obdc-20260930

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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, 2026

☐ 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 incorporation or organization)			(I.R.S. Employer Identification No.)

399 Park Avenue 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

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 October 30, 2026, the registrant had 115,645,897 shares of common stock, $0.01 par value per share, outstanding.

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		Page
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements	5
	Consolidated Statements of Assets and Liabilities as of September 30, 2026 (Unaudited) and December 31, 2025	5
	Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2026 and 2025 (Unaudited)	6
	Consolidated Statements of Changes in Net Assets for the Three and Nine Months Ended September 30, 2026 and 2025 (Unaudited)	7
	Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2026 and 2025 (Unaudited)	8
	Consolidated Schedules of Investments as of September 30, 2026 (Unaudited) and December 31, 2025	9
	Notes to Consolidated Financial Statements (Unaudited)	44
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	77
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	105
Item 4.	Controls and Procedures	107
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	108
Item 1A.	Risk Factors	108
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	108
Item 3.	Defaults Upon Senior Securities	108
Item 4.	Mine Safety Disclosures	108
Item 5.	Other Information	108
Item 6.	Exhibits	109
	Signatures	110

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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:

•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;

•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;

•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 and tax reductions, trade disputes with other countries, and the risk of recession or future government shutdowns could impact our business prospects and the prospects of our portfolio companies;

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

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

•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;

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

•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;

•our future operating results;

•our contractual arrangements and relationships with third parties;

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

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

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

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

•the adequacy of our financing sources and working capital;

•the loss of key personnel;

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

•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 and to effectuate our strategy to, subject to Board approval, prioritize return of capital distributions;

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

•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”);

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

•the effect of legal, tax and regulatory changes on our business and our portfolio companies;

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

•the impact of geo-political conditions, including revolution, insurgency, terrorism or war, including those arising out of the ongoing war between Russia and Ukraine, continued political unrest in various countries such as Venezuela, 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; and

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•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. 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, 2026 (Unaudited)		As of December 31, 2025
Assets
Investments at fair value:
Non-controlled, non-affiliated investments (amortized cost of $648,961 and $1,559,834, respectively)	$	570,961	$	1,538,232
Non-controlled, affiliated investments (amortized cost of $21,046 and $44,239, respectively)	25,919		37,981
Controlled, affiliated investments (amortized cost of $334 and $334, respectively)	314		337
Total investments at fair value (amortized cost of $670,341 and $1,604,407, respectively)	597,194		1,576,550
Cash	20,697		55,380

Foreign cash (cost of $547 and $3,923, respectively)	544		3,982
Interest and dividend receivable	3,913		11,866


Prepaid expenses and other assets	11,804		1,057
Total Assets	$	634,152	$	1,648,835
Liabilities
Debt (net of deferred unamortized debt issuance costs of $2,795 and $7,791, respectively)	$	125,705	$	668,807
Payables to affiliates	4,443		12,183

Accrued expenses and other liabilities	12,803		17,455
Total Liabilities	142,951		698,445
Commitments and contingencies (Note 7)
Net Assets
Common shares $0.01 par value, 450,000,000 shares authorized; 115,645,897 and 114,946,017 shares issued and outstanding, respectively	1,156		1,149
Additional paid-in-capital	617,723		1,021,360
Accumulated undistributed (overdistributed) earnings	(127,678)		(72,119)
Total Net Assets	491,201		950,390
Total Liabilities and Net Assets	$	634,152	$	1,648,835
Net Asset Value Per Share	$	4.25	$	8.27

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

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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 Nine Months Ended September 30,
	2026		2025		2026		2025
Investment Income
Investment income from non-controlled, non-affiliated investments:
Interest income	$	12,465	$	38,475	$	55,462	$	124,838
Payment-in-kind ("PIK") interest income	2,189		2,764		7,370		10,793
Dividend income	1,501		3,654		8,303		11,322
Other income	114		585		3,473		1,706
Total investment income from non-controlled, non-affiliated investments	16,269		45,478		74,608		148,659
Investment income from non-controlled, affiliated investments:
Interest income	412		417		1,208		1,211
Dividend income	137		277		759		816
Other income	4		3		10		9
Total investment income from non-controlled, affiliated investments	553		697		1,977		2,036
Investment income from controlled, affiliated investments:

Dividend income	7		7		18		20

Total investment income from controlled, affiliated investments	7		7		18		20
Total Investment Income	16,829		46,182		76,603		150,715
Operating Expenses

Interest expense	2,970		15,975		33,230		50,783
Management fees, net(1)	2,441		6,492		10,072		20,663
Performance based incentive fees	—		3,688		—		12,451
Professional fees	1,331		1,160		3,990		3,378
Directors' fees	195		195		590		590
Other general and administrative	1,556		962		4,515		2,968
Total Operating Expenses	8,493		28,472		52,397		90,833




Net Investment Income (Loss) Before Taxes	8,336		17,710		24,206		59,882
Income tax expense (benefit), including excise tax expense (benefit)	(1,656)		316		(1,019)		1,173
Net Investment Income (Loss) After Taxes	$	9,992	$	17,394	$	25,225	$	58,709
Net Realized and Change in Unrealized Gain (Loss)
Net change in unrealized gain (loss):
Non-controlled, non-affiliated investments	$	(24,481)	$	(15,086)	$	(54,723)	$	(18,862)
Non-controlled, affiliated investments	(97)		(371)		11,132		(1,423)
Controlled, affiliated investments	3		24		(23)		21
Income tax (provision) benefit	6,723		(57)		6,746		(142)
Translation of assets and liabilities in foreign currencies	(8)		(674)		(855)		1,610
Total Net Change in Unrealized Gain (Loss)	(17,860)		(16,164)		(37,723)		(18,796)
Net realized gain (loss):
Non-controlled, non-affiliated investments	$	25,335	$	(444)	$	14,589	$	(19,114)
Non-controlled, affiliated investments	—		—		(11,077)		—
Foreign currency transactions	3		435		494		414
Realized income tax (expense) / benefit	(8,394)		—		(8,394)		—
Total Net Realized Gain (Loss)	16,944		(9)		(4,388)		(18,700)
Total Net Realized and Change in Unrealized Gain (Loss)	(916)		(16,173)		(42,111)		(37,496)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	9,076	$	1,221	$	(16,886)	$	21,213
Earnings Per Share - Basic and Diluted	$	0.08	$	0.01	$	(0.15)	$	0.17
Weighted Average Shares Outstanding - Basic and Diluted	115,645,897		119,752,779		115,540,561		124,189,895

_____________

(1)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.

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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 Nine Months Ended September 30,
	2026		2025		2026		2025
Increase (Decrease) in Net Assets Resulting from Operations
Net investment income (loss)	$	9,992	$	17,394	$	25,225	$	58,709
Net change in unrealized gain (loss)	(17,860)		(16,164)		(37,723)		(18,796)
Net realized gain (loss)	16,944		(9)		(4,388)		(18,700)
Net Increase (Decrease) in Net Assets Resulting from Operations	9,076		1,221		(16,886)		21,213
Distributions(1)
Distributions declared from earnings	(9,251)		(21,645)		(38,673)		(68,528)
Return of capital	(71,700)		—		(409,386)		—
Net Decrease in Net Assets Resulting from Shareholders' Distributions	(80,951)		(21,645)		(448,059)		(68,528)
Capital Share Transactions

Reinvestment of shareholders' distributions	—		9,817		5,756		32,373
Repurchased shares	—		(60,323)		—		(150,967)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions	—		(50,506)		5,756		(118,594)
Total Increase (Decrease) in Net Assets	(71,875)		(70,930)		(459,189)		(165,909)
Net Assets, at beginning of period	563,076		1,028,570		950,390		1,123,549
Net Assets, at End of Period	$	491,201	$	957,640	$	491,201	$	957,640

_______________

(1)For the three and nine months ended September 30, 2026 distributions declared were derived from return of capital and net investment income. For the three and nine months ended September 30, 2025, distributions declared from earnings were derived from net investment income and return of capital.

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

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Blue Owl Capital Corporation II

Consolidated Statements of Cash Flows

(Amounts in thousands)

(Unaudited)


	For the Nine Months Ended September 30,
	2026		2025
Cash Flows from Operating Activities
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(16,886)	$	21,213
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of investments	(30,321)		(202,869)
Proceeds from investments and investment repayments	951,421		381,904
Collections of PIK interest and dividends	30,714		26,066
Net change in unrealized (gain) loss on investments	43,614		20,264
Net change in unrealized (gain) loss on translation of assets and liabilities in foreign currencies	855		(1,609)
Net realized (gain) loss on investments	(3,512)		19,114
Net realized (gain) loss on foreign currency transactions relating to investments	(1,611)		(279)
Net realized (gain) loss on debt	926		—
Paid-in-kind interest and dividends	(9,815)		(16,221)
Net accretion/amortization of discount/premium on investments	(2,810)		(6,951)
Amortization of debt issuance costs	6,398		3,125


Changes in operating assets and liabilities:
(Increase) decrease in interest and dividend receivable	7,953		5,142
(Increase) decrease in prepaid expenses and other assets	(10,754)		435
Increase (decrease) in payable for investments purchased	—		1,014
Increase (decrease) in payable to affiliates	(7,740)		(2,246)
Increase (decrease) in accrued expenses and other liabilities	(4,652)		6,606
Net cash provided by (used in) operating activities	953,780		254,708
Cash Flows from Financing Activities
Borrowings on debt	57,000		170,002
Repayments of debt	(605,134)		(235,000)
Debt issuance costs	(1,402)		(1,232)
Repurchased shares	—		(151,683)
Distributions paid to shareholders	(32,917)		(38,710)
Return of capital distribution	(409,386)		—
Net cash provided by (used in) financing activities	(991,839)		(256,623)
Net increase (decrease) in cash	(38,059)		(1,915)
Effect of exchange rate changes on foreign cash	(62)		88
Cash, including foreign cash, beginning of period	59,362		50,891
Cash, including foreign cash, end of period	$	21,241	$	49,064

Supplemental and Non-Cash Information
Interest paid during the period	$	30,985	$	40,463
Distributions declared during the period	38,673		68,528

Reinvestment of distributions during the period	5,756		32,373
Taxes, including excise tax, paid (refunded) during the period	471		1,423

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

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Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of September 30, 2026

(Amounts in thousands, except share amounts)

(Unaudited)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par		Shares/Units	Amortized Cost(2)(27)		Fair Value		% of Net Assets

Non-controlled/non-affiliated portfolio company investments
Debt Investments(7)
Advertising and media
Monotype Imaging Holdings Inc.(3)(4)(8)	First lien senior secured loan	S+	5.25%		2/2031	$	7,105	—	$	7,067	$	7,087
									7,067		7,087		1.4	%
Aerospace and defense
Peraton Corp.(3)(9)	Second lien senior secured loan	S+	7.75%		2/2029	14,494		—	14,411		10,823
STS PARENT, LLC (dba STS Aviation Group)(3)(4)(9)	First lien senior secured loan	S+	5.00%		10/2031	3,142		—	3,127		3,095
STS PARENT, LLC (dba STS Aviation Group)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.00%		10/2030	297		—	295		292
									17,833		14,210		2.9	%
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	3,341		—	3,339		3,341
AAM Series 2.1 Aviation Feeder, LLC(3)(4)(6)(31)	Specialty finance debt investment	N/A		12.00%	11/2030	5,185		—	5,179		5,185
Hg Genesis 8 Sumoco Limited(3)(4)(19)(31)	Unsecured facility	SA+	6.00%		9/2027	£	124	—	167		165
Hg Genesis 9 SumoCo Limited(3)(4)(14)(31)	Unsecured facility	E+		6.25%	3/2029	€	350	—	379		397
Hg Saturn Luchaco Limited(3)(4)(19)(31)	Unsecured facility	SA+		8.25%	3/2027	£	4,295	—	5,528		5,706
									14,592		14,794		3.0	%
Buildings and real estate
Associations Finance, Inc.(3)(4)(6)	Unsecured notes	N/A		14.25%	5/2030	13,056		—	13,018		13,056
Wrench Group LLC(3)(4)(9)	First lien senior secured loan	S+	4.75%		9/2032	1,317		—	1,305		1,310
									14,323		14,366		2.9	%
Business services
DuraServ LLC(3)(4)(8)	First lien senior secured loan	S+	4.75%		6/2031	4,606		—	4,588		4,549
DuraServ LLC(3)(4)(8)(22)	First lien senior secured revolving loan	S+	4.75%		6/2030	246		—	244		238
Gainsight, Inc.(3)(4)(10)	First lien senior secured loan	S+	5.50%		7/2027	2,728		—	2,720		2,715
Hercules Borrower, LLC (dba The Vincit Group)(3)(4)(9)	First lien senior secured loan	S+	4.75%		12/2028	2,958		—	2,951		2,958
Hercules Buyer, LLC (dba The Vincit Group)(3)(4)(6)(33)	Unsecured notes	N/A		0.48%	12/2029	836		—	836		1,268
KPSKY Acquisition, Inc. (dba BluSky)(3)(4)(9)	First lien senior secured loan	S+	5.50%		10/2028	951		—	943		855
KPSKY Acquisition, Inc. (dba BluSky)(3)(4)(9)	First lien senior secured delayed draw term loan	S+	5.75%		10/2028	1		—	1		1
									12,283		12,584		2.6	%
Chemicals
Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC)(3)(4)(9)	First lien senior secured loan	S+	1.00%	8.00%	11/2030	23,625		—	22,508		22,503
DCG ACQUISITION CORP. (dba DuBois Chemical)(3)(4)(9)	First lien senior secured loan	S+	5.00%		6/2031	2,866		—	2,846		2,824

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Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of September 30, 2026

(Amounts in thousands, except share amounts)

(Unaudited)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par	Shares/Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets

Gaylord Chemical Company, L.L.C.(3)(4)(9)(22)	First lien senior secured loan	S+	5.75%		12/2027	11,254	—	11,248	11,254
Rocket BidCo, Inc. (dba Recochem)(3)(4)(9)(31)	First lien senior secured loan	S+	4.75%		11/2030	9,140	—	9,015	9,117
								45,617	45,698	9.3	%
Consumer products
Feradyne Outdoors, LLC(3)(4)(9)(28)	First lien senior secured loan	S+		6.75%	5/2028	757	—	677	257

SWK BUYER, Inc. (dba Stonewall Kitchen)(3)(4)(10)(22)	First lien senior secured loan	S+	5.25%		3/2029	301	—	298	256

WU Holdco, Inc. (dba PurposeBuilt Brands)(3)(4)(9)	First lien senior secured loan	S+	4.75%		4/2032	8,945	—	8,927	8,901
								9,902	9,414	1.9	%
Containers and packaging
Arctic Holdco, LLC (dba Novvia Group)(3)(4)(9)	First lien senior secured loan	S+	5.25%		1/2032	822	—	822	819
Arctic Holdco, LLC (dba Novvia Group)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.25%		1/2031	10	—	9	9

Fortis Solutions Group, LLC(3)(4)(9)(22)	First lien senior secured loan	S+	5.50%		10/2028	930	—	924	919
Indigo Buyer, Inc. (dba Inovar Packaging Group)(3)(4)(9)	First lien senior secured loan	S+	5.25%		5/2028	578	—	575	578
Pregis Topco LLC(3)(4)(8)	Second lien senior secured loan	S+	6.75%		8/2029	3,941	—	3,912	3,941
Pregis Topco LLC(3)(4)(8)	Second lien senior secured loan	S+	7.75%		8/2029	1,780	—	1,765	1,780
								8,007	8,046	1.6	%
Distribution
ABB/Con-cise Optical Group LLC(3)(4)(9)	First lien senior secured loan	S+	7.50%		2/2028	541	—	538	539
Endries Acquisition, Inc.(3)(4)(8)	First lien senior secured loan	S+	5.50%		12/2028	9,932	—	9,896	9,832
Offen, Inc.(3)(4)(8)	First lien senior secured loan	S+	5.00%		7/2030	1,806	—	1,791	1,806
								12,225	12,177	2.5	%
Education
Pluralsight, LLC(3)(4)(8)(28)	First lien senior secured loan	S+	3.00%	1.50%	8/2029	4,007	—	3,908	3,276
Pluralsight, LLC(3)(4)(8)(28)(35)	First lien senior secured loan	S+		7.50%	8/2029	5,027	—	4,439	—
Severin Acquisition, LLC (dba PowerSchool)(3)(4)(8)(22)	First lien senior secured loan	S+	2.75%	2.25%	10/2031	318	—	315	303

								8,662	3,579	0.7	%



Financial services
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)(3)(4)(9)(22)	First lien senior secured loan	S+	4.50%		6/2030	1,133	—	1,123	1,133
Continental Finance Company, LLC(3)(4)(8)	First lien senior secured loan	S+	8.00%		3/2029	875	—	869	871
Deerfield Dakota Holdings(3)(4)(9)	First lien senior secured loan	S+	3.00%	2.75%	9/2032	11,133	—	11,086	11,078
Deerfield Dakota Holdings(3)(4)(8)(22)	First lien senior secured revolving loan	S+	5.06%		9/2032	358	—	353	352

Table of Contents

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of September 30, 2026

(Amounts in thousands, except share amounts)

(Unaudited)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par	Shares/Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets

ML Holdco, Inc. (dba Meridian Link)(3)(4)(9)	First lien senior secured loan	S+	4.25%		10/2032	1,389	—	1,383	1,375
ML Holdco, Inc. (dba Meridian Link)(3)(4)(8)(22)	First lien senior secured delayed draw term loan	S+	4.25%		10/2032	12	—	11	9
NMI Acquisitionco, Inc. (dba Network Merchants)(3)(4)(8)(22)	First lien senior secured loan	S+	4.50%		9/2028	957	—	958	957
Smarsh Inc.(3)(4)(9)(22)	First lien senior secured loan	S+	5.00%		2/2029	393	—	392	375
Smarsh Inc.(3)(4)(8)(22)	First lien senior secured revolving loan	S+	5.00%		2/2029	19	—	19	17
Wipfli Advisory LLC(3)(4)(9)(22)	First lien senior secured loan	S+	4.25%		10/2032	830	—	829	825
								17,023	16,992	3.5	%
Food and beverage
Balrog Acquisition, Inc. (dba Bakemark)(3)(4)(8)	Second lien senior secured loan	S+	7.00%		9/2029	5,000	—	4,981	3,013

Eagle Family Foods Group LLC(3)(4)(9)	First lien senior secured loan	S+	4.75%		8/2030	578	—	574	576
Fiesta Purchaser, Inc. (dba Shearer's Foods)(3)(10)(22)	First lien senior secured revolving loan	S+	2.75%		2/2029	336	—	324	321
Gehl Foods, LLC(3)(4)(9)	First lien senior secured loan	S+	6.25%		6/2030	2,430	—	2,414	2,430
Hissho Parent, LLC(3)(4)(9)	First lien senior secured loan	S+	4.75%		5/2029	421	—	419	421
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(3)(4)(8)	First lien senior secured loan	S+	6.25%		3/2027	171	—	170	171
Rushmore Investment III LLC (dba Winland Foods)(3)(4)(9)	First lien senior secured loan	S+	5.25%		10/2030	8,401	—	8,358	8,359
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)(3)(4)(9)(22)	First lien senior secured loan	S+	5.00%		7/2027	6,196	—	6,188	5,917
Vital Bidco AB (dba Vitamin Well)(3)(4)(8)(31)	First lien senior secured loan	S+	4.25%		10/2031	3,784	—	3,743	3,784
								27,171	24,992	5.1	%
Healthcare equipment and services
Cambrex Corporation(3)(4)(8)(22)	First lien senior secured loan	S+	4.75%		3/2032	919	—	910	916


Patriot Acquisition TopCo S.À R.L. (dba Corza Health, Inc.)(3)(4)(9)(31)	First lien senior secured loan	S+	4.75%		1/2028	4,869	—	4,851	4,869
Rhea Parent, Inc.(3)(4)(9)	First lien senior secured loan	S+	5.00%		12/2030	344	—	343	340
TBRS, Inc. (dba TEAM Technologies)(3)(4)(9)	First lien senior secured loan	S+	4.75%		11/2031	183	—	182	182
TBRS, Inc. (dba TEAM Technologies)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	4.75%		11/2030	2	—	2	2
								6,288	6,309	1.3	%
Healthcare providers and services
Allied Benefit Systems Intermediate LLC(3)(4)(8)	First lien senior secured loan	S+	5.00%		10/2030	552	—	552	551
Bristol Hospice L.L.C.(3)(4)(8)	First lien senior secured loan	S+	5.25%		8/2032	3,624	—	3,609	3,624
Commander Buyer, Inc. (dba CenExel)(3)(4)(9)	First lien senior secured loan	S+	4.50%		6/2032	5,194	—	5,170	5,194

Table of Contents

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of September 30, 2026

(Amounts in thousands, except share amounts)

(Unaudited)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par		Shares/Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets

KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)(3)(4)(9)	First lien senior secured loan	S+	5.00%		12/2029	4,487		—	4,448	4,487
Maple Acquisition, LLC (dba Medicus)(3)(4)(10)	First lien senior secured loan	S+	4.75%		5/2031	1,017		—	1,011	1,017
National Dentex Labs LLC (fka Barracuda Dental LLC)(3)(4)(8)(28)(36)	First lien senior secured loan	S+		10.00%	9/2026	27,627		—	22,825	9,587
National Dentex Labs LLC (fka Barracuda Dental LLC)(3)(4)(8)(28)(36)	First lien senior secured delayed draw term loan	S+		12.00%	9/2026	3,923		—	1,476	1,138
National Dentex Labs LLC (fka Barracuda Dental LLC)(3)(4)(8)(22)(28)(36)	First lien senior secured revolving loan	S+		9.00%	9/2026	2,036		—	1,619	578
Natural Partners, LLC(3)(4)(9)(31)	First lien senior secured loan	S+	4.50%		11/2030	442		—	440	442
Pacific BidCo Inc.(3)(4)(10)(31)	First lien senior secured loan	S+	5.75%		8/2029	1,710		—	1,692	1,676
PetVet Care Centers, LLC(3)(4)(8)	First lien senior secured loan	S+	6.00%		11/2030	14,862		—	14,763	12,781
PetVet Care Centers, LLC(3)(4)(8)(22)	First lien senior secured revolving loan	S+	6.00%		11/2029	837		—	827	544
Plasma Buyer LLC (dba PathGroup)(3)(4)(9)(28)	First lien senior secured loan	S+		5.75%	5/2029	774		—	679	337
Plasma Buyer LLC (dba PathGroup)(3)(4)(9)(22)(28)	First lien senior secured delayed draw term loan	S+		6.25%	5/2028	27		—	25	27
Plasma Buyer LLC (dba PathGroup)(3)(4)(9)(28)	First lien senior secured revolving loan	S+		5.75%	5/2028	83		—	74	36
Premier Imaging, LLC (dba LucidHealth)(3)(4)(9)	First lien senior secured loan	S+	6.00%		10/2027	8,309		—	8,295	6,730
Quva Pharma, Inc.(3)(4)(9)	First lien senior secured loan	S+	2.75%	3.00%	4/2028	15,696		—	15,566	15,304
SimonMed, Inc.(3)(4)(9)(22)	First lien senior secured loan	S+	4.75%		2/2032	387		—	386	385
SimonMed, Inc.(3)(4)(9)(22)	First lien senior secured revolving loan	S+	4.75%		2/2031	24		—	24	24
Soleo Holdings, Inc.(3)(4)(9)	First lien senior secured loan	S+	4.50%		2/2032	195		—	193	195

Tivity Health, Inc.(3)(4)(8)	First lien senior secured loan	S+	5.00%		6/2029	485		—	485	485
Unified Women's Healthcare, LP(3)(4)(9)	First lien senior secured loan	S+	5.00%		6/2029	7,205		—	7,172	7,205
Valeris, Inc. (fka Phantom Purchaser, Inc.)(3)(4)(9)	First lien senior secured loan	S+	5.00%		9/2031	1,742		—	1,729	1,742
Vermont Aus Pty Ltd(3)(4)(17)(31)	First lien senior secured AUD term loan	B+	4.50%		3/2028	A$	568	—	375	395
									93,435	74,484	15.2	%
Healthcare technology
BCPE Osprey Buyer, Inc. (dba PartsSource)(3)(4)(9)	First lien senior secured loan	S+	5.75%		8/2028	190		—	189	190
BCPE Osprey Buyer, Inc. (dba PartsSource)(3)(4)(8)(22)	First lien senior secured delayed draw term loan	S+	5.75%		8/2028	108		—	107	108
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)(3)(4)(8)(22)	First lien senior secured loan	S+	5.00%		8/2031	7,064		—	7,036	7,064

