Waystar Technologies, Inc. (F/K/A Navicure, Inc.)(5)
First lien senior secured loan
S+
2.25%
10/2029
249
248
249
Zelis Cost Management Buyer, Inc.(5)
First lien senior secured loan
S+
3.25%
11/2031
11,517
11,471
11,444
137,322
137,579
28.0
%
Household products
Samsonite International S.A.(5)
First lien senior secured loan
S+
2.00%
06/2030
2,987
2,999
2,991
2,999
2,991
0.6
%
Human resource support services
AQ Carver Buyer, Inc. (dba CoAdvantage)(6)
First lien senior secured loan
S+
5.50%
08/2029
1,990
1,997
1,958
iSolved, Inc.(5)
First lien senior secured loan
S+
3.00%
10/2030
7,061
7,058
7,081
UKG Inc. (dba Ultimate Software)(5)
First lien senior secured loan
S+
3.00%
02/2031
6,482
6,446
6,504
15,501
15,543
3.1
%
Infrastructure and environmental services
Geosyntec Consultants, Inc.(5)
First lien senior secured loan
S+
3.50%
07/2031
8,957
8,954
9,002
GFL Environmental Services Inc.(6)
First lien senior secured loan
S+
2.50%
03/2032
4,515
4,510
4,511
13,464
13,513
2.7
%
Insurance
Acrisure, LLC(5)
First lien senior secured loan
S+
3.00%
11/2030
7,964
7,964
7,935
Acrisure, LLC(5)
First lien senior secured loan
S+
3.25%
11/2032
1,933
1,928
1,930
Alera Group, Inc.(5)
First lien senior secured loan
S+
3.25%
05/2032
27,117
26,984
27,193
Alliant Holdings Intermediate LLC(5)
First lien senior secured loan
S+
2.75%
09/2031
6,001
5,881
6,001
AmWINS Group, Inc.(5)
First lien senior secured loan
S+
2.25%
01/2032
16,083
16,009
16,086
Ardonagh Midco 3 PLC(6)
First lien senior secured loan
S+
2.75%
02/2031
16,209
16,178
16,068
AssuredPartners, Inc.(5)
First lien senior secured loan
S+
3.50%
02/2031
12,852
12,880
12,882
Asurion, LLC(5)
First lien senior secured loan
S+
4.25%
08/2028
7,752
7,727
7,662
Broadstreet Partners, Inc.(5)
First lien senior secured loan
S+
3.00%
06/2031
6,296
6,296
6,302
CFC USA 2025 LLC (dba CFC Insurance)(5)(8)
First lien senior secured loan
S+
3.75%
07/2032
6,419
6,355
6,355
Hub International(6)
First lien senior secured loan
S+
2.50%
06/2030
3,496
3,496
3,506
Hyperion Refinance S.à r.l (dba Howden Group)(5)
First lien senior secured loan
S+
3.50%
04/2030
18,784
18,831
18,872
Hyperion Refinance S.à r.l (dba Howden Group)(5)
First lien senior secured loan
S+
3.00%
02/2031
3,533
3,532
3,542
IMA Financial Group, Inc.(5)
First lien senior secured loan
S+
3.00%
11/2028
5,546
5,521
5,541
Mitchell International, Inc.(5)
First lien senior secured loan
S+
3.25%
06/2031
9,925
9,880
9,909
Ryan Specialty Group LLC(5)
First lien senior secured loan
S+
2.25%
09/2031
249
249
248
Summit Acquisition Inc. (dba K2 Insurance Services)(5)
First lien senior secured loan
S+
3.75%
10/2031
1,995
1,986
1,993
Trucordia Insurance Holdings, LLC(5)(8)
First lien senior secured loan
S+
3.25%
06/2032
25,000
24,938
24,938
Truist Insurance Holdings, LLC(6)
First lien senior secured loan
S+
2.75%
05/2031
1,439
1,435
1,438
USI, Inc.(6)
First lien senior secured loan
S+
2.25%
09/2030
1,017
1,017
1,014
179,087
179,415
36.5
%
7
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Schedule of Investments
As of June 30, 2025
(Amounts in thousands)
Company(1)(3)(4)
Investment
Ref. Rate
Cash
PIK
Maturity Date
Par / Units
Amortized Cost(2)
Fair Value
Percentage of Members’ Equity(9)
Internet software and services
Avalara, Inc.(6)
First lien senior secured loan
S+
3.25%
03/2032
9,135
9,060
9,168
Cloud Software Group, Inc.(6)
First lien senior secured loan
S+
3.75%
03/2031
4,975
4,975
4,982
Clover Holdings 2, LLC (dba Cohesity)(6)
First lien senior secured loan
S+
4.00%
12/2031
19,643
19,432
19,649
Dayforce Inc(6)(8)
First lien senior secured loan
S+
2.00%
03/2031
1,990
1,991
1,990
