loan | 11/2027 |  | 571 | (1) |
| Quva Pharma, Inc. | First lien senior secured revolving loan | 4/2026 | 993 | 189 |  |
| Relativity ODA LLC | First lien senior secured revolving loan | 5/2029 |  | 1637 | (4) |
| Rhea Parent, Inc. | First lien senior secured revolving loan | 12/2030 |  | 172 | (2) |
| RL Datix Holdings (USA), Inc. | First lien senior secured revolving loan | 10/2030 | 180 | 1243 |  |
| Salinger Bidco Inc. (dba Surgical Information Systems) | First lien senior secured revolving loan | 5/2031 |  | 492 | (1) |
| Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC) | First lien senior secured revolving loan | 7/2025 | 423 | 577 |  |
| Securonix, Inc. | First lien senior secured revolving loan | 4/2028 | 3 | 149 |  |
| Sensor Technology Topco, Inc. (dba Humanetics) | First lien senior secured revolving loan | 5/2028 | 628 | 342 |  |
| Severin Acquisition, LLC (dba PowerSchool) | First lien senior secured revolving loan | 10/2031 |  | 94 | (1) |
| Simplicity Financial Marketing Group Holdings, Inc. | First lien senior secured revolving loan | 12/2031 |  | 95 | (1) |
| Smarsh Inc. | First lien senior secured revolving loan | 2/2029 | 3 | 5 |  |
| Sonny's Enterprises, LLC | First lien senior secured revolving loan | 8/2027 | 706 | 2118 |  |
| Spaceship Purchaser, Inc. (dba Squarespace) | First lien senior secured revolving loan | 10/2031 |  | 83 |  |
| STS PARENT, LLC (dba STS Aviation Group) | First lien senior secured revolving loan | 10/2030 | 389 | 452 |  |
| SWK BUYER, Inc. (dba Stonewall Kitchen) | First lien senior secured revolving loan | 3/2029 |  | 70 | (2) |
| Tamarack Intermediate, L.L.C. (dba Verisk 3E) | First lien senior secured revolving loan | 3/2028 |  | 112 | (1) |
| TBRS, Inc. (dba TEAM Technologies) | First lien senior secured revolving loan | 11/2030 | 6 | 100 |  |
| Tempo Buyer Corp. (dba Global Claims Services) | First lien senior secured revolving loan | 8/2027 |  | 99 |  |
| The Better Being Co., LLC (fka Nutraceutical International Corporation) | First lien senior secured revolving loan | 9/2026 |  | 2353 |  |
| The Better Being Co., LLC (fka Nutraceutical International Corporation)\* | First lien senior secured revolving loan | 9/2026 | 151 |  |  |
| The Shade Store, LLC | First lien senior secured revolving loan | 10/2028 | 165 | 523 |  |
| THG Acquisition, LLC (dba Hilb) | First lien senior secured revolving loan | 10/2031 | 39 | 483 |  |
| Thunder Purchaser, Inc. (dba Vector Solutions) | First lien senior secured revolving loan | 6/2027 |  | 1174 |  |
| Troon Golf, L.L.C. | First lien senior secured revolving loan | 8/2028 |  | 625 |  |
| Unified Women's Healthcare, LP | First lien senior secured revolving loan | 6/2029 |  | 88 |  |
| USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners) | First lien senior secured revolving loan | 12/2029 |  | 183 |  |

---

------

**Blue Owl Capital Corporation II**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2024**

**(Amounts in thousands, except share amounts)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Commitment Type** | **Commitment Expiration Date** | **Funded Commitment** | **Unfunded** | **Unfunded** |
| **Portfolio Company** | **Commitment Type** | **Commitment Expiration Date** | **Funded Commitment** | **Commitment** | **Fair Value**<sup>(33)</sup> |
| Valence Surface Technologies LLC | First lien senior secured revolving loan | 12/2026 | 2955 | 2 |  |
| Velocity HoldCo III Inc. (dba VelocityEHS) | First lien senior secured revolving loan | 4/2026 |  | 368 |  |
| Vessco Midco Holdings, LLC | First lien senior secured revolving loan | 7/2031 |  | 346 | (2) |
| Vital Bidco AB (dba Vitamin Well) | First lien senior secured revolving loan | 10/2030 | 273 | 845 |  |
| When I Work, Inc. | First lien senior secured revolving loan | 11/2027 |  | 143 | (5) |
| WU Holdco, Inc. (dba Weiman Products, LLC) | First lien senior secured revolving loan | 3/2027 | 1352 | 2591 |  |
| **Non-controlled/non-affiliated - equity commitments** | **Non-controlled/non-affiliated - equity commitments** |  |  |  |  |
| LSI Financing LLC | Common Equity | N/A | 9389 | 191 |  |
| AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC | LLC Interest | N/A | 1487 | 3280 |  |
| AAM Series 2.1 Aviation Feeder, LLC | LLC Interest | N/A | 1422 | 1525 |  |
| **Non-controlled/affiliated debt** |  |  |  |  |  |
| Swipe Acquisition Corporation (dba PLI) | First lien senior secured revolving loan | 11/2027 | 771 | 881 |  |
| Walker Edison Furniture Company LLC\* | First lien senior secured revolving loan | 3/2027 | 2247 |  |  |
| **Total Portfolio Company Commitments** |  |  | $62970 | $181763 | $(840) |

---

\*Fully funded

<sup>(6)</sup> Investment measured at net asset value ("NAV").

<sup>(7)</sup> The interest rate on this loan is subject to SONIA, which as of December 31, 2024 was 4.70%.

<sup>(8)</sup> Loan was on non-accrual status as of December 31, 2024.

<sup>(9)</sup> The interest rate on this loan is subject to 1 month EURIBOR, which as of December 31, 2024 was 2.85%.

<sup>(10)</sup> The interest rate on this loan is subject to 3 month EURIBOR, which as of December 31, 2024 was 2.71%.

<sup>(11)</sup> Investment is non-income producing.

<sup>(12)</sup> The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2024 was 4.33%.

<sup>(13)</sup> The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2024 was 4.31%.

<sup>(14)</sup> The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2024 was 4.25%.

<sup>(15)</sup> The interest rate on these loans is subject to 12 month SOFR, which as of December 31, 2024 was 4.18%.

<sup>(16)</sup> The interest rate on these loans is subject to Prime, which as of December 31, 2024 was 7.50%.

<sup>(17)</sup> The interest rate on these loans is subject to 3 month BBSY, which as of December 31, 2024 was 4.42%.

<sup>(18)</sup> Level 1 investment.

<sup>(19)</sup> Level 2 investment.

<sup>(20)</sup> The date disclosed represents the commitment period of the unfunded term loan. Upon expiration of the commitment period, the funded portion of the term loan may be subject to a longer maturity date.

<sup>(21)</sup> This portfolio company is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. As of December 31, 2024, non-qualifying assets represented 9.5% of total assets as calculated in accordance with the regulatory requirements.

<sup>(22)</sup> Unless otherwise indicated, all or a portion of the Company's portfolio companies are pledged as collateral supporting the available capacity under the Revolving Credit Facility, SPV Asset Facility and CLO XIII. See Note 5 "Debt."

<sup>(23)</sup> Unless otherwise indicated, represents co-investment made with the Company's affiliates in accordance with the terms of exemptive relief that the Company received from the U.S. Securities and Exchange Commission. See Note 3 "Agreements and Related Party Transactions."

<sup>(24)</sup> The Company invests in this portfolio company through underlying blocker entities Hercules Blocker 1 LLC, Hercules Blocker 2 LLC, Hercules Blocker 3 LLC, Hercules Blocker 4 LLC, and Hercules Blocker 5 LLC.

<sup>(25)</sup> Investment contains a fixed-rate structure.

<sup>(26)</sup> Securities acquired in transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be "restricted securities" under the Securities Act. As of December 31, 2024, the aggregate fair value of these securities is $180.4 million, or 16.1% of the Company's net assets. The acquisition dates of the restricted securities are as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio Company** | **Investment** | **Acquisition Date** |
| AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC | LLC Interest | July 1, 2022 |
| AAM Series 2.1 Aviation Feeder, LLC | LLC Interest | July 1, 2022 |
| Amergin Asset Management, LLC | Class A Units | July 1, 2022 |
| ASP Conair Holdings LP | Class A Units | May 17, 2021 |
| BCTO WIW Holdings, Inc. (dba When I Work) | Class A Common Stock | November 2, 2021 |
| Blue Owl Credit SLF\* | LLC Interest | August 1, 2024 |
| Brooklyn Lender Co-Invest 2, L.P. (dba Boomi) | Common Units | October 1, 2021 |

---

------

**Blue Owl Capital Corporation II**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2024**

**(Amounts in thousands, except share amounts)**

---

| | | |
|:---|:---|:---|
| **Portfolio Company** | **Investment** | **Acquisition Date** |
| CD&R Value Building Partners I, L.P. (dba Belron) | LP Interest | December 2, 2021 |
| Denali Holding, LP (dba Summit Companies) | Class A Units | September 15, 2021 |
| Dodge Construction Network Holdings, L.P. | Class A-2 Common Units | February 23, 2022 |
| Dodge Construction Network Holdings, L.P. | Series A Preferred Units | February 23, 2022 |
| Evolution Parent, LP (dba SIAA) | LP Interest | April 30, 2021 |
| Fifth Season Investments LLC | Class A Units | October 17, 2022 |
| Gloves Holdings, LP (dba Protective Industrial Products) | LP Interest | December 29, 2020 |
| GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway) | LP Interest | December 16, 2021 |
| Hercules Buyer, LLC (dba The Vincit Group) | Common Units | December 15, 2020 |
| HFS Matterhorn Topco, Inc. | LLC Interest | November 23, 2018 |
| Hissho Sushi Holdings, LLC | Class A Units | May 17, 2022 |
| Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC) | LP Interest | June 8, 2022 |
| Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.) | Perpetual Preferred Stock | June 22, 2022 |
| KOBHG Holdings, L.P. (dba OB Hospitalist) | Class A Interests | September 27, 2021 |
| KPCI Holdings, L.P. | Class A Units | November 30, 2020 |
| KWOL Acquisition Inc. (dba Worldwide Clinical Trials) | Class A Interest | December 12, 2023 |
| LSI Financing 1 DAC | Preferred equity | December 14, 2022 |
| LSI Financing LLC | Common Equity | November 25, 2024 |
| Maia Aggregator, LP | Class A-2 Units | February 1, 2022 |
| Bird Holding B.V. (fka MessageBird Holding B.V.) | Extended Series C Warrants | May 5, 2021 |
| Metis HoldCo, Inc. (dba Mavis Tire Express Services) | Series A Convertible Preferred Stock | May 4, 2021 |
| Minerva Holdco, Inc. | Senior A Preferred Stock | February 15, 2022 |
| New PLI Holdings, LLC (dba PLI) | Class A Common Units | December 23, 2020 |
| Patriot Holdings SCSp (dba Corza Health, Inc.) | Class B Units | January 29, 2021 |
| Patriot Holdings SCSp (dba Corza Health, Inc.) | Class A Units | January 29, 2021 |
| PCF Holdco, LLC (dba PCF Insurance Services) | Class A Units | November 1, 2021 |
| Paradigmatic Holdco LLC (dba Pluralsight) | Common Units | August 22, 2024 |
| Project Alpine Co-Invest Fund, LP | LP Interest | June 13, 2022 |
| Rhea Acquisition Holdings, LP | Series A-2 Units | February 18, 2022 |
| Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.) | Series A Preferred Stock | October 15, 2021 |
| Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers) | Series A Preferred Stock | November 15, 2023 |
| Thunder Topco L.P. (dba Vector Solutions) | Common Units | June 30, 2021 |
| VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.) | Series A Preferred Stock | October 15, 2021 |
| Walker Edison Holdco LLC | Common Units | March 1, 2023 |
| Windows Entities | LLC Units | January 16, 2020 |
| WMC Bidco, Inc. (dba West Monroe) | Senior Preferred Stock | November 9, 2021 |
| XOMA Corporation | Warrants | December 15, 2023 |

---

\* Refer to Note 4 "Investments – Credit SLF LLC" for further information.

<sup>(27)</sup> Investment represents multiple underlying investments in related entities under common management. These underlying investments are on identical terms and include Midwest Custom Windows, LLC with a fair value of $8.0 million, Greater Toronto Custom Windows, Corp. with a fair value of $3.3 million, Garden State Custom Windows, LLC with a fair value of $11.1 million, Long Island Custom Windows, LLC with a fair value of $9.6 million, Jemico, LLC with a fair value of $7.7 million, Atlanta Custom Windows, LLC with a fair value of $3.8 million and Fairchester Custom Windows LLC with a fair value of $2.5 million as of December 31, 2024. Greater Toronto Custom Windows, Corp. is considered a non-qualifying asset.

<sup>(28)</sup> As of December 31, 2024, the net estimated unrealized loss for U.S. federal income tax purposes was $13.0 million based on a tax cost basis of $1.9 billion. As of December 31, 2024, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $73.9 million and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $60.9 million.

------

**Blue Owl Capital Corporation II**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2024**

**(Amounts in thousands, except share amounts)**

<sup>(29)</sup> Under the 1940 Act, the Company is deemed to be an "Affiliated Person" of this portfolio company as the Company owns more than 5% but less than 25% of the portfolio company's outstanding voting securities. Transactions during the year ended December 31, 2024, in which the Company was an Affiliated Person of the portfolio company are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Fair Value at December 31, 2023** | **Gross Additions(a)** | **Gross Reductions(b)** | **Net Change in Unrealized Gain/(Loss)** | **Realized Gain/(Loss)** | **Fair Value at December 31, 2024** | **Other Income** | **Interest and PIK Income** | **Dividend Income** |
| LSI Financing LLC | $— | $12494 | $(3105) | $165 | $— | $9554 | $— | $— | $49 |
| Swipe Acquisition Corporation (dba PLI) | 19842 | 5795 | (165) | (642) |  | 24830 | 73 | 1260 | 254 |
| Walker Edison Furniture Company LLC | 7497 | 1547 |  | (6563) |  | 2481 | 4 |  |  |
| **Total** | $27339 | $19836 | $(3270) | $(7040) | $— | $36865 | $77 | $1260 | $303 |

---

_______________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup>Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to payment-in-kind ("PIK") interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement at fair value of an existing portfolio company into this controlled affiliated category from a different category.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup>Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, return of capital, the amortization of premiums and the exchange of one or more existing securities for one or more new securities.

<sup>(30)</sup> As defined in the 1940 Act, the Company is deemed to be both an "Affiliated Person" and has "Control" of this portfolio company as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company, including through a management agreement ("controlled affiliate"). The Company's investment in controlled affiliates for the period ended December 31, 2024, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Fair Value at December 31, 2023** | **Gross Additions(a)** | **Gross Reductions(b)** | **Net Change in Unrealized Gain/(Loss)** | **Realized Gain/(Loss)** | **Fair Value at December 31, 2024** | **Other Income** | **Interest and PIK Income** | **Dividend Income** |
| Blue Owl Credit SLF | $— | $524 | $(334) | $1 | $— | $191 | $— | $— | $5 |
| **Total** | $— | $524 | $(334) | $1 | $— | $191 | $— | $— | $5 |

---

_______________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup>Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to payment-in-kind ("PIK") interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement at fair value of an existing portfolio company into this controlled affiliated category from a different category.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup>Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, return of capital, the amortization of premiums and the exchange of one or more existing securities for one or more new securities.

<sup>(31)</sup> Investment is not pledged as collateral for the credit facilities.

<sup>(32)</sup> Totals presented may differ than actuals due to rounding.

<sup>(33)</sup> The negative cost and fair value results from unamortized fees, which are capitalized to the investment cost.

The accompanying notes are an integral part of these consolidated financial statements.

------

**Blue Owl Capital Corporation II**

**Consolidated Statements of Changes in Net Assets**

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $17394 | $23101 | $58709 | $80286 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized gain (loss) | (16164) | 6577 | (18796) | (4444) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (9) | (11772) | (18700) | (14562) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 1221 | 17906 | 21213 | 61280 |
| **Distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions declared from earnings<sup>(1)</sup> | (21645) | (26669) | (68528) | (83185) |
| Net Decrease in Net Assets Resulting from Shareholders' Distributions | (21645) | (26669) | (68528) | (83185) |
| **Capital Share Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reinvestment of shareholders' distributions | 9817 | 12393 | 32373 | 39198 |
| &nbsp;&nbsp;&nbsp;Repurchased shares | (60323) | (33505) | (150967) | (125372) |
| Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions | (50506) | (21112) | (118594) | (86174) |
| **Total Increase (Decrease) in Net Assets** | (70930) | (29875) | (165909) | (108079) |
| Net Assets, at beginning of period | 1028570 | 1185283 | 1123549 | 1263487 |
| **Net Assets, at end of period** | $957640 | $1155408 | $957640 | $1155408 |

---

_______________

<sup>(1)</sup> For the three and nine months ended September 30, 2025, distributions declared from earnings were derived from net investment income and return of capital. For the three and nine months ended September 30, 2024, distributions declared from earnings were derived from net investment income.

The accompanying notes are an integral part of these consolidated financial statements.

------

**Blue Owl Capital Corporation II**

**Consolidated Statements of Cash Flows**

**(Amounts in thousands)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
| | **2025** | **2024** |
| **Cash Flows from Operating Activities** |  |  |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $21213 | $61280 |
| *Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:* |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of investments, net | (202869) | (530504) |
| &nbsp;&nbsp;&nbsp;Proceeds from investments and investment repayments, net | 407970 | 539216 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (gain) loss on investments | 20264 | 7435 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (gain) loss on translation of assets and liabilities in foreign currencies | (1609) | (3056) |
| &nbsp;&nbsp;&nbsp;Net realized (gain) loss on investments | 19114 | 11752 |
| &nbsp;&nbsp;&nbsp;Net realized (gain) loss on foreign currency transactions relating to investments | (279) | 3046 |
| &nbsp;&nbsp;&nbsp;Paid-in-kind interest and dividends | (16221) | (24768) |
| &nbsp;&nbsp;&nbsp;Net accretion/amortization of discount/premium on investments | (6951) | (8568) |
| &nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 3125 | 7114 |
| &nbsp;&nbsp;&nbsp;*Changes in operating assets and liabilities:* |  |  |
| &nbsp;&nbsp;&nbsp;(Increase) decrease in interest and dividend receivable | 5142 | (2306) |
| &nbsp;&nbsp;&nbsp;(Increase) decrease in prepaid expenses and other assets | 523 | (1443) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in payable for investments purchased | 1014 |  |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in payable to affiliates | (2246) | 229 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in accrued expenses and other liabilities | 6606 | 1730 |
| &nbsp;&nbsp;&nbsp;**Net cash provided by (used in) operating activities** | 254796 | 61157 |
| &nbsp;&nbsp;&nbsp;**Cash Flows from Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;Borrowings on debt | 170002 | 363708 |
| &nbsp;&nbsp;&nbsp;Repayments of debt | (235000) | (311000) |
| &nbsp;&nbsp;&nbsp;Debt issuance costs | (1232) | (6414) |
| &nbsp;&nbsp;&nbsp;Distributions paid to shareholders | (38710) | (45582) |
| &nbsp;&nbsp;&nbsp;Repurchased shares | (151683) | (125617) |
| &nbsp;&nbsp;&nbsp;**Net cash provided by (used in) financing activities** | (256623) | (124905) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in cash** | (1827) | (63748) |
| &nbsp;&nbsp;&nbsp;Cash, including foreign cash, beginning of period | 50891 | 126383 |
| &nbsp;&nbsp;&nbsp;Cash, including foreign cash, end of period | $49064 | $62635 |
| &nbsp;&nbsp;&nbsp;**Supplemental and Non-Cash Information** |  |  |
| &nbsp;&nbsp;&nbsp;Interest paid during the period | $40463 | $52119 |
| &nbsp;&nbsp;&nbsp;Distributions declared during the period | $68528 | $83185 |
| &nbsp;&nbsp;&nbsp;Distribution payable | $— | $2615 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions during the period | $32373 | $39198 |
| &nbsp;&nbsp;&nbsp;Taxes, including excise tax, paid during the period | $1423 | $1053 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Blue Owl Capital Corporation II**

**Notes to Consolidated Financial Statements (Unaudited)**

**(Amounts in thousands, except share and per share amounts and as otherwise noted)**

**Note 1. Organization and Principal Business**

Blue Owl Capital Corporation II (the "Company") is a Maryland corporation formed on October 15, 2015. The Company has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). In addition, for tax purposes, the Company is treated as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). Because the Company has elected to be regulated as a BDC and qualifies as a RIC under the Code, the Company's portfolio is subject to diversification and other requirements.

The Company's investment objective is to generate current income, and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses primarily on originating and making loans to, and making debt and equity investments in, U.S. middle market companies. Within this space, the Company predominantly focuses on investing in institutionally-backed, upper middle market businesses, which the Company categorizes as those that generate greater than $50 million of EBITDA annually. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity-related securities which includes common and preferred stock, securities convertible into common stock, and warrants. The Company may on occasion invest in smaller or larger companies if an attractive opportunity presents itself, especially when there are dislocations in the capital markets, including the high yield and large syndicated loan markets, which are often referred to as "junk" investments. The Company's target credit investments will typically have maturities between three and ten years and generally range in size between $10 million and $125 million, although the investment size will vary with the size of the Company's capital base.

On February 28, 2017, the Company formed a wholly-owned subsidiary, OR Lending II LLC, a Delaware limited liability company, which holds a California finance lenders license. OR Lending II LLC makes loans to borrowers headquartered in California. From time to time the Company may form wholly-owned subsidiaries to facilitate the normal course of business.

Blue Owl Credit Advisors, LLC (the "Adviser") serves as the Company's investment adviser. The Adviser is registered with the U.S. Securities and Exchange Commission ("SEC") as an investment adviser under the Investment Advisers Act of 1940 (the "Advisers Act"), an indirect affiliate of Blue Owl Capital Inc. ("Blue Owl") (NYSE: OWL) and part of Blue Owl's Credit platform, which includes several strategies, including direct lending, alternative credit, investment grade credit, liquid credit and other adjacent investment strategies. Blue Owl consists of three product platforms: (1) Credit, (2) GP Strategic Capital, which focuses on acquiring equity stakes in and providing debt financing to private capital managers, and (3) Real Assets, which focuses on net real estate strategies, real estate credit, and digital infrastructure, which focuses on acquiring, financing, developing and operating data centers and related digital infrastructure assets. Subject to the overall supervision of the Company's board of directors (the "Board"), the Adviser manages the day-to-day operations of, and provides investment advisory and management services to, the Company.

In April 2017, the Company commenced its continuous public offering, commenced operations and made its first portfolio company investment. The Company terminated its continuous public offering as of April 30, 2021. Prior to the termination of its continuous public offering, the Company issued 151,364,239 shares of its common stock for gross proceeds of approximately $1.39 billion, including seed capital contributed by the Adviser in September 2016 and approximately $10.0 million in gross proceeds raised in the private placement from certain individuals and entities affiliated with the Adviser.

The Board expects to contemplate a liquidity event for the Company's shareholders three to four years after the completion of the continuous public offering. The Company considers the offering period to be complete as of the termination date of the most recent public equity offering as the Company did not conduct a public equity offering during the ensuing two year period. A liquidity event could include: (i) a listing of shares on a national securities exchange; (ii) a merger or another transaction approved by the Board in which shareholders will receive cash or shares of a publicly traded company; or (iii) a sale of all or substantially all of its assets either on a complete portfolio basis or individually followed by a liquidation to the Company and distribution of cash to its shareholders. A liquidity event may include a sale, merger or rollover transaction with one or more affiliated investment companies managed by the Adviser. A liquidity event involving a merger or sale of all or substantially all of the Company's assets would require the approval of its shareholders in accordance with the Company's charter. Certain types of liquidity events, such as one involving a listing of shares on a national securities exchange, would allow the Company to retain its investment portfolio intact. If the Company determines to list securities on a national securities exchange, the Company expects to, although is not required to, maintain its external management structure. If the Company has not consummated a liquidity event by the five-year anniversary of the completion of the offering, the Board will consider (subject to any necessary shareholder approvals and applicable requirements of the 1940 Act) liquidating the Company and distributing cash to its shareholders, and dissolving the Company in an orderly manner. The Board, as part of its ongoing duties, will review and evaluate any potential liquidity events and options as they become available and their favorability given current market conditions; however, there is no assurance that a liquidity event will be completed at any particular time or at all.

------

**Blue Owl Capital Corporation II**

**Notes to Consolidated Financial Statements (Unaudited) — Continued**

**(Amounts in thousands, except share and per share amounts and as otherwise noted)**

**Note 2. Significant Accounting Policies**

*Basis of Presentation*

The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Company is an investment company and, therefore, applies the specialized accounting and reporting guidance in Accounting Standards Codification ("ASC") Topic 946, *Financial Services – Investment Companies*. In the opinion of management, all adjustments considered necessary for the fair presentation of the consolidated financial statements have been included. The Company's fiscal year ends on December 31.

*Reclassifications*

As a result of changes in presentations, certain prior year amounts have been reclassified to conform to the current presentation. These reclassifications had no effect on the reported results of operations.

*Use of Estimates* 

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual amounts could differ from those estimates and such differences could be material.

*Cash*

Cash consists of deposits held at a custodian bank. Cash is carried at cost, which approximates fair value. The Company deposits its cash with highly-rated banking corporations and, at times, may exceed the insured limits under applicable law.

*Investments at Fair Value* 

Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds received and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period. Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Pursuant to Rule 2a-5, the Board designated the Adviser as the Company's valuation designee to perform fair value determinations relating to the value of assets held by the Company for which market quotations are not readily available.

Investments for which market quotations are readily available are typically valued at the average bid price of those market quotations. To validate market quotations, the Company utilizes a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available, as is the case for substantially all of the Company's investments, are valued at fair value as determined in good faith by the Adviser, as the valuation designee, based on, among other things, the input of the independent third-party valuation firm(s) engaged at the direction of the Adviser.

As part of the valuation process, the Adviser, as the valuation designee, takes into account relevant factors in determining the fair value of the Company's investments, including: the estimated enterprise value of a portfolio company (i.e., the total fair value of the portfolio company's debt and equity), the nature and realizable value of any collateral, the portfolio company's ability to make payments based on its earnings and cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company's securities to any similar publicly traded securities, and overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase or sale transaction, public offering or subsequent equity sale occurs, the Adviser, as the valuation designee, considers whether the pricing indicated by the external event corroborates its valuation.

------

**Blue Owl Capital Corporation II**

**Notes to Consolidated Financial Statements (Unaudited) — Continued**

**(Amounts in thousands, except share and per share amounts and as otherwise noted)**

The Adviser, as the valuation designee, undertakes a multi-step valuation process, which includes, among other procedures, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With respect to investments for which market quotations are readily available, those investments will typically be valued at the average bid price of those market quotations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With respect to investments for which market quotations are not readily available, the valuation process begins with the independent valuation firm(s) providing a preliminary valuation of each investment to the Adviser's valuation committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preliminary valuation conclusions are documented and discussed with the Adviser's valuation committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser, as the valuation designee, reviews the recommended valuations and determines the fair value of each investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each quarter, the Adviser, as the valuation designee, will provide the Audit Committee a summary or description of material fair value matters that occurred in the prior quarter and on an annual basis, the Adviser, as the valuation designee, will provide the Audit Committee with a written assessment of the adequacy and effectiveness of its fair value process; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Audit Committee oversees the valuation designee and will report to the Board on any valuation matters requiring the Board's attention.

The Company conducts this valuation process on a quarterly basis.

The Company applies Financial Accounting Standards Board Accounting Standards Codification ("FASB") 820, *Fair Value Measurements* ("ASC 820"), as amended, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. ASC 820 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, the Company considers its principal market to be the market that has the greatest volume and level of activity. ASC 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance with ASC 820, these levels are summarized below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

Transfers between levels, if any, are recognized at the beginning of the period in which the transfer occurs. In addition to using the above inputs in investment valuations, the Company applies the valuation policy approved by its Board that is consistent with ASC 820. Consistent with the valuation policy, the Adviser, as the valuation designee, evaluates the source of the inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When an investment is valued based on prices provided by reputable dealers or pricing services (such as broker quotes), the Adviser, as the valuation designee, subjects those prices to various criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment. For example, the Adviser, as the valuation designee, or the independent valuation firm(s), reviews pricing support provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs.

The Company applies the practical expedient provided by the ASC Topic 820 relating to investments in certain entities that calculate net asset value per share (or its equivalent). ASC Topic 820 permits an entity holding investments in certain entities that either are investment companies, or have attributes similar to an investment company, and calculate NAV per share or its equivalent for which the fair value is not readily determinable, to measure the fair value of such investments on the basis of that NAV per share, or its equivalent, without adjustment. Investments which are valued using NAV per share as a practical expedient are not categorized within the fair value hierarchy as per ASC Topic 820.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company's investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ

------

**Blue Owl Capital Corporation II**

**Notes to Consolidated Financial Statements (Unaudited) — Continued**

**(Amounts in thousands, except share and per share amounts and as otherwise noted)**

materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material.

In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein.

*Foreign Currency*

Foreign currency amounts are translated into U.S. dollars on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cash, fair value of investments, outstanding debt, other assets and liabilities: at the spot exchange rate on the last business day of the period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases and sales of investments, borrowings and repayments of such borrowings, income and expenses: at the rates of exchange prevailing on the respective dates of such transactions.

The Company includes net changes in fair values on investments held resulting from foreign exchange rate fluctuations with the change in unrealized gains (losses) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations. The Company's current approach to hedging the foreign currency exposure in its non-U.S. dollar denominated investments is primarily to borrow the par amount in local currency under the Company's Revolving Credit Facility to fund these investments. Fluctuations arising from the translation of foreign currency borrowings are included with the net change in unrealized gains (losses) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations.

Investments denominated in foreign currencies and foreign currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. dollar.

*Interest and Dividend Income Recognition*

Interest income is recorded on the accrual basis and includes amortization and accretion of discounts or premiums. Certain investments may have contractual payment-in-kind ("PIK") interest or dividends. PIK interest and dividends represent accrued interest or dividends that are added to the principal amount or liquidation amount of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or at the occurrence of a liquidation event.

The table below presents PIK interest and PIK dividend income for the following periods:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| PIK Interest Income | $2764 | $7179 | $10793 | $20875 |
| PIK Interest Income as a % of Investment Income | 6.0% | 11.1% | 7.2% | 10.7% |
| PIK Dividend Income | $1429 | $1277 | $4124 | $4078 |
| PIK Dividend Income as a % of Investment Income | 3.1% | 2.0% | 2.7% | 2.1% |
| Total PIK Income | $4193 | $8456 | $14917 | $24953 |
| Total PIK Income as a % of Investment Income | 9.1% | 13.1% | 9.9% | 12.8% |

---

Discounts and premiums to par value on securities purchased are amortized into interest income over the contractual life of the respective security using the effective yield method. The amortized cost of investments represents the original cost adjusted for the amortization and accretion of discounts or premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period. Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management's judgment regarding collectability. If at any point the Company believes PIK interest is not expected to be realized, the investment generating PIK interest will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are generally reversed through interest income. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management's judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

------

**Blue Owl Capital Corporation II**

**Notes to Consolidated Financial Statements (Unaudited) — Continued**

**(Amounts in thousands, except share and per share amounts and as otherwise noted)**

Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.

*Other Income* 

From time to time, the Company may receive fees for services provided to portfolio companies. These fees are generally only available to the Company as a result of closing investments, are generally paid at the closing of the investments, are generally non-recurring and are recognized as revenue when earned upon closing of the investment. The services that the Adviser provides vary by investment, but can include closing, work, diligence or other similar fees and fees for providing managerial assistance to the Company's portfolio companies.

*Offering Expenses*

Costs associated with the offering of common shares of the Company were capitalized as deferred offering expenses and were included in prepaid expenses and other assets in the Consolidated Statements of Assets and Liabilities and amortized over a twelve-month period from incurrence. These expenses consist primarily of legal fees and other costs incurred in connection with the Company's continuous public offering of its common shares, the preparation of the Company's registration statement, and registration fees. All remaining capitalized and unamortized offering expenses were expensed in connection with the termination of the Company's offering of common shares as of April 30, 2021.

*Debt Issuance Costs*

The Company records origination and other expenses related to its debt obligations as deferred financing costs. These expenses are deferred and amortized utilizing the effective yield method over the life of the related debt instrument. Debt issuance costs are presented on the Consolidated Statements of Assets and Liabilities as a direct deduction from the debt liability. In circumstances in which there is not an associated debt liability amount recorded in the consolidated financial statements when the debt issuance costs are incurred, such debt issuance costs will be reported on the Consolidated Statements of Assets and Liabilities as an asset until the debt liability is recorded.

*Reimbursement of Transaction-Related Expenses*

The Company may receive reimbursement for certain transaction-related expenses in pursuing investments. Transaction-related expenses, which are generally expected to be reimbursed by the Company's portfolio companies, are typically deferred until the transaction is consummated and are recorded in prepaid expenses and other assets on the date incurred. The costs of successfully completed investments not otherwise reimbursed are borne by the Company and are included as a component of the investment's cost basis.

Cash advances received in respect of transaction-related expenses are recorded as cash with an offset to accrued expenses and other liabilities. Accrued expenses and other liabilities are relieved as reimbursable expenses are incurred.

*Income Taxes*

The Company has elected to be treated as a BDC under the 1940 Act. The Company has elected to be treated as a RIC under the Code beginning with the taxable year ended December 31, 2017 and intends to continue to qualify as a RIC. So long as the Company maintains its tax treatment as a RIC, it generally will not pay U.S. federal income taxes at corporate rates on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Instead, any tax liability related to income earned and distributed by the Company represents obligations of the Company's investors and will not be reflected in the consolidated financial statements of the Company.

To qualify as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must generally distribute to its shareholders, for each taxable year, at least 90% of its "investment company taxable income" for that year, which is generally its ordinary income plus the excess of its realized net short-term capital gains over its realized net long-term capital losses. In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income.

Certain of the Company's consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are reserved and recorded as a tax benefit or expense in the current year. All

------

**Blue Owl Capital Corporation II**

**Notes to Consolidated Financial Statements (Unaudited) — Continued**

**(Amounts in thousands, except share and per share amounts and as otherwise noted)**

penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. There were no material uncertain income tax positions as of December 31, 2024. As applicable, the Company's prior three tax years remain subject to examination by U.S. federal, state and local tax authorities.

*Distributions to Common Shareholders*

Distributions to common shareholders are recorded on the record date. The amount to be distributed is determined by the Board and is generally based upon the earnings estimated by the Adviser. In addition, the Board may consider the level of undistributed taxable income carried forward from the prior year for distribution in the current year. Net realized long-term capital gains, if any, would be generally distributed at least annually, although the Company may decide to retain such capital gains for investment.

The Company has adopted a dividend reinvestment plan that provides for reinvestment of any cash distributions on behalf of shareholders who have "opted in" to the dividend reinvestment plan. As a result, if the Board authorizes and declares a cash distribution, then the shareholders who have "opted in" to the dividend reinvestment plan will have their cash distribution automatically reinvested in additional shares of the Company's common stock, rather than receiving the cash distribution. The Company expects to use newly issued shares to implement the dividend reinvestment plan.

*Consolidation*

As provided under Regulation S-X and ASC Topic 946 - Financial Services - Investment Companies, the Company will generally not consolidate its investment in a company other than a wholly-owned investment company or controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the Company's wholly-owned subsidiaries that meet the aforementioned criteria in its consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation.

The Company does not consolidate its equity interest in Blue Owl Credit SLF LLC ("Credit SLF"). For further description of the Company's investment in Credit SLF, see Note 4 "Investments."

*Segment Reporting*

In accordance with ASC Topic 280 – "Segment Reporting (ASC 280)," the Company has determined that it has a single operating and reporting segment. As a result, the Company's segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets.

The Company operates through a single operating and reporting segment with an investment objective to generate both current income, and to a lesser extent, capital appreciation through debt and equity investments. The chief operating decision maker ("CODM") is comprised of the Company's chief executive officer, president, and chief financial officer and chief operating officer and assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company's net increase in shareholder's equity resulting from operations ("net income"). In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in determining the amount of dividends to be distributed to the Company's stockholders. As the Company's operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheet as "total assets" and the significant segment expenses are listed on the accompanying consolidated statement of operations.

*New Accounting Pronouncements*

In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740)," which updates annual income tax disclosure requirements related to rate reconciliation, income taxes paid and other disclosures. ASU 2023-09 is effective for public business entities for fiscal years beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the impact of adopting ASU No. 2023-09 on the consolidated annual financial statements.

In November 2024, the FASB issued ASU 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 2200-40)," which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, in each relevant expense caption. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.

Other than the aforementioned guidance, the Company's management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying consolidated financial statements.

------

**Blue Owl Capital Corporation II**

**Notes to Consolidated Financial Statements (Unaudited) — Continued**

**(Amounts in thousands, except share and per share amounts and as otherwise noted)**

**Note 3. Agreements and Related Party Transactions**

As of September 30, 2025, the Company had payables to affiliates of $12.7 million, primarily comprised of $6.5 million of management fees and $3.7 million of accrued performance based incentive fees.

As of December 31, 2024, the Company had payables to affiliates of $15.0 million, primarily comprised of $7.6 million of management fees and $6.0 million of accrued performance based incentive fees.

*Administration Agreement*

The Company has entered into an amended and restated Administration Agreement (the "Administration Agreement") with the Adviser. Under the terms of the Administration Agreement, the Adviser performs, or oversees the performance of, required administrative services, which includes providing office space, equipment and office services, maintaining financial records, preparing reports to shareholders and reports filed with the SEC, and managing the payment of expenses, and the performance of administrative and professional services rendered by others. On May 5, 2025, the Board approved the continuation of the Administration Agreement.

The Administration Agreement also provides that the Company reimburses the Adviser for certain offering costs.

The Company reimburses the Adviser for services performed for it pursuant to the terms of the Administration Agreement. In addition, pursuant to the terms of the Administration Agreement, the Adviser may delegate its obligations under the Administration Agreement to an affiliate or to a third party and the Company will reimburse the Adviser for any services performed for it by such affiliate or third party.

For the three and nine months ended September 30, 2025, the Company incurred expenses of approximately $0.7 million and $2.0 million, respectively, for costs and expenses reimbursable to the Adviser under the terms of the Administration Agreement. For the three and nine months ended September 30, 2024, the Company incurred expenses of approximately $0.6 million and $2.0 million, respectively, for costs and expenses reimbursable to the Adviser under the terms of the Administration Agreement.

Unless earlier terminated as described below, the Administration Agreement will remain in effect for two years from the date it first became effective, and will remain in effect from year to year if approved annually by (1) the vote of the Board, or by the vote of a majority of its outstanding voting securities, and (2) the vote of a majority of the Company's directors who are not "interested persons" of the Company, of the Adviser or of any of their respective affiliates, as defined in the 1940 Act. The Administration Agreement may be terminated at any time, without the payment of any penalty, on 60 days' written notice, by the vote of a majority of the outstanding voting securities of the Company, or by the vote of the Board or by the Adviser.

No person who is an officer, director, or employee of the Adviser or its affiliates and who serves as a director of the Company receives any compensation from the Company for his or her services as a director. However, the Company reimburses the Adviser (or its affiliates) for an allocable portion of the compensation paid by the Adviser or its affiliates to the Company's Chief Compliance Officer, Chief Financial Officer and their respective staffs (based on the percentage of time those individuals devote, on an estimated basis, to the business and affairs of the Company). Directors who are not affiliated with the Adviser receive compensation for their services and reimbursement of expenses incurred to attend meetings.

*Investment Advisory Agreement*

The Investment Advisory Agreement became effective on May 18, 2021. Under the terms of the Investment Advisory Agreement, the Adviser is responsible for managing the Company's business and activities, including sourcing investment opportunities, conducting research, performing diligence on potential investments, structuring its investments, and monitoring its portfolio companies on an ongoing basis through a team of investment professionals. On May 5, 2025, the Board approved the continuation of the Investment Advisory Agreement.

Under the terms of the Investment Advisory Agreement, the Adviser is responsible for managing the Company's business and activities, including sourcing investment opportunities, conducting research, performing diligence on potential investments, structuring its investments, and monitoring its portfolio companies on an ongoing basis through a team of investment professionals.

The Adviser's services under the Investment Advisory Agreement are not exclusive, and it is free to furnish similar services to other entities so long as its services to the Company are not impaired.

Unless earlier terminated as described below, the Investment Advisory Agreement will remain in effect for two years from the date it first became effective, and will remain in effect from year-to-year if approved annually by a majority of the Board or by the holders of a majority of the Company's outstanding voting securities and, in each case, by a majority of independent directors.

The Investment Advisory Agreement will automatically terminate within the meaning of the 1940 Act and related SEC guidance and interpretations in the event of its assignment. In accordance with the 1940 Act, without payment of any penalty, the Company may terminate the Investment Advisory Agreement with the Adviser upon 60 days' written notice. The decision to terminate the agreement may be made by a majority of the Board or the shareholders holding a majority (as defined under the 1940 Act) of the outstanding

------

**Blue Owl Capital Corporation II**

**Notes to Consolidated Financial Statements (Unaudited) — Continued**

**(Amounts in thousands, except share and per share amounts and as otherwise noted)**

shares of the Company's common stock or the Adviser. In addition, without payment of any penalty, the Adviser may generally terminate the Investment Advisory Agreement upon 60 days' written notice and, in certain circumstances, the Adviser may only be able to terminate the Investment Advisory Agreement upon 120 days' written notice.

Under the terms of the Investment Advisory Agreement, the Company will pay the Adviser a base management fee and may also pay a performance based incentive fee. The cost of both the management fee and the incentive fee will ultimately be borne by the Company's shareholders.

The management fee is payable quarterly in arrears at an annual rate of 1.50% of the average value of the Company's gross assets, excluding cash and cash-equivalents but including assets purchased with borrowed amounts at the end of the two most recently completed calendar quarters. The management fee for any partial quarter is appropriately prorated. The determination of gross assets reflects changes in the fair value of the Company's portfolio investments. The fair value of derivatives and swaps held in the Company's portfolio, which will not necessarily equal the notional value of such derivatives and swaps, is included in the calculation of gross assets.

For the three and nine months ended September 30, 2025, the Company incurred management fees of approximately $6.5 million, net of $8 thousand in management fee waivers, and $20.7 million, net of $17 thousand in management fee waivers, respectively. For the three and nine months ended September 30, 2024, the Company incurred management fees of approximately $7.8 million and $23.2 million, respectively.

The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee will be based on the Company's pre-incentive fee net investment income and a portion will be based on the Company's capital gains. The portion of the incentive fee based on pre-incentive fee net investment income is determined and paid quarterly in arrears and equals (a) 100% of the pre-incentive fee net investment income between 1.5% quarterly preferred return, and 1.818%, referred to as the upper level breakpoint, of adjusted capital, plus (b) 17.5% of pre-incentive fee net investment income in excess of 1.818% of adjusted capital. Adjusted capital is defined as cumulative proceeds generated from sales of the Company's common stock, including proceeds from the Company's distribution reinvestment plan, net of sales load (upfront selling commissions and upfront dealer manager fees) reduced for (i) distributions paid to the Company's shareholders that represent a return of capital on a tax basis and (ii) amounts paid for share repurchases pursuant to the Company's share repurchase program, if any, measured as of the end of the immediately preceding calendar quarter. The quarterly preferred return of 1.5% and upper level breakpoint of 1.818% are also adjusted for the actual number of days in each calendar quarter.

For the three and nine months ended September 30, 2025, the Company incurred net investment income based incentive fees of $3.7 million and $12.5 million, respectively. For the three and nine months ended September 30, 2024, the Company incurred net investment income based incentive fees of $4.9 million and $17.0 million, respectively.

The second component of the incentive fee, the capital gains incentive fee, is payable at the end of each calendar year in arrears, and equals 17.5% of cumulative realized capital gains from inception through the end of each calendar year, less cumulative realized capital losses and unrealized capital depreciation on a cumulative basis from inception through the end of such calendar year, less the aggregate amount of any previously paid capital gains incentive fee for prior periods. In no event will the capital gains incentive fee payable pursuant to the Investment Advisory Agreement be in excess of the amount permitted by the Advisers Act, including Section 205 thereof.

While the Investment Advisory Agreement neither includes nor contemplates the inclusion of unrealized gains in the calculation of the capital gains incentive fee, as required by U.S. GAAP, the Company accrues capital gains incentive fees on unrealized gains. This accrual reflects the incentive fees that would be payable to the Adviser if the Company's entire investment portfolio was liquidated at its fair value as of the balance sheet date even though the Adviser is not entitled to an incentive fee with respect to unrealized gains unless and until such gains are actually realized.

For the three and nine months ended September 30, 2025 and 2024, the Company did not incur capital gains based incentive fees.

Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive up to 1.5% of gross offering proceeds raised in the continuous public offering until all organization and offering costs paid by the Adviser or its affiliates have been recovered. The Company bears all other expenses of its operations and transactions including, without limitation, those relating to: expenses deemed to be "organization and offering expenses" for purposes of Financial Industry Regulatory Authority ("FINRA") Conduct Rule 2310(a)(12) (exclusive of commissions, the dealer manager fee, any discounts and other similar expenses paid by investors at the time of sale of the Company's stock); the cost of corporate and organizational expenses relating to offerings of shares of common stock, subject to limitations included in the Investment Advisory Agreement; the cost of calculating the Company's net asset value, including the cost of any third-party valuation services; the cost of effecting any sales and repurchases of the common stock and other securities; fees and expenses payable under any dealer manager agreements, if any; debt service and other costs of borrowings or other financing arrangements; costs of hedging; expenses, including travel expense, incurred by the Adviser, or members of the Investment Team, or payable to third parties, performing due diligence on prospective portfolio companies and, if

------

**Blue Owl Capital Corporation II**

**Notes to Consolidated Financial Statements (Unaudited) — Continued**

**(Amounts in thousands, except share and per share amounts and as otherwise noted)**

necessary, enforcing the Company's rights; escrow agent, transfer agent and custodial fees and expenses; fees and expenses associated with marketing efforts; federal and state registration fees, any stock exchange listing fees and fees payable to rating agencies; federal, state and local taxes; independent directors' fees and expenses, including certain travel expenses; costs of preparing financial statements and maintaining books and records and filing reports or other documents with the SEC (or other regulatory bodies) and other reporting and compliance costs, including registration fees, listing fees and licenses, and the compensation of professionals responsible for the preparation of the foregoing; the costs of any reports, proxy statements or other notices to shareholders (including printing and mailing costs); the costs of any shareholder or director meetings and the compensation of personnel responsible for the preparation of the foregoing and related matters; commissions and other compensation payable to brokers or dealers; research and market data; fidelity bond, directors and officers errors and omissions liability insurance and other insurance premiums; direct costs and expenses of administration, including printing, mailing, long distance telephone and staff; fees and expenses associated with independent audits, outside legal and consulting costs; costs of winding up; costs incurred in connection with the formation or maintenance of entities or vehicles to hold the Company's assets for tax or other purposes; extraordinary expenses (such as litigation or indemnification); and costs associated with reporting and compliance obligations under the Advisers Act and applicable federal and state securities laws. Notwithstanding anything to the contrary contained herein, the Company shall reimburse the Adviser (or its affiliates) for an allocable portion of the compensation paid by the Adviser (or its affiliates) to the Company's Chief Compliance Officer and Chief Financial Officer and their respective staffs (based on a percentage of time such individuals devote, on an estimated basis, to the business affairs of the Company). Any such reimbursements will not exceed actual expenses incurred by the Adviser and its affiliates. The Adviser is responsible for the payment of the Company's organization and offering expenses to the extent that these expenses exceed 1.5% of the aggregate gross offering proceeds, without recourse against or reimbursement by the Company. The Company terminated its continuous public offering as of April 30, 2021.

From time to time, the Adviser may pay amounts owed by the Company to third-party providers of goods or services, including the Board, and the Company will subsequently reimburse the Adviser for such amounts paid on its behalf. Amounts payable to the Adviser are settled in the normal course of business without formal payment terms.

*Affiliated Transactions*

The Company may be prohibited under the 1940 Act from participating in certain transactions with its affiliates without prior approval of the directors who are not interested persons, and in some cases, the prior approval of the SEC. The Company, the Adviser and certain of their affiliates were granted an order for exemptive relief that permitted co-investing with affiliates of the Company subject to various approvals of the Board and other conditions. On May 6, 2025, the Company, the Adviser and certain of their affiliates were granted a new order for exemptive relief that superseded the prior order for exemptive relief (the "Order") by the SEC for the Company to co-invest with other funds managed by the Adviser or certain affiliates, in a manner consistent with the Company's investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to such Order, the Company generally is permitted to co-invest with certain of its affiliates if such co-investments are done on the same terms and at the same time, as further detailed in the Order. The Order requires that a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Board make certain findings (1) in most instances when the Company co-invests with its affiliates in an issuer where an affiliate of the Company has an existing investment in the issuer, and (2) if the Company disposes of an asset acquired in a transaction under the Order unless the disposition is done on a pro rata basis. Pursuant to the Order, the Board will oversee the Company's participation in the co-investment program. As required by the Order, the Company has adopted, and the Board has approved, policies and procedures reasonably designed to ensure compliance with the terms of the Order, and the Adviser and the Company's Chief Compliance Officer will provide reporting to the Board.

