Summit Acquisition Inc. (dba K2 Insurance Services)(6)(8)
First lien senior secured loan
SR +
3.75%
10/2031
2,000
1,990
1,990
0.6
%
USI, Inc.(6)
First lien senior secured loan
SR +
2.25%
09/2030
1,335
1,335
1,332
0.4
%
89,590
89,721
25.7
%
Internet software and services
Cloud Software Group, Inc.(6)
First lien senior secured loan
SR +
3.75%
03/2031
5,000
5,000
5,011
1.4
%
Clover Holdings 2, LLC(6)(8)
First lien senior secured loan
SR +
4.00%
12/2031
17,143
16,973
16,971
4.9
%
Javelin Buyer, Inc.(6)
First lien senior secured loan
SR +
3.25%
10/2031
3,000
2,993
3,021
0.9
%
McAfee Corp.(5)
First lien senior secured loan
SR +
3.00%
03/2029
3,288
3,288
3,287
0.9
%
Project Alpha Intermediate Holding, Inc. (dba Qlik)(6)
First lien senior secured loan
SR +
3.25%
10/2030
7,125
7,107
7,166
2.1
%
Proofpoint, Inc.(5)
First lien senior secured loan
SR +
3.00%
08/2028
9,900
9,934
9,940
2.8
%
Sedgwick Claims Management Services, Inc.(6)
First lien senior secured loan
SR +
3.00%
07/2031
14,963
14,991
15,037
4.3
%
Sophos Holdings, LLC(6)
First lien senior secured loan
SR +
3.50%
03/2027
10,000
9,988
10,055
2.9
%
Storable, Inc.(5)
First lien senior secured loan
SR +
3.50%
04/2028
14,885
14,919
14,973
4.3
%
The Dun & Bradstreet Corporation(5)
First lien senior secured loan
SR +
2.25%
01/2029
7,980
7,980
7,981
2.3
%
UST Holdings, Ltd.(5)
First lien senior secured loan
SR +
3.00%
11/2028
3,990
3,990
4,000
1.1
%
Vertiv Group Corp.(6)
First lien senior secured loan
SR +
4.50%
11/2030
7,980
7,940
7,998
2.3
%
VS Buyer LLC (dba Veeam Software)(5)
First lien senior secured loan
SR +
2.75%
04/2031
5,975
5,975
6,013
1.7
%
111,078
111,453
31.9
%
Leisure and entertainment
Pretzel Parent, Inc.(5)
First lien senior secured loan
SR +
4.50%
08/2031
3,000
2,956
3,019
0.9
%
2,956
3,019
0.9
%
Manufacturing
ALLIANCE LAUNDRY SYSTEMS LLC(5)
First lien senior secured loan
SR +
3.50%
08/2031
7,500
7,464
7,541
2.2
%
Chariot Buyer LLC(5)
First lien senior secured loan
SR +
3.25%
11/2028
2,487
2,481
2,499
0.7
%
Crown Equipment Corporation(5)
First lien senior secured loan
SR +
2.50%
10/2031
2,591
2,578
2,604
0.7
%
DXP Enterprises, Inc.(6)
First lien senior secured loan
SR +
3.75%
10/2030
5,985
5,985
6,047
1.7
%
Engineered Machinery Holdings, Inc. (dba Duravant)(6)
First lien senior secured loan
SR +
3.75%
05/2028
23,938
24,064
24,072
6.9
%
Gloves Buyer, Inc. (dba Protective Industrial Products)(5)(8)
First lien senior secured loan
SR +
4.00%
12/2027
14,575
14,559
14,575
4.2
%
5
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Schedule of Investments
As of December 31, 2024
(Amounts in thousands)
Company(1)(3)(4)
Investment
Interest
Maturity Date
Par / Units
Amortized Cost(2)
Fair Value
Percentage of Members’ Equity(9)
Pro Mach Group, Inc.(5)
First lien senior secured loan
SR +
3.50%
08/2028
15,960
16,044
16,077
4.6
%
73,175
73,415
21.0
%
Professional services
Apex Group Treasury LLC(7)
First lien senior secured loan
SR +
3.75%
07/2028
23,938
24,026
24,139
6.9
%
First Advantage Holdings, LLC(5)
First lien senior secured loan
SR +
3.25%
10/2031
4,000
3,980
4,039
1.2
%
Skopima Merger Sub Inc.(6)
First lien senior secured loan
SR +
3.75%
05/2028
11,062
11,062
11,090
3.2
%
Sovos Compliance, LLC(5)
First lien senior secured loan
SR +
4.50%
08/2028
23,471
23,547
23,612
6.8
%
Vistage International, Inc.(6)
First lien senior secured loan
SR +
4.75%
07/2029
9,899
9,921
9,893
2.8
%
72,536
72,773
20.9
%
Telecommunications
Charter Communications Operating LLC(6)
First lien senior secured loan
SR +
2.25%
12/2031
8,000
7,980
7,977
2.3
%
Eagle Broadband Investments, LLC (dba Mega Broadband Investments)(6)
First lien senior secured loan
SR +
2.75%
11/2027
1,995
1,990
1,996
0.6
%
9,970
9,973
2.9
%
Transportation
AIT Worldwide Logistics Holdings, Inc.(6)
First lien senior secured loan
SR +
4.75%
04/2030
8,000
7,976
8,048
2.3
%
7,976
8,048
2.3
%
Total Misc.-debt commitments(10)
—
(6)
—
—
%
Total Debt Investments
$
1,162,056
$
1,164,473
333.8
%
Total Investments
$
1,162,056
$
1,164,473
333.8
%