Delta TopCo, Inc. (dba Infoblox, Inc.)(6)
First lien senior secured loan
S+
2.75%
12/2029
11,867
11,819
11,776
Epicor(5)
First lien senior secured loan
S+
2.75%
05/2031
746
749
748
Gen Digital Inc(5)
First lien senior secured loan
S+
1.75%
04/2032
3,324
3,308
3,317
Genesys Cloud Services, Inc.(5)
First lien senior secured loan
S+
2.50%
01/2032
7,678
7,662
7,672
Informatica LLC(5)
First lien senior secured loan
S+
2.25%
10/2028
194
194
194
Javelin Buyer, Inc. (dba JAGGAER)(6)
First lien senior secured loan
S+
3.00%
10/2031
2,743
2,738
2,754
McAfee Corp.(5)
First lien senior secured loan
S+
3.00%
03/2029
4,266
4,246
4,137
MeridianLink, Inc.(6)
First lien senior secured loan
S+
2.50%
11/2028
1,990
1,990
1,991
Project Alpha Intermediate Holding, Inc. (dba Qlik)(6)
First lien senior secured loan
S+
3.25%
10/2030
7,125
7,108
7,156
Proofpoint, Inc.(5)
First lien senior secured loan
S+
3.00%
08/2028
21,473
21,368
21,475
Quartz Acquireco, LLC (dba Qualtrics)(6)
First lien senior secured loan
S+
2.25%
06/2030
497
496
499
Sedgwick Claims Management Services, Inc.(6)
First lien senior secured loan
S+
3.00%
07/2031
14,888
14,916
14,934
SONICWALL US Holdings, Inc.(6)
First lien senior secured loan
S+
5.00%
05/2028
2,987
2,968
2,916
Sophos Holdings, LLC(5)
First lien senior secured loan
S+
3.50%
03/2027
11,886
11,871
11,925
SS&C(5)
First lien senior secured loan
S+
2.00%
05/2031
1,940
1,943
1,948
Starlight Parent, LLC (dba SolarWinds)(6)
First lien senior secured loan
S+
4.00%
03/2032
10,097
9,803
9,858
Storable, Inc.(5)
First lien senior secured loan
S+
3.25%
04/2031
16,654
16,652
16,623
The Dun & Bradstreet Corporation(5)
First lien senior secured loan
S+
2.25%
01/2029
7,940
7,940
7,933
UST Holdings, Ltd.(5)
First lien senior secured loan
S+
3.00%
11/2028
5,959
5,972
5,974
Vertiv Group Corp.(6)
First lien senior secured loan
S+
4.00%
11/2030
10,600
10,580
10,629
Vertiv Group Corp.(5)
First lien senior secured loan
S+
1.75%
03/2027
497
498
498
VIRTUSA CORPORATION(5)
First lien senior secured loan
S+
3.25%
02/2029
2,384
2,393
2,383
VS Buyer LLC (dba Veeam Software)(6)
First lien senior secured loan
S+
2.75%
04/2031
5,945
5,945
5,968
Webpros Luxembourg Sarl(5)
First lien senior secured loan
S+
3.75%
03/2031
2,293
2,314
2,304
190,931
191,401
39.1
%
Investment funds and vehicles
Grosvenor(5)
First lien senior secured loan
S+
2.25%
02/2030
548
550
550
550
550
0.1
%
Leisure and entertainment
Cedar Fair, L.P. (dba Six Flags Entertainment Corp)(6)
First lien senior secured loan
S+
2.00%
05/2031
3,694
3,685
3,694
Delta 2 (Lux) SARL (dba Formula One)(6)
First lien senior secured loan
S+
2.00%
09/2031
1,000
1,003
1,000
GBT US III LLC (dba Global Business Travel Group, Inc.)(6)
First lien senior secured loan
S+
2.50%
07/2031
4,237
4,204
4,241
WMG Acquisition Corp(6)
First lien senior secured loan
S+
1.75%
01/2031
1,000
1,002
1,001
9,894
9,936
2.0
%
Manufacturing
ALLIANCE LAUNDRY SYSTEMS LLC(5)
First lien senior secured loan
S+
2.50%
08/2031
10,800
10,751
10,816
Altar Bidco, Inc.(5)
First lien senior secured loan
S+
3.10%
02/2029
8,276
8,121
8,243
Chariot Buyer LLC (dba Chamberlain Group)(5)
First lien senior secured loan
S+
3.25%
11/2028
8,289
8,277
8,297
Columbus McKinnon Corp.(6)(8)
First lien senior secured loan
S+
2.50%
05/2028
977
979
975
DXP Enterprises, Inc.(5)
First lien senior secured loan
S+
3.75%
10/2030
5,955
5,955
5,988
EMRLD Borrower LP (dba Emerson)(6)
First lien senior secured loan
S+
2.50%
05/2030
7,333
7,234
7,323
Engineered Machinery Holdings, Inc. (dba Duravant)(6)
First lien senior secured loan
S+
3.50%
05/2028
17,404
17,489
17,499
Filtration Group Corporation(5)
First lien senior secured loan