The Adviser is affiliated with Blue Owl Technology Credit Advisors LLC ("OTCA"), Blue Owl Credit Private Fund Advisors LLC ("OPFA"), Blue Owl Technology Credit Advisors II LLC ("OTCA II") and Blue Owl Diversified Credit Advisors LLC ("ODCA" together with OTCA, OPFA, OTCA II and the Adviser, the "Blue Owl Credit Advisers"), which are also investment advisers. The Blue Owl Credit Advisers are indirect affiliates of Blue Owl and comprise Blue Owl's Credit platform, which includes several strategies focused on direct lending, alternative credit, investment grade credit, liquid credit and other related strategies. The Blue Owl Credit Advisers' investment allocation policy seeks to ensure equitable allocation of investment opportunities over time between the Company and other funds managed by the Adviser or its affiliates. As a result of the Order, there could be significant overlap in the Company's investment portfolio and the investment portfolios of the BDCs, private funds and separately managed accounts managed by the Blue Owl Credit Advisers (collectively, the "Blue Owl Credit Clients") and/or other funds managed by the Adviser or its affiliates that avail themselves of the Order and that have an investment objective similar to the Company.

*Expense Support and Conditional Reimbursement Agreement*

On February 6, 2017, the Company entered into an Expense Support and Conditional Reimbursement Agreement (the "Expense Support Agreement") with the Adviser, the purpose of which was to ensure that no portion of the Company's distributions to shareholders will represent a return of capital for U.S. federal income tax purposes. The Expense Support Agreement became effective as of April 4, 2017, the date that the Company met the minimum offering requirement and was terminated on November 7, 2023.

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**Blue Owl Capital Corporation II**

**Notes to Consolidated Financial Statements (Unaudited) — Continued**

**(Amounts in thousands, except share and per share amounts and as otherwise noted)**

Pursuant to the Expense Support Agreement, prior to its termination on November 7, 2023, on a quarterly basis, the Adviser reimbursed the Company for "Operating Expenses" (as defined below) in an amount equal to the excess of the Company's cumulative distributions paid to the Company's shareholders in each quarter over "Available Operating Funds" (as defined below) received by the Company on account of its investment portfolio during such quarter. Any payments required to be made by the Adviser pursuant to the preceding sentence are referred to herein as an "Expense Payment."

Pursuant to the Expense Support Agreement, "Operating Expenses" was defined as all of the Company's operating costs and expenses incurred, as determined in accordance with U.S. GAAP for investment companies. "Available Operating Funds" means the sum of (i) the Company's estimated investment company taxable income (including realized net short-term capital gains reduced by realized net long-term capital losses), (ii) the Company's realized net capital gains (including the excess of realized net long-term capital gains over realized net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of preferred and common equity investments in portfolio companies, if any (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

Following any quarter in which Available Operating Funds exceed the cumulative distributions paid by the Company in respect of such quarter (the amount of such excess being hereinafter referred to as "Excess Operating Funds"), the Company will pay such Excess Operating Funds, or a portion thereof, in accordance with the stipulations below, as applicable, to the Adviser, until such time as all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such quarter have been reimbursed. Any payments required to be made by the Company are referred to as a "Reimbursement Payment."

The specific amount of expenses reimbursed by the Adviser, if any, will be determined at the end of each quarter. The Company's obligation to make Reimbursement Payments survived the termination of the Expense Support Agreement; however, there are no Reimbursement Payments conditionally due from the Company to the Adviser.

Prior to the termination of the Expense Support Agreement, the amount of Expense Support Payments provided by the Adviser since inception was $32.8 million. As of March 31, 2024, all Expense Support Payments made by the Adviser to the Company had either been recouped by the Adviser or expired.

The following table presents a summary of all expenses supported, and recouped, by the Adviser for each of the following three month periods in which the Company received Expense Support from the Adviser and the associated dates through which such expenses were subject to reimbursement from the Company pursuant to the Expense Support Agreement:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For the Quarter Ended** | **Amount of Expense Support** | **Recoupment of Expense Support** | **Expired Expense Support** | **Effective Rate of Distribution per Share**<sup>(1)</sup> | **Reimbursement Eligibility Expiration** | **Operating Expense Ratio**<sup>(2)</sup> |
| June 30, 2017 | $1061 | $1061 | $— | 7.0% | N/A | 16.81% |
| September 30, 2017 | 1023 | 258 | 765 | 7.0% | September 30, 2020 | 6.15% |
| December 31, 2017 | 856 |  | 856 | 7.0% | December 31, 2020 | 2.83% |
| March 31, 2018 | 1871 |  | 1871 | 6.9% | March 31, 2021 | 2.27% |
| June 30, 2018 | 775 |  | 775 | 6.9% | June 30, 2021 | 1.53% |
| March 31, 2019 | 1835 |  | 1835 | 7.0% | March 31, 2022 | 0.91% |
| June 30, 2019 | 1776 |  | 1776 | 7.0% | June 30, 2022 | 0.79% |
| September 30, 2019 | 1081 |  | 1081 | 7.0% | September 30, 2022 | 0.72% |
| December 31, 2019 | 2351 |  | 2351 | 7.0% | December 31, 2022 | 0.69% |
| March 31, 2020 | 6587 | 5857 | 730 | 7.7% | March 31, 2023 | 0.70% |
| June 30, 2020 | 5794 | 5794 |  | 7.4% | N/A | 0.70% |
| September 30, 2020 | 3079 |  | 3079 | 7.2% | September 30, 2023 | 0.63% |
| December 31, 2020 | 3216 | 3216 |  | 6.5% | N/A | 0.71% |
| March 31, 2021 | 1449 |  | 1449 | 6.4% | March 31, 2024 | 0.60% |
| **Total** | $32754 | $16186 | $16568 |  |  |  |

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_______________

<sup>(1)</sup> The effective rate of distribution per share is expressed as a percentage equal to the projected annualized distribution amount as of the end of the applicable period (which is calculated by annualizing the regular weekly or monthly cash distributions per share as of such date without compounding), divided by the Company's gross offering price per share as of such date.

<sup>(2)</sup> The operating expense ratio is calculated by dividing operating expenses, less organizational and offering expenses, base management and incentive fees owed to the Adviser, and interest expense, by the Company's net assets.

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**Blue Owl Capital Corporation II**

**Notes to Consolidated Financial Statements (Unaudited) — Continued**

**(Amounts in thousands, except share and per share amounts and as otherwise noted)**

*License Agreement*

On July 6, 2023, the Company entered into a license agreement (the "License Agreement"), with an affiliate of Blue Owl, pursuant to which the Company was granted a non-exclusive license to use the name "Blue Owl." Under the License Agreement, the Company has a right to use the Blue Owl name for so long as the Adviser or one of its affiliates remains the Company's investment adviser. Other than with respect to this limited license, the Company will have no legal right to the "Blue Owl" name or logo.

*Controlled, Affiliated/Non-Controlled, Affiliated Portfolio Companies*

Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% but less than 25% of a portfolio company's outstanding voting securities in "affiliated" companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company's outstanding voting securities and/or has the power to exercise control over the management or policies of such portfolio company as investments in "controlled" companies. Under the 1940 Act, "non-affiliated investments" are defined as investments that are neither controlled investments nor affiliated investments. Detailed information with respect to the Company's non-controlled, non-affiliated; non-controlled, affiliated; and controlled affiliated investments is contained in the accompanying consolidated financial statements, including the consolidated schedule of investments.

The Company has made an investment in a controlled, affiliated company, Credit SLF. For further description, see "Note 4. Investments."

The Company has made an investment in non-controlled, affiliated companies, including LSI Financing LLC.

LSI Financing LLC is a separately managed portfolio company formed to indirectly own royalty purchase agreements and loans in the life sciences space. The Adviser provides consulting services to a subsidiary of LSI Financing LLC in exchange for a fee. The Adviser has agreed to waive a portion of the management fee payable by the Company pursuant to the Investment Advisory Agreement equal to the pro rata amount of such consulting fee. On November 25, 2024, the Company redeemed a portion of its interest in LSI Financing DAC in exchange for common shares of LSI Financing LLC. As of September 30, 2025, the Company's investment at fair value in LSI Financing LLC was $11.0 million and the Company's total commitment was $14.3 million. The Company does not consolidate its equity interest in LSI Financing LLC.

BOCSO is a portfolio company formed to invest in alternative credit assets, including asset-based finance (ABF). ABF is a subsector of private credit focused on generating income from pools of financial, physical or other assets. On September 18, 2025, we made an initial equity contribution to BOCSO. As of September 30, 2025, the Company's investment at fair value in BOCSO was $0.6 million and the Company's total commitment was $0.6 million. The Company does not consolidate its equity interest in BOCSO.

**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 investments at fair value and amortized cost as of the following periods:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **As of September 30, 2025** | **As of September 30, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Amortized Cost** | **Fair Value** | **Amortized Cost** | **Fair Value** |
| First-lien senior secured debt investments | $1368270 | $1328523 | $1532596 | $1515900 |
| Second-lien senior secured debt investments | 186105 | 160937 | 229288 | 200284 |
| Unsecured debt investments | 36690 | 37990 | 33526 | 33594 |
| Specialty finance debt investments | 7343 | 7352 | 5016 | 5040 |
| Preferred equity investments | 65887 | 66077 | 60177 | 59385 |
| Common equity investments | 54924 | 92733 | 62167 | 103225 |
| Specialty finance equity investments | 17969 | 23164 | 15236 | 17773 |
| Joint ventures | 244 | 266 | 190 | 191 |
| **Total Investments** | $1737432 | $1717042 | $1938196 | $1935392 |

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**Blue Owl Capital Corporation II**

**Notes to Consolidated Financial Statements (Unaudited) — Continued**

**(Amounts in thousands, except share and per share amounts and as otherwise noted)**

The table below presents the industry composition of investments based on fair value as of the following periods:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **As of September 30, 2025** | | **As of December 31, 2024** | |
| Advertising and media | 2.6% |  | 2.5% |  |
| Aerospace and defense | 1.0 |  | 2.9 |  |
| Asset Based Lending and Fund Finance<sup>(1)</sup> | 1.8 |  | 1.2 |  |
| Automotive Services | 3.1 |  | 2.2 |  |
| Buildings and real estate | 4.7 |  | 3.5 |  |
| Business services | 2.8 |  | 3.1 |  |
| Chemicals | 4.7 |  | 4.2 |  |
| Consumer products | 2.8 |  | 5.0 |  |
| Containers and packaging | 2.2 |  | 1.8 |  |
| Distribution | 3.5 |  | 3.0 |  |
| Education | 0.7 |  | 0.6 |  |
| Energy equipment and services | 0.6 |  | 0.5 |  |
| Financial services | 3.5 |  | 3.3 |  |
| Food and beverage | 7.6 |  | 8.4 |  |
| Healthcare equipment and services | 3.5 |  | 2.9 |  |
| Healthcare providers and services | 8.8 |  | 7.2 |  |
| Healthcare technology | 6.7 |  | 8.0 |  |
| Household products | 2.3 |  | 1.9 |  |
| Human resource support services | 1.9 |  | 1.5 |  |
| Infrastructure and environmental services | 0.8 |  | 1.2 |  |
| Insurance<sup>(3)</sup> | 1.7 |  | 6.5 |  |
| Internet software and services | 12.0 |  | 10.1 |  |
| Joint ventures<sup>(4)</sup> | 0.0 | <sup>(5)</sup> | 0.0 | <sup>(5)</sup> |
| Leisure and entertainment | 2.3 |  | 2.2 |  |
| Manufacturing | 9.2 |  | 8.1 |  |
| Pharmaceuticals<sup>(2)</sup> | 0.7 |  | 0.5 |  |
| Professional services | 2.9 |  | 2.5 |  |
| Specialty retail | 3.8 |  | 3.5 |  |
| Telecommunications | 0.4 |  | 0.5 |  |
| Transportation | 1.4 |  | 1.2 |  |
| **Total** | 100.0% |  | 100.0% |  |

---

_______________

<sup>(1)</sup> Includes investments in Amergin AssetCo and BOCSO.

<sup>(2)</sup> Includes investment in LSI Financing DAC and LSI Financing LLC.

<sup>(3)</sup> Includes investment in Fifth Season.

<sup>(4)</sup> Includes investment in Credit SLF. See below, within Note 4, for more information regarding Credit SLF.

<sup>(5)</sup> Rounds to less than 0.1%.

The table below presents the geographic composition of investments based on fair value as of the following periods:

---

| | | |
|:---|:---|:---|
| | **As of September 30, 2025** | **As of December 31, 2024** |
| *United States:* |  |  |
| &nbsp;&nbsp;Midwest | 21.6% | 21.7% |
| &nbsp;&nbsp;Northeast | 18.3 | 15.5 |
| &nbsp;&nbsp;South | 35.6 | 30.0 |
| &nbsp;&nbsp;West | 19.8 | 25.4 |
| International | 4.7 | 7.4 |
| **Total** | 100.0% | 100.0% |

---

------

**Blue Owl Capital Corporation II**

**Notes to Consolidated Financial Statements (Unaudited) — Continued**

**(Amounts in thousands, except share and per share amounts and as otherwise noted)**

*Blue Owl Credit SLF LLC*

Credit SLF, a Delaware limited liability company, is a joint venture among the Company, Blue Owl Capital Corporation, 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'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.

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.

On May 15, 2025 the Credit SLF Members modified their capital commitments to Credit SLF and the Company's capital commitment was $244 thousand with zero unfunded commitment.

As of September 30, 2025, the capital commitment and economic ownership of each Credit SLF Member is as follows:

---

| | | |
|:---|:---|:---|
| **Members** | **Capital Commitment** | **Economic Ownership Interest**<sup>(1)</sup> |
| Blue Owl Capital Corporation | $427085 | 74.0% |
| Blue Owl Capital Corporation II | 244 | 0.0% |
| Blue Owl Credit Income Corp. | 87169 | 8.5% |
| Blue Owl Technology Finance Corp. | 34937 | 3.4% |
| Blue Owl Technology Income Corp. | 16161 | 1.6% |
| State Teachers Retirement System of Ohio | 80799 | 12.5% |
| **Total** | $646395 | 100.0% |

---

_______________

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Economic ownership interest based on funded capital to date.

The table below sets forth Credit SLF's consolidated financial data as of and for the following periods:

---

| | | |
|:---|:---|:---|
| | **As of September 30, 2025** | **As of December 31, 2024** |
| **Consolidated Balance Sheet Data** | | |
| Cash | $153889 | $17354 |
| Investments at fair value | $2149879 | $1164473 |
| Total Assets | $2322279 | $1196367 |
| Total Debt (net of unamortized debt issuance costs) | $1567440 | $750610 |
| Total Liabilities | $1781658 | $847556 |
| Total Credit SLF Members' Equity | $540621 | $348811 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
| | **2025** | **2024**<sup>(1)</sup> | **2025** | **2024**<sup>(1)</sup> |
| **Consolidated Statement of Operations Data** |  |  |  |  |
| Investment income | $38037 | $556 | $93154 | $556 |
| Net operating expenses | 22351 | 602 | 54491 | 672 |
| Net investment income (loss) | $15686 | $(46) | $38663 | $(116) |
| Total net realized and unrealized gain (loss) | (2345) | 104 | (9129) | 104 |
| Net increase (decrease) in Credit SLF Members' Equity resulting from operations | $13341 | $58 | $29534 | $(12) |

---

_______________

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Credit SLF commenced operations on May 6, 2024.

------

**Blue Owl Capital Corporation II**

**Notes to Consolidated Financial Statements (Unaudited) — Continued**

**(Amounts in thousands, except share and per share amounts and as otherwise noted)**

The Company's proportional share of Credit SLF's generated distributions for the following period:

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** |
| | **2025** | **2025** |
| Dividend income | $7 | $20 |

---

**Note 5. Debt**

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 200% (or 150% if certain conditions are met) after such borrowing. The Company's asset coverage was 219% and 231% as of September 30, 2025 and December 31, 2024, respectively.

Debt obligations consisted of the below as of the following periods:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
| | **Aggregate Principal Committed** | **Outstanding Principal** | **Amount Available**<sup>(1)</sup> | **Unamortized Debt Issuance Costs** | **Net Carrying Value** |
| Revolving Credit Facility<sup>(2)</sup> | $250000 | $36605 | $213395 | (2506) | $34099 |
| SPV Asset Facility I | 375000 | 145000 | 67843 | (3499) | 141501 |
| CLO XIII | 260000 | 260000 |  | (1912) | 258088 |
| 2026 Notes | 350000 | 350000 |  | (2739) | 347261 |
| **Total Debt** | $1235000 | $791605 | $281238 | $(10656) | $780949 |

---

_______________

<sup>(1)</sup> The amount available reflects any limitations related to each credit facility's borrowing base.

<sup>(2)</sup> Net Carrying Value includes the unrealized translation gain (loss) on borrowings denominated in foreign currencies.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Aggregate Principal Committed** | **Outstanding Principal** | **Amount Available**<sup>(1)</sup> | **Unamortized Debt Issuance Costs** | **Net Carrying Value** |
| Revolving Credit Facility<sup>(2)</sup> | $250000 | $50443 | $199555 | $(3074) | $47369 |
| SPV Asset Facility I | 375000 | 195000 | 14286 | (2936) | 192064 |
| CLO XIII | 260000 | 260000 |  | (2095) | 257905 |
| 2026 Notes | 350000 | 350000 |  | (4444) | 345556 |
| **Total Debt** | $1235000 | $855443 | $213841 | $(12549) | $842894 |

---

_______________

<sup>(1)</sup> The amount available reflects any limitations related to each credit facility's borrow base.

<sup>(2)</sup> Net Carrying Value includes the unrealized translation gain (loss) on borrowings denominated in foreign currencies.

For the following periods, the components of interest expense were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Interest expense | $15030 | $19579 | $47658 | $57113 |
| Amortization of debt issuance costs | 945 | 5422 | 3125 | 7114 |
| **Total Interest Expense** | $15975 | $25001 | $50783 | $64227 |
| Average interest rate<sup>(1)</sup> | 8.4% | 8.2% | 8.1% | 8.4% |
| Average daily borrowings | $719845 | $950519 | $788998 | $901446 |

---

_______________

<sup>(1)</sup> Includes the impact of fees on undrawn portions of the Company's credit facilities.

------

**Blue Owl Capital Corporation II**

**Notes to Consolidated Financial Statements (Unaudited) — Continued**

**(Amounts in thousands, except share and per share amounts and as otherwise noted)**

**Revolving Credit Facility** 

On January 12, 2024 (the "Revolving Credit Facility Closing Date"), the Company entered into a Senior Secured Credit Agreement (as amended from time to time, the "Revolving Credit Facility"). The parties to the Revolving Credit Facility include the Company, as Borrower, the lenders and issuing banks from time to time parties thereto, Sumitomo Mitsui Banking Corporation, as Administrative Agent.

The Revolving Credit Facility is guaranteed by certain subsidiaries of the Company in existence as of the Revolving Credit Facility Closing Date of the Revolving Credit Facility, and will be guaranteed by certain subsidiaries of the Company that are formed or acquired by the Company in the future (each a "Guarantor" and collectively, the "Guarantors"). Proceeds of the Revolving Credit Facility may be used for general corporate purposes, including the funding of portfolio investments.

The Revolving Credit Facility provides for (a) a term loan in an initial amount of $25.0 million and (b) subject to availability under the borrowing base, which is based on the Company's portfolio investments and other outstanding indebtedness, a revolving credit facility in an initial amount of up to $225.0 million. The amount available for borrowing under the Revolving Credit Facility is reduced by any standby letters of credit issued through the Revolving Credit Facility. Maximum capacity under the Revolving Credit Facility may be increased to $1.00 billion through the exercise by the Company of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The Revolving Credit Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Company and each Guarantor, subject to certain exceptions, and includes a $40.0 million limit for swingline loans.

The availability period with respect to the revolving credit facility under the Revolving Credit Facility will terminate on January 12, 2028 (the "Revolving Credit Facility Commitment Termination Date") and the Revolving Credit Facility will mature on January 12, 2029 (the "Revolving Credit Facility Maturity Date"). During the period from the Revolving Credit Facility Commitment Termination Date to the Revolving Credit Facility Maturity Date, the Company will be obligated to make mandatory prepayments under the Revolving Credit Facility out of the proceeds of certain asset sales and other recovery events and equity and debt issuances.

The Company may borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn under the Revolving Credit Facility with respect to the commitments in U.S. dollars will bear interest at either (i) term SOFR plus any applicable credit adjustment spread plus margin of 2.00% per annum or (ii) the alternative base rate plus margin of 1.00% per annum. With respect to loans denominated in U.S. dollars, the Company may elect either the term SOFR or the alternative base rate at the time of drawdown, and such loans may be converted from one rate to another at any time at the Company's option, subject to certain conditions. Amounts drawn under the Revolving Credit Facility with respect to the commitments in other permitted currencies will bear interest at the relevant rate specified therein (including any applicable credit adjustment spread) plus margin of 2.00% per annum. The Company will also pay a fee of 0.375% on daily undrawn amounts under the Revolving Credit Facility.

The Revolving Credit Facility includes customary covenants, including certain limitations on the incurrence by the Company of additional indebtedness and on the Company's ability to make distributions to its shareholders, or redeem, repurchase or retire shares of stock, upon the occurrence of certain events and certain financial covenants related to asset coverage and liquidity and other maintenance covenants, as well as customary events of default. The Revolving Credit Facility requires a minimum asset coverage ratio with respect to the consolidated assets of the Company and its subsidiaries to senior securities that constitute indebtedness of no less than 1.50 to 1.00 at any time.

**SPV Asset Facilities**

Certain of the Company's wholly owned subsidiaries are parties to credit facilities (the "SPV Asset Facilities"). Pursuant to the SPV Asset Facilities, from time to time, the Company sells and contributes certain investments to these wholly owned subsidiaries pursuant to sale and contribution agreements by and between the Company and the wholly owned subsidiaries. No gain or loss is recognized as a result of these contributions. Proceeds from the SPV Asset Facilities are used to finance the origination and acquisition of eligible assets by the wholly owned subsidiary, including the purchase of such assets from us. The Company retains a residual interest in assets contributed to or acquired to the wholly owned subsidiary through the Company's ownership of the wholly owned subsidiary.

The SPV Asset Facilities are secured by a perfected first priority security interest in the assets of these wholly owned subsidiaries and on any payments received by such wholly owned subsidiaries in respect of those assets. Assets pledged to lenders under the SPV Asset Facilities will not be available to pay the Company's debts.

The SPV Asset Facilities contain customary covenants, including certain limitations on the incurrence by the Company of additional indebtedness and on the Company's ability to make distributions to the Company's shareholders, or redeem, repurchase or retire shares of stock, upon the occurrence of certain events, and customary events of default (with customary cure and notice provisions).

------

**Blue Owl Capital Corporation II**

**Notes to Consolidated Financial Statements (Unaudited) — Continued**

**(Amounts in thousands, except share and per share amounts and as otherwise noted)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*SPV Asset Facility I*

On December 1, 2017 (the "SPV Asset Facility I Closing Date"), ORCC II Financing LLC and OR Lending II LLC (collectively, the "Subsidiaries"), each a Delaware limited liability company and a wholly-owned subsidiary of the Company, entered into a Credit Agreement (the "SPV Asset Facility I"). Parties to the SPV Asset Facility I include ORCC II Financing LLC and OR Lending II LLC, as Borrowers, and the lenders from time to time parties thereto (the "SPV I Lenders"), Goldman Sachs Bank USA as Sole Lead Arranger, Syndication Agent and Administrative Agent, State Street Bank and Trust Company as Collateral Administrator and Collateral Agent and Cortland Capital Market Services LLC as Collateral Custodian. From time to time, the parties to the SPV Asset Facility I have amended the SPV Asset Facility I and the related transaction documents.

The summary below reflects the terms of the SPV Asset Facility I as amended from time to time, most recently by the Fourth Amended and Restated Credit Agreement, entered into on July 24, 2025, by the parties to the SPV Asset Facility I, which among other things, removed OR Lending II LLC as a borrower and replaced Cortland Capital Market Services LLC as collateral custodian with State Street Bank and Trust Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The maximum principal amount of the SPV Asset Facility I is $375.0 million; the availability of this amount is subject to a borrowing base test, which is based on the amount of the Subsidiaries' assets from time to time, and satisfaction of certain conditions, including certain concentration limits.

The SPV Asset Facility I provides for a reinvestment period up to and including November 30, 2028 (the "SPV Asset Facility I Commitment Termination Date"). Prior to the SPV Asset Facility I Commitment Termination Date, proceeds received by the Subsidiaries from interest, dividends, or fees on assets must be used to pay expenses and interest on outstanding borrowings, and the excess may be returned to the Company, subject to certain conditions. Proceeds received from principal on assets prior to the SPV Asset Facility I Commitment Termination Date must be used to make quarterly payments of principal on outstanding borrowings. Following the SPV Asset Facility I Commitment Termination Date, proceeds received by the Subsidiaries from interest and principal on collateral assets must be used to make quarterly payments of principal on outstanding borrowings. Subject to certain conditions, between quarterly payment dates prior to and after the SPV Asset Facility I Commitment Termination Date, excess interest proceeds and principal proceeds may be released to the Subsidiaries to make distributions to the Company.

The SPV Asset Facility I will mature on November 30, 2030. Amounts drawn in USD bear interest at Term SOFR plus a 2.05% spread and the spread is also payable on a portion of any undrawn amounts. The Company borrows utilizing three-month SOFR rate loans.

Borrowings of the Subsidiaries are considered the Company's borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.

In connection with the SPV Asset Facility I, the Company entered into a Non-Recourse Carveout Guaranty Agreement on the SPV Asset Facility I Closing Date, which was amended and restated twice on March 11, 2019 and April 29, 2019, and was further amended by Amendment No. 1 to Second Amended and Restated Non-Recourse Carveout Guaranty Agreement, dated as of July 24, 2025 with State Street Bank and Trust Company, on behalf of certain secured parties, and Goldman Sachs Bank USA. Pursuant to the Non-Recourse Carveout Guaranty Agreement, the Company guarantees certain losses, damages, costs, expenses, liabilities, claims and other obligations incurred in connection with certain instances of fraud or bad faith misrepresentation, material encumbrances of certain collateral, misappropriation of certain funds, certain transfers of assets, and the bad faith or willful breach of certain provisions of the SPV Asset Facility I.

*SPV Asset Facility II*

On April 14, 2020 (the "SPV Asset Facility II Closing Date"), ORCC II Financing II LLC ("ORCC II Financing II"), a Delaware limited liability company and newly formed subsidiary of the Company entered into a Credit Agreement (the "SPV Asset Facility II"), with ORCC II Financing II, as Borrower, the lenders from time to time parties thereto (the "SPV II Lenders"), Natixis, New York Branch, as Administrative Agent, State Street Bank and Trust Company as Collateral Agent and Cortland Capital Market Services LLC as Document Custodian. The parties to the SPV Asset Facility II entered into various amendments, including to increase the maximum principal amount of the SPV Asset Facility II, change the interest rates for amounts drawn in U.S. dollars, to extend the maturity of the SPV Asset Facility II to convert the benchmark rate of the facility from LIBOR to Term SOFR and make certain other changes. The following describes the terms of the SPV Asset Facility II as amended through April 4, 2023 (the "SPV Asset Facility II Third Amendment Date"). On August 5, 2024, ORCC II Financing II repaid all loans under the SPV Asset Facility II and the facility was terminated pursuant to its terms (the "SPV Asset Facility II Termination Date").

The maximum principal amount of the SPV Asset Facility II as of the SPV Asset Facility II Third Amendment Date was $325.0 million; the availability of this amount was subject to an overcollateralization ratio test, which was based on the value of ORCC II Financing II's assets from time to time, and satisfaction of certain conditions, including an interest coverage ratio test, certain concentration limits and collateral quality tests.

------

**Blue Owl Capital Corporation II**

**Notes to Consolidated Financial Statements (Unaudited) — Continued**

**(Amounts in thousands, except share and per share amounts and as otherwise noted)**

The SPV Asset Facility II provided for the ability to (1) draw term loans and (2) draw and redraw revolving loans under the SPV Asset Facility II through April 14, 2025 unless the revolving commitments were terminated or converted to term loans sooner as provided in the SPV Asset Facility II (the "SPV Asset Facility II Commitment Termination Date"). Prior to the SPV Asset Facility II Termination Date, proceeds received by ORCC II Financing II from principal and interest, dividends, or fees on assets were used to pay fees, expenses and interest on outstanding borrowings, and the excess may have been returned to the Company, subject to certain conditions. On the SPV Asset Facility II Termination Date, ORCC II Financing II repaid in full all outstanding fees and expenses and all principal and interest on outstanding borrowings.

Amounts drawn bore interest at Term SOFR (or, in the case of certain lenders that are commercial paper conduits, the lower of their cost of funds and Term SOFR plus 0.25%) plus, (x) with respect to revolving loans, 2.75% and (y) with respect to term loans, 2.75% during the SPV Asset Facility II's reinvestment period and 2.75% thereafter until the SPV Asset Facility II Termination Date. From the SPV Asset Facility II Third Amendment Date to the SPV Asset Facility II Termination Date, there was a commitment fee of 0.75% per annum on the undrawn amount, if any, of the revolving commitments in the SPV Asset Facility II.

**Debt Securitization Transaction**

The Company incurs secured financing through a debt securitization transaction (the "CLO Transaction") issued by the Company's consolidated subsidiary (the "CLO Issuer"), which is backed by a portfolio of collateral obligations consisting of middle-market loans and participation interests in middle-market loans as well as by other assets of the CLO Issuer. The CLO Issuer issues preferred shares which are not secured by the collateral securing the CLO Transaction which the Company purchases. The Company acts as retention holder in connection with the CLO Transaction for the purposes of satisfying certain U.S. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of a CLO Issuer's preferred shares. Notes issued by the CLO Issuer have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities (e.g., "blue sky") laws, and may not be offered or sold in the United States absent registration with the SEC or pursuant to an applicable exemption from such registration. The Adviser serves as collateral manager for the CLO Issuer under a collateral management agreement. The Adviser is entitled to receive fees for providing these services. The Adviser routinely waives its right to receive such fees but may rescind such waiver at any time; provided, however, that if the Adviser rescinds such waiver, the management fee payable to Adviser pursuant to the Investment Advisory Agreement will be offset by the amount of the collateral management fee attributable to a CLO Issuer's equity or notes owned by the Company. Assets pledged to debt holders of the CLO Transaction and the other secured parties under each CLO Transaction's documentation will not be available to pay the debts of the Company. The Company consolidates the financial statements of the CLO Issuer in its consolidated financial statements.

*CLO XIII*

On September 12, 2023 (the "CLO XIII Closing Date"), the Company completed a $399.3 million term debt securitization transaction (the "CLO XIII Transaction"). The secured notes and preferred shares issued in the CLO XIII Transaction were issued by the Company's consolidated subsidiary Owl Rock CLO XIII, LLC, a limited liability organized under the laws of the State of Delaware (the "CLO XIII Issuer").

The CLO XIII Transaction was executed by (A) the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the CLO XIII Closing Date (the "CLO XIII Indenture"), by and among the CLO XIII Issuer and State Street Bank and Trust Company: (i) $228.0 million of AAA(sf) Class A Notes, which bear interest at three-month term SOFR plus 2.55% and (ii) $32.0 million of AA(sf) Class B Notes, which bear interest at three-month term SOFR plus 3.35% (together, the "CLO XIII Secured Notes"). The CLO XIII Secured Notes are scheduled to mature on the Payment Date (as defined in the CLO XIII Indenture) in September, 2035. The CLO XIII Secured Notes were privately placed by Goldman Sachs & Co. LLC as Placement Agent and NatWest Markets Securities Inc. as Co-Placement Agent.

Concurrently with the issuance of the CLO XIII Secured Notes, the CLO XIII Issuer issued approximately $139.3 million of subordinated securities in the form of 139,300 preferred shares at an issue price of U.S. $1,000 per share (the "CLO XIII Preferred Shares"). The CLO XIII Preferred Shares were issued by the CLO XIII Issuer as part of its issued share capital and are not secured by the collateral securing the CLO XIII Secured Notes. The Company purchased all of the CLO XIII Preferred Shares. The Company acts as retention holder in connection with the CLO XIII Transaction for the purposes of satisfying certain U.S. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of the CLO XIII Preferred Shares.

As part of the CLO XIII Transaction, the Company entered into a loan sale agreement with the CLO XIII Issuer dated as of the CLO XIII Closing Date, which provided for the contribution of approximately $36.4 million funded par amount of middle-market loans from the Company to the CLO XIII Issuer on the CLO XIII Closing Date and for future sales from the Company to the CLO XIII Issuer on an ongoing basis. No gain or loss will be recognized as a result of these sales and contributions. Such loans constituted part of the initial portfolio of assets securing the CLO XIII Secured Notes. The remainder of the initial portfolio assets securing the CLO XIII Secured Notes consisted of approximately $298.5 million funded par amount of middle-market loans purchased by the CLO

------

**Blue Owl Capital Corporation II**

**Notes to Consolidated Financial Statements (Unaudited) — Continued**

**(Amounts in thousands, except share and per share amounts and as otherwise noted)**

XIII Issuer from ORCC II Financing LLC, a wholly-owned subsidiary of the Company, under an additional loan sale agreement executed on the CLO XIII Closing Date between the CLO XIII Issuer and ORCC II Financing LLC and OR Lending II LLC, a wholly-owned subsidiary of the Company. The Company, ORCC II Financing LLC and OR Lending II LLC each made customary representations, warranties, and covenants to the CLO XIII Issuer under the applicable loan sale agreement.

Through September 20, 2027, a portion of the proceeds received by the CLO XIII Issuer from the loans securing the CLO XIII Secured Notes may be used by the CLO XIII Issuer to purchase additional middle-market loans under the direction of the Adviser in its capacity as collateral manager for the CLO XIII Issuer and in accordance with the Company's investing strategy and ability to originate eligible middle-market loans.

The CLO XIII Secured Notes are the secured obligations of the CLO XIII Issuer, and the CLO XIII Indenture includes customary covenants and events of default.

**Unsecured Notes**

*2024 Notes*

On November 26, 2019, the Company issued $300.0 million aggregate principal amount of the Company's 4.625% notes due November 26, 2024 (the "2024 Notes") in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act.

On October 21, 2020, the Company issued an additional $50.0 million aggregate principal amount of the 2024 Notes, the Company issued an additional $100.0 million aggregate principal amount of the 2024 Notes in private placements in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act.

The 2024 Notes bore interest at a rate of 4.625% per year payable semi-annually on May 26 and November 26 of each year, commencing on May 26, 2020.

On November 15, 2023, the Company caused notice to be issued to the holders of the 2024 Notes regarding its exercise of the option to redeem $350.0 million in aggregate principal amount of the 2024 Notes at 100% of their principal amount, plus the accrued and unpaid interest thereon through, but excluding, the redemption date, December 15, 2023. On December 15, 2023, the Company redeemed in $350.0 million in aggregate principal amount of the 2024 Notes at 100% of their principal amount, plus the accrued and unpaid interest thereon through, but excluding, December 15, 2023. On November 26, 2024, the Company redeemed $100.0 million in aggregate principal amount of the 2024 Notes at 100% of their principal amount, plus the accrued and unpaid interest thereon through, but excluding, November 26, 2024.

*2026 Notes*

On November 15, 2023, the Company issued $350.0 million aggregate principal amount of its 8.450% notes due November 15, 2026 (the "2026 Notes") in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. The 2026 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

The 2026 Notes were issued pursuant to the Base Indenture and a Second Supplemental Indenture, dated as of November 15, 2023 (the "Second Supplemental Indenture" and together with the Base Indenture, the "2026 Indenture"), between the Company and the Trustee. The 2026 Notes will mature on November 15, 2026, unless repurchased or redeemed in accordance with their terms prior to such date. The 2026 Notes bear interest at a rate of 8.450% per year payable semi-annually on May 15 and November 15 of each year, commencing on May 15, 2024. Concurrent with the issuance of the 2026 Notes, the Company entered into a Registration Rights Agreement (the "2026 Registration Rights Agreement") for the benefit of the purchasers of the 2026 Notes. Pursuant to the 2026 Registration Rights Agreement, the Company filed a registration statement with the SEC and, on September 17, 2024, commenced an offer to exchange the notes initially issued on November 15, 2023 for newly issued registered notes with substantially similar terms, which expired on October 18, 2024 and was completed promptly thereafter.

The 2026 Notes are the Company's direct, general unsecured obligations and rank senior in right of payment to all of the Company's future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the 2026 Notes. The 2026 Notes rank pari passu, or equal, in right of payment with all of the Company's existing and future indebtedness or other obligations that are not so subordinated. The 2026 Notes rank effectively subordinated, or junior, to any of the Company's future secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness. The 2026 Notes are structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.

------

**Blue Owl Capital Corporation II**

**Notes to Consolidated Financial Statements (Unaudited) — Continued**

**(Amounts in thousands, except share and per share amounts and as otherwise noted)**

The 2026 Indenture contains certain covenants, including covenants requiring the Company to (i) comply with Section 18(a)(1)(A) of the 1940 Act, as modified by Section 61(a) of the 1940 Act, for the period of time during which the 2026 Notes are outstanding, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the 2026 Notes and the Trustee if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the 2026 Indenture.

In addition, if a change of control repurchase event, as defined in the 2026 Indenture, occurs prior to maturity, holders of the 2026 Notes will have the right, at their option, to require the Company to repurchase for cash some or all of the 2026 Notes at a repurchase price equal to 100% of the aggregate principal amount of the 2026 Notes being repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.

**Note 6. Fair Value of Investments**

*Investments*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Cash | $49064 | $— | $— | $49064 |
| *Investments:* |  |  |  |  |
| First-lien senior secured debt investments | $— | $2726 | $1325797 | $1328523 |
| Second-lien senior secured debt investments |  | 35412 | 125525 | 160937 |
| Unsecured debt investments |  |  | 37990 | 37990 |
| Specialty finance debt investments |  |  | 7352 | 7352 |
| Preferred equity investments |  |  | 66077 | 66077 |
| Common equity investments |  |  | 91178 | 91178 |
| Specialty finance equity investments |  |  | 11618 | 11618 |
| **Subtotal** |  | 38138 | 1665537 | 1703675 |
| Investments measured at Net Asset Value ("NAV")<sup>(1)</sup> |  |  |  | 13367 |
| **Total Investments** | $— | $38138 | $1665537 | $1717042 |

---

_______________

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Includes investments in Credit SLF, BOCSO and LSI Financing LLC, which are measured at fair value using the net asset value per share (or its equivalent) practical expedient and have 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Cash | $50891 | $— | $— | $50891 |
| *Investments:* |  |  |  |  |
| First-lien senior secured debt investments | $— | $20065 | $1495835 | $1515900 |
| Second-lien senior secured debt investments |  | 60962 | 139322 | 200284 |
| Unsecured debt investments |  |  | 33594 | 33594 |
| Specialty finance debt investments |  |  | 5040 | 5040 |
| Preferred equity investments |  |  | 59385 | 59385 |
| Common equity investments | 203 |  | 101868 | 102071 |
| Specialty finance equity investments |  |  | 8219 | 8219 |
| **Subtotal** | 203 | 81027 | 1843263 | 1924493 |
| Investments measured at Net Asset Value ("NAV")<sup>(1)</sup> |  |  |  | 10899 |
| **Total Investments** | $203 | $81027 | $1843263 | $1935392 |

---

_______________

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Includes investments in Credit SLF and LSI Financing LLC, which are measured at fair value using the net asset value per share (or its equivalent) practical expedient and have 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.

------

**Blue Owl Capital Corporation II**

**Notes to Consolidated Financial Statements (Unaudited) — Continued**

**(Amounts in thousands, except share and per share amounts and as otherwise noted)**

The tables below present 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** | **As of and for the Three Months Ended September 30, 2025** | **As of and for the Three Months Ended September 30, 2025** | **As of and for the Three Months Ended September 30, 2025** | **As of and for the Three Months Ended September 30, 2025** | **As of and for the Three Months Ended September 30, 2025** | **As of and for the Three Months Ended September 30, 2025** | **As of and for the Three Months Ended September 30, 2025** |
| | **Debt Investments** | **Debt Investments** | **Debt Investments** | **Debt Investments** | **Equity Investments** | **Equity Investments** | **Equity Investments** | |
| | **First-lien senior secured** | **Second-lien senior secured** | **Unsecured** | **Specialty finance** | **Preferred** | **Common** | **Specialty finance** | **Total** |
| Fair value, beginning of period | $1303175 | $132864 | $36412 | 6294 | $63695 | $91792 | 10493 | $1644725 |
| Purchases of investments, net | 97417 |  | 758 | 973 | 1013 | 1342 | 517 | 102020 |
| Payment-in-kind | 503 | 408 | 1483 | 85 | 1111 | 43 |  | 3633 |
| Proceeds from investments, net | (70693) |  | (557) |  | (49) | (201) |  | (71500) |
| Net change in unrealized gain (loss) on investments | (5982) | (7873) | (112) |  | 268 | (1740) | 608 | (14831) |
| Net realized gain (loss) on investments | (12) |  |  |  |  | (99) |  | (111) |
| Net accretion/amortization of discount/premium on investments | 1430 | 126 | 6 |  | 39 |  |  | 1601 |
| Transfers between investment types | (41) |  |  |  |  | 41 |  |  |
| **Fair value, end of period** | $1325797 | $125525 | $37990 | $7352 | $66077 | $91178 | $11618 | $1665537 |

---

_______________

<sup>(1)</sup> Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur.

The tables below present 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 Nine Months Ended September 30, 2025** | **As of and for the Nine Months Ended September 30, 2025** | **As of and for the Nine Months Ended September 30, 2025** | **As of and for the Nine Months Ended September 30, 2025** | **As of and for the Nine Months Ended September 30, 2025** | **As of and for the Nine Months Ended September 30, 2025** | **As of and for the Nine Months Ended September 30, 2025** | **As of and for the Nine Months Ended September 30, 2025** |
| | **Debt Investments** | **Debt Investments** | **Debt Investments** | **Debt Investments** | **Equity Investments** | **Equity Investments** | **Equity Investments** | |
| | **First-lien senior secured** | **Second-lien senior secured** | **Unsecured** | **Specialty finance** | **Preferred** | **Common** | **Specialty finance** | **Total** |
| Fair value, beginning of period | $1495836 | $139322 | $33594 | $5039 | $59384 | $101869 | $8219 | $1843263 |
| Purchases of investments, net | 159302 |  | 758 | 2193 | 2147 | 1931 | 1368 | 167699 |
| Payment-in-kind | 5345 | 3230 | 3689 | 136 | 3697 | 124 |  | 16221 |
| Proceeds from investments, net | (315659) | (27098) | (1253) |  | (256) | (10823) | (170) | (355259) |
| Net change in unrealized gain (loss) on investments | (19103) | 7493 | 1231 | (16) | 982 | (3323) | 2201 | (10535) |
| Net realized gain (loss) on investments | (75) | (20066) | (56) |  | 3 | 1359 |  | (18835) |
| Net accretion/amortization of discount/premium on investments | 5851 | 715 | 27 |  | 120 |  |  | 6713 |
| Transfers between investment types | (41) |  |  |  |  | 41 |  |  |
| Transfers into (out of) Level 3<sup>(1)</sup> | (5659) | 21929 |  |  |  |  |  | 16270 |
| **Fair value, end of period** | $1325797 | $125525 | $37990 | $7352 | $66077 | $91178 | $11618 | $1665537 |

---

_______________

<sup>(1)</sup> 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 out of Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies and an investment measured at net asset value which is no longer categorized within the fair value hierarchy.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Blue Owl Capital Corporation II**

**Notes to Consolidated Financial Statements (Unaudited) — Continued**

**(Amounts in thousands, except share and per share amounts and as otherwise noted)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of and for the Three Months Ended September 30, 2024** | **As of and for the Three Months Ended September 30, 2024** | **As of and for the Three Months Ended September 30, 2024** | **As of and for the Three Months Ended September 30, 2024** | **As of and for the Three Months Ended September 30, 2024** | **As of and for the Three Months Ended September 30, 2024** | **As of and for the Three Months Ended September 30, 2024** | **As of and for the Three Months Ended September 30, 2024** |
| | **Debt Investments** | **Debt Investments** | **Debt Investments** | **Debt Investments** | **Equity Investments** | **Equity Investments** | **Equity Investments** | |
| | **First-lien senior secured** | **Second-lien senior secured** | **Unsecured** | **Specialty finance** | **Preferred** | **Common** | **Specialty finance** | **Total** |
| Fair value, beginning of period | $1598480 | $170295 | $32330 | $3812 | $56989 | $92837 | $6563 | $1961306 |
| Purchases of investments, net | 100814 |  |  | 749 |  |  | 1243 | 102806 |
| Payment-in-kind | 4588 | 1160 | 1398 | 20 | 1353 | 39 |  | 8558 |
| Proceeds from investments, net | (91993) | (13087) |  |  |  | (15) | (24) | (105119) |
| Net change in unrealized gain (loss) on investments | 6778 | (3102) | 922 |  | 150 | 1876 | 1907 | 8531 |
| Net realized gain (loss) on investments | (11774) |  |  |  |  |  |  | (11774) |
| Net accretion/amortization of discount/premium on investments | 1974 | 263 | 6 |  | 38 |  |  | 2281 |
| Transfers between investment types | (3475) |  |  |  |  | 3475 |  |  |
| Transfers into (out of) Level 3<sup>(1)</sup> |  |  |  |  |  |  |  |  |
| **Fair value, end of period** | $1605392 | $155529 | $34656 | $4581 | $58530 | $98212 | $9689 | $1966589 |

---

_______________

<sup>(1)</sup> Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of and for the Nine Months Ended September 30, 2024** | **As of and for the Nine Months Ended September 30, 2024** | **As of and for the Nine Months Ended September 30, 2024** | **As of and for the Nine Months Ended September 30, 2024** | **As of and for the Nine Months Ended September 30, 2024** | **As of and for the Nine Months Ended September 30, 2024** | **As of and for the Nine Months Ended September 30, 2024** | **As of and for the Nine Months Ended September 30, 2024** |
| | **Debt Investments** | **Debt Investments** | **Debt Investments** | **Debt Investments** | **Equity Investments** | **Equity Investments** | **Equity Investments** | |
| | **First-lien senior secured** | **Second-lien senior secured** | **Unsecured** | **Specialty finance** | **Preferred** | **Common** | **Specialty finance** | **Total** |
| Fair value, beginning of period | $1385406 | $414265 | $38261 | 4806 | $66942 | $93262 | 6246 | $2009188 |
| Purchases of investments, net | 453381 |  | 4924 | 801 | 172 | 28 | 2549 | 461855 |
| Payment-in-kind | 13497 | 2642 | 4013 | 59 | 4443 | 114 |  | 24768 |
| Proceeds from investments, net | (229861) | (253326) | (24923) | (1085) | (1065) | (15) | (1233) | (511508) |
| Net change in unrealized gain (loss) on investments | 889 | (9965) | 2712 |  | (427) | 2584 | 2127 | (2080) |
| Net realized gain (loss) on investments | (11979) | (457) | (2361) |  |  |  |  | (14797) |
| Net accretion/amortization of discount/premium on investments | 5357 | 2370 | 143 |  | 352 |  |  | 8222 |
| Transfers between investment types | (3475) |  | 11887 |  | (11887) | 3475 |  |  |
| Transfers into (out of) Level 3<sup>(1)</sup> | (7823) |  |  |  |  | (1236) |  | (9059) |
| **Fair value, end of period** | $1605392 | $155529 | $34656 | $4581 | $58530 | $98212 | $9689 | $1966589 |

---

_______________

<sup>(1)</sup> 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, 2024, transfers out of Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies and an investment measured at net asset value which is no longer categorized within the fair value hierarchy.