Table of Contents

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of September 30, 2026

(Amounts in thousands, except share amounts)

(Unaudited)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par		Shares/Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets

CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)(3)(4)(8)	First lien senior secured loan	S+	4.75%		8/2031	980		—	976	977
GI Ranger Intermediate, LLC (dba Rectangle Health)(3)(4)(9)	First lien senior secured loan	S+	6.00%		10/2028	882		—	876	673
GI Ranger Intermediate, LLC (dba Rectangle Health)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	6.00%		10/2027	68		—	67	50
Indikami Bidco, LLC (dba IntegriChain)(3)(4)(8)	First lien senior secured loan	S+	6.00%		12/2030	2,916		—	2,875	2,872

Indikami Bidco, LLC (dba IntegriChain)(3)(4)(8)(22)	First lien senior secured revolving loan	S+	6.00%		6/2030	226		—	223	222
Inovalon Holdings, Inc.(3)(4)(9)	First lien senior secured loan	S+	2.75%	2.75%	11/2028	18,587		—	18,570	17,704
Inovalon Holdings, Inc.(3)(4)(9)	Second lien senior secured loan	S+		8.50%	11/2033	8,523		—	8,523	7,159
Interoperability Bidco, Inc. (dba Lyniate)(3)(4)(9)	First lien senior secured loan	S+	5.25%		3/2028	5,233		—	5,227	5,220
Klick Inc.(3)(4)(9)(31)	First lien senior secured loan	S+	4.75%		11/2032	1,982		—	1,974	1,973

Modernizing Medicine, Inc. (dba ModMed)(3)(4)(9)	First lien senior secured loan	S+	2.50%	2.25%	4/2032	785		—	779	785
RL Datix Holdings (USA), Inc.(3)(4)(10)	First lien senior secured loan	S+	4.75%		4/2031	6,034		—	6,034	5,974
RL Datix Holdings (USA), Inc.(3)(4)(19)	First lien senior secured GBP term loan	SA+	5.00%		4/2031	£	2,939	—	3,966	3,865
Salinger Bidco Inc. (dba Surgical Information Systems)(3)(4)(8)	First lien senior secured loan	S+	5.75%		8/2031	4,086		—	4,040	4,086
									61,462	58,922	12.0	%
Household products
HGH Purchaser, Inc. (dba Horizon Services)(3)(4)(9)	First lien senior secured loan	S+	3.25%	3.75%	11/2028	36,408		—	36,301	33,951
HGH Purchaser, Inc. (dba Horizon Services)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	6.50%		11/2028	2,639		—	2,635	2,388
Mario Midco Holdings, Inc. (dba Len the Plumber)(3)(4)(9)	Unsecured facility	S+		10.75%	4/2032	283		—	279	201
Mario Purchaser, LLC (dba Len the Plumber)(3)(4)(9)	First lien senior secured loan	S+	4.00%	2.00%	4/2029	803		—	797	716
Mario Purchaser, LLC (dba Len the Plumber)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.75%		4/2028	27		—	27	21
									40,039	37,277	7.6	%
Human resource support services
Cornerstone OnDemand, Inc.(3)(4)(8)	Second lien senior secured loan	S+	6.50%		10/2029	16,667		—	16,550	9,417
IG Investments Holdings, LLC (dba Insight Global)(3)(4)(9)	First lien senior secured loan	S+	5.00%		9/2028	1,876		—	1,876	1,876
									18,426	11,293	2.3	%
Infrastructure and environmental services
CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.)(3)(4)(9)(22)	First lien senior secured loan	S+	5.00%		1/2031	1,751		—	1,733	1,751

Table of Contents

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of September 30, 2026

(Amounts in thousands, except share amounts)

(Unaudited)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par	Shares/Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets

CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.00%		1/2030	28	—	27	28
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(3)(4)(9)(22)	First lien senior secured loan	S+	4.75%		3/2029	364	—	361	361


								2,121	2,140	0.4	%
Insurance
Evolution BuyerCo, Inc. (dba SIAA)(3)(4)(9)	First lien senior secured loan	S+	4.75%		4/2030	177	—	176	174
Integrity Marketing Acquisition, LLC(3)(4)(9)	First lien senior secured loan	S+	5.00%		8/2028	3,761	—	3,749	3,761
KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners)(3)(4)(8)	First lien senior secured loan	S+		10.50%	7/2030	1,026	—	1,026	1,026
Norvax, LLC (dba GoHealth)(3)(4)(8)(28)	First lien senior secured loan	S+	5.50%		7/2031	552	—	91	91
Norvax, LLC (dba GoHealth)(3)(4)(8)(28)	First lien senior secured loan	S+		5.50%	7/2031	914	—	—	—
Simplicity Financial Marketing Group Holdings, Inc.(3)(4)(9)(22)	First lien senior secured loan	S+	5.00%		12/2031	892	—	884	883
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(3)(4)(8)	First lien senior secured loan	S+	5.00%		12/2029	653	—	651	653
								6,577	6,588	1.3	%
Internet software and services
Anaplan, Inc.(3)(4)(9)	First lien senior secured loan	S+	4.50%		6/2029	2,746	—	2,746	2,732
Aptean Acquiror, Inc. (dba Aptean)(3)(4)(9)(22)	First lien senior secured loan	S+	4.75%		1/2031	3,746	—	3,721	3,688
Artifact Bidco, Inc. (dba Avetta)(3)(4)(9)	First lien senior secured loan	S+	4.15%		7/2031	1,257	—	1,253	1,257
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)(3)(4)(8)	First lien senior secured loan	S+	6.00%		3/2031	2,127	—	2,105	2,100
Bayshore Intermediate #2, L.P. (dba Boomi)(3)(4)(9)	First lien senior secured loan	S+	2.50%	3.00%	10/2028	4,265	—	4,265	4,212
Bayshore Intermediate #2, L.P. (dba Boomi)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.00%		10/2027	234	—	234	230
BCTO WIW Holdings, Inc. (dba When I Work)(3)(4)(6)	Senior convertible notes	N/A		5.50%	8/2030	212	—	212	212
By Light Professional IT Services LLC(3)(4)(8)(22)	First lien senior secured loan	S+	5.50%		7/2031	4,872	—	4,809	4,732
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(3)(4)(9)	First lien senior secured loan	S+	5.50%		2/2028	2,898	—	2,885	2,854
CivicPlus, LLC(3)(4)(9)(22)	First lien senior secured loan	S+	3.25%	2.75%	8/2030	1,463	—	1,457	1,452

CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC)(3)(4)(10)	Unsecured notes	S+		11.75%	6/2034	425	—	422	417
Crewline Buyer, Inc. (dba New Relic)(3)(4)(9)	First lien senior secured loan	S+	6.75%		11/2030	3,858	—	3,818	3,780
Denali Intermediate Holdings, Inc. (dba Dun & Bradstreet)(3)(4)(8)(22)	First lien senior secured loan	S+	5.50%		8/2032	7,258	—	7,156	6,792

Table of Contents

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of September 30, 2026

(Amounts in thousands, except share amounts)

(Unaudited)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par	Shares/Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets

EET Buyer, Inc. (dba e-Emphasys)(3)(4)(9)	First lien senior secured loan	S+	5.50%		11/2029	566	—	565	565
Einstein Parent, Inc. (dba Smartsheet)(3)(4)(9)	First lien senior secured loan	S+	5.25%		1/2031	273	—	270	269
Granicus, Inc.(3)(4)(9)	First lien senior secured loan	S+	3.50%	2.25%	1/2031	3,214	—	3,194	3,214
Granicus, Inc.(3)(4)(9)	First lien senior secured delayed draw term loan	S+	3.00%	2.25%	1/2031	477	—	474	471
Litera Bidco LLC(3)(4)(8)(22)	First lien senior secured loan	S+	5.00%		5/2028	9,690	—	9,669	9,567
Ministry Brands Holdings, LLC(3)(4)(8)	First lien senior secured loan	S+	5.50%		12/2028	742	—	737	733
QAD, Inc.(3)(4)(8)	First lien senior secured loan	S+	4.75%		11/2027	927	—	927	927
Securonix, Inc.(3)(4)(9)(22)	First lien senior secured loan	S+	7.00%		4/2029	973	—	969	711
Spaceship Purchaser, Inc. (dba Squarespace)(3)(4)(9)(35)	First lien senior secured loan	S+	3.75%		10/2031	250	—	250	249
Themis Solutions Inc. (dba Clio)(3)(4)(8)(31)	First lien senior secured loan	S+	1.75%	3.75%	10/2032	1,015	—	1,006	1,007
Thunder Purchaser, Inc. (dba Vector Solutions)(3)(4)(9)	First lien senior secured loan	S+	5.25%		6/2028	2,939	—	2,932	2,924

								56,076	55,095	11.2	%
Leisure and entertainment
Eternal Buyer, LLC (dba Wedgewood Weddings)(3)(4)(8)	First lien senior secured loan	S+	4.25%		6/2032	3,224	—	3,211	3,216

								3,211	3,216	0.7	%
Manufacturing
Loparex Midco B.V.(3)(4)(9)(28)(36)	First lien senior secured loan	S+	6.50%		7/2027	1,031	—	983	33
Loparex Midco B.V.(3)(4)(9)(28)(36)	First lien senior secured loan	S+	8.00%		2/2027	196	—	196	205
Loparex Midco B.V.(3)(4)(9)(28)(36)	Second lien senior secured loan	S+	8.75%		7/2027	28,000	—	27,536	910
Loparex Midco B.V.(3)(4)(9)(28)(36)	Second lien senior secured loan	S+	8.50%		7/2027	5,250	—	5,250	171
MHE Intermediate Holdings, LLC (dba OnPoint Group)(3)(4)(9)(22)	First lien senior secured loan	S+	6.00%		7/2027	10,120	—	10,104	9,877
Sonny's Enterprises, LLC(3)(4)(9)	First lien senior secured loan	S+	5.50%		8/2028	18,770	—	18,620	18,347
Sonny's Enterprises, LLC(3)(4)(9)(22)	First lien senior secured delayed draw term loan	S+	6.50%		8/2028	1,371	—	1,364	1,358
Sonny's Enterprises, LLC(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.50%		8/2027	1,096	—	1,093	1,071
								65,146	31,972	6.5	%
Pharmaceuticals
Puma Buyer, LLC (dba PANTHERx)(3)(4)(9)	First lien senior secured loan	S+	4.25%		3/2032	1,203	—	1,196	1,203
								1,196	1,203	0.2	%
Professional services
Essential Services Holding Corporation (dba Turnpoint)(3)(4)(9)	First lien senior secured loan	S+	5.25%		6/2031	2,057	—	2,042	1,975
Essential Services Holding Corporation (dba Turnpoint)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.25%		6/2030	110	—	108	100

Table of Contents

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of September 30, 2026

(Amounts in thousands, except share amounts)

(Unaudited)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par		Shares/Units	Amortized Cost(2)(27)		Fair Value		% of Net Assets

Gerson Lehrman Group, Inc.(3)(4)(9)	First lien senior secured loan	S+	5.00%		12/2028	6,853		—	6,826		6,802
Guidehouse Inc.(3)(4)(8)	First lien senior secured loan	S+	4.75%		12/2030	362		—	362		342
Paris US Holdco, Inc. (dba Precinmac)(3)(4)(8)(22)	First lien senior secured loan	S+	4.75%		12/2031	224		—	223		224
Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(9)	First lien senior secured loan	S+	6.50%		5/2028	4,310		—	4,305		4,310
Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(14)	First lien senior secured EUR term loan	E+	6.75%		5/2028	€	946	—	1,025		1,074
Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(8)(22)	First lien senior secured revolving loan	S+	6.50%		5/2028	156		—	155		156
									15,046		14,983		3.1	%
Specialty retail
Galls, LLC(3)(4)(9)	First lien senior secured loan	S+	6.00%		3/2030	4,554		—	4,513		4,554

Notorious Holdings LLC (dba Beauty Industry Group)(3)(4)(9)	First lien senior secured loan	S+		9.00%	12/2031	3,244		—	3,217		3,098
Notorious Topco, LLC (dba Beauty Industry Group)(3)(4)(9)	First lien senior secured loan	S+		7.25%	12/2030	6,668		—	6,644		6,568
The Shade Store, LLC(3)(4)(9)(35)	First lien senior secured loan	S+		6.00%	10/2029	1,471		—	1,218		986
									15,592		15,206		3.1	%
Telecommunications
EOS Finco S.A.R.L (dba Netceed)(3)(4)(9)(31)	First lien senior secured loan	S+	5.00%		1/2032	2,110		—	1,765		1,741
EOS Finco S.A.R.L (dba Netceed)(3)(4)(13)(22)(31)	First lien senior secured delayed draw term loan	E+	6.25%		1/2032	€	230		256		248
Reinstated NewCo S.À R.L. (dba Netceed)(3)(4)(9)(31)	First lien senior secured loan	S+		9.00%	1/2033	1,329			1,025		947
									3,046		2,936		0.6	%
Transportation
Lytx, Inc.(3)(4)(8)	First lien senior secured loan	S+	5.00%		2/2028	9,932		—	9,932		9,932
									9,932		9,932		2.0	%
Total non-controlled/non-affiliated debt investments									$	592,298	$	515,495	104.9	%
Total non-controlled/non-affiliated misc. debt commitments(22)(23)(Note 7)									$	(88)	$	(572)	(0.1)	%
Total non-controlled/non-affiliated portfolio company debt investments									$	592,210	$	514,923	104.8	%

Equity Investments
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	1,520		—	1,523		1,693
AAM Series 2.1 Aviation Feeder, LLC(3)(4)(29)(30)(31)	Specialty finance equity investment	N/A			N/A	1,926		—	1,928		2,924
Amergin Asset Management, LLC(3)(4)(29)(30)	Specialty finance equity investment	N/A			N/A	—		50,000,000	—		2,157

Table of Contents

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of September 30, 2026

(Amounts in thousands, except share amounts)

(Unaudited)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par	Shares/Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets

Blue Owl Cross-Strategy Opportunities 2025-1 LLC (fka Blue Owl Cross-Strategy Opportunities LLC)(3)(5)(26)(30)(31)(34)	Specialty finance equity investment	N/A			N/A	10,242	—	10,242	10,242
								13,693	17,016	3.5	%
Automotive services
CD&R Value Building Partners I, L.P. (dba Belron)(3)(5)(29)(30)(31)	LP Interest	N/A			N/A	1,121	—	1,087	1,610
Percheron Horsepower-A LP (dba Big Brand Tire & Service)(3)(5)(22)(29)(30)(31)	LP Interest	N/A			N/A	1,470	—	1,470	2,399
								2,557	4,009	0.8	%
Business services
Hercules Buyer, LLC (dba The Vincit Group)(3)(4)(29)(30)(33)	Common Units	N/A			N/A	—	350,000	352	532
Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)(3)(4)(10)(30)	Perpetual Preferred Stock	S+		10.75%	N/A	—	252	374	199
								726	731	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	—	1,000	1,183	1,106
								1,183	1,106	0.2	%
Education
Paradigmatic Holdco LLC (dba Pluralsight)(3)(4)(29)(30)	Common stock	N/A			N/A	—	1,309,529	3,475	—
								3,475	—	—	%
Food and beverage
Hissho Sushi Holdings, LLC(3)(4)(29)(30)	Class A Units	N/A			N/A	—	7,502	34	117
								34	117	—	%
Healthcare equipment and services
KPCI Co-Invest 2, L.P.(3)(4)(29)(30)(31)	Class A Units	N/A			N/A	—	32,182	322	321
Maia Aggregator, LP(3)(4)(29)(30)	Class A-2 Units	N/A			N/A	—	112,360	112	151
Patriot Holdings SCSp (dba Corza Health, Inc.)(3)(4)(6)(30)(31)	Class A Units	N/A		8.00%	N/A	—	1,515	2,335	2,329
Patriot Holdings SCSp (dba Corza Health, Inc.)(3)(4)(29)(30)(31)	Class B Units	N/A			N/A	—	20,868	28	253
Rhea Acquisition Holdings, LP(3)(4)(29)(30)	Series A-2 Units	N/A			N/A	—	119,048	119	114
								2,916	3,168	0.6	%
Healthcare providers and services
Baypine Commander Co-Invest, LP(3)(4)(29)(30)(31)	LP Interest	N/A			N/A	352	—	354	369

Table of Contents

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of September 30, 2026

(Amounts in thousands, except share amounts)

(Unaudited)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par	Shares/Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets

KOBHG Holdings, L.P. (dba OB Hospitalist)(3)(4)(29)(30)	Class A Interests	N/A			N/A	—	1,291	1,291	1,837
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)(3)(4)(29)(30)	Class A Interest	N/A			N/A	—	30	301	454
Plasma Lender Blocker, LLC (dba PathGroup)(3)(4)(29)(30)	Common Units	N/A			N/A	1	—	—	—
Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers)(3)(4)(6)(30)	Series A Preferred Stock	N/A		15.00%	N/A	—	1,721	2,561	1,882
								4,507	4,542	0.9	%
Healthcare technology
Minerva Holdco, Inc.(3)(4)(6)(30)	Senior A Preferred Stock	N/A		10.75%	N/A	—	1,000	1,634	1,575
ModMed Software Midco Holdings, Inc. (dba ModMed)(3)(4)(6)(30)	Series A Preferred Units	N/A		13.00%	N/A	—	170	192	197
								1,826	1,772	0.4	%
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	—	5,500	8,842	3,920
								8,842	3,920	0.8	%
Infrastructure and environmental services
Valor CI Blocker Feeder LP(3)(4)(22)(30)(31)	LP Interest	N/A			N/A	402	—	400	416
								400	416	0.1	%
Insurance
Evolution Parent, LP (dba SIAA)(3)(4)(29)(30)	LP Interest	N/A			N/A	—	8,919	892	1,666
GoHealth, Inc.(3)(4)(29)(30)	Common stock	N/A			N/A	—	19,102	41	—
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)(3)(4)(29)(30)	LP Interest	N/A			N/A	—	12,494	103	141
								1,036	1,807	0.4	%
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	—	25,540	157	35
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(3)(4)(29)(30)	Common Units	N/A			N/A	—	1,345,119	1,345	2,162
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)(3)(4)(29)(30)(31)	LP Interest	N/A			N/A	32	—	32	42
Nscale Limited(3)(4)(29)(30)(31)	Preferred equity	N/A			N/A	—	33	608	1,101
Nscale Global Holdings Limited(3)(4)(29)(30)(31)	Series B Preferred Shares	N/A			N/A	64	—	405	2,127
Project Alpine Co-Invest Fund, LP(3)(4)(29)(30)(31)	LP Interest	N/A			N/A	1,000	—	1,001	1,247

Table of Contents

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of September 30, 2026

(Amounts in thousands, except share amounts)

(Unaudited)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par	Shares/Units	Amortized Cost(2)(27)		Fair Value		% of Net Assets

Thunder Topco L.P. (dba Vector Solutions)(3)(4)(29)(30)	Common Units	N/A			N/A	—	819,817	820		979
WMC Bidco, Inc. (dba West Monroe)(3)(4)(6)(30)	Senior Preferred Stock	N/A		11.25%	N/A	—	2,385	4,079		3,980
								8,447		11,673		2.4	%
Manufacturing
Gloves Holdings, LP (dba Protective Industrial Products)(3)(4)(29)(30)	LP Interest	N/A			N/A	—	8,524	936		1,357

								936		1,357		0.3	%
Pharmaceuticals
LSI Financing 1 DAC(3)(4)(30)(31)	Specialty finance equity investment	N/A			N/A	159	—	162		164
								162		164		—	%
Specialty retail
Notorious Holding TopCo, LP (dba Beauty Industry Group)(3)(4)(29)(30)	LP Interest	N/A			N/A	—	4,011	5,967		4,210
								5,967		4,210		0.9	%
Telecommunications
Equity NewCo S.A. (dba Netceed)(3)(4)(29)(30)(31)	Common equity	N/A			N/A	—	6,785,487	44		30
								44		30		—	%

Total non-controlled/non-affiliated portfolio company equity investments								$	56,751	$	56,038	11.4	%
Total non-controlled/non-affiliated portfolio company investments								$	648,961	$	570,961	116.2	%

Non-controlled/affiliated portfolio company investments(24)
Debt Investments(7)
Advertising and media
Swipe Acquisition Corporation (dba PLI)(3)(4)(8)	First lien senior secured loan	S+	8.00%		11/2027	8,972	—	8,970		8,972
Swipe Acquisition Corporation (dba PLI)(3)(4)(8)(22)	First lien senior secured loan	S+	5.00%		11/2027	6,142	—	6,124		6,142
								15,094		15,114		3.1	%
Total non-controlled/affiliated portfolio company debt investments								$	15,094	$	15,114	3.1	%

Equity Investments
Advertising and media
New PLI Holdings, LLC (dba PLI)(3)(4)(30)	Class A Common Units	N/A			N/A	—	10,755	5,952		10,805
								5,952		10,805		2.2	%
Total non-controlled/affiliated portfolio company equity investments								$	5,952	$	10,805	2.2	%
Total non-controlled/affiliated portfolio company investments								$	21,046	$	25,919	5.3	%

Table of Contents

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of September 30, 2026

(Amounts in thousands, except share amounts)

(Unaudited)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par	Shares/Units	Amortized Cost(2)(27)		Fair Value		% of Net Assets

Controlled/affiliated portfolio company investments(24)
Equity Investments
Joint ventures
Blue Owl Credit SLF LLC(3)(5)(26)(30)(31)	LLC interest	N/A			N/A	244	—	244		225
Blue Owl Leasing LLC(3)(5)(26)(30)(31)	LLC interest	N/A			N/A	90	—	90		89
								334		314
Total controlled/affiliated equity investments								$	334	$	314	0.1	%
Total controlled/affiliated portfolio company investments								$	334	$	314	0.1	%
Total Investments								$	670,341	$	597,194	121.6	%

____________

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

(2)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.

(3)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.”

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

(5)Investment measured at net asset value (“NAV”).

(6)Investment contains a fixed-rate structure.

(7)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.

(8)The interest rate on these loans is subject to 1 month SOFR, which as of September 30, 2026 was 3.91%.

(9)The interest rate on these loans is subject to 3 month SOFR, which as of September 30, 2026 was 4.08%.

(10)The interest rate on these loans is subject to 6 month SOFR, which as of September 30, 2026 was 4.27%.

(11)Reserved.

(12)Reserved.

(13)Reserved.

(14)The interest rate on this loan is subject to 3 month EURIBOR, which as of September 30, 2026 was 2.62%.

(15)Reserved.

(16)Reserved.

(17)The interest rate on this loan is subject to 3 month BBSY, which as of September 30, 2026 was 4.77%.

(18)Reserved.

(19)The interest rate on this loan is subject to SONIA, which as of September 30, 2026 was 3.73%.

(20)Reserved.

(21)Reserved.

(22)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.”