S+
3.00%
10/2028
1,745
1,741
1,751
Gates Global LLC(5)
First lien senior secured loan
S+
1.75%
11/2029
995
991
994
8
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Schedule of Investments
As of June 30, 2025
(Amounts in thousands)
Company(1)(3)(4)
Investment
Ref. Rate
Cash
PIK
Maturity Date
Par / Units
Amortized Cost(2)
Fair Value
Percentage of Members’ Equity(9)
Gloves Buyer, Inc. (dba Protective Industrial Products)(5)
First lien senior secured loan
S+
4.00%
05/2032
14,000
13,932
13,703
Legence Holdings LLC(5)
First lien senior secured loan
S+
3.25%
12/2028
6,676
6,675
6,672
MADISON IAQ LLC(6)
First lien senior secured loan
S+
3.25%
04/2032
8,152
8,078
8,169
Madison IAQ, LLC(7)
First lien senior secured loan
S+
2.50%
06/2028
249
247
249
Pro Mach Group, Inc.(5)
First lien senior secured loan
S+
2.75%
08/2028
16,419
16,361
16,447
Watlow Electric Manufacturing Company(6)
First lien senior secured loan
S+
3.00%
03/2028
2,986
2,998
2,992
109,829
110,118
22.5
%
Pharmaceuticals
Fortrea Holdings Inc.(5)(8)
First lien senior secured loan
S+
3.75%
07/2030
1,000
981
888
Opal US LLC(7)
First lien senior secured loan
S+
3.25%
04/2032
16,776
16,701
16,833
17,682
17,721
3.6
%
Professional Services
AlixPartners, LLP(5)
First lien senior secured loan
S+
2.50%
02/2028
497
498
499
Apex Group Treasury LLC(5)
First lien senior secured loan
S+
3.50%
02/2032
26,647
26,633
26,530
API GROUP DE INC(5)
First lien senior secured loan
S+
1.75%
01/2029
2,840
2,840
2,840
Arsenal AIC Parent, LLC (dba Arconic)(5)
First lien senior secured loan
S+
2.75%
08/2030
399
401
398
Camelot U.S. Acquisition 1 Co.(5)
First lien senior secured loan
S+
2.75%
01/2031
2,000
2,007
1,977
Clearwater Analytics, LLC(6)(8)
First lien senior secured loan
S+
2.25%
04/2032
4,119
4,119
4,119
Corporation Service Company(5)
First lien senior secured loan
S+
2.00%
11/2029
5,540
5,540
5,532
Element Materials Technology(6)
First lien senior secured loan
S+
3.75%
06/2029
2,292
2,303
2,293
First Advantage Holdings LLC(5)
First lien senior secured loan
S+
3.25%
10/2031
4,763
4,747
4,761
Red Ventures, LLC(5)
First lien senior secured loan
S+
2.75%
03/2030
498
501
421
Skopima Merger Sub Inc.(5)
First lien senior secured loan
S+
3.75%
05/2028
4,820
4,820
4,751
Vistage International, Inc.(6)(8)
First lien senior secured loan
S+
3.75%
07/2029
9,848
9,848
9,823
64,257
63,944
13.1
%
Telecommunications
Charter Communications Operating LLC(6)
First lien senior secured loan
S+
2.25%
12/2031
7,960
7,942
7,971
Eagle Broadband Investments, LLC (dba Mega Broadband Investments)(6)
First lien senior secured loan
S+
3.00%
11/2027
4,204
4,206
4,183
VIAVI SOLUTIONS INC(6)
First lien senior secured loan
S+
2.50%
06/2032
6,306
6,290
6,302
18,438
18,456
3.7
%
Transportation
AIT Worldwide Logistics Holdings, Inc.(6)
First lien senior secured loan
S+
4.00%
04/2030
7,960
7,960
7,972
Echo Global Logistics, Inc.(5)
First lien senior secured loan
S+
3.75%
11/2028
1,990
1,971
1,855
Genesee & Wyoming Inc.(6)
First lien senior secured loan
S+
1.75%
04/2031
497
495
495
KKR Apple Bidco, LLC(5)
First lien senior secured loan
S+
2.50%
09/2031
8,025
8,006
8,004
NA Rail Hold Co. LLC(6)
First lien senior secured loan
S+
3.00%
03/2032
3,636
3,627
3,642
22,059
21,968
4.4
%
Total Misc.-debt commitments(10)
(12)
7
—
%
Total Debt Investments
$
1,793,822
$
1,790,366
364.0
%
Total Investments
$
1,793,822
$
1,790,366
364.0
%
9
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Consolidated Schedule of Investments
As of June 30, 2025
(Amounts in thousands)
(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 “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.