------

**Blue Owl Capital Corporation II**

**Notes to Consolidated Financial Statements (Unaudited) — Continued**

**(Amounts in thousands, except share and per share amounts and as otherwise noted)**

The table below presents information with respect to the net change in unrealized gains (losses) 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| First-lien senior secured debt investments | $(5982) | $(4714) | $(20449) | $1009 |
| Second-lien senior secured debt investments | (7874) | (3102) | (12767) | (8646) |
| Unsecured debt investments | (111) | 922 | 1231 | 2712 |
| Specialty finance debt investments | 1 |  | (17) |  |
| Preferred equity investments | 269 | 149 | 982 | (279) |
| Common equity investments | (1739) | 1877 | 82 | 2584 |
| Specialty finance equity investments | 609 | 1907 | 1180 | 2127 |
| **Total Investments** | $(14827) | $(2961) | $(29758) | $(493) |

---

------

**Blue Owl Capital Corporation II**

**Notes to Consolidated Financial Statements (Unaudited) — Continued**

**(Amounts in thousands, except share and per share amounts and as otherwise noted)**

The tables below 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** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **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 |  | $1224952 |  | Yield Analysis |  | Market Yield |  | 6.4% - 33.5% (10.1%) |  | Decrease |  |
| First-lien senior secured debt investments |  | 70741 |  | Recent Transaction |  | Transaction Price |  | 98.5% - 103.3% (99.3%) |  | Increase |  |
| First-lien senior secured debt investments |  | 30104 |  | Collateral Analysis |  | Recovery Rate |  | 0.0% - 100.0% (54.3%) |  | Increase |  |
| Second-lien senior secured debt investments |  | $125525 |  | Yield Analysis |  | Market Yield |  | 10.3% - 40.0% (19.7%) |  | Decrease |  |
| Second-lien senior secured debt investments | Unsecured debt investments |  | $36641 |  | Yield Analysis |  | Market Yield |  | 8.5% - 18.2% (12.8%) |  | Decrease |
| Second-lien senior secured debt investments | Unsecured debt investments |  | 1148 |  | Market Approach |  | EBITDA Multiple |  | 12.0x |  | Increase |
|  | Unsecured debt investments | 201 |  | Recent Transaction |  | Transaction Price |  | 100.0% |  | Increase |  |
| Specialty finance debt investments | Unsecured debt investments |  | $7352 |  | Market Approach |  | EBITDA Multiple |  | 0.1x |  | Increase |
| Preferred equity investments |  | $65063 |  | Yield Analysis |  | Market Yield |  | 11.7% - 37.9% (16.1%) |  | Decrease |  |
| Preferred equity investments |  | 1014 |  | Recent Transaction |  | Transaction Price |  | 100.0% |  | Increase |  |
| Preferred equity investments | Common equity investments |  | $84042 |  | Market Approach |  | EBITDA Multiple |  | 4.0x - 18.5x (8.2x) |  | Increase |
| Preferred equity investments | Common equity investments |  | 3610 |  | Market Approach |  | Revenue Multiple |  | 8.5x - 13.0x (13.0x) |  | Increase |
|  | Common equity investments | 1324 |  | Recent Transaction |  | Transaction Price |  | 100.0% |  | Increase |  |
|  | Common equity investments | 2141 |  | Yield Analysis |  | Market Yield |  | 8.6% |  | Decrease |  |
|  | Common equity investments | 28 |  | Market Approach |  | Gross Profit Multiple |  | 9.0x |  | Increase |  |
|  | Common equity investments | 33 |  | Option Pricing Model |  | Volatility |  | 70.0% |  | Increase |  |
| Specialty finance equity investments | Common equity investments |  | $4701 |  | Market Approach |  | Transaction Price |  | 149.8% - 152.7% (151.3%) |  | Increase |
| Specialty finance equity investments | Common equity investments |  | 4146 |  | Market Approach |  | AUM Multiple |  | 1.1x |  | Increase |
| Specialty finance equity investments | Common equity investments |  | 2576 |  | Discounted Cash Flow Analysis |  | Discounted Factor |  | 20.0% |  | Decrease |
| Specialty finance equity investments |  | 195 |  | Yield Analysis |  | Market Yield |  | 11.8% |  | Decrease |  |

---

------

**Blue Owl Capital Corporation II**

**Notes to Consolidated Financial Statements (Unaudited) — Continued**

**(Amounts in thousands, except share and per share amounts and as otherwise noted)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |  |
| | | **Fair Value** | | **Valuation Technique** | | **Unobservable Input** | | **Range (Weighted Average)** | | **Impact to Valuation from an Increase in Input** |  |
| First-lien senior secured debt investments |  | $1463390 |  | Yield Analysis |  | Market Yield |  | 7.6% - 35.2% (11.3%) |  | Decrease |  |
| First-lien senior secured debt investments |  | 31419 |  | Recent Transaction |  | Transaction Price |  | 98.2% - 99.7% (99.1%) |  | Increase |  |
| First-lien senior secured debt investments |  | 1026 |  | Collateral Analysis |  | Recovery Rate |  | 10.1% - 20.5% (13.3%) |  | Increase |  |
| Second-lien senior secured debt investments |  | $138594 |  | Yield Analysis |  | Market Yield |  | 11.4% - 19.8% (16.2%) |  | Decrease |  |
| Second-lien senior secured debt investments |  | 728 |  | Collateral Analysis |  | Recovery Rate |  | 4.0% |  | Increase |  |
| Second-lien senior secured debt investments | Unsecured debt investments |  | $32579 |  | Yield Analysis |  | Market Yield |  | 8.6% - 18.1% (13.5%) |  | Decrease |
|  | Unsecured debt investments | 1016 |  | Market Approach |  | EBITDA Multiple |  | 11.8x |  | Increase |  |
| Specialty finance debt investments | Unsecured debt investments |  | $5040 |  | Yield Analysis |  | Market Yield |  | 12.3% |  | Decrease |
| Preferred equity investments | Unsecured debt investments |  | $59383 |  | Yield Analysis |  | Market Yield |  | 13.2% - 37.1% (17.8%) |  | Decrease |
| Preferred equity investments | Common equity investments |  | $96252 |  | Market Approach |  | EBITDA Multiple |  | 3.3x - 20.0x (8.8x) |  | Increase |
| Preferred equity investments | Common equity investments |  | 3536 |  | Market Approach |  | Revenue Multiple |  | 5.3x - 14.5x (12.9x) |  | Increase |
| Preferred equity investments | Common equity investments |  | 2023 |  | Yield Analysis |  | Market Yield |  | 8.5% |  | Decrease |
|  | Common equity investments | 37 |  | Market Approach |  | Gross Profit Multiple |  | 10.0x |  | Increase |  |
|  | Common equity investments | 21 |  | Option Pricing Model |  | Volatility |  | 70.0% |  | Increase |  |
| Specialty finance equity investments | Common equity investments |  | $3448 |  | Market Approach |  | N/A |  | N/A |  | N/A |
| Specialty finance equity investments | Common equity investments |  | 2977 |  | Market Approach |  | AUM Multiple |  | 1.1x |  | Increase |
| Specialty finance equity investments | Common equity investments |  | 1555 |  | Discounted Cash Flow Analysis |  | Discounted Factor |  | 12.5% |  | Decrease |
| Specialty finance equity investments |  | 239 |  | Yield Analysis |  | Market Yield |  | 12.3% |  | Decrease |  |
| Specialty finance equity investments |  |  |  |  |  |  |  |  |  |  |  |
| Specialty finance equity investments |  |  |  |  |  |  |  |  |  |  |  |
| Specialty finance equity investments |  |  |  |  |  |  |  |  |  |  |  |
| Specialty finance equity investments |  |  |  |  |  |  |  |  |  |  |  |

---

The fair value of the Company's performing Level 3 debt investments is typically determined 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.

------

**Blue Owl Capital Corporation II**

**Notes to Consolidated Financial Statements (Unaudited) — Continued**

**(Amounts in thousands, except share and per share amounts and as otherwise noted)**

*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 September 30, 2025** | **As of September 30, 2025** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Net Carrying Value**<sup>(1)</sup> | **Unamortized Debt Issuance Costs** | **Fair Value** | **Net Carrying Value**<sup>(1)</sup> | **Unamortized Debt Issuance Costs** | **Fair Value** |
| Revolving Credit Facility | $34099 | $(2506) | $34099 | $47369 | $(3074) | $47369 |
| SPV Asset Facility I | 141501 | (3499) | 141501 | 192064 | (2936) | 192064 |
| CLO XIII | 258088 | (1912) | 258088 | 257905 | (2095) | 257905 |
| 2026 Notes | 347261 | (2739) | 363125 | 345556 | (4444) | 367500 |
| **Total Debt** | $780949 | $(10656) | $796813 | $842894 | $(12549) | $864838 |

---

_______________

<sup>(1)</sup> The carrying values are presented net of debt issuance costs.

The table below presents 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 | 363125 | 367500 |
| Level 3 | 433688 | 497338 |
| **Total Debt** | $796813 | $864838 |

---

*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. Commitments and Contingencies**

*Portfolio Company Commitments*

From time to time, the Company may enter into commitments to fund investments in the form of revolving credit, delayed draw, or equity commitments, which require the Company to provide funding when requested by portfolio companies in accordance with underlying loan agreements. The Company had the following outstanding commitments as of the following periods:

---

| | | |
|:---|:---|:---|
| | **As of September 30, 2025** | **As of December 31, 2024** |
| Total net unfunded revolving loan commitments | $92472 | $99069 |
| Total net unfunded delayed draw loan commitments | 82084 | 77698 |
| Total unfunded specialty finance debt commitments | **—** |  |
| Total net unfunded revolving and delayed draw loan commitments | $174556 | $176767 |
| Total unfunded specialty finance equity commitments | $6242 | $4996 |
| Total unfunded equity commitments | 232 |  |
|  | $6474 | $4996 |
| **Total Unfunded Commitments** | $181030 | $181763 |

---

As of September 30, 2025, the Company believed they had adequate financial resources to satisfy the unfunded portfolio company commitments.

*Organizational and Offering Costs*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Adviser incurred organization and offering costs on behalf of the Company in the amount of $12.4 million from October 15, 2015 (Inception), of which $12.4 million was charged to the Company pursuant to the Investment Advisory Agreement. Under the Investment Advisory Agreement and Administration Agreement, the Adviser is entitled to receive up to 1.5% of gross offering

------

**Blue Owl Capital Corporation II**

**Notes to Consolidated Financial Statements (Unaudited) — Continued**

**(Amounts in thousands, except share and per share amounts and as otherwise noted)**

proceeds raised in the Company's continuous public offering until all organization and offering costs paid by the Adviser have been recovered. The Company terminated its continuous public offering as of April 30, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Other Commitments and Contingencies*

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of September 30, 2025, management was not aware of any material pending or threatened litigation that would require accounting recognition or financial statement disclosure.

**Note 8. Net Assets**

*Share Issuances*

The Company currently has the authority to issue 450,000,000 common shares at $0.01 per share par value. Prior to its continuous public offering, the Company issued 100 shares of common stock to the Adviser and 277,788 shares of its common stock to certain individuals and entities affiliated with the Adviser in a private placement. The Company issued 151,364,239 shares of common stock in its continuous public offering prior to its termination on April 30, 2021.

The table below summarizes transactions with respect to shares of the Company's common stock during the following periods:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** |
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** |
| | **Shares**  | **Amount**  | **Shares**  | **Amount**  |
| Reinvestment of distributions | 1151700 | $9817 | 1393823 | $12393 |
| Repurchased shares | (7138809) | (60323) | (3785909) | (33505) |
| Total shares/gross proceeds | (5987109) | $(50506) | (2392086) | $(21112) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Nine Months Ended**  | **For the Nine Months Ended**  | **For the Nine Months Ended**  | **For the Nine Months Ended**  |
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** |
| | **Shares**  | **Amount**  | **Shares**  | **Amount**  |
| Reinvestment of distributions | 3743243 | $32373 | 4371202 | $39198 |
| Repurchased shares | (17598030) | (150967) | (13985829) | (125372) |
| Total shares/net repurchases | (13854787) | $(118594) | (9614627) | $(86174) |

---

Prior to the termination of the Company's continuous public offering, in the event of a material decline in its net asset value per share, the Company's Board reduced the offering price in order to establish a new net offering price per share. The Company will not sell shares at a net offering price below the net asset value per share unless the Company obtains the requisite approval from its shareholders.

The Company determined not to file additional post-effective amendments to its registration statement and terminated its offering as of April 30, 2021.

------

**Blue Owl Capital Corporation II**

**Notes to Consolidated Financial Statements (Unaudited) — Continued**

**(Amounts in thousands, except share and per share amounts and as otherwise noted)**

During the years ended December 31, 2023, 2024 and nine months ended September 30, 2025, shares issued pursuant to the dividend reinvestment plan were issued as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Date of Issuance** | **Record Date** | **Number of Shares** | **Purchase Price per Share** |
| February 1, 2023 | January 31, 2023 | 379272 | $8.89 |
| February 2, 2023 | December 31, 2022 | 126215 | $8.89 |
| March 1, 2023 | February 28, 2023 | 380932 | $8.88 |
| March 29, 2023 | March 28, 2023 | 376723 | $8.90 |
| April 26, 2023 | April 25, 2023 | 377165 | $8.90 |
| April 28, 2023 | March 31, 2023 | 125586 | $8.90 |
| May 31, 2023 | May 30, 2023 | 380161 | $8.88 |
| June 28, 2023 | June 27, 2023 | 366863 | $8.96 |
| July 26, 2023 | July 25, 2023 | 365479 | $8.97 |
| July 31, 2023 | June 30, 2023 | 121887 | $8.97 |
| August 30, 2023 | August 29, 2023 | 366982 | $8.99 |
| September 27, 2023 | September 26, 2023 | 355431 | $9.08 |
| November 1, 2023 | October 31, 2023 | 428157 | $9.02 |
| November 13, 2023 | September 30, 2023 | 356503 | $9.00 |
| November 29, 2023 | November 28, 2023 | 432272 | $9.04 |
| December 27, 2023 | December 26, 2023 | 427597 | $9.03 |
| January 30, 2024 | December 31, 2023 | 213228 | $9.03 |
| January 31, 2024 | January 30, 2024 | 431463 | $9.01 |
| February 28, 2024 | February 27, 2024 | 431753 | $9.01 |
| March 27, 2024 | March 26, 2024 | 420004 | $9.01 |
| May 1, 2024 | April 30, 2024 | 420937 | $8.99 |
| May 13, 2024 | March 31, 2024 | 209715 | $8.99 |
| May 29, 2024 | May 28, 2024 | 424861 | $8.99 |
| June 26, 2024 | June 25, 2024 | 425419 | $9.00 |
| July 31, 2024 | July 30, 2024 | 417972 | $8.91 |
| August 13, 2024 | June 30, 2024 | 139068 | $8.90 |
| August 28, 2024 | August 27, 2024 | 421784 | $8.91 |
| September 25, 2024 | September 24, 2024 | 414999 | $8.85 |
| October 30, 2024 | October 29, 2024 | 410454 | $8.84 |
| November 12, 2024 | September 30, 2024 | 135993 | $8.84 |
| November 27, 2024 | November 26, 2024 | 413780 | $8.82 |
| December 26, 2024 | December 24, 2024 | 402741 | $8.80 |
| January 29, 2025 | January 28, 2025 | 404165 | $8.79 |
| February 13, 2025 | December 31, 2024 | 133727 | $8.80 |
| February 26, 2025 | February 25, 2025 | 407046 | $8.78 |
| March 26, 2025 | March 25, 2025 | 394211 | $8.75 |
| April 30, 2025 | April 29, 2025 | 400981 | $8.63 |
| May 13, 2025 | March 31, 2025 | 65631 | $8.72 |
| May 28, 2025 | May 27, 2025 | 402219 | $8.62 |
| June 25, 2025 | June 24, 2025 | 383563 | $8.61 |
| July 30, 2025 | July 29, 2025 | 385457 | $8.57 |
| August 27, 2025 | August 26, 2025 | 388223 | $8.55 |
| September 25, 2025 | September 24, 2025 | 378020 | $8.45 |

---

------

**Blue Owl Capital Corporation II**

**Notes to Consolidated Financial Statements (Unaudited) — Continued**

**(Amounts in thousands, except share and per share amounts and as otherwise noted)**

*Distributions*

The Board generally authorizes and declares monthly and/or quarterly distribution amounts per share of common stock, payable monthly and/or quarterly in arrears.

The tables below present cash distributions per share for shareholders of record during the following periods:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the Nine Months Ended September 30, 2025** | **For the Nine Months Ended September 30, 2025** | **For the Nine Months Ended September 30, 2025** | **For the Nine Months Ended September 30, 2025** | **For the Nine Months Ended September 30, 2025** | **For the Nine Months Ended September 30, 2025** |
| **Declaration Date** | **Record Date** | **Payment Date** | **Dividend** | **Distribution Per Share** | **Distribution Amount** |
| &nbsp;&nbsp;November 8, 2024 | &nbsp;&nbsp;January 28, 2025 | &nbsp;&nbsp;January 29, 2025 | Monthly | $0.06 | $7664 |
| &nbsp;&nbsp;February 18, 2025 | &nbsp;&nbsp;February 25, 2025 | &nbsp;&nbsp;February 26, 2025 | Monthly | 0.06 | 7696 |
| &nbsp;&nbsp;February 18, 2025 | &nbsp;&nbsp;March 25, 2025 | &nbsp;&nbsp;March 26, 2025 | Monthly | 0.06 | 7720 |
| &nbsp;&nbsp;February 18, 2025 | &nbsp;&nbsp;March 31, 2025 | &nbsp;&nbsp;May 13, 2025 | Quarterly | 0.01 | 1249 |
| &nbsp;&nbsp;February 18, 2025 | &nbsp;&nbsp;April 29, 2025 | &nbsp;&nbsp;April 30, 2025 | Monthly | 0.06 | 7492 |
| &nbsp;&nbsp;May 6, 2025 | &nbsp;&nbsp;May 27, 2025 | &nbsp;&nbsp;May 28, 2025 | Monthly | 0.06 | 7520 |
| &nbsp;&nbsp;May 6, 2025 | &nbsp;&nbsp;June 24, 2025 | &nbsp;&nbsp;June 25, 2025 | Monthly | 0.06 | 7542 |
| &nbsp;&nbsp;May 6, 2025 | &nbsp;&nbsp;July 29, 2025 | &nbsp;&nbsp;July 30, 2025 | Monthly | 0.06 | 7192 |
| &nbsp;&nbsp;August 5, 2025 | &nbsp;&nbsp;August 26, 2025 | &nbsp;&nbsp;August 27, 2025 | Monthly | 0.06 | 7215 |
| &nbsp;&nbsp;August 5, 2025 | &nbsp;&nbsp;September 24, 2025 | &nbsp;&nbsp;September 25, 2025 | Monthly | 0.06 | 7238 |
|  |  |  | **Total** | $0.55 | $68528 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the Nine Months Ended September 30, 2024** | **For the Nine Months Ended September 30, 2024** | **For the Nine Months Ended September 30, 2024** | **For the Nine Months Ended September 30, 2024** | **For the Nine Months Ended September 30, 2024** | **For the Nine Months Ended September 30, 2024** |
| **Declaration Date** | **Record Date** | **Payment Date** | **Dividend** | **Distribution Per Share** | **Distribution Amount** |
| &nbsp;&nbsp;December 21, 2023 | &nbsp;&nbsp;January 30, 2024 | &nbsp;&nbsp;January 31, 2024 | Monthly | $0.06 | $8433 |
| &nbsp;&nbsp;December 21, 2023 | &nbsp;&nbsp;February 27, 2024 | &nbsp;&nbsp;February 28, 2024 | Monthly | 0.06 | 8459 |
| &nbsp;&nbsp;December 21, 2023 | &nbsp;&nbsp;March 26, 2024 | &nbsp;&nbsp;March 27, 2024 | Monthly | 0.06 | 8485 |
| &nbsp;&nbsp;February 21, 2024 | &nbsp;&nbsp;March 31, 2024 | &nbsp;&nbsp;May 13, 2024 | Quarterly | 0.03 | 4054 |
| &nbsp;&nbsp;February 21, 2024 | &nbsp;&nbsp;April 30, 2024 | &nbsp;&nbsp;May 1, 2024 | Monthly | 0.06 | 8106 |
| &nbsp;&nbsp;May 7, 2024 | &nbsp;&nbsp;May 28, 2024 | &nbsp;&nbsp;May 29, 2024 | Monthly | 0.06 | 8145 |
| &nbsp;&nbsp;May 7, 2024 | &nbsp;&nbsp;June 25, 2024 | &nbsp;&nbsp;June 26, 2024 | Monthly | 0.06 | 8171 |
| &nbsp;&nbsp;May 7, 2024 | &nbsp;&nbsp;June 30, 2024 | &nbsp;&nbsp;August 13, 2024 | Quarterly | 0.02 | 2663 |
| &nbsp;&nbsp;May 7, 2024 | &nbsp;&nbsp;July 30, 2024 | &nbsp;&nbsp;July 31, 2024 | Monthly | 0.06 | 7987 |
| &nbsp;&nbsp;August 6, 2024 | &nbsp;&nbsp;August 27, 2024 | &nbsp;&nbsp;August 28, 2024 | Monthly | 0.06 | 8021 |
| &nbsp;&nbsp;August 6, 2024 | &nbsp;&nbsp;September 24, 2024 | &nbsp;&nbsp;September 25, 2024 | Monthly | 0.06 | 8046 |
| &nbsp;&nbsp;August 6, 2024 | &nbsp;&nbsp;September 30, 2024 | &nbsp;&nbsp;November 12, 2024 | Quarterly | 0.02 | 2615 |
|  |  |  | **Total** | $0.61 | $83185 |

---

With respect to distributions, the Company has adopted an "opt-in" dividend reinvestment plan for common shareholders pursuant to which shareholders that have "opted-in" may have the full amount of any cash distribution reinvested in additional shares of the Company's common stock based on the net offering price per share calculated as if the Company's offering had not been terminated. As a result, in the event of a declared distribution, each shareholder that has not "opted-in" to the dividend reinvestment plan will have their dividends or distributions automatically received in cash rather than reinvested in additional shares of the Company's common stock. Shareholders who receive distributions in the form of shares of common stock will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.

The Company may fund its cash distributions to shareholders from any source of funds available to the Company, including but not limited to offering proceeds, net investment income from operations, capital gains proceeds from the sale of assets, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies. In no event, however, will funds be advanced or borrowed for the purpose of distributions, if the amount of such distributions would exceed the Company's accrued and received revenues for the previous four quarters, less paid and accrued operating expenses with respect to such revenues and costs.

------

**Blue Owl Capital Corporation II**

**Notes to Consolidated Financial Statements (Unaudited) — Continued**

**(Amounts in thousands, except share and per share amounts and as otherwise noted)**

Through November 7, 2023, the termination date of the Expense Support Agreement by the Adviser, a portion of the Company's distributions resulted from expense support from the Adviser, which was subject to repayment by the Company within three years from the date of payment. The purpose of this arrangement was to avoid distributions being characterized as a return of capital for U.S. federal income tax purposes. Shareholders should understand that any such distribution was not based on the Company's investment performance, and can only be sustained if the Company achieves positive investment performance in future periods and/or the Adviser continued to provide expense support. Shareholders should also understand that the Company's repayments of expense support reduced the distributions that they would have otherwise received. There can be no assurance that the Company will achieve the performance necessary to sustain these distributions, or be able to pay distributions at all.

Sources of distributions, other than net investment income and realized gains on a U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions. The tables below reflect the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its shares of common stock during the following periods:

---

| | | | |
|:---|:---|:---|:---|
| | **For the Nine Months Ended September 30, 2025** | **For the Nine Months Ended September 30, 2025** | **For the Nine Months Ended September 30, 2025** |
|<br>**Source of Distribution** | **Per Share** | **Amount** | **Percentage** |
| Net investment income | $0.47 | $58709 | 85.7% |
| Net realized gain on investments |  |  |  |
| Excess (undistributed) | 0.08 | 9819 | 14.3 |
| **Total** | $0.55 | $68528 | 100.0% |

---

---

| | | | |
|:---|:---|:---|:---|
| | **For the Nine Months Ended September 30, 2024** | **For the Nine Months Ended September 30, 2024** | **For the Nine Months Ended September 30, 2024** |
|<br>**Source of Distribution** | **Per Share** | **Amount** | **Percentage** |
| Net investment income | $0.59 | $80286 | 96.5% |
| Net realized gain on investments |  |  |  |
| Excess (undistributed)<sup>(1)</sup> | 0.02 | 2899 | 3.5 |
| **Total** | $0.61 | $83185 | 100.0% |

---

_______________

<sup>(1)</sup> The per share amounts round to less than $0.01 per share.

*Share Repurchases*

In the third quarter of 2017, the Company began offering, and on a quarterly basis, intends to continue offering, to repurchase shares of the Company's common stock on such terms as may be determined by the Board in its complete discretion. The Board has complete discretion to determine whether the Company will engage in any share repurchase, and if so, the terms of such repurchase. At the discretion of the Board, the Company may use cash on hand, cash available from borrowings, and cash from the sale of investments as of the end of the applicable period to repurchase shares.

All shares purchased by the Company pursuant to the terms of each offer to repurchase will be retired and thereafter will be authorized and unissued shares.

------

**Blue Owl Capital Corporation II**

**Notes to Consolidated Financial Statements (Unaudited) — Continued**

**(Amounts in thousands, except share and per share amounts and as otherwise noted)**

Any periodic repurchase offers are subject in part to the Company's available cash and compliance with the BDC and RIC qualification and diversification rules promulgated under the 1940 Act and the Code, respectively. While the Company intends to continue to conduct quarterly tender offers as described above, the Company is not required to do so and may suspend or terminate the share repurchase program at any time.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Offer Date** | **Tender Offer Expiration** | **Tender Offer** | **Purchase Price per Share** | **Shares Repurchased** |
| February 28, 2023 | March 27, 2023 | $23099 | $8.90 | 2595339 |
| May 26, 2023 | June 26, 2023 | $36020 | $8.96 | 4020194 |
| August 28, 2023 | September 25, 2023 | $28144 | $9.08 | 3099549 |
| November 27, 2023 | December 22, 2023 | $16397 | $9.03 | 1815787 |
| February 27, 2024 | March 25, 2024 | $60509 | $9.01 | 6715753 |
| May 24, 2024 | June 24, 2024 | $31358 | $9.00 | 3484167 |
| August 26, 2024 | September 23, 2024 | $33505 | $8.85 | 3785909 |
| November 25, 2024 | December 23, 2024 | $38391 | $8.80 | 4362658 |
| February 19, 2025 | March 24, 2025 | $36805 | $8.75 | 4206258 |
| May 16, 2025 | June 27, 2025 | $53838 | $8.61 | 6252963 |
| August 18, 2025 | September 25, 2025 | $60324 | $8.45 | 7138809 |

---

**Note 9. Earnings Per Share**

The table below sets forth the computation of basic and diluted earnings per common share for the following periods:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Increase (decrease) in net assets resulting from operations | $1221 | $17906 | $21213 | $61280 |
| Weighted average shares of common stock outstanding—basic and diluted | 119752779 | 133410881 | 124189895 | 136489093 |
| Earnings per common share-basic and diluted | $0.01 | $0.13 | $0.17 | $0.45 |

---

**Note 10. Income Taxes**

The Company has elected to be treated as a RIC under Subchapter M of the Code, and intends to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, the Company must, among other things, distribute to its shareholders in each taxable year generally at least 90% of the Company's investment company taxable income, as defined by the Code, and net tax-exempt income for that taxable year. To maintain tax treatment as a RIC, the Company, among other things, intends to make the requisite distributions to its shareholders, which generally relieves the Company from corporate-level U.S. federal income taxes.

Depending on the level of taxable income earned in a tax year, the Company can be expected to carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that the Company determines that its estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, the Company will accrue excise tax on estimated excess taxable income.

For the three and nine months ended September 30, 2025, the Company recorded U.S. federal and state corporate-level income tax expense/(benefit) of $0.3 million and $1.2 million, respectively, including U.S. federal excise tax expense/(benefit) of $(64) thousand and $(191) thousand, for the three and nine months ended September 30, 2025, respectively. For the three and nine months ended September 30, 2024, the Company recorded U.S. federal and state corporate-level income tax expense/(benefit) of $1.3 million and $2.7 million, respectively, including U.S. federal excise tax expense/(benefit) of $21 thousand and $91 thousand, for the three and nine months ended September 30, 2024, respectively.

*Taxable Subsidiaries* 

Certain of the Company's consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. For the three and nine months ended September 30, 2025, the Company recorded a net tax expense/(benefit) of approximately $0.4 million

------

**Blue Owl Capital Corporation II**

**Notes to Consolidated Financial Statements (Unaudited) — Continued**

**(Amounts in thousands, except share and per share amounts and as otherwise noted)**

and $1.4 million, respectively, for taxable subsidiaries. For the three and nine months ended September 30, 2024, the Company recorded a net tax expense/(benefit) of approximately $1.0 million and $1.1 million, respectively, for taxable subsidiaries.

The Company recorded net deferred tax liabilities of $10.9 million and $10.3 million as of September 30, 2025 and December 31, 2024 for taxable subsidiaries, respectively, which is significantly related to GAAP to tax outside basis differences in the taxable subsidiaries' investment in certain partnership interests.

------

**Blue Owl Capital Corporation II**

**Notes to Consolidated Financial Statements (Unaudited) — Continued**

**(Amounts in thousands, except share and per share amounts and as otherwise noted)**

**Note 11. Financial Highlights**

The below are the financial highlights for a common share outstanding during the following periods:

---

| | | |
|:---|:---|:---|
| | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
| | **2025** | **2024** |
| **Per share data** |  |  |
| Net asset value, at beginning of period | $8.80 | $9.00 |
| **Results of operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(1)</sup> | 0.47 | 0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss)<sup>(4)</sup> | (0.30) | (0.14) |
| **Net increase (decrease) in net assets resulting from operations** | 0.17 | 0.45 |
| **Distributions** |  |  |
| Net increase (decrease) in net assets from shareholders' distributions | (0.55) | (0.61) |
| **Total increase (decrease) in net assets** | (0.38) | (0.16) |
| **Net asset value, at end of period**<sup>(9)</sup> | $8.41 | $8.84 |
| **Total Return**<sup>(5)(6)</sup> | 1.8% | 5.1% |
| **Ratios** |  |  |
| Ratio of net expenses to average net assets<sup>(3)(7)(8)</sup> | 11.7% | 12.7% |
| Ratio of net investment income to average net assets<sup>(7)</sup> | 7.5% | 8.9% |
| Portfolio turnover rate | 13.2% | 33.5% |
| **Supplemental Data** |  |  |
| Weighted-average shares outstanding | 124189895 | 136489093 |
| Shares outstanding, end of period | 113872539 | 130727015 |
| Net assets, end of period | $957640 | $1155408 |

---

_______________

<sup>(1)</sup> The per share data was derived using the weighted average shares during the period.

<sup>(2)</sup> The per share data was derived using actual shares outstanding at the date of the relevant transaction.

<sup>(3)</sup> Operating expenses may vary in the future based on unpredictable variables. Past performance is not a guarantee of future results.

<sup>(4)</sup> The amount shown at this caption is the balancing amount derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout the year may not agree with the change in the aggregate gains and losses in portfolio securities for the year because of the timing of sales of the Company's shares in relation to fluctuating market values for the portfolio.

<sup>(5)</sup> Total return is calculated as the change in net asset value ("NAV") per share (assuming dividends and distributions, if any, are reinvested in accordance with the Company's dividend reinvestment plan), if any, divided by the beginning NAV per share.

<sup>(6)</sup> Total return displayed is net of all fees, including all operating expenses such as management fees, incentive fees, general and administrative expenses, organization and amortized offering expenses, and interest expenses.

<sup>(7)</sup> The ratio reflects an annualized amount, except in the case of non-recurring expenses.

<sup>(8)</sup> Prior to any management fee waivers, the annualized total expenses to average net assets for the period ended September 30, 2025, was 11.7%.

<sup>(9)</sup> Totals presented may not sum due to rounding.

------

**Blue Owl Capital Corporation II**

**Notes to Consolidated Financial Statements (Unaudited) — Continued**

**(Amounts in thousands, except share and per share amounts and as otherwise noted)**

 **Note 12. Subsequent Events**

In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date of issuance. There are no subsequent events to disclose except the following:

*Dividends*

On November 4, 2025, the Board approved regular monthly distributions for November 2025, through January 2026. The regular monthly cash distributions, each in the gross amount of $0.0533 per share, will be payable monthly to shareholders of record as of the monthly record date.

*Owl Rock CLO XIII Redemption*

On October 16, 2025, the CLO XIII Issuer redeemed and paid in full all classes of the CLO XIII Secured Notes, plus accrued interest thereon though October 16, 2025.

*Merger Agreement with Blue Owl Capital Corporation*

On November 5, 2025, the Company entered into an Agreement and Plan of Merger (the "Merger Agreement") with Blue Owl Capital Corporation, a Maryland corporation ("OBDC"), Cowboy Merger Sub, Inc., a Maryland corporation and wholly owned subsidiary of OBDC ("Merger Sub"), and, solely for the limited purposes set forth therein, the Adviser. The Merger Agreement provides that, subject to the conditions set forth in the Merger Agreement, Merger Sub will be merged with and into the Company, with the Company continuing as the surviving company and as a wholly-owned subsidiary of OBDC (the "Initial Merger"), and, immediately thereafter, the Company will merge with and into OBDC, with OBDC continuing as the surviving company (the "Second Merger" and together, with the Initial Merger, the "Mergers"). The parties to the Merger Agreement intend the Mergers to be treated as a "reorganization" within the meaning of Section 368(a) of the Code.

Effective upon the closing of the Mergers, each share of the Company's common stock issued and outstanding immediately prior to the effective time of the Mergers, except for shares, if any, owned by OBDC or any of its consolidated subsidiaries, will be converted into the right to receive a number of shares of OBDC's common stock equal to the Exchange Ratio (as defined below), plus any cash (without interest) in lieu of fractional shares, in connection with the closing of the Mergers.

Under the terms of the Merger Agreement, the "Exchange Ratio" will be determined as of a mutually agreed date (such date, the "Determination Date") no earlier than 48 hours (excluding Sundays and holidays) prior to the effective date of the Mergers and based on (i) the net asset value ("NAV") per share of OBDC's common stock (the "OBDC Per Share NAV") and the adjusted net asset value per share of the Company (the "OBDC II Per Share NAV") and (ii) the closing price per share of OBDC's common stock on the NYSE on either the Determination Date or, if the NYSE is closed on the Determination Date, the most recent trading day prior to the Determination Date (the "OBDC Common Stock Price").

The Exchange Ratio will be calculated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)if the quotient of the OBDC Common Stock Price and the OBDC Per Share NAV is less than or equal to 100%, then the Exchange Ratio shall be the quotient (rounded to the fourth nearest decimal) of the OBDC II Per Share NAV and the OBDC Per Share NAV; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)if the quotient of the OBDC Common Stock Price and the OBDC Per Share NAV is greater than 100%, the Exchange Ratio shall be the quotient (rounded to the fourth nearest decimal) of the OBDC II Per Share NAV and the OBDC Common Stock Price.

Consummation of the Mergers, which is currently anticipated to occur during the first quarter of 2026, is subject to certain closing conditions, including (1) requisite approvals of the Company's shareholders, (2) the effectiveness of an amendment to the Company's Articles of Amendment and Restatement, (3) the absence of certain enumerated legal impediments to the consummation of the Mergers, (4) effectiveness of the registration statement for OBDC's common stock to be issued as consideration in the Mergers, (5) subject to certain exceptions, the accuracy of the representations and warranties and compliance with the covenants of each party to the Merger Agreement, (6) required regulatory approvals (including expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended), (7) the absence of a material adverse effect in respect of the parties, and (8) the receipt of customary legal opinions to the effect that the Mergers will be treated as a "reorganization" within the meaning of Section 368(a) of the Code by the parties.

Prior to the anticipated closing of the Mergers, the Company and OBDC intend to declare and pay ordinary course dividends.

Prior to the anticipated closing of the Mergers, subject to the approval of the Company's board of directors, the Company may declare a dividend to its shareholders equal to undistributed net investment income estimated to be remaining as of the closing of the Mergers, if any.

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**Blue Owl Capital Corporation II**

**Notes to Consolidated Financial Statements (Unaudited) — Continued**

**(Amounts in thousands, except share and per share amounts and as otherwise noted)**

The foregoing summary description of the Merger Agreement and the transactions contemplated thereby is subject to and qualified in its entirety by reference to the Merger Agreement, a copy of which has been filed as Exhibit 2.1 to the Company's Current Report on Form 8-K, dated November 5, 2025, the terms of which are incorporated herein by reference. In connection with the Mergers, the Company plans to file with the SEC and mail to its shareholders a proxy statement/prospectus (the "Proxy Statement") and OBDC plans to file with the SEC a registration statement on Form N-14 (the "Registration Statement") that will include the Proxy Statement and a prospectus of OBDC.

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**PART II**

**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations** 

The information contained in this section should be read in conjunction with *"ITEM 1. FINANCIAL STATEMENTS."* This discussion contains forward-looking statements, which relate to future events or the future performance or financial condition of Blue Owl Capital Corporation II and involves numerous risks and uncertainties, including, but not limited to, those described in our Form 10-K for the fiscal year ended December 31, 2024 in *"ITEM 1A. RISK FACTORS."* This discussion also should be read in conjunction with the "Cautionary Statement Regarding Forward Looking Statements" set forth on page 1 of this Quarterly Report on Form 10-Q. Actual results could differ materially from those implied or expressed in any forward-looking statements.

**Overview**

Blue Owl Capital Corporation II (the "Company", "we", "us", or "our") is an externally managed, non-diversified closed-end management investment company that has elected to be treated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). Formed as a Maryland corporation on October 15, 2015, we are externally managed by Blue Owl Credit Advisors LLC (the "Adviser", "our Adviser" or "OCA") which is responsible for sourcing potential investments, conducting due diligence on prospective investments, analyzing investment opportunities, structuring investments and monitoring our portfolio on an ongoing basis. We have elected to be treated as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and we intend to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. On February 28, 2017, we formed a wholly-owned subsidiary, OR Lending II LLC, a Delaware limited liability company, which holds a California finance lenders license. OR Lending II LLC makes loans to borrowers headquartered in California.

Our Adviser is registered with the U.S. Securities and Exchange Commission ("SEC") as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), an indirect affiliate of Blue Owl Capital Inc. ("Blue Owl") (NYSE: OWL) and part of Blue Owl's Credit platform, which includes several strategies focused on direct lending, alternative credit, investment grade credit, liquid credit and other related strategies. Subject to the overall supervision of our Board, our Adviser manages the day-to-day operations of, and provides investment advisory and management services, to us. The Adviser or its affiliates may engage in certain origination activities and receive attendant arrangement, structuring or similar fees. Our Adviser is responsible for managing our business and activities, including sourcing investment opportunities, conducting research, performing diligence on potential investments, structuring our investments, and monitoring our portfolio companies on an ongoing basis through a team of investment professionals.

In April 2017, we commenced our continuous public offering, commenced operations and made our first portfolio company investment. We terminated our continuous public offering as of April 30, 2021. Prior to the termination of our continuous public offering, we issued 151,364,239 shares of our common stock for gross proceeds of approximately $1.39 billion, including seed capital contributed by our Adviser in September 2016 and approximately $10.0 million in gross proceeds raised in the private placement from certain individuals and entities affiliated with our Adviser.

Our Adviser also serves as investment adviser to Blue Owl Capital Corporation and Blue Owl Credit Income Corp.

Blue Owl consists of three product platforms: (1) Credit, (2) GP Strategic Capital, which primarily focuses on acquiring equity stakes in or providing debt financing to large, multi-product private equity and private credit firms and (3) Real Assets, which primarily focuses on the strategies of net lease real estate, real estate credit and digital infrastructure, which focuses on acquiring, financing, developing and operating data centers and related digital infrastructure assets. Blue Owl's Credit platform is comprised of Blue Owl Technology Credit Advisors LLC ("OTCA"), Blue Owl Credit Private Fund Advisors LLC ("OPFA"), Blue Owl Technology Credit Advisors II LLC ("OTCA II") and Blue Owl Diversified Credit Advisors LLC ("ODCA" and together with OTCA, OPFA, OTCA II and the Adviser, the "Blue Owl Credit Advisers"), which also are investment advisers. As of September 30, 2025, the Adviser and its affiliates had $152.14 billion of assets under management across Blue Owl's Credit platform.

The management of our investment portfolio is the responsibility of the Adviser and the Diversified Lending Investment Committee. The Investment Team is led by Douglas I. Ostrover, Marc S. Lipschultz and Craig W. Packer and is supported by certain members of the Adviser's senior executive team and Blue Owl's Credit platform's direct lending investment committees. Blue Owl's four direct lending investment committees each focus on a specific investment strategy (Diversified Lending, Technology Lending, First Lien Lending and Opportunistic Lending). Douglas I. Ostrover, Marc S. Lipschultz, Craig W. Packer and Alexis Maged sit on each of Blue Owl's direct lending investment committees. In addition to Messrs. Ostrover, Lipschultz, Packer and Maged, the Diversified Lending Investment Committee is comprised of Patrick Linnemann, Meenal Mehta and Logan Nicholson and as of November 1, 2025, Matthias Ederer. See "Item 5. — Other Information." We consider the individuals on the Diversified Lending Investment Committee to be our portfolio managers. The Investment Team, under the Diversified Lending Investment Committee's supervision, sources investment opportunities, conducts research, performs due diligence on potential investments, structures our investments and will monitor our portfolio companies on an ongoing basis.

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The Diversified Lending Investment Committee meets regularly to consider our investments, direct our strategic initiatives and supervise the actions taken by the Adviser on our behalf. In addition, the Diversified Lending Investment Committee reviews and determines whether to make prospective investments (including approving parameters or guidelines pursuant to which investments in broadly syndicated loans may be bought and sold), structures financings and monitors the performance of the investment portfolio. Each investment opportunity requires the approval of a majority of the Diversified Lending Investment Committee. Follow-on investments in existing portfolio companies may require the Diversified Lending Investment Committee's approval beyond that obtained when the initial investment in the portfolio company was made. In addition, temporary investments, such as those in cash equivalents, U.S. government securities and other high quality debt investments that mature in one year or less, may require approval by the Diversified Lending Investment Committee. The compensation packages of Diversified Lending Investment Committee members from the Adviser include various combinations of discretionary bonuses and variable incentive compensation based primarily on performance for services provided and may include shares of Blue Owl.

We may be prohibited under the 1940 Act from participating in certain transactions with our affiliates without the prior approval of our directors who are not interested persons and, in some cases, the prior approval of the SEC. We, the Adviser and certain of our affiliates were granted an order for exemptive relief that permitted co-investing with our affiliates subject to various approvals of the Board and other conditions. On May 6, 2025, we, the Adviser and certain of our affiliates were granted a new order for exemptive relief that superseded the prior order for exemptive relief (the "Order") by the SEC for us to co-invest with other funds managed by the Adviser or certain affiliates in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to the Order, we generally are permitted to co-invest with certain of our affiliates if such co-investments are done on the same terms and at the same time, as further detailed in the Order. The Order requires that a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Board make certain findings (1) in most instances when we co-invest with our affiliates in an issuer where our affiliate has an existing investment in the issuer, and (2) if we dispose of an asset acquired in a transaction under the Order unless the disposition is done on a pro rata basis. Pursuant to the Order, the Board will oversee our participation in the co-investment program. As required by the Order, we have adopted, and the Board has approved, policies and procedures reasonably designed to ensure compliance with the terms of the Order, and the Adviser and our Chief Compliance Officer will provide reporting to the Board.

In addition, the Order permits us to continue to co-invest in our existing portfolio companies with certain affiliates that are private funds when such private funds did not have an investment in such existing portfolio company. The Blue Owl Credit Advisers' investment allocation policy seeks to ensure equitable allocation of investment opportunities over time between us and other funds managed by our Adviser or its affiliates. As a result of the Order, there could be significant overlap in our investment portfolio and the investment portfolio of the BDCs, private funds and separately managed accounts managed by the Blue Owl Credit Advisers (collectively, the "Blue Owl Credit Clients") and/or other funds managed by the Adviser or its affiliates that avail themselves of the Order and that have an investment objective similar to ours.

From time to time, we may form wholly-owned subsidiaries to facilitate our normal course of business.

Certain of our consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes.

We have elected to be regulated as a BDC under the 1940 Act and as a RIC for tax purposes under the Code. As a result, we are required to comply with various statutory and regulatory requirements, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement to invest at least 70% of our assets in "qualifying assets", as such term is defined in the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• source of income limitations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• asset diversification requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement to distribute (or be treated as distributing) in each taxable year at least the sum of 90% of our investment company taxable income and tax-exempt interest for that taxable year.

**Our Investment Framework**

Our investment objective is to generate current income, and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. Our investment strategy focuses primarily on originating and making loans to, and making debt and equity investments in, U.S. middle market companies. Since our Adviser and its affiliates began investment activities in April 2016 through September 30, 2025, our Adviser and its affiliates have originated $174.72 billion aggregate principal amount of investments, of which $170.63 billion aggregate principal amount of investments prior to any subsequent exits or repayments, was retained by either us or a corporation or fund advised by our Adviser or its affiliates. We seek to participate in transactions sponsored by what we believe to be high-quality private equity and venture capital firms capable of providing both operational and financial resources. We seek to generate current income primarily in U.S. middle market companies, both sponsored and non-sponsored, through direct originations of senior secured loans or originations of unsecured loans, subordinated loans or mezzanine loans, broadly syndicated loans and, to a lesser extent, investments in equity and equity-related securities including warrants, preferred stock and similar forms of senior equity. Except for our specialty financing company investments, our equity investments are typically not

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control-oriented investments and we may structure such equity investments to include provisions protecting our rights as a minority-interest holder.

In general, we define "middle market companies" to mean companies with earnings before interest expense, income tax expense, depreciation and amortization, or "EBITDA," between $25 million and $500 million annually and/or annual revenue of $125 million to $5 billion. Within this space, we predominantly focus on investing in upper middle market businesses, where we can structure larger transactions. which we believe to be more resilient and of greater strategic significance. We categorize "upper middle market" companies as those generating greater than $50 million of EBITDA annually. We may invest in smaller or larger companies if an opportunity presents itself, especially when there are dislocations in the capital markets, including the high yield and syndicated loan markets. We note that over time, the average EBITDA of companies in our portfolio has grown significantly as the scale of private market solutions has grown. Across our investments, we typically seek to be senior in the capital structure, targeting a loan-to-value ratio (the amount of outstanding debt as a percentage of the value of the company) of 50% or below on average, which may provide a level of downside protection and help preserve capital.

We expect that our portfolio composition will be comprised predominantly of directly originated debt and income producing securities, with a lesser allocation to equity or equity-linked opportunities which we may hold directly or through special purpose vehicles. In addition, we may invest a portion of our portfolio in opportunistic investments and publicly traded debt investments and we may evaluate and enter into strategic portfolio transactions that may result in additional portfolio companies that we are considered to control. These types of investments are intended to supplement our core strategy and further enhance returns to our shareholders. These investments may include high-yield bonds and broadly-syndicated loans, including "covenant light" loans (as defined below), and other publicly traded debt instruments, typically originated and structured by banks on behalf of large corporate borrowers with employee counts, revenues, EBITDAs and enterprise values larger than those of middle market companies, and equity investments in portfolio companies that make senior secured loans or invest in broadly syndicated loans, structured products, asset-based solutions or other forms of specialty finance, which may include, but is not limited to, investments such as life settlement, royalty interests and equipment finance.

Our portfolio composition may fluctuate from time to time based on market conditions and interest rates; however, we seek to invest not more than 20% of our portfolio in any single industry classification and target portfolio companies that comprise 1-2% of our portfolio (with no individual portfolio company generally expected to comprise greater than 5% of our portfolio).

Covenants are contractual restrictions that lenders place on companies to limit the corporate actions a company may pursue. The loans in which we expect to invest may have financial maintenance covenants, which are used to proactively address materially adverse changes in a portfolio company's financial performance or may take the form of "covenant-lite" loans which generally refer to loans that do not have a complete set of financial maintenance covenants. Generally, "covenant-lite" loans provide borrowers more freedom to negatively impact lenders because their covenants are incurrence-based, which means they are only tested and can only be breached following an affirmative action of the borrower, rather than by a deterioration in the borrower's financial condition. Accordingly, to the extent we invest in "covenant-lite" loans, we may have fewer rights against a borrower and may have a greater risk of loss on such investments as compared to investments in or exposure to loans with financial maintenance covenants.

As of September 30, 2025, our average debt investment size in each of our portfolio companies was approximately $9.0 million based on fair value. The investment size will vary with the size of our capital base and market conditions. As of September 30, 2025, excluding certain investments that fall outside our typical borrower profile, our portfolio companies representing 95.7% of our total debt portfolio based on fair value, had weighted average annual revenue of $956.1 million, weighted average annual EBITDA of $200 million, an average interest coverage of 1.83 and an average net loan-to value of 42.6%.

The companies in which we invest use our capital to support their growth, acquisitions, market or product expansion, refinancings and/or recapitalizations. The debt in which we invest typically is not rated by any rating agency, but if these instruments were rated, they would likely receive a rating of below investment grade (that is, below BBB- or Baa3), which is often referred to as "high yield" or "junk."

**Key Components of Our Results of Operations**

***Investments***

We focus primarily on the direct origination of loans to institutionally-backed, upper middle market companies domiciled in the United States.

Our level of investment activity (both the number of investments and the size of each investment) can and will vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle market companies, the level of merger and acquisition activity for such companies, the general economic environment and the competitive environment for the types of investments we make.

In addition, as part of our risk strategy on investments, we may reduce the levels of certain investments through partial sales or syndication to additional lenders.

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***Revenues***

We generate revenues primarily in the form of interest income from the investments we hold. In addition, we may generate income from dividends on either direct equity investments or equity interests obtained in connection with originating loans, such as options, warrants or conversion rights. Our debt investments typically have a term of three to ten years. As of September 30, 2025, 98.0% of our debt investments based on fair value bear interest at a floating rate, subject to interest rate floors in certain cases. Interest on our debt investments is generally payable either monthly or quarterly.

Our investment portfolio consists primarily of floating rate loans, and our credit facilities bear interest at floating rates. Macro trends in base interest rates like the Secured Overnight Financing Rate ("SOFR") and any alternative reference rates may affect our net investment income over the long term. However, because we generally originate loans to a small number of portfolio companies each quarter, and those investments vary in size, our results in any given period, including the interest rate on investments that were sold or repaid in a period compared to the interest rate of new investments made during that period, often are idiosyncratic, and reflect the characteristics of the particular portfolio companies that we invested in or exited during the period and not necessarily any trends in our business or macro trends. Generally, because our portfolio consists primarily of floating rate loans, we expect our earnings to benefit from a prolonged higher rate environment.

Loan origination fees, original issue discount and market discount or premium are capitalized, and we accrete or amortize such amounts under generally accepted accounting principles ("U.S. GAAP") as interest income using the effective yield method for term instruments and the straight-line method for revolving or delayed draw instruments. Repayments of our debt investments can reduce interest income from period to period. The frequency or volume of these repayments may fluctuate significantly. We record prepayment premiums on loans as interest income. We may also generate revenue in the form of commitment, loan origination, structuring, or due diligence fees, fees for providing managerial assistance to our portfolio companies and possibly consulting fees.

Dividend income on equity investments is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded companies.

Our portfolio activity also reflects the proceeds from sales of investments. We recognize realized gains or losses on investments based on the difference between the net proceeds from the disposition and the amortized cost basis of the investment without regard to unrealized gains or losses previously recognized. We record current period changes in fair value of investments that are measured at fair value as a component of the net change in unrealized gains (losses) on investments in the Consolidated Statements of Operations.

***Expenses***

Our primary operating expenses include the payment of the management fee, performance based incentive fee, expenses reimbursable under the Administration Agreement and Investment Advisory Agreement, legal and professional fees, interest and other debt expenses and other operating expenses. The management fee and performance based incentive fee compensate our Adviser for work in identifying, evaluating, negotiating, closing, monitoring and realizing our investments.