(1) 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.
(2) 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.
(3) Unless otherwise indicated, all investments are considered Level 2 investments.
(4) 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 “SR”) (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.
(5) The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2024 was 4.85%.
(6) The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2024 was 4.59%.
(7) The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2024 was 4.25%.
(8) Level 3 investment.
(9) Totals presented may differ than actuals due to rounding.
(10) Position or portion thereof is an unfunded loan commitment. See below for more information on the Company’s unfunded commitments.
6
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Schedule of Investments
As of December 31, 2024
(Amounts in thousands)
Portfolio Company
Commitment Type
Commitment Expiration Date
Funded Commitment
Unfunded 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
$
—
$
2,408
$
—
7
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 Capital Corporation III, Blue Owl Credit Income Corp., Blue Owl Technology Finance Corp., Blue Owl Technology Finance Corp. II, and Blue Owl Technology Income Corp. (the “Blue Owl BDCs”) and State Teachers Retirement System of Ohio (“OSTRS”) (collectively, the “Class A Members”). Credit SLF has no Class B Members as of December 31, 2024. 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 the Class A Members, each of which have equal voting rights. Except under certain circumstances, contributions to the Company cannot be redeemed. Investment decisions must be approved by each of the Class A Members. The Class A Members co-invest through the Company, or its wholly owned subsidiaries. The Company’s date of inception was May 6, 2024 and made its first portfolio company investment on July 23, 2024.
Investment Portfolio Detail
The table below presents the composition of investments at fair value and amortized cost as of December 31, 2024:
December 31, 2024
($ in thousands)
Amortized Cost
Fair Value
First-lien senior secured debt investments
$
1,162,056
$
1,164,473
Total Investments
$
1,162,056
$
1,164,473
8
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
The table below presents the industry composition of investments based on fair value as of December 31, 2024:
December 31, 2024
Aerospace and defense
5.9
%
Automotive services
1.6
Buildings and real estate
3.2
Business services
7.5
Chemicals
2.4
Containers and packaging
2.5
Distribution
6.1
Education
2.8
Energy equipment and services
1.6
Financial services
5.5
Food and beverage
3.8
Healthcare equipment and services
4.9
Healthcare providers and services
7.6
Healthcare technology
11.9
Human resource support services
0.5
Infrastructure and environmental services
0.5
Insurance
7.7
Internet software and services
9.6
Leisure and entertainment
0.3
Manufacturing
6.3
Professional services
6.2
Telecommunications
0.9
Transportation
0.7
Total
100.0
%
The table below presents the geographic composition of investments based on fair value as of December 31, 2024:
December 31, 2024
United States:
Midwest
22.4
%
Northeast
21.5
South
29.3
West
17.1
International
9.7
Total
100
%
9
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Investments
The table below presents the fair value hierarchy of investments 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
$
—
$
1,027,652
$
136,821
$
1,164,473
Total Investments
$
—
$
1,027,652
$
136,821
$
1,164,473
Debt Activity
Bank of America Facility
On June 12, 2024, 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, and 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. It holds preference shares in BOC SLF WH I BA LTD. Proceeds from the Bank of America Facility 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. As of December 31, 2024, there was $194.9 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 unused commitment fee as of December 31, 2024.