Table of Contents

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of September 30, 2026

(Amounts in thousands, except share amounts)

(Unaudited)


Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment		Unfunded
					Commitment		Fair Value(23)
Non-controlled/non-affiliated - debt commitments
Artifact Bidco, Inc. (dba Avetta)	First lien senior secured delayed draw term loan	7/2027	$	—	$	308	$	—
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)	First lien senior secured delayed draw term loan	1/2027	75		166		—
CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.)	First lien senior secured delayed draw term loan	9/2027	37		259		—
CivicPlus, LLC	First lien senior secured delayed draw term loan	5/2027	145		98		—
Commander Buyer, Inc. (dba CenExel)	First lien senior secured delayed draw term loan	6/2027	—		1,431		—
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)	First lien senior secured delayed draw term loan	8/2027	—		57		—
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)	First lien senior secured delayed draw term loan	7/2027	48		197		—
DuraServ LLC	First lien senior secured delayed draw term loan	11/2027	—		1,025		(8)
EOS Finco S.A.R.L (dba Netceed)	First lien senior secured delayed draw term loan	7/2027	261		222		—
Eternal Buyer, LLC (dba Wedgewood Weddings)	First lien senior secured delayed draw term loan	6/2027	—		651		—



Litera Bidco LLC	First lien senior secured delayed draw term loan	11/2026	1,982		176		—
Litera Bidco LLC	First lien senior secured delayed draw term loan	5/2027	—		914		(11)
ML Holdco, Inc. (dba Meridian Link)	First lien senior secured delayed draw term loan	10/2027	12		350		—
Plasma Buyer LLC (dba PathGroup)	First lien senior secured delayed draw term loan	5/2028	27		25		—
Pluralsight, LLC	First lien senior secured delayed draw term loan	8/2029	—		1,637		(299)
RL Datix Holdings (USA), Inc.	First lien senior secured delayed draw term loan	4/2027	—		1,361		—

Severin Acquisition, LLC (dba PowerSchool)	First lien senior secured delayed draw term loan	10/2027	18		44		—
SimonMed, Inc.	First lien senior secured delayed draw term loan	2/2027	53		11		—
Simplicity Financial Marketing Group Holdings, Inc.	First lien senior secured delayed draw term loan	12/2026	188		1		—
Smarsh Inc.	First lien senior secured delayed draw term loan	1/2027	8		64		(1)
Sonny's Enterprises, LLC	First lien senior secured delayed draw term loan	6/2027	1,371		372		—
Spaceship Purchaser, Inc. (dba Squarespace)	First lien senior secured delayed draw term loan	10/2027	—		49		(1)
STS PARENT, LLC (dba STS Aviation Group)	First lien senior secured delayed draw term loan	10/2026	—		886		(9)
Tamarack Intermediate, L.L.C. (dba Verisk 3E)	First lien senior secured delayed draw term loan	7/2027	41		45		—
TBRS, Inc. (dba TEAM Technologies)	First lien senior secured delayed draw term loan	11/2026	—		22		—
Themis Solutions Inc. (dba Clio)	First lien senior secured delayed draw term loan	10/2027	—		420		(3)

Unified Women's Healthcare, LP	First lien senior secured delayed draw term loan	9/2027	—		42		—
Wipfli Advisory LLC	First lien senior secured delayed draw term loan	4/2028	48		245		—
Wrench Group LLC	First lien senior secured delayed draw term loan	9/2027	—		181		—
WU Holdco, Inc. (dba PurposeBuilt Brands)	First lien senior secured delayed draw term loan	4/2027	—		2,198		(5)
Anaplan, Inc.	First lien senior secured revolving loan	6/2028	—		784		(4)
Aptean Acquiror, Inc. (dba Aptean)	First lien senior secured revolving loan	1/2031	124		166		—
Arctic Holdco, LLC (dba Novvia Group)	First lien senior secured revolving loan	1/2031	10		47		—
Artifact Bidco, Inc. (dba Avetta)	First lien senior secured revolving loan	7/2030	—		220		—

Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)	First lien senior secured revolving loan	3/2031	—		238		(3)
Bayshore Intermediate #2, L.P. (dba Boomi)	First lien senior secured revolving loan	10/2027	234		112		—
BCPE Osprey Buyer, Inc. (dba PartsSource)	First lien senior secured revolving loan	8/2028	16		2		—

Bristol Hospice L.L.C.	First lien senior secured revolving loan	8/2032	—		348		—
By Light Professional IT Services LLC	First lien senior secured revolving loan	7/2031	144		217		—
Cambrex Corporation	First lien senior secured revolving loan	3/2032	29		73		—
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)	First lien senior secured revolving loan	2/2028	—		185		(3)
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)	First lien senior secured revolving loan	6/2029	—		60		—
CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.)	First lien senior secured revolving loan	1/2030	28		71		—
CivicPlus, LLC	First lien senior secured revolving loan	8/2030	—		101		(1)
Commander Buyer, Inc. (dba CenExel)	First lien senior secured revolving loan	6/2032	—		954		—

Crewline Buyer, Inc. (dba New Relic)	First lien senior secured revolving loan	11/2030	—		387		(8)

Table of Contents

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of September 30, 2026

(Amounts in thousands, except share amounts)

(Unaudited)


Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Unfunded
				Commitment	Fair Value(23)
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)	First lien senior secured revolving loan	8/2031	—	613	—
DCG ACQUISITION CORP. (dba DuBois Chemical)	First lien senior secured revolving loan	6/2031	—	429	(6)
Deerfield Dakota Holdings	First lien senior secured revolving loan	9/2032	358	664	—
Denali Intermediate Holdings, Inc. (dba Dun & Bradstreet)	First lien senior secured revolving loan	8/2032	213	497	—

DuraServ LLC	First lien senior secured revolving loan	6/2030	246	389	—
Eagle Family Foods Group LLC	First lien senior secured revolving loan	8/2030	—	76	—
EET Buyer, Inc. (dba e-Emphasys)	First lien senior secured revolving loan	11/2029	—	91	—
Einstein Parent, Inc. (dba Smartsheet)	First lien senior secured revolving loan	1/2031	—	28	—
Essential Services Holding Corporation (dba Turnpoint)	First lien senior secured revolving loan	6/2030	110	140	—
Eternal Buyer, LLC (dba Wedgewood Weddings)	First lien senior secured revolving loan	6/2032	—	651	(2)
Evolution BuyerCo, Inc. (dba SIAA)	First lien senior secured revolving loan	4/2030	—	10	—
Fiesta Purchaser, Inc. (dba Shearer's Foods)	First lien senior secured revolving loan	2/2029	336	772	—
Fortis Solutions Group, LLC	First lien senior secured revolving loan	10/2027	63	27	—

Gainsight, Inc.	First lien senior secured revolving loan	7/2027	—	376	(2)
Galls, LLC	First lien senior secured revolving loan	3/2030	—	478	—
Gaylord Chemical Company, L.L.C.	First lien senior secured revolving loan	12/2027	840	295	—
Gerson Lehrman Group, Inc.	First lien senior secured revolving loan	12/2028	—	349	(3)
GI Ranger Intermediate, LLC (dba Rectangle Health)	First lien senior secured revolving loan	10/2027	68	6	—
Granicus, Inc.	First lien senior secured revolving loan	1/2031	—	440	—
Hercules Borrower, LLC (dba The Vincit Group)	First lien senior secured revolving loan	12/2028	—	254	—
HGH Purchaser, Inc. (dba Horizon Services)	First lien senior secured revolving loan	11/2028	2,639	1,081	—
Hissho Parent, LLC	First lien senior secured revolving loan	5/2029	—	36	—
IG Investments Holdings, LLC (dba Insight Global)	First lien senior secured revolving loan	9/2028	—	202	—
Indigo Buyer, Inc. (dba Inovar Packaging Group)	First lien senior secured revolving loan	5/2028	—	46	—
Indikami Bidco, LLC (dba IntegriChain)	First lien senior secured revolving loan	6/2030	226	43	—
Integrity Marketing Acquisition, LLC	First lien senior secured revolving loan	8/2028	—	168	—
Interoperability Bidco, Inc. (dba Lyniate)	First lien senior secured revolving loan	3/2028	—	415	(1)
Klick Inc.	First lien senior secured revolving loan	11/2031	—	192	(1)
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)	First lien senior secured revolving loan	12/2029	—	591	—
Litera Bidco LLC	First lien senior secured revolving loan	5/2028	—	520	(7)
Maple Acquisition, LLC (dba Medicus)	First lien senior secured revolving loan	5/2030	—	153	—
Mario Purchaser, LLC (dba Len the Plumber)	First lien senior secured revolving loan	4/2028	27	28	—
MHE Intermediate Holdings, LLC (dba OnPoint Group)	First lien senior secured revolving loan	7/2027	1,071	714	—

Ministry Brands Holdings, LLC	First lien senior secured revolving loan	12/2027	—	68	(1)
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	—	889	(2)
National Dentex Labs LLC (fka Barracuda Dental LLC)	First lien senior secured revolving loan	9/2026	2,036	17	—
Natural Partners, LLC	First lien senior secured revolving loan	11/2030	—	32	—
NMI Acquisitionco, Inc. (dba Network Merchants)	First lien senior secured revolving loan	9/2028	32	11	—

Notorious Topco, LLC (dba Beauty Industry Group)	First lien senior secured revolving loan	12/2030	—	1,223	(18)
Offen, Inc.	First lien senior secured revolving loan	7/2029	—	244	—
Paris US Holdco, Inc. (dba Precinmac)	First lien senior secured revolving loan	12/2031	1	22	—
Patriot Acquisition TopCo S.À R.L. (dba Corza Health, Inc.)	First lien senior secured revolving loan	1/2028	—	556	—
PetVet Care Centers, LLC	First lien senior secured revolving loan	11/2029	837	1,255	—
Plasma Buyer LLC (dba PathGroup)*	First lien senior secured revolving loan	5/2028	83	—	—
Pluralsight, LLC	First lien senior secured revolving loan	8/2029	—	655	(119)
Puma Buyer, LLC (dba PANTHERx)	First lien senior secured revolving loan	3/2032	—	208	—

Table of Contents

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of September 30, 2026

(Amounts in thousands, except share amounts)

(Unaudited)


Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment		Unfunded
					Commitment		Fair Value(23)
QAD, Inc.	First lien senior secured revolving loan	11/2027	—		122		—
Quva Pharma, Inc.	First lien senior secured revolving loan	4/2028	—		1,182		(30)
Rhea Parent, Inc.	First lien senior secured revolving loan	12/2030	—		35		—
RL Datix Holdings (USA), Inc.	First lien senior secured revolving loan	10/2030	—		1,192		(12)
Salinger Bidco Inc. (dba Surgical Information Systems)	First lien senior secured revolving loan	5/2031	—		395		—
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)	First lien senior secured revolving loan	7/2027	997		3		—
Securonix, Inc.	First lien senior secured revolving loan	4/2028	68		85		—
Sensor Technology Topco, Inc. (dba Humanetics)	First lien senior secured revolving loan	5/2028	156		195		—
Severin Acquisition, LLC (dba PowerSchool)	First lien senior secured revolving loan	10/2031	—		37		(1)
SimonMed, Inc.	First lien senior secured revolving loan	2/2031	24		20		—
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	19		19		—
Soleo Holdings, Inc.	First lien senior secured revolving loan	2/2032	—		26		—
Sonny's Enterprises, LLC	First lien senior secured revolving loan	8/2027	1,096		56		—
Spaceship Purchaser, Inc. (dba Squarespace)	First lien senior secured revolving loan	10/2031	—		41		(1)
STS PARENT, LLC (dba STS Aviation Group)	First lien senior secured revolving loan	10/2030	297		58		—
SWK BUYER, Inc. (dba Stonewall Kitchen)	First lien senior secured revolving loan	3/2029	22		5		—
Tamarack Intermediate, L.L.C. (dba Verisk 3E)	First lien senior secured revolving loan	3/2029	—		46		—
TBRS, Inc. (dba TEAM Technologies)	First lien senior secured revolving loan	11/2030	2		23		—
Themis Solutions Inc. (dba Clio)	First lien senior secured revolving loan	10/2032	—		350		(3)
Thunder Purchaser, Inc. (dba Vector Solutions)	First lien senior secured revolving loan	6/2027	—		241		(1)

Unified Women's Healthcare, LP	First lien senior secured revolving loan	6/2029	—		39		—
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)	First lien senior secured revolving loan	12/2029	—		74		—
Valeris, Inc. (fka Phantom Purchaser, Inc.)	First lien senior secured revolving loan	9/2031	—		227		—
Vital Bidco AB (dba Vitamin Well)	First lien senior secured revolving loan	10/2030	—		899		—
Wipfli Advisory LLC	First lien senior secured revolving loan	10/2032	—		196		(1)
Wrench Group LLC	First lien senior secured revolving loan	9/2031	—		181		(1)
WU Holdco, Inc. (dba PurposeBuilt Brands)	First lien senior secured revolving loan	4/2032	—		684		(3)










































































Total non-controlled/non-affiliated - debt commitments			$	16,766	$	39,973	$	(572)
Non-controlled/non-affiliated - equity commitments
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC	Specialty finance equity investment	N/A	$	1,520	$	909	$	—
Percheron Horsepower-A LP (dba Big Brand Tire & Service)	LP Interest	N/A	1,470		86		—
Valor CI Blocker Feeder LP	LP Interest	N/A	402		69		—
Total non-controlled/non-affiliated - equity commitments			$	3,392	$	1,064	$	—
Non-controlled/affiliated - debt commitments
Swipe Acquisition Corporation (dba PLI)	First lien senior secured revolving loan	11/2027	$	2,506	$	358	$	—



Total non-controlled/affiliated - debt commitments			$	2,506	$	358	$	—
Controlled/affiliated - equity commitments
LSI Financing LLC	Specialty finance equity investment	N/A	$	—	$	1,980	$	—
Total controlled/affiliated - equity commitments			$	—	$	1,980	$	—
Total Portfolio Company Commitments			$	22,664	$	43,375	$	(572)

*Fully funded

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

(24)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 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, 2026, were as follows:

Table of Contents

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of September 30, 2026

(Amounts in thousands, except share amounts)

(Unaudited)


Company	Fair Value at December 31, 2025		Gross Additions(a)		Gross Reductions(b)		Net Change in Unrealized Gain/(Loss)		Realized Gain/(Loss)		Transfers		Fair Value at September 30, 2026		Other Income		Interest Income		Dividend Income
Non-Controlled Affiliates
LSI Financing LLC(c)	$	10,576	$	—	$	(10,829)	$	(792)	$	1,045	$	—	$	—	$	—	$	—	$	347
New PLI Holdings, LLC (dba PLI)	25,057		1,257		(365)		(30)		—		—		25,919		10		1,208		412
Walker Edison Furniture Company LLC	2,348		410		(2,590)		11,954		(12,122)		—		—		—		—		—
Total	$	37,981	$	1,667	$	(13,784)	$	11,132	$	(11,077)	$	—	$	25,919	$	10	$	1,208	$	759

Controlled Affiliates
Blue Owl Credit SLF LLC	$	247	$	—	$	—	$	(22)	$	—	$	—	$	225	$	—	$	—	$	17
Blue Owl Leasing LLC	90		—		—		(1)		—		—		89		—		—		1
Total	$	337	$	—	$	—	$	(23)	$	—	$	—	$	314	$	—	$	—	$	18

____________

(a)Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to 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.

(b)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.

(c)The affiliate was classified as controlled as of September 30, 2026.

(25)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 Facility. See “Note 5 — Debt.”

(26)Investment is not pledged as collateral for the credit facilities.

(27)As of September 30, 2026, the net estimated unrealized loss for U.S. federal income tax purposes was $69.1 million based on a tax cost basis of $0.7 billion. As of September 30, 2026, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $86.1 million and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $17.0 million.

(28)Investment was on non-accrual status as of September 30, 2026.

(29)Non-income producing investment, which does not have a stated rate of interest or a stated dividend return.

(30)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, 2026, the aggregate fair value of these securities is $67.2 million, or 13.7% 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, 2022

AAM Series 2.1 Aviation Feeder, LLC

Specialty finance equity investment

July, 2022

Amergin Asset Management, LLC

Specialty finance equity investment

July, 2022

Baypine Commander Co-Invest, LP

LP Interest

June, 2025

Bird Holding B.V. (fka MessageBird Holding B.V.)

Extended Series C Warrants

May, 2021

Blue Owl Credit SLF LLC

LLC Interest

August, 2024

Blue Owl Cross-Strategy Opportunities 2025-1 LLC (fka Blue Owl Cross-Strategy Opportunities LLC)

Specialty finance equity investment

September, 2025

Blue Owl Leasing LLC

LLC Interest

June, 2025

Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)

Common Units

October, 2021

CD&R Value Building Partners I, L.P. (dba Belron)

LP Interest

December, 2021

Equity NewCo S.A. (dba Netceed)

Common Equity

January, 2026

Evolution Parent, LP (dba SIAA)

LP Interest

April, 2021

Gloves Holdings, LP (dba Protective Industrial Products)

LP Interest

December, 2020

GoHealth, Inc.

Common stock

August, 2025

GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)

LP Interest

December, 2021

Hercules Buyer, LLC (dba The Vincit Group)

Common Units

December, 2020

Hissho Sushi Holdings, LLC

Class A Units

May, 2022

Table of Contents

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of September 30, 2026

(Amounts in thousands, except share amounts)

(Unaudited)

Portfolio Company

Investment

Acquisition Date

Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)

LP Interest

June, 2022

Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)

Perpetual Preferred Stock

June, 2022

KOBHG Holdings, L.P. (dba OB Hospitalist)

Class A Interests

September, 2021

KPCI Co-Invest 2, L.P.

Class A Units

November, 2020

KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)

Class A Interest

August, 2025

LSI Financing 1 DAC

Specialty finance equity investment

December, 2022

LSI Financing LLC

Specialty finance equity investment

July, 2025

Maia Aggregator, LP

Class A-2 Units

February, 2022

Minerva Holdco, Inc.

Senior A Preferred Stock

February, 2022

ModMed Software Midco Holdings, Inc. (dba ModMed)

Series A Preferred Units

April, 2025

New PLI Holdings, LLC (dba PLI)

Class A Common Units

December, 2020

Notorious Holding TopCo, LP (dba Beauty Industry Group)

LP Interest

December, 2025

Nscale Limited

Preferred equity

September, 2025

Nscale Global Holdings Limited

Series B Preferred Shares

September, 2025

Paradigmatic Holdco LLC (dba Pluralsight)

Common stock

August, 2024

Patriot Holdings SCSp (dba Corza Health, Inc.)

Class A Units

January, 2021

Patriot Holdings SCSp (dba Corza Health, Inc.)

Class B Units

January, 2021

Percheron Horsepower-A LP (dba Big Brand Tire & Service)

LP Interest

September, 2025

Project Alpine Co-Invest Fund, LP

LP Interest

June, 2022

Rhea Acquisition Holdings, LP

Series A-2 Units

February, 2022

Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers)

Series A Preferred Stock

November, 2023

Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)

Series A Preferred Stock

October, 2021

TCB Holdings I LLC (dba TricorBraun)

Class A Preferred Units

January, 2025

Thunder Topco L.P. (dba Vector Solutions)

Common Units

June, 2021

Valor CI Blocker Feeder LP

LP Interest

October, 2025

Windows Entities

LLC Units

January, 2020

WMC Bidco, Inc. (dba West Monroe)

Senior Preferred Stock

November, 2021

XOMA Corporation

Warrants

December, 2023

(31)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, 2026, non-qualifying assets represented 9.58% of total assets as calculated in accordance with the regulatory requirements.

(32)Reserved.

(33)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.

(34)Blue Owl Cross-Strategy Opportunities 2025-1 LLC (fka Blue Owl Cross-Strategy Opportunities LLC) (“BOCSO 2025”) was formed to hold 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, 2026, BOCSO 2025’s portfolio consists of six investments totaling $0.73 billion and $0.72 billion at cost and fair value, respectively, ranging in cost from $24.9 million to $187.4 million and with a fair value ranging from $24.9 million to $184.5 million. The largest investment is 26% of the total cost of BOCSO 2025's portfolio. As of September 30, 2026, BOCSO 2025’s portfolio asset class composition was 51% ABF - Specialty finance, 46% ABF - Leasing, and 3% ABF - Commercial Real Estate.

(35)The Company may be entitled to receive additional interest as a result of an arrangement with other lenders in the syndication. In exchange for the higher interest rate, the “last-out” portion is at a greater risk of loss.

(36)Investment is in payment default under the terms of the respective credit agreement.

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

Table of Contents

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(2)(27)		Fair Value		% of Net Assets

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+	5.25%		2/2031	$	19,341	$	19,220	$	19,341
								19,220		19,341		2.0	%
Aerospace and defense
Peraton Corp.(3)(9)	Second lien senior secured loan	S+	7.75%		2/2029	14,494		14,388		11,351
STS PARENT, LLC (dba STS Aviation Group)(3)(4)(9)	First lien senior secured loan	S+	5.00%		10/2031	7,503		7,468		7,428
STS PARENT, LLC (dba STS Aviation Group)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.00%		10/2030	599		594		590
								22,450		19,369		2.0	%
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	3,263		3,260		3,263
AAM Series 2.1 Aviation Feeder, LLC(3)(4)(6)(31)	Specialty finance debt investment	N/A		12.00%	11/2030	4,228		4,223		4,228
Hg Genesis 8 Sumoco Limited(3)(4)(19)(31)	Unsecured facility	SA+		7.50%	9/2027	£	1,135	1,432		1,526
Hg Genesis 9 SumoCo Limited(3)(4)(14)(31)	Unsecured facility	E+		6.25%	3/2029	€	1,128	1,200		1,325
Hg Saturn Luchaco Limited(3)(4)(19)(31)	Unsecured facility	SA+		8.25%	3/2027	£	9,162	11,687		12,323
								21,802		22,665		2.4	%



Buildings and real estate
Associations Finance, Inc.(3)(4)(6)	Unsecured notes	N/A		14.25%	5/2030	21,456		21,350		21,456
Associations, Inc.(3)(4)(9)(22)	First lien senior secured loan	S+	6.50%		7/2028	47,211		47,173		47,211
Wrench Group LLC(3)(4)(9)	First lien senior secured loan	S+	4.75%		9/2032	11,049		10,985		10,994
Wrench Group LLC(3)(4)(12)(22)	First lien senior secured revolving loan	P+	3.75%		9/2031	281		273		274
								79,781		79,935		8.4	%
Business services
DuraServ LLC(3)(4)(8)	First lien senior secured loan	S+	4.75%		6/2031	8,702		8,662		8,616
DuraServ LLC(3)(4)(8)(22)	First lien senior secured revolving loan	S+	4.75%		6/2030	159		154		147
Gainsight, Inc.(3)(4)(9)	First lien senior secured loan	S+	5.75%		7/2027	6,788		6,759		6,788
Hercules Borrower, LLC (dba The Vincit Group)(3)(4)(9)	First lien senior secured loan	S+	4.75%		12/2028	13,785		13,748		13,785
Hercules Buyer, LLC (dba The Vincit Group)(3)(4)(6)(33)	Unsecured notes	N/A		0.48%	12/2029	836		836		1,207
KPSKY Acquisition, Inc. (dba BluSky)(3)(4)(9)	First lien senior secured loan	S+	5.50%		10/2028	957		949		869
KPSKY Acquisition, Inc. (dba BluSky)(3)(4)(9)(22)	First lien senior secured delayed draw term loan	S+	5.75%		10/2028	1		—		(4)



								31,108		31,408		3.3	%
Chemicals
Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC)(3)(4)(8)	Second lien senior secured loan	S+	7.75%		11/2028	22,500		22,348		20,081
DCG ACQUISITION CORP. (dba DuBois Chemical)(3)(4)(9)(22)	First lien senior secured loan	S+	5.00%		6/2031	6,280		6,227		6,216
Gaylord Chemical Company, L.L.C.(3)(4)(9)	First lien senior secured loan	S+	5.75%		12/2027	24,178		24,147		24,117
Gaylord Chemical Company, L.L.C.(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.50%		12/2027	1,617		1,616		1,611
Rocket BidCo, Inc. (dba Recochem)(3)(4)(9)(31)	First lien senior secured loan	S+	4.75%		11/2030	22,073		21,718		22,073

								76,056		74,098		7.8	%

Table of Contents

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets
Consumer products
Conair Holdings LLC(3)(4)(8)	Second lien senior secured loan	S+	7.50%		5/2029	31,280	31,014	14,076
Feradyne Outdoors, LLC(3)(4)(9)(28)(29)	First lien senior secured loan	S+		6.75%	5/2028	699	677	472
Foundation Consumer Brands, LLC(3)(4)(9)	First lien senior secured loan	S+	5.00%		2/2029	3,843	3,802	3,824
Lignetics Investment Corp.(3)(4)(9)	First lien senior secured loan	S+	5.75%		11/2027	12,210	12,191	12,179
SWK BUYER, Inc. (dba Stonewall Kitchen)(3)(4)(9)	First lien senior secured loan	S+	5.25%		3/2029	728	720	706
WU Holdco, Inc. (dba PurposeBuilt Brands)(3)(4)(9)(22)	First lien senior secured loan	S+	4.75%		4/2032	11,228	11,201	11,228