Except as specifically provided below, all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory and management services to us, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, are provided and paid for by the Adviser. We bear our allocable portion of the compensation paid by the Adviser (or its affiliates) to our Chief Compliance Officer and Chief Financial Officer and their respective staffs (based on a percentage of time such individuals devote, on an estimated basis, to our business affairs). We bear all other costs and expenses of our operations, administration and transactions, including, but not limited to (i) investment advisory fees, including management fees and incentive fees, to the Adviser, pursuant to the Investment Advisory Agreement; (ii) our allocable portion of overhead and other expenses incurred by the Adviser in performing its administrative obligations under the Administration Agreement; and (iii) all other expenses of our operations and transactions including, without limitation, those relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expenses deemed to be "organization and offering expenses" for purposes of FINRA Conduct Rule 2310(a)(12) (exclusive of commissions, the dealer manager fee, any discounts and other similar expenses paid by investors at the time of sale of our stock);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cost of corporate and organizational expenses relating to offerings of shares of our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cost of calculating our net asset value, including the cost of any third-party valuation services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cost of effecting any sales and repurchases of our common stock and other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses payable under any dealer manager agreements, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• debt service and other costs of borrowings or other financing arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs of hedging;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expenses, including travel expense, incurred by the Adviser, or members of the investment team, or payable to third parties, performing due diligence on prospective portfolio companies and, if necessary, enforcing our rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• escrow agent, transfer agent and custodial fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses associated with marketing efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• federal and state registration fees, any stock exchange listing fees and fees payable to rating agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• federal, state and local taxes;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• independent directors' fees and expenses, including certain travel expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs of preparing financial statements and maintaining books and records and filing reports or other documents with the SEC (or other regulatory bodies) and other reporting and compliance costs, including registration fees, listing fees and licenses, and the compensation of professionals responsible for the preparation of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs of any reports, proxy statements or other notices to our shareholders (including printing and mailing costs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs of any shareholder or director meetings and the compensation of personnel responsible for the preparation of the foregoing and related matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• commissions and other compensation payable to brokers or dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• research and market data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fidelity bond, directors' and officers' errors and omissions liability insurance and other insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• direct costs and expenses of administration, including printing, mailing, long distance telephone and staff;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses associated with independent audits, outside legal and consulting costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs of winding up;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs incurred in connection with the formation or maintenance of entities or vehicles to hold our assets for tax or other purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• extraordinary expenses (such as litigation or indemnification); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs associated with reporting and compliance obligations under the 1940 Act and applicable federal and state securities laws.

We expect, but cannot assure, that our general and administrative expenses will increase in dollar terms during periods of asset growth, but will decline as a percentage of total assets during such periods.

***Expense Support and Conditional Reimbursement Agreement***

On February 6, 2017, we entered into an Expense Support and Conditional Reimbursement Agreement (the "Expense Support Agreement") with the Adviser, the purpose of which was to ensure that no portion of our distributions to shareholders will represent a return of capital for U.S. federal income tax purposes. The Expense Support Agreement became effective as of April 4, 2017, the date that the Company met the minimum offering requirement and was terminated on November 7, 2023.

Pursuant to the Expense Support Agreement, prior to its termination on November 7, 2023, on a quarterly basis, the Adviser reimbursed us for "Operating Expenses" (as defined below) in an amount equal to the excess of our cumulative distributions paid to our shareholders in each quarter over "Available Operating Funds" (as defined below) received by us on account of our investment portfolio during such quarter. Any payments required to be made by the Adviser pursuant to the preceding sentence are referred to herein as an "Expense Payment."

Pursuant to the Expense Support Agreement, "Operating Expenses" was defined as all of our operating costs and expenses incurred, as determined in accordance with generally accepted accounting principles for investment companies. "Available Operating Funds" means the sum of (i) our estimated investment company taxable income (including realized net short-term capital gains reduced by realized net long-term capital losses), (ii) our realized net capital gains (including the excess of realized net long-term capital gains over realized net short-term capital losses) and (iii) dividends and other distributions paid to us on account of preferred and common equity investments in portfolio companies, if any (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

Following any quarter in which Available Operating Funds exceed the cumulative distributions paid by us in respect of such quarter (the amount of such excess being hereinafter referred to as "Excess Operating Funds"), we will pay such Excess Operating Funds, or a portion thereof, in accordance with the stipulations below, as applicable, to the Adviser, until such time as all Expense Payments made by the Adviser to us within three years prior to the last business day of such quarter have been reimbursed. Any payments required to be made by us are referred to as a "Reimbursement Payment."

Prior to the termination of the Expense Support Agreement, the amount of Expense Support Payments provided by the Adviser since inception was $32.8 million. As of March 31, 2024, all Expense Support Payments made by the Adviser to the Company had either been recouped by the Adviser or expired.

***Reimbursement of Administrative Services***

We will reimburse our Adviser for the administrative expenses necessary for its performance of services to us. However, such reimbursement will be made at an amount equal to the lower of our Adviser's costs or the amount that we would be required to pay for comparable administrative services in the same geographic location. Also, such costs will be reasonably allocated to us on the basis of assets, revenues, time records or other reasonable methods. We will not reimburse our Adviser for any services for which it receives a separate fee, for example rent, depreciation, utilities, capital equipment or other administrative items allocated to a controlling person of our Adviser.

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***Leverage***

The amount of leverage we use in any period depends on a variety of factors, including cash available for investing, the cost of financing and general economic and market conditions. Generally, our total borrowings are limited so that we cannot incur additional borrowings, including through the issuance of additional debt securities, if such additional indebtedness would cause our asset coverage ratio to fall below 200%, as defined in the 1940 Act; however, recent legislation has modified the 1940 Act by allowing a BDC to increase the maximum amount of leverage it may incur from an asset coverage ratio of 200% to an asset coverage ratio of 150%, if certain requirements are met. The reduced asset coverage requirement would permit a BDC to double the amount of leverage it could incur. We are permitted to increase our leverage capacity if shareholders representing at least a majority of the votes cast, when quorum is met, approve a proposal to do so. If we receive such shareholder approval, we would be permitted to increase our leverage capacity on the first day after such approval. Alternatively, we may increase the maximum amount of leverage we may incur to an asset coverage ratio of 150% if the required majority (as defined in Section 57(o) of the 1940 Act) of the independent members of our Board approves such increase with such approval becoming effective after one year. In either case, we would be required to extend to our shareholders, as of the date of such approval, the opportunity to sell the shares of common stock that they hold and we would be required to make certain disclosures on our website and in SEC filings regarding, among other things, the receipt of approval to increase our leverage, our leverage capacity and usage, and risks related to leverage. For shareholders accepting such an offer, the Company would be required to repurchase 25% of such shareholders' eligible shares in each of the four calendar quarters following the calendar quarter in which the approval occurs. In addition, before incurring any such additional leverage, we would have to renegotiate or receive a waiver from the contractual leverage limitations under our existing credit facilities and notes. Our current target leverage ratio is 0.75x.

In any period, our interest expense will depend largely on the extent of our borrowings and we expect interest expense will increase as we increase our leverage over time subject to the limits of the 1940 Act. In addition, we may dedicate assets to financing facilities.

 ***Market Trends***

We believe the middle market lending environment provides opportunities for us to meet our goal of making investments that generate attractive risk-adjusted returns based on a combination of the following factors.

***Limited Availability of Capital for Middle Market Companies.*** The middle market is a large addressable market. According to GE Capital's National Center for the Middle Market Mid-Year 2025 Middle Market Indicator, there are approximately 200,000 U.S. middle market companies, which have approximately 48 million aggregate employees. Moreover, the U.S. middle market accounts for one-third of private sector gross domestic product ("GDP"). GE defines U.S. middle market companies as those between $10 million and $1 billion in annual revenue, which we believe has significant overlap with our definition of U.S. middle market companies. We believe U.S. middle market companies will continue to require access to debt capital to refinance existing debt, support growth and finance acquisitions. We believe that regulatory and structural factors, industry consolidation and general risk aversion, limit the amount of traditional financing available to U.S. middle market companies. We believe that many commercial and investment banks have, in recent years, de-emphasized their service and product offerings to middle market businesses in favor of lending to large corporate clients and managing capital markets transactions. In addition, these lenders may be constrained in their ability to underwrite and hold bank loans and high yield securities for middle market issuers as they seek to meet existing and future regulatory capital requirements. We also believe that there is a lack of market participants that are willing to hold meaningful amounts of certain middle market loans. As a result, we believe our ability to minimize syndication risk for a company seeking financing by being able to hold its loans without having to syndicate them, coupled with reduced capacity of traditional lenders to serve the middle market, present an attractive opportunity to invest in middle market companies.

***Capital Markets Have Been Unable to Fill the Void in U.S. Middle Market Finance Left by Banks*.** Access to underwritten bond and syndicated loan markets is challenging for middle market companies due to loan size and liquidity. For example, high yield bonds are generally purchased by institutional investors, such as mutual funds and exchange traded funds ("ETFs") who, among other things, are focused on the liquidity characteristics of the bond being issued in order to fund investor redemptions and/or comply with regulatory requirements. Accordingly, the existence of an active secondary market for bonds is an important consideration in these entities' initial investment decision.

Syndicated loans arranged through a bank are done either on a "best efforts" basis or are underwritten with terms plus provisions that permit the underwriters to change certain terms, including pricing, structure, yield and tenor, otherwise known as "flex", to successfully syndicate the loan, in the event the terms initially marketed are insufficiently attractive to investors. Furthermore, banks are generally reluctant to underwrite middle market loans because the arrangement fees they may earn on the placement of the debt generally are not sufficient to meet the banks' return hurdles. Loans provided by companies such as ours provide certainty to issuers in that we have a more stable capital base and have the ability to invest in illiquid assets, and we can commit to a given amount of debt on specific terms, at stated coupons and with agreed upon fees. As we are the ultimate holder of the loans, we do not require market "flex" or other arrangements that banks may require when acting on an agency basis. In addition, our Adviser has teams focused on both liquid credit and private credit and these teams are able to collaborate with respect to syndicated loans.

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***Secular Trends Supporting Growth for Private Credit.*** We believe that periods of market volatility, such as the current period of market volatility caused, in part, by uncertainty regarding inflation and interest rates, and current geopolitical conditions, have accentuated the advantages of private credit. The availability of capital in the liquid credit market is highly sensitive to market conditions whereas we believe private lending has proven to be a stable and reliable source of capital through periods of volatility. We believe the opportunity set for private credit will continue to expand even as the public markets remain open. Financial sponsors and companies today are familiar with direct lending and have seen firsthand the strong value proposition that a private solution can offer. Scale, certainty of execution and flexibility all provide borrowers with a compelling alternative to the syndicated loan and high yield markets. Based on our experience, larger, higher quality credits that have traditionally been issuers in the syndicated loan and high yield markets are increasingly seeking private solutions independent of credit market conditions. In our view, this is supported by financial sponsors wanting to work with collaborative financing partners that have scale and breadth of capabilities. This has driven substantial growth in direct lending portfolio companies over time. Given the dynamics mentioned above, we believe this trend is poised to continue and that the large amount of uninvested capital held by funds of private equity firms broadly, estimated by Preqin Ltd., an alternative assets industry data and research company, to be $2.6 trillion as of December 31, 2024, will continue to serve as a tailwind to the space.

***Attractive Investment Dynamics.*** An imbalance between the supply of, and demand for, middle market debt capital creates attractive pricing dynamics. We believe the directly negotiated nature of middle market financings also generally provides more favorable terms to the lender, including stronger covenant and reporting packages, better call protection, and lender-protective change of control provisions. Additionally, we believe BDC managers' expertise in credit selection and ability to manage through credit cycles has generally resulted in BDCs experiencing lower loss rates than U.S. commercial banks through credit cycles. Further, we believe that historical middle market default rates have been lower, and recovery rates have been higher, as compared to the larger market capitalization, broadly distributed market, leading to lower cumulative losses. Lastly, we believe that in the current environment, lenders with available capital may be able to take advantage of attractive investment opportunities and may be able to achieve improved economic spreads and documentation terms.

***Conservative Capital Structures.*** With more conservative capital structures, U.S. middle market companies have exhibited higher levels of cash flows available to service their debt. In addition, U.S. middle market companies often are characterized by simpler capital structures than larger borrowers, which facilitates a streamlined underwriting process and, when necessary, restructuring process.

***Attractive Opportunities in Investments in Loans.*** We invest in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities. We believe that opportunities in senior secured loans are significant because of the floating rate structure of most senior secured debt issuances and because of the strong defensive characteristics of these types of investments. We believe that debt issues with floating interest rates offer a superior return profile as compared with fixed-rate investments, since floating rate structures are generally less susceptible to declines in value experienced by fixed-rate securities in a rising interest rate environment. Senior secured debt also provides strong defensive characteristics. Senior secured debt has priority in payment among an issuer's security holders whereby holders are due to receive payment before junior creditors and equity holders. Further, these investments are secured by the issuer's assets, which may provide protection in the event of a default.

**Portfolio and Investment Activity**

As of September 30, 2025, based on fair value, our portfolio consisted of 77.5% first lien senior secured debt investments (of which 50.0% we consider to be unitranche debt investments (including "last-out" portions of such loans)), 9.4% second-lien senior secured debt investments, 2.2% unsecured investments, 0.4% specialty finance debt investments, 3.8% preferred equity investments, 5.4% common equity investments, 1.3% specialty finance equity investments and less than 1% joint venture investments.

As of September 30, 2025, our weighted average total yield of the portfolio at fair value and amortized cost was 10.2% and 10.0%, respectively, and our weighted average yield of accruing debt and income producing securities at fair value and amortized cost was 10.7% and 10.7%, respectively.

As of September 30, 2025, we had investments in 190 portfolio companies with an aggregate fair value of $1.7 billion. Our current target leverage ratio is 0.75x. As of September 30, 2025, we had net leverage of 0.78x debt-to-equity.

Our platform continues to find attractive investment opportunities for deployment, predominantly in first lien originations to large borrowers. We have seen an increase in deal activity and, consistent with our last several quarters, a substantial portion of our financings are with existing borrowers, reflecting the advantage of incumbency and scale and allowing us to support their continued growth and maintain the credit quality of our portfolio. We continue to focus on investing in upper middle market businesses in non-cyclical industries we view as recession resistant and that we are familiar with, including defensive service-oriented sectors that provide intangible mission critical solutions and products such as healthcare, business services, technology and insurance brokerage. These companies have diversified revenue streams, strong recurring cash flow profiles and healthy liquidity.

Blue Owl serves as the lead, co-lead or administrative agent on many of our investments and the majority of our investments are supported by sophisticated financial sponsors who provide operational and financial resources. Our borrowers have a weighted

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average EBITDA of approximately $200 million (up from approximately $125 million in 2021) and average revenue of approximately $956 million (up from approximately $545 million in 2021) and we believe this scale contributes to the durability of our borrowers and their ability to adapt to different economic environments. In addition, Blue Owl's direct lending strategy continues to invest in, and is often the lead lender or administrative agent on, transactions in excess of $1 billion in size, which gives us the ability to structure the terms of such deals to maximize deal economics and credit protection and provide customized flexible solutions. The average hold size of Blue Owl's direct lending strategy's new investments is approximately $350.0 million (up from approximately $200.0 million in 2021) and average total new deal size is approximately $1.00 billion (up from approximately $600.0 million in 2021).

We believe that the construction of our current portfolio coupled with our experienced investment team and strong underwriting standards leave us well-positioned for the current economic environment. Many of the companies in which we invest are continuing to see modest growth in both revenues and EBITDA. However, in the event of further geopolitical, economic and financial market instability, in the U.S. and elsewhere, it is possible that the results of some of the middle market companies similar to those in which we invest could be challenged.

Although we marked down some of the positions on our watch list, across the portfolio we are not seeing a meaningful increase in amendment activity, requests for increased revolver borrowings, missed payments or other signs of an overall, broad deterioration in our results or those of our portfolio companies at this time, there can be no assurance that the performance of certain of our portfolio companies will not be negatively impacted by economic conditions, which could have a negative impact on our future results.

We also continue to leverage the expanding role that private lenders are being asked to play in the broader credit markets to evaluate cross-platform opportunities including strategic equity and accretive joint venture investments that have cash flow and credit profiles that provide consistent income. We continue to invest in Blue Owl Credit SLF LLC ("Credit SLF") and specialty financing portfolio companies, including AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC and AAM Series 2.1 Aviation Feeder, LLC (collectively, "Amergin AssetCo"), Amergin Asset Management LLC, Fifth Season Investments LLC ("Fifth Season"), LSI Financing 1 DAC ("LSI Financing DAC"), LSI Financing LLC and Blue Owl Cross-Strategy Opportunities LLC ("BOCSO"). In the future we may invest through additional specialty finance portfolio companies, joint ventures, partnerships or other special purpose vehicles. We formed Blue Owl Leasing LLC ("Blue Owl Leasing"), a cross-platform joint venture intended to invest in equipment leases and in the future we may invest through other cross-platform investment vehicles. See "*Specialty Financing Portfolio Companies*" and "*Joint Ventures.*" These companies may use our capital to support acquisitions which could continue to lead to increased dividend income supported by well-diversified underlying portfolios.

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Our investment activity for the following periods is presented below (information presented herein is at par value unless otherwise indicated).

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| | | |
|:---|:---|:---|
| | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** |
| ($ in thousands) | **2025** | **2024** |
| **New investment commitments:** |  |  |
| &nbsp;&nbsp;Gross originations | $130209 | $163595 |
| &nbsp;&nbsp;Less: Sell downs | (873) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total new investment commitments | $129336 | $163595 |
| **Principal amount of new investments funded:** |  |  |
| &nbsp;&nbsp;First-lien senior secured debt investments | $87732 | $165054 |
| &nbsp;&nbsp;Second-lien senior secured debt investments |  |  |
| &nbsp;&nbsp;Unsecured debt investments | 201 |  |
| &nbsp;&nbsp;Specialty finance debt investments | 972 |  |
| &nbsp;&nbsp;Preferred equity investments | 405 |  |
| &nbsp;&nbsp;Common equity investments | 1952 | 178 |
| &nbsp;&nbsp;Specialty finance equity investments | 5336 |  |
| &nbsp;&nbsp;Joint venture investments |  | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total principal amount of new investments funded | $96598 | $165670 |
| **Drawdowns (repayments) on revolvers and delayed draw term loans, net** | $7892 |  |
| **Principal amount of investments sold or repaid:** |  |  |
| &nbsp;&nbsp;First-lien senior secured debt investments<sup>(3)</sup> | $(72385) | $(167775) |
| &nbsp;&nbsp;Second-lien senior secured debt investments |  | (6470) |
| &nbsp;&nbsp;Unsecured debt investments |  |  |
| &nbsp;&nbsp;Specialty finance debt investments |  |  |
| &nbsp;&nbsp;Preferred equity investments | (49) | (87) |
| &nbsp;&nbsp;Common equity investments | (201) | (15) |
| &nbsp;&nbsp;Specialty finance equity investments | (3518) |  |
| &nbsp;&nbsp;Joint venture investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total principal amount of investments sold or repaid | $(76153) | $(174347) |
| **Number of new investment commitments in new portfolio companies**<sup>(1)</sup> | 11 | 18 |
| **Average new investment commitment amount in new portfolio companies** | $7899 | $7824 |
| **Weighted average term for new investment commitments (in years)** | 5.6 | 4.0 |
| **Percentage of new debt investment commitments at**&nbsp;&nbsp;&nbsp;&nbsp;**floating rates** | 98.4% | 99.5% |
| **Percentage of new debt investment commitments at**&nbsp;&nbsp;&nbsp;&nbsp;**fixed rates** | 1.6% | 0.5% |
| **Weighted average interest rate of new investment commitments**<sup>(2)</sup> | 8.9% | 9.7% |
| **Weighted average spread over applicable base rate of new debt investment commitments at floating rates** | 5.0% | 5.1% |

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<sup>(1)</sup> Number of new investment commitments represents commitments to a particular portfolio company.

<sup>(2)</sup> Assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month SOFR, which was 3.98% and 4.59% as of September 30, 2025 and 2024, respectively.

<sup>(3)</sup> Includes scheduled paydowns.

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The table below presents investments at fair value and amortized cost as of the following periods:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **As of September 30, 2025** | **As of September 30, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
| ($ in thousands) | **Amortized Cost** | **Fair Value** | **Amortized Cost** | **Fair Value** |
| First-lien senior secured debt investments<sup>(1)</sup> | $1368270 | $1328523 | $1532596 | $1515900 |
| Second-lien senior secured debt investments | 186105 | 160937 | 229288 | 200284 |
| Unsecured debt investments | 36690 | 37990 | 33526 | 33594 |
| Specialty finance debt investments | 7343 | 7352 | 5016 | 5040 |
| Preferred equity investments | 65887 | 66077 | 60177 | 59385 |
| Common equity investments | 54924 | 92733 | 62167 | 103225 |
| Specialty finance equity investments | 17969 | 23164 | 15236 | 17773 |
| Joint ventures | 244 | 266 | 190 | 191 |
| **Total Investments** | $1737432 | $1717042 | $1938196 | $1935392 |

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<sup>(1)</sup> We consider 50% and 49% of first-lien senior secured debt investments to be unitranche loans as of September 30, 2025 and December 31, 2024, respectively.

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The table below describes investments by industry composition based on fair value as of the following periods:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **As of September 30, 2025** | | **As of December 31, 2024** | |
| Advertising and media | 2.6% |  | 2.5% |  |
| Aerospace and defense | 1.0 |  | 2.9 |  |
| Asset Based Lending and Fund Finance<sup>(1)</sup> | 1.8 |  | 1.2 |  |
| Automotive Services | 3.1 |  | 2.2 |  |
| Buildings and real estate | 4.7 |  | 3.5 |  |
| Business services | 2.8 |  | 3.1 |  |
| Chemicals | 4.7 |  | 4.2 |  |
| Consumer products | 2.8 |  | 5.0 |  |
| Containers and packaging | 2.2 |  | 1.8 |  |
| Distribution | 3.5 |  | 3.0 |  |
| Education | 0.7 |  | 0.6 |  |
| Energy equipment and services | 0.6 |  | 0.5 |  |
| Financial services | 3.5 |  | 3.3 |  |
| Food and beverage | 7.6 |  | 8.4 |  |
| Healthcare equipment and services | 3.5 |  | 2.9 |  |
| Healthcare providers and services | 8.8 |  | 7.2 |  |
| Healthcare technology | 6.7 |  | 8.0 |  |
| Household products | 2.3 |  | 1.9 |  |
| Human resource support services | 1.9 |  | 1.5 |  |
| Infrastructure and environmental services | 0.8 |  | 1.2 |  |
| Insurance<sup>(3)</sup> | 1.7 |  | 6.5 |  |
| Internet software and services | 12.0 |  | 10.1 |  |
| Joint ventures<sup>(4)</sup> | 0.0 | <sup>(5)</sup> | 0.0 | <sup>(5)</sup> |
| Leisure and entertainment | 2.3 |  | 2.2 |  |
| Manufacturing | 9.2 |  | 8.1 |  |
| Pharmaceuticals<sup>(2)</sup> | 0.7 |  | 0.5 |  |
| Professional services | 2.9 |  | 2.5 |  |
| Specialty retail | 3.8 |  | 3.5 |  |
| Telecommunications | 0.4 |  | 0.5 |  |
| Transportation | 1.4 |  | 1.2 |  |
| **Total** | 100.0% |  | 100.0% |  |

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<sup>(1)</sup> Includes investments in Amergin AssetCo. See "*Specialty Finance Portfolio Companies*" for more information regarding Amergin AssetCo.

<sup>(2)</sup> Includes investment in LSI Financing DAC and LSI Financing LLC. See "*Specialty Finance Portfolio Companies*" for more information regarding LSI Financing DAC and LSI Financing LLC.

<sup>(3)</sup> Includes investments in Fifth Season. See "*Specialty Finance Portfolio Companies*" for more information regarding Fifth Season.

<sup>(4)</sup> Includes investment in Blue Owl Credit SLF.

<sup>(5)</sup> Rounds to less than 0.1%.

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The table below describes investments by geographic composition based on fair value as of the following periods:

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| | | |
|:---|:---|:---|
| | **As of September 30, 2025** | **As of December 31, 2024** |
| *United States:* |  |  |
| &nbsp;&nbsp;&nbsp;Midwest | 21.6% | 21.7% |
| &nbsp;&nbsp;&nbsp;Northeast | 18.3 | 15.5 |
| &nbsp;&nbsp;&nbsp;South | 35.6 | 30.0 |
| &nbsp;&nbsp;&nbsp;West | 19.8 | 25.4 |
| International | 4.7 | 7.4 |
| **Total** | 100.0% | 100.0% |

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The table below presents the weighted average yields and interest rates of our investments at fair value as of the following periods:

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| | | |
|:---|:---|:---|
| | **As of September 30, 2025** | **As of December 31, 2024** |
| Weighted average total yield of portfolio<sup>(1)</sup> | 10.2% | 10.9% |
| Weighted average total yield of accruing debt and income producing securities<sup>(1)</sup> | 10.7% | 11.3% |
| Weighted average interest rate of accruing debt securities | 10.1% | 10.6% |
| Weighted average spread over base rate of all accruing floating rate investments | 5.8% | 6.0% |

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<sup>(1)</sup> For non-stated rate income producing investments, computed based on (a) the dividend or interest income earned for the respective trailing twelve months ended on the measurement date, divided by (b) the ending fair value. In instances where historical dividend or interest income data is not available or not representative for the trailing twelve months ended, the interest or dividend income is annualized.

The weighted average yield of our accruing debt and income producing securities is not the same as a return on investment for our shareholders but, rather, relates to a portion of our investment portfolio and is calculated before the payment of all of our and our subsidiaries' fees and expenses. The weighted average yield was computed using the effective interest rates as of each respective date, including accretion of original issue discount and loan origination fees, but excluding investments on non-accrual status, if any. There can be no assurance that the weighted average yield will remain at its current level.

Our Adviser monitors our portfolio companies on an ongoing basis. It monitors the financial trends of each portfolio company to determine if they are meeting their respective business plans and to assess the appropriate course of action with respect to each portfolio company. Our Adviser has several methods of evaluating and monitoring the performance and fair value of our investments, which may include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assessment of success of the portfolio company in adhering to its business plan and compliance with covenants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• periodic and regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor, to discuss financial position, requirements and accomplishments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• comparisons to other companies in the portfolio company's industry; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• review of monthly or quarterly financial statements and financial projections for portfolio companies.

An investment will be placed on the Adviser's credit watch list when select events occur and will only be removed from the watch list with the oversight of the Diversified Lending Investment Committee and/or other agents of Blue Owl's Credit platform. Once an investment is on the credit watch list, the Adviser works with the borrower to resolve any financial stress through amendments, waivers or other alternatives. If a borrower defaults on its payment obligations, the Adviser's focus shifts to capital recovery. If an investment needs to be restructured, the Adviser's workout team partners with the investment team and all material amendments, waivers and restructurings require the approval of a majority of the Diversified Lending Investment Committee.

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As part of the monitoring process, our Adviser employs an investment rating system to categorize our investments. In addition to various risk management and monitoring tools, our Adviser rates the credit risk of all investments on a scale of 1 to 5. This system is intended primarily to reflect the underlying risk of a portfolio investment relative to our initial cost basis in respect of such portfolio investment (i.e., at the time of origination or acquisition), although it may also take into account the performance of the portfolio company's business, the collateral coverage of the investment and other relevant factors. The rating system is as follows:

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| | |
|:---|:---|
| Investment Rating | Description |
| 1 | Investments rated 1 involve the least amount of risk to our initial cost basis. The borrower is performing above expectations, and the trends and risk factors for this investment since origination or acquisition are generally favorable; |
| 2 | Investments rated 2 involve an acceptable level of risk that is similar to the risk at the time of origination or acquisition. The borrower is generally performing as expected and the risk factors are neutral to favorable. All investments or acquired investments in new portfolio companies are initially assessed a rating of 2; |
| 3 | Investments rated 3 involve a borrower performing below expectations and indicates that the loan's risk has increased somewhat since origination or acquisition; |
| 4 | Investments rated 4 involve a borrower performing materially below expectations and indicates that the loan's risk has increased materially since origination or acquisition. In addition to the borrower being generally out of compliance with debt covenants, loan payments may be past due (but generally not more than 120 days past due); and |
| 5 | Investments rated 5 involve a borrower performing substantially below expectations and indicates that the loan's risk has increased substantially since origination or acquisition. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. Loans rated 5 are not anticipated to be repaid in full and we will reduce the fair market value of the loan to the amount we anticipate will be recovered. |

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Our Adviser rates the investments in our portfolio at least quarterly and it is possible that the rating of a portfolio investment may be reduced or increased over time. For investments rated 3, 4 or 5, our Adviser enhances its level of scrutiny over the monitoring of such portfolio company.

The Adviser has built out its portfolio management team to include workout experts who closely monitor our portfolio companies and who, on at least a quarterly basis, assess each portfolio company's operational and liquidity exposure and outlook to understand and mitigate risks; and, on at least a monthly basis, evaluates existing and newly identified situations where operating results are deviating from expectations. As part of its monitoring process, the Adviser focuses on projected liquidity needs and where warranted, re-underwriting credits and evaluating downside and liquidation scenarios.

The Adviser focuses on downside protection by leveraging existing rights available under our credit documents; however, for investments that are significantly underperforming or which may need to be restructured, the Adviser's workout team partners with the investment team and all material amendments, waivers and restructurings require the approval of a majority of the Diversified Lending Investment Committee. As of September 30, 2025, 1.9% of our portfolio at fair value is on non-accrual.

The table below shows the composition of our portfolio on the 1 to 5 rating scale as of the following periods:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **As of September 30, 2025** | **As of September 30, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
|<br>**Investment Rating** | **Investments at Fair Value** | **Percentage of Total Portfolio** | **Investments at Fair Value** | **Percentage of Total Portfolio** |
| ($ in thousands) |  |  |  |  |
| 1 | $186285 | 10.8% | $149636 | 7.7% |
| 2 | 1343170 | 78.3 | 1536225 | 79.3 |
| 3 | 154262 | 9.0 | 227474 | 11.8 |
| 4 | 17399 | 1.0 | 18813 | 1.0 |
| 5 | 15926 | 0.9 | 3244 | 0.2 |
| **Total** | $1717042 | 100.0% | $1935392 | 100.0% |

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The table below shows the amortized cost of our performing and non-accrual debt investments as of the following periods:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **As of September 30, 2025** | **As of September 30, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
| ($ in thousands) | **Amortized Cost** | **Percentage** | **Amortized Cost** | **Percentage** |
| Performing | $1526297 | 95.5% | $1770799 | 98.4% |
| Non-accrual | 72111 | 4.5 | 29627 | 1.6 |
| **Total** | $1598408 | 100.0% | $1800426 | 100.0% |

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Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management's judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management's judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

**Specialty Financing Portfolio Companies and Joint Ventures**

We leverage the expanding role that private lenders are being asked to play in the broader credit markets to evaluate cross-platform opportunities including strategic equity and accretive joint venture investments that have cash flow and credit profiles that provide consistent income.

*Specialty Financing Portfolio Companies*

Amergin AssetCo was created to invest in a leasing platform focused on railcar, aviation and other long-lived transportation assets. Amergin acquires existing on-lease portfolios of new and end-of-life railcars and related equipment and selectively purchases off-lease assets and is building a commercial aircraft portfolio through aircraft financing and engine acquisition on a sale and lease back basis. Amergin consists of Amergin AssetCo and Amergin Asset Management LLC, which has entered into a Servicing Agreement with Amergin AssetCo. As of September 30, 2025, the fair market value of our investment in Amergin Asset Management LLC was $2.6 million. We made an initial equity commitment to Amergin AssetCo on July 1, 2022. As of September 30, 2025, the fair market value of our investment in Amergin AssetCo was $12.1 million, of which $4.7 million is equity and $7.4 million is debt, and we had an unfunded equity commitment of $2.3 million. We do not consolidate our equity interest in Amergin AssetCo.

Fifth Season is a portfolio company created to invest in life insurance based assets, including secondary and tertiary life settlement and other life insurance exposures using detailed analytics, internal life expectancy review and sophisticated portfolio management techniques. On July 18, 2022, we made an initial equity commitment to Fifth Season. As of September 30, 2025, the fair value of our equity investment in Fifth Season was $4.1 million. We do not consolidate our equity interest in Fifth Season.

LSI Financing DAC is a portfolio company formed to acquire contractual rights to revenue pursuant to earnout agreements generally in the life sciences space. On December 14, 2022, we made an initial equity commitment to LSI Financing DAC. As of September 30, 2025, the fair value of our investment in LSI Financing DAC was $0.2 million.

LSI Financing LLC is a separately managed portfolio company formed to indirectly own royalty purchase agreements and loans in the life sciences space. The Adviser provides consulting services to a subsidiary of LSI Financing LLC in exchange for a fee. The Adviser has agreed to waive a portion of the management fee payable by us pursuant to the Investment Advisory Agreement equal to the pro rata amount of such consulting fee. On November 25th, 2024, we redeemed a portion of its interest in LSI Financing DAC in exchange for common shares of LSI Financing LLC. As of September 30, 2025, our investment at fair value in LSI Financing LLC was $11.0 million and our total commitment was $14.3 million. We do not consolidate our equity interest in LSI Financing LLC.

BOCSO was formed to invest in alternative credit assets, including asset-based finance ("ABF"). ABF is a subsector of private credit focused on generating income from pools of financial, physical or other assets. We believe exposure to alternative credit presents an attractive opportunity as alternative credit is a growing subsector of private credit. On September 18, 2025, we made an initial equity contribution to BOCSO. As of September 30, 2025, our investment at fair value in BOCSO was $0.6 million and our total commitment was $0.6 million. As of September 30, 2025, the portfolio consists of one investment with a cost and fair value of $24.6 million and $24.6 million, respectively. As of September 30, 2025, the portfolio industry composition was 100.0% ABF – Commercial Real Estate. We do not consolidate our equity interest in BOCSO.

*Joint Ventures*

&nbsp;&nbsp;&nbsp;&nbsp;On May 6, 2024, Credit SLF, a Delaware limited liability company, was formed as a joint venture between us, Blue Owl Capital Corporation, 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 SLF Member" and collectively, the "Credit SLF Members"). The Credit SLF Members co-manage Credit SLF. Credit SLF's principal purpose is to make investments in senior secured loans to middle-market companies, broadly syndicated loans and senior and subordinated notes issued by collateralized loan obligations. Credit SLF is managed by a board consisting of an equal number of representatives appointed by each Credit SLF Member and which acts

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unanimously. Investment decisions must be approved by Credit SLF's board. Our investment in Credit SLF is a co-investment made with our affiliates in accordance with the terms of the exemptive relief that we received from the SEC. We do not consolidate our non-controlling interest in Credit SLF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refer to <u>[Exhibit 99.1](blueowlcreditslfllc-093020.htm)</u> for the Credit SLF's Supplemental Financial Information.

On June 30, 2025, Blue Owl Leasing LLC ("Blue Owl Leasing") was formed as a joint venture. We co-manage Blue Owl Leasing with Blue Owl Capital Corporation, Blue Owl Credit Income Corp., Blue Owl Technology Finance Corp., Blue Owl Technology Income Corp., a Blue Owl-managed alternative credit fund (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's principal purpose is to make investments in financing leases. Blue Owl Leasing is managed by the Blue Owl Leasing Members and investment decisions must be unanimous. Our investment in Blue Owl Leasing is a co-investment made with our affiliates in accordance with the terms of the exemptive relief that we received from the SEC. We do not consolidate our non-controlling interest in Blue Owl Leasing. As of September 30, 2025, Blue Owl Leasing had not made any investments.

On September 30, 2025, BOC Lease I LLC and BOC Lease II LLC, wholly-owned subsidiaries of Blue Owl Leasing, entered into a credit facility with Truist Bank and Deutsche Bank AG, New York Branch. Truist Bank serves as a co-structuring agent and the administrative agent, and Deutsche Bank AG, New York Branch serves as a co-structuring agent. The credit facility includes a maximum borrowing capacity of $300.0 million.

**Results of Operations**

The below table presents our operating results for the following periods:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
| ($ in thousands) | **2025** | **2024** | **2025** | **2024** |
| Total Investment Income | $46182 | $64575 | $150715 | $195003 |
| Less: Total Operating Expenses | 28472 | 40153 | 90833 | 111982 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income (Loss) Before Taxes** | 17710 | 24422 | 59882 | 83021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Income tax expense (benefit), including excise tax expense (benefit) | 316 | 1321 | 1173 | 2735 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income (Loss) After Taxes** | 17394 | 23101 | 58709 | 80286 |
| Net change in unrealized gain (loss) | (16164) | 6577 | (18796) | (4444) |
| Net realized gain (loss) | (9) | (11772) | (18700) | (14562) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | $1221 | $17906 | $21213 | $61280 |

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Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including the level of investment originations and exit activity, expenses, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio. For three and nine months ended September 30, 2025, our net asset value per share decreased, primarily driven by decreases in the fair value of certain debt investments, credit spreads tightening across the broader markets, and distributions in excess of earnings.

***Investment Income***

The table below presents the investment income for the following periods:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
| ($ in thousands) | **2025** | **2024** | **2025** | **2024** |
| Interest income from investments | $38892 | $52660 | $126049 | $158578 |
| Payment-in-kind interest income | 2764 | 7179 | 10793 | 20875 |
| Dividend income | 3938 | 3718 | 12158 | 12458 |
| Other income | 588 | 1018 | 1715 | 3092 |
| **Total Investment Income** | $46182 | $64575 | $150715 | $195003 |

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*Three Months Ended September 30, 2025 Compared to the Three Months Ended September 30, 2024* 

Investment income decreased to $46.2 million for the three months ended September 30, 2025 from $64.6 million for the same period in prior year primarily due to a decrease in interest income and payment-in-kind ("PIK") interest income, driven by a decline in the weighted average yield of our portfolio from 11.5% to 10.2% and a decrease in our debt portfolio at par from $1.9 billion to $1.6 billion period over period. Included in interest income are other fees such as prepayment fees and accelerated amortization of

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upfront fees from unscheduled paydowns, which are non-recurring in nature and decreased from $1.0 million to $0.7 million period over period primarily due to a decrease in repayment activity. For the three months ended September 30, 2025 and 2024, as a percentage of total income, PIK income decreased to 9.1% from 13.1% as a result of repayment activity and several investments converting to cash pay. Dividend income increased to $3.9 million from $3.7 million in the prior period, primarily due to an increase in dividends earned from our non-controlled, affiliated and controlled, affiliated equity investments. Other income decreased period-over-period due to an decrease in incremental fee income, which are fees that are generally available to us as a result of closing investments and generally paid at the time of closing. We expect that investment income will vary based on a variety of factors, including the pace of our originations and repayments.

*Nine Months Ended September 30, 2025 Compared to the Nine Months Ended September 30, 2024*

Investment income decreased to $150.7 million for the nine months ended September 30, 2025 from $195.0 million for the same period in prior year primarily due to a decrease in interest income and PIK interest income, as a result of a decline in weighted average yield from 11.5% to 10.2% while our debt portfolio at par decreased from $1.9 billion to $1.6 billion. Included in interest income are other fees such as prepayment fees and accelerated amortization of upfront fees from unscheduled paydowns, which are non-recurring in nature and increased from $4.7 million to $4.9 million period over period due to an increase in repayment activity. For the nine months ended September 30, 2025 and 2024, as a percentage of total income, PIK income decreased to 9.9% from 12.8% as a result of repayment activity and several investments converting to cash pay. Dividend income decreased to $12.2 million from $12.5 million in the prior period, primarily due to an decrease in dividends earned from our non-controlled, non-affiliated equity investments. We expect that investment income will vary based on a variety of factors, including the pace of our originations and repayments.

***Expenses***

The table below presents expenses for the following periods:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
| ($ in thousands) | **2025** | **2024** | **2025** | **2024** |
| Interest expense | $15975 | $25001 | $50783 | $64227 |
| Management fee, net | 6492 | 7816 | 20663 | 23223 |
| Performance based incentive fees | 3688 | 4901 | 12451 | 17028 |
| Professional fees | 1160 | 1096 | 3378 | 3598 |
| Directors' fees | 195 | 197 | 590 | 588 |
| Other general and administrative | 962 | 1142 | 2968 | 3318 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Operating Expenses** | $28472 | $40153 | $90833 | $111982 |

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*Three Months Ended September 30, 2025 Compared to the Three Months Ended September 30, 2024* 

Total operating expenses decreased to $28.5 million for the three months ended September 30, 2025 from $40.2 million for the same period ended September 30, 2024 primarily due to decreases in interest expense, management fees and incentive fees. The decrease in interest expense of $9.0 million was driven by a decrease in our daily weighted average borrowings from $950.5 million to $719.8 million, partially offset by an increase in our weighted average interest rate from 8.2% to 8.4% (including the impact of fees on undrawn portions of our credit facilities) period over period. The decrease in management fees of $1.3 million is due to a decrease in average gross assets driven by sales and repayments of portfolio investments. The decrease in incentive fees is due to a decrease in investment income period over period.

*Nine Months Ended September 30, 2025 Compared to the Nine Months Ended September 30, 2024*

Total operating expenses decreased to $90.8 million for the nine months ended September 30, 2025 from $112.0 million for the same period ended September 30, 2024 primarily due to decreases in interest expense, management fees and incentive fees. The decrease in interest expense of $13.4 million was driven by a decrease in our daily weighted average borrowings from $901.4 million to $789.0 million and by a decrease in our weighted average interest rate from 8.4% to 8.1% (including the impact of fees on undrawn portions of our credit facilities) period over period . The decrease in management fees of $2.5 million is due to a decrease in average gross assets driven by sales and repayments of portfolio investments. The decrease in incentive fees is due to a decrease in investment income period over period.

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***Net Unrealized Gain (Loss)***

We fair value our portfolio investments quarterly and any changes in fair value are recorded as unrealized gains or losses. During the following periods, net unrealized gains (losses) were comprised of the following:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended**<br>**September 30,** | **For the Three Months Ended**<br>**September 30,** | **For the Nine Months Ended**<br>**September 30,** | **For the Nine Months Ended**<br>**September 30,** |
| ($ in thousands) | **2025** | **2024** | **2025** | **2024** |
| Net change in unrealized gain (loss) on investments | $(15433) | $5620 | $(20264) | $(7435) |
| Income tax (provision) benefit | (57) | (66) | (142) | (65) |
| Translation of assets and liabilities in foreign currencies | (674) | 1023 | 1610 | 3056 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Change in Unrealized Gain (Loss)** | $(16164) | $6577 | $(18796) | $(4444) |

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*Three Months Ended September 30, 2025 Compared to the Three Months Ended September 30, 2024* 

For the three months ended September 30, 2025, the net unrealized loss was primarily driven by decreases in the fair value of certain debt investments as further detailed below. For the three months ended September 30, 2024, net unrealized loss was primarily driven by a decrease in the fair value of certain debt investments, partially offset by an increase in certain equity investments as further detailed.

The tables below present the ten largest contributors to the change in net unrealized gain (loss) on investments for the following periods:

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Company** | **For the Three Months Ended September 30, 2025** | **Portfolio Company** | **For the Three Months Ended September 30, 2024** |
| ($ in thousands) |  | ($ in thousands) |  |
| Cornerstone OnDemand, Inc. | $666 | Pluralsight, LLC | $11492 |
| Remaining Portfolio Companies | 403 | KPCI Holdings, L.P. | 2356 |
| PetVet Care Centers, LLC | (455) | Amergin Asset Management, LLC | 1608 |
| Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC) | (686) | Loparex Midco B.V. | 1405 |
| National Dentex Labs LLC (fka Barracuda Dental LLC) | (824) | The Better Being Co., LLC (fka Nutraceutical International Corporation) | 1281 |
| New PLI Holdings, LLC (dba PLI)<sup>(1)</sup> | (973) | Peraton Corp. | (966) |
| Pluralsight, LLC | (1276) | CIBT Global, Inc. | (1146) |
| Peraton Corp. | (1510) | ASP Conair Holdings LP | (2074) |
| Loparex Midco B.V. | (2559) | Walker Edison Furniture Company<sup>(1)</sup> | (2308) |
| Notorious Topco, LLC (dba Beauty Industry Group) | (3041) | National Dentex Labs LLC (fka Barracuda Dental LLC) | (2761) |
| ASP Conair Holdings LP | (5178) | Remaining Portfolio Companies | (3267) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $(15433) | &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $5620 |

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_______________

<sup>(1)</sup> Portfolio company is a non-controlled, affiliated investment.

*Nine Months Ended September 30, 2025 Compared to the Nine Months Ended September 30, 2024*

For the nine months ended September 30, 2025, the net unrealized loss was primarily driven by decreases in the fair value of certain debt investments, partially offset by reversal of a prior period unrealized losses that were realized during the period in connection with the exits of certain investments. For the nine months ended September 30, 2024, the net unrealized loss was primarily driven by market conditions and markdowns on certain debt investment offset by markups on certain debt and equity investments as detailed below.

The tables below present the ten largest contributors to the change in net unrealized gain (loss) on investments for the following periods:

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Company** | **For the Nine Months Ended September 30, 2025** | **Portfolio Company** | **For the Nine Months Ended September 30, 2024** |
| ($ in thousands) |  | ($ in thousands) |  |
| H-Food Holdings, LLC | $17223 | KPCI Holdings, L.P. | $4221 |
| CIBT Global, Inc. | 4774 | The Better Being Co., LLC (fka Nutraceutical International Corporation) | 3176 |
| Valence Surface Technologies LLC | 2331 | Loparex Midco B.V. | 2082 |
| Cornerstone OnDemand, Inc. | 2309 | Valence Surface Technologies LLC | 1725 |
| Peraton Corp. | (3133) | Amergin Asset Management, LLC | 1608 |
| EOS Finco S.A.R.L<sup>(1)</sup> | (3506) | EOS U.S. Finco LLC | (1091) |
| PCF Holdco, LLC (dba PCF Insurance Services) | (5619) | Remaining Portfolio Companies | (1246) |
| Remaining Portfolio Companies | (6600) | CIBT Global, Inc. | (1507) |
| Notorious Topco, LLC (dba Beauty Industry Group) | (8402) | National Dentex Labs LLC (fka Barracuda Dental LLC) | (3410) |
| National Dentex Labs LLC (fka Barracuda Dental LLC) | (8682) | Walker Edison Furniture Company<sup>(1)</sup> | (4491) |
| ASP Conair Holdings LP | (10959) | H-Food Holdings, LLC | (8502) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $(20264) | &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $(7435) |

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_______________

<sup>(1)</sup> Portfolio company is a non-controlled, affiliated investment.

***Net Realized Gain (Loss)***

The table below presents the realized gains and losses on fully exited and partially exited portfolio companies during the following periods:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
| ($ in thousands) | **2025** | **2024** | **2025** | **2024** |
| Net realized gain (loss) on investments | $(444) | $(11775) | $(19114) | $(11752) |
| Net realized gain (loss) on foreign currency transactions | 435 | 3 | 414 | (2810) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | $(9) | $(11772) | $(18700) | $(14562) |

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**Realized Gross Internal Rate of Return** 

Since we began investing in 2017 through September 30, 2025, our exited investments have resulted in an aggregate cash flow realized gross internal rate of return to us of approximately 9.6% (based on total capital invested of $3.2 billion and total proceeds from these exited investments of $4.0 billion).

IRR is a measure of our discounted cash flows (inflows and outflows). Specifically, IRR is the discount rate at which the net present value of all cash flows is equal to zero. That is, IRR is the discount rate at which the present value of total capital invested in each of our investments is equal to the present value of all realized returns from that investment. Our IRR calculations are unaudited.

Capital invested, with respect to an investment, represents the aggregate cost basis allocable to the realized or unrealized portion of the investment, net of any upfront fees paid at closing for the term loan portion of the investment.

Realized returns, with respect to an investment, represents the total cash received with respect to each investment, including all amortization payments, interest, dividends, prepayment fees, upfront fees (except upfront fees paid at closing for the term loan portion of an investment), administrative fees, agent fees, amendment fees, accrued interest, and other fees and proceeds.

Gross IRR, with respect to an investment, is calculated based on the dates that we invested capital and dates we received distributions, regardless of when we made distributions to our shareholders. Initial investments are assumed to occur at time zero.

Gross IRR reflects historical results relating to our past performance and is not necessarily indicative of our future results. In addition, gross IRR does not reflect the effect of management fees, expenses, incentive fees or taxes borne, or to be borne, by us or our shareholders, and would be lower if it did.

Aggregate cash flow realized gross IRR on our exited investments reflects only invested and realized cash amounts as described above and does not reflect any unrealized gains or losses in our portfolio.

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**Financial Condition, Liquidity and Capital Resources**

Our liquidity and capital resources are generated primarily from cash flows from interest, dividends and fees earned from our investments and principal repayments and proceeds from sales of our investments, our credit facilities, debt securitization transaction and other secured and unsecured debt. The primary uses of our cash are for (i) investments in portfolio companies and other investments and to comply with certain portfolio diversification requirements, (ii) the cost of operations (including paying our Adviser), (iii) debt service, repayment and other financing costs of any borrowings and (iv) cash distributions to the holders of our shares.

We may from time to time enter into additional credit facilities, increase the size of our existing credit facilities or issue additional debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 200% (or 150% if certain conditions are met). In addition, from time to time, we may seek to retire, repurchase, or exchange debt securities in open market purchases or by other means, including privately negotiated transactions, in each case dependent on market conditions, liquidity, contractual obligations, and other matters. The amounts involved in any such transactions, individually or in the aggregate, may be material.