(5) The interest rate on these loans is subject to 1 month SOFR, which as of June 30, 2025 was 4.32%.
(6) The interest rate on these loans is subject to 3 month SOFR, which as of June 30, 2025 was 4.29%.
(7) The interest rate on these loans is subject to 6 month SOFR, which as of June 30, 2025 was 4.15%
(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.
Unfunded Commitments as of June 30, 2025:
Unfunded
Portfolio Company
Commitment Type
Commitment Expiration Date
Funded 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
—
1,388
—
Delta 2 (Lux) SARL (dba Formula One)
First lien senior secured delayed draw term loan
07/2025
—
500
—
First Eagle Holdings, Inc.
First lien senior secured delayed draw term loan
06/2027
—
1,783
—
Kaman Corporation
First lien senior secured delayed draw term loan
01/2027
—
1,032
—
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
—
410
—
Signia Aerospace LLC
First lien senior secured delayed draw term loan
11/2026
—
1,000
—
Total Portfolio Company Commitments
$
7
$
7,561
$
7
10
Blue Owl Credit SLF LLC
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)
Debt Investments
Aerospace and defense
Amentum Holdings, Inc.(5)
First lien senior secured loan
SR +
2.25%
09/2031
$
6,000
$
5,986
$
5,975
1.7
%
Avolon TLB Borrower 1 (US) LLC(5)
First lien senior secured loan
SR +
1.75%
06/2030
10,928
10,916
10,916
3.1
%
Bleriot US Bidco Inc.(6)
First lien senior secured loan
SR +
2.75%
10/2030
23,940
23,940
24,048
6.9
%
Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(5)
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
%
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
%
13
Blue Owl Credit SLF LLC
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)
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 “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.
(5) The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2024 was 4.33%.
(6) The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2024 was 4.31%.
(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.
Unfunded Commitments as of December 31, 2024:
Unfunded
Portfolio Company
Commitment Type
Commitment Expiration Date
Funded 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
—
$
2,408
—
14
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 June 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 June 30, 2025 and December 31, 2024, respectively:
June 30, 2025
December 31, 2024
($ in thousands)
Amortized Cost
Fair Value
Amortized Cost
Fair Value
First-lien senior secured debt investments
$
1,793,822
$
1,790,366
$
1,162,056
$
1,164,473
Total Investments
$
1,793,822
$
1,790,366
$
1,162,056
$
1,164,473
15
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
The table below presents the industry composition of investments based on fair value as of June 30, 2025 and December 31, 2024, respectively:
June 30, 2025
December 31, 2024
Advertising and media
0.3
%
—
%
Aerospace and defense
5.9
5.9
Automotive services
1.2
1.6
Buildings and real estate
2.6
3.2
Business services
6.9
7.5
Chemicals
3.1
2.4
Consumer products
0.6
—
Containers and packaging
4.9
2.5
Distribution
4.5
6.1
Education
1.9
2.8
Energy equipment and services
1.5
1.6
Financial services
8.7
5.5
Food and beverage
5.0
3.8
Healthcare equipment and services
3.3
4.9
Healthcare providers and services
5.8
7.6
Healthcare technology
7.7
11.9
Household products
0.2
—
Human resource support services
0.9
0.5
Infrastructure and environmental services
0.8
0.5
Insurance
10.0
7.7
Internet software and services
10.7
9.6
Investment funds and vehicles
—
—
Leisure and entertainment
0.6
0.3
Manufacturing
6.1
6.3
Pharmaceuticals
1.0
—
Professional services
3.6
6.2
Telecommunications
1.0
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 June 30, 2025 and December 31, 2024, respectively:
June 30, 2025
December 31, 2024
United States:
Midwest
24.3
%
22.4
%
Northeast
18.9
21.5
South
28.1
29.3
West
15.7
17.1
International
13.0
9.7
Total
100.0
%
100.0
%
16
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Investments
The table below presents the fair value hierarchy of investments as of June 30, 2025 and December 31, 2024 respectively:
Fair Value Hierarchy as of June 30, 2025
($ in thousands)
Level 1
Level 2
Level 3
Total
First-lien senior secured debt investments
$
—
$
1,586,135
$
204,231
$
1,790,366
Total Investments
$
—
$
1,586,135
$
204,231
$
1,790,366
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, 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 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, 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 June 30, 2025, there was $75.3 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 $0.3 million of unused commitment fee as of June 30, 2025.