							59,605	42,485	4.5	%
Containers and packaging
Arctic Holdco, LLC (dba Novvia Group)(3)(4)(9)(22)	First lien senior secured loan	S+	5.25%		1/2032	3,788	3,782	3,788
Arctic Holdco, LLC (dba Novvia Group)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.25%		1/2031	49	48	49
Ascend Buyer, LLC (dba PPC Flexible Packaging)(3)(4)(9)(22)	First lien senior secured loan	S+	5.25%		9/2028	791	787	791
Fortis Solutions Group, LLC(3)(4)(9)	First lien senior secured loan	S+	5.50%		10/2028	874	866	857
Fortis Solutions Group, LLC(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.30%		10/2027	26	26	24
Indigo Buyer, Inc. (dba Inovar Packaging Group)(3)(4)(9)(22)	First lien senior secured loan	S+	5.25%		5/2028	1,164	1,158	1,164
Pregis Topco LLC(3)(4)(8)	Second lien senior secured loan	S+	6.75%		8/2029	20,667	20,485	20,667
Pregis Topco LLC(3)(4)(8)	Second lien senior secured loan	S+	7.75%		8/2029	9,333	9,238	9,333
							36,390	36,673	3.9	%
Distribution
ABB/Con-cise Optical Group LLC(3)(4)(9)	First lien senior secured loan	S+	7.50%		2/2028	850	845	844
Endries Acquisition, Inc.(3)(4)(8)	First lien senior secured loan	S+	5.50%		12/2028	23,832	23,719	23,474
Offen, Inc.(3)(4)(9)	First lien senior secured loan	S+	5.00%		7/2030	4,077	4,039	4,036

							28,603	28,354	3.0	%
Education
Pluralsight, LLC(3)(4)(9)	First lien senior secured loan	S+	3.00%	1.50%	8/2029	3,985	3,985	3,906
Pluralsight, LLC(3)(4)(9)(28)	First lien senior secured loan	S+		7.50%	8/2029	4,573	4,439	3,739
Severin Acquisition, LLC (dba PowerSchool)(3)(4)(8)	First lien senior secured loan	S+	2.50%	2.25%	10/2031	762	756	753
Severin Acquisition, LLC (dba PowerSchool)(3)(4)(8)(22)	First lien senior secured delayed draw term loan	S+	4.75%		10/2031	33	32	32
							9,212	8,430	0.9	%
Energy equipment and services
Dresser Utility Solutions, LLC(3)(4)(8)	First lien senior secured loan	S+	5.25%		3/2029	10,129	10,056	10,129
							10,056	10,129	1.1	%
Financial services
Baker Tilly Advisory Group, LP(3)(4)(8)	First lien senior secured loan	S+	4.75%		6/2031	10,649	10,517	10,649
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)(3)(4)(8)(22)	First lien senior secured loan	S+	4.75%		6/2030	1,323	1,306	1,323
Continental Finance Company, LLC(3)(4)(8)	First lien senior secured loan	S+	8.00%		3/2029	875	868	868
Deerfield Dakota Holdings(3)(4)(9)	First lien senior secured loan	S+	3.00%	2.75%	9/2032	12,792	12,731	12,728
Finastra USA, Inc.(3)(4)(9)(31)	First lien senior secured loan	S+	7.25%		9/2029	1,032	1,023	1,040
KRIV Acquisition Inc. (dba Riveron)(3)(4)(9)(22)	First lien senior secured loan	S+	5.00%		7/2031	1,064	1,036	1,064

Table of Contents

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(2)(27)	Fair Value	% of Net Assets
Minotaur Acquisition, Inc. (dba Inspira Financial)(3)(4)(8)	First lien senior secured loan	S+	5.00%		6/2030	31,129		30,850	31,129
ML Holdco, Inc. (dba Meridian Link)(3)(4)(9)	First lien senior secured loan	S+	4.50%		10/2032	1,389		1,382	1,382
NMI Acquisitionco, Inc. (dba Network Merchants)(3)(4)(8)	First lien senior secured loan	S+	4.50%		9/2028	4,705		4,704	4,705
Smarsh Inc.(3)(4)(9)(22)	First lien senior secured loan	S+	4.75%		2/2029	1,032		1,027	1,027
Wipfli Advisory LLC(3)(4)(9)	First lien senior secured loan	S+	4.50%		10/2032	2,846		2,839	2,838
								68,283	68,753	7.2	%
Food and beverage
Balrog Acquisition, Inc. (dba Bakemark)(3)(4)(8)	Second lien senior secured loan	S+	7.00%		9/2029	5,000		4,977	4,025
BP Veraison Buyer, LLC (dba Sun World)(3)(4)(9)	First lien senior secured loan	S+	5.25%		5/2029	19,018		18,913	19,018
Eagle Family Foods Group LLC(3)(4)(10)	First lien senior secured loan	S+	5.00%		8/2030	1,618		1,605	1,618
Fiesta Purchaser, Inc. (dba Shearer's Foods)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	2.75%		2/2029	129		114	128
Gehl Foods, LLC(3)(4)(9)	First lien senior secured loan	S+		6.25%	6/2030	12,778		12,667	12,778
Hissho Parent, LLC(3)(4)(9)	First lien senior secured loan	S+	4.75%		5/2029	1,381		1,374	1,381
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(3)(4)(8)	First lien senior secured loan	S+	6.25%		3/2027	191		190	190
Rushmore Investment III LLC (dba Winland Foods)(3)(4)(9)	First lien senior secured loan	S+	5.00%		10/2030	44,882		44,525	44,882
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)(3)(4)(9)(22)	First lien senior secured loan	S+	5.00%		7/2027	5,771		5,756	5,740
Vital Bidco AB (dba Vitamin Well)(3)(4)(8)(31)	First lien senior secured loan	S+	4.25%		10/2031	4,736		4,679	4,736

								94,800	94,496	9.9	%
Healthcare equipment and services
Cambrex Corporation(3)(4)(8)(22)	First lien senior secured loan	S+	4.50%		3/2032	785		777	785
Creek Parent, Inc. (dba Catalent)(3)(4)(8)	First lien senior secured loan	S+	5.00%		12/2031	868		854	864
CSC MKG Topco LLC (dba Medical Knowledge Group)(3)(4)(8)	First lien senior secured loan	S+	5.50%		2/2029	824		815	824
Nelipak Holding Company(3)(4)(9)(22)	First lien senior secured loan	S+	5.50%		3/2031	4,127		4,074	4,061
Nelipak Holding Company(3)(4)(8)(22)	First lien senior secured revolving loan	S+	5.50%		3/2031	146		135	131
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.(3)(4)(14)	First lien senior secured EUR term loan	E+	5.50%		3/2031	€	6,082	6,508	7,036
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.(3)(4)(13)(22)	First lien senior secured EUR revolving loan	E+	5.50%		3/2031	€	39	37	38
Patriot Acquisition TopCo S.À R.L. (dba Corza Health, Inc.)(3)(4)(9)(22)(31)	First lien senior secured loan	S+	4.75%		1/2028	23,618		23,482	23,618
Rhea Parent, Inc.(3)(4)(9)	First lien senior secured loan	S+	5.00%		12/2030	789		786	781
TBRS, Inc. (dba TEAM Technologies)(3)(4)(9)	First lien senior secured loan	S+	4.75%		11/2031	795		791	791


								38,259	38,929	4.1	%
Healthcare providers and services
Allied Benefit Systems Intermediate LLC(3)(4)(9)	First lien senior secured loan	S+	5.00%		10/2030	2,949		2,949	2,934
Bristol Hospice L.L.C.(3)(4)(9)	First lien senior secured loan	S+	5.00%		08/2032	4,564		4,542	4,564
Commander Buyer, Inc. (dba CenExel)(3)(4)(9)	First lien senior secured loan	S+	4.75%		6/2032	6,445		6,412	6,445
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	17,589		17,477	17,589
KABAFUSION Parent, LLC(3)(4)(9)	First lien senior secured loan	S+	4.75%		11/2031	1,389		1,376	1,389

Table of Contents

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(2)(27)	Fair Value	% of Net Assets
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)(3)(4)(8)(22)	First lien senior secured loan	S+	5.00%		12/2029	6,703		6,629	6,687
Maple Acquisition, LLC (dba Medicus)(3)(4)(10)	First lien senior secured loan	S+	4.75%		5/2031	4,810		4,781	4,810
National Dentex Labs LLC (fka Barracuda Dental LLC)(3)(4)(9)(28)	First lien senior secured loan	S+		10.00%	4/2026	22,907		21,022	9,048
National Dentex Labs LLC (fka Barracuda Dental LLC)(3)(4)(9)(28)	First lien senior secured delayed draw term loan	S+		10.00%	1/2026	1,174		1,159	1,174
National Dentex Labs LLC (fka Barracuda Dental LLC)(3)(4)(9)(28)	First lien senior secured delayed draw term loan	S+		12.00%	4/2026	3,485		1,476	1,377
National Dentex Labs LLC (fka Barracuda Dental LLC)(3)(4)(9)(22)(28)	First lien senior secured revolving loan	S+	9.00%		4/2026	1,700		1,619	661
National Dentex Labs LLC (fka Barracuda Dental LLC)(3)(4)(9)(28)	First lien senior secured revolving loan	S+		9.00%	4/2026	127		—	50
Natural Partners, LLC(3)(4)(9)(31)	First lien senior secured loan	S+	4.50%		11/2030	2,188		2,168	2,188
OB Hospitalist Group, Inc.(3)(4)(8)	First lien senior secured loan	S+	5.25%		9/2027	20,666		20,503	20,666
Pacific BidCo Inc.(3)(4)(10)(31)	First lien senior secured loan	S+	5.75%		8/2029	2,030		2,004	2,024
PetVet Care Centers, LLC(3)(4)(8)	First lien senior secured loan	S+	6.00%		11/2030	14,977		14,862	13,479
PetVet Care Centers, LLC(3)(4)(8)(22)	First lien senior secured revolving loan	S+	6.00%		11/2029	209		196	—
Plasma Buyer LLC (dba PathGroup)(3)(4)(9)(28)	First lien senior secured loan	S+	5.75%		5/2029	695		654	539
Plasma Buyer LLC (dba PathGroup)(3)(4)(9)(28)	First lien senior secured delayed draw term loan	S+	6.25%		5/2029	26		25	20
Plasma Buyer LLC (dba PathGroup)(3)(4)(9)(28)	First lien senior secured revolving loan	S+	5.75%		5/2028	79		75	61
Premier Imaging, LLC (dba LucidHealth)(3)(4)(9)	First lien senior secured loan	S+	3.74%	2.26%	3/2026	8,766		8,760	7,889
Premise Health Holding Corp.(3)(4)(9)	First lien senior secured loan	S+	4.50%		11/2032	7,946		7,926	7,867
Quva Pharma, Inc.(3)(4)(9)	First lien senior secured loan	S+	2.75%	3.00%	4/2028	15,352		15,165	14,891
Quva Pharma, Inc.(3)(4)(9)	First lien senior secured loan	S+	2.75%	3.00%	4/2026	1,179		1,162	1,144
Quva Pharma, Inc.(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.50%		4/2026	875		873	839
SimonMed, Inc.(3)(4)(9)(22)	First lien senior secured loan	S+	4.75%		2/2032	854		851	848
SimonMed, Inc.(3)(4)(9)(22)	First lien senior secured revolving loan	S+	4.55%		2/2031	44		43	43
Soleo Holdings, Inc.(3)(4)(9)	First lien senior secured loan	S+	4.50%		2/2032	737		733	737
Tivity Health, Inc.(3)(4)(8)	First lien senior secured loan	S+	5.00%		6/2029	489		489	489
Unified Women's Healthcare, LP(3)(4)(9)	First lien senior secured loan	S+	5.00%		6/2029	11,463		11,397	11,463
Unified Women's Healthcare, LP(3)(4)(8)	First lien senior secured delayed draw term loan	S+	5.00%		6/2029	4,482		4,459	4,482
Valeris, Inc. (fka Phantom Purchaser, Inc.)(3)(4)(9)	First lien senior secured loan	S+	5.00%		9/2031	1,755		1,741	1,755
Vermont Aus Pty Ltd(3)(4)(17)(31)	First lien senior secured AUD term loan	B+	4.50%		3/2028	A$	1,284	848	856
								165,039	149,677	15.7	%
Healthcare technology
BCPE Osprey Buyer, Inc. (dba PartsSource)(3)(4)(9)	First lien senior secured loan	S+	5.75%		8/2028	579		575	574
BCPE Osprey Buyer, Inc. (dba PartsSource)(3)(4)(8)	First lien senior secured delayed draw term loan	S+	5.75%		8/2028	281		278	278
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	8,898		8,855	8,898
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)(3)(4)(8)	First lien senior secured loan	S+	4.75%		8/2031	1,234		1,228	1,228

Table of Contents

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(2)(27)	Fair Value	% of Net Assets
GI Ranger Intermediate, LLC (dba Rectangle Health)(3)(4)(9)	First lien senior secured loan	S+	6.00%		10/2028	889		881	862
GI Ranger Intermediate, LLC (dba Rectangle Health)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	6.00%		10/2027	10		9	8
Indikami Bidco, LLC (dba IntegriChain)(3)(4)(8)	First lien senior secured loan	S+	4.00%	2.50%	12/2030	2,819		2,772	2,763
Indikami Bidco, LLC (dba IntegriChain)(3)(4)(8)	First lien senior secured delayed draw term loan	S+	6.00%		12/2030	43		43	42
Indikami Bidco, LLC (dba IntegriChain)(3)(4)(8)(22)	First lien senior secured revolving loan	S+	6.00%		6/2030	205		201	199
Inovalon Holdings, Inc.(3)(4)(9)	First lien senior secured loan	S+	2.75%	2.75%	11/2028	18,205		18,182	17,841
Inovalon Holdings, Inc.(3)(4)(9)	Second lien senior secured loan	S+		8.50%	11/2033	7,764		7,764	7,143
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(3)(4)(9)(31)	First lien senior secured loan	S+	6.50%		8/2026	40,787		40,717	40,787
Interoperability Bidco, Inc. (dba Lyniate)(3)(4)(9)(22)	First lien senior secured loan	S+	5.75%		3/2028	14,580		14,551	14,502
Klick Inc.(3)(4)(8)(31)	First lien senior secured loan	S+	5.00%		11/2032	7,830		7,791	7,791
Modernizing Medicine, Inc. (dba ModMed)(3)(4)(9)	First lien senior secured loan	S+	2.50%	2.25%	4/2032	772		765	768
RL Datix Holdings (USA), Inc.(3)(4)(10)	First lien senior secured loan	S+	5.00%		4/2031	7,206		7,206	7,206
RL Datix Holdings (USA), Inc.(3)(4)(19)	First lien senior secured GBP term loan	SA+	5.00%		4/2031	£	3,337	4,503	4,488
Salinger Bidco Inc. (dba Surgical Information Systems)(3)(4)(9)	First lien senior secured loan	S+	5.75%		8/2031	5,086		5,021	5,086
Salinger Bidco Inc. (dba Surgical Information Systems)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.75%		5/2031	41		35	41
								121,420	120,548	12.7	%
Household products
HGH Purchaser, Inc. (dba Horizon Services)(3)(4)(9)	First lien senior secured loan	S+	3.25%	3.75%	11/2028	35,653		35,481	32,890
HGH Purchaser, Inc. (dba Horizon Services)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	6.50%		11/2028	2,417		2,412	2,129
Mario Midco Holdings, Inc. (dba Len the Plumber)(3)(4)(9)	Unsecured facility	S+		10.75%	4/2032	254		250	241
Mario Purchaser, LLC (dba Len the Plumber)(3)(4)(9)	First lien senior secured loan	S+	5.75%		4/2029	793		785	763
Mario Purchaser, LLC (dba Len the Plumber)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.75%		4/2028	50		50	48

								38,978	36,071	3.8	%
Human resource support services
Cornerstone OnDemand, Inc.(3)(4)(8)	Second lien senior secured loan	S+	6.50%		10/2029	16,667		16,525	15,000
IG Investments Holdings, LLC (dba Insight Global)(3)(4)(9)	First lien senior secured loan	S+	5.00%		9/2028	9,011		9,011	9,011
								25,536	24,011	2.5	%
Infrastructure and environmental services
CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.)(3)(4)(9)(22)	First lien senior secured loan	S+	5.00%		1/2031	7,645		7,576	7,645
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(3)(4)(9)(22)	First lien senior secured loan	S+	5.00%		3/2029	861		853	861
VCI Asset Holdings 1 LLC(3)(4)(6)(31)	First lien senior secured loan	N/A	10.00%		11/2030	10,000		9,902	9,900



								18,331	18,406	1.9	%
Insurance
Brightway Holdings, LLC(3)(4)(8)(22)	First lien senior secured loan	S+	5.75%		12/2027	5,257		5,229	5,257
Brightway Holdings, LLC(3)(4)(9)(22)	First lien senior secured delayed draw term loan	S+	5.75%		12/2027	1,792		1,781	1,792

Table of Contents

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets
Diamond Mezzanine 24 LLC (dba United Risk)(3)(4)(9)(22)	First lien senior secured loan	S+	5.00%		10/2030	997	992	997
Evolution BuyerCo, Inc. (dba SIAA)(3)(4)(9)	First lien senior secured loan	S+	4.75%		4/2030	941	933	941
Galway Borrower LLC(3)(4)(9)(22)	First lien senior secured delayed draw term loan	S+	4.50%		9/2028	351	349	351
Integrity Marketing Acquisition, LLC(3)(4)(9)	First lien senior secured loan	S+	5.00%		8/2028	4,453	4,435	4,453
KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners)(3)(4)(8)	First lien senior secured loan	S+		10.60%	7/2030	2,111	2,096	2,111
Norvax, LLC (dba GoHealth)(3)(4)(9)(28)	First lien senior secured loan	S+	5.50%		11/2029	539	515	309
Norvax, LLC (dba GoHealth)(3)(4)(9)(28)	First lien senior secured revolving loan	S+	4.50%	7.11%	8/2029	879	369	—
Simplicity Financial Marketing Group Holdings, Inc.(3)(4)(9)(22)	First lien senior secured loan	S+	4.75%		12/2031	800	792	800
THG Acquisition, LLC (dba Hilb)(3)(4)(8)(22)	First lien senior secured loan	S+	4.75%		10/2031	5,021	4,972	4,978
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(3)(4)(8)	First lien senior secured loan	S+	5.00%		12/2029	1,617	1,611	1,617


							24,074	23,606	2.5	%
Internet software and services
Anaplan, Inc.(3)(4)(9)	First lien senior secured loan	S+	4.50%		6/2029	3,431	3,431	3,431
Aptean Acquiror, Inc. (dba Aptean)(3)(4)(9)	First lien senior secured loan	S+	4.75%		1/2031	4,578	4,542	4,578
Aptean Acquiror, Inc. (dba Aptean)(3)(4)(8)(22)	First lien senior secured revolving loan	S+	4.65%		1/2031	104	101	104
Artifact Bidco, Inc. (dba Avetta)(3)(4)(9)	First lien senior secured loan	S+	4.15%		7/2031	1,550	1,543	1,550
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)(3)(4)(8)	First lien senior secured loan	S+	6.00%		3/2031	2,137	2,112	2,137
Bayshore Intermediate #2, L.P. (dba Boomi)(3)(4)(9)	First lien senior secured loan	S+	2.50%	3.00%	10/2028	4,940	4,940	4,940
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%		12/2028	11,311	11,289	11,311
BCTO WIW Holdings, Inc. (dba When I Work)(3)(4)(6)	Senior convertible notes	N/A		5.50%	8/2030	203	201	201
By Light Professional IT Services LLC(3)(4)(8)	First lien senior secured loan	S+	5.50%		7/2031	4,764	4,697	4,693
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(3)(4)(9)(22)	First lien senior secured loan	S+	5.50%		8/2027	2,943	2,919	2,882
CivicPlus, LLC(3)(4)(9)	First lien senior secured loan	S+	3.25%	2.75%	8/2030	3,267	3,252	3,267
CivicPlus, LLC(3)(4)(9)(22)	First lien senior secured delayed draw term loan	S+	5.50%		8/2030	360	358	360
CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC)(3)(4)(10)	Unsecured notes	S+		11.75%	6/2034	394	391	394
Crewline Buyer, Inc. (dba New Relic)(3)(4)(9)	First lien senior secured loan	S+	6.75%		11/2030	4,702	4,647	4,666
Delinea Buyer, Inc. (f/k/a Centrify)(3)(4)(9)	First lien senior secured loan	S+	5.75%		3/2028	17,114	16,939	17,114
Denali Intermediate Holdings, Inc. (dba Dun & Bradstreet)(3)(4)(8)	First lien senior secured loan	S+	5.50%		8/2032	8,864	8,736	8,731
EET Buyer, Inc. (dba e-Emphasys)(3)(4)(9)	First lien senior secured loan	S+	5.25%		11/2027	875	872	875
Einstein Parent, Inc. (dba Smartsheet)(3)(4)(9)	First lien senior secured loan	S+	6.50%		1/2031	906	898	899
Granicus, Inc.(3)(4)(9)	First lien senior secured loan	S+	3.50%	2.00%	1/2031	3,972	3,942	3,972
Granicus, Inc.(3)(4)(9)	First lien senior secured delayed draw term loan	S+	3.00%	2.00%	1/2031	588	584	587

Table of Contents

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets
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	14,472	14,445	14,472
Hyland Software, Inc.(3)(4)(9)	First lien senior secured loan	S+	5.00%		9/2030	1,764	1,764	1,764
Litera Bidco LLC(3)(4)(8)(22)	First lien senior secured loan	S+	5.00%		5/2028	26,571	26,487	26,571
MINDBODY, Inc.(3)(4)(9)	First lien senior secured loan	S+	6.00%		9/2027	10,945	10,915	10,945
Ministry Brands Holdings, LLC(3)(4)(8)	First lien senior secured loan	S+	5.50%		12/2028	749	741	743
Ministry Brands Holdings, LLC(3)(4)(12)(22)	First lien senior secured revolving loan	P+	4.50%		12/2027	6	5	5
PDI TA Holdings, Inc.(3)(4)(9)(22)	First lien senior secured loan	S+	5.50%		2/2031	5,198	5,135	5,132
QAD, Inc.(3)(4)(8)	First lien senior secured loan	S+	4.75%		11/2027	4,363	4,363	4,363
Securonix, Inc.(3)(4)(9)	First lien senior secured loan	S+	3.50%	3.75%	4/2029	880	875	794
Spaceship Purchaser, Inc. (dba Squarespace)(3)(4)(9)	First lien senior secured loan	S+	3.75%		10/2031	517	517	517
Themis Solutions Inc. (dba Clio)(3)(4)(8)(31)	First lien senior secured loan	S+	1.75%	3.75%	10/2032	986	977	977
Thunder Purchaser, Inc. (dba Vector Solutions)(3)(4)(9)	First lien senior secured loan	S+	5.25%		6/2028	14,436	14,378	14,436
							157,097	157,513	16.6	%
Leisure and entertainment
Aerosmith Bidco 1 Limited (dba Audiotonix)(3)(4)(9)(31)	First lien senior secured loan	S+	5.25%		7/2031	26,657	26,368	26,657
Eternal Buyer, LLC (dba Wedgewood Weddings)(3)(4)(8)	First lien senior secured loan	S+	4.50%		6/2032	4,008	3,989	3,988
Troon Golf, L.L.C.(3)(4)(9)(22)	First lien senior secured loan	S+	4.50%		8/2028	8,623	8,618	8,623
							38,975	39,268	4.1	%
Manufacturing
Faraday Buyer, LLC (dba MacLean Power Systems)(3)(4)(9)	First lien senior secured loan	S+	6.00%		10/2028	17,567	17,348	17,567
FR Flow Control CB LLC (dba Trillium Flow Technologies)(3)(4)(9)(31)	First lien senior secured loan	S+	5.00%		12/2029	726	721	726
Loparex Midco B.V.(3)(4)(9)	First lien senior secured loan	S+	8.75%		02/2027	197	197	198
Loparex Midco B.V.(3)(4)(9)	First lien senior secured loan	S+	4.50%		7/2027	1,031	970	1,031
Loparex Midco B.V.(3)(4)(9)	Second lien senior secured loan	S+	8.75%		7/2027	28,000	27,457	24,430
Loparex Midco B.V.(3)(4)(9)	Second lien senior secured loan	S+	8.50%		7/2027	5,250	5,250	4,948
MHE Intermediate Holdings, LLC (dba OnPoint Group)(3)(4)(9)(22)	First lien senior secured loan	S+	6.00%		7/2027	9,783	9,751	9,512
Sonny's Enterprises, LLC(3)(4)(9)	First lien senior secured loan	S+	5.50%		8/2028	46,349	45,984	46,117
Sonny's Enterprises, LLC(3)(4)(9)(22)	First lien senior secured delayed draw term loan	S+	6.50%		8/2028	2,003	1,976	2,003
Sonny's Enterprises, LLC(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.50%		8/2027	1,133	1,114	1,119