As of September 30, 2025 and December 31, 2024, our asset coverage ratios were 219% and 231%, respectively. We seek to carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage. Further, we maintain sufficient borrowing capacity within the 200% (or 150% if certain conditions are met) asset coverage limitation to cover any outstanding unfunded commitments we are required to fund.

Cash as of September 30, 2025, taken together with our available debt of $281.2 million, is expected to be sufficient for our investing activities and to conduct our operations in the near term.

Our long-term cash needs will include principal payments on outstanding indebtedness and funding of additional portfolio investments. Funding for long-term cash needs will come from unused net proceeds from financing activities. We believe that our liquidity and sources of capital are adequate to satisfy our short and long-term cash requirements. We cannot, however, be certain that these sources of funds will be available at a time and upon terms acceptable to us in sufficient amounts in the future.

As of September 30, 2025, we had $49.1 million in cash, including foreign cash. During the nine months ended September 30, 2025, cash provided by operating activities was $254.8 million, primarily as a result of repayments and selldowns of portfolio investments of $408.0 million and other operating activities of $49.7 million, partially offset by funding portfolio investments of $202.9 million. Lastly, we used $256.6 million of cash for financing activities during the period, as a result of distributions paid of $38.7 million, repurchased shares $151.7 million, deferred financing costs paid of $1.2 million, and net repayments on our credit facilities of $65.0 million.

As of September 30, 2024, we had $62.6 million in cash, including foreign cash. During the nine months ended September 30, 2024, cash provided by operating activities was $61.2 million, primarily as a result of selldowns and repayments of portfolio investments of $539.2 million and other operating activities of $52.4 million, partially offset by funding portfolio investments of $530.5 million. Lastly, we used $124.9 million of cash for financing activities during the period, as a result of distributions paid of $45.6 million and repurchased shares of $125.6 million, partially offset by net borrowings of $52.7 million, net of deferred financing costs of $6.4 million.

***Net Assets***

*Share Issuances*

We currently have the authority to issue 450,000,000 common shares at $0.01 per share par value. Prior to our continuous public offering, we issued 100 shares of common stock to our Adviser and 277,788 shares of our common stock to certain individuals and entities affiliated with our Adviser in a private placement. We issued 151,364,239 shares of common stock in our continuous public offering prior to its termination on April 30, 2021.

The table below summarizes transactions with respect to shares of our common stock during the following periods.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** |
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** |
| ($ in thousands, except share amounts) | **Shares**  | **Amount**  | **Shares**  | **Amount**  |
| Reinvestment of distributions | 1151700 | $9817 | 1393823 | $12393 |
| Repurchased shares | (7138809) | (60323) | (3785909) | (33505) |
| Total shares/net proceeds | (5987109) | $(50506) | (2392086) | $(21112) |

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The table below summarizes transactions with respect to shares of our common stock during the following periods.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Nine Months Ended**  | **For the Nine Months Ended**  | **For the Nine Months Ended**  | **For the Nine Months Ended**  |
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** |
| ($ in thousands, except share amounts) | **Shares**  | **Amount**  | **Shares**  | **Amount**  |
| Reinvestment of distributions | 3743243 | $32373 | 4371202 | $39198 |
| Repurchased shares | (17598030) | (150967) | (13985829) | (125372) |
| Total shares/net repurchases | (13854787) | $(118594) | (9614627) | $(86174) |

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Prior to the termination of our continuous public offering, in the event of a material decline in our net asset value per share, our Board reduced the offering price in order to establish a new net offering price per share. We will not sell shares at a net offering price below the net asset value per share unless we obtain the requisite approval from our shareholders.

We determined not to file additional post-effective amendments to our registration statement and terminated our offering as of April 30, 2021.

During the years ended December 31, 2023, 2024 and the nine months ended September 30, 2025, shares issued pursuant to the dividend reinvestment plan were issued as follows:

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| | | | |
|:---|:---|:---|:---|
| **Date of Issuance** | **Record Date** | **Number of Shares** | **Purchase Price per Share** |
| February 1, 2023 | January 31, 2023 | 379272 | $8.89 |
| February 2, 2023 | December 31, 2022 | 126215 | $8.89 |
| March 1, 2023 | February 28, 2023 | 380932 | $8.88 |
| March 29, 2023 | March 28, 2023 | 376723 | $8.90 |
| April 26, 2023 | April 25, 2023 | 377165 | $8.90 |
| April 28, 2023 | March 31, 2023 | 125586 | $8.90 |
| May 31, 2023 | May 30, 2023 | 380161 | $8.88 |
| June 28, 2023 | June 27, 2023 | 366863 | $8.96 |
| July 26, 2023 | July 25, 2023 | 365479 | $8.97 |
| July 31, 2023 | June 30, 2023 | 121887 | $8.97 |
| August 30, 2023 | August 29, 2023 | 366982 | $8.99 |
| September 27, 2023 | September 26, 2023 | 355431 | $9.08 |
| November 1, 2023 | October 31, 2023 | 428157 | $9.02 |
| November 13, 2023 | September 30, 2023 | 356503 | $9.00 |
| November 29, 2023 | November 28, 2023 | 432272 | $9.04 |
| December 27, 2023 | December 26, 2023 | 427597 | $9.03 |
| January 30, 2024 | December 31, 2023 | 213228 | $9.03 |
| January 31, 2024 | January 30, 2024 | 431463 | $9.01 |
| February 28, 2024 | February 27, 2024 | 431753 | $9.01 |
| March 27, 2024 | March 26, 2024 | 420004 | $9.01 |
| May 1, 2024 | April 30, 2024 | 420937 | $8.99 |
| May 13, 2024 | March 31, 2024 | 209715 | $8.99 |
| May 29, 2024 | May 28, 2024 | 424861 | $8.99 |
| June 26, 2024 | June 25, 2024 | 425419 | $9.00 |
| July 31, 2024 | July 30, 2024 | 417972 | $8.91 |
| August 13, 2024 | June 30, 2024 | 139068 | $8.90 |
| August 28, 2024 | August 27, 2024 | 421784 | $8.91 |
| September 25, 2024 | September 24, 2024 | 414999 | $8.85 |
| October 30, 2024 | October 29, 2024 | 410454 | $8.84 |

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| | | | |
|:---|:---|:---|:---|
| **Date of Issuance** | **Record Date** | **Number of Shares** | **Purchase Price per Share** |
| November 12, 2024 | September 30, 2024 | 135993 | $8.84 |
| November 27, 2024 | November 26, 2024 | 413780 | $8.82 |
| December 26, 2024 | December 24, 2024 | 402741 | $8.80 |
| January 29, 2025 | January 28, 2025 | 404165 | $8.79 |
| February 13, 2025 | December 31, 2024 | 133727 | $8.80 |
| February 26, 2025 | February 25, 2025 | 407046 | $8.78 |
| March 26, 2025 | March 25, 2025 | 394211 | $8.75 |
| April 30, 2025 | April 29, 2025 | 400981 | $8.63 |
| May 13, 2025 | March 31, 2025 | 65631 | $8.72 |
| May 28, 2025 | May 27, 2025 | 402219 | $8.62 |
| June 25, 2025 | June 24, 2025 | 383563 | $8.61 |
| July 30, 2025 | July 29, 2025 | 385457 | $8.57 |
| August 27, 2025 | August 26, 2025 | 388223 | $8.55 |
| September 25, 2025 | September 24, 2025 | 378020 | $8.45 |

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*Distributions*

Our Board has authorized and declared monthly and/or quarterly distribution amounts per share of common stock, in each case payable monthly and/or quarterly in arrears. The following table presents cash distributions per share that were declared for the following periods:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the Nine Months Ended September 30, 2025** | **For the Nine Months Ended September 30, 2025** | **For the Nine Months Ended September 30, 2025** | **For the Nine Months Ended September 30, 2025** | **For the Nine Months Ended September 30, 2025** | **For the Nine Months Ended September 30, 2025** |
| **Declaration Date** | **Record Date** | **Payment Date** | **Dividend** | **Distribution Per Share** | **Distribution Amount** |
| ($ in thousands, except per share amounts) | ($ in thousands, except per share amounts) |  |  |  |  |
| November 8, 2024 | January 28, 2025 | January 29, 2025 | Monthly | $0.06 | $7664 |
| February 18, 2025 | February 25, 2025 | February 26, 2025 | Monthly | 0.06 | 7696 |
| February 18, 2025 | March 25, 2025 | March 26, 2025 | Monthly | 0.06 | 7720 |
| February 18, 2025 | March 31, 2025 | May 13, 2025 | Quarterly | 0.01 | 1249 |
| February 18, 2025 | April 29, 2025 | April 30, 2025 | Monthly | 0.06 | 7492 |
| May 6, 2025 | May 27, 2025 | May 28, 2025 | Monthly | 0.06 | 7520 |
| May 6, 2025 | June 24, 2025 | June 25, 2025 | Monthly | 0.06 | 7542 |
| May 6, 2025 | July 29, 2025 | July 30, 2025 | Monthly | 0.06 | 7192 |
| August 5, 2025 | August 26, 2025 | August 27, 2025 | Monthly | 0.06 | 7215 |
| August 5, 2025 | September 24, 2025 | September 25, 2025 | Monthly | 0.06 | 7238 |
|  |  |  | **Total** | $0.55 | $68528 |

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During certain periods, our distributions may exceed our earnings. As a result, it is possible that a portion of the distributions we make may represent a return of capital. A return of capital generally is a return of a shareholder's investment rather than a return of earnings or gains derived from our investment activities. Each year a statement on Form 1099-DIV identifying the tax character of the

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distributions will be mailed to our shareholders. The tax character of the distributions are not determined until the Company's taxable year end.

The following table presents cash distributions per share that were declared for the following periods:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the Nine Months Ended September 30, 2024** | **For the Nine Months Ended September 30, 2024** | **For the Nine Months Ended September 30, 2024** | **For the Nine Months Ended September 30, 2024** | **For the Nine Months Ended September 30, 2024** | **For the Nine Months Ended September 30, 2024** |
| **Declaration Date** | **Record Date** | **Payment Date** | **Dividend** | **Distribution Per Share** | **Distribution Amount** |
| ($ in thousands, except per share amounts) | ($ in thousands, except per share amounts) |  |  |  |  |
| December 21, 2023 | January 30, 2024 | January 31, 2024 | Monthly | $0.06 | $8433 |
| December 21, 2023 | February 27, 2024 | February 28, 2024 | Monthly | 0.06 | 8459 |
| December 21, 2023 | March 26, 2024 | March 27, 2024 | Monthly | 0.06 | 8485 |
| February 21, 2024 | March 31, 2024 | May 13, 2024 | Quarterly | 0.03 | 4054 |
| February 21, 2024 | April 30, 2024 | May 1, 2024 | Monthly | 0.06 | 8106 |
| May 7, 2024 | May 28, 2024 | May 29, 2024 | Monthly | 0.06 | 8145 |
| May 7, 2024 | June 25, 2024 | June 26, 2024 | Monthly | 0.06 | 8171 |
| May 7, 2024 | June 30, 2024 | August 13, 2024 | Quarterly | 0.02 | 2663 |
| May 7, 2024 | July 30, 2024 | July 31, 2024 | Monthly | 0.06 | 7987 |
| August 6, 2024 | August 27, 2024 | August 28, 2024 | Monthly | 0.06 | 8021 |
| August 6, 2024 | September 24, 2024 | September 25, 2024 | Monthly | 0.06 | 8046 |
| August 6, 2024 | September 30, 2024 | November 12, 2024 | Quarterly | 0.02 | 2615 |
|  |  |  | **Total** | $0.61 | $83185 |

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With respect to distributions, we have adopted an "opt-in" dividend reinvestment plan for common shareholders. As a result, in the event of a declared distribution, each shareholder that has not "opted-in" to the dividend reinvestment plan will have their dividends or distributions automatically received in cash rather than reinvested in additional shares of our common stock. Shareholders who receive distributions in the form of shares of common stock will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.

We may fund our cash distributions to shareholders from any source of funds available to us, including but not limited to offering proceeds, net investment income from operations, capital gains proceeds from the sale of assets, dividends or other distributions paid to us on account of preferred and common equity investments in portfolio companies and, prior to November 7, 2023, expense support from the Adviser. In no event, however, will funds be advanced or borrowed for purpose of distributions, if the amount of such distributions would exceed our accrued and received net revenues for the previous four quarters, less paid and accrued operating expenses with respect to such revenues and costs.

Through November 7, 2023, the termination date of the Expense Support Agreement by the Adviser, a portion of our distributions resulted from expense support from the Adviser which were subject to repayment by us within three years from the date of payment. The purpose of this arrangement was to avoid distributions being characterized as a return of capital for U.S. federal income tax purposes. Shareholders should understand that any such distributions were not based on our investment performance and can only be sustained if we achieve positive investment performance in future periods and/or the Adviser provides expense support. Shareholders should also understand that our future repayments of expense support will reduce the distributions that they would otherwise receive. There can be no assurance that we will achieve the performance necessary to sustain these distributions or be able to pay distributions at all.

Sources of distributions, other than net investment income and realized gains on a U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions. The tables below reflect the sources of cash distributions on a U.S. GAAP basis that we have declared on our shares of common stock during the following periods:

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| | | | |
|:---|:---|:---|:---|
| | **For the Nine Months Ended September 30, 2025** | **For the Nine Months Ended September 30, 2025** | **For the Nine Months Ended September 30, 2025** |
| **Source of Distribution** | **Per Share** | **Amount** | **Percentage** |
| ($ in thousands, except per share amounts) |  |  |  |
| Net investment income | $0.47 | $58709 | 85.7% |
| Net realized gain on investments |  |  |  |
| Excess (undistributed) | 0.08 | 9819 | 14.3 |
| **Total** | $0.55 | $68528 | 100.0% |

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| | | | |
|:---|:---|:---|:---|
| | **For the Nine Months Ended September 30, 2024** | **For the Nine Months Ended September 30, 2024** | **For the Nine Months Ended September 30, 2024** |
| **Source of Distribution** | **Per Share** | **Amount** | **Percentage** |
| ($ in thousands, except per share amounts) |  |  |  |
| Net investment income | $0.59 | $80286 | 96.5% |
| Net realized gain on investments |  |  |  |
| Excess (undistributed)<sup>(1)</sup> | 0.02 | 2899 | 3.5 |
| **Total** | $0.61 | $83185 | 100.0% |

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<sup>(1)</sup> The per share amounts round to less than $0.01 per share.

*Share Repurchases*

In the third quarter of 2017, we began offering, and on a quarterly basis, intend to continue offering, to repurchase shares of our common stock on such terms as may be determined by our Board in its complete discretion. The Board has complete discretion to determine whether we will engage in any share repurchase, and if so, the terms of such repurchase. At the discretion of our Board, we may use cash on hand, cash available from borrowings, and cash from the sale of our investments as of the end of the applicable period to repurchase shares.

All shares purchased by us pursuant to the terms of each offer to repurchase will be retired and thereafter will be authorized and unissued shares.

Any periodic repurchase offers are subject in part to our available cash and compliance with the BDC and RIC qualification and diversification rules promulgated under the 1940 Act and the Code, respectively. While we intend to continue to conduct quarterly tender offers as described above, we are not required to do so and may suspend or terminate the share repurchase program at any time.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Offer Date** | **Tender Offer Expiration** | **Tender Offer** | **Purchase Price per Share** | **Shares Repurchased** |
| ($ in thousands, except share and per share amounts) | ($ in thousands, except share and per share amounts) |  |  |  |
| February 28, 2023 | March 27, 2023 | $23099 | $8.90 | 2595339 |
| May 26, 2023 | June 26, 2023 | $36020 | $8.96 | 4020194 |
| August 28, 2023 | September 25, 2023 | $28144 | $9.08 | 3099549 |
| November 27, 2023 | December 22, 2023 | $16397 | $9.03 | 1815787 |
| February 27, 2024 | March 25, 2024 | $60509 | $9.01 | 6715753 |
| May 24, 2024 | June 24, 2024 | $31358 | $9.00 | 3484167 |
| August 26, 2024 | September 23, 2024 | $33505 | $8.85 | 3785909 |
| November 25, 2024 | December 23, 2024 | $38391 | $8.80 | 4362658 |
| February 19, 2025 | March 24, 2025 | $36805 | $8.75 | 4206258 |
| May 16, 2025 | June 27, 2025 | $53838 | $8.61 | 6252963 |
| August 18, 2025 | September 25, 2025 | $60324 | $8.45 | 7138809 |

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*Total Return Since Inception*

Cumulative total return for the period April 4, 2017 to September 30, 2025 was 79.0% (without upfront sales load) and 70.0% (with maximum upfront sales load). The following table presents cumulative total returns for the nine months ended September 30, 2025, rolling 1-year, 3-year and 5-year periods and since inception.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shareholder Returns (Without Sales Charge)** | **Shareholder Returns (Without Sales Charge)** | **Shareholder Returns (Without Sales Charge)** | **Shareholder Returns (Without Sales Charge)** | **Shareholder Returns (Without Sales Charge)** | **Shareholder Returns (Without Sales Charge)** | **Shareholder Returns (With Maximum Sales Charge)** |
| | | **Annualized Total Return** | **Annualized Total Return** | **Annualized Total Return** | **Annualized Total Return** | | |
| |<br>**YTD** | **1-Year** | **3-Year**<sup>(3)</sup> | **5-Year**<sup>(3)</sup> | **Since Inception**<sup>(3)</sup> |<br>**Cumulative Total Return Since Inception**<sup>(3)</sup> |<br>**Cumulative Total Return Since Inception**<sup>(3)</sup> |
| Total Shareholder Returns<sup>(1)(2)</sup> | 1.8% | 3.7% | 8.0% | 8.3% | 9.3% | 79.0% | 70.0% |

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_______________

<sup>(1)</sup> Compounded monthly.

<sup>(2)</sup> Unless otherwise indicated, total return is calculated as the change in net asset value ("NAV") per share (assuming dividends and distributions, if any, are reinvested in accordance with the Company's dividend reinvestment plan), if any, divided by the beginning NAV per share.

<sup>(3)</sup> For the purposes of calculating total return for periods starting prior to the termination of our continuous public offering on April 30, 2021, beginning NAV is equal to the net offering price in effect at that time.

Past performance does not guarantee future results. Returns reflect reinvestment of distributions and the deduction of ongoing expenses that are borne by investors, such as management fees, incentive fees, interest expense, offering costs, professional fees, director fees and other general and administrative expenses. An investment in the Company is subject to a maximum upfront sales load of 5% of the offering price, which will reduce the amount of capital available for investment. Operating expenses may vary in the future based on the unpredictable variables.

***Debt***

*Aggregate Borrowings* 

Our debt obligations consisted of the below as of the following periods:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
| ($ in thousands) | **Aggregate Principal Committed** | **Outstanding Principal** | **Amount Available**<sup>(1)</sup> | **Unamortized Debt Issuance Costs** | **Net Carrying Value** |
| Revolving Credit Facility<sup>(2)</sup> | $250000 | $36605 | $213395 | $(2506) | $34099 |
| SPV Asset Facility I | 375000 | 145000 | 67843 | (3499) | 141501 |
| CLO XIII | 260000 | 260000 |  | (1912) | 258088 |
| 2026 Notes | 350000 | 350000 |  | (2739) | 347261 |
| **Total Debt** | $1235000 | $791605 | $281238 | $(10656) | $780949 |

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_______________

<sup>(1)</sup> The amount available reflects any limitations related to each credit facility's borrow base.

<sup>(2)</sup> Net Carrying Value includes the unrealized translation gain (loss) on borrowings denominated in foreign currencies.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| ($ in thousands) | **Aggregate Principal Committed** | **Outstanding Principal** | **Amount Available**<sup>(1)</sup> | **Unamortized Debt Issuance Costs** | **Net Carrying Value** |
| Revolving Credit Facility<sup>(2)</sup> | $250000 | $50443 | $199555 | $(3074) | $47369 |
| SPV Asset Facility I | 375000 | 195000 | 14286 | (2936) | 192064 |
| CLO XIII | 260000 | 260000 |  | (2095) | 257905 |
| 2026 Notes | 350000 | 350000 |  | (4444) | 345556 |
| **Total Debt** | $1235000 | $855443 | $213841 | $(12549) | $842894 |

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_______________

<sup>(1)</sup> The amount available reflects any limitations related to each credit facility's borrow base.

<sup>(2)</sup> Net Carrying Value includes the unrealized translation gain (loss) on borrowings denominated in foreign currencies.

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For the following periods, the components of interest expense were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
| ($ in thousands) | **2025** | **2024** | **2025** | **2024** |
| Interest expense | $15030 | $19579 | $47658 | $57113 |
| Amortization of debt issuance costs | 945 | 5422 | 3125 | 7114 |
| **Total Interest Expense** | $15975 | $25001 | $50783 | $64227 |
| Average interest rate<sup>(1)</sup> | 8.4% | 8.2% | 8.1% | 8.4% |
| Average daily borrowings | $719845 | $950519 | $788998 | $901446 |

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<sup>(1)</sup> Includes the impact of fees on undrawn portions on our credit facilities.

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*Senior Securities*

The table below presents information about our senior securities as of the following periods:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class and Period** | **Total Amount Outstanding Exclusive of Treasury Securities**<sup>(1)</sup><br>**($ in millions)** | **Asset Coverage per Unit**<sup>(2)</sup> | **Involuntary Liquidating Preference per Unit**<sup>(3)</sup> | **Average Market Value per Unit**<sup>(4)</sup> |
| **Revolving Credit Facility** | | | | |
| September 30, 2025 (unaudited) | $36.6 | $2190 | $— | N/A |
| December 31, 2024 | $50.4 | $2306 | $— | N/A |
| **Promissory Note**<sup>(5)</sup> |  |  |  |  |
| December 31, 2020 | $— | $— | $— | N/A |
| December 31, 2019 | $— | $2687 | $— | N/A |
| December 31, 2018 | $— | $2397 | $— | N/A |
| December 31, 2017 | $— | $4969 | $— | N/A |
| **SPV Asset Facility I** |  |  |  |  |
| September 30, 2025 (unaudited) | $145.0 | $2190 | $— | N/A |
| December 31, 2024 | $195.0 | $2306 | $— | N/A |
| December 31, 2023 | $60.0 | $2390 | $— | N/A |
| December 31, 2022 | $374.2 | $2288 | $— | N/A |
| December 31, 2021 | $412.2 | $2213 | $— | N/A |
| December 31, 2020 | $365.1 | $2416 | $— | N/A |
| December 31, 2019 | $265.7 | $2687 | $— | N/A |
| December 31, 2018 | $302.5 | $2397 | $— | N/A |
| December 31, 2017 | $20.0 | $4969 | $— | N/A |
| **SPV Asset Facility II**<sup>(6)</sup> |  |  |  |  |
| December 31, 2023 | $125.0 | $2390 | $— | N/A |
| December 31, 2022 | $176.0 | $2288 | $— | N/A |
| December 31, 2021 | $255.0 | $2213 | $— | N/A |
| December 31, 2020 | $191.0 | $2416 | $— | N/A |
| **CLO XIII** |  |  |  |  |
| September 30, 2025 (unaudited) | $260.0 | $2190 | $— | N/A |
| December 31, 2024 | $260.0 | $2306 | $— | N/A |
| December 31, 2023 | $260.0 | $2390 | $— | N/A |
| **2024 Notes**<sup>(7)</sup> |  |  |  |  |
| December 31, 2023 | $100.0 | $2390 | $— | N/A |
| December 31, 2022 | $450.0 | $2288 | $— | N/A |
| December 31, 2021 | $450.0 | $2213 | $— | N/A |
| December 31, 2020 | $350.0 | $2416 | $— | N/A |
| December 31, 2019 | $300.0 | $2687 | $— | N/A |
| **2026 Notes** |  |  |  |  |
| September 30, 2025 (unaudited) | $350.0 | $2190 | $— | N/A |
| December 31, 2024 | $350.0 | $2306 | $— | N/A |
| December 31, 2023 | $350.0 | $2390 | $— | N/A |

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<sup>(1)</sup> Total amount of each class of senior securities outstanding at the end of the period presented.

<sup>(2)</sup> Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.

<sup>(3)</sup> The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. The "—" in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.

<sup>(4)</sup> Not applicable because the senior securities are not registered for public trading.

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<sup>(5)</sup> Promissory Note expired on December 31, 2020.

<sup>(6)</sup> SPV Asset Facility II was terminated in 2024.

<sup>(7)</sup> 2024 Notes matured in November 2024.

*Revolving Credit Facility*

On January 12, 2024 (the "Revolving Credit Facility Closing Date"), we entered into a Senior Secured Credit Agreement (as amended from time to time, the "Revolving Credit Facility"). The parties to the Revolving Credit Facility include us, as Borrower, the lenders and issuing banks from time to time parties thereto, Sumitomo Mitsui Banking Corporation, as Administrative Agent.

The Revolving Credit Facility is guaranteed by certain of our subsidiaries in existence as of the Revolving Credit Facility Closing Date, and will be guaranteed by certain subsidiaries of ours that are formed or acquired by us in the future (each a "Guarantor" and collectively, the "Guarantors"). Proceeds of the Revolving Credit Facility may be used for general corporate purposes, including the funding of portfolio investments.

The Revolving Credit Facility provides for (a) a term loan in an initial amount of $25.0 million and (b) subject to availability under the borrowing base, which is based on our portfolio investments and other outstanding indebtedness, a revolving credit facility in an initial amount of up to $225.0 million. The amount available for borrowing under the Revolving Credit Facility is reduced by any standby letters of credit issued through the Revolving Credit Facility. Maximum capacity under the Revolving Credit Facility may be increased to $1.00 billion through the exercise by us of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The Revolving Credit Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Company and each Guarantor, subject to certain exceptions, and includes a $40.0 million limit for swingline loans.

The availability period with respect to the revolving credit facility under the Revolving Credit Facility will terminate on January 12, 2028 (the "Revolving Credit Facility Commitment Termination Date") and the Revolving Credit Facility will mature on January 12, 2029 (the "Revolving Credit Facility Maturity Date"). During the period from the Revolving Credit Facility Commitment Termination Date to the Revolving Credit Facility Maturity Date, we will be obligated to make mandatory prepayments under the Revolving Credit Facility out of the proceeds of certain asset sales and other recovery events and equity and debt issuances.

We may borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn under the Revolving Credit Facility with respect to the commitments in U.S. dollars will bear interest at either (i) term SOFR plus a margin plus any applicable credit adjustment spread plus margin of 2.00% per annum or (ii) the alternative base rate plus margin of 1.00% per annum. With respect to loans denominated in U.S. dollars, we may elect either the term SOFR or the alternative base rate at the time of drawdown, and such loans may be converted from one rate to another at any time at our option, subject to certain conditions. Amounts drawn under the Revolving Credit Facility with respect to the commitments in other permitted currencies will bear interest at the relevant rate specified therein (including any applicable credit adjustment spread) plus margin of 2.00% per annum. We will also pay a fee of 0.375% on daily undrawn amounts under the Revolving Credit Facility.

The Revolving Credit Facility includes customary covenants, including certain limitations on the incurrence by us of additional indebtedness and on our ability to make distributions to its shareholders, or redeem, repurchase or retire shares of stock, upon the occurrence of certain events and certain financial covenants related to asset coverage and liquidity and other maintenance covenants, as well as customary events of default. The Revolving Credit Facility requires a minimum asset coverage ratio with respect to our consolidated assets and our subsidiaries to senior securities that constitute indebtedness of no less than 1.50 to 1.00 at any time.

*SPV Asset Facilities*

Certain of our wholly owned subsidiaries are parties to credit facilities (the "SPV Asset Facilities"). Pursuant to the SPV Asset Facilities, from time to time, we sell and contribute certain investments to these wholly owned subsidiaries pursuant to sale and contribution agreements by and between us and the wholly owned subsidiaries. No gain or loss is recognized as a result of these contributions. Proceeds from the SPV Asset Facilities are used to finance the origination and acquisition of eligible assets by the wholly owned subsidiary, including the purchase of such assets from us. We retain a residual interest in assets contributed to or acquired to the wholly owned subsidiary through our ownership of the wholly owned subsidiary.

The SPV Asset Facilities are secured by a perfected first priority security interest in the assets of these wholly owned subsidiaries and on any payments received by such wholly owned subsidiaries in respect of those assets. Assets pledged to lenders under the SPV Asset Facilities will not be available to pay our debts.

The SPV Asset Facilities contain customary covenants, including certain limitations on the incurrence by us of additional indebtedness and on our ability to make distributions to our shareholders, or redeem, repurchase or retire shares of stock, upon the occurrence of certain events, and customary events of default (with customary cure and notice provisions).

*SPV Asset Facility I*

On December 1, 2017 (the "SPV Asset Facility I Closing Date"), ORCC II Financing LLC and OR Lending II LLC (collectively, the "Subsidiaries"), each a Delaware limited liability company and a wholly-owned subsidiary of us, entered into a Credit Agreement (the "SPV Asset Facility I"). Parties to the SPV Asset Facility I include ORCC II Financing LLC and OR Lending II LLC, as

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Borrowers, and the lenders from time to time parties thereto (the "SPV I Lenders"), Goldman Sachs Bank USA as Sole Lead Arranger, Syndication Agent and Administrative Agent, State Street Bank and Trust Company as Collateral Administrator and Collateral Agent and Cortland Capital Market Services LLC as Collateral Custodian. From time to time, the parties to the SPV Asset Facility I have amended the SPV Asset Facility I and the related transaction documents.

The summary below reflects the terms of the SPV Asset Facility I as amended from time to time, most recently by the Fourth Amended and Restated Credit Agreement, entered into on July 24, 2025, by the parties to the SPV Asset Facility I, which among other things, removed OR Lending II LLC as a borrower and replaced Cortland Capital market Services LLC as collateral custodian with State Street Bank and Trust Company.

The maximum principal amount of the SPV Asset Facility I is $375 million; the availability of this amount is subject to a borrowing base test, which is based on the amount of the Subsidiaries' assets from time to time, and satisfaction of certain conditions, including certain concentration limits.

The SPV Asset Facility I provides for a reinvestment period up to and including November 30, 2028. (the "SPV Asset Facility I Commitment Termination Date"). Prior to the SPV Asset Facility I Commitment Termination Date, proceeds received by the Subsidiaries from interest, dividends, or fees on assets must be used to pay expenses and interest on outstanding borrowings, and the excess may be returned to the Company, subject to certain conditions. Proceeds received from principal on assets prior to the SPV Asset Facility I Commitment Termination Date must be used to make quarterly payments of principal on outstanding borrowings. Following the SPV Asset Facility I Commitment Termination Date, proceeds received by the Subsidiaries from interest and principal on collateral assets must be used to make quarterly payments of principal on outstanding borrowings. Subject to certain conditions, between quarterly payment dates prior to and after the SPV Asset Facility I Commitment Termination Date, excess interest proceeds and principal proceeds may be released to the Subsidiaries to make distributions to us.

The SPV Asset Facility I will mature on November 30, 2030. Amounts drawn in USD bear interest at Term SOFR plus a 2.05% spread and the spread is also payable on a portion of any undrawn amounts. The Company borrows utilizing three-month SOFR rate loans.

Borrowings of the Subsidiaries are considered our borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.

In connection with the SPV Asset Facility I, we entered into a Non-Recourse Carveout Guaranty Agreement on the SPV Asset Facility I Closing Date, which was amended and restated twice on March 11, 2019 and April 29, 2019, and was further amended by Amendment No. 1 to Second Amended and Restated Non-Recourse Carveout Guaranty Agreement, dated as of July 24, 2025 with State Street Bank and Trust Company, on behalf of certain secured parties, and Goldman Sachs Bank USA. Pursuant to the Non-Recourse Carveout Guaranty Agreement, we guarantee certain losses, damages, costs, expenses, liabilities, claims and other obligations incurred in connection with certain instances of fraud or bad faith misrepresentation, material encumbrances of certain collateral, misappropriation of certain funds, certain transfers of assets, and the bad faith or willful breach of certain provisions of the SPV Asset Facility I.

*SPV Asset Facility II*

On April 14, 2020 (the "SPV Asset Facility II Closing Date"), ORCC II Financing II LLC ("ORCC II Financing II"), a Delaware limited liability company and newly formed subsidiary of us entered into a Credit Agreement (the "SPV Asset Facility II"), with ORCC II Financing II, as Borrower, the lenders from time to time parties thereto (the "SPV II Lenders"), Natixis, New York Branch, as Administrative Agent, State Street Bank and Trust Company as Collateral Agent and Cortland Capital Market Services LLC as Document Custodian. The parties to the SPV Asset Facility II entered into various amendments, including to increase the maximum principal amount of the SPV Asset Facility II, change the interest rates for amounts drawn in U.S. dollars, to extend the maturity of the SPV Asset Facility II to convert the benchmark rate of the facility from LIBOR to Term SOFR and make certain other changes. The following describes the terms of the SPV Asset Facility II as amended through April 4, 2023 (the "SPV Asset Facility II Third Amendment Date"). On August 5, 2024, ORCC II Financing II repaid all loans under the SPV Asset Facility II and the facility was terminated pursuant to its terms (the "SPV Asset Facility II Termination Date").

The maximum principal amount of the SPV Asset Facility II as of the SPV Asset Facility II Third Amendment Date was $325 million; the availability of this amount was subject to an overcollateralization ratio test, which was based on the value of ORCC II Financing II's assets from time to time, and satisfaction of certain conditions, including an interest coverage ratio test, certain concentration limits and collateral quality tests.

The SPV Asset Facility II provided for the ability to (1) draw term loans and (2) draw and redraw revolving loans under the SPV Asset Facility II through April 14, 2025 unless the revolving commitments were terminated or converted to term loans sooner as provided in the SPV Asset Facility II (the "SPV Asset Facility II Commitment Termination Date"). Prior to the SPV Asset Facility II Termination Date, proceeds received by ORCC II Financing II from principal and interest, dividends, or fees on assets were used to pay fees, expenses and interest on outstanding borrowings, and the excess may have been returned to us, subject to certain conditions. On the SPV Asset Facility II Termination Date, ORCC II Financing II repaid in full all outstanding fees and expenses and all principal and interest on outstanding borrowings.

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Amounts drawn bore interest at Term SOFR (or, in the case of certain lenders that are commercial paper conduits, the lower of their cost of funds and Term SOFR plus 0.25%) plus, (x) with respect to revolving loans, 2.75% and (y) with respect to term loans, 2.75% during the SPV Asset Facility II's reinvestment period and 2.75% thereafter until the SPV Asset Facility II Termination Date. From the SPV Asset Facility II Closing Date to the SPV Asset Facility II Termination Date, there was a commitment fee of 0.75% per annum on the undrawn amount, if any, of the revolving commitments in the SPV Asset Facility II.

**Debt Securitization Transaction**

We incur secured financing through a debt securitization transaction (the "CLO Transaction") issued by our consolidated subsidiary (the "CLO Issuer"), which is backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the CLO Issuer. The CLO Issuer issues preferred shares which are not secured by the collateral securing the CLO Transaction which we purchase. We act as retention holder in connection with the CLO Transaction for the purposes of satisfying certain U.S. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of a CLO Issuer's preferred shares. Notes issued by CLO Issuer have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities (e.g., "blue sky") laws, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or pursuant to an applicable exemption from such registration. The Adviser serves as collateral manager for the CLO Issuer under a collateral management agreement. The Adviser is entitled to receive fees for providing these services. The Adviser routinely waives its right to receive such fees but may rescind such waiver at any time; provided, however, that if the Adviser rescinds such waiver, the management fee payable to Adviser pursuant to the Investment Advisory Agreement will be offset by the amount of the collateral management fee attributable to a CLO Issuer's equity or notes owned by us. Assets pledged to debt holders of the CLO Transaction and the other secured parties under each CLO Transaction's documentation will not be available to pay our debts. We consolidate the financial statements of the CLO Issuer in our consolidated financial statements.

*CLO XIII*

On September 12, 2023 (the "CLO XIII Closing Date"), we completed a $399.3 million term debt securitization transaction (the "CLO XIII Transaction"). The secured notes and preferred shares issued in the CLO XIII Transaction were issued by our consolidated subsidiary Owl Rock CLO XIII, LLC, a limited liability organized under the laws of the State of Delaware (the "CLO XIII Issuer").

The CLO XIII Transaction was executed by (A) the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the CLO XIII Closing Date (the "CLO XIII Indenture"), by and among the CLO XIII Issuer and State Street Bank and Trust Company: (i) $228.0 million of AAA(sf) Class A Notes, which bear interest at three-month term SOFR plus 2.55% and (ii) $32.0 million of AA(sf) Class B Notes, which bear interest at three-month term SOFR plus 3.35% (together, the "CLO XIII Secured Notes"). The CLO XIII Secured Notes are scheduled to mature on the Payment Date (as defined in the CLO XIII Indenture) in September, 2035. The CLO XIII Secured Notes were privately placed by Goldman Sachs & Co. LLC as Placement Agent and NatWest Markets Securities Inc. as Co-Placement Agent.

Concurrently with the issuance of the CLO XIII Secured Notes, the CLO XIII Issuer issued approximately $139.3 million of subordinated securities in the form of 139,300 preferred shares at an issue price of U.S. $1,000 per share (the "CLO XIII Preferred Shares").

As part of the CLO XIII Transaction, we entered into a loan sale agreement with the CLO XIII Issuer dated as of the CLO XIII Closing Date, which provided for the contribution of approximately $36.4 million funded par amount of middle market loans from us to the CLO XIII Issuer on the CLO XIII Closing Date and for future sales from us to the CLO XIII Issuer on an ongoing basis. No gain or loss will be recognized as a result of these sales and contributions. Such loans constituted part of the initial portfolio of assets securing the CLO XIII Secured Notes. The remainder of the initial portfolio assets securing the CLO XIII Secured Notes consisted of approximately $298.5 million funded par amount of middle market loans purchased by the CLO XIII Issuer from ORCC II Financing LLC, a wholly-owned subsidiary of ours, under an additional loan sale agreement executed on the CLO XIII Closing Date between the CLO XIII Issuer and ORCC II Financing LLC and OR Lending II LLC, a wholly-owned subsidiary of ours. We, ORCC II Financing LLC and OR Lending II LLC each made customary representations, warranties, and covenants to the CLO XIII Issuer under the applicable loan sale agreement.

Through September 20, 2027, a portion of the proceeds received by the CLO XIII Issuer from the loans securing the CLO XIII Secured Notes may be used by the CLO XIII Issuer to purchase additional middle market loans under the direction of the Adviser in its capacity as collateral manager for the CLO XIII Issuer and in accordance with our investing strategy and ability to originate eligible middle market loans.

The CLO XIII Secured Notes are the secured obligations of the CLO XIII Issuer, and the CLO XIII Indenture includes customary covenants and events of default. For further details, see "*ITEM 1. Notes to Consolidated Financial Statements – Note 5. Debt.*"

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**Unsecured Notes** 

*2024 Notes*

On November 26, 2019, we issued $300.0 million aggregate principal amount of our 4.625% notes due November 26, 2024 (the "2024 Notes") in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act.

On October 21, 2020, we issued an additional $50.0 million aggregate principal amount of the 2024 Notes, we issued an additional $100.0 million aggregate principal amount of the 2024 Notes in private placements in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act.

The 2024 Notes bore interest at a rate of 4.625% per year payable semi-annually on May 26 and November 26 of each year, commencing on May 26, 2020.

On November 15, 2023, we caused notice to be issued to the holders of the 2024 Notes regarding its exercise of the option to redeem $350 million in aggregate principal amount of the 2024 Notes at 100% of their principal amount, plus the accrued and unpaid interest thereon through, but excluding, the redemption date, December 15, 2023. On December 15, 2023, we redeemed $350.0 million in aggregate principal amount of the 2024 Notes at 100% of their principal amount, plus the accrued and unpaid interest thereon through, but excluding, December 15, 2023. On November 26, 2024, we redeemed $100.0 million in aggregate principal amount of the 2024 Notes at 100% of their principal amount, plus the accrued and unpaid interest thereon through, but excluding, November 26, 2024.

*2026 Notes*

On November 15, 2023, we issued $350.0 million aggregate principal amount of its 8.450% notes due November 15, 2026 (the "2026 Notes") in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. The 2026 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

The 2026 Notes were issued pursuant to an Indenture dated as of November 26, 2019 (the "Base Indenture"), between us and Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association, as trustee (the "Trustee"), and a Second Supplemental Indenture, dated as of November 15, 2023 (the "Second Supplemental Indenture" and together with the Base Indenture, the "Indenture"), between us and the Trustee. The 2026 Notes will mature on November 15, 2026, unless repurchased or redeemed in accordance with their terms prior to such date. The 2026 Notes bear interest at a rate of 8.450% per year payable semi-annually on May 15 and November 15 of each year, commencing on May 15, 2024. Concurrent with the issuance of the 2026 Notes, we entered into a Registration Rights Agreement (the "2026 Registration Rights Agreement") for the benefit of the purchasers of the 2026 Notes. Pursuant to the 2026 Registration Rights Agreement, we filed a registration statement with the SEC and, on September 17, 2024, commenced an offer to exchange the notes initially issued on November 15, 2023 for newly issued registered notes with substantially similar terms, which expired on October 18, 2024 and was completed promptly thereafter.

The 2026 Notes are our direct, general unsecured obligations and rank senior in right of payment to all of our future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the 2026 Notes. The 2026 Notes rank pari passu, or equal, in right of payment with all of our existing and future indebtedness or other obligations that are not so subordinated. The 2026 Notes rank effectively subordinated, or junior, to any of our future secured indebtedness or other obligations (including unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness. The 2026 Notes are structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.

The Indenture contains certain covenants, including covenants requiring us to (i) comply with Section 18(a)(1)(A) of the 1940 Act, as modified by Section 61(a) of the 1940 Act, for the period of time during which the 2026 Notes are outstanding, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the 2026 Notes and the Trustee if we are no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the Indenture.

In addition, if a change of control repurchase event, as defined in the Indenture, occurs prior to maturity, holders of the 2026 Notes will have the right, at their option, to require us to repurchase for cash some or all of the 2026 Notes at a repurchase price equal to 100% of the aggregate principal amount of the 2026 Notes being repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.

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**Off-Balance Sheet Arrangements**

*Portfolio Company Commitments*

From time to time, we may enter into commitments to fund investments in the form of revolving credit, delayed draw, or equity commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. We had the following outstanding commitments as of the following periods:

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| | | |
|:---|:---|:---|
| ($ in thousands) | **As of September 30, 2025** | **As of December 31, 2024** |
| Total net unfunded revolving loan commitments | $92472 | $99069 |
| Total net unfunded delayed draw loan commitments | 82084 | 77698 |
| Total unfunded specialty finance debt commitments |  |  |
| Total net unfunded revolving and delayed draw loan commitments | $174556 | $176767 |
| Total unfunded specialty finance equity commitments | $6242 | $4996 |
| Total unfunded equity commitments | 232 |  |
|  | $6474 | $4996 |
| **Total Unfunded Commitments** | $181030 | $181763 |

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We seek to carefully consider our unfunded portfolio company commitments for the purpose of planning our ongoing financial leverage. Further, we consider any outstanding unfunded portfolio company commitments we are required to fund within the 200% asset coverage limitation. As of September 30, 2025, we believe we had adequate financial resources to satisfy the unfunded portfolio company commitments.

*Organizational and Offering Costs*

The Adviser has incurred organization and offering costs on behalf of us in the amount of $12.4 million for the period from October 15, 2015 (Inception) to March 31, 2025, of which $12.4 million have been charged to us pursuant to the Investment Advisory Agreement. Under the Investment Advisory Agreement and Administration Agreement, the Adviser is entitled to receive up to 1.5% of gross offering proceeds raised in our continuous public offering until all organization and offering costs paid by the Adviser have been recovered. We terminated our continuous public offering as of April 30, 2021.

*Other Commitments and Contingencies*

From time to time, we may become a party to certain legal proceedings incidental to the normal course of our business. As of September 30, 2025, we were not aware of any material pending or threatened litigation that would require accounting recognition or financial statement disclosure.

**Contractual Obligations**

The table below presents a summary of our contractual payment obligations under our credit facilities and notes as of September 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
| ($ in thousands) | **Total** | **Less than 1 year** | **1-3 years** | **3-5 years** | **After 5 years** |
| Revolving Credit Facility | $36605 | $— | $— | $36605 | $— |
| SPV Asset Facility I | 145000 |  |  |  | 145000 |
| CLO XIII | 260000 |  |  |  | 260000 |
| 2026 Notes | 350000 |  | 350000 |  |  |
| &nbsp;&nbsp;**Total Contractual Obligations** | $791605 | $— | $350000 | $36605 | $405000 |

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**Related Party Transactions**

We have entered into a number of business relationships with affiliated or related parties, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Investment Advisory Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Administration Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Expense Support Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the License Agreement.

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In addition to the aforementioned agreements, we, our Adviser and certain of our Adviser's affiliates have been granted exemptive relief by the SEC to permit us to co-invest with other funds managed by the Adviser or its affiliates in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. See "*ITEM 1. – Notes to Consolidated Financial Statements – Note 3. Agreements and Related Party Transaction*s" for further details.

We invest in Credit SLF, a controlled affiliated investment, as defined in the 1940 Act. See *"ITEM 1. - Notes to Consolidated Financial Statements - Note 3. Agreements and Related Party Transactions"* for further details.

**Critical Accounting Policies**

The preparation of the consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting policies should be read in connection with our risk factors as disclosed in our Form 10-K for the fiscal year ended December 31, 2024 in "*ITEM 1A. - RISK FACTORS*."

***Investments at Fair Value***

Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Pursuant to Rule 2a-5, the Board designated the Adviser as our valuation designee to perform fair value determinations relating to the value of assets we held for which market quotations are not readily available.

Investments for which market quotations are readily available are typically valued at the average bid price of those market quotations. To validate market quotations, we utilize a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available, as is the case for substantially all of our investments, are valued at fair value as determined in good faith by our Adviser, as valuation designee, based on, among other things, the input of the independent third-party valuation firm(s) engaged at the direction of our Adviser.

As part of the valuation process, our Adviser, as valuation designee, takes into account relevant factors in determining the fair value of our investments, including: the estimated enterprise value of a portfolio company (i.e., the total fair value of the portfolio company's debt and equity), the nature and realizable value of any collateral, the portfolio company's ability to make payments based on its earnings and cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company's securities to any similar publicly traded securities, and overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Board considers whether the pricing indicated by the external event corroborates its valuation.

Our Adviser, as valuation designee, undertakes a multi-step valuation process, which includes, among other procedures, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With respect to investments for which market quotations are readily available, those investments will typically be valued at the average bid price of those market quotations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With respect to investments for which market quotations are not readily available, the valuation process begins with the independent valuation firm(s) providing a preliminary valuation of each investment to the Adviser's valuation committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preliminary valuation conclusions are documented and discussed with the Adviser's valuation committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Adviser, as the valuation designee, reviews the recommended valuations and determines the fair value of each investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each quarter, our Adviser, as the valuation designee, provides the Audit Committee a summary or description of material fair value matters that occurred in the prior quarter and on an annual basis, our Adviser, as the valuation designee, will provide the Audit Committee with a written assessment of the adequacy and effectiveness of its fair value process; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Audit Committee oversees the valuation designee and will report to the Board on any valuation matters requiring the Board's attention.

We conduct this valuation process on a quarterly basis.

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We apply Financial Accounting Standards Board Accounting Standards Codification 820, *Fair Value Measurements* ("ASC 820"), as amended, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. ASC 820 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, we consider its principal market to be the market that has the greatest volume and level of activity. ASC 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance with ASC 820, these levels are summarized below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

Transfers between levels, if any, are recognized at the beginning of the period in which the transfer occurred. In addition to using the above inputs in investment valuations, we apply the valuation policy approved by our Board that is consistent with ASC 820. Consistent with the valuation policy, our Adviser, as the valuation designee, evaluates the source of the inputs, including any markets in which our investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When an investment is valued based on prices provided by reputable dealers or pricing services (that is, broker quotes), our Adviser, as the valuation designee, subjects those prices to various criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment. For example, our Adviser, as the valuation designee, or the independent valuation firm(s), reviews pricing support provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs.

The Company applies the practical expedient provided by the ASC Topic 820 relating to investments in certain entities that calculate net asset value per share (or its equivalent). ASC Topic 820 permits an entity holding investments in certain entities that either are investment companies, or have attributes similar to an investment company, and calculate NAV per share or its equivalent for which the fair value is not readily determinable, to measure the fair value of such investments on the basis of that NAV per share, or its equivalent, without adjustment. Investments which are valued using NAV per share as a practical expedient are not categorized within the fair value hierarchy as per ASC Topic 820.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize amounts that are different from the amounts presented and such differences could be material.

In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein.

***Financial and Derivative Instruments***

Rule 18f-4 requires BDCs that use derivatives to, among other things, comply with a value-at-risk leverage limit, adopt a derivatives risk management program, and implement certain testing and board reporting procedures. Rule 18f-4 exempts BDCs that qualify as "limited derivatives users" from the aforementioned requirements, provided that these BDCs adopt written policies and procedures that are reasonably designed to manage the BDC's derivatives risks and comply with certain recordkeeping requirements. Rule 18f-4 provides that a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. Pursuant to Rule 18f-4, when we trade reverse repurchase agreements or similar financing transactions, including certain tender option bonds, we need to aggregate the amount of any other senior securities representing indebtedness (e.g., bank borrowings, if applicable) when calculating our asset coverage ratio. The Company currently qualifies as a "limited derivatives user" and expects to continue to do so. The Company has adopted a derivatives policy and complies with the recordkeeping requirements of Rule 18f-4.