RBC Facility
On June 5, 2024, 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 (the “RBC Facility”) with, among others, Royal Bank of Canada, as lender 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. It holds preference shares in BOC SLF WH II RB LTD. Proceeds from the RBC Facility 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. As of December 31, 2024, there was $194.9 million outstanding under the RBC Facility.
Borrowings under the RBC Facility bear interest at a per annum rate equal to SOFR +1.55%.
Citibank Facility
On June 28, 2024, 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. The Company acts as the collateral manager and the first loss provider with respect to the Citibank Facility. It holds preference shares in BOC SLF WH III C LTD. Proceeds from the Citibank Facility 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. As of December 31, 2024, there was $194.4 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, SOFR + 1.40% and (ii) after the end of the Reinvestment Period, 1.90%.
Wells Fargo Facility
On August 1, 2024, 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 (the “Wells Fargo Facility”) with, among others, and Wells Fargo Bank, National Association, as a lender and administrative agent, following the release of the prior borrower, ORCIC JV WH III LLC, a Delaware limited liability company, from the Wells Fargo Facility on July 11, 2024. The Company acts as the collateral manager and the first loss provider with respect to the Wells Fargo Facility. It holds preference shares in BOC SLF WH 4 LTD. Proceeds from the Wells Fargo Facility will be used to finance the origination and acquisition of eligible assets by the borrowers thereunder. The
8
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
maturity date of the Wells Fargo Facility is August 1, 2027. As of December 31, 2024, there was $168.0 million outstanding borrowings under the Wells Fargo Facility.
Borrowings under the Wells Fargo Facility bear interest at a per annum rate equal to Daily Simple SOFR + 1.50%.
Financial Instruments Not Carried at Fair Value
The fair value of the Company’s debt, which is categorized as Level 3 within the fair value hierarchy as of December 31, 2024, approximates the carrying value. The carrying amounts of the Company’s assets and liabilities, other than investments at fair value, approximate fair value due to their short maturities.
The table below presents the net carrying value of the Company’s debt obligations as of December 31, 2024:
December 31, 2024
($ in thousands)
Aggregate Principal Committed
Outstanding Principal
Amount Available(1)
Unamortized Debt Issuance Costs
Net Carrying Value
Bank of America Facility
$
300,000
$
194,919
$
28,016
$
448
$
194,471
RBC Facility
300,000
194,870
28,065
371
194,499
Citibank Facility(2)
215,000
194,401
20,599
344
194,057
Wells Fargo Facility
300,000
167,992
31,513
409
167,583
Total Debt
$
1,115,000
$
752,182
$
108,193
$
1,572
$
750,610
(1) The amount available reflects any collateral related limitations at the Company level related to each credit facility’s borrowing base.
(2) The commitment of the Citibank Facility is up to $300.0 million, and was $215.0 million as of December 31, 2024.
The table below presents the components of interest expense for the following period:
For the Period Ended December 31,
($ in thousands)
2024(1)
Interest expense
$
7,720
Amortization of debt issuance costs
266
Total Interest Expense
$
7,986
Average interest rate(2)
6.5
%
Average daily outstanding borrowings
$
364,658
(1) The Company’s date of inception was May 6, 2024.
(2) Averages are calculated based on annualized amounts.