RBC Facility
On June 5, 2024, 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 (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 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 June 16, 2025, BOC SLF RB-2 LTD., an exempted company incorporated with limited liability under the laws of the Cayman Islands, joined as co-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 June 30, 2025, there was $253.5 million outstanding under the RBC Facility.
Borrowings under the RBC Facility bear interest at a per annum rate equal to SOFR +1.55%.
17
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Citibank Facility
On June 28, 2024, 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 $270.0 million as of June 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 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 July 23, 2025, 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 July 23, 2025, in connection with the Wise CLO 2025-4 Transaction, certain of the assets held by WISE CLO 2025-3 LTD. were transferred via a master participation agreement to BOC SLF C-2 Ltd. As of June 30, 2025, there was $253.5 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, 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 (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. Proceeds from the Wells Fargo Facility 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, 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 June 30, 2025, there was $69.3 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%. Credit SLF also pays unused commitment fees 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, 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 April 15, 2024, 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 $92.0 million of Subordinated Notes pursuant to an Indenture dated March 31, 2025 among Wise CLO 2025-2 LTD., as issuer, Wise CLO 2025-2, LLC, as co-issuer, and US Bank Trust Company, National Association, as trustee. The notes issued as part of the Wise CLO 2025-2 Transaction have a stated maturity of April 20, 2038.
18
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Financial Instruments Not Carried at Fair Value
The fair value of the Company’s debt, which is categorized as Level 3 within the fair value hierarchy as of June 30, 2025, approximates the carrying value. The carrying amounts of the Company’s assets and liabilities, other than investments at fair value, approximate fair value due to their short maturities.
The table below presents the net carrying value of the Company’s debt obligations as of June 30, 2025 and December 31, 2024 respectively:
June 30, 2025
($ in thousands)
Aggregate Principal Committed
Outstanding Principal
Amount Available(1)
Unamortized Debt Issuance Costs
Net Carrying Value
WISE CLO 2025-1 LTD.
$
320,000
$
320,000
$
—
$
2,085
$
317,917
WISE CLO 2025-2 LTD.(3)
320,000
319,160
—
1,839
317,321
Bank of America Facility
300,000
75,344
63,055
357
74,987
RBC Facility
300,000
253,546
78,310
348
253,198
Citibank Facility(2)
270,000
253,500
16,500
276
253,224
Wells Fargo Facility
300,000
69,304
59,981
330
68,974
Total Debt
$
1,810,000
$
1,290,854
$
217,846
$
5,235
$
1,285,621
(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 is $270.0 million as of June 30, 2025.
(3) Class B and Class C notes were traded at 99% at close of the WISE CLO 2025-2 LTD.
December 31, 2024
($ 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 $215.0 million as of December 31, 2024.
19
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
The table below presents the components of interest expense for the following period:
For the Three Months Ended June 30,
For the Six Months Ended June 30,
($ in thousands)
2025
2025
Interest expense
$
17,708
$
30,615
Amortization of debt issuance costs
209
351
Total Interest Expense
$
17,917
$
30,966
Average interest rate(1)
5.7
%
5.8
%
Average daily outstanding borrowings
$
1,219,130
$
1,047,129
(1) Averages are calculated based on annualized amounts.
20
Blue Owl Credit SLF LLC
Supplemental Financial Information (Unaudited)
Subsequent Events
The Company’s Members evaluated subsequent events prior to the date on which the subsequent financial statements were issued. There are no subsequent events to disclose except for the following:
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 April 10, 2024, WISE CLO 2025-3 LTD. (fka “BOC SLF WH II RB LTD.”) was incorporated as a company under the laws of the Cayman Islands. Subsequent to quarter-end, 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, $37.0 million of Class B-1 Notes, $15.0 million of Class B-2 Notes, $26.0 million of Class C Notes, and $90.5 million of Subordinated Notes pursuant to an Indenture to be 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 trustee. The notes issued as part of the Wise CLO 2025-3 Transaction have a stated maturity of July 20, 2038.