***Interest and Dividend Income Recognition***

Interest income is recorded on the accrual basis and includes accretion and amortization of discounts or premiums. Certain investments may have contractual PIK interest or dividends, the majority of which is structured at initial underwriting. PIK interest or dividends represent accrued interest or dividends that are added to the principal amount or liquidation amount of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or at the occurrence of a liquidation event. Discounts and premiums to par value on securities purchased are accreted or amortized into interest income

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over the contractual life of the respective security using the effective yield method. The amortized cost of investments represents the original cost adjusted for the accretion or amortization of discounts or premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management's judgment regarding collectability. If at any point we believe PIK interest or dividends are not expected to be realized, the investment generating PIK interest or dividends will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are generally reversed through interest income. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management's judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.

***Distributions***

We have elected to be treated for U.S. federal income tax purposes, and intend to qualify annually, as a RIC under Subchapter M of the Code. To obtain and maintain our tax treatment as a RIC, we must distribute (or be deemed to distribute) in each taxable year distributions for tax purposes equal to at least the sum of :

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 90% of our investment company taxable income (which is generally our ordinary income plus the excess of realized short-term capital gains over realized net long-term capital losses), determined without regard to the deduction for dividends paid, for such taxable year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 90% of our net tax-exempt interest income (which is the excess of our gross tax exempt interest income over certain disallowed deductions) for such taxable year.

As a RIC, we (but not our shareholders) generally will not be subject to U.S. federal tax on investment company taxable income and net capital gains that we distribute to our shareholders.

We intend to distribute annually all or substantially all of such income. To the extent that we retain our net capital gains or any investment company taxable income, we generally will be subject to U.S. federal income tax at corporate rates. We can be expected to carry forward our net capital gains or any investment company taxable income in excess of current year dividend distributions and pay the U.S. federal excise tax as described below.

Amounts not distributed on a timely basis in accordance with a calendar year distribution requirement are subject to a nondeductible 4% U.S. federal excise tax payable by us. We may be subject to a nondeductible 4% U.S. federal excise tax if we do not distribute (or are treated as distributing) during each calendar year an amount at least equal to the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 98% of our net ordinary income excluding certain ordinary gains or losses for that calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 98.2% of our capital gain net income, adjusted for certain ordinary gains and losses, recognized for the twelve-month period ending on October 31 of that calendar year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 100% of any income or gains recognized, but not distributed, in preceding years.

While we intend to distribute any income and capital gains in the manner necessary to minimize imposition of the 4% U.S. federal excise tax, sufficient amounts of our taxable income and capital gains may not be distributed and as a result, in such cases, the excise tax will be imposed. In such an event, we will be liable for this tax only on the amount by which we do not meet the foregoing distribution requirement.

We intend to pay monthly distributions to our shareholders out of assets legally available for distribution. All distributions will be paid at the discretion of our Board and will depend on our earnings, financial condition, maintenance of our tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as our Board may deem relevant from time to time.

To the extent our current taxable earnings for a year fall below the total amount of our distributions for that year, a portion of those distributions may be deemed a return of capital to our shareholders for U.S. federal income tax purposes. Thus, the source of a distribution to our shareholders may be the original capital invested by the shareholder rather than our income or gains. Shareholders should read written disclosure carefully and should not assume that the source of any distribution is our ordinary income or gains.

With respect to distributions, the Company has adopted an "opt-in" dividend reinvestment plan for common shareholders. As a result, in the event of a declared distribution, each shareholder that has not "opted-in" to the dividend reinvestment plan will have their dividends or distributions automatically received in cash rather than reinvested in additional shares of our common stock. Shareholders who receive distributions in the form of shares of common stock will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.

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***Income Taxes***

We have elected to be treated as a BDC under the 1940 Act. We have also elected to be treated as a RIC under the Code beginning with our taxable year ended December 31, 2017 and intend to continue to qualify for tax treatment as a RIC. So long as we maintain our tax treatment as a RIC, we generally will not pay U.S. federal income taxes at corporate rates on any ordinary income or capital gains that we distribute at least annually to our shareholders as distributions. Rather, any tax liability related to income earned and distributed by us represents obligations of our investors and will not be reflected in our consolidated financial statements.

To qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, we generally must distribute to our shareholders, for each taxable year, at least 90% of our "investment company taxable income" for that year, which is generally our ordinary income plus the excess of our realized net short-term capital gains over our realized net long-term capital losses. In addition, a RIC may, in certain cases, satisfy this distribution requirement by distributing dividends relating to a taxable year after the close of such taxable year under the "spillover dividend" provisions of Subchapter M. In order for us to not be subject to U.S. federal excise taxes, we must distribute annually an amount at least equal to the sum of (i) 98% of our net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of our capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. We, at our discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. excise tax on this income.

Certain of our consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes.

We evaluate tax positions taken or expected to be taken in the course of preparing our consolidated financial statements to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. There were no material uncertain tax positions through December 31, 2024. As applicable, our prior three tax years remain subject to examination by U.S. federal, state and local tax authorities.

**Recent Developments**

*Dividends* 

On November 4, 2025, our Board approved regular monthly distributions for November 2025 through January 2026. The regular monthly cash distributions, each in the gross amount of $0.05 per share, will be payable monthly to shareholders of record as of the monthly record date.

*Owl Rock CLO XIII Redemption*

On October 16, 2025, the CLO XIII Issuer redeemed and paid in full all classes of the CLO XIII Secured Notes, plus accrued interest thereon though October 16, 2025.

*Merger Agreement with Blue Owl Capital Corporation*

On November 5, 2025, we entered into an Agreement and Plan of Merger (the "Merger Agreement") with Blue Owl Capital Corporation, a Maryland corporation ("OBDC"), Cowboy Merger Sub, Inc., a Maryland corporation and wholly owned subsidiary of OBDC ("Merger Sub"), and, solely for the limited purposes set forth therein, the Adviser. The Merger Agreement provides that, subject to the conditions set forth in the Merger Agreement, Merger Sub will be merged with and into us, with us continuing as the surviving company and as a wholly-owned subsidiary of OBDC (the "Initial Merger"), and, immediately thereafter, we will merge with and into OBDC, with OBDC continuing as the surviving company (the "Second Merger" and together, with the Initial Merger, the "Mergers"). The parties to the Merger Agreement intend the Mergers to be treated as a "reorganization" within the meaning of Section 368(a) of the Code.

Effective upon the closing of the Mergers, each share of our common stock issued and outstanding immediately prior to the effective time of the Mergers, except for shares, if any, owned by OBDC or any of its consolidated subsidiaries, will be converted into the right to receive a number of shares of OBDC's common stock equal to the Exchange Ratio (as defined below), plus any cash (without interest) in lieu of fractional shares, in connection with the closing of the Mergers.

Under the terms of the Merger Agreement, the "Exchange Ratio" will be determined as of a mutually agreed date (such date, the "Determination Date") no earlier than 48 hours (excluding Sundays and holidays) prior to the effective date of the Mergers and based on (i) the net asset value ("NAV") per share of OBDC's common stock (the "OBDC Per Share NAV") and the adjusted net asset value per share of us (the "OBDC II Per Share NAV") and (ii) the closing price per share of OBDC's common stock on the NYSE on either the Determination Date or, if the NYSE is closed on the Determination Date, the most recent trading day prior to the Determination Date (the "OBDC Common Stock Price").

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The Exchange Ratio will be calculated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)if the quotient of the OBDC Common Stock Price and the OBDC Per Share NAV is less than or equal to 100%, then the Exchange Ratio shall be the quotient (rounded to the fourth nearest decimal) of the OBDC II Per Share NAV and the OBDC Per Share NAV; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)if the quotient of the OBDC Common Stock Price and the OBDC Per Share NAV is greater than 100%, the Exchange Ratio shall be the quotient (rounded to the fourth nearest decimal) of the OBDC II Per Share NAV and the OBDC Common Stock Price.

Consummation of the Mergers, which is currently anticipated to occur during the first quarter of 2026, is subject to certain closing conditions, including (1) requisite approvals of our shareholders, (2) the effectiveness of an amendment to our Articles of Amendment and Restatement, (3) the absence of certain enumerated legal impediments to the consummation of the Mergers, (4) effectiveness of the registration statement for OBDC's common stock to be issued as consideration in the Mergers, (5) subject to certain exceptions, the accuracy of the representations and warranties and compliance with the covenants of each party to the Merger Agreement, (6) required regulatory approvals (including expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended), (7) the absence of a material adverse effect in respect of the parties, and (8) the receipt of customary legal opinions to the effect that the Mergers will be treated as a "reorganization" within the meaning of Section 368(a) of the Code by the parties.

Prior to the anticipated closing of the Mergers, we and OBDC intend to declare and pay ordinary course dividends.

Prior to the anticipated closing of the Mergers, subject to the approval of our board of directors, we may declare a dividend to its shareholders equal to undistributed net investment income estimated to be remaining as of the closing of the Mergers, if any.

The foregoing summary description of the Merger Agreement and the transactions contemplated thereby is subject to and qualified in its entirety by reference to the Merger Agreement, a copy of which has been filed as Exhibit 2.1 to our Current Report on Form 8-K, dated November 5, 2025, the terms of which are incorporated herein by reference. In connection with the Mergers, we plan to file with the SEC and mail to its shareholders a proxy statement/prospectus (the "Proxy Statement") and OBDC plans to file with the SEC a registration statement on Form N-14 (the "Registration Statement") that will include the Proxy Statement and a prospectus of OBDC.

**Item 3. Quantitative and Qualitative Disclosures About Market Risk.**

We are subject to financial market risks, including valuation risk, interest rate risk, currency risk, credit risk and inflation risk. Uncertainty with respect to the imposition of tariffs on and trade disputes with certain countries, the fluctuations in global interest rates, a prolonged government shutdown, the ongoing war between Russia and Ukraine, the conflicts in the Middle East and concerns over future increases in inflation or adverse investor sentiment generally, introduced significant volatility in the financial markets, and the effects of this volatility has materially impacted and could continue to materially impact our market risks, including those listed below.

***Valuation Risk***

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of private companies. Most of our investments will not have a readily available market price, and we value these investments at fair value as determined in good faith by our Adviser, as our valuation designee, based on, among other things, the input of independent third-party valuation firm(s) engaged at the direction of our Adviser, as our valuation designee, and in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material. The independent third-party valuation firm(s) engaged at the discretion of the Adviser and its affiliates are full service financial institutions engaged in a variety of activities and from time to time we may receive or provide additional services to or from such independent third-party valuation firm(s).

***Interest Rate Risk***

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. We intend to fund portions of our investments with borrowings, and at such time, our net investment income will be affected by the difference between the rate at which we invest and the rate at which we borrow. Accordingly, we cannot assure you that a significant change in market interest rates will not have a material adverse effect on our net investment income.

In a low interest rate environment, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net income and potentially adversely affecting our operating results. Conversely, in a rising interest rate environment, such difference could potentially increase thereby increasing our net income as indicated per the table below.

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As of September 30, 2025, 98.0% of our debt investments based on fair value in our portfolio were at floating rates. Additionally, the weighted average SOFR floor, based on fair value, of our debt investments was 0.8%. The Revolving Credit Facility, SPV Asset Facility, and CLO XIII bear interest at variable rates with interest floors of 0.0%. The 2026 Notes bear interest at a fixed rate.

Based on our Consolidated Statements of Assets and Liabilities as of September 30, 2025, the following table shows the annualized impact on net income of hypothetical base rate changes in interest rates on our debt investments (considering interest rate floors for floating rate instruments) assuming each floating rate investment is subject to 3 month reference rate election and there are no changes in our investment and borrowing structure.

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| | | | |
|:---|:---|:---|:---|
| ($ in millions) | **Interest Income** | **Interest Expense** | **Net Income**<sup>(1)</sup> |
| Up 300 basis points | $45.3 | $(13.2) | $32.1 |
| Up 200 basis points | $30.2 | $(8.8) | $21.4 |
| Up 100 basis points | $15.1 | $(4.4) | $10.7 |
| Down 100 basis points | $(15.1) | $4.4 | $(10.7) |
| Down 200 basis points | $(30.2) | $8.8 | $(21.4) |
| Down 300 basis points | $(45.0) | $13.2 | $(31.8) |

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<sup>(1)</sup> Excludes the impact of income based fees. See Note 3 of our consolidated financial statements for more information on the income based fees.

We may hedge against interest rate fluctuations by using hedging instruments such as additional interest rate swaps, futures, options, and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions, such as interest rate swap agreements, may also limit our ability to participate in the benefits of lower interest rates.

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***Currency Risk***

From time to time, we may make investments that are denominated in a foreign currency, borrow in certain foreign currencies under our credit facilities or issue notes in certain foreign currencies. These investments, borrowings and issuances are translated into U.S. dollars at each balance sheet date, exposing us to movements in foreign exchange rates. We may employ hedging techniques to minimize these risks, but we cannot assure you that such strategies will be effective or without risk to us. We may utilize instruments such as, but not limited to, forward contracts or cross currency swaps to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates. Instead of entering into a foreign currency forward contract in connection with loans or other investments denominated in a foreign currency, we may borrow in that currency to establish a natural hedge against our loan, issuance or investment. To the extent the loan, issuance or investment is based on a floating rate other than a rate under which we can borrow under our credit facilities, we may utilize interest rate derivatives to hedge our exposure to changes in the associated rate.

***Credit Risk***

We generally endeavor to minimize our risk of exposure by limiting to reputable financial institutions the counterparties with which we enter into financial transactions. As of September 30, 2025 and December 31, 2024, we held the majority of our cash balances with a single highly rated money center bank and such balances are in excess of Federal Deposit Insurance Corporation insured limits. We seek to mitigate this exposure by monitoring the credit standing of these financial institutions.

***Inflation Risk***

Inflation is likely to continue in the near to medium-term, particularly in the United States, with the possibility that monetary policy may continue to tighten in response. Persistent inflationary pressures could affect our portfolio companies' profit margins.

**Item 4. Controls and Procedures**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)Evaluation of Disclosure Controls and Procedures***

In accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934 (the "Exchange Act"), as amended, we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q and determined that our disclosure controls and procedures are effective as of the end of the period covered by the Quarterly Report on Form 10-Q.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)Changes in Internal Controls Over Financial Reporting***

There have been no changes in our internal controls over financial reporting that occurred during the quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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**PART II. OTHER INFORMATION**

**Item 1. Legal Proceedings**

Neither we nor the Adviser are currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceeding threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us. While the outcome of any such future legal or regulatory proceedings cannot be predicted with certainty, we do not expect that any such future proceedings will have a material effect upon our financial condition or results of operations.

**Item 1A. Risk Factors.** 

In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in Part I, "*ITEM 1A. RISK FACTORS*" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which could materiality affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

***Because the market price of OBDC's common stock will fluctuate, our common shareholders cannot be sure of the market value of the Merger Consideration they will receive until the closing of the Mergers.***

At the effective time of the Mergers, each share of our common stock issued and outstanding immediately prior to such time (other than shares owned by OBDC or any of its consolidated subsidiaries), will be converted into the right to receive a number of shares of OBDC's common stock equal to the Exchange Ratio, plus any cash (without interest) in lieu of fractional shares.

The market value of the shares of OBDC's common stock to be received by our common shareholders (together with cash to be received by our common shareholders in lieu of fractional shares, the "Merger Consideration") may vary from the closing price of OBDC's common stock on the date the Mergers were announced, on the date of the filing of this Quarterly Report on Form 10-Q, on the date that our proxy statement/prospectus is mailed to shareholders, on the date of our special meeting of shareholders and on the date the Mergers are completed and thereafter. Any change in the market price of OBDC's common stock prior to completion of the Mergers will affect the market value of the Merger Consideration that our shareholders will receive upon completion of the Mergers.

Accordingly, at the time of our special meeting of shareholders, our shareholders will not know or be able to calculate the market price of the Merger Consideration they would receive upon completion of the Mergers.

The market price and liquidity of the market for OBDC's common stock may be significantly affected by numerous factors, some of which are beyond OBDC's control and may not be directly related to OBDC's operating performance. These factors include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant volatility in the market price and trading volume of securities of BDCs or other companies in OBDC's sector, which are not necessarily related to the operating performance of the companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in regulatory policies, accounting pronouncements or tax guidelines, particularly with respect to RICs and BDCs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss of OBDC's qualification as a RIC or BDC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in market interest rates and decline in the prices of debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in earnings or variations in operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the value of OBDC's portfolio investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in accounting guidelines governing valuation of OBDC's investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any shortfall in revenue or net income or any increase in losses from levels expected by investors or securities analysts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• departure of the Adviser's or any of its affiliates' key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• operating performance of companies comparable to OBDC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic trends and other external factors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss of a major funding source.

***Sales of shares of OBDC's common stock after the completion of the Mergers may cause the market price of OBDC's common stock to decline.***

At the effective time of the Mergers, each share of our common stock issued and outstanding immediately prior to such time (other than shares owned by OBDC or any of OBDC's consolidated subsidiaries), will be converted into the right to receive a number of shares of OBDC common stock equal to the Exchange Ratio, plus any cash (without interest) in lieu of fractional shares.

Our shareholders may decide not to hold the shares of our common stock that they will receive pursuant to the Merger Agreement. Certain of our shareholders, such as funds with limitations on their permitted holdings of stock in individual issuers, may be required to sell the shares of OBDC common stock that they receive pursuant to the Merger Agreement. In addition, OBDC shareholders may decide not to hold their shares of OBDC common stock after completion of the Mergers. In each case, such sales of OBDC common stock could have the effect of depressing the market price for OBDC's common stock and may take place soon after the completion of the Mergers.

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***Our shareholders will experience a reduction in percentage ownership and voting power in the combined company as a result of the Mergers.***

Our shareholders will experience a substantial reduction in their respective percentage ownership interests and effective voting power in respect of the combined company relative to their respective percentage ownership interests in us prior to the Mergers. Consequently, our shareholders should generally expect to exercise less influence over the management and policies of the combined company following the Mergers than they currently exercise over our management and policies.

Prior to completion of the Mergers, subject to certain restrictions in the Merger Agreement, and certain restrictions under the 1940 Act for issuances at prices below the then current NAV per share of our common stock and OBDC's common stock, we and OBDC may issue additional shares of our common stock and OBDC common stock, respectively, which would further reduce the percentage ownership of the combined company to be held by our current shareholders or to be held by OBDC shareholders, as applicable.

***We may be unable to realize the benefits anticipated by the Mergers, including estimated operating cost savings and financing cost savings over time, or it may take longer than anticipated to achieve such benefits.***

The realization of certain benefits anticipated as a result of the Mergers will depend in part on the integration of our investment portfolio with OBDC's investment portfolio and the integration of our business with OBDC's business. There can be no assurance that our investment portfolio or business can be operated profitably or integrated successfully into OBDC's operations in a timely fashion or at all. The dedication of management resources to such integration may detract attention from the day-to-day business of the combined company and there can be no assurance that there will not be substantial costs associated with the transition process or that there will not be other material adverse effects as a result of these integration efforts. Such effects, including incurring unexpected costs or delays in connection with such integration and failure of our investment portfolio to perform as expected, could have a material adverse effect on the financial results of the combined company.

OBDC also expects to achieve certain cost savings from the Mergers when the two companies have fully integrated their portfolios. It is possible that the estimates of the potential cost savings could ultimately be incorrect. The cost savings estimates also assume OBDC will be able to combine our operations and its operations in a manner that permits those cost savings to be fully realized. In addition, immediately after the occurrence of the effective time of the merger and prior to the Second Merger, the Investment Advisory Agreement and the Administration Agreement shall be automatically terminated, and we shall be responsible for any final or outstanding payments owed under these agreements, which could impact estimates and cost savings. If the estimates turn out to be incorrect or if OBDC is not able to combine our investment portfolio or business with its operations, the anticipated cost savings may not be fully realized or realized at all or may take longer to realize than expected.

***The Mergers may trigger certain "change of control" provisions and other restrictions in our or OBDC's contracts or contracts of our respective affiliates, and the failure to obtain any required consents or waivers could adversely impact the combined company.***

Certain of our or OBDC's agreements or contracts of our respective affiliates, which may include agreements governing our indebtedness or the indebtedness of OBDC, will or may require the consent or waiver of one or more counterparties in connection with the Mergers. The failure to obtain any such consent or waiver may permit such counterparties to terminate, or otherwise increase their rights or our and OBDC's obligations under, any such agreement because the Mergers or other transactions contemplated by the Merger Agreement may violate an anti-assignment, change of control or other similar provision relating to any of such transactions. If this occurs, OBDC may have to seek to replace that agreement with a new agreement or seek an amendment to such agreement. We cannot assure you that OBDC will be able to replace or amend any such agreement on comparable terms or at all.

If any such agreement is material, the failure to obtain consents, amendments or waivers under, or to replace on similar terms or at all, any of these agreements could adversely affect the financial performance or results of operations of the combined company following the Mergers, including preventing OBDC from operating a material part of our business.

In addition, the consummation of the Mergers may violate, conflict with, result in a breach of provisions of, or the loss of any benefit under, constitute a default (or an event that, with or without notice or lapse of time or both, would constitute a default) under, or result in the termination, cancellation, acceleration or other change of any right or obligation (including any payment obligation) under, certain agreements of us and OBDC. Any such violation, conflict, breach, loss, default or other effect could, either individually or in the aggregate, have a material adverse effect on the financial condition, results of operations, assets or business of the combined company following completion of the Mergers.

***The opinion delivered to our Board and the OBDC II Special Committee from its financial advisor prior to the signing of the Merger Agreement will not reflect changes in circumstances since the date of the opinion.***

The opinion of the financial advisor to the Special Committee of the Company's Board (the "OBDC II Special Committee") was delivered to the OBDC II Special Committee and our Board on, and was dated, November 4, 2025. Changes in our or OBDC's operations and prospects, general market and economic conditions and other factors that may be beyond the control of us or OBDC may significantly alter our or OBDC's respective value or the respective price of shares of our common stock or OBDC's common stock by the time the Mergers are completed. The opinion does not speak as of the time the Mergers will be completed or as of any date other than the date of such opinion.

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***The announcement and pendency of the Mergers could adversely affect both our and OBDC's business, financial results and operations.***

The announcement and pendency of the Mergers could cause disruptions in and create uncertainty surrounding both our and OBDC's business, including affecting relationships with existing and future borrowers, which could have a significant negative impact on future revenues and results of operations, regardless of whether the Mergers are completed. In addition, we and OBDC have diverted, and will continue to divert, management resources towards the completion of the Mergers, which could have a negative impact on each of our and OBDC's future revenues and results of operations.

We and OBDC are also subject to restrictions on the conduct of each of our and OBDC's businesses prior to the completion of the Mergers as provided in the Merger Agreement, generally requiring OBDC and us to conduct business only in the ordinary course and subject to specific limitations, including, among other things, certain restrictions on each of our and OBDC's respective ability to make certain investments and acquisitions, sell, transfer or dispose of our and OBDC's respective assets, amend each of our and OBDC's respective organizational documents and enter into or modify certain material contracts. These restrictions could prevent OBDC or us from pursuing otherwise attractive business opportunities, industry developments and future opportunities and may otherwise have a significant negative impact on the respective future investment income and results of operations of each of us and/or the combined company following the Mergers.

***If the Mergers do not close, we will not benefit from the expenses incurred in pursuit of the Mergers.***

The Mergers may not be completed. If the Mergers are not completed, we will have incurred substantial expenses for which no ultimate benefit will have been received. We have incurred out-of-pocket expenses in connection with the Mergers for investment banking, legal and accounting fees and financial printing and other related charges, much of which will be incurred even if the Mergers are not completed.

***The termination of the Merger Agreement could negatively impact us.***

If the Merger Agreement is terminated, there may be various consequences, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our business may have been adversely impacted by the failure to pursue other beneficial opportunities due to the focus of management on the Mergers, without realizing any of the anticipated benefits of completing the Mergers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the market price of OBDC's common stock might decline to the extent that the market price prior to termination reflects a market assumption that the Mergers will be completed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may not be able to find a party willing to pay an equivalent or more attractive price than the price OBDC agreed to pay in the Mergers.

***The Merger Agreement limits our ability to pursue alternatives to the Mergers.***

The Merger Agreement contains provisions that limit our ability to discuss, facilitate or commit to competing third party proposals to acquire all or a significant part of us. These provisions, which are typical for transactions of this type, might discourage a potential competing acquirer that might have an interest in acquiring all or a significant part of us from considering or proposing that acquisition even if it were prepared to pay consideration with a higher per share market price than that proposed in the Mergers or might result in a potential competing acquirer proposing to pay a lower per share price to acquire us than it might otherwise have proposed to pay.

***The Mergers are subject to closing conditions, including shareholder approvals, that, if not satisfied or (to the extent legally allowed) waived, will result in the Mergers not being completed, which may result in material adverse consequences to our business and operations.***

The Mergers are subject to closing conditions, including certain approvals of our shareholders that, if not satisfied, will prevent the Mergers from being completed. The closing condition that our shareholders adopt the Merger Agreement and approve the Mergers may not be waived under applicable law and must be satisfied for the Mergers to be completed. If our shareholders do not adopt the Merger Agreement and approve the Mergers and the Mergers are not completed, the resulting failure of the Mergers could have a material adverse impact on our business and operations. In addition to the required approvals of our shareholders, the Mergers are subject to a number of other conditions beyond our control that may prevent, delay or otherwise materially adversely affect completion of the Mergers. We cannot predict whether and when these other conditions will be satisfied.

***Litigation filed against us and OBDC in connection with the Mergers could result in substantial costs and could delay or prevent the Mergers from being completed.***

From time to time, we and OBDC may be subject to legal actions, including securities class action lawsuits and derivative lawsuits, as well as various regulatory, governmental and law enforcement inquiries, investigations and subpoenas in connection with the Mergers. These or any similar securities class action lawsuits and derivative lawsuits, regardless of their merits, may result in substantial costs and divert management time and resources. An adverse judgment in such cases could have a negative impact on the

------

liquidity and financial condition of us and/or the combined company following the Mergers or could prevent the Mergers from being completed.

***We will be subject to operational uncertainties and contractual restrictions while the Mergers are pending.***

Uncertainty about the effect of the Mergers may have an adverse effect on us and, consequently, on the combined company following completion of the Mergers. These uncertainties may cause those that deal with us to seek to change their existing business relationships with us. In addition, the Merger Agreement restricts us from taking actions that we might otherwise consider to be in our best interests. These restrictions may prevent us from pursuing certain business opportunities that may arise prior to the completion of the Mergers.

***We and OBDC may, to the extent legally allowed, waive one or more conditions to the Mergers without resoliciting shareholder approval.***

Certain conditions to our and OBDC's obligations to complete the Mergers may be waived, in whole or in part, to the extent legally allowed, either unilaterally or by agreement of us and OBDC. In the event that any such waiver does not require resolicitation of shareholders, the parties to the Merger Agreement will have the discretion to complete the Mergers without seeking further shareholder approval. The conditions in the Merger Agreement requiring the approval of our shareholders and OBDC shareholders, however, cannot be waived.

***The market price of OBDC's common stock after the Mergers may be affected by factors different from those affecting OBDC's common stock currently.***

Our business and OBDC's business differ in some respects and, accordingly, the results of operations of the combined company and the market price of OBDC's common stock after the Mergers may be affected by factors different from those currently affecting the independent results of operations of each of us and OBDC and the market prices of OBDC's common stock. These factors include a larger shareholder base and a different capital structure. Accordingly, our historical trading prices and financial results may not be indicative of these matters for the combined company following the Mergers.

***Our shareholders do not have appraisal rights in connection with the Mergers****.*

Appraisal rights are statutory rights that enable shareholders to dissent from certain extraordinary transactions, such as certain mergers, and to demand that the corporation pay the fair value for their shares as determined by a court in a judicial proceeding instead of receiving the consideration offered to shareholders in connection with the applicable transaction. Under Maryland law, holders of shares of OBDC common stock and our shareholders will not have rights to an appraisal of the fair value of their shares in connection with the Mergers.

***The Mergers may not be treated as a tax-free reorganization under Section 368(a) of the Code.***

We and OBDC intend that the Mergers will qualify as a tax-free reorganization under Section 368(a) of the Code, and each expect to receive a customary legal opinion to that effect. However, if the IRS were to successfully assert that the Mergers should not be treated as a tax-free reorganization under Section 368(a) of the Code, then a shareholder would generally recognize gains or losses for U.S. federal income tax purposes upon the exchange of our common stock for OBDC common stock in the Mergers.

***OBDC is expected to be subject to an annual limitation on its use of our capital loss carryforwards (and certain unrecognized built-in losses), if any.***

We may have capital loss carryforwards (and unrealized built-in losses) for U.S. federal income tax purposes. Subject to certain limitations, capital loss carryforwards and recognized built-in losses may be used to offset future recognized capital gains. Section 382 of the Code imposes an annual limitation on the ability of a corporation, including a RIC, that undergoes an "ownership change" to use its capital loss carryforwards and unrealized built-in losses. The Mergers are expected to result in such an "ownership change" of us for the purposes of Section 382 of the Code. Such a limitation may, for any given year, have the effect of potentially increasing the amount of OBDC's U.S. federal net capital gains for such year and, hence, the amount of capital gains dividends OBDC would need to distribute to remain a RIC and to avoid U.S. income and excise tax liability, as compared to what the net capital gains would be with full use of such losses.

***The combined company may incur adverse tax consequences if either us or OBDC have failed or fails to qualify for taxation as a RIC for United States federal income tax purposes.***

Each of us and OBDC have elected to qualify as a RIC and operated in a manner that each of us and OBDC believe has allowed it to qualify as a RIC for U.S. federal income tax purposes under the Code and intends to continue to do so through and (with respect to OBDC) following the Mergers. In order to qualify as a RIC, a corporation must satisfy numerous requirements relating to, among other things, the nature of its assets and income and its distribution levels. If we or OBDC have failed or fails to qualify as a RIC for U.S. federal income tax purposes, the combined company may have significant tax liabilities, or may have to make significant distributions and pay penalty or excise taxes in order to maintain RIC qualification. These liabilities could substantially reduce the combined company's cash available for distribution to its shareholders and the value of our common stock. In addition, if either we or

------

OBDC have failed or fail to qualify as a RIC for U.S. federal income tax purposes, the analysis of the Mergers as a tax-free reorganization could be impacted.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.** 

In order to satisfy the reinvestment portion of our dividends for the nine months ended September 30, 2025, we issued the following shares of common stock to stockholders of record on the dates noted below. These issuances were not subject to the registration requirements of the Securities Act.

---

| | | | |
|:---|:---|:---|:---|
| **Date of Issuance** | **Record Date** | **Number of Shares** | **Purchase Price per Share** |
| January 29, 2025 | January 28, 2025 | 404165 | $8.79 |
| February 13, 2025 | December 31, 2024 | 133727 | $8.80 |
| February 26, 2025 | February 25, 2025 | 407046 | $8.78 |
| March 26, 2025 | March 25, 2025 | 394211 | $8.75 |
| April 30, 2025 | April 29, 2025 | 400981 | $8.63 |
| May 13, 2025 | March 31, 2025 | 65631 | $8.72 |
| May 28, 2025 | May 27, 2025 | 402219 | $8.62 |
| June 25, 2025 | June 24, 2025 | 383563 | $8.61 |
| July 30, 2025 | July 29, 2025 | 385457 | $8.57 |
| August 27, 2025 | August 26, 2025 | 388223 | $8.55 |
| September 25, 2025 | September 24, 2025 | 378020 | $8.45 |

---

In the third quarter of 2017, we began offering, and on a quarterly basis, intend to continue offering, to repurchase shares of our common stock on such terms as may be determined by our Board in its complete discretion. The Board has complete discretion to determine whether we will engage in any share repurchase, and if so, the terms of such repurchase. At the discretion of our Board, the Company may use cash on hand, cash available from borrowings, and cash from the sale of our investments as of the end of the applicable period to repurchase shares. The purpose of the offers to repurchase is to provide shareholders with the potential for a measure of liquidity since there is otherwise no public market for shares of our common stock.

All shares purchased by us pursuant to the terms of each offer to repurchase will be retired and thereafter will be authorized and unissued shares.

Any periodic repurchase offers are subject in part to our available cash and compliance with the BDC and RIC qualification and diversification rules promulgated under the 1940 Act and the Code, respectively. While we intend to continue to conduct quarterly tender offers as described above, we are not required to do so and may suspend or terminate the share repurchase program at any time.

The following provides information regarding repurchases of our shares:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Offer Date** | **Tender Offer Expiration** | **Tender Offer** | **Purchase Price per Share** | **Shares Repurchased** |
| ($ in thousands, except share and per share amounts) | ($ in thousands, except share and per share amounts) | ($ in thousands, except share and per share amounts) | ($ in thousands, except share and per share amounts) | ($ in thousands, except share and per share amounts) |
| February 28, 2023 | March 27, 2023 | $23099 | $8.90 | 2595339 |
| May 26, 2023 | June 26, 2023 | $36020 | $8.96 | 4020194 |
| August 28, 2023 | September 25, 2023 | $28144 | $9.08 | 3099549 |
| November 27, 2023 | December 22, 2023 | $16397 | $9.03 | 1815787 |
| February 27, 2024 | March 25, 2024 | $60509 | $9.01 | 6715753 |
| May 24, 2024 | June 24, 2024 | $31358 | $9.00 | 3484167 |
| August 26, 2024 | September 23, 2024 | $33505 | $8.85 | 3785909 |
| November 25, 2024 | December 23, 2024 | $38391 | $8.80 | 4362658 |
| February 19, 2025 | March 24, 2025 | $36805 | $8.75 | 4206258 |
| May 16, 2025 | June 27, 2025 | $53838 | $8.61 | 6252963 |
| August 18, 2025 | September 25, 2025 | $60324 | $8.45 | 7138809 |

---

**Item 3. Defaults Upon Senior Securities.**

None.

**Item 4. Mine Safety Disclosures**

------

Not applicable.

**Item 5. Other Information.** 

***Diversified Lending Investment Committee***

The Adviser's investment team (the "Investment Team") is led by Douglas I. Ostrover, Marc S. Lipschultz and Craig W. Packer and is supported by certain members of the Adviser's senior executive team and the Diversified Lending Investment Committee. The Adviser's Diversified Lending Investment Committee is comprised of Douglas I. Ostrover, Marc S. Lipschultz, Craig W. Packer, Logan Nicholson, Alexis Maged, Patrick Linnemann and Meenal Mehta and, effective November 1, 2025, Matthias Ederer.

**Mr. Ederer** is a Senior Managing Director at Blue Owl, a member of the Adviser's Investment Team and a member of the Adviser's Diversified Lending Investment Committee. Before joining Blue Owl, Mr. Ederer was a Partner at BC Partners, where he co-founded the credit business and served on the investment committee. Prior to that, Mr. Ederer was a Partner at Wingspan Investment Management. Mr. Ederer began his career at Goldman Sachs & Co., working in the Special Situations Group and the Bank Loan Distressed Investing Group in London and New York. Mr. Ederer received an M.Phil. in Economics from the University of Oxford, Nuffield College and a B.Sc. in Economics from the University of Warwick.

***Rule 10b5-1 Trading Plans***

During the fiscal quarter ended September 30, 2025, none of the Company's directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement."

------

**Item 6. Exhibits, Financial Statement Schedules.**

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description of Exhibits** |
| 3.1 | <u>[Articles of Amendment and Restatement, dated April 4, 2017, as amended on June 22, 2023 (incorporated by reference Exhibit 3.1 to the Company's Quarterly Report on Form 10-Q, filed on August 10, 2023).](https://www.sec.gov/Archives/edgar/data/1655887/000165588723000039/obdcii-20230630xex31articl.htm)</u> |
| 3.2 | <u>[Amended and Restated Bylaws, dated July 6, 2023 (incorporated by reference to Exhibit 3.2 to the Company's Current Report on Form 8-K, filed on June 22, 2023).](https://www.sec.gov/Archives/edgar/data/1655887/000119312523172623/d492250dex32.htm)</u> |
| 10.1 | <u>[Fourth Amended and Restated Credit Agreement, dated as of July 24, 2025, by and among ORCC II Financing LLC, as Borrower, the Lenders from time to time parties thereto, Goldman Sachs Bank USA, as Sole Lead Arranger, Syndication Agent and Administrative Agent, State Street Bank and Trust Company as Collateral Administrator, Collateral Agent and Collateral Custodian](https://www.sec.gov/Archives/edgar/data/1655887/000119312525166532/d917586dex101.htm)[(incorporated by reference to](https://www.sec.gov/Archives/edgar/data/1655887/000119312525166532/d917586dex101.htm)[Exhibit 10.1 to the Company](https://www.sec.gov/Archives/edgar/data/1655887/000119312525166532/d917586dex101.htm)['](https://www.sec.gov/Archives/edgar/data/1655887/000119312525166532/d917586dex101.htm)[s Current Report on](https://www.sec.gov/Archives/edgar/data/1655887/000119312525166532/d917586dex101.htm)[Form 8-K, filed on July 2](https://www.sec.gov/Archives/edgar/data/1655887/000119312525166532/d917586dex101.htm)[8, 2025)](https://www.sec.gov/Archives/edgar/data/1655887/000119312525166532/d917586dex101.htm)[.](https://www.sec.gov/Archives/edgar/data/1655887/000119312525166532/d917586dex101.htm)</u> |
| 10.2 | <u>[Fourth Amended and Restated to Credit and Margining Agreement, dated as of July 24, 2025, between ORCC II Financing LLC, as Borrower, and Goldman Sachs Bank USA, as Administrative Agreement under the Fourth Amended and Restated Credit Agreement, dated as of July 24, 2025, by and among ORCC II Financing LLC, as Borrower, the Lenders from time to time parties thereto, Goldman Sachs Bank USA, as Sole Lead Arranger, Syndication Agent and Administrative Agent, State Street Bank and Trust Company as Collateral Administrator, Collateral Agent and Collateral Custodian](https://www.sec.gov/Archives/edgar/data/1655887/000119312525166532/d917586dex102.htm)[(inco](https://www.sec.gov/Archives/edgar/data/1655887/000119312525166532/d917586dex102.htm)[rporated by reference to Exhibit 10.2 to the Company](https://www.sec.gov/Archives/edgar/data/1655887/000119312525166532/d917586dex102.htm)['](https://www.sec.gov/Archives/edgar/data/1655887/000119312525166532/d917586dex102.htm)[s Current Report on Form 8-K](https://www.sec.gov/Archives/edgar/data/1655887/000119312525166532/d917586dex102.htm)[, filed on July 28, 2025)](https://www.sec.gov/Archives/edgar/data/1655887/000119312525166532/d917586dex102.htm)[.](https://www.sec.gov/Archives/edgar/data/1655887/000119312525166532/d917586dex102.htm)</u> |
| 21.1\* | <u>[Subsidiary List](obdcii-20250930x10qex211.htm)</u> |
| 31.1\* | <u>[Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](obdcii-20250930x10qex311.htm)</u> |
| 31.2\* | <u>[Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](obdcii-20250930x10qex312.htm)</u> |
| 32.1\*\* | <u>[Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](obdcii-20250930x10qex321.htm)</u> |
| 32.2\*\* | <u>[Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](obdcii-20250930x10qex322.htm)</u> |
| 99.1\* | <u>[Supplemental Financial Information of Blue Owl Credit SLF LLC (unaudited) as of and for the period ended](blueowlcreditslfllc-093020.htm)[September](blueowlcreditslfllc-093020.htm)[30, 2025.](blueowlcreditslfllc-093020.htm)</u> |
| 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

_____________________

\*&nbsp;&nbsp;&nbsp;&nbsp;Filed herewith.

\*\*&nbsp;&nbsp;&nbsp;&nbsp;Furnished herewith.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **Blue Owl Capital Corporation II** | **Blue Owl Capital Corporation II** |
| Date: November 5, 2025 | By: | /s/ Craig W. Packer |
|  |  | **Craig W. Packer** |
|  |  | **Chief Executive Officer** |
| Date: November 5, 2025 | By: | /s/ Jonathan Lamm |
|  |  | **Jonathan Lamm** |
|  |  | **Chief Financial Officer** |

---

## Exhibit 21.1

**Exhibit 21.1**

**SUBSIDIARIES OF BLUE OWL CAPITAL CORPORATION II** 

---

| | |
|:---|:---|
| **<u>Name</u>** | **<u>Jurisdiction</u>** |
| OR LENDING II LLC | DELAWARE |
| ORCC II FINANCING LLC | DELAWARE |
| ORCC II FINANCING II LLC | DELAWARE |
| OR DH II LLC | DELAWARE |
| OR MH II LLC | DELAWARE |
| OR HH II LLC | DELAWARE |
| OR HEH II LLC | DELAWARE |
| OR Long Island MH II LLC | DELAWARE |
| OR Garden State MH II LLC | DELAWARE |
| OR Toronto MH II LLC | DELAWARE |
| OR Midwest MH II LLC | DELAWARE |
| OR Jemico MH II LLC | DELAWARE |
| OR Atlanta MH II LLC | DELAWARE |
| OR PCF II LLC | DELAWARE |
| OR GH II LLC | DELAWARE |
| OR AH II LLC | DELAWARE |
| ORCC II BC 2 LLC | DELAWARE |
| ORCC II BC 3 LLC | DELAWARE |
| ORCC II BC 4 LLC | DELAWARE |
| ORCC II BC 5 LLC | DELAWARE |
| ORCC II BC 6 LLC | DELAWARE |
| ORCC II FSI LLC | DELAWARE |
| OR Fairchester MH II LLC | DELAWARE |
| ORCC II Parent LLC | DELAWARE |
| ORCC II AAM RH LLC | DELAWARE |
| ORCC II AAM LLC | DELAWARE |
| ORCC II BC 12 LLC | DELAWARE |
| ORCC II BC 13 LLC | DELAWARE |
| ORCC II BC 14 LLC | DELAWARE |
| OWL ROCK CLO XIII, LLC | DELAWARE |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION PURSUANT TO**

**RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Craig W. Packer, Chief Executive Officer of Blue Owl Capital Corporation II, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Blue Owl Capital Corporation II (the "registrant") for the quarter ended September 30, 2025;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

*a)*Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

*b)*Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

*c)*Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

*d)*Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing equivalent functions):

*a)*All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

*b)*Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: November 5, 2025 | By: | /s/ Craig W. Packer |
|  |  | **Craig W. Packer** |
|  |  | **Chief Executive Officer** |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION PURSUANT TO**

**RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Jonathan Lamm, Chief Financial Officer of Blue Owl Capital Corporation II, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Blue Owl Capital Corporation II (the "registrant") for the quarter ended September 30, 2025;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

*a)*Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

*b)*Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

*c)*Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

*d)*Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing equivalent functions):

*a)*All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

*b)*Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: November 5, 2025 | By: | /s/ Jonathan Lamm |
|  |  | **Jonathan Lamm** |
|  |  | **Chief Financial Officer** |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

**SECTION 1350, CHAPTER 63 OF TITLE 18, UNITED STATES CODE, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as Chief Executive Officer of Blue Owl Capital Corporation II (the "Company"), does hereby certify that to the undersigned's knowledge:

1)the Company's Form 10-Q for the quarter ended September 30, 2025 fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

2)the information contained in the Company's Form 10-Q for the quarter ended September 30, 2025 fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: November 5, 2025 | By: | /s/ Craig W. Packer |
|  |  | **Craig W. Packer** |
|  |  | **Chief Executive Officer** |

---

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO**

**SECTION 1350, CHAPTER 63 OF TITLE 18, UNITED STATES CODE, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as Chief Financial Officer of Blue Owl Capital Corporation II (the "Company"), does hereby certify that to the undersigned's knowledge:

1)the Company's Form 10-Q for the quarter ended September 30, 2025 fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

2)the information contained in the Company's Form 10-Q for the quarter ended September 30, 2025 fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: November 5, 2025 | By: | /s/ Jonathan Lamm |
|  |  | **Jonathan Lamm** |
|  |  | **Chief Financial Officer** |

---

## Exhibit 99.1

**Blue Owl Credit SLF LLC**

Supplemental Financial Information (Unaudited) as of and for the period ended September 30, 2025

------

**Blue Owl Credit SLF LLC**

**Supplemental Financial Information (Unaudited)**

**Consolidated Statement of Assets and Liabilities**

**(Amounts in thousands)**

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** <sup>(1)</sup> |
| **Assets** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value (amortized cost of $2,155,658 and $1,162,056, respectively) | $2149879 | $1164473 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | 153889 | 17354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from investors |  | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable due on investments sold | 12755 | 11365 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | 5756 | 3151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $2322279 | $1196367 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt (net of unamortized debt issuance costs of $8,785 and $1,572, respectively) | $1567440 | $750610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | 170569 | 85750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest payable | 26760 | 4190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution payable | 15670 | 6451 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 1219 | 555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 1781658 | 847556 |
| **Members' Equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Members' Equity - Class A | 540621 | 348811 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Members' Equity - Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Members' Equity** | 540621 | 348811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities and Members' Equity** | $2322279 | $1196367 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> The Company's date of inception was May 6, 2024.

------

**Blue Owl Credit SLF LLC**

**Supplemental Financial Information (Unaudited)**

**Consolidated Statement of Operations**

**(Amounts in thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** <sup>(1)</sup> |
| **Investment Income** |  |  |  |  |
| &nbsp;&nbsp;Investment Income | $38037 | $556 | $93154 | $556 |
| **Total Investment Income** | 38037 | 556 | 93154 | 556 |
| **Operating Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 21722 | 458 | 52689 | 528 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees <sup>(2)</sup> | 629 | 144 | 1802 | 144 |
| **Total Operating Expenses** | 22351 | 602 | 54491 | 672 |
| **Net Investment Income (Loss)** | $15686 | $(46) | $38663 | $(116) |
| **Net Realized and Change in Unrealized Gain (Loss)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized gain (loss) on investments | (2322) | 96 | (8196) | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (23) | 8 | (933) | 8 |
| **Total Net Realized and Change in Unrealized Gain (Loss) on Investments** | (2345) | 104 | (9129) | 104 |
| **Net Increase (Decrease) in Members' Equity Resulting from Operations** | $13341 | $58 | $29534 | $(12) |
| **Total Net Increase (Decrease) in Members' Equity Resulting from Operations - Class A** | $13341 | $58 | $29534 | $(12) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> The Company's date of inception was May 6, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> As a result of changes in presentations, certain prior year amounts have been reclassified to conform to the current presentation. These reclassifications had no effect on the reported results of operations.

