
	March 31, 2025				December 31, 2024
($ in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First-lien senior secured debt investments(1)	$	26,774,518	$	26,699,852	$	23,703,828	$	23,665,142
Second-lien senior secured debt investments	806,343		766,222		802,519		767,392
Unsecured debt investments	453,036		457,391		447,930		440,633
Preferred equity investments(2)	438,367		436,093		367,924		364,672
Common equity investments(3)	706,478		803,269		742,386		825,152
Joint ventures(4)	320,310		297,582		319,078		315,903
Total Investments	$	29,499,052	$	29,460,409	$	26,383,665	$	26,378,894


	March 31, 2025		December 31, 2024
Advertising and media	1.5	%	1.8	%
Aerospace and defense	0.8		0.8
Asset based lending and fund finance(1)	1.1		1.1
Automotive services	0.6		0.7
Automotive aftermarket	0.1		0.1
Buildings and real estate	2.5		2.6
Business services	5.7		6.0
Chemicals	2.6		2.9
Consumer products	1.4		1.5
Containers and packaging	3.4		2.4
Distribution	2.2		2.3
Education	0.9		0.9
Energy equipment and services	0.3		0.3
Financial services	5.0		5.1
Food and beverage	5.9		6.3
Healthcare equipment and services	7.3		6.0
Healthcare providers and services	13.2		12.0
Healthcare technology	5.3		5.7
Household products	1.1		1.3
Human resource support services	0.7		0.8
Infrastructure and environmental services	1.4		1.5
Insurance(2)	9.7		9.4
Internet software and services	11.0		11.6
Joint ventures(3)	1.0		1.2
Leisure and entertainment	2.7		3.0
Manufacturing	3.7		3.5
Pharmaceuticals(4)	1.4		1.1
Professional services	4.2		4.6
Specialty retail	1.6		1.8
Telecommunications	1.1		1.1
Transportation	0.6		0.6
Total	100.0	%	100.0	%

OCIC SLF LLC (f/k/a Blue Owl Credit Income Senior Loan Fund LLC) (“OCIC SLF”), a Delaware limited liability company, was formed as a wholly-owned subsidiary of the Company and commenced operations on February 14, 2022. On November 2, 2022, the Company and State Teachers Retirement System of Ohio (“OSTRS” and together with the Company, the “Members” and each, a “Member”) entered into an Amended and Restated Limited Liability Company Agreement to co-manage OCIC SLF as a joint-venture. OCIC SLF’s principal purpose is to make investments, primarily in senior secured loans that are made to middle-market companies, broadly syndicated loans and in senior and subordinated notes issued by collateralized loan obligations. The Company and OSTRS have agreed to contribute $437.5 million and $62.5 million, respectively, to OCIC SLF. The Company and OSTRS have a 87.5% and 12.5% economic ownership, respectively, in OCIC SLF. Except under certain circumstances, contributions to OCIC SLF cannot be redeemed. OCIC SLF is managed by a board consisting of an equal number of representatives appointed by each Member and which acts unanimously. Investment decisions must be approved unanimously by an investment committee consisting of an equal number of representative appointed by each Member.

Prior to the Effective Date, OCIC SLF’s wholly owned subsidiaries, ORCIC JV WH LLC and ORCIC JV WH II entered into revolving loan facilities (the “OCIC SLF Debt Facilities”) and in connection therewith entered into master sale and participation agreements pursuant to which we contributed certain collateral assets to the Subsidiaries and such collateral assets became collateral under the OCIC SLF Debt Facilities (the “OCIC SLF Debt Facility Assets”).

On the Effective Date, the Company was deemed to have made a capital contribution of approximately $108.9 million and OSTRS acquired a 12.5% interest in OCIC SLF from the Company for approximately $15.6 million. The amount of the Company’s deemed contribution, and OSTRS’ purchase from the Company, were based on the fair value of the OCIC SLF SPV Debt Facility Assets less certain amounts that had been distributed to the Company and subject to certain adjustments. In connection therewith, the Company and OSTRS agreed and acknowledged that OCIC SPV Debt Facility Assets were assets of OCIC SLF as if they had been acquired pursuant to the terms of the LLC Agreement.

The Company has determined that OCIC SLF is an investment company under Accounting Standards Codification 946, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a wholly owned investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company does not consolidate its non-controlling interest in OCIC SLF.


	As of
($ in thousands)	March 31, 2025		December 31, 2024
Consolidated Balance Sheet Data
Cash	$	68,791	$	85,850
Investments at fair value	$	1,647,569	$	1,647,003
Total Assets	$	1,759,492	$	1,761,468
Total Debt (net of unamortized debt issuance costs)	$	1,311,590	$	1,311,414
Total Liabilities	$	1,425,487	$	1,405,344
Total OCIC SLF Members' Equity	$	334,005	$	356,124


	For the Three Months Ended March 31,
($ in thousands)	2025		2024
Consolidated Statement of Operations Data

Investment income	$	34,149	$	31,768

Net operating expenses	21,958		19,738
Net investment income (loss)	$	12,191	$	12,030


Total net realized and unrealized gain (loss)	(23,351)		(2,845)
Net increase (decrease) in OCIC SLF Members' Equity resulting from operations	$	(11,160)	$	9,185

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 Capital Corporation II, 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 has no Class B Members as of March 31, 2025. 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.

The Company’s investment in Credit SLF is a co-investment made with its affiliates in accordance with the terms of the exemptive relief that it received from the SEC. 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.


Members	Capital Commitment		Economic Ownership Interest
($ in thousands)
Blue Owl Capital Corporation	$	780,468	85.4	%
Blue Owl Capital Corporation II	500		0.1	%
Blue Owl Credit Income Corp.	11,250		1.2	%
Blue Owl Technology Finance Corp.	5,000		0.5	%
Blue Owl Technology Income Corp.	2,500		0.3	%
State Teachers Retirement System of Ohio	114,245		12.5	%
Total	$	913,963	100.0	%


	As of
($ in thousands)	March 31, 2025		December 31, 2024
Consolidated Balance Sheet Data
Cash	$	231,574	$	17,354
Investments at fair value	$	1,542,540	$	1,164,473
Total Assets	$	1,793,067	$	1,196,367
Total Debt (net of unamortized debt issuance costs)	$	1,123,081	$	750,610
Total Liabilities	$	1,360,268	$	847,556
Total Credit SLF Members' Equity	$	432,799	$	348,811


	For the Three Months Ended March 31,
($ in thousands)	2025
Consolidated Statement of Operations Data

Investment income	$	23,696

Net operating expenses	13,659
Net investment income (loss)	$	10,037


Total net realized and unrealized gain (loss)	$	(16,103)
Net increase (decrease) in Credit SLF Members' Equity resulting from operations	$	(6,066)