							110,768	107,651	11.3	%
Pharmaceuticals
Puma Buyer, LLC (dba PANTHERx)(3)(4)(9)	First lien senior secured loan	S+	4.25%		3/2032	1,213	1,205	1,213
							1,205	1,213	0.1	%
Professional services
Essential Services Holding Corporation (dba Turnpoint)(3)(4)(9)	First lien senior secured loan	S+	5.00%		6/2031	3,128	3,102	3,073
Essential Services Holding Corporation (dba Turnpoint)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.00%		6/2030	153	151	147
Gerson Lehrman Group, Inc.(3)(4)(9)	First lien senior secured loan	S+	5.00%		12/2028	10,366	10,314	10,366
Guidehouse Inc.(3)(4)(8)	First lien senior secured loan	S+	4.75%		12/2030	936	936	927
Paris US Holdco, Inc. (dba Precinmac)(3)(4)(8)(22)	First lien senior secured loan	S+	4.75%		12/2031	723	715	721

Table of Contents

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(2)(27)		Fair Value		% of Net Assets
Relativity ODA LLC(3)(4)(8)	First lien senior secured loan	S+	4.50%		5/2029	19,162		19,104		19,162
Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(9)	First lien senior secured loan	S+	6.50%		5/2028	11,765		11,748		11,765
Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(14)	First lien senior secured EUR term loan	E+	6.75%		5/2028	€	2,009	2,181		2,359
Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(9)	First lien senior secured delayed draw term loan	S+	6.94%		5/2028	225		225		225
Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(8)(22)	First lien senior secured revolving loan	S+	6.50%		5/2028	323		322		323
Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(14)	First lien senior secured EUR delayed draw term loan	E+	7.25%		5/2028	€	46	49		54
Vensure Employer Services, Inc.(3)(4)(9)	First lien senior secured loan	S+	5.00%		9/2031	976		967		966
								49,814		50,088		5.3	%
Specialty retail
Galls, LLC(3)(4)(9)(22)	First lien senior secured loan	S+	6.00%		3/2030	21,255		20,979		21,255
Milan Laser Holdings LLC(3)(4)(9)	First lien senior secured loan	S+	5.00%		4/2027	22,002		21,945		21,452
Notorious Holdings LLC (dba Beauty Industry Group)(3)(4)(9)	First lien senior secured loan	S+		9.00%	12/2031	2,935		2,906		2,905
Notorious Topco, LLC (dba Beauty Industry Group)(3)(4)(9)	First lien senior secured loan	S+		7.25%	12/2030	6,114		6,087		6,084
The Shade Store, LLC(3)(4)(9)	First lien senior secured loan	S+		6.00%	10/2029	1,367		1,068		1,067



								52,985		52,763		5.6	%
Telecommunications
EOS Finco S.A.R.L(3)(9)(28)(31)	First lien senior secured loan	S+		6.00%	10/2029	11,148		8,558		2,756



								8,558		2,756		0.3	%
Transportation
Lytx, Inc.(3)(4)(8)	First lien senior secured loan	S+	5.00%		2/2028	23,668		23,668		23,668
								23,668		23,668		2.5	%
Total non-controlled/non-affiliated debt investments								$	1,432,073	$	1,382,304	145.4	%
Total non-controlled/non-affiliated misc. debt commitments(22)(23)(Note 7)								$	(389)	$	(282)	—	%
Total non-controlled/non-affiliated portfolio company debt investments								$	1,431,684	$	1,382,022	145.4	%

Equity Investments
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	1,473		1,476		1,931
AAM Series 2.1 Aviation Feeder, LLC(3)(4)(29)(30)(31)	Specialty finance equity investment	N/A			N/A	1,634		1,636		2,589
Amergin Asset Management, LLC(3)(4)(29)(30)	Specialty finance equity investment	N/A			N/A	50,000,000		—		2,137
Blue Owl Cross-Strategy Opportunities 2025-1 LLC (fka Blue Owl Cross-Strategy Opportunities LLC)(3)(5)(26)(30)(31)(34)	Specialty finance equity investment	N/A			N/A	6,493		6,493		6,481
								9,605		13,138		1.4	%
Automotive services
CD&R Value Building Partners I, L.P. (dba Belron)(3)(5)(29)(30)(31)	LP Interest	N/A			N/A	1,121		1,089		1,492
Metis HoldCo, Inc. (dba Mavis Tire Express Services)(3)(4)(6)(30)	Series A Convertible Preferred Stock	N/A		7.00%	N/A	32,308		44,102		44,653
Percheron Horsepower-A LP (dba Big Brand Tire & Service)(3)(5)(22)(29)(30)(31)	Limited Partner Interest	N/A			N/A	1,336		1,340		1,608
								46,531		47,753		5.0	%
Buildings and real estate
Dodge Construction Network Holdings, L.P.(3)(4)(29)(30)	Class A-2 Common Units	N/A			N/A	431,889		368		52

Table of Contents

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets
Dodge Construction Network Holdings, L.P.(3)(4)(6)(30)	Series A Preferred Units	N/A		8.25%	N/A	0	9	6
							377	58	—	%
Business services



Hercules Buyer, LLC (dba The Vincit Group)(3)(4)(29)(30)(33)	Common Units	N/A			N/A	350,000	352	505
Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)(3)(4)(10)(30)	Perpetual Preferred Stock	S+		10.75%	N/A	252	348	346
							700	851	0.1	%
Consumer products
ASP Conair Holdings LP(3)(4)(29)(30)	Class A Units	N/A			N/A	12,857	1,286	209
							1,286	209	—	%
Containers and packaging
TCB Holdings I LLC (dba TricorBraun)(3)(4)(6)(30)	Class A Preferred Units	N/A		14.00%	N/A	1,000	1,103	1,059
							1,103	1,059	0.1	%
Education
Paradigmatic Holdco LLC (dba Pluralsight)(3)(4)(29)(30)	Common stock	N/A			N/A	1,309,529	3,475	—
							3,475	—	—	%
Food and beverage
Hissho Sushi Holdings, LLC(3)(4)(29)(30)	Class A Units	N/A			N/A	7,502	34	95
							34	95	—	%
Healthcare equipment and services
KPCI Co-Invest 2, L.P.(3)(4)(29)(30)(31)	Class A Units	N/A			N/A	32,182	322	322
Maia Aggregator, LP(3)(4)(29)(30)	Class A-2 Units	N/A			N/A	112,360	112	117
Patriot Holdings SCSp (dba Corza Health, Inc.)(3)(4)(6)(30)(31)	Class A Units	N/A		8.00%	N/A	1,515	2,201	2,190
Patriot Holdings SCSp (dba Corza Health, Inc.)(3)(4)(29)(30)(31)	Class B Units	N/A			N/A	20,867	28	152
Rhea Acquisition Holdings, LP(3)(4)(29)(30)	Series A-2 Units	N/A			N/A	119,048	119	122
							2,782	2,903	0.3	%
Healthcare providers and services
Baypine Commander Co-Invest, LP(3)(4)(29)(30)(31)	LP Interest	N/A			N/A	352,409	354	386
KOBHG Holdings, L.P. (dba OB Hospitalist)(3)(4)(29)(30)	Class A Interests	N/A			N/A	1,291	1,291	1,525
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	1,721	2,286	1,916
XOMA Corporation(3)(4)(29)(30)	Warrants	N/A			N/A	1,800	12	18
							4,244	4,263	0.4	%
Healthcare technology
Minerva Holdco, Inc.(3)(4)(6)(30)	Senior A Preferred Stock	N/A		10.75%	N/A	1,000	1,505	1,506
ModMed Software Midco Holdings, Inc. (dba ModMed)(3)(4)(6)(30)	Series A Preferred Units	N/A		13.00%	N/A	170	181	182
							1,686	1,688	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	5,500	8,388	7,176
							8,388	7,176	0.8	%
Infrastructure and environmental services

Table of Contents

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(2)(27)		Fair Value		% of Net Assets
Valor Compute Infrastructure L.P.(3)(4)(22)(29)(30)(31)	LP Interest	N/A			N/A	$	175	175		175
VCI Intermediate TopCo 1 LLC(3)(4)(29)(30)(31)	Class B Units	N/A			N/A	$	500	500		500
								675		675		0.1	%
Insurance
Evolution Parent, LP (dba SIAA)(3)(4)(29)(30)	LP Interest	N/A			N/A	8,919		892		1,152
Fifth Season Investments LLC(3)(4)(30)	Specialty finance equity investment	N/A			N/A	1		5,976		6,444
GoHealth, Inc.(3)(4)(29)(30)	Common stock	N/A			N/A	7,413		41		—
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)(3)(4)(29)(30)	LP Interest	N/A			N/A	12,494		127		131
								7,036		7,727		0.8	%
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	25,540		157		28
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(3)(4)(29)(30)	Common Units	N/A			N/A	1,345,119		1,345		2,257
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)(3)(4)(29)(30)(31)	LP Interest	N/A			N/A	32		32		42
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	1,067		405		405
Project Alpine Co-Invest Fund, LP(3)(4)(29)(30)(31)	LP Interest	N/A			N/A	1,000		1,001		1,313
Thunder Topco L.P. (dba Vector Solutions)(3)(4)(29)(30)	Common Units	N/A			N/A	819,817		820		975
VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.)(3)(4)(6)(30)	Series A Preferred Stock	N/A		12.00%	N/A	3,750		4,899		5,548
WMC Bidco, Inc. (dba West Monroe)(3)(4)(6)(30)	Senior Preferred Stock	N/A		11.25%	N/A	2,385		3,744		3,738

								13,011		14,914		1.6	%
Manufacturing
Gloves Holdings, LP (dba Protective Industrial Products)(3)(4)(29)(30)	LP Interest	N/A			N/A	8,523		936		1,321

Windows Entities(3)(4)(30)(32)	LLC Units	N/A			N/A	10,615		20,107		46,211
								21,043		47,532		5.0	%
Pharmaceuticals
LSI Financing 1 DAC(3)(4)(30)(31)	Specialty finance equity investment	N/A			N/A	204		207		202
								207		202		—	%
Specialty retail
Notorious Purchaser II, Inc. (dba Beauty Industry Group)(3)(4)(29)(30)	Class B Common Stock	N/A			N/A	489		5,967		5,967
								5,967		5,967		0.6	%
Total non-controlled/non-affiliated portfolio company equity investments								$	128,150	$	156,210	16.4	%
Total non-controlled/non-affiliated portfolio company investments								$	1,559,834	$	1,538,232	161.9	%

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	8,972		8,969		8,972
Swipe Acquisition Corporation (dba PLI)(3)(4)(8)(22)(24)	First lien senior secured loan	S+	5.00%		11/2027	5,261		5,232		5,248
								14,201		14,220		1.5	%

Table of Contents

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units	Amortized Cost(2)(27)		Fair Value		% of Net Assets
Household products
Walker Edison Furniture Company LLC(3)(4)(9)(22)(24)(28)	First lien senior secured loan	S+		6.75%	3/2027	7,953	5,116		77
Walker Edison Furniture Company LLC(3)(4)(6)(22)(24)(28)	First lien senior secured loan	N/A	10.00%		2/2026	2,251	2,190		2,271
Walker Edison Furniture Company LLC(3)(4)(9)(22)(24)(28)	First lien senior secured revolving loan	S+		6.25%	3/2027	2,247	2,247		0
							$	9,553	$	2,348	0.2	%
Total non-controlled/affiliated portfolio company debt investments							$	23,754	$	16,568	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	10,755	5,952		10,837
							5,952		10,837		1.1	%
Household products
Walker Edison Holdco LLC(3)(4)(24)(29)(30)	Common Units	N/A			N/A	49,159	4,750		—
							4,750		—		—	%
Pharmaceuticals
LSI Financing LLC(3)(5)(22)(24)(30)(31)	Specialty finance equity investment	N/A			N/A	9,783	9,783		10,576
							9,783		10,576		1.1	%
Total non-controlled/affiliated portfolio company equity investments							$	20,485	$	21,413	2.3	%
Total non-controlled/affiliated portfolio company investments							$	44,239	$	37,981	4.0	%

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	244	244		247
Blue Owl Leasing LLC(3)(5)(24)(26)(30)(31)	LLC Interest	N/A			N/A	90	90		90
							334		337
Total controlled/affiliated equity investments							$	334	$	337	—	%
Total controlled/affiliated portfolio company investments							$	334	$	337	—	%
Total Investments							$	1,604,407	$	1,576,550	165.9	%

_______________

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

(2)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.

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

(5)Investment measured at NAV.

(6)Investment contains a fixed-rate structure.

(8)The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2025 was 3.69%.

(9)The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2025 was 3.65%.

(10)The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2025 was 3.57%.

Table of Contents

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)

(11)The interest rate on these loans is subject to 12 month SOFR, which as of December 31, 2025 was 3.42%.

(12)The interest rate on these loans is subject to Prime, which as of December 31, 2025 was 6.75%.

(13)The interest rate on this loan is subject to 1 month EURIBOR, which as of December 31, 2025 was 1.94%.

(14)The interest rate on this loan is subject to 3 month EURIBOR, which as of December 31, 2025 was 2.03%.

(15)Reserved. .

(16)Reserved. .

(17)The interest rate on these loans is subject to 3 month BBSY, which as of December 31, 2025 was 3.74%.

(18)Reserved.

(19)The interest rate on this loan is subject to SONIA, which as of December 31, 2025 was 3.73%.

(20)Reserved.

(21)Reserved.

(22)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.”


					Unfunded
Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment		Commitment		Fair Value(23)
Non-controlled/non-affiliated - debt commitments
Aerosmith Bidco 1 Limited (dba Audiotonix)	First lien senior secured delayed draw term loan	7/2027	$	—	$	9,732	$	—
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	1,530		2,041		—
Brightway Holdings, LLC	First lien senior secured delayed draw term loan	1/2027	1,792		569		—
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	1/2027	4		295		—
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)	First lien senior secured delayed draw term loan	6/2026	67		82		—
CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.)	First lien senior secured delayed draw term loan	9/2027	71		1,229		—
CivicPlus, LLC	First lien senior secured delayed draw term loan	5/2027	360		250		—
Commander Buyer, Inc. (dba CenExel)	First lien senior secured delayed draw term loan	6/2027	—		1,762		—
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	666		273		—
DuraServ LLC	First lien senior secured delayed draw term loan	11/2027	—		1,921		(10)
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		(8)
Eternal Buyer, LLC (dba Wedgewood Weddings)	First lien senior secured delayed draw term loan	6/2027	—		804		—
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	4,458		877		—
Galway Borrower LLC	First lien senior secured delayed draw term loan	7/2026	317		1,236		—
Hercules Borrower, LLC (dba The Vincit Group)	First lien senior secured delayed draw term loan	12/2028	—		757		—
Indigo Buyer, Inc. (dba Inovar Packaging Group)	First lien senior secured delayed draw term loan	7/2026	77		143		—
Integrity Marketing Acquisition, LLC	First lien senior secured delayed draw term loan	8/2026	—		283		—
Interoperability Bidco, Inc. (dba Lyniate)	First lien senior secured delayed draw term loan	6/2026	—		952		(5)
Klick Inc.	First lien senior secured delayed draw term loan	11/2027	—		835		(2)
KPSKY Acquisition, Inc. (dba BluSky)	First lien senior secured delayed draw term loan	10/2028	1		58		—
KRIV Acquisition Inc. (dba Riveron)	First lien senior secured delayed draw term loan	9/2027	—		216		—
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)	First lien senior secured delayed draw term loan	8/2027	2,406		54		—
Litera Bidco LLC	First lien senior secured delayed draw term loan	11/2026	5,434		479		—
Litera Bidco LLC	First lien senior secured delayed draw term loan	5/2027	—		2,487		—
Maple Acquisition, LLC (dba Medicus)	First lien senior secured delayed draw term loan	5/2026	—		1,069		—
ML Holdco, Inc. (dba Meridian Link)	First lien senior secured delayed draw term loan	10/2027	—		361		(1)

Table of Contents

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


				Unfunded
Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Commitment	Fair Value(23)
Monotype Imaging Holdings Inc.	First lien senior secured delayed draw term loan	2/2026	410	1,187	—
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.	First lien senior secured EUR delayed draw term loan	3/2027	—	2,799	(21)
Nelipak Holding Company	First lien senior secured delayed draw term loan	3/2027	806	495	—
Paris US Holdco, Inc. (dba Precinmac)	First lien senior secured delayed draw term loan	12/2026	—	186	—
Pluralsight, LLC	First lien senior secured delayed draw term loan	8/2029	—	1,637	(33)
RL Datix Holdings (USA), Inc.	First lien senior secured delayed draw term loan	4/2027	—	1,625	—
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	33	124	—
SimonMed, Inc.	First lien senior secured delayed draw term loan	2/2027	101	44	—
Simplicity Financial Marketing Group Holdings, Inc.	First lien senior secured delayed draw term loan	12/2026	91	99	—
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	6/2027	2,003	2,288	—
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	—	2,100	(11)
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	—
Themis Solutions Inc. (dba Clio)	First lien senior secured delayed draw term loan	10/2027	—	420	(4)
THG Acquisition, LLC (dba Hilb)	First lien senior secured delayed draw term loan	10/2026	303	740	—
Troon Golf, L.L.C.	First lien senior secured delayed draw term loan	9/2026	619	625	—
Unified Women's Healthcare, LP	First lien senior secured delayed draw term loan	9/2027	—	808	—
Vensure Employer Services, Inc.	First lien senior secured delayed draw term loan	9/2026	—	16	—
Wipfli Advisory LLC	First lien senior secured delayed draw term loan	4/2028	—	1,067	(2)
Wrench Group LLC	First lien senior secured delayed draw term loan	9/2027	—	1,507	—
WU Holdco, Inc. (dba PurposeBuilt Brands)	First lien senior secured delayed draw term loan	4/2027	—	2,720	—
Aerosmith Bidco 1 Limited (dba Audiotonix)	First lien senior secured revolving loan	7/2030	—	4,116	—
Anaplan, Inc.	First lien senior secured revolving loan	6/2028	—	972	—
Aptean Acquiror, Inc. (dba Aptean)	First lien senior secured revolving loan	1/2031	104	260	—
Arctic Holdco, LLC (dba Novvia Group)	First lien senior secured revolving loan	1/2031	49	222	—
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	15	91	—
Associations, Inc.	First lien senior secured revolving loan	7/2028	—	2,873	—
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	—	1,975	—
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	12/2028	—	1,527	—
BP Veraison Buyer, LLC (dba Sun World)	First lien senior secured revolving loan	5/2029	—	3,868	—
Brightway Holdings, LLC	First lien senior secured revolving loan	12/2027	174	352	—
Bristol Hospice L.L.C.	First lien senior secured revolving loan	8/2032	—	436	—
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	6	96	—
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)	First lien senior secured revolving loan	8/2027	23	162	—
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	—
Commander Buyer, Inc. (dba CenExel)	First lien senior secured revolving loan	6/2032	—	1,175	—
Creek Parent, Inc. (dba Catalent)	First lien senior secured revolving loan	12/2031	—	126	(1)

Table of Contents

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


				Unfunded
Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Commitment	Fair Value(23)
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	(9)
Deerfield Dakota Holdings	First lien senior secured revolving loan	9/2032	—	1,189	(6)
Delinea Buyer, Inc. (f/k/a Centrify)	First lien senior secured revolving loan	3/2027	—	1,345	—
Denali Intermediate Holdings, Inc. (dba Dun & Bradstreet)	First lien senior secured revolving loan	8/2032	—	886	(13)
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	—	1,201	—
DuraServ LLC	First lien senior secured revolving loan	6/2030	159	1,032	—
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	153	230	—
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	129	978	—
Fortis Solutions Group, LLC	First lien senior secured revolving loan	10/2027	26	64	—
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	—	120	—
Gainsight, Inc.	First lien senior secured revolving loan	7/2027	—	936	—
Galls, LLC	First lien senior secured revolving loan	3/2030	695	1,444	—
Galway Borrower LLC	First lien senior secured revolving loan	9/2028	34	162	—
Gaylord Chemical Company, L.L.C.	First lien senior secured revolving loan	12/2027	1,617	991	—
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	10	64	—
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	—	1,173	—
H&F Opportunities LUX III S.À R.L (dba Checkmarx)	First lien senior secured revolving loan	4/2027	—	4,583	—
HGH Purchaser, Inc. (dba Horizon Services)	First lien senior secured revolving loan	11/2028	2,417	1,303	—
Hissho Parent, LLC	First lien senior secured revolving loan	5/2029	—	116	—
Hyland Software, Inc.	First lien senior secured revolving loan	9/2029	—	85	—
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	2,712	—	—
Interoperability Bidco, Inc. (dba Lyniate)	First lien senior secured revolving loan	3/2028	226	903	—
KABAFUSION Parent, LLC	First lien senior secured revolving loan	11/2031	—	111	—
Klick Inc.	First lien senior secured revolving loan	11/2031	—	835	(4)
KRIV Acquisition Inc. (dba Riveron)	First lien senior secured revolving loan	7/2031	15	174	—
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)	First lien senior secured revolving loan	12/2029	—	883	(2)
Lignetics Investment Corp.	First lien senior secured revolving loan	10/2026	—	1,471	(4)
Litera Bidco LLC	First lien senior secured revolving loan	5/2028	—	1,416	—
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	50	5	—

Table of Contents

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


				Unfunded
Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Commitment	Fair Value(23)
MHE Intermediate Holdings, LLC (dba OnPoint Group)	First lien senior secured revolving loan	7/2027	714	1,071	—
Milan Laser Holdings LLC	First lien senior secured revolving loan	4/2027	—	2,837	(71)
MINDBODY, Inc.	First lien senior secured revolving loan	9/2027	—	1,071	—
Ministry Brands Holdings, LLC	First lien senior secured revolving loan	12/2027	6	62	—
Minotaur Acquisition, Inc. (dba Inspira Financial)	First lien senior secured revolving loan	6/2030	—	2,435	—
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	—	2,402	—
National Dentex Labs LLC (fka Barracuda Dental LLC)	First lien senior secured revolving loan	4/2026	1,827	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	46	477	—
Nelipak Holding Company	First lien senior secured revolving loan	3/2031	146	826	—
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	879	—	—
Notorious Topco, LLC (dba Beauty Industry Group)	First lien senior secured revolving loan	12/2030	—	1,223	(6)
OB Hospitalist Group, Inc.	First lien senior secured revolving loan	9/2027	—	2,931	—
Offen, Inc.	First lien senior secured revolving loan	7/2029	—	546	(5)
Paris US Holdco, Inc. (dba Precinmac)	First lien senior secured revolving loan	12/2031	7	86	—
Patriot Acquisition TopCo S.À R.L. (dba Corza Health, Inc.)	First lien senior secured revolving loan	1/2028	190	2,465	—
PDI TA Holdings, Inc.	First lien senior secured revolving loan	2/2031	301	109	—
PetVet Care Centers, LLC	First lien senior secured revolving loan	11/2029	209	1,883	—
Plasma Buyer LLC (dba PathGroup)*	First lien senior secured revolving loan	5/2028	79	—	—
Pluralsight, LLC	First lien senior secured revolving loan	8/2029	—	655	(13)
Premise Health Holding Corp.	First lien senior secured revolving loan	11/2031	—	938	(9)
Puma Buyer, LLC (dba PANTHERx)	First lien senior secured revolving loan	3/2032	—	208	—
QAD, Inc.	First lien senior secured revolving loan	11/2027	—	571	—
Quva Pharma, Inc.	First lien senior secured revolving loan	4/2026	875	307	—
Relativity ODA LLC	First lien senior secured revolving loan	5/2029	—	1,637	—
Rhea Parent, Inc.	First lien senior secured revolving loan	12/2030	—	81	(1)
RL Datix Holdings (USA), Inc.	First lien senior secured revolving loan	10/2030	—	1,423	—
Salinger Bidco Inc. (dba Surgical Information Systems)	First lien senior secured revolving loan	5/2031	41	451	—
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)	First lien senior secured revolving loan	7/2027	530	470	—
Securonix, Inc.	First lien senior secured revolving loan	4/2028	—	153	(15)
Sensor Technology Topco, Inc. (dba Humanetics)	First lien senior secured revolving loan	5/2028	323	646	—
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	44	53	—
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	38	61	—
Soleo Holdings, Inc.	First lien senior secured revolving loan	2/2032	—	108	—
Sonny's Enterprises, LLC	First lien senior secured revolving loan	8/2027	1,133	1,691	—
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	599	242	—
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	3/2029	—	112	—
TBRS, Inc. (dba TEAM Technologies)	First lien senior secured revolving loan	11/2030	—	106	(1)
Themis Solutions Inc. (dba Clio)	First lien senior secured revolving loan	10/2032	—	350	(4)
THG Acquisition, LLC (dba Hilb)	First lien senior secured revolving loan	10/2031	69	453	—
Thunder Purchaser, Inc. (dba Vector Solutions)	First lien senior secured revolving loan	6/2027	—	1,174	—
Troon Golf, L.L.C.	First lien senior secured revolving loan	8/2028	—	625	—

Table of Contents

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


					Unfunded
Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment		Commitment		Fair Value(23)
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)
Vital Bidco AB (dba Vitamin Well)	First lien senior secured revolving loan	10/2030	—		1,117		—
Wrench Group LLC	First lien senior secured revolving loan	9/2031	281		1,225		—
Wipfli Advisory LLC	First lien senior secured revolving loan	10/2032	—		712		(2)
WU Holdco, Inc. (dba PurposeBuilt Brands)	First lien senior secured revolving loan	4/2032	73		774		—

























Total non-controlled/non-affiliated - debt commitments			$	39,325	$	141,220	$	(282)
Non-controlled/non-affiliated - equity commitments
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC	Specialty finance equity investment	N/A	$	1,473	$	2,156	$	—
Percheron Horsepower-A LP (dba Big Brand Tire & Service)	Limited Partner Interest	N/A	1,336		220		—
Valor Compute Infrastructure L.P.	LP Interest	N/A	175		325		—
Total non-controlled/non-affiliated - equity commitments			$	2,984	$	2,701	$	—
Non-controlled/affiliated - debt commitments
Walker Edison Furniture Company LLC	First lien senior secured delayed draw term loan	2/2026	$	237	$	338	$	—
Walker Edison Furniture Company LLC	First lien senior secured delayed draw term loan	3/2027	514		220		—
Swipe Acquisition Corporation (dba PLI)	First lien senior secured revolving loan	11/2027	1,625		28		—
Walker Edison Furniture Company LLC*	First lien senior secured revolving loan	3/2027	2,247		—		—
Total non-controlled/affiliated - debt commitments			$	4,623	$	586	$	—
Non-controlled/affiliated - equity commitments
LSI Financing LLC	Specialty finance equity investment	N/A	$	9,783	$	3,968	$	—
Total non-controlled/affiliated - equity commitments			$	9,783	$	3,968	$	—
Total Portfolio Company Commitments			$	56,715	$	148,475	$	(282)

*Fully funded

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

(24)As defined in 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% of the portfolio company’s outstanding voting securities. Transactions related to the Company’s investments in non-controlled affiliates and controlled affiliates for the year ended December 31, 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 December 31, 2025		Other Income		Interest Income		Dividend Income
Non-Controlled Affiliates
LSI Financing LLC	$	9,554	$	7,399	$	(7,004)	$	627	$	—	$	—	$	10,576	$	—	$	—	$	660
New PLI Holdings, LLC (dba PLI)	24,830		1,419		(551)		(641)		—		—		25,057		12		1,613		442
Walker Edison Furniture Company LLC	2,481		1,289		(225)		(1,197)		—		—		2,348		—		—		—
Total	$	36,865	$	10,107	$	(7,780)	$	(1,211)	$	—	$	—	$	37,981	$	12	$	1,613	$	1,102

Controlled Affiliates
Blue Owl Credit SLF LLC	191		54		—		2		—		—		247		—		—		27
Blue Owl Leasing LLC	—		90		—		—		—		—		90		—		—		—
Total	$	191	$	144	$	—	$	2	$	—	$	—	$	337	$	—	$	—	$	27

____________

Table of Contents

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)

(25)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.”