------

**Blue Owl Credit SLF LLC**

**Supplemental Financial Information (Unaudited)**

**Consolidated Schedule of Investments**

**As of September 30, 2025**

**(Amounts in thousands)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | **Interest** | | | | | |
|<br>**Company(1)(3)(4)** |<br>**Investment** | **Ref. Rate** | **Cash** | **PIK** |<br>**Maturity Date** |<br>**Par / Units** |<br>**Amortized Cost(2)** |<br>**Fair Value** |<br>**Percentage of Members' Equity(10)** |
| **Debt Investments** | | | | | | | | | |
| **Advertising and media** | | | | | | | | | |
| Outfront Media Capital LLC(6) | First lien senior secured loan | S + | 2.00% | —% | 09/2032 | $3900 | $3895 | $3897 |  |
| Project Boost Purchaser, LLC (dba J.D. Power)(6) | First lien senior secured loan | S + | 2.75% | —% | 07/2031 | 19253 | 19259 | 19193 |  |
|  |  |  |  |  |  |  | 23154 | 23090 | 4.3% |
| **Aerospace and defense** |  |  |  |  |  |  |  |  |  |
| Amentum Government Services Holdings LLC(5) | First lien senior secured loan | S + | 2.25% | —% | 09/2031 | 3419 | 3412 | 3415 |  |
| American Airlines, Inc.(6) | First lien senior secured loan | S + | 1.75% | —% | 01/2027 | 658 | 656 | 655 |  |
| American Airlines, Inc.(6) | First lien senior secured loan | S + | 2.25% | —% | 02/2028 | 360 | 356 | 359 |  |
| American Airlines, Inc.(6) | First lien senior secured loan | S + | 3.25% | —% | 05/2032 | 3815 | 3777 | 3829 |  |
| Arcline FM Holdings LLC(6) | First lien senior secured loan | S + | 2.75% | —% | 06/2030 | 750 | 749 | 749 |  |
| Arcline FM Holdings LLC(7) | First lien senior secured loan | S + | 3.50% | —% | 06/2030 | 5875 | 5875 | 5870 |  |
| Avolon TLB Borrower 1 (US) LLC(5) | First lien senior secured loan | S + | 1.75% | —% | 06/2030 | 11344 | 11338 | 11346 |  |
| Bleriot US Bidco Inc.(6) | First lien senior secured loan | S + | 2.50% | —% | 10/2030 | 23760 | 23760 | 23753 |  |
| Brown Group Holdings, LLC(5) | First lien senior secured loan | S + | 2.50% | —% | 07/2031 | 499 | 499 | 499 |  |
| Brown Group Holdings, LLC(5) | First lien senior secured loan | S + | 2.75% | —% | 07/2031 | 10008 | 9990 | 10023 |  |
| Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(5) | First lien senior secured loan | S + | 2.00% | —% | 10/2031 | 10421 | 10415 | 10421 |  |
| Kaman Corporation(6) | First lien senior secured loan | S + | 2.50% | —% | 02/2032 | 10914 | 10903 | 10872 |  |
| KBR, Inc(5) | First lien senior secured loan | S + | 2.00% | —% | 01/2031 | 992 | 995 | 993 |  |
| Signia Aerospace LLC(5) | First lien senior secured loan | S + | 2.75% | —% | 12/2031 | 12339 | 12339 | 12339 |  |
| Transdigm Inc.(6) | First lien senior secured loan | S + | 2.25% | —% | 03/2030 | 497 | 497 | 497 |  |
| Transdigm Inc.(6) | First lien senior secured loan | S + | 2.50% | —% | 01/2032 | 9900 | 9880 | 9893 |  |
| Transdigm Inc.(6) | First lien senior secured loan | S + | 2.50% | —% | 08/2032 | 9613 | 9589 | 9601 |  |
| United Airlines, Inc.(6) | First lien senior secured loan | S + | 2.00% | —% | 02/2031 | 992 | 993 | 994 |  |
|  |  |  |  |  |  |  | 116023 | 116108 | 21.5% |
| **Automotive services** |  |  |  |  |  |  |  |  |  |
| Belron Finance US LLC(6) | First lien senior secured loan | S + | 2.50% | —% | 10/2031 | 7920 | 7920 | 7955 |  |
| Mavis Tire Express Services Topco Corp.(6) | First lien senior secured loan | S + | 3.00% | —% | 05/2028 | 2852 | 2852 | 2851 |  |
| Mister Car Wash Holdings, Inc.(5) | First lien senior secured loan | S + | 2.50% | —% | 03/2031 | 709 | 709 | 709 |  |
| VALVOLINE INC(6) | First lien senior secured loan | S + | 2.00% | —% | 03/2032 | 3419 | 3402 | 3429 |  |
| Wand Newco 3, Inc. (dba Caliber)(5) | First lien senior secured loan | S + | 2.50% | —% | 01/2031 | 4754 | 4754 | 4735 |  |
|  |  |  |  |  |  |  | 19637 | 19679 | 3.6% |
| **Buildings and real estate** |  |  |  |  |  |  |  |  |  |
| American Residential Services, LLC(6) | First lien senior secured loan | S + | 2.75% | —% | 02/2032 | 4930 | 4923 | 4908 |  |
| ARCOSA INC(5) | First lien senior secured loan | S + | 2.00% | —% | 10/2031 | 2556 | 2556 | 2567 |  |
| Beacon Roofing Supply, Inc. (dba QXO)(5) | First lien senior secured loan | S + | 3.00% | —% | 04/2032 | 3360 | 3327 | 3385 |  |
| Construction Partners, Inc.(5) | First lien senior secured loan | S + | 2.50% | —% | 11/2031 | 1985 | 1981 | 1989 |  |
| Cushman & Wakefield U.S. Borrower, LLC(5) | First lien senior secured loan | S + | 2.75% | —% | 01/2030 | 475 | 475 | 476 |  |
| Hunter Douglas Inc(6) | First lien senior secured loan | S + | 3.25% | —% | 01/2032 | 2759 | 2731 | 2759 |  |
| Knife River Corporation(6) | First lien senior secured loan | S + | 2.00% | —% | 03/2032 | 1331 | 1327 | 1332 |  |
| MIWD Holdco II LLC(5) | First lien senior secured loan | S + | 2.75% | —% | 03/2031 | 2785 | 2785 | 2793 |  |
| Park River Holdings, Inc(6) | First lien senior secured loan | S + | 4.50% | —% | 03/2031 | 10426 | 10270 | 10424 |  |
| Quikrete Holdings, Inc.(5) | First lien senior secured loan | S + | 2.25% | —% | 03/2029 | 496 | 493 | 497 |  |
| Quikrete Holdings, Inc.(5) | First lien senior secured loan | S + | 2.25% | —% | 02/2032 | 7405 | 7392 | 7400 |  |

---

------

**Blue Owl Credit SLF LLC**

**Supplemental Financial Information (Unaudited)**

**Consolidated Schedule of Investments**

**As of September 30, 2025**

**(Amounts in thousands)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | **Interest** | | | | | |
|<br>**Company(1)(3)(4)** |<br>**Investment** | **Ref. Rate** | **Cash** | **PIK** |<br>**Maturity Date** |<br>**Par / Units** |<br>**Amortized Cost(2)** |<br>**Fair Value** |<br>**Percentage of Members' Equity(10)** |
| Starwood Property Mortgage, L.L.C(6) | First lien senior secured loan | S + | 1.75% | —% | 11/2027 | 1789 | 1785 | 1785 |  |
| Starwood Property Mortgage, L.L.C(5) | First lien senior secured loan | S + | 2.25% | —% | 09/2032 | 3878 | 3873 | 3880 |  |
|  |  |  |  |  |  |  | 43918 | 44195 | 8.1% |
| **Business services** |  |  |  |  |  |  |  |  |  |
| Boxer Parent Company Inc. (f/k/a BMC)(6) | First lien senior secured loan | S + | 3.00% | —% | 07/2031 | 18797 | 18633 | 18756 |  |
| BrightView Landscapes, LLC(6) | First lien senior secured loan | S + | 2.00% | —% | 04/2029 | 4500 | 4509 | 4482 |  |
| CCC Intelligent Solutions Inc(5) | First lien senior secured loan | S + | 2.00% | —% | 01/2032 | 761 | 761 | 760 |  |
| CE Intermediate I, LLC (dba Clubessential)(6) | First lien senior secured loan | S + | 3.00% | —% | 02/2032 | 2729 | 2730 | 2730 |  |
| ConnectWise, LLC(6) | First lien senior secured loan | S + | 3.50% | —% | 09/2028 | 17848 | 17858 | 17868 |  |
| CoolSys, Inc.(6) | First lien senior secured loan | S + | 4.75% | —% | 08/2028 | 14846 | 14671 | 13084 |  |
| IDEMIA Group SAS(6) | First lien senior secured loan | S + | 4.25% | —% | 09/2028 | 2781 | 2802 | 2778 |  |
| IGT Holding IV AB (dba IFS)(6) | First lien senior secured loan | S + | 3.50% | —% | 04/2032 | 1290 | 1290 | 1297 |  |
| Kaseya Inc.(5) | First lien senior secured loan | S + | 3.25% | —% | 03/2032 | 7611 | 7576 | 7617 |  |
| Madison Safety & Flow LLC(5) | First lien senior secured loan | S + | 2.75% | —% | 09/2031 | 2068 | 2068 | 2069 |  |
| MKS Instruments, Inc.(5) | First lien senior secured loan | S + | 2.00% | —% | 08/2029 | 227 | 228 | 227 |  |
| NVENT ELEC PUB LTD CO (dba Nvent Thermal LLC)(5) | First lien senior secured loan | S + | 3.00% | —% | 01/2032 | 14000 | 13937 | 14048 |  |
| PINNACLE BUYER, LLC(6) | First lien senior secured loan | S + | 2.50% | —% | 09/2032 | 17271 | 17228 | 17293 |  |
| Plano HoldCo, Inc. (dba Perficient)(6)(9) | First lien senior secured loan | S + | 3.50% | —% | 10/2031 | 5970 | 5948 | 5821 |  |
| Plusgrade Inc.(6)(9) | First lien senior secured loan | S + | 3.50% | —% | 03/2031 | 9283 | 9283 | 9283 |  |
| Red Planet Borrower, LLC (dba Liftoff Mobile)(5) | First lien senior secured loan | S + | 4.00% | —% | 08/2032 | 16232 | 16072 | 15774 |  |
| Shift4 Payments, LLC(6) | First lien senior secured loan | S + | 2.75% | —% | 06/2032 | 8632 | 8612 | 8693 |  |
| Tecta America Corp.(5) | First lien senior secured loan | S + | 3.00% | —% | 02/2032 | 9564 | 9541 | 9591 |  |
| Vestis Corp(6) | First lien senior secured loan | S + | 2.25% | —% | 02/2031 | 1026 | 985 | 963 |  |
| VM Consolidated, Inc.(5) | First lien senior secured loan | S + | 2.25% | —% | 03/2028 | 2039 | 2044 | 2041 |  |
| XPLOR T1, LLC(6)(9) | First lien senior secured loan | S + | 3.50% | —% | 06/2031 | 9900 | 9900 | 9875 |  |
|  |  |  |  |  |  |  | 166676 | 165050 | 30.4% |
| **Chemicals** |  |  |  |  |  |  |  |  |  |
| Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC)(5) | First lien senior secured loan | S + | 4.00% | —% | 11/2027 | 17377 | 17377 | 16864 |  |
| Axalta Coating Systems US Holdings INC(6) | First lien senior secured loan | S + | 1.75% | —% | 12/2029 | 987 | 990 | 990 |  |
| Derby Buyer LLC (dba Delrin)(5) | First lien senior secured loan | S + | 3.00% | —% | 11/2030 | 9851 | 9850 | 9860 |  |
| Entegris, Inc.(6) | First lien senior secured loan | S + | 1.75% | —% | 07/2029 | 800 | 802 | 805 |  |
| FORMULATIONS PARENT CORPORATION (dba Chase Corporation)(6)(9) | First lien senior secured loan | S + | 4.00% | —% | 04/2032 | 2359 | 2337 | 2365 |  |
| Ineos US Finance LLC(5) | First lien senior secured loan | S + | 3.25% | —% | 02/2030 | 3970 | 3894 | 3583 |  |
| Nouryon Finance B.V.(5) | First lien senior secured loan | S + | 3.25% | —% | 04/2028 | 6936 | 6886 | 6940 |  |
| Potters(5) | First lien senior secured loan | S + | 3.00% | —% | 12/2027 | 4471 | 4481 | 4482 |  |
| Windsor Holdings III LLC(5) | First lien senior secured loan | S + | 2.75% | —% | 08/2030 | 6960 | 6769 | 6960 |  |
|  |  |  |  |  |  |  | 53386 | 52849 | 9.7% |
| **Consumer products** |  |  |  |  |  |  |  |  |  |
| ACP Tara Holdings, Inc. (dba Arcadia)(5)(9) | First lien senior secured loan | S + | 3.25% | —% | 09/2032 | 15554 | 15515 | 15515 |  |
| ASGN Incorporated(5) | First lien senior secured loan | S + | 1.75% | —% | 08/2030 | 496 | 501 | 498 |  |
| BEP Intermediate Holdco, LLC (dba Buyers Edge Platform)(5) | First lien senior secured loan | S + | 2.75% | —% | 04/2031 | 7350 | 7350 | 7364 |  |
| HomeServe USA Holding Corp.(5) | First lien senior secured loan | S + | 2.00% | —% | 10/2030 | 3985 | 3971 | 3972 |  |
| Novelis Inc(6) | First lien senior secured loan | S + | 1.75% | —% | 03/2032 | 4621 | 4621 | 4628 |  |
|  |  |  |  |  |  |  | 31958 | 31977 | 6.0% |

---

------

**Blue Owl Credit SLF LLC**

**Supplemental Financial Information (Unaudited)**

**Consolidated Schedule of Investments**

**As of September 30, 2025**

**(Amounts in thousands)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | **Interest** | | | | | |
|<br>**Company(1)(3)(4)** |<br>**Investment** | **Ref. Rate** | **Cash** | **PIK** |<br>**Maturity Date** |<br>**Par / Units** |<br>**Amortized Cost(2)** |<br>**Fair Value** |<br>**Percentage of Members' Equity(10)** |
| **Containers and packaging** | | | | | | | | | |
| Anchor Packaging, LLC(5) | First lien senior secured loan | S + | 3.25% | —% | 07/2029 | 6962 | 6922 | 6995 |  |
| Berlin Packaging(5) | First lien senior secured loan | S + | 3.25% | —% | 06/2031 | 6979 | 6962 | 6996 |  |
| Charter NEX US, Inc.(5) | First lien senior secured loan | S + | 2.75% | —% | 11/2030 | 4227 | 4189 | 4239 |  |
| Clydesdale Acquisition Holdings, Inc. (dba Novolex)(5) | First lien senior secured loan | S + | 3.25% | —% | 03/2032 | 14233 | 14132 | 14207 |  |
| Plastipak Holdings Inc(6) | First lien senior secured loan | S + | 2.50% | —% | 09/2032 | 22564 | 22451 | 22550 |  |
| Pregis Topco LLC(5) | First lien senior secured loan | S + | 4.00% | —% | 02/2029 | 4873 | 4863 | 4904 |  |
| ProAmpac PG Borrower LLC(6) | First lien senior secured loan | S + | 4.00% | —% | 09/2028 | 8215 | 8199 | 8234 |  |
| Ring Container Technologies Group, LLC(6) | First lien senior secured loan | S + | 2.50% | —% | 09/2032 | 17120 | 17077 | 17086 |  |
| SupplyOne, Inc.(5) | First lien senior secured loan | S + | 3.50% | —% | 04/2031 | 13210 | 13210 | 13254 |  |
| Tricorbraun Holdings, Inc.(5) | First lien senior secured loan | S + | 3.25% | —% | 03/2028 | 20713 | 20534 | 20593 |  |
|  |  |  |  |  |  |  | 118539 | 119058 | 22.1% |
| **Distribution** |  |  |  |  |  |  |  |  |  |
| AI Aqua Merger Sub, Inc. (dba Culligan)(5) | First lien senior secured loan | S + | 3.00% | —% | 07/2028 | 11747 | 11614 | 11768 |  |
| Avient Corporation(6) | First lien senior secured loan | S + | 1.75% | —% | 08/2029 | 3681 | 3698 | 3692 |  |
| BCPE Empire Holdings, Inc. (dba Imperial-Dade)(5) | First lien senior secured loan | S + | 3.25% | —% | 12/2030 | 17865 | 17865 | 17829 |  |
| Dealer Tire Financial, LLC(5) | First lien senior secured loan | S + | 3.00% | —% | 07/2031 | 21977 | 21976 | 21849 |  |
| Foundation Building Materials, Inc.(6) | First lien senior secured loan | S + | 3.25% | —% | 01/2028 | 3021 | 2936 | 3022 |  |
| Foundation Building Materials, Inc.(6) | First lien senior secured loan | S + | 4.00% | —% | 01/2031 | 4082 | 4043 | 4087 |  |
| Foundation Building Materials, Inc.(8) | First lien senior secured loan | S + | 4.25% | —% | 01/2031 | 2779 | 2698 | 2790 |  |
| Paint Intermediate III LLC (dba Wesco Group)(6) | First lien senior secured loan | S + | 3.00% | —% | 10/2031 | 11940 | 11888 | 11910 |  |
| White Cap Supply Holdings, LLC(5) | First lien senior secured loan | S + | 3.25% | —% | 10/2029 | 2904 | 2893 | 2904 |  |
|  |  |  |  |  |  |  | 79611 | 79851 | 14.8% |
| **Education** |  |  |  |  |  |  |  |  |  |
| Ellucian Holdings Inc. (f/k/a Sophia, L.P.)(5) | First lien senior secured loan | S + | 2.75% | —% | 10/2029 | 16144 | 16144 | 16135 |  |
| Renaissance Learning, Inc.(5) | First lien senior secured loan | S + | 4.00% | —% | 04/2030 | 5150 | 4980 | 4447 |  |
| Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)(6) | First lien senior secured loan | S + | 3.25% | —% | 10/2030 | 13882 | 13882 | 13914 |  |
|  |  |  |  |  |  |  | 35006 | 34496 | 6.4% |
| **Energy equipment and services** |  |  |  |  |  |  |  |  |  |
| AZZ Inc.(5) | First lien senior secured loan | S + | 1.75% | —% | 05/2029 | 3014 | 3029 | 3023 |  |
| Brookfield WEC Holdings Inc.(5) | First lien senior secured loan | S + | 2.25% | —% | 01/2031 | 4055 | 4055 | 4056 |  |
| Calpine Construction Finance Company(5) | First lien senior secured loan | S + | 2.00% | —% | 07/2030 | 3000 | 2988 | 3000 |  |
| Calpine Corporation(5) | First lien senior secured loan | S + | 1.75% | —% | 01/2031 | 1500 | 1499 | 1498 |  |
| Calpine Corporation(5) | First lien senior secured loan | S + | 1.75% | —% | 02/2032 | 4000 | 3989 | 3995 |  |
| Centuri Group Inc(5) | First lien senior secured loan | S + | 2.25% | —% | 07/2032 | 6267 | 6252 | 6285 |  |
| Fleet U.S. Bidco Inc.(7)(9) | First lien senior secured loan | S + | 2.50% | —% | 02/2031 | 8417 | 8419 | 8417 |  |
| Pike Corp.(5) | First lien senior secured loan | S + | 3.00% | —% | 01/2028 | 5370 | 5404 | 5396 |  |
|  |  |  |  |  |  |  | 35635 | 35670 | 6.8% |
| **Financial services** |  |  |  |  |  |  |  |  |  |
| AllSpring Buyer(6) | First lien senior secured loan | S + | 2.75% | —% | 11/2030 | 1915 | 1910 | 1917 |  |
| Ascensus Holdings, Inc.(5) | First lien senior secured loan | S + | 3.00% | —% | 08/2028 | 3995 | 3999 | 3989 |  |
| BCPE Pequod Buyer, Inc. (dba Envestnet)(5) | First lien senior secured loan | S + | 3.00% | —% | 11/2031 | 14773 | 14773 | 14793 |  |
| Boost Newco Borrower, LLC (dba WorldPay)(6) | First lien senior secured loan | S + | 2.00% | —% | 01/2031 | 6965 | 6848 | 6968 |  |
| Chrysaor Bidco s.à r.l. (dba AlterDomus)(6) | First lien senior secured loan | S + | 3.00% | —% | 05/2031 | 3239 | 3235 | 3251 |  |
| Citadel Securities, LP(5) | First lien senior secured loan | S + | 2.00% | —% | 10/2031 | 7217 | 7217 | 7228 |  |
| Citco Funding LLC(7) | First lien senior secured loan | S + | 2.75% | —% | 04/2028 | 1985 | 1994 | 1989 |  |

---

------

**Blue Owl Credit SLF LLC**

**Supplemental Financial Information (Unaudited)**

**Consolidated Schedule of Investments**

**As of September 30, 2025**

**(Amounts in thousands)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | **Interest** | | | | | |
|<br>**Company(1)(3)(4)** |<br>**Investment** | **Ref. Rate** | **Cash** | **PIK** |<br>**Maturity Date** |<br>**Par / Units** |<br>**Amortized Cost(2)** |<br>**Fair Value** |<br>**Percentage of Members' Equity(10)** |
| Citrin Cooperman Advisors LLC(6) | First lien senior secured loan | S + | 3.00% | —% | 04/2032 | 4517 | 4495 | 4493 |  |
| Cohnreznick Advisory LLC(6) | First lien senior secured loan | S + | 3.50% | —% | 03/2032 | 5981 | 5957 | 5985 |  |
| Creative Planning, LLC(5) | First lien senior secured loan | S + | 2.00% | —% | 05/2031 | 4747 | 4712 | 4741 |  |
| First Eagle Holdings, Inc.(6) | First lien senior secured loan | S + | 3.50% | —% | 06/2032 | 9144 | 8998 | 9046 |  |
| Focus Financial Partners, LLC(5) | First lien senior secured loan | S + | 2.75% | —% | 09/2031 | 16104 | 16048 | 16105 |  |
| Grant Thornton Advisors LLC(5) | First lien senior secured loan | S + | 2.50% | —% | 06/2031 | 3290 | 3269 | 3268 |  |
| Grant Thornton Advisors LLC(5) | First lien senior secured loan | S + | 3.00% | —% | 06/2031 | 2251 | 2224 | 2246 |  |
| Guggenheim Partners Investment Management Holdings, LLC(6) | First lien senior secured loan | S + | 2.50% | —% | 11/2031 | 5955 | 5943 | 5972 |  |
| Kestra Advisor Services Holdings A Inc(5) | First lien senior secured loan | S + | 3.00% | —% | 03/2031 | 3639 | 3639 | 3640 |  |
| MARINER WEALTH ADVISORS, LLC(6) | First lien senior secured loan | S + | 2.50% | —% | 12/2030 | 4904 | 4892 | 4911 |  |
| OneDigital Borrower LLC(5) | First lien senior secured loan | S + | 3.00% | —% | 07/2031 | 10513 | 10513 | 10501 |  |
| Orion Advisor Solutions Inc(6) | First lien senior secured loan | S + | 3.25% | —% | 09/2030 | 7250 | 7250 | 7262 |  |
| Orion US Finco Inc. (dba OSTTRA)(5) | First lien senior secured loan | S + | 3.50% | —% | 05/2032 | 3095 | 3080 | 3111 |  |
| PPI Holding US INC. (dba Nuvei)(5) | First lien senior secured loan | S + | 2.75% | —% | 11/2031 | 15503 | 15503 | 15496 |  |
| Pushpay USA Inc(7)(9) | First lien senior secured loan | S + | 3.75% | —% | 08/2031 | 5772 | 5772 | 5787 |  |
| Saphilux S.a.r.L. (dba IQ-EQ)(6) | First lien senior secured loan | S + | 3.00% | —% | 07/2028 | 19523 | 19523 | 19578 |  |
| TMF Sapphire Bidco B.V.(6) | First lien senior secured loan | S + | 2.75% | —% | 05/2028 | 2237 | 2234 | 2233 |  |
| Victory Capital Holdings Inc(6) | First lien senior secured loan | S + | 2.00% | —% | 09/2032 | 7107 | 7098 | 7094 |  |
|  |  |  |  |  |  |  | 171126 | 171604 | 31.7% |
| **Food and beverage** |  |  |  |  |  |  |  |  |  |
| 1011778 BC / NEW RED FIN (dba Restaurant Brands)(5) | First lien senior secured loan | S + | 1.75% | —% | 09/2030 | 1987 | 1979 | 1979 |  |
| Aramark Services, Inc.(5) | First lien senior secured loan | S + | 2.00% | —% | 06/2030 | 5981 | 5981 | 5987 |  |
| Aspire Bakeries Holdings, LLC(5) | First lien senior secured loan | S + | 3.50% | —% | 12/2030 | 4219 | 4219 | 4231 |  |
| Balrog Acquisition, Inc. (dba Bakemark)(5) | First lien senior secured loan | S + | 4.00% | —% | 09/2028 | 15090 | 15126 | 14411 |  |
| Fiesta Purchaser, Inc. (dba Shearer's Foods)(5) | First lien senior secured loan | S + | 2.75% | —% | 02/2031 | 14324 | 14324 | 14287 |  |
| FRONERI US INC(7) | First lien senior secured loan | S + | 2.00% | —% | 09/2031 | 3980 | 3971 | 3948 |  |
| FRONERI US INC(6) | First lien senior secured loan | S + | 2.50% | —% | 08/2032 | 14416 | 14380 | 14377 |  |
| IRB Holding Corp (dba Inspire Brands, Inc.)(5) | First lien senior secured loan | S + | 2.50% | —% | 12/2027 | 4195 | 4165 | 4196 |  |
| Pegasus BidCo B.V.(6) | First lien senior secured loan | S + | 2.75% | —% | 07/2029 | 7456 | 7456 | 7475 |  |
| Red SPV, LLC(5) | First lien senior secured loan | S + | 2.25% | —% | 03/2032 | 9500 | 9455 | 9478 |  |
| Savor Acquisition, Inc. (dba Sauer Brands)(5) | First lien senior secured loan | S + | 3.00% | —% | 02/2032 | 5244 | 5224 | 5272 |  |
| Simply Good Foods USA, Inc.(5) | First lien senior secured loan | S + | 2.00% | —% | 03/2027 | 4148 | 4176 | 4154 |  |
| Utz Quality Foods, LLC(5) | First lien senior secured loan | S + | 2.50% | —% | 01/2032 | 2550 | 2550 | 2549 |  |
| Whatabrands LLC (dba Whataburger Restaurants LLC)(5) | First lien senior secured loan | S + | 2.50% | —% | 08/2028 | 7380 | 7343 | 7384 |  |
|  |  |  |  |  |  |  | 100349 | 99728 | 18.7% |
| **Healthcare equipment and services** |  |  |  |  |  |  |  |  |  |
| Agiliti Health(6) | First lien senior secured loan | S + | 3.00% | —% | 05/2030 | 992 | 965 | 949 |  |
| Azalea TopCo, Inc. (dba Press Ganey)(5) | First lien senior secured loan | S + | 3.00% | —% | 04/2031 | 7373 | 7383 | 7350 |  |
| Confluent Medical Technologies, Inc.(6)(9) | First lien senior secured loan | S + | 3.00% | —% | 02/2029 | 9739 | 9739 | 9787 |  |
| Curium BidCo S.A.R.L (dba Curium Pharma)(6) | First lien senior secured loan | S + | 3.00% | —% | 08/2031 | 10465 | 10420 | 10453 |  |
| Global Medical Response, Inc(5) | First lien senior secured loan | S + | 3.50% | —% | 10/2032 | 12642 | 12611 | 12644 |  |
| Medline Borrower, LP(5) | First lien senior secured loan | S + | 2.00% | —% | 10/2030 | 17771 | 17750 | 17760 |  |
| Resonetics, LLC(6) | First lien senior secured loan | S + | 2.75% | —% | 06/2031 | 18005 | 18005 | 17979 |  |
| Sharp Services LLC(6)(9) | First lien senior secured loan | S + | 3.00% | —% | 09/2032 | 2217 | 2206 | 2217 |  |
| Zest Acquisition Corp.(6)(9) | First lien senior secured loan | S + | 5.25% | —% | 02/2028 | 992 | 999 | 995 |  |
|  |  |  |  |  |  |  | 80078 | 80134 | 14.8% |

---

------

**Blue Owl Credit SLF LLC**

**Supplemental Financial Information (Unaudited)**

**Consolidated Schedule of Investments**

**As of September 30, 2025**

**(Amounts in thousands)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | **Interest** | | | | | |
|<br>**Company(1)(3)(4)** |<br>**Investment** | **Ref. Rate** | **Cash** | **PIK** |<br>**Maturity Date** |<br>**Par / Units** |<br>**Amortized Cost(2)** |<br>**Fair Value** |<br>**Percentage of Members' Equity(10)** |
| **Healthcare providers and services** | | | | | | | | | |
| CHG Healthcare Services, Inc.(6) | First lien senior secured loan | S + | 2.75% | —% | 09/2028 | 3224 | 3225 | 3224 |  |
| CHG PPC Parent LLC(5) | First lien senior secured loan | S + | 3.00% | —% | 12/2028 | 4204 | 4192 | 4206 |  |
| Concentra(5) | First lien senior secured loan | S + | 2.00% | —% | 07/2031 | 1493 | 1499 | 1497 |  |
| Confluent Health, LLC(5)(9) | First lien senior secured loan | S + | 4.00% | —% | 11/2028 | 13382 | 13194 | 12512 |  |
| Covetrus, Inc.(6) | First lien senior secured loan | S + | 5.00% | —% | 10/2029 | 16017 | 15379 | 14255 |  |
| Electron Bidco Inc (dba ExamWorks)(5) | First lien senior secured loan | S + | 2.75% | —% | 11/2028 | 1990 | 1990 | 1993 |  |
| Inizio Group Limited (dba UDG Healthcare)(6)(9) | First lien senior secured loan | S + | 4.25% | —% | 08/2028 | 3300 | 3246 | 3275 |  |
| LSCS Holdings, Inc.(6) | First lien senior secured loan | S + | 4.50% | —% | 03/2032 | 12931 | 12867 | 12710 |  |
| Onex TSG Intermediate Corp.(6) | First lien senior secured loan | S + | 3.75% | —% | 08/2032 | 7263 | 7227 | 7294 |  |
| Option Care Health, Inc(5) | First lien senior secured loan | S + | 1.75% | —% | 09/2032 | 3113 | 3105 | 3108 |  |
| Pacific Dental Services, LLC(5) | First lien senior secured loan | S + | 2.50% | —% | 03/2031 | 4780 | 4780 | 4774 |  |
| Phoenix Guarantor Inc(5) | First lien senior secured loan | S + | 2.50% | —% | 02/2031 | 744 | 744 | 744 |  |
| Phoenix Newco, Inc. (dba Parexel)(5) | First lien senior secured loan | S + | 2.50% | —% | 11/2028 | 22265 | 22262 | 22277 |  |
| Select Medical Corp.(5) | First lien senior secured loan | S + | 2.00% | —% | 12/2031 | 3574 | 3572 | 3576 |  |
| Soliant Lower Intermediate, LLC (dba Soliant)(7) | First lien senior secured loan | S + | 3.75% | —% | 07/2031 | 9587 | 9655 | 9060 |  |
| Surgery Center Holdings, Inc.(5) | First lien senior secured loan | S + | 2.50% | —% | 12/2030 | 3673 | 3664 | 3674 |  |
| WCG Intermediate Corp. (f/k/a Da Vinci Purchaser Corp.) (dba WCG)(5) | First lien senior secured loan | S + | 3.00% | —% | 02/2032 | 7477 | 7443 | 7411 |  |
|  |  |  |  |  |  |  | 118044 | 115590 | 21.5% |
| **Healthcare technology** |  |  |  |  |  |  |  |  |  |
| Athenahealth Group Inc.(5) | First lien senior secured loan | S + | 2.75% | —% | 02/2029 | 12335 | 12330 | 12304 |  |
| Bracket Intermediate Holding Corp.(5) | First lien senior secured loan | S + | 4.25% | —% | 05/2028 | 19443 | 19443 | 19532 |  |
| Certara(6) | First lien senior secured loan | S + | 3.00% | —% | 06/2031 | 496 | 498 | 497 |  |
| Cotiviti, Inc.(5) | First lien senior secured loan | S + | 2.75% | —% | 03/2032 | 4452 | 4409 | 4366 |  |
| Cotiviti, Inc.(5) | First lien senior secured loan | S + | 2.75% | —% | 05/2031 | 5481 | 5443 | 5379 |  |
| Ensemble RCM, LLC(6) | First lien senior secured loan | S + | 3.00% | —% | 08/2029 | 12305 | 12288 | 12331 |  |
| Imprivata, Inc.(6) | First lien senior secured loan | S + | 3.00% | —% | 12/2027 | 15052 | 15075 | 15103 |  |
| IQVIA, Inc.(6) | First lien senior secured loan | S + | 1.75% | —% | 01/2031 | 1990 | 1999 | 1999 |  |
| PointClickCare Technologies, Inc.(6) | First lien senior secured loan | S + | 2.75% | —% | 11/2031 | 19919 | 19919 | 19930 |  |
| Project Ruby Ultimate Parent Corp. (dba Wellsky)(5) | First lien senior secured loan | S + | 2.75% | —% | 03/2028 | 19612 | 19612 | 19616 |  |
| Radnet Management, Inc.(6) | First lien senior secured loan | S + | 2.25% | —% | 04/2031 | 997 | 1001 | 997 |  |
| Raven Acquisition Holdings, LLC (dba R1 RCM)(5) | First lien senior secured loan | S + | 3.00% | —% | 11/2031 | 9279 | 9240 | 9273 |  |
| Southern Veterinary Partners, LLC(6) | First lien senior secured loan | S + | 2.50% | —% | 12/2031 | 27257 | 27257 | 27194 |  |
| Waystar Technologies, Inc. (F/K/A Navicure, Inc.)(5) | First lien senior secured loan | S + | 2.00% | —% | 10/2029 | 4732 | 4732 | 4730 |  |
| Zelis Cost Management Buyer, Inc.(5) | First lien senior secured loan | S + | 3.25% | —% | 11/2031 | 11488 | 11440 | 11483 |  |
|  |  |  |  |  |  |  | 164686 | 164734 | 30.5% |
| **Household products** |  |  |  |  |  |  |  |  |  |
| Energizer Holdings, Inc.(5) | First lien senior secured loan | S + | 2.00% | —% | 03/2032 | 998 | 995 | 997 |  |
| Samsonite International S.A.(5) | First lien senior secured loan | S + | 2.00% | —% | 06/2030 | 2980 | 2991 | 2982 |  |
|  |  |  |  |  |  |  | 3986 | 3979 | 0.8% |
| **Human resource support services** |  |  |  |  |  |  |  |  |  |
| AQ Carver Buyer, Inc. (dba CoAdvantage)(6) | First lien senior secured loan | S + | 5.50% | —% | 08/2029 | 1985 | 1991 | 1886 |  |
| iSolved, Inc.(5) | First lien senior secured loan | S + | 2.75% | —% | 10/2030 | 16613 | 16611 | 16647 |  |
| UKG Inc. (dba Ultimate Software)(6) | First lien senior secured loan | S + | 2.50% | —% | 02/2031 | 17399 | 17399 | 17376 |  |
|  |  |  |  |  |  |  | 36001 | 35909 | 6.6% |

---

------

**Blue Owl Credit SLF LLC**

**Supplemental Financial Information (Unaudited)**

**Consolidated Schedule of Investments**

**As of September 30, 2025**

**(Amounts in thousands)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | **Interest** | | | | | |
|<br>**Company(1)(3)(4)** |<br>**Investment** | **Ref. Rate** | **Cash** | **PIK** |<br>**Maturity Date** |<br>**Par / Units** |<br>**Amortized Cost(2)** |<br>**Fair Value** |<br>**Percentage of Members' Equity(10)** |
| **Infrastructure and environmental services** | | | | | | | | | |
| ASP ACUREN HOLDINGS, INC.(5) | First lien senior secured loan | S + | 2.75% | —% | 07/2031 | 8479 | 8479 | 8485 |  |
| Clean Harbors Inc(6) | First lien senior secured loan | S + | 1.50% | —% | 09/2032 | 3022 | 3022 | 3026 |  |
| Geosyntec Consultants, Inc.(6) | First lien senior secured loan | S + | 3.00% | —% | 07/2031 | 10457 | 10457 | 10457 |  |
| GFL Environmental Services Inc.(6) | First lien senior secured loan | S + | 2.50% | —% | 03/2032 | 5526 | 5524 | 5519 |  |
|  |  |  |  |  |  |  | 27482 | 27487 | 5.1% |
| **Insurance** |  |  |  |  |  |  |  |  |  |
| Acrisure, LLC(5) | First lien senior secured loan | S + | 3.00% | —% | 11/2030 | 7944 | 7944 | 7921 |  |
| Acrisure, LLC(5) | First lien senior secured loan | S + | 3.25% | —% | 11/2032 | 1928 | 1923 | 1924 |  |
| Alera Group, Inc.(5) | First lien senior secured loan | S + | 3.25% | —% | 05/2032 | 27117 | 26987 | 27206 |  |
| Alliant Holdings Intermediate LLC(5) | First lien senior secured loan | S + | 2.50% | —% | 09/2031 | 5986 | 5986 | 5968 |  |
| AmWINS Group, Inc.(6) | First lien senior secured loan | S + | 2.25% | —% | 01/2032 | 16043 | 15970 | 16031 |  |
| Ardonagh Midco 3 PLC(6) | First lien senior secured loan | S + | 2.75% | —% | 02/2031 | 12645 | 12614 | 12572 |  |
| Asurion, LLC(5) | First lien senior secured loan | S + | 4.25% | —% | 08/2028 | 7732 | 7708 | 7754 |  |
| Broadstreet Partners, Inc.(5) | First lien senior secured loan | S + | 2.75% | —% | 06/2031 | 12084 | 12084 | 12093 |  |
| CFC USA 2025 LLC (dba CFC Insurance)(6)(9) | First lien senior secured loan | S + | 3.75% | —% | 07/2032 | 6419 | 6356 | 6114 |  |
| Hub International(6) | First lien senior secured loan | S + | 2.25% | —% | 06/2030 | 3486 | 3486 | 3490 |  |
| Hyperion Refinance S.à r.l (dba Howden Group)(5) | First lien senior secured loan | S + | 3.50% | —% | 04/2030 | 18736 | 18778 | 18719 |  |
| Hyperion Refinance S.à r.l (dba Howden Group)(5) | First lien senior secured loan | S + | 2.75% | —% | 02/2031 | 3524 | 3524 | 3523 |  |
| IMA Financial Group, Inc.(5) | First lien senior secured loan | S + | 3.00% | —% | 11/2028 | 6030 | 6008 | 6030 |  |
| Mitchell International, Inc.(5) | First lien senior secured loan | S + | 3.25% | —% | 06/2031 | 9900 | 9855 | 9885 |  |
| Ryan Specialty Group LLC(5) | First lien senior secured loan | S + | 2.00% | —% | 09/2031 | 747 | 751 | 747 |  |
| Summit Acquisition Inc. (dba K2 Insurance Services)(5) | First lien senior secured loan | S + | 3.50% | —% | 10/2031 | 3747 | 3747 | 3758 |  |
| Trucordia Insurance Holdings, LLC(5) | First lien senior secured loan | S + | 3.25% | —% | 06/2032 | 25000 | 24939 | 25033 |  |
| Truist Insurance Holdings, LLC(6) | First lien senior secured loan | S + | 2.75% | —% | 05/2031 | 7673 | 7670 | 7661 |  |
| USI, Inc.(6) | First lien senior secured loan | S + | 2.25% | —% | 09/2030 | 1015 | 1015 | 1013 |  |
|  |  |  |  |  |  |  | 177345 | 177442 | 32.7% |
| **Internet software and services** |  |  |  |  |  |  |  |  |  |
| Avalara, Inc.(6) | First lien senior secured loan | S + | 3.25% | —% | 03/2032 | 17233 | 17233 | 17228 |  |
| Cloud Software Group, Inc.(6) | First lien senior secured loan | S + | 3.25% | —% | 03/2031 | 4975 | 4975 | 4992 |  |
| Cloud Software Group, Inc.(6) | First lien senior secured loan | S + | 3.25% | —% | 08/2032 | 8806 | 8806 | 8832 |  |
| Clover Holdings 2, LLC (dba Cohesity)(5) | First lien senior secured loan | S + | 3.75% | —% | 12/2031 | 19594 | 19387 | 19588 |  |
| Dayforce Inc(6)(9) | First lien senior secured loan | S + | 2.00% | —% | 03/2031 | 1985 | 1986 | 1985 |  |
| Delta TopCo, Inc. (dba Infoblox, Inc.)(5) | First lien senior secured loan | S + | 2.75% | —% | 11/2029 | 21842 | 21699 | 21575 |  |
| Epicor(5) | First lien senior secured loan | S + | 2.50% | —% | 05/2031 | 744 | 747 | 745 |  |
| Gen Digital Inc(5) | First lien senior secured loan | S + | 1.75% | —% | 04/2032 | 3316 | 3300 | 3301 |  |
| Genesys Cloud Services, Inc.(5) | First lien senior secured loan | S + | 2.50% | —% | 01/2032 | 14159 | 14127 | 14055 |  |
| Informatica LLC(5) | First lien senior secured loan | S + | 2.25% | —% | 10/2028 | 193 | 193 | 193 |  |
| Javelin Buyer, Inc. (dba JAGGAER)(6) | First lien senior secured loan | S + | 2.75% | —% | 12/2031 | 2736 | 2736 | 2732 |  |
| KnowBe4, Inc.(6) | First lien senior secured loan | S + | 3.75% | —% | 07/2032 | 15707 | 15697 | 15707 |  |
| McAfee Corp.(5) | First lien senior secured loan | S + | 3.00% | —% | 03/2029 | 4256 | 4236 | 4057 |  |
| MeridianLink, Inc.(5) | First lien senior secured loan | S + | 2.50% | —% | 11/2028 | 2982 | 2986 | 2979 |  |
| Project Alpha Intermediate Holding, Inc. (dba Qlik)(6) | First lien senior secured loan | S + | 3.25% | —% | 10/2030 | 7107 | 7090 | 7123 |  |
| Proofpoint, Inc.(5) | First lien senior secured loan | S + | 3.00% | —% | 08/2028 | 21435 | 21331 | 21491 |  |
| Quartz Acquireco, LLC (dba Qualtrics)(6) | First lien senior secured loan | S + | 2.25% | —% | 06/2030 | 496 | 495 | 494 |  |

---

------

**Blue Owl Credit SLF LLC**

**Supplemental Financial Information (Unaudited)**

**Consolidated Schedule of Investments**

**As of September 30, 2025**

**(Amounts in thousands)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | **Interest** | | | | | |
|<br>**Company(1)(3)(4)** |<br>**Investment** | **Ref. Rate** | **Cash** | **PIK** |<br>**Maturity Date** |<br>**Par / Units** |<br>**Amortized Cost(2)** |<br>**Fair Value** |<br>**Percentage of Members' Equity(10)** |
| Sedgwick Claims Management Services, Inc.(5) | First lien senior secured loan | S + | 2.50% | —% | 07/2031 | 22063 | 22057 | 22028 |  |
| SONICWALL US Holdings, Inc.(6) | First lien senior secured loan | S + | 5.00% | —% | 05/2028 | 2980 | 2962 | 2831 |  |
| Sophos Holdings, LLC(5) | First lien senior secured loan | S + | 3.50% | —% | 03/2027 | 11855 | 11841 | 11863 |  |
| SS&C(5) | First lien senior secured loan | S + | 2.00% | —% | 05/2031 | 2738 | 2747 | 2744 |  |
| Starlight Parent, LLC (dba SolarWinds)(6) | First lien senior secured loan | S + | 4.00% | —% | 03/2032 | 9320 | 9054 | 9134 |  |
| Storable, Inc.(5) | First lien senior secured loan | S + | 3.25% | —% | 04/2031 | 16613 | 16611 | 16644 |  |
| UST Holdings, Ltd.(5)(9) | First lien senior secured loan | S + | 3.00% | —% | 11/2028 | 5943 | 5955 | 5884 |  |
| VERDE PURCHASER LLC (dba Veritiv Corp)(6) | First lien senior secured loan | S + | 4.00% | —% | 11/2030 | 10573 | 10554 | 10452 |  |
| Vertiv Group Corp.(5) | First lien senior secured loan | S + | 1.75% | —% | 08/2032 | 4000 | 4000 | 4004 |  |
| VIAVI SOLUTIONS INC(6) | First lien senior secured loan | S + | 2.50% | —% | 06/2032 | 6306 | 6290 | 6314 |  |
| VIRTUSA CORPORATION(5) | First lien senior secured loan | S + | 3.25% | —% | 02/2029 | 2378 | 2386 | 2346 |  |
| VS Buyer LLC (dba Veeam Software)(6) | First lien senior secured loan | S + | 2.25% | —% | 04/2031 | 5945 | 5945 | 5928 |  |
| Webpros Luxembourg Sarl(5) | First lien senior secured loan | S + | 3.75% | —% | 03/2031 | 2287 | 2307 | 2291 |  |
|  |  |  |  |  |  |  | 249733 | 249540 | 46.1% |
| **Investment funds and vehicles** |  |  |  |  |  |  |  |  |  |
| Grosvenor(5) | First lien senior secured loan | S + | 2.25% | —% | 02/2030 | 547 | 548 | 547 |  |
|  |  |  |  |  |  |  | 548 | 547 | 0.1% |
| **Leisure and entertainment** |  |  |  |  |  |  |  |  |  |
| Cedar Fair, L.P. (dba Six Flags Entertainment Corp)(5) | First lien senior secured loan | S + | 2.00% | —% | 05/2031 | 3685 | 3676 | 3659 |  |
| Delta 2 (Lux) SARL (dba Formula One)(6) | First lien senior secured loan | S + | 2.00% | —% | 09/2031 | 2000 | 2008 | 1999 |  |
| GBT US III LLC (dba Global Business Travel Group, Inc.)(6) | First lien senior secured loan | S + | 2.50% | —% | 07/2031 | 4726 | 4695 | 4734 |  |
| WMG Acquisition Corp(6) | First lien senior secured loan | S + | 1.75% | —% | 01/2031 | 1000 | 1002 | 1001 |  |
|  |  |  |  |  |  |  | 11381 | 11393 | 2.2% |
| **Manufacturing** |  |  |  |  |  |  |  |  |  |
| ALLIANCE LAUNDRY SYSTEMS LLC(5) | First lien senior secured loan | S + | 2.25% | —% | 08/2031 | 10097 | 10097 | 10083 |  |
| Altar Bidco, Inc.(5) | First lien senior secured loan | S + | 3.10% | —% | 02/2029 | 9836 | 9690 | 9832 |  |
| Chariot Buyer LLC (dba Chamberlain Group)(5) | First lien senior secured loan | S + | 3.00% | —% | 09/2032 | 13756 | 13755 | 13761 |  |
| Columbus McKinnon Corp.(6)(9) | First lien senior secured loan | S + | 2.50% | —% | 05/2028 | 966 | 968 | 966 |  |
| DXP Enterprises, Inc.(5) | First lien senior secured loan | S + | 3.75% | —% | 10/2030 | 5940 | 5940 | 5966 |  |
| EMRLD Borrower LP (dba Emerson)(6) | First lien senior secured loan | S + | 2.25% | —% | 05/2030 | 11484 | 11484 | 11445 |  |
| Engineered Machinery Holdings, Inc. (dba Duravant)(6) | First lien senior secured loan | S + | 3.50% | —% | 05/2028 | 17358 | 17435 | 17438 |  |
| Filtration Group Corporation(5) | First lien senior secured loan | S + | 2.75% | —% | 10/2028 | 10911 | 10911 | 10952 |  |
| Gates Global LLC(5) | First lien senior secured loan | S + | 1.75% | —% | 11/2029 | 814 | 811 | 813 |  |
| Gloves Buyer, Inc. (dba Protective Industrial Products)(5) | First lien senior secured loan | S + | 4.00% | —% | 05/2032 | 14000 | 13933 | 13566 |  |
| Legence Holdings LLC(5) | First lien senior secured loan | S + | 3.00% | —% | 12/2028 | 3870 | 3873 | 3874 |  |
| MADISON IAQ LLC(7) | First lien senior secured loan | S + | 2.50% | —% | 06/2028 | 809 | 808 | 810 |  |
| MADISON IAQ LLC(7) | First lien senior secured loan | S + | 3.25% | —% | 04/2032 | 8132 | 8060 | 8166 |  |
| Pro Mach Group, Inc.(5) | First lien senior secured loan | S + | 2.75% | —% | 08/2028 | 16378 | 16324 | 16399 |  |
| SPECTRIS(6)(9) | First lien senior secured loan | S + | 2.75% | —% | 09/2032 | 13265 | 13232 | 13232 |  |
| Watlow Electric Manufacturing Company(6) | First lien senior secured loan | S + | 3.00% | —% | 03/2028 | 2977 | 2989 | 2977 |  |
|  |  |  |  |  |  |  | 140310 | 140280 | 25.8% |
| **Pharmaceuticals** |  |  |  |  |  |  |  |  |  |
| Amneal Pharmaceuticals LLC(5) | First lien senior secured loan | S + | 3.50% | —% | 08/2032 | 15344 | 15307 | 15318 |  |
| Fortrea Holdings Inc.(6)(9) | First lien senior secured loan | S + | 3.75% | —% | 07/2030 | 1000 | 981 | 920 |  |

---

------

**Blue Owl Credit SLF LLC**

**Supplemental Financial Information (Unaudited)**

**Consolidated Schedule of Investments**

**As of September 30, 2025**

**(Amounts in thousands)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | **Interest** | | | | | |
|<br>**Company(1)(3)(4)** |<br>**Investment** | **Ref. Rate** | **Cash** | **PIK** |<br>**Maturity Date** |<br>**Par / Units** |<br>**Amortized Cost(2)** |<br>**Fair Value** |<br>**Percentage of Members' Equity(10)** |
| Opal US LLC(6) | First lien senior secured loan | S + | 3.25% | —% | 04/2032 | 16776 | 16705 | 16809 |  |
|  |  |  |  |  |  |  | 32993 | 33047 | 6.1% |
| **Professional services** |  |  |  |  |  |  |  |  |  |
| AlixPartners, LLP(5) | First lien senior secured loan | S + | 2.00% | —% | 08/2032 | 8514 | 8497 | 8453 |  |
| Apex Group Treasury LLC(6) | First lien senior secured loan | S + | 3.50% | —% | 02/2032 | 20453 | 20439 | 19969 |  |
| API GROUP DE INC(5) | First lien senior secured loan | S + | 1.75% | —% | 01/2029 | 2840 | 2840 | 2837 |  |
| Arsenal AIC Parent, LLC (dba Arconic)(5) | First lien senior secured loan | S + | 2.75% | —% | 08/2030 | 1402 | 1406 | 1400 |  |
| Camelot U.S. Acquisition 1 Co.(5) | First lien senior secured loan | S + | 2.75% | —% | 01/2031 | 2000 | 2007 | 1987 |  |
| Clearwater Analytics, LLC(7) | First lien senior secured loan | S + | 2.25% | —% | 04/2032 | 4119 | 4119 | 4119 |  |
| Corporation Service Company(5) | First lien senior secured loan | S + | 2.00% | —% | 11/2029 | 5381 | 5381 | 5321 |  |
| Element Materials Technology(6) | First lien senior secured loan | S + | 3.68% | —% | 06/2029 | 2286 | 2296 | 2298 |  |
| First Advantage Holdings LLC(5) | First lien senior secured loan | S + | 2.75% | —% | 10/2031 | 4708 | 4708 | 4582 |  |
| Red Ventures, LLC(5) | First lien senior secured loan | S + | 2.75% | —% | 03/2030 | 496 | 500 | 467 |  |
| Skopima Merger Sub Inc.(5) | First lien senior secured loan | S + | 3.75% | —% | 05/2028 | 4808 | 4808 | 4060 |  |
| Vistage International, Inc.(6)(9) | First lien senior secured loan | S + | 3.75% | —% | 07/2029 | 9823 | 9822 | 9774 |  |
|  |  |  |  |  |  |  | 66823 | 65267 | 12.2% |
| **Telecommunications** |  |  |  |  |  |  |  |  |  |
| Charter Communications Operating LLC(6) | First lien senior secured loan | S + | 2.25% | —% | 12/2031 | 7940 | 7922 | 7936 |  |
| Cogeco Communications (USA) II L.P.(5) | First lien senior secured loan | S + | 2.50% | —% | 09/2028 | 1308 | 1302 | 1294 |  |
| Eagle Broadband Investments, LLC (dba Mega Broadband Investments)(6) | First lien senior secured loan | S + | 3.00% | —% | 11/2027 | 10716 | 10678 | 10615 |  |
| Virgin Media Bristol LLC(6) | First lien senior secured loan | S + | 3.18% | —% | 03/2031 | 5018 | 4969 | 4943 |  |
|  |  |  |  |  |  |  | 24871 | 24788 | 4.6% |
| **Transportation** |  |  |  |  |  |  |  |  |  |
| AIT Worldwide Logistics Holdings, Inc.(6) | First lien senior secured loan | S + | 4.00% | —% | 04/2030 | 7940 | 7940 | 7955 |  |
| Echo Global Logistics, Inc.(5) | First lien senior secured loan | S + | 3.75% | —% | 11/2028 | 1985 | 1967 | 1924 |  |
| FRST STU BID/FRST TRANS(6) | First lien senior secured loan | S + | 2.50% | —% | 08/2030 | 4271 | 4265 | 4271 |  |
| Genesee & Wyoming Inc.(6) | First lien senior secured loan | S + | 1.75% | —% | 04/2031 | 496 | 493 | 494 |  |
| KKR Apple Bidco, LLC(5) | First lien senior secured loan | S + | 2.50% | —% | 09/2031 | 8005 | 7986 | 8002 |  |
| NA Rail Hold Co. LLC(6) | First lien senior secured loan | S + | 3.00% | —% | 03/2032 | 3627 | 3618 | 3636 |  |
|  |  |  |  |  |  |  | 26269 | 26282 | 5.0% |
| **Total Misc.-debt commitments(11)** |  |  |  |  |  |  | 90 | 105 | —% |
| **Total Debt Investments** | **Total Debt Investments** |  |  |  |  |  | $2155658 | $2149879 | 398.2% |
| **Total Investments** |  |  |  |  |  |  | $2155658 | $2149879 | 398.2% |

---

------

**Blue Owl Credit SLF LLC**

**Supplemental Financial Information (Unaudited)**

**Consolidated Schedule of Investments**

**As of September 30, 2025**

**(Amounts in thousands)**

<sup>(1)</sup> Unless otherwise indicated, Blue Owl Credit SLF's investments are pledged as collateral supporting the amounts outstanding under Blue Owl Credit SLF's Debt Facilities.

<sup>(2)</sup> The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

<sup>(3)</sup> Unless otherwise indicated, all investments are considered Level 2 investments.

<sup>(4)</sup> Unless otherwise indicated, loan contains a variable rate structure, which may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate ("SOFR" or "S") (which can include one-, three-, six- or twelve-month SOFR), at the borrower's option, and which reset periodically based on the terms of the loan agreement.

<sup>(5)</sup> The interest rate on these loans is subject to 1 month SOFR, which as of September 30, 2025 was 4.13%.

<sup>(6)</sup> The interest rate on these loans is subject to 3 month SOFR, which as of September 30, 2025 was 3.98%.

<sup>(7)</sup> The interest rate on these loans is subject to 6 month SOFR, which as of September 30, 2025 was 3.85%

<sup>(8)</sup> The interest rate on this loan is subject to Prime, which as of September 30, 2025 was 7.25%.

<sup>(9)</sup> Level 3 investment.

<sup>(10)</sup> Totals presented may differ than actuals due to rounding.

<sup>(11)</sup> Position or portion thereof is an unfunded loan commitment. See below for more information on the Company's unfunded commitments.

**Unfunded Commitments as of September 30, 2025:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Unfunded** | **Unfunded** |
|<br>**Portfolio Company** |<br>**Commitment Type** |<br>**Commitment Expiration Date** |<br>**Funded<br>Commitment** | **Commitment** | **Fair Value** |
| Chrysaor Bidco s.à r.l. (dba AlterDomus) | First lien senior secured delayed draw term loan | 05/2026 | $— | $241 |  |
| Citrin Cooperman Advisors LLC | First lien senior secured delayed draw term loan | 03/2027 |  | 291 |  |
| Clydesdale Acquisition Holdings, Inc. (dba Novolex) | First lien senior secured delayed draw term loan | 12/2025 | 7 | 242 | 7 |
| Cohnreznick Advisory LLC | First lien senior secured delayed draw term loan | 03/2027 |  | 1388 |  |
| First Eagle Holdings, Inc. | First lien senior secured delayed draw term loan | 06/2027 |  | 1561 |  |
| Kaman Corporation | First lien senior secured delayed draw term loan | 01/2027 | 99 | 933 | 98 |
| PINNACLE BUYER, LLC | First lien senior secured delayed draw term loan | 03/2027 |  | 3321 |  |
| Raven Acquisition Holdings, LLC (dba R1 RCM) | First lien senior secured delayed draw term loan | 10/2026 |  | 674 |  |
| Savor Acquisition, Inc. (dba Sauer Brands) | First lien senior secured delayed draw term loan | 02/2027 |  | 496 |  |
| Signia Aerospace LLC | First lien senior secured delayed draw term loan | 11/2026 |  | 600 |  |
| **Total Portfolio Company Commitments** | **Total Portfolio Company Commitments** |  | $106 | $9747 | $105 |

---

------

**Blue Owl Credit SLF LLC**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(Amounts in thousands)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(3)(4)** | **Investment** | **Interest** | **Interest** | **Maturity Date** | **Par / Units** | **Amortized Cost(2)** | **Fair Value** | **Percentage of Members' Equity(9)** |
| **Debt Investments** | | | | | | | | |
| **Aerospace and defense** | | | | | | | | |
| Amentum Holdings, Inc.(5) | First lien senior secured loan | SR + | 2.25% | 09/2031 | $6000 | $5986 | $5975 | 1.7% |
| Avolon TLB Borrower 1 (US) LLC(5) | First lien senior secured loan | SR + | 1.75% | 06/2030 | 10928 | 10916 | 10916 | 3.1% |
| Bleriot US Bidco Inc.(6) | First lien senior secured loan | SR + | 2.75% | 10/2030 | 23940 | 23940 | 24048 | 6.9% |
| Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(5) | First lien senior secured loan | SR + | 2.25% | 10/2031 | 10500 | 10487 | 10540 | 3.0% |
| Signia Aerospace LLC(6)(8) | First lien senior secured loan | SR + | 3.00% | 11/2031 | 7385 | 7366 | 7366 | 2.1% |
| Transdigm, Inc.(6) | First lien senior secured loan | SR + | 2.50% | 01/2032 | 9975 | 9951 | 9991 | 2.9% |
|  |  |  |  |  |  | 68646 | 68836 | 19.7% |
| **Automotive services** |  |  |  |  |  |  |  |  |
| Belron Finance US LLC(6) | First lien senior secured loan | SR + | 2.75% | 10/2031 | 7980 | 7960 | 8045 | 2.3% |
| Holley Inc.(5) | First lien senior secured loan | SR + | 3.75% | 11/2028 | 3211 | 3148 | 3140 | 0.9% |
| Mavis Tire Express Services Topco Corp.(5) | First lien senior secured loan | SR + | 3.50% | 05/2028 | 2867 | 2878 | 2883 | 0.8% |
| Wand Newco 3, Inc. (dba Caliber)(5) | First lien senior secured loan | SR + | 3.25% | 01/2031 | 4883 | 4895 | 4898 | 1.4% |
|  |  |  |  |  |  | 18881 | 18966 | 5.4% |
| **Buildings and real estate** |  |  |  |  |  |  |  |  |
| Arcosa Inc(5) | First lien senior secured loan | SR + | 2.25% | 08/2031 | 3000 | 3000 | 3021 | 0.9% |
| Construction Partners, Inc.(5) | First lien senior secured loan | SR + | 2.50% | 11/2031 | 2000 | 1995 | 2006 | 0.6% |
| The Azek Group LLC(5)(8) | First lien senior secured loan | SR + | 2.00% | 09/2031 | 1995 | 1990 | 2000 | 0.6% |
| Wrench Group LLC(6) | First lien senior secured loan | SR + | 4.00% | 10/2028 | 31440 | 31144 | 30104 | 8.6% |
|  |  |  |  |  |  | 38129 | 37131 | 10.7% |
| **Business services** |  |  |  |  |  |  |  |  |
| Boxer Parent Company Inc. (f/k/a BMC)(6) | First lien senior secured loan | SR + | 3.75% | 07/2031 | 15000 | 14990 | 15111 | 4.3% |
| ConnectWise, LLC(6) | First lien senior secured loan | SR + | 3.50% | 09/2028 | 16490 | 16521 | 16573 | 4.8% |
| CoolSys, Inc.(6)(8) | First lien senior secured loan | SR + | 4.75% | 08/2028 | 14961 | 14742 | 14550 | 4.2% |
| Madison Safety & Flow LLC(5) | First lien senior secured loan | SR + | 3.25% | 09/2031 | 1995 | 1990 | 2008 | 0.6% |
| Nvent Electric Public Limited Company(6) | First lien senior secured loan | SR + | 3.50% | 09/2031 | 14000 | 13930 | 14136 | 4.1% |
| Plano HoldCo, Inc.(6)(8) | First lien senior secured loan | SR + | 3.50% | 10/2031 | 4500 | 4478 | 4534 | 1.3% |
| POLARIS PURCHASER, INC. (dba Plusgrade)(6)(8) | First lien senior secured loan | SR + | 4.00% | 03/2031 | 10154 | 10174 | 10204 | 2.9% |
| XPLOR T1, LLC(6)(8) | First lien senior secured loan | SR + | 3.50% | 06/2031 | 9975 | 9975 | 10050 | 2.9% |
|  |  |  |  |  |  | 86800 | 87166 | 25.1% |
| **Chemicals** |  |  |  |  |  |  |  |  |
| Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC)(5) | First lien senior secured loan | SR + | 4.00% | 11/2027 | 17512 | 17523 | 17512 | 5.0% |
| Derby Buyer LLC (dba Delrin)(5) | First lien senior secured loan | SR + | 3.00% | 11/2030 | 9925 | 9925 | 9950 | 2.9% |
|  |  |  |  |  |  | 27448 | 27462 | 7.9% |
| **Containers and packaging** |  |  |  |  |  |  |  |  |
| Ring Container Technologies Group, LLC(5) | First lien senior secured loan | SR + | 2.75% | 08/2028 | 12313 | 12345 | 12332 | 3.5% |
| SupplyOne, Inc.(5) | First lien senior secured loan | SR + | 3.75% | 04/2031 | 997 | 997 | 1004 | 0.3% |
| Tricorbraun Holdings, Inc.(5) | First lien senior secured loan | SR + | 3.25% | 03/2028 | 15959 | 15919 | 15933 | 4.6% |
|  |  |  |  |  |  | 29261 | 29269 | 8.4% |
| **Distribution** |  |  |  |  |  |  |  |  |
| BCPE Empire Holdings, Inc. (dba Imperial-Dade)(5) | First lien senior secured loan | SR + | 3.50% | 12/2028 | 18000 | 18000 | 18076 | 5.2% |
| Dealer Tire Financial, LLC(5) | First lien senior secured loan | SR + | 3.50% | 07/2031 | 23940 | 23940 | 23940 | 6.9% |
| Foundation Building Materials, Inc.(6) | First lien senior secured loan | SR + | 4.00% | 01/2031 | 9950 | 9842 | 9780 | 2.8% |
| Paint Intermediate III, LLC(6) | First lien senior secured loan | SR + | 3.00% | 09/2031 | 12000 | 11942 | 12046 | 3.5% |
| White Cap Supply Holdings, LLC(5) | First lien senior secured loan | SR + | 3.25% | 10/2029 | 7000 | 6971 | 7006 | 2.0% |
|  |  |  |  |  |  | 70695 | 70848 | 20.4% |
| **Education** |  |  |  |  |  |  |  |  |
| Ellucian Holdings Inc. (f/k/a Sophia, L.P.)(5) | First lien senior secured loan | SR + | 3.00% | 10/2029 | 12947 | 12947 | 13022 | 3.7% |
| Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)(6) | First lien senior secured loan | SR + | 4.00% | 10/2030 | 19800 | 19954 | 19899 | 5.7% |
|  |  |  |  |  |  | 32901 | 32921 | 9.4% |
| **Energy equipment and services** |  |  |  |  |  |  |  |  |
| Brookfield WEC Holdings Inc.(5) | First lien senior secured loan | SR + | 2.25% | 01/2031 | 4086 | 4086 | 4085 | 1.2% |
| Calpine Construction Finance Company, L.P.(5) | First lien senior secured loan | SR + | 2.00% | 07/2030 | 3000 | 2985 | 2991 | 0.9% |

---

------

**Blue Owl Credit SLF LLC**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(Amounts in thousands)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(3)(4)** | **Investment** | **Interest** | **Interest** | **Maturity Date** | **Par / Units** | **Amortized Cost(2)** | **Fair Value** | **Percentage of Members' Equity(9)** |
| Calpine Corporation(6) | First lien senior secured loan | SR + | 1.75% | 02/2032 | 4000 | 3985 | 3983 | 1.1% |
| Fleet U.S. Bidco Inc.(7)(8) | First lien senior secured loan | SR + | 2.75% | 02/2031 | 7481 | 7481 | 7519 | 2.2% |
|  |  |  |  |  |  | 18537 | 18578 | 5.4% |
| **Financial services** |  |  |  |  |  |  |  |  |
| AllSpring Buyer(6) | First lien senior secured loan | SR + | 3.00% | 11/2030 | 1048 | 1046 | 1049 | 0.3% |
| BCPE Pequod Buyer, Inc.(5) | First lien senior secured loan | SR + | 3.50% | 11/2031 | 8000 | 7960 | 8058 | 2.3% |
| Citadel Securities, LP(5) | First lien senior secured loan | SR + | 2.00% | 10/2031 | 7271 | 7271 | 7288 | 2.1% |
| Focus Financial Partners, LLC(5) | First lien senior secured loan | SR + | 3.25% | 09/2031 | 7224 | 7206 | 7285 | 2.1% |
| Grant Thornton Advisors LLC(6) | First lien senior secured loan | SR + | 2.75% | 06/2031 | 1783 | 1783 | 1781 | 0.5% |
| Guggenheim Partners Investment Management Holdings, LLC(6) | First lien senior secured loan | SR + | 2.50% | 11/2031 | 6000 | 5985 | 6015 | 1.7% |
| Jane Street Group, LLC(5) | First lien senior secured loan | SR + | 2.00% | 12/2031 | 3990 | 3980 | 3972 | 1.1% |
| MARINER WEALTH ADVISORS, LLC(6) | First lien senior secured loan | SR + | 2.75% | 08/2028 | 1995 | 1995 | 1995 | 0.6% |
| Orion Advisor Solutions Inc(6) | First lien senior secured loan | SR + | 3.75% | 09/2030 | 6435 | 6389 | 6489 | 1.9% |
| PUSHPAY USA INC(6)(8) | First lien senior secured loan | SR + | 4.50% | 08/2031 | 4286 | 4244 | 4307 | 1.2% |
| Saphilux S.a.r.L. (dba IQ-EQ)(7) | First lien senior secured loan | SR + | 3.50% | 07/2028 | 15920 | 15972 | 16020 | 4.6% |
|  |  |  |  |  |  | 63831 | 64259 | 18.4% |
| **Food and beverage** |  |  |  |  |  |  |  |  |
| Aspire Bakeries Holdings, LLC(5)(8) | First lien senior secured loan | SR + | 4.25% | 12/2030 | 3990 | 3970 | 4020 | 1.2% |
| Balrog Acquisition, Inc. (dba Bakemark)(6) | First lien senior secured loan | SR + | 4.00% | 09/2028 | 24250 | 24321 | 24286 | 7.0% |
| Fiesta Purchaser, Inc. (dba Shearer's Foods)(5) | First lien senior secured loan | SR + | 3.25% | 02/2031 | 11940 | 11940 | 11938 | 3.4% |
| Froneri International Ltd(5) | First lien senior secured loan | SR + | 2.00% | 09/2031 | 4000 | 3990 | 4001 | 1.1% |
|  |  |  |  |  |  | 44221 | 44245 | 12.7% |
| **Healthcare equipment and services** |  |  |  |  |  |  |  |  |
| Confluent Medical Technologies, Inc.(6) | First lien senior secured loan | SR + | 3.25% | 02/2029 | 9812 | 9877 | 9850 | 2.8% |
| Medline Borrower, LP(5) | First lien senior secured loan | SR + | 2.25% | 10/2028 | 22149 | 22149 | 22209 | 6.4% |
| Packaging Coordinators Midco, Inc.(6) | First lien senior secured loan | SR + | 3.25% | 11/2027 | 4862 | 4879 | 4879 | 1.4% |
| Resonetics, LLC(6) | First lien senior secured loan | SR + | 3.25% | 06/2031 | 19950 | 19950 | 20056 | 5.7% |
|  |  |  |  |  |  | 56855 | 56994 | 16.3% |
| **Healthcare providers and services** |  |  |  |  |  |  |  |  |
| CHG Healthcare Services, Inc(6) | First lien senior secured loan | SR + | 3.50% | 09/2028 | 2248 | 2248 | 2264 | 0.6% |
| CHG PPC Parent LLC(5) | First lien senior secured loan | SR + | 3.00% | 12/2028 | 2984 | 2963 | 2998 | 0.9% |
| Confluent Health, LLC(5)(8) | First lien senior secured loan | SR + | 4.00% | 11/2028 | 24329 | 23917 | 23660 | 6.8% |
| Covetrus, Inc.(6) | First lien senior secured loan | SR + | 5.00% | 10/2029 | 14738 | 14050 | 14139 | 4.1% |
| Electron Bidco Inc (dba ExamWorks)(6) | First lien senior secured loan | SR + | 2.75% | 11/2028 | 2000 | 2000 | 2006 | 0.6% |
| HAH Group Holding Company LLC(5) | First lien senior secured loan | SR + | 5.00% | 09/2031 | 6000 | 5912 | 5993 | 1.7% |
| Phoenix Newco, Inc. (dba Parexel)(5) | First lien senior secured loan | SR + | 3.00% | 11/2028 | 23937 | 23961 | 24076 | 6.9% |
| Select Medical Corp.(5) | First lien senior secured loan | SR + | 2.00% | 12/2031 | 4000 | 3995 | 4008 | 1.1% |
| Soliant Lower Intermediate, LLC (dba Soliant)(5) | First lien senior secured loan | SR + | 3.75% | 07/2031 | 10000 | 10079 | 9900 | 2.8% |
|  |  |  |  |  |  | 89125 | 89044 | 25.5% |
| **Healthcare technology** |  |  |  |  |  |  |  |  |
| Athenahealth Group Inc.(5) | First lien senior secured loan | SR + | 3.25% | 02/2029 | 12397 | 12378 | 12410 | 3.6% |
| Bracket Intermediate Holding Corp.(6) | First lien senior secured loan | SR + | 4.25% | 05/2028 | 19701 | 19701 | 19848 | 5.7% |
| Cotiviti, Inc.(5) | First lien senior secured loan | SR + | 3.00% | 05/2031 | 9925 | 9925 | 9969 | 2.9% |
| Ensemble RCM, LLC(6) | First lien senior secured loan | SR + | 3.00% | 08/2029 | 4975 | 4996 | 5007 | 1.4% |
| Imprivata, Inc.(6) | First lien senior secured loan | SR + | 3.50% | 12/2027 | 19502 | 19612 | 19600 | 5.6% |
| PointClickCare Technologies, Inc.(6) | First lien senior secured loan | SR + | 3.25% | 11/2031 | 4000 | 3990 | 4020 | 1.2% |
| Project Ruby Ultimate Parent Corp. (dba Wellsky)(5) | First lien senior secured loan | SR + | 3.00% | 03/2028 | 19975 | 19937 | 20045 | 5.7% |
| Raven Acquisition Holdings, LLC(5) | First lien senior secured loan | SR + | 3.25% | 11/2031 | 11200 | 11145 | 11218 | 3.2% |
| Southern Veterinary Partners, LLC(6) | First lien senior secured loan | SR + | 3.25% | 12/2031 | 20000 | 19904 | 20120 | 5.8% |
| Zelis Cost Management Buyer, Inc.(5) | First lien senior secured loan | SR + | 3.25% | 11/2031 | 16000 | 15922 | 16040 | 4.6% |
|  |  |  |  |  |  | 137510 | 138277 | 39.7% |

---

------

**Blue Owl Credit SLF LLC**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(Amounts in thousands)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(3)(4)** | **Investment** | **Interest** | **Interest** | **Maturity Date** | **Par / Units** | **Amortized Cost(2)** | **Fair Value** | **Percentage of Members' Equity(9)** |
| **Human resource support services** | | | | | | | | |
| iSolved, Inc.(5) | First lien senior secured loan | SR + | 3.25% | 10/2030 | 5970 | 5970 | 6037 | 1.7% |
|  |  |  |  |  |  | 5970 | 6037 | 1.7% |
| **Infrastructure and environmental services** |  |  |  |  |  |  |  |  |
| Geosyntec Consultants, Inc.(5) | First lien senior secured loan | SR + | 3.75% | 07/2031 | 6000 | 5971 | 6038 | 1.7% |
|  |  |  |  |  |  | 5971 | 6038 | 1.7% |
| **Insurance** |  |  |  |  |  |  |  |  |
| Acrisure, LLC(5) | First lien senior secured loan | SR + | 3.00% | 11/2030 | 9531 | 9531 | 9529 | 2.7% |
| Ardonagh Midco 3 PLC(6)(8) | First lien senior secured loan | SR + | 3.75% | 02/2031 | 15000 | 15072 | 15075 | 4.3% |
| AssuredPartners, Inc.(5) | First lien senior secured loan | SR + | 3.50% | 02/2031 | 12917 | 12946 | 12934 | 3.7% |
| Asurion, LLC(5) | First lien senior secured loan | SR + | 4.25% | 08/2028 | 7791 | 7761 | 7791 | 2.2% |
| Broadstreet Partners, Inc.(5) | First lien senior secured loan | SR + | 3.00% | 06/2031 | 6328 | 6328 | 6344 | 1.8% |
| Hyperion Refinance S.à r.l (dba Howden Group)(5) | First lien senior secured loan | SR + | 3.50% | 04/2030 | 19650 | 19741 | 19768 | 5.7% |
| Hyperion Refinance S.à r.l (dba Howden Group)(5) | First lien senior secured loan | SR + | 3.00% | 02/2031 | 4963 | 4963 | 4991 | 1.4% |
| Mitchell International, Inc.(5) | First lien senior secured loan | SR + | 3.25% | 06/2031 | 9975 | 9923 | 9967 | 2.9% |
| Summit Acquisition Inc. (dba K2 Insurance Services)(6)(8) | First lien senior secured loan | SR + | 3.75% | 10/2031 | 2000 | 1990 | 1990 | 0.6% |
| USI, Inc.(6) | First lien senior secured loan | SR + | 2.25% | 09/2030 | 1335 | 1335 | 1332 | 0.4% |
|  |  |  |  |  |  | 89590 | 89721 | 25.7% |
| **Internet software and services** |  |  |  |  |  |  |  |  |
| Cloud Software Group, Inc.(6) | First lien senior secured loan | SR + | 3.75% | 03/2031 | 5000 | 5000 | 5011 | 1.4% |
| Clover Holdings 2, LLC(6)(8) | First lien senior secured loan | SR + | 4.00% | 12/2031 | 17143 | 16973 | 16971 | 4.9% |
| Javelin Buyer, Inc.(6) | First lien senior secured loan | SR + | 3.25% | 10/2031 | 3000 | 2993 | 3021 | 0.9% |
| McAfee Corp.(5) | First lien senior secured loan | SR + | 3.00% | 03/2029 | 3288 | 3288 | 3287 | 0.9% |
| Project Alpha Intermediate Holding, Inc. (dba Qlik)(6) | First lien senior secured loan | SR + | 3.25% | 10/2030 | 7125 | 7107 | 7166 | 2.1% |
| Proofpoint, Inc.(5) | First lien senior secured loan | SR + | 3.00% | 08/2028 | 9900 | 9934 | 9940 | 2.8% |
| Sedgwick Claims Management Services, Inc.(6) | First lien senior secured loan | SR + | 3.00% | 07/2031 | 14963 | 14991 | 15037 | 4.3% |
| Sophos Holdings, LLC(6) | First lien senior secured loan | SR + | 3.50% | 03/2027 | 10000 | 9988 | 10055 | 2.9% |
| Storable, Inc.(5) | First lien senior secured loan | SR + | 3.50% | 04/2028 | 14885 | 14919 | 14973 | 4.3% |
| The Dun & Bradstreet Corporation(5) | First lien senior secured loan | SR + | 2.25% | 01/2029 | 7980 | 7980 | 7981 | 2.3% |
| UST Holdings, Ltd.(5) | First lien senior secured loan | SR + | 3.00% | 11/2028 | 3990 | 3990 | 4000 | 1.1% |
| Vertiv Group Corp.(6) | First lien senior secured loan | SR + | 4.50% | 11/2030 | 7980 | 7940 | 7998 | 2.3% |
| VS Buyer LLC (dba Veeam Software)(5) | First lien senior secured loan | SR + | 2.75% | 04/2031 | 5975 | 5975 | 6013 | 1.7% |
|  |  |  |  |  |  | 111078 | 111453 | 31.9% |
| **Leisure and entertainment** |  |  |  |  |  |  |  |  |
| Pretzel Parent, Inc.(5) | First lien senior secured loan | SR + | 4.50% | 08/2031 | 3000 | 2956 | 3019 | 0.9% |
|  |  |  |  |  |  | 2956 | 3019 | 0.9% |
| **Manufacturing** |  |  |  |  |  |  |  |  |
| ALLIANCE LAUNDRY SYSTEMS LLC(5) | First lien senior secured loan | SR + | 3.50% | 08/2031 | 7500 | 7464 | 7541 | 2.2% |
| Chariot Buyer LLC(5) | First lien senior secured loan | SR + | 3.25% | 11/2028 | 2487 | 2481 | 2499 | 0.7% |
| Crown Equipment Corporation(5) | First lien senior secured loan | SR + | 2.50% | 10/2031 | 2591 | 2578 | 2604 | 0.7% |
| DXP Enterprises, Inc.(6) | First lien senior secured loan | SR + | 3.75% | 10/2030 | 5985 | 5985 | 6047 | 1.7% |
| Engineered Machinery Holdings, Inc. (dba Duravant)(6) | First lien senior secured loan | SR + | 3.75% | 05/2028 | 23938 | 24064 | 24072 | 6.9% |
| Gloves Buyer, Inc. (dba Protective Industrial Products)(5)(8) | First lien senior secured loan | SR + | 4.00% | 12/2027 | 14575 | 14559 | 14575 | 4.2% |
| Pro Mach Group, Inc.(5) | First lien senior secured loan | SR + | 3.50% | 08/2028 | 15960 | 16044 | 16077 | 4.6% |
|  |  |  |  |  |  | 73175 | 73415 | 21.0% |
| **Professional services** |  |  |  |  |  |  |  |  |
| Apex Group Treasury LLC(7) | First lien senior secured loan | SR + | 3.75% | 07/2028 | 23938 | 24026 | 24139 | 6.9% |
| First Advantage Holdings, LLC(5) | First lien senior secured loan | SR + | 3.25% | 10/2031 | 4000 | 3980 | 4039 | 1.2% |
| Skopima Merger Sub Inc.(6) | First lien senior secured loan | SR + | 3.75% | 05/2028 | 11062 | 11062 | 11090 | 3.2% |
| Sovos Compliance, LLC(5) | First lien senior secured loan | SR + | 4.50% | 08/2028 | 23471 | 23547 | 23612 | 6.8% |
| Vistage International, Inc.(6) | First lien senior secured loan | SR + | 4.75% | 07/2029 | 9899 | 9921 | 9893 | 2.8% |
|  |  |  |  |  |  | 72536 | 72773 | 20.9% |

---

------

**Blue Owl Credit SLF LLC**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(Amounts in thousands)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(3)(4)** | **Investment** | **Interest** | **Interest** | **Maturity Date** | **Par / Units** | **Amortized Cost(2)** | **Fair Value** | **Percentage of Members' Equity(9)** |
| **Telecommunications** | | | | | | | | |
| Charter Communications Operating LLC(6) | First lien senior secured loan | SR + | 2.25% | 12/2031 | 8000 | 7980 | 7977 | 2.3% |
| Eagle Broadband Investments, LLC (dba Mega Broadband Investments)(6) | First lien senior secured loan | SR + | 2.75% | 11/2027 | 1995 | 1990 | 1996 | 0.6% |
|  |  |  |  |  |  | 9970 | 9973 | 2.9% |
| **Transportation** |  |  |  |  |  |  |  |  |
| AIT Worldwide Logistics Holdings, Inc.(6) | First lien senior secured loan | SR + | 4.75% | 04/2030 | 8000 | 7976 | 8048 | 2.3% |
|  |  |  |  |  |  | 7976 | 8048 | 2.3% |
| **Total Misc.-debt commitments(10)** |  |  |  |  |  | (6) |  | —% |
| **Total Debt Investments** |  |  |  |  |  | $1162056 | $1164473 | 333.8% |
| **Total Investments** |  |  |  |  |  | $1162056 | $1164473 | 333.8% |

---

<sup>(1)</sup> Unless otherwise indicated, Blue Owl Credit SLF's investments are pledged as collateral supporting the amounts outstanding under Blue Owl Credit SLF's Debt Facilities.

<sup>(2)</sup> The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

<sup>(3)</sup> Unless otherwise indicated, all investments are considered Level 2 investments.

<sup>(4)</sup> Unless otherwise indicated, loan contains a variable rate structure, which may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate ("SOFR" or "S") (which can include one-, three-, six- or twelve-month SOFR), at the borrower's option, and which reset periodically based on the terms of the loan agreement.

<sup>(5)</sup> The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2024 was 4.33%.

<sup>(6)</sup> The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2024 was 4.31%.

<sup>(7)</sup> The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2024 was 4.25%.

<sup>(8</sup> Level 3 investment.

<sup>(9)</sup> Totals presented may differ than actuals due to rounding.

<sup>(10)</sup> Position or portion thereof is an unfunded loan commitment. See below for more information on the Company's unfunded commitments.

**Unfunded Commitments as of December 31, 2024**:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Unfunded** | **Unfunded** |
|<br>**Portfolio Company** |<br>**Commitment Type** |<br>**Commitment Expiration Date** |<br>**Funded<br>Commitment** | **Commitment** | **Fair Value** |
| Focus Financial Partners, LLC | First lien senior secured delayed draw term loan | 09/2026 | $— | $776 |  |
| Grant Thornton Advisors LLC | First lien senior secured delayed draw term loan | 07/2026 |  | 217 |  |
| Raven Acquisition Holdings, LLC | First lien senior secured delayed draw term loan | 10/2026 |  | 800 |  |
| Signia Aerospace, LLC | First lien senior secured delayed draw term loan | 11/2026 |  | 615 |  |
| **Total Portfolio Company Commitments** | **Total Portfolio Company Commitments** |  |  | $2408 |  |

---

------

**Blue Owl Credit SLF LLC**

**Supplemental Financial Information (Unaudited)**

**Notes to the consolidated financial information**

**Organization and Principal Business**

Blue Owl Credit SLF LLC ("Credit SLF" or the "Company"), a Delaware limited liability company, is a joint venture among Blue Owl Capital Corporation, 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 (collectively, the "Class A Members"). Credit SLF has no Class B Members as of September 30, 2025. The Company'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. The Company is managed by a board of directors comprised of an equal number of directors appointed by each Member and which acts unanimously. Except under certain circumstances, contributions to the Company cannot be redeemed. Investment decisions must be approved by the Company's board of directors. The Credit SLF Members coinvest through Credit SLF, or its wholly owned subsidiaries. The Company's date of inception was May 6, 2024, and the Company made its first portfolio company investment on July 23, 2024.

Prior to January 13, 2025, Blue Owl Capital Corporation III ("OBDE") was a Class A Member. On January 13, 2025, OBDE merged with and into Blue Owl Capital Corporation ("OBDC") with OBDC surviving (the "OBDE Merger"). At the effective time of the OBDE Merger, OBDE's commitments to and interests in the Company became OBDC's. Prior to March 24, 2025, Blue Owl Technology Finance Corp. II ("OTF II") was a Class A Member. On March 24, 2025, OTF II merged with and into Blue Owl Technology Finance Corp. ("OTF") with OTF surviving (the "OTF II Merger"). At the effective time of the OTF II Merger, OTF II's commitments to and interest in the Company became OTF's.

**Investment Portfolio Detail**

The table below presents the composition of investments at fair value and amortized cost as of September 30, 2025 and December 31, 2024, respectively:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| ($ in thousands) | **Amortized Cost** | **Fair Value** | **Amortized Cost** | **Fair Value** |
| First-lien senior secured debt investments | $2155658 | $2149879 | $1162056 | $1164473 |
| **Total Investments** | $2155658 | $2149879 | $1162056 | $1164473 |

---

------

**Blue Owl Credit SLF LLC**

**Supplemental Financial Information (Unaudited)**

The table below presents the industry composition of investments based on fair value as of September 30, 2025 and December 31, 2024, respectively:

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Advertising and media | 1.1% | —% |
| Aerospace and defense | 5.4 | 5.9 |
| Automotive services | 0.9 | 1.6 |
| Buildings and real estate | 2.1 | 3.2 |
| Business services | 7.7 | 7.5 |
| Chemicals | 2.5 | 2.4 |
| Consumer products | 1.5 |  |
| Containers and packaging | 5.5 | 2.5 |
| Distribution | 3.7 | 6.1 |
| Education | 1.6 | 2.8 |
| Energy equipment and services | 1.7 | 1.6 |
| Financial services | 8.0 | 5.5 |
| Food and beverage | 4.6 | 3.8 |
| Healthcare equipment and services | 3.7 | 4.9 |
| Healthcare providers and services | 5.4 | 7.6 |
| Healthcare technology | 7.7 | 11.9 |
| Household products | 0.2 |  |
| Human resource support services | 1.7 | 0.5 |
| Infrastructure and environmental services | 1.3 | 0.5 |
| Insurance | 8.3 | 7.7 |
| Internet software and services | 11.5 | 9.6 |
| Investment funds and vehicles |  |  |
| Leisure and entertainment | 0.5 | 0.3 |
| Manufacturing | 6.5 | 6.3 |
| Pharmaceuticals | 1.5 |  |
| Professional services | 3.0 | 6.2 |
| Telecommunications | 1.2 | 0.9 |
| Transportation | 1.2 | 0.7 |
| **Total** | 100.0% | 100.0% |

---

The table below presents the geographic composition of investments based on fair value as of September 30, 2025 and December 31, 2024, respectively:

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| United States: |  |  |
| &nbsp;&nbsp;Midwest | 24.8% | 22.4% |
| &nbsp;&nbsp;Northeast | 19.0 | 21.5 |
| &nbsp;&nbsp;South | 28.3 | 29.3 |
| &nbsp;&nbsp;West | 14.4 | 17.1 |
| &nbsp;&nbsp;International | 13.5 | 9.7 |
| **Total** | 100.0% | 100.0% |

---

------

**Blue Owl Credit SLF LLC**

**Supplemental Financial Information (Unaudited)**

*Investments*

The table below presents the fair value hierarchy of investments as of September 30, 2025 and December 31, 2024 respectively:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value Hierarchy as of September 30, 2025** | **Fair Value Hierarchy as of September 30, 2025** | **Fair Value Hierarchy as of September 30, 2025** | **Fair Value Hierarchy as of September 30, 2025** |
| ($ in thousands) | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First-lien senior secured debt investments | $— | $2025155 | $124724 | $2149879 |
| **Total Investments** | $— | $2025155 | $124724 | $2149879 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value Hierarchy as of December 31, 2024** | **Fair Value Hierarchy as of December 31, 2024** | **Fair Value Hierarchy as of December 31, 2024** | **Fair Value Hierarchy as of December 31, 2024** |
| ($ in thousands) | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First-lien senior secured debt investments | $— | $1027652 | $136821 | $1164473 |
| **Total Investments** | $— | $1027652 | $136821 | $1164473 |

---

**Debt Activity**

*Bank of America Facility*

On June 12, 2024, the Company's subsidiary, WISE CLO 2025-1 LTD. (fka BOC SLF WH I BA LTD.), an exempted company incorporated with limited liability under the laws of the Cayman Islands, entered into a $300.0 million revolving credit facility (the "Bank of America Facility") with, among others, Bank of America, N.A., as lender and administrative agent. The Company acts as the collateral manager and the first loss provider with respect to the Bank of America Facility. Proceeds from the Bank of America Facility have been and will be used to finance the origination and acquisition of eligible assets by the borrowers thereunder. The maturity date of the Bank of America Facility is June 12, 2027. On March 6, 2025, a portion of the proceeds from the Wise CLO 2025-1 Transaction (as defined below) were used to repay certain amounts outstanding under the Bank of America Facility and WISE CLO 2025-1 LTD. was released from the Bank of America Facility.

On January 22, 2025, the Company's subsidiary, BOC SLF BA-2 LTD., an exempted company incorporated with limited liability under the laws of the Cayman Islands, joined as co-borrower to the Bank of America Facility. The Company holds preference shares in BOC SLF BA-2 LTD. On January 22, 2025, in connection with the Wise CLO 2025-1 Transaction, certain of the assets held by WISE CLO 2025-1 LTD. were transferred via a master participation agreement to BOC SLF BA-2 Ltd. As of September 30, 2025, there was $111.2 million outstanding under the Bank of America Facility.

Borrowings under the Bank of America Facility bear interest at a per annum rate equal to (a) with respect to any Term SOFR Loan, SOFR + 1.45% and (b) with respect to any Base Rate Loan, Base Rate + 1.45%. Credit SLF predominantly borrows utilizing Term SOFR loans. Credit SLF also pays unused commitment fees of (i) prior to the six-month anniversary of such date, 0.35% and (ii) thereafter, (x) with respect to the First Unused Amount, 1.10% and (y) with respect to the Second Unused Amount, 0.35%. There was $0.5 million of unused commitment fee as of September 30, 2025.

*RBC Facility*

On June 5, 2024, the Company's subsidiary, WISE CLO 2025-3 LTD. (fka BOC SLF WH II RB LTD.), an exempted company incorporated with limited liability under the laws of the Cayman Islands, as borrower, joined a $300.0 million revolving credit facility originally entered into on October 14, 2022 (the "RBC Facility") with, among others, Royal Bank of Canada, as lender and administrative agent, and U.S. Bank Trust Company, National Association, as collateral custodian. The Company acts as the collateral manager and the first loss provider with respect to the RBC Facility. Proceeds from the RBC Facility have been and will be used to finance the origination and acquisition of eligible assets by the borrowers thereunder. The maturity date of the RBC Facility is October 14, 2032. On July 24, 2025, a portion of the proceeds from the Wise CLO 2025-3 CLO Transaction (as defined below) were used to repay certain amounts outstanding under the RBC Facility and WISE CLO 2025-3 LTD. was released from the RBC Facility.

On June 16, 2025, the Company's subsidiary, BOC SLF RB-2 LTD., an exempted company incorporated with limited liability under the laws of the Cayman Islands, joined as replacement borrower to the RBC Facility. The Company holds preference shares in BOC SLF RB-2 LTD. On June 16, 2025, in connection with the Wise CLO 2025-3 Transaction, certain of the assets held by WISE CLO 2025-3 LTD. were transferred via a master participation agreement to BOC SLF RB-2 LTD. As of September 30, 2025, there was $45.0 million outstanding under the RBC Facility.

Borrowings under the RBC Facility bear interest at a per annum rate equal to SOFR +1.55%.

------

**Blue Owl Credit SLF LLC**

**Supplemental Financial Information (Unaudited)**

*Citibank Facility*

On June 28, 2024, the Company's subsidiary, WISE CLO 2025-4 LTD. (fka BOC SLF WH III C LTD.), an exempted company incorporated with limited liability under the laws of the Cayman Islands, entered into a revolving credit facility (the "Citibank Facility") with, among others, Citibank, N.A., as lender and administrative agent. The commitment of the Citibank Facility is up to $300.0 million, and was $215.0 million as of December 31, 2024 and $50.0 million as of September 30, 2025 respectively. The Company acts as the collateral manager and the first loss provider with respect to the Citibank Facility. Proceeds from the Citibank Facility have been and will be used to finance the origination and acquisition of eligible assets by the borrowers thereunder. The maturity date of the Citibank Facility is June 28, 2027. On September 4, 2025, a portion of the proceeds from the Wise CLO 2025-4 Transaction (as defined below) were used to repay certain amounts outstanding under the Citibank Facility and WISE CLO 2025-4 LTD. was released from the Citibank Facility.

On July 23, 2025, the Company's subsidiary, BOC SLF C-2 LTD., an exempted company incorporated with limited liability under the laws of the Cayman Islands, joined as co-borrower to the Citibank Facility. The Company holds preference shares in BOC SLF C-2 LTD. On September 4, 2025, in connection with the Wise CLO 2025-4 Transaction, certain of the assets held by BOC SLF WH III C LTD. were transferred via a master participation agreement to BOC SLF C-2 Ltd. As of September 30, 2025, there was $43.9 million outstanding under the Citibank Facility.

Borrowings under the Citibank Facility bear interest at a per annum rate equal to (i) during the Reinvestment Period (as defined in Citibank Facility), SOFR + 1.40% and (ii) after the end of the Reinvestment Period, 1.90%.

*Wells Fargo Facility*

On August 1, 2024, the Company's subsidiary, WISE CLO 2025-2 LTD. (fka BOC SLF WH 4 LTD.), an exempted company incorporated with limited liability under the laws of the Cayman Islands, joined a $300.0 million revolving credit facility originally entered into on June 30, 2023 (the "Wells Fargo Facility") with, among others, and Wells Fargo Bank, National Association, as a lender and administrative agent. The Company acts as the collateral manager and the first loss provider with respect to the Wells Fargo Facility. Proceeds from the Wells Fargo Facility have been and will be used to finance the origination and acquisition of eligible assets by the borrowers thereunder. The maturity date of the Wells Fargo Facility is August 1, 2027. On March 31, 2025, a portion of the proceeds from the Wise CLO 2025-2 Transaction (as defined below) were used to repay certain amounts outstanding under the Wells Fargo Facility and WISE CLO 2025-2 LTD. was released from the Wells Fargo Facility.

On March 12, 2025, the Company's subsidiary, BOC SLF WF-2 LTD., an exempted company incorporated with limited liability under the laws of the Cayman Islands, joined as co-borrower to the Wells Fargo Facility. The Company holds preference shares in BOC SLF WF-2 LTD.. On March 19, 2025, in connection with the Wise CLO 2025-2 Transaction, certain of the assets held by BOC SLF WH 4 LTD. were transferred via a master participation agreement to BOC SLF WF-2 LTD. As of September 30, 2025, there was $101.0 million outstanding under the Wells Fargo Facility.

Borrowings under the Wells Fargo Facility bear interest at a per annum rate equal to Daily Simple SOFR + 1.50%. The Wells Fargo Facility also has an unused commitment fee which accrues at 0.375% of unused facility amount after the six-month anniversary of the most recent securitization.

*Wise CLO 2025-1*

On June 12, 2024, the Company's subsidiary, WISE CLO 2025-1 LTD. (fka, BOC SLF WH I BA LTD.) was incorporated as a company under the laws of the Cayman Islands. On March 6, 2025, Wise CLO 2025-1 LTD., as issuer, and Wise CLO 2025-1, LLC, as co-issuer, closed a CLO transaction (the "Wise CLO 2025-1 Transaction") using the financial assets previously acquired by Wise CLO 2025-1 LTD as the collateral underpinning the transaction and issued $240.0 million of Class A Notes, $42.0 million of Class B-1 Notes, $10.0 million of Class B-2 Notes, $28.0 million of Class C Notes, and $92.0 million of Subordinated Notes pursuant to an Indenture dated March 6, 2025 among Wise CLO 2025-1 LTD., as issuer, Wise CLO 2025-1, LLC, as co-issuer, and U.S. Bank Trust Company, National Association, as trustee. The notes issued as part of the Wise CLO 2025-1 Transaction have a stated maturity of January 20, 2038.

*Wise CLO 2025-2*

On August 1, 2024, the Company's subsidiary, WISE CLO 2025-2 LTD (fka "BOC SLF WH 4 WF LTD.") was incorporated as a company under the laws of the Cayman Islands. On March 31, 2025, Wise CLO 2025-2 LTD., as issuer, and Wise CLO 2025-2, LLC, as co-issuer, closed a CLO transaction (the "Wise CLO 2025-2 Transaction") using the financial assets previously acquired by Wise CLO 2025-2 LTD as the collateral underpinning the transaction and issued $236.0 million of Class A Notes, $56.0 million of Class B Notes, $28.0 million of Class C Notes, and $92.0 million of Subordinated Notes pursuant to an Indenture dated March 31, 2025 among Wise CLO 2025-2 LTD., as issuer, Wise CLO 2025-2, LLC, as co-issuer, and US Bank Trust Company, National Association, as trustee. The notes issued as part of the Wise CLO 2025-2 Transaction have a stated maturity of April 20, 2038.

------

**Blue Owl Credit SLF LLC**

**Supplemental Financial Information (Unaudited)**

*Wise CLO 2025-3*

On June 5, 2024, the Company's subsidiary, WISE CLO 2025-3 LTD (fka "BOC SLF WH II RB LTD.") was incorporated as a company under the laws of the Cayman Islands. On July 24, 2025, Wise CLO 2025-3 LTD., as issuer, and Wise CLO 2025-3, LLC, as co-issuer, closed a CLO transaction (the "Wise CLO 2025-3 Transaction") using the financial assets previously acquired by Wise CLO 2025-3 LTD as the collateral underpinning the transaction and issued $115.0 million of Class A Notes, $125.0 million of Class A Loans, $37.0 million of Class B-1 Notes, $15.0 million in Class B-2 Notes, $26.0 million of Class C Notes, and $90.5 million of Subordinated Notes pursuant to an Indenture dated July 24, 2025 among Wise CLO 2025-3 LTD., as issuer, Wise CLO 2025-3, LLC, as co-issuer, and US Bank Trust Company, National Association, as collateral trustee. The notes issued as part of the Wise CLO 2025-3 Transaction have a stated maturity of July 20, 2038.

*Wise CLO 2025-4*

On June 28, 2024, the Company's subsidiary, WISE CLO 2025-4 LTD (fka "BOC SLF WH III C LTD.") was incorporated as a company under the laws of the Cayman Islands. On September 4, 2025, Wise CLO 2025-4 LTD., as issuer, and Wise CLO 2025-4, LLC, as co-issuer, closed a CLO transaction (the "Wise CLO 2025-4 Transaction") using the financial assets previously acquired by Wise CLO 2025-4 LTD as the collateral underpinning the transaction and issued $240.0 million of Class A Notes, $37.0 million of Class B-1 Notes, $15.0 million in Class B-2 Notes, $26.0 million of Class C Notes, and $91.8 million of Subordinated Notes pursuant to an Indenture dated September 4, 2025 among Wise CLO 2025-4 LTD., as issuer, Wise CLO 2025-4, LLC, as co-issuer, and US Bank Trust Company, National Association, as trustee. The notes issued as part of the Wise CLO 2025-4 Transaction have a stated maturity of September 20, 2038.

*Financial Instruments Not Carried at Fair Value*

The fair value of the Company's debt, which is categorized as Level 3 within the fair value hierarchy as of September 30, 2025, approximates the carrying value. The carrying amounts of the Company's assets and liabilities, other than investments at fair value, approximate fair value due to their short maturities.

The table below presents the net carrying value of the Company's debt obligations as of September 30, 2025 and December 31, 2024 respectively:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| ($ in thousands) | **Aggregate Principal Committed** | **Outstanding Principal** | **Amount Available**<sup>(1)</sup> | **Unamortized Debt Issuance Costs** | **Net Carrying Value** |
| WISE CLO 2025-1 LTD. | $320000 | $320000 | $— | $2045 | $317955 |
| WISE CLO 2025-2 LTD. | 319160 | 319160 |  | 1802 | 317358 |
| WISE CLO 2025-3 LTD.<sup>(3)</sup> | 318000 | 318000 |  | 1875 | 316125 |
| WISE CLO 2025-4 LTD.<sup>(4)</sup> | 317935 | 317935 |  | 1885 | 316050 |
| Bank of America Facility | 300000 | 111182 | 82091 | 311 | 110871 |
| RBC Facility | 300000 | 45026 | 50759 | 336 | 44690 |
| Citibank Facility <sup>(2)</sup> | 50000 | 43940 | 6060 | 241 | 43699 |
| Wells Fargo Facility | 300000 | 100982 | 82803 | 290 | 100692 |
| **Total Debt** | $2225095 | $1576225 | $221713 | $8785 | $1567440 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> The amount available reflects any collateral related limitations at the Company level related to each credit facility's borrowing base.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> The commitment of the Citibank Facility is up to $300.0 million, and is $50.0 million as of September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> WISE CLO 2025-3 LTD. closed on July 24, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)</sup> WISE CLO 2025-4 LTD. closed on September 4, 2025.

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**Blue Owl Credit SLF LLC**

**Supplemental Financial Information (Unaudited)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| ($ in thousands) | **Aggregate Principal Committed** | **Outstanding Principal** | **Amount Available**<sup>(1)</sup> | **Unamortized Debt Issuance Costs** | **Net Carrying Value** |
| Bank of America Facility | $300000 | $194919 | $28016 | $448 | $194471 |
| RBC Facility | 300000 | 194870 | 28065 | 371 | 194499 |
| Citibank Facility<sup>(2)</sup> | 215000 | 194401 | 20599 | 344 | 194057 |
| Wells Fargo Facility | 300000 | 167992 | 31513 | 409 | 167583 |
| **Total Debt** | $1115000 | $752182 | $108193 | $1572 | $750610 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> The amount available reflects any collateral related limitations at the Company level related to each credit facility's borrowing base.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> The commitment of the Citibank Facility is up to $300.0 million, and was $215.0 million as of December 31, 2024.

The table below presents the components of interest expense for the following period:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
| ($ in thousands) | **2025** | **2024** | **2025** | **2024** <sup>(2)</sup> |
| Interest expense | $21462 | $339 | $52078 | $394 |
| Amortization of debt issuance costs | 260 | 119 | 611 | 134 |
| **Total Interest Expense** | $21722 | $458 | $52689 | $528 |
| Average interest rate<sup>(1)</sup> | 5.8% | 8.3% | 5.8% | 7.6% |
| Average daily outstanding borrowings | $1449778 | $16110 | $1182821 | $16110 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Averages are calculated based on annualized amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> The Company's date of inception was May 6, 2024.

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