(26)Investment is not pledged as collateral for the credit facilities.

(27)As of December 31, 2025, the net estimated unrealized loss for U.S. federal income tax purposes was $25.4 million based on a tax cost basis of $1.6 billion. As of December 31, 2025, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $73.1 million and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $47.7 million.

(28)Loan was on non-accrual status as of December 31, 2025.

(29)Investment is non-income producing.

(30)Securities acquired in transactions exempt from registration under the Securities Act, and may be deemed to be “restricted securities” under the Securities Act. As of December 31, 2025, the aggregate fair value of these securities is $178.0 million, or 18.7% 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

Bird Holding B.V. (fka MessageBird Holding B.V.)

Extended Series C Warrants

May 5, 2021

Blue Owl Credit SLF LLC

LLC Interest

August 1, 2024

Blue Owl Cross-Strategy Opportunities 2025-1 LLC (fka Blue Owl Cross-Strategy Opportunities LLC)

Specialty finance equity investment

September 19, 2025

Blue Owl Leasing LLC

LLC Interest

June 30, 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

Gloves Holdings, LP (dba Protective Industrial Products)

Limited Partner 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 Co-Invest 2, 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

Metis HoldCo, Inc. (dba Mavis Tire Express Services)

Series A Convertible Preferred Stock

May 4, 2021

Table of Contents

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)

Portfolio Company

Investment

Acquisition Date

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

Notorious Purchaser II, Inc. (dba Beauty Industry Group)

Class B Common Stock

December 19, 2025

Nscale Global Holdings Limited

Preferred equity

September 29, 2025

Nscale Global Holdings Limited

Series B Preferred Shares

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

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

Valor Compute Infrastructure L.P.

LP Interest

October 3, 2025

VCI Intermediate TopCo 1 LLC

Class B Units

November 17, 2025

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

(31)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, 2025, non-qualifying assets represented 13.2% of total assets as calculated in accordance with the regulatory requirements.

(32)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, 2025. Greater Toronto Custom Windows, Corp. is considered a non-qualifying asset.

(34)BOCSO 2025 was formed to hold alternative credit assets, including ABF. ABF is a subsector of private credit focused on generating income from pools of financial, physical or other assets. As of December 31, 2025, the portfolio consists of three investments totaling $500 million at cost and fair value, respectively, ranging in cost from $24.8 million to $304.4 million and with a fair value ranging from $24.8 million to $303.9 million. The largest investment is 62% of the total cost of BOCSO 2025's portfolio. As of December 31, 2025, the portfolio asset class composition was 62% ABF - Specialty finance, 33% ABF - Leasing, and 5% ABF - Commercial Real Estate.

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

Table of Contents

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’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, broadly syndicated loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company’s common equity. 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.

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.

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, as amended (the “Advisers Act”), is an indirect affiliate of Blue Owl Capital Inc. (“Blue Owl”) (NYSE: OWL) and is part of Blue Owl’s Credit platform. Blue Owl consists of three investment platforms:

•Credit, which includes several strategies, including (i) direct lending, which generally offers privately negotiated financing solutions to primarily upper-middle-market companies; (ii) alternative credit, which targets credit-oriented investments in markets underserved by traditional lenders or the broader capital markets, with deep expertise investing across specialty finance, private corporate credit and equipment leasing; (iii) investment grade credit, which focuses on generating capital-efficient investment income through asset-backed finance, private corporate credit, and structured products; (iv) liquid credit, which focuses on the management of CLOs; and (v) our other adjacent investment strategies (e.g., strategic equity and healthcare opportunities),

•GP Strategic Capital, which primarily focuses on acquiring equity stakes in, and providing debt financing to, large, multi-product private equity and private credit firms through two investment strategies (GP minority stakes and GP debt financing), and also includes a professional sports minority stakes strategy, and

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.

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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 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.

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.

Consolidation

As provided under Regulation S-X and ASC 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 interests in joint ventures or specialty finance companies, see “Note 3 — Agreements and Related Party Transactions — Controlled, Affiliated/Non-Controlled and Affiliated Portfolio Companies” and “Note 4 — Investments — Joint Ventures” for additional details.

Cash and Foreign 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.

The following table provides a reconciliation of cash and foreign cash as reported on the consolidated statements of assets and liabilities to the total of such amounts shown as of the end of the applicable period as reported on the consolidated statements of cash flows:


	As of September 30, 2026		As of December 31, 2025
Cash	$	20,697	$	55,380
Foreign cash	544		3,982
Cash, including foreign cash	$	21,241	$	59,362

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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)

As of September 30, 2026 and December 31, 2025, the Company did not have any restricted cash.

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.

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

•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;

•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;

•Preliminary valuation conclusions are documented and discussed with the Adviser’s valuation committee;

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

•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

•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 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, the Company considers its principal market to be the market that has the greatest volume and

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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)

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:

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

•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.

•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 820 relating to investments in certain entities that calculate net asset value per share (or its equivalent). ASC 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 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 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:

•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

•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 PIK interest or dividends. PIK interest and dividends represent accrued interest or dividends that are

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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)

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:


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2026			2025			2026			2025
PIK Interest Income	$	2,189		$	2,764		$	7,370		$	10,793
PIK Interest Income as a % of Investment Income	13.0		%	6.0		%	9.6		%	7.2		%
PIK Dividend Income	$	596		$	1,429		$	2,959		$	4,124
PIK Dividend Income as a % of Investment Income	3.5		%	3.1		%	3.9		%	2.7		%
Total PIK Income	$	2,785		$	4,193		$	10,329		$	14,917
Total PIK Income as a % of Investment Income	16.5		%	9.1		%	13.5		%	9.9		%

Discounts and premiums to par value on securities purchased are accreted or amortized, as applicable, 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.

Investments are generally placed on non-accrual status when it is not probable that principal or interest will be collected in full. Accrued but unpaid interest is generally reversed when an investment is placed on non-accrual status.

Accrued interest receivable is generally not carried as an asset once a loan is placed on non-accrual status unless collection is considered probable. Interest payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Cash receipts on non-accrual loans are recognized as interest income only when collection of principal is probable and otherwise are applied as a reduction of the loan’s recorded investment.

If at any point the Company believes PIK interest is not probable of being 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 investments are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are probable to remain current. Management may make exceptions to this treatment and determine to not place an investment on non-accrual status if the investment 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 collection is probable. 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.

Debt Issuance Costs

The Company records origination and other expenses related to its debt obligations as debt issuance costs. These expenses are deferred and amortized utilizing the effective yield method or straight-line method, over the estimated 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.

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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)

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 on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, 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. However, the Company will be subject to U.S. federal income tax imposed at corporate rates on any income, including capital gains not distributed (or not deemed distributed) to its stockholders.

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 distribute to its shareholders on a timely basis, at least the sum of (i) 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses and (ii) its net tax-exempt income. 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) certain undistributed amounts from previous years on which the Company paid no U.S. federal income tax. 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 income taxes imposed at corporate rates.

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 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 as of December 31, 2025. 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 generally be distributed at least annually, although the Company may decide to retain such capital gains for investment.

All distributions are currently paid in cash. For dividends paid prior to March 18, 2026, the Company had a dividend reinvestment plan that provided for reinvestment of any cash distributions on behalf of shareholders who had “opted in” to the dividend reinvestment plan. With respect to distributions paid prior to March 18, 2026, the shareholders who had “opted in” to the dividend reinvestment plan had their cash distribution automatically reinvested in additional shares of the Company’s common stock, rather than receiving the cash distribution. The Company used newly issued shares to implement the dividend reinvestment plan.

Segment Reporting

In accordance with ASC 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, 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

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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)

net increase in shareholders’ 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 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 Statements of Operations.

New Accounting Pronouncements

In September 2026, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2026-03, “Fair Value Measurement (Topic 820),” which requires that a contractual restriction on the sale of an equity security be considered in measuring the fair value of the equity security and disclose the amount of the discount attributable to the contractual sale restriction. ASU 2026-03 is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted and application of the amendments prospectively is required for all equity securities with any adjustments from the adoption of the amendments recognized in earnings. 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.

Note 3. Agreements and Related Party Transactions

As of September 30, 2026, the Company had payables to affiliates of $4.4 million, primarily comprised of $2.4 million of management fees and $2.0 million of operating expenses.

As of December 31, 2025, the Company had payables to affiliates of $12.2 million, primarily comprised of $6.3 million of management fees and $3.0 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.

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.

The table below presents the costs and expenses reimbursable to the Adviser under the terms of the Administration Agreement for the following periods:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2026		2025		2026		2025
Costs and expenses reimbursable to the Adviser	$	838	$	740	$	3,023	$	2,011

Unless earlier terminated as described below, the Administration Agreement 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 the outstanding voting securities of the Company (within the meaning of the 1940 Act), 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. On May 4, 2026, the Board approved the continuation of the Administration Agreement. 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 (within the meaning of the 1940 Act), 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.

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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)

Investment Advisory Agreement

The Company has entered into an investment advisory agreement between the Company and the Adviser (the “Investment Advisory Agreement”). On May 4, 2026, the Board approved the continuation of the Investment Advisory Agreement.

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 from year-to-year if approved annually by (1) the vote of the Board, or by the vote of a majority of the outstanding voting securities of the Company (within the meaning of the 1940 Act) 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 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 penalty, the Company may terminate the Investment Advisory Agreement with the Adviser upon 60 days’ written notice. The decision to terminate the Investment Advisory Agreement may be made by a majority of the Board or the shareholders holding a majority of the outstanding voting securities of the Company (within the meaning of the 1940 Act). In addition, without payment of 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.

The table below presents the management fees for the following periods:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2026		2025		2026		2025
Management fees	$	2,443	$	6,500	$	10,086	$	20,680
Management fee waivers	(2)		(8)		(14)		(17)
Management Fees, net of Management Fee Waivers	$	2,441	$	6,492	$	10,072	$	20,663

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.

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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 performance based incentive fees incurred and capital gains based incentive fees accrued for the following periods:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2026		2025		2026		2025
Performance based incentive fees based on net investment income	$	—	$	3,688	$	—	$	12,451
Performance based incentive fees based on capital gains	—		—		—		—
Total Incentive Fees	$	—	$	3,688	$	—	$	12,451

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.

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 Adviser’s investment team, or payable to third parties, performing due diligence on prospective portfolio companies and, if 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.

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.

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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)

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 directors who are not “interested persons” of the Company, the Adviser, or any of their respective affiliates, as defined in the 1940 Act (“Independent Directors”) make certain conclusions in connection with certain co-investment transactions, including (1) when the Company co-invests with an affiliated entity (as defined in the co-investment application) in an issuer where an affiliated entity has an existing investment in the issuer unless the transaction is completed on a pro rata basis, and (2) if the Company disposes of an asset acquired in a co-investment transaction unless the disposition is done on a pro rata basis or the disposition is of a tradable security. Pursuant to the Order, the Board oversees the Company’s participation in the co-investment program. As required by the Order, the Company has adopted, and the Board, including a required majority of the Independent Directors, has approved, policies and procedures reasonably designed to ensure compliance with the conditions of the Order. The Board, including a required majority of the Independent Directors, also reviewed the Co-Investment Policies of the Adviser to ensure that they are reasonably designed to prevent the Company from being disadvantaged by participation in the co-investment program. The Adviser and the Company’s Chief Compliance Officer will also 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” and together with OTCA, OPFA, OTCA II and the Adviser, the “Blue Owl Credit Advisers”), which are also registered investment advisers. The Blue Owl Credit Advisers are affiliates of Blue Owl and comprise 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. The Blue Owl Credit Advisers’ allocation policies seek to ensure equitable allocation of investment opportunities over time between the Company and other funds managed by the Adviser or its affiliates and address the co-investment restrictions set forth under the 1940 Act. As a result of the Order, there could be significant overlap in the Company’s investment portfolio and the investment portfolios of the BDCs, interval fund, 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. In addition, the Adviser and its affiliates are permitted to allocate an investment to a number of products across platforms that it views as appropriate for the particular investment objectives, strategies and characteristics of such products.

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 has no legal right to the “Blue Owl” name or logo.

Controlled, Affiliated/Non-Controlled and 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 investments in controlled, affiliated companies, including Credit SLF, Blue Owl Leasing and LSI Financing LLC which is considered a specialty financing portfolio company, for further description of Credit SLF and Blue Owl Leasing see “Note 4 — Investments — Joint Ventures.”

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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)

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. In the second quarter of 2026, the Company redeemed its interest in LSI Financing LLC for proceeds of $10.6 million and recognized a $1.05 million gain on the transaction. As of September 30, 2026, the Company’s remaining commitment on LSI Financing LLC was $2.0 million. The Company did not consolidate its equity interest in LSI Financing LLC.

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:


	As of September 30, 2026				As of December 31, 2025
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First-lien senior secured debt investments	$	495,017	$	462,875	$	1,251,162	$	1,221,372
Second-lien senior secured debt investments	82,928		37,214		159,446		131,054
Unsecured debt investments	20,841		21,422		37,347		38,673
Specialty finance debt investments	8,518		8,526		7,483		7,491
Preferred equity investments	19,878		16,087		67,578		67,143
Common equity investments	28,970		33,576		55,486		80,120
Specialty finance equity investments	13,855		17,180		25,571		30,360
Joint ventures	334		314		334		337
Total Investments	$	670,341	$	597,194	$	1,604,407	$	1,576,550

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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:


	As of September 30, 2026		As of December 31, 2025
Advertising and media	5.5	%	2.8	%
Aerospace and defense	2.4		1.2
Asset Based Lending and Fund Finance(1)	5.3		2.3
Automotive Services	0.7		3.0
Buildings and real estate	2.4		5.1
Business services	2.2		2.0
Chemicals	7.7		4.7
Consumer products	1.6		2.7
Containers and packaging	1.5		2.4
Distribution	2.0		1.8
Education	0.5		0.5
Energy equipment and services	—		0.6
Financial services	2.8		4.4
Food and beverage	4.2		6.0
Healthcare equipment and services	1.6		2.7
Healthcare providers and services	13.2		9.8
Healthcare technology	10.2		7.8
Household products	6.2		2.4
Human resource support services	2.5		2.0
Infrastructure and environmental services	0.6		1.2
Insurance	1.4		2.0		(3)
Internet software and services	11.2		10.9
Joint ventures(4)	0.1		0.0		(5)
Leisure and entertainment	0.5		2.5
Manufacturing	5.6		9.8
Pharmaceuticals(2)	0.2		0.8
Professional services	2.5		3.2
Specialty retail	3.2		3.7
Telecommunications	0.5		0.2
Transportation	1.7		1.5
Total	100.0	%	100.0	%

_______________

(1)Includes investments in Amergin AssetCo and BOCSO 2025.

(2)Includes investment in LSI Financing DAC as of September 30, 2026 and investments in LSI Financing DAC and LSI Financing LLC as of December 31, 2025.

(3)Includes investment in Fifth Season.

(4)Includes investments in Credit SLF and Blue Owl Leasing. See below, within Note 4, for more information.

(5)Rounds to less than 0.1%.

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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 geographic composition of investments based on fair value as of the following periods:


	As of September 30, 2026		As of December 31, 2025
United States:
Midwest	20.2	%	22.3	%
Northeast	14.1		18.3
South	41.2		38.4
West	19.5		15.3
International	5.0		5.7
Total	100.0	%	100.0	%

Joint Ventures

Blue Owl Credit SLF LLC

Credit SLF, is a joint venture among the Company, Blue Owl Capital Corporation, Blue Owl Credit Income Corp., Blue Owl Technology Finance Corp., Blue Owl Technology Income Corp., and State Teachers Retirement System of Ohio (each, a “Credit SLF Member” and collectively, the “Credit SLF Members”).

Credit SLF makes investments primarily in senior secured broadly syndicated loans to U.S. middle market companies. It was formed in May 2024 and made its first portfolio company investment in July 2024.

Credit SLF is managed by a board of directors comprised of an equal number of directors appointed by each Credit SLF Member and which acts unanimously. Investment decisions must be approved by Credit SLF’s board. The Credit SLF Members coinvest through Credit SLF, or its wholly owned subsidiaries.

Other than for purposes of the 1940 Act, the Company does not believe it has control over Credit SLF. Accordingly, the Company does not consolidate its non-controlling interest in Credit SLF.

On May 15, 2025, the Credit SLF Members modified their capital commitments to Credit SLF. In the first quarter of 2026, certain Credit SLF Members further increased their capital commitments to Credit SLF. The Company’s commitment of $244 thousand did not change and was fully funded as of March 31, 2026.

As of September 30, 2026, the capital commitment and economic ownership of each Credit SLF Member is as follows:


Members	Capital Commitment		Net Contributed Capital		Economic Ownership Interest(1)

Blue Owl Capital Corporation	$	446,460	$	446,460	59.8	%
Blue Owl Capital Corporation II(2)	244		244		0.0	%
Blue Owl Credit Income Corp.	136,419		136,419		18.3	%
Blue Owl Technology Finance Corp.	53,812		53,812		7.2	%
Blue Owl Technology Income Corp.	16,161		16,161		2.2	%
State Teachers Retirement System of Ohio	93,299		93,299		12.5	%
Total	$	746,395	$	746,395	100.0	%

_______________

(1) This represents each equity holder’s ownership percentage at September 30, 2026 based on net contributed capital.

(2) Economic ownership interest for Blue Owl Capital Corporation II is 0.03%.

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


	As of September 30, 2026		As of December 31, 2025
Consolidated Balance Sheet Data
Cash	$	280,819	$	124,718
Investments at fair value	3,233,925		2,343,367
Total Assets	3,563,987		2,477,523
Total Debt (net of unamortized debt issuance costs)	2,536,069		1,728,363
Total Liabilities	2,868,241		1,863,454
Total Credit SLF Members’ Equity	$	695,746	$	614,069

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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)


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2026		2025		2026		2025
Consolidated Statement of Operations Data
Income
Investment income	$	49,699	$	38,037	$	132,756	$	93,154
Expenses
Net operating expenses	32,238		22,351		83,454		54,491
Net investment income (loss)	$	17,461	$	15,686	$	49,302	$	38,663


Total net realized and unrealized gain (loss)	13,584		(2,345)		(46,032)		(9,129)
Net Increase (Decrease) in Credit SLF Members’ Equity Resulting from Operations	$	31,045	$	13,341	$	3,270	$	29,534

The Company’s proportional share of Credit SLF’s distributions for the following periods:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2026		2025		2026		2025
Dividend income	$	6	$	7	$	17	$	20

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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)

Blue Owl Leasing LLC

Blue Owl Leasing 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., Blue Owl Alternative Credit Fund and California State Teachers Retirement System (each, a “Blue Owl Leasing Member” and collectively, the “Blue Owl Leasing Members”).

Blue Owl Leasing makes investments primarily in secured fixed-rate equipment leases and loans.

Blue Owl Leasing is managed by the Blue Owl Leasing Members who must unanimously approve investment decisions. Blue Owl Leasing Members coinvest through Blue Owl Leasing, or its wholly owned subsidiaries.

Other than for purposes of the 1940 Act, the Company does not believe it has control over Blue Owl Leasing. Accordingly, the Company does not consolidate its non-controlling interest in Blue Owl Leasing.

Blue Owl Leasing’s investments at fair value are determined in accordance with ASC 820, as amended; however, such fair value is not included in the Company’s valuation process.

As of September 30, 2026, the capital commitment and economic ownership of each Blue Owl Leasing Member is as follows:


Members	Capital Commitment		Net Contributed Capital		Economic Ownership Interest(1)
($ in thousands)
Blue Owl Capital Corporation	$	860	$	860	2.2	%
Blue Owl Capital Corporation II	90		90		0.2	%
Blue Owl Credit Income Corp.	30,952		1,900		4.7	%
Blue Owl Technology Finance Corp.	8,955		800		2.0	%
Blue Owl Technology Income Corp.	3,918		350		0.9	%
Blue Owl Alternative Credit Fund	31,000		31,000		77.5	%
California State Teachers Retirement System	10,825		5,000		12.5	%
Total	$	86,600	$	40,000	100.0	%

_______________

(1) This represents each equity holder’s ownership percentage at September 30, 2026, based on net contributed capital.

The table below sets forth Blue Owl Leasing’s consolidated financial data as of and for the following periods:




	As of September 30, 2026		As of December 31, 2025(1)
Consolidated Balance Sheet Data
Cash	$	5,073	$	34,555
Investments at fair value	55,215		39,628
Total Assets	60,801		74,531
Total Debt (net of unamortized debt issuance costs)	20,151		9,754
Total Liabilities	21,224		10,076
Total Blue Owl Leasing Members’ Equity	$	39,577	$	64,455

_______________

(1) Blue Owl Leasing’s date of inception was June 30, 2025.

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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)


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2026
Consolidated Statement of Operations Data
Income
Investment income	$	1,136	$	3,223
Expenses
Net operating expenses	787		2,443
Net investment income (loss) before taxes	$	349	$	780
Tax expense (benefit)	8		8
Net investment income (loss) after taxes	341		772
Total net realized and unrealized gain (loss)	(344)		(450)
Net Increase (Decrease) in Blue Owl Leasing Members’ Equity Resulting From Operations	$	(3)	$	322

The Company’s proportional shares of Blue Owl Leasing’s distributions were insignificant to disclose for the three and nine months ended September 30, 2026.

Asset Sale

In February 2026, the Company sold a portion of its portfolio company investments with aggregate fair value of $538.3 million equivalent to 99.8% of par value to certain purchasers. Each investment sold represented a partial amount of the Company’s exposure to the respective portfolio company. The investments sold consisted of 92.0% first-lien investments, 4.5% second-lien investments and 3.5% unsecured investments, and included investments in 96 portfolio companies across 25 industries. 98.2% of investments sold were floating rate. The investments sold had an average investment size of $5.6 million and a weighted average spread of 5.5% and consist of partial sales representing approximately 59.0% of the Company’s exposure to each underlying portfolio company as of December 31, 2025. As a result of the sale, the Company recognized a $1.9 million gain on the sale in the first quarter of 2026. The Company used the proceeds from the sale to repay indebtedness and to make a special cash distribution to its shareholders. See “Note 8 — Net Assets” for additional details on the special cash distribution.

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% after such borrowing. The Company’s asset coverage was 481% and 240% as of September 30, 2026 and December 31, 2025, respectively.

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


	As of September 30, 2026
	Aggregate Principal Committed		Outstanding Principal		Unused Portion(3)		Amount Available(1)		Unamortized Debt Issuance Costs		Net Carrying Value
Revolving Credit Facility(2)	$	75,000	$	—	$	75,000	$	75,000	$	(1,203)	$	(1,203)
SPV Asset Facility I	200,000		128,500		71,500		27,161		(1,592)		126,908



Total Debt	$	275,000	$	128,500	$	146,500	$	102,161	$	(2,795)	$	125,705

_______________

(1)The amount available reflects any limitations related to each credit facility’s borrowing base.

(2)There were no outstanding borrowings on the Revolving Credit Facility as of September 30, 2026.

(3)The unused portion is the amount upon which commitment fees, if any, are based.

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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)


	As of December 31, 2025
	Aggregate Principal Committed		Outstanding Principal		Unused Portion(3)		Amount Available (1)		Unamortized Debt Issuance Costs		Net Carrying Value
Revolving Credit Facility(2)	$	225,000	$	11,598	$	213,402	$	213,402	$	(2,314)	$	9,284
SPV Asset Facility I	375,000		315,000		60,000		59,265		(3,327)		311,673


2026 Notes	350,000		350,000		—		—		(2,150)		347,850
Total Debt	$	950,000	$	676,598	$	273,402	$	272,667	$	(7,791)	$	668,807

_______________

(1)The amount available and unused portion reflect any limitations related to each credit facility’s borrowing base.

(2)Net carrying value includes the unrealized translation gain (loss) on borrowings denominated in foreign currencies.

(3)The unused portion is the amount upon which commitment fees, if any, are based.

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


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2026			2025			2026			2025
Interest expense	$	2,723		$	15,030		$	26,832		$	47,658
Amortization of debt issuance costs	247			945			6,398			3,125
Total Interest Expense	$	2,970		$	15,975		$	33,230		$	50,783
Average interest rate(1)	6.2		%	8.4		%	9.3		%	8.1		%
Average daily borrowings	$	174,478		$	719,845		$	386,368		$	788,998

_______________

(1)Includes the impact of fees on undrawn portions of the Company’s credit facilities for the three and nine months ended September 30, 2026, and 2025.

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. On February 17, 2026, the Revolving Credit Facility was amended to reduce the maximum commitment, shorten the availability period, adjust pricing and make certain other changes. The following describes the terms of the Revolving Credit Facility as modified through February 17, 2026.

The Revolving Credit Facility is guaranteed by certain subsidiaries of the Company in existence as of February 17, 2026, and will be guaranteed by certain subsidiaries of the Company that are formed or acquired by the Company thereafter (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 a principal amount of $25.0 million (which was paid off on December 31, 2025) 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 a principal amount of up to $75.0 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 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 $10.0 million limit for swingline loans.

The availability period with respect to the revolving credit facility under the Revolving Credit Facility will terminate on October 12, 2027 (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 2.50% per annum or (ii) the alternative base rate plus margin of 1.50% 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,

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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)

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 2.50% per annum. The Company will also pay a fee in the range of 0.50% to 0.65% depending 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 Facility I

On December 1, 2017, 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, as Borrower, 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 to remove OR Lending II LLC as a borrower and make various other changes. The following describes the terms of the SPV Asset Facility I as amended through June 25, 2026.

Pursuant to the SPV Asset Facility I, from time to time, the Company sells and contributes certain investments to the Subsidiaries pursuant to sale and contribution agreements by and between the Company and the Subsidiaries. No gain or loss is recognized as a result of these contributions. Proceeds from the SPV Asset Facility I are used to finance the origination and acquisition of eligible assets by the Subsidiaries, including the purchase of such assets from the Company. The Company retains a residual interest in assets contributed to or acquired by the Subsidiaries through the Company’s ownership of the Subsidiaries.

The SPV Asset Facility I is secured by a perfected first priority security interest in the assets of the Subsidiaries and on any payments received by the Subsidiaries in respect of those assets. Assets pledged to lenders under the SPV Asset Facility I will not be available to pay the Company’s debts.

The SPV Asset Facility I contains 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).

The maximum principal amount of the SPV Asset Facility I is $200.0 million (reduced from $375.0 million on June 25, 2026); 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 December 1, 2017, 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

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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)

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.

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 company organized under the laws of the State of Delaware (the “CLO XIII Issuer”) and were 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 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 bore interest at three-month term SOFR plus 2.55% and (ii) $32.0 million of AA(sf) Class B Notes, which bore interest at three-month term SOFR plus 3.35% (together, the “CLO XIII Secured Notes”). The CLO XIII Secured Notes were scheduled to mature on the Payment Date (as defined in the CLO XIII Indenture) in September, 2035.

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 through October 16, 2025.

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

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.

On May 21, 2026, the Company redeemed in full all $350 million in aggregate principal amount of the 2026 Notes. The 2026 Notes would have otherwise matured on November 15, 2026. The 2026 Notes bore 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.

Maturity of Debt Obligations

The table below presents a summary of the Company’s contractual payment obligations under credit facilities and notes as of September 30, 2026:


	Payments Due by Period
	Total		Less than 1 year		1-3 years		3-5 years		After 5 years
Revolving Credit Facility	$	—	$	—	$	—	$	—	$	—
SPV Asset Facility I	128,500		—		—		128,500		—




Total Contractual Obligations	$	128,500	$	—	$	—	$	128,500	$	—

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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)

Note 6. Fair Value of Financial Instruments

Investments

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


	As of September 30, 2026
	Level 1		Level 2		Level 3		Total
Cash	$	21,241	$	—	$	—	$	21,241
Investments:
First-lien senior secured debt investments	$	—	$	321	$	462,554	$	462,875
Second-lien senior secured debt investments	—		10,823		26,391		37,214
Unsecured debt investments	—		—		21,422		21,422
Specialty finance debt investments	—		—		8,526		8,526
Preferred equity investments	—		—		16,087		16,087
Common equity investments	—		—		29,567		29,567
Specialty finance equity investments	—		—		6,938		6,938
Subtotal	—		11,144		571,485		582,629
Investments measured at NAV(1)	—		—		—		14,565
Total Investments	$	—	$	11,144	$	571,485	$	597,194

_______________

(1) Includes investments in Credit SLF, BOCSO 2025 and Blue Owl Leasing LLC, which are measured at fair value using the net asset value per share (or its equivalent) as a 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, 2025
	Level 1		Level 2		Level 3		Total
Cash	$	59,362	$	—	$	—	$	59,362
Investments:
First-lien senior secured debt investments	$	—	$	2,756	$	1,218,616	$	1,221,372
Second-lien senior secured debt investments	—		11,351		119,703		131,054
Unsecured debt investments	—		—		38,673		38,673
Specialty finance debt investments	—		—		7,491		7,491
Preferred equity investments	—		—		67,143		67,143
Common equity investments	—		—		77,020		77,020
Specialty finance equity investments	—		—		13,303		13,303
Subtotal	—		14,107		1,541,949		1,556,056
Investments measured at NAV(1)	—		—		—		20,494
Total Investments	$	—	$	14,107	$	1,541,949	$	1,576,550

_______________

(1) Includes investments in Credit SLF, BOCSO 2025 and LSI Financing LLC, which are measured at fair value using the net asset value per share (or its equivalent) as a 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.

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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 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, 2026
	Debt Investments								Equity Investments
	First-Lien Senior Secured		Second-Lien Senior Secured		Unsecured		Specialty Finance		Preferred		Common		Specialty Finance		Total
Fair value, beginning of period	$	490,304	$	57,555	$	20,644	$	8,156	$	14,936	$	76,791	$	6,743	$	675,129
Purchases of investments, net	4,320		—		—		344		—		—		208		4,872
Payment-in-kind	1,193		262		819		30		248		46		—		2,598
Proceeds from investments, net	(54,601)		—		—		(4)		—		(46,263)		—		(100,868)
Net change in unrealized gain (loss) on investments	(563)		642		(43)		—		892		(27,101)		(13)		(26,186)
Net realized gain (loss) on investments	(760)		—		—		—		—		26,094		—		25,334
Net accretion/amortization of discount/premium on investments	392		143		2		—		11		—		—		548
Transfers between investment types	22,500		(22,500)		—		—		—		—		—		—
Transfers into (out of) Level 3(1)	(231)		(9,711)		—		—		—		—		—		(9,942)
Fair Value, End of Period	$	462,554	$	26,391	$	21,422	$	8,526	$	16,087	$	29,567	$	6,938	$	571,485

_______________

(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended September 30, 2026, transfers out of Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.

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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 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, 2026
	Debt Investments								Equity Investments
	First-Lien Senior Secured		Second-Lien Senior Secured		Unsecured		Specialty Finance		Preferred		Common		Specialty Finance		Total
Fair value, beginning of period	$	1,218,616	$	119,703	$	38,673	$	7,491	$	67,143	$	77,020	$	13,303	$	1,541,949
Purchases of investments, net	22,720		—		—		911		—		288		339		24,258
Payment-in-kind	4,298		759		2,255		168		2,201		134		—		9,815
Proceeds from investments, net	(797,194)		(47,425)		(19,465)		(44)		(51,568)		(47,166)		(6,504)		(969,366)
Net change in unrealized gain (loss) on investments	(8,098)		(17,434)		(745)		—		(3,359)		(20,810)		(683)		(51,129)
Net realized gain (loss) on investments	(4,694)		(7,676)		690		—		1,090		20,057		483		9,950
Net accretion/amortization of discount/premium on investments	1,887		312		14		—		580		—		—		2,793
Transfers between investment types	22,500		(22,500)		—		—		—		—		—		—
Transfers into (out of) Level 3(1)	2,519		652		—		—		—		44		—		3,215
Fair Value, End of Period	$	462,554	$	26,391	$	21,422	$	8,526	$	16,087	$	29,567	$	6,938	$	571,485

_______________

(1)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, 2026, transfers into 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.

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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)


	As of and for the Three Months Ended September 30, 2025
	Debt Investments								Equity Investments
	First-Lien Senior Secured		Second-Lien Senior Secured		Unsecured		Specialty Finance		Preferred		Common		Specialty Finance		Total
Fair value, beginning of period	$	1,303,172	$	132,864	$	36,411	$	6,294	$	63,693	$	91,791	$	10,493	$	1,644,718
Purchases of investments, net	97,420		—		759		973		1,015		1,343		517		102,027
Payment-in-kind	503		408		1,483		85		1,111		43		—		3,633
Proceeds from investments, net	(70,693)		—		(557)		—		(49)		(201)		—		(71,500)
Net change in unrealized gain (loss) on investments	(5,982)		(7,873)		(112)		—		268		(1,740)		608		(14,831)
Net realized gain (loss) on investments	(12)		—		—		—		—		(99)		—		(111)
Net accretion/amortization of discount/premium on investments	1,430		126		6		—		39		—		—		1,601
Transfers between investment types	(41)		—		—		—		—		41		—		—

Fair Value, End of Period	$	1,325,797	$	125,525	$	37,990	$	7,352	$	66,077	$	91,178	$	11,618	$	1,665,537

_______________

(1)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, 2025
	Debt Investments								Equity Investments
	First-Lien Senior Secured		Second-Lien Senior Secured		Unsecured		Specialty Finance		Preferred		Common		Specialty Finance		Total
Fair value, beginning of period	$	1,495,835	$	139,322	$	33,594	$	5,040	$	59,385	$	101,868	$	8,219	$	1,843,263
Purchases of investments, net	159,303		—		758		2,192		2,147		1,931		1,368		167,699
Payment-in-kind	5,345		3,230		3,689		136		3,697		124		—		16,221
Proceeds from investments, net	(315,659)		(27,098)		(1,253)		—		(257)		(10,822)		(170)		(355,259)
Net change in unrealized gain (loss) on investments	(19,103)		7,493		1,231		(16)		982		(3,323)		2,201		(10,535)
Net realized gain (loss) on investments	(75)		(20,066)		(56)		—		3		1,359		—		(18,835)
Net accretion/amortization of discount/premium on investments	5,851		715		27		—		120		—		—		6,713
Transfers between investment types	(41)		—		—		—		—		41		—		—
Transfers into (out of) Level 3(1)	(5,659)		21,929		—		—		—		—		—		16,270
Fair Value, End of Period	$	1,325,797	$	125,525	$	37,990	$	7,352	$	66,077	$	91,178	$	11,618	$	1,665,537

_______________

(1)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 into/ (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.

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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 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 Nine Months Ended September 30,
	2026		2025		2026		2025
First-lien senior secured debt investments	$	(1,237)	$	(5,982)	$	(13,980)	$	(20,449)
Second-lien senior secured debt investments	(1,141)		(7,874)		(35,978)		(12,767)
Unsecured debt investments	(43)		(111)		(745)		1,231
Specialty finance debt investments	—		1		—		(17)
Preferred equity investments	892		269		(2,161)		982
Common equity investments	(975)		(1,739)		(845)		82
Specialty finance equity investments	(13)		609		(215)		1,180
Total Investments	$	(2,517)	$	(14,827)	$	(53,924)	$	(29,758)

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.

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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)

As of September 30, 2026

Fair Value

Valuation Technique

Unobservable Input

Range (Weighted Average)

Impact to Valuation from an Increase in Input

First-lien senior secured debt investments

445,674

Yield Analysis

Market Yield

8.1% - 27.9% (11.9%)

Decrease

16,880

Recovery Analysis

Recovery Rate

0.0% - 100.0% (52.6%)

Increase

Second-lien senior secured debt investments

25,310

Yield Analysis

Market Yield

11.2% - 55.0% (34.5%)

Decrease

1,081

Recovery Analysis

Recovery Rate

3.3% - 3.3% (3.3%)

Increase

Unsecured debt investments

19,953

Yield Analysis

Market Yield

5.5% -18.7% (13.9%)

Decrease

1,268

Market Approach

EBITDA Multiple

12.0x - 12.0x (12.0x)

Increase

201

Recovery Analysis

Recovery Rate

71.0% - 71.0% (71.0%)

Increase

Specialty finance debt investments

8,526

Yield Analysis

Market Yield

12.7% - 12.7% (12.7%)

Decrease

Preferred equity investments

10,976

Yield Analysis

Market Yield

13.5% - 60.0% (31.5%)

Decrease

3,229

Market Approach

EBITDA Multiple

12.8x - 12.8x (12.8x)

Increase

1,882

Recovery Analysis

Recovery Rate

73.0% - 73.0% (73.0%)

Increase

Common equity investments

23,336

Market Approach

EBITDA Multiple

5.5x - 19.0x (9.6x)

Increase

3,451

Market Approach

Revenue Multiple

7.0x - 11.0x (11.0x)

Increase

2,329

Yield Analysis

Market Yield

8.4% - 8.4% (8.4%)

Decrease

416

Discounted Cash Flow Analysis

Market Yield

8.6% - 8.6% (8.6%)

Decrease

Market Approach

Gross Profit Multiple

10.0x - 10.0x (10.0x)

Increase

Specialty finance equity investments

2,158

Discounted Cash Flow Analysis

Market Yield

20.0% - 20.0% (20.0%)

Decrease

4,616

Market Approach

Recovery Rate

110.0% - 150.0% (140.0%)

Increase

164

Yield Analysis

Market Yield

12.1% - 12.1% (12.1%)

Decrease

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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)

As of December 31, 2025

Fair Value

Valuation Technique

Unobservable Input

Range (Weighted Average)

Impact to Valuation from an Increase in Input

First-lien senior secured debt investments

1,155,122

Yield Analysis

Market Yield

6.3% - 20.1% (9.6)%

Decrease

43,696

Recent Transaction

Transaction Price

99.0% - 99.7% (99.3)%

Increase

19,798

Collateral Analysis

Recovery Rate

0.0% - 107.2% (60.1)%

Increase

Second-lien senior secured debt investments

119,703

Yield Analysis

Market Yield

10.0% - 62.4% (22.5)%

Decrease

Unsecured debt investments

37,466

Yield Analysis

Market Yield

5.5% - 17.6% (12.9)%

Decrease

1,207

Market Approach

EBITDA Multiple

12.0x - 12.0x (12.0x)

Increase

Specialty finance debt investments

7,491

Yield Analysis

Market Yield

11.6% - 11.6% (11.6%)

Decrease

Preferred equity investments

66,129

Yield Analysis

Market Yield

11.6% - 35.3% (16.4)%

Decrease

1,014

Market Approach

EBITDA Multiple

128.9x - 128.9x (128.9x)

Increase

Common equity investments

64,531

Market Approach

EBITDA Multiple

4.0x - 17.8x (5.5)x

Increase

5,967

Recent Transaction

Transaction Price

100% - 100% (100%)

Increase

3,612

Market Approach

Revenue Multiple

8.3x - 13.0x (12.5x)

Increase

2,190

Yield Analysis

Market Yield

8.5% - 8.5% (8.5%)

Decrease

675

Market Approach

Market Adjustment Factor

0.0% - 0.0% (0.0%)

Increase

Market Approach

Gross Profit Multiple

9.0x - 9.0x (9.0x)

Increase

Option Pricing Model

Volatility

70.0% - 70.0% (70.0%)

Increase

Specialty finance equity investments

6,444

Market Approach

AUM Multiple

1.1x - 1.1x (1.1x)

Decrease

4,520

Market Approach

Transaction Price

N/A

Increase

2,137

Discounted Cash Flow Analysis

Discounted Factor

20.0% - 20.0% (20.0%)

Decrease

202

Yield Analysis

Market Yield

11.5% - 11.5% (11.5%)

Increase

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,

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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)

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.

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, 2026						As of December 31, 2025
	Net Carrying Value(1)		Unamortized Debt Issuance Costs		Fair Value		Net Carrying Value(1)		Unamortized Debt Issuance Costs		Fair Value
Revolving Credit Facility	$	(1,203)	$	(1,203)	$	(1,203)	$	9,284	$	(2,314)	$	9,284
SPV Asset Facility I	126,908		(1,592)		126,908		311,673		(3,327)		311,673
2026 Notes	—		—		—		347,850		(2,150)		359,625
Total Debt	$	125,705	$	(2,795)	$	125,705	$	668,807	$	(7,791)	$	680,582

_______________

(1)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, 2026		As of December 31, 2025
Level 1	$	—	$	—
Level 2	—		359,625
Level 3	125,705		320,957
Total Debt	$	125,705	$	680,582

Financial Instruments Not Carried at Fair Value

As of September 30, 2026 and December 31, 2025, 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.

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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)

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 unfunded commitments as of the following periods:


	As of September 30, 2026		As of December 31, 2025

Revolving loan commitments	$	26,874	$	88,831
Delayed draw loan commitments	13,457		52,975

Debt commitments	$	40,331	$	141,806

Specialty finance equity commitments	$	2,889	$	6,124
Common equity commitments	155		545
Equity commitments	$	3,044	$	6,669

Total Unfunded Commitments	$	43,375	$	148,475

As of September 30, 2026, the Company believed it had adequate financial resources to satisfy the unfunded portfolio company commitments.

Other Commitments and Contingencies

In the ordinary course of business, the Company may guarantee certain obligations in connection with its portfolio companies (in particular, certain controlled portfolio companies). Under these guarantee arrangements, payments may be required to be made to third parties if such guarantees are called upon or if the portfolio companies were to default on their related obligations, as applicable. The Company evaluates the probability of a loss under these guarantee arrangements, if any, periodically. The Company historically has not recorded a related liability as it considers the probability of a loss from the guarantees to be remote.

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, 2026, the Company 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
	September 30, 2026			September 30, 2025
	Shares	Amount		Shares	Amount

Reinvestment of distributions	—	$	—	1,151,700	$	9,817
Repurchased shares	—	—		(7,138,809)	(60,323)
Total Shares/Net Repurchases	—	$	—	(5,987,109)	$	(50,506)

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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)


	For the Nine Months Ended
	September 30, 2026			September 30, 2025
	Shares	Amount		Shares	Amount

Reinvestment of distributions	699,880	$	5,756	3,743,243	$	32,373
Repurchased shares	—	—		(17,598,030)	(150,967)
Total Shares/Net Repurchases	699,880	$	5,756	(13,854,787)	$	(118,594)

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.

During the three and nine months ended September 30, 2025 and 2026, pursuant to the dividend reinvestment plan the Company issued shares as follows:


Date of Issuance	Record Date	Number of Shares	Purchase Price per Share





















































January 29, 2025	January 28, 2025	404,165	$	8.79
February 13, 2025	December 31, 2024	133,727	8.80
February 26, 2025	February 25, 2025	407,046	8.78
March 26, 2025	March 25, 2025	394,211	8.75
April 30, 2025	April 29, 2025	400,981	8.63
May 13, 2025	March 31, 2025	65,631	8.72
May 28, 2025	May 27, 2025	402,219	8.62
June 25, 2025	June 24, 2025	383,563	8.61
July 30, 2025	July 29, 2025	385,457	8.57
August 27, 2025	August 26, 2025	388,223	8.55
September 25, 2025	September 24, 2025	378,020	8.45



January 28, 2026	January 27, 2026	347,777	8.26
February 25, 2026	February 24, 2026	352,103	8.19

On February 17, 2026, the Board determined to terminate the Company’s dividend reinvestment plan. All future distributions are expected to be paid in cash.

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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)

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, 2026

Declaration Date

Record Date

Payment Date

Dividend

Distribution Per Share(1)

Distribution Amount

November 4, 2025

January 27, 2026

January 28, 2026

Monthly

0.0533

6,127

February 18, 2026

February 24, 2026

February 25, 2026

Monthly

0.0533

6,145

February 18, 2026

March 17, 2026

March 18, 2026

Monthly

0.0533

6,163

March 5, 2026(2)

March 24, 2026

March 26, 2026

Return of capital

2.5000

289,115

April 14, 2026

April 17, 2026

April 20, 2026

Monthly

0.0350

4,048

April 14, 2026(2)

March 31, 2026

April 21, 2026

Return of capital

0.4200

48,571

May 5, 2026

May 26, 2026

May 27, 2026

Monthly

0.0300

3,469

May 5, 2026

June 30, 2026

July 1, 2026

Monthly

0.0300

3,470

July 16, 2026(2)

July 21, 2026

July 22, 2026

Return of capital

0.6200

71,700

May 5, 2026

July 28, 2026

July 29, 2026

Monthly

0.0300

3,469

August 4, 2026

August 25, 2026

August 27, 2026

Monthly

0.0250

2,891

August 4, 2026

September 29, 2026

September 30, 2026

Monthly

0.0250

2,891

Total

3.8749

448,059

_______________

(1)Totals presented may not sum due to rounding.

(2)Represents in aggregate special cash return of capital distributions reflecting approximately 43% of the Company’s NAV as of December 31, 2025.

For the Nine Months Ended September 30, 2025

Declaration Date

Record Date

Payment Date

Dividend

Distribution Per Share

Distribution Amount

November 8, 2024

January 28, 2025

January 29, 2025

Monthly

0.06

7,664

February 18, 2025

February 25, 2025

February 26, 2025

Monthly

0.06

7,696

February 18, 2025

March 25, 2025

March 26, 2025

Monthly

0.06

7,720

February 18, 2025

March 31, 2025

May 15, 2025

Quarterly

0.01

1,249

February 18, 2025

April 29, 2025

April 30, 2025

Monthly

0.06

7,492

May 6, 2025

May 27, 2025

May 28, 2025

Monthly

0.06

7,520

May 6, 2025

June 24, 2025

June 25, 2025

Monthly

0.06

7,542

May 6, 2025

June 29, 2025

July 30, 2025

Monthly

0.06

7,192

August 5, 2025

August 26, 2025

August 27, 2025

Monthly

0.06

7,215

August 5, 2025

September 24, 2025

September 25, 2025

Monthly

0.06

7,238

Total

0.55

68,528

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.

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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)

Share Repurchases

Prior to the third quarter of 2025, the Company offered, on a quarterly basis, to repurchase shares of the Company’s common stock on such terms as may be determined by the Board in its complete discretion. All shares purchased by the Company pursuant to the terms of each offer to repurchase were retired and are authorized and unissued shares.


Offer Date	Tender Offer Expiration	Tender Offer		Purchase Price per Share		Shares Repurchased

























February 19, 2025	March 24, 2025	$	36,805	$	8.75	4,206,258
May 16, 2025	June 27, 2025	53,838		8.61		6,252,963
August 18, 2025	September 25, 2025	60,324		8.45		7,138,809

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 Nine Months Ended September 30,
	2026		2025		2026		2025
Increase (decrease) in net assets resulting from operations	$	9,076	$	1,221	$	(16,886)	$	21,213
Weighted average shares of common stock outstanding—basic and diluted	115,645,897		119,752,779		115,540,561		124,189,895
Earnings per common share-basic and diluted	$	0.08	$	0.01	$	(0.15)	$	0.17

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

The following table summarizes the Company’s U.S. federal and state corporate-level income tax expense/(benefit), including related U.S. federal excise tax expense/(benefit), for the following periods:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2026		2025		2026		2025
U.S. federal and state corporate-level income tax expense/(benefit) exclusive of excise tax	$	(1,656)	$	380	$	(1,019)	$	1,364
U.S. federal excise tax expense (benefit)	—		(64)		—		(191)
Realized income tax (expense) / benefit	(8,394)		—		(8,394)		—

The table below presents the net deferred tax liabilities of the Company’s taxable subsidiaries, which are significantly related to GAAP-to-tax outside basis differences in the taxable subsidiaries’ investments in certain partnership interests, for the following periods:


	As of September 30, 2026		As of December 31, 2025
Net Deferred Tax Liabilities/Assets	$	2,119	$	(10,293)

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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)

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,
	2026			2025
Per share data:
Net asset value, at beginning of period	$	8.27		$	8.80
Results of operations:
Net investment income(1)	0.22			0.47
Net realized and unrealized gain (loss)(4)	(0.37)			(0.30)
Net increase (decrease) in net assets resulting from operations	(0.15)			0.17
Distributions:
Distributions from net investment income(2)	(0.22)			(0.47)
Distributions from net realized gains(2)	—			—
Return of capital distribution(2)	(3.54)			—
Undistributed (distributions in excess of) net investment income and net realized gains(2)	(0.12)			(0.08)
Net increase (decrease) in net assets from shareholders' distributions	(3.88)			(0.55)



Total increase (decrease) in net assets	(4.03)			(0.38)
Net asset value, at end of period(9)	$	4.25		$	8.41

Total Return(5)(6)	(1.8)		%	1.8		%

Ratios:
Ratio of net expenses to average net assets(3)(7)(8)	10.3		%	11.7		%
Ratio of net investment income to average net assets(7)	5.1		%	7.5		%
Portfolio turnover rate	3.5		%	13.2		%

Supplemental Data:
Weighted-average shares outstanding	115,540,561			124,189,895
Shares outstanding, end of period	115,645,897			113,872,539
Net Assets, End of Period	$	491,201		$	957,640

_______________

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

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

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

(4)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.

(5)Total return is calculated as the change in NAV per share (assuming dividends and distributions, if any, were reinvested in accordance with the Company’s dividend reinvestment plan prior to its termination on March 18, 2026), if any, divided by the beginning NAV per share.

(6)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.

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

(8)Prior to any management fee waivers, the annualized total expenses to average net assets for the period ending September 30, 2026 and 2025, was 10.3% and 11.7%, respectively.

(9)Totals presented may not sum due to rounding.

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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)

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:

Distributions

On October 15, 2026, the Board declared a return of capital distribution of $0.62 per share funded by proceeds from ordinary-course portfolio repayment activity. Inclusive of the return of capital distribution of $3.54 per share previously paid in 2026, the Company’s shareholders will have received return of capital distributions totaling $4.16 per share in 2026 and the Company will have returned approximately 50.3% of net asset value as of December 31, 2025.

On November 3, 2026, the Board approved regular monthly distributions for November 2026, through January 2027. The regular monthly cash distributions, each in the gross amount of $0.022 per share, will be payable monthly to shareholders of record as of the monthly record date.

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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, 2025, 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 3 of this quarterly report on Form 10-Q (“Quarterly Report”). 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”) 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. 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 on primarily originating and making loans to, and making debt and equity investments in, U.S. middle market companies. Within this space, we predominantly focus on investing in institutionally-backed, upper middle market businesses, which we categorize as those generating greater than $50 million of EBITDA annually. We invest in senior secured or unsecured loans, subordinated loans or mezzanine loans, broadly syndicated loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company’s common equity. We may hold our investments directly or through specialty financing portfolio companies and joint ventures. Except for our specialty financing company investments, our equity investments are typically not control-oriented investments and we may structure such equity investments to include provisions protecting our rights as a minority-interest holder.

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.

The Adviser is registered with the U.S. Securities and Exchange Commission (the “SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), is an indirect affiliate of Blue Owl Capital Inc. (“Blue Owl”) (NYSE: OWL) and is part of Blue Owl’s Credit platform. Subject to the overall supervision of our board of directors (the “Board” or “our Board”), the Adviser manages our day-to-day operations, 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. The 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.

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

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Blue Owl consists of three investment platforms:

•Real Assets, which includes a net lease strategy, which focuses on acquiring net-leased real estate occupied by investment grade and creditworthy tenants; a real estate credit strategy which offers a diverse range of competitive financing solutions; and digital infrastructure, which focuses on acquiring, financing, developing and operating data centers and related digital infrastructure assets. The Adviser is part of the direct lending strategy of Blue Owl’s Credit platform which focuses on lending to primarily upper-middle market companies, both private equity-sponsored and non-sponsored and provides a range of customized financing solutions across debt and equity-related instruments. In addition to the Adviser, Blue Owl’s Credit platform’s direct lending strategy is comprised of the Adviser, 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 registered investment advisers. As of September 30, 2026, the Adviser and its affiliates had $162.78 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 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 Blue Owl’s Credit platform’s direct lending investment committees. Blue Owl’s four direct lending investment committees 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 Matthias Ederer, Patrick Linnemann, Meenal Mehta and Logan Nicholson. 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.

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 certain investments may be made or sold consistent with our investment objective), 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 rely on an order for exemptive relief (the “Order”) 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 such Order, we are generally 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 directors who are not “interested persons” of us, the Adviser, or any of their respective affiliates, as defined in the 1940 Act (“Independent Directors”) make certain conclusions in connection with certain co-investment transactions, including (1) in most instances when we co-invest with an affiliated entity (as defined in the co-investment application) in an issuer where an affiliated entity has an existing investment in the issuer unless the transaction is completed on a pro rata basis, and (2) if we dispose of an asset acquired in a co-investment transaction unless the disposition is done on a pro rata basis or the disposition is of a tradable security. Pursuant to the Order, the Board oversees our participation in the co-investment program. As required by the Order, we have

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adopted, and the Board has approved, policies and procedures reasonably designed to ensure compliance with the terms of the Order. The Board, including a required majority of the Independent Directors, also reviewed the Co-Investment Policies of the Adviser to ensure that they are reasonably designed to prevent us from being disadvantaged by participation in the co-investment program. The Adviser and our Chief Compliance Officer will provide reporting to the Board.

The Blue Owl Credit Advisers’ investment allocation policies seek to ensure equitable allocation of investment opportunities and addresses the co-investment restrictions set forth under the 1940 Act. As a result of the Order, there could be significant overlap in our investment portfolio and the investment portfolio of the BDCs, interval fund, 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. In addition, the Adviser and its affiliates are permitted to allocate an investment to a number of products across platforms that it views as appropriate for the particular investment objectives, strategies and characteristics of such products.

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 regulated investment company (“RIC”) for U.S. federal income tax purposes. As a result, we are required to comply with various statutory and regulatory requirements, such as:

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

•source of income limitations;

•asset diversification requirements; and

•the requirement to distribute (or be treated as distributing) in each taxable year at least the sum of (i) 90% of our investment company taxable income and (ii) 90% of our 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, 2026, our Adviser and its affiliates have originated $202.71 billion aggregate principal amount of investments, of which $198.11 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. We may hold our investments directly or through specialty financing portfolio companies and joint ventures. Except for our specialty financing company investments, our equity investments are typically not 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 $50 million or more of EBITDA annually. We 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 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 specialty purpose vehicles and joint ventures. 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.

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Our portfolio composition may fluctuate from time to time based on market conditions and interest rates.

Covenants are contractual restrictions that lenders place on companies to limit the corporate actions a company may pursue. Generally, 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 borrower companies 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, 2026, our average debt investment size in each of our portfolio companies was approximately $4.2 million based on fair value. The investment size will vary with the size of our capital base and market conditions. As of September 30, 2026, excluding certain investments that fall outside of our typical borrower profile, our portfolio companies representing 95.8% of our debt portfolio based on fair value, had weighted average annual revenue of $992.2 million, annual EBITDA of $214.3 million, interest coverage of 1.8x, net leverage of 6.7x, and an average net loan-to value of 55%.

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.

Revenues

We generate revenues primarily in the form of interest income from the investments we hold. In addition, we 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, 2026, 95.6% 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 other 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 U.S. 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

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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, the 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 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, 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 costs and expenses of our operations and transactions including, without limitation, those relating to:

•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);

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

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

•cost of effecting any sales and repurchases of our 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 necessary, enforcing our 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;

•U.S. 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;

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

•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 our assets for tax or other purposes;

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

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

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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.

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.

In any period, our interest expense will depend largely on the extent of our borrowings. In addition, we may dedicate assets to financing facilities.

Market Trends

Broader geopolitical developments, including the conflict involving Iran and ongoing technology disruption, have contributed to elevated market volatility, even if they have not altered the fundamental operating environment for the U.S. companies in which we invest. We actively monitor these dynamics alongside other sources of risk. As part of our standard valuation and risk management processes, we conduct reviews of every investment in our portfolio on a quarterly basis and take additional, proactive steps to reassess risk across our portfolio through thematic stress tests. Year-to-date, our regular course portfolio monitoring and risk-specific stress tests, including those related to interest rates changes, tariffs and artificial intelligence, suggest that our portfolio is well positioned, supported by borrowers with strong business fundamentals and defensive characteristics.

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

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 2026 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. Reportedly, 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 issue 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 sub-scale 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, including volatility experienced in recent years driven by uncertainty regarding inflation, interest rates and monetary policy, geopolitical conditions, technological change, and exogenous shocks such as those to public health, 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 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 $2.70 trillion as of December 31, 2025, 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 as the economy reopens and may be able to achieve improved economic spreads and documentation terms as financing activity rebounds from modest levels.

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, broadly syndicated 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

Our platform continues to find attractive investment opportunities for deployment, predominantly in first lien originations to large borrowers and we intend to continue investing in accordance with our investment objective.

During the third quarter of 2026, global equity and debt markets remained driven by expectations around inflation, interest rates, artificial intelligence (“AI”)-related capital expenditures, and ongoing geopolitical tensions, including in the Middle East and their impact on certain energy prices. Equity indices saw modest appreciation during the third quarter despite lack of market breadth, with approximately two-thirds of S&P 500 and Russell 1000 stocks retreating during the quarter. The 10-year Treasury yield in the United States ended the third quarter of 2026 at 5.29%, approximately 85 basis points higher than June 30, 2026 and in late September, the Federal Reserve announced a rate hike of 25 basis points, increasing the federal funds target range to 3.75% to 4.00%. This represented a significant shift from the beginning of the year, when market participants had anticipated further reductions in the federal funds rate. Increases in base rates and credit spreads increase the yields available on our new investments and the income generated by our existing floating rate investments.

We continue to focus on our investments 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 types of 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 approximately 89% of our investments are supported by sophisticated financial sponsors who provide operational and financial resources.

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The decline in value of our portfolio was primarily attributable to repayment activity over the quarter. Generally 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.

In February 2026, we sold a portion of our portfolio company investments with aggregate fair value of $538.3 million and aggregate total debt commitments of $600.0 million, equivalent to 99.8% of par value to certain purchasers. See “Note 4 — Investments — Asset Sale” for details. Using the proceeds from these asset sales, on March 5, 2026, the Board declared a return of capital distribution of $2.50 per share which was paid to all of our shareholders of record as of March 24, 2026. Subsequently, we paid return of capital distributions of $0.42 per share to all of our shareholders of record as of April 20, 2026 and of $0.62 per share to all of our shareholders of record as of July 21, 2026. Each of these returns of capital was funded by proceeds from ordinary-course portfolio repayment activity.

Further, on October 15, 2026, the Board declared an additional return of capital distribution of $0.62 per share which was paid to all of our shareholders of record as of October 20, 2026 and funded by proceeds from ordinary-course portfolio repayment activity. Inclusive of the return of capital distributions of $3.54 per share previously paid in 2026, the Company’s shareholders will have received return of capital distributions totaling $4.16 per share in 2026 and we will have returned approximately 50.3% of net asset value as of December 31, 2025. See “Note 12 — Subsequent Events” for details.

Subject to the approval of our Board, we intend to continue to prioritize additional return of capital distributions to our shareholders on a quarterly basis and expect to fund these quarterly returns of capital with repayments, earnings, proceeds from the sale of assets or strategic transactions. Based on our visibility of repayments in the short-term and long-term repayment expectations (generally 6-8% per quarter historically), we anticipate that we may return 5% or more of our then-prevailing NAV to shareholders each quarter.

We also expect, subject to the approval of our Board, to continue to make monthly cash dividends to our shareholders from the Company’s net investment income.

Following this year’s asset sales and repayments, the portfolio continues to perform as designed. Portfolio composition and sector concentrations remain well diversified and the average position size remains substantially unchanged compared to last quarter, even as the number of portfolio companies has declined. Other key metrics remain largely constant compared to last quarter including borrower weighted average EBITDA and interest coverage, as well as weighted average spread and maturities. We believe this consistency reflects our disciplined portfolio construction, which has underpinned our strong net annualized total return since inception. Many of the companies in which we invest are continuing to see modest growth in both revenues and EBITDA. However, in the event of future geopolitical, economic or 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.

As of September 30, 2026, based on fair value, our portfolio consisted of 77.5% first lien senior secured debt investments (of which 65% we consider to be unitranche debt investments (including “last-out” portions of such loans)), 6.2% second-lien senior secured debt investments, 3.6% unsecured investments, 1.4% specialty finance debt investments, 2.7% preferred equity investments, 5.6% common equity investments, 2.9% specialty finance equity investments, and 0.1% joint venture investments.

As of September 30, 2026, our weighted average total yield of the portfolio at fair value and amortized cost was 9.9% and 8.8%, respectively, and our weighted average yield of accruing debt and income producing securities at fair value and amortized cost was 11.0% and 10.4%, respectively. Refer to our weighted average yields and interest rates table for more information on our calculation of weighted average yields. As of September 30, 2026, the weighted average spread of floating rate debt investments was 6.0%.

As of September 30, 2026, we had investments in 145 portfolio companies with an aggregate fair value of $597.2 million. As of September 30, 2026, we had net leverage of 0.22x debt-to-equity.

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The table below presents our investment activity for the following periods (information presented herein is at par value unless otherwise indicated):


	For the Three Months Ended September 30,
($ in thousands)	2026			2025
New investment commitments:
Gross originations	$	22,500		$	130,209
Less: Sell downs	—			(873)
Total new investment commitments	$	22,500		$	129,336
Principal amount of new investments funded:
First-lien senior secured debt investments	$	22,500		$	87,732
Second-lien senior secured debt investments	—			—
Unsecured debt investments	—			201
Specialty finance debt investments	—			972
Preferred equity investments	—			405
Common equity investments	—			1,952
Specialty finance equity investments	—			5,336
Joint venture investments	—			—
Total principal amount of new investments funded	$	22,500		$	96,598

Drawdowns (repayments) on revolvers and delayed draw term loans, net	$	2,135		$	7,892

Principal amount of investments sold or repaid:
First-lien senior secured debt investments(3)	$	(74,182)		$	(72,385)
Second-lien senior secured debt investments	—			—
Unsecured debt investments	—			—
Specialty finance debt investments	—			—
Preferred equity investments	—			(49)
Common equity investments	(46,274)			(201)
Specialty finance equity investments	(1,913)			(3,518)
Joint venture investments	—			—
Total principal amount of investments sold or repaid	$	(122,369)		$	(76,153)

Number of new investment commitments in new portfolio companies(1)	1			11
Average new investment commitment amount in new portfolio companies	$	22,500		$	7,899
Weighted average term for new investment commitments (in years)	4.2			5.6
Percentage of new debt investment commitments at floating rates	100.0		%	98.4		%
Percentage of new debt investment commitments at fixed rates	—		%	1.6		%
Weighted average interest rate of new investment commitments(2)	13.1		%	8.9		%
Weighted average spread over applicable base rate of new debt investment commitments at floating rates	9.0		%	5.0		%

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(1)Number of new investment commitments represents commitments to a particular portfolio company.

(2)Assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month SOFR, which was 4.08% and 3.98% as of September 30, 2026 and 2025, respectively.

(3)Includes scheduled paydowns.

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


	As of September 30, 2026				As of December 31, 2025
($ in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First-lien senior secured debt investments(1)	$	495,017	$	462,875	$	1,251,162	$	1,221,372
Second-lien senior secured debt investments	82,928		37,214		159,446		131,054
Unsecured debt investments	20,841		21,422		37,347		38,673
Specialty finance debt investments	8,518		8,526		7,483		7,491
Preferred equity investments	19,878		16,087		67,578		67,143
Common equity investments	28,970		33,576		55,486		80,120
Specialty finance equity investments	13,855		17,180		25,571		30,360
Joint ventures	334		314		334		337
Total Investments	$	670,341	$	597,194	$	1,604,407	$	1,576,550

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(1)We consider 65% and 48% of first-lien senior secured debt investments to be unitranche loans as of September 30, 2026 and December 31, 2025, respectively.

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


	As of September 30, 2026		As of December 31, 2025
Advertising and media	5.5	%	2.8	%
Aerospace and defense	2.4		1.2
Asset Based Lending and Fund Finance(1)	5.3		2.3
Automotive Services	0.7		3.0
Buildings and real estate	2.4		5.1
Business services	2.2		2.0
Chemicals	7.7		4.7
Consumer products	1.6		2.7
Containers and packaging	1.5		2.4
Distribution	2.0		1.8
Education	0.5		0.5
Energy equipment and services	—		0.6
Financial services	2.8		4.4
Food and beverage	4.2		6.0
Healthcare equipment and services	1.6		2.7
Healthcare providers and services	13.2		9.8
Healthcare technology	10.2		7.8
Household products	6.2		2.4
Human resource support services	2.5		2.0
Infrastructure and environmental services	0.6		1.2
Insurance	1.4		2.0		(3)
Internet software and services	11.2		10.9
Joint ventures(4)	0.1		0.0		(5)
Leisure and entertainment	0.5		2.5
Manufacturing	5.6		9.8
Pharmaceuticals(2)	0.2		0.8
Professional services	2.5		3.2
Specialty retail	3.2		3.7
Telecommunications	0.5		0.2
Transportation	1.7		1.5
Total	100.0	%	100.0	%

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(1)Includes investments in Amergin AssetCo and BOCSO 2025.

(2)Includes investment in LSI Financing DAC as of September 30, 2026 and investments in LSI Financing DAC and LSI Financing LLC as of December 31, 2025.

(3)Includes investments in Fifth Season.

(4)Includes investments in Credit SLF and Blue Owl Leasing.

(5)Rounds to less than 0.1%.

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


	As of September 30, 2026		As of December 31, 2025
United States:
Midwest	20.2	%	22.3	%
Northeast	14.1		18.3
South	41.2		38.4
West	19.5		15.3
International	5.0		5.7
Total	100.0	%	100.0	%

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


	As of September 30, 2026		As of December 31, 2025
Weighted average total yield of portfolio(1)	9.9	%	9.9	%
Weighted average total yield of accruing debt and income producing securities(1)	11.0	%	10.3	%
Weighted average interest rate of accruing debt securities	10.1	%	9.7	%
Weighted average spread over base rate of floating rate debt investments	6.0	%	5.8	%

_______________

(1)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 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:

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

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

•comparisons to other companies in the portfolio company’s industry; and

•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 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:


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.

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, 2026, 2.7% of our portfolio at fair value is on non-accrual. Our average annual gain (loss) ratio is (0.20)%.

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


	As of September 30, 2026				As of December 31, 2025
Investment Rating	Investments at Fair Value		Percentage of Total Portfolio(1)		Investments at Fair Value		Percentage of Total Portfolio(1)
($ in thousands)
1	$	31,829	5.3	%	$	182,103	11.6	%
2	403,203		67.5		1,177,657		74.7
3	145,934		24.4		190,376		12.1
4	3,349		0.6		9,000		0.6
5	12,879		2.2		17,414		1.1
Total	$	597,194	100.0	%	$	1,576,550	100.0	%

________________

(1) Totals presented may not sum due to rounding.

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


	As of September 30, 2026								As of December 31, 2025
($ in thousands)	Amortized Cost		Percentage		Fair Value		Percentage		Amortized Cost		Percentage		Fair Value		Percentage
Performing	$	600,566	89.6	%	$	580,966	97.3	%	$	1,554,266	96.9	%	$	1,553,996	98.6	%
Non-accrual	69,775		10.4		16,228		2.7		50,141		3.1		22,554		1.4
Total	$	670,341	100.0	%	$	597,194	100.0	%	$	1,604,407	100.0	%	$	1,576,550	100.0	%

Investments are generally placed on non-accrual status when it is not probable that principal or interest will be collected in full. Accrued interest receivable is generally not carried as an asset once a loan is placed on non-accrual status unless collection is considered probable. Interest payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Cash receipts on non-accrual loans are recognized as interest income only when collection of principal is probable and otherwise are applied as a reduction of the loan’s recorded investment. Management may make exceptions to this treatment and determine to not place an investment on non-accrual status if the investment 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 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, 2026, the fair market value of our investment in Amergin Asset Management LLC was $2.2 million. We made an initial equity commitment to Amergin AssetCo on July 1, 2022. As of September 30, 2026, the fair market value of our investment in Amergin AssetCo was $13.1 million, of which $4.6 million is equity and $8.5 million is debt, and we had an unfunded equity commitment of $0.9 million.

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. On February 12, 2026, we sold our equity investment 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, 2026, 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 25, 2024, we redeemed a portion of our interest in LSI Financing DAC in exchange for common shares of LSI Financing LLC. In the second quarter of 2026, we redeemed our interest in LSI Financing LLC for proceeds of $10.6 million and recognized a $1.05 million gain on the transaction. As of September 30, 2026, the Company’s remaining commitment on LSI Financing LLC was $2.0 million.

Blue Owl Cross-Strategy Opportunities 2025-1 LLC (fka Blue Owl Cross-Strategy Opportunities LLC) (“BOCSO 2025”), which 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 2025. As of September 30, 2026, our investment at fair value in BOCSO 2025 was $10.2 million and our total commitment was $10.2 million. As of September 30, 2026, the portfolio consists of six investments totaling $0.73 billion and $0.72 billion at cost and fair value, respectively, ranging in costs from $24.9 million to $187.4 million and with a fair value ranging from $24.9 million to $184.5 million. The largest investment is 25.8% of the total cost of BOCSO 2025’s portfolio. As of September 30, 2026, the portfolio asset class composition was 51.1% ABF — Specialty finance, 45.5% ABF — Leasing, and 3.4% ABF — Commercial Real Estate.

We do not consolidate our equity interests in our specialty financing portfolio companies.

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Joint Ventures

Credit SLF is a joint venture between the Credit SLF Members. Credit SLF’s principal purpose is to make investments primarily in senior broadly syndicated loans to U.S. middle-market companies. It was formed in May 2024 and made its first portfolio company investment in July 2024.

Credit SLF is managed by a board consisting of an equal number of representatives appointed by each Credit SLF Member and which acts unanimously. Investment decisions must be approved by Credit SLF’s board.

Refer to Exhibit 99.1 for the Credit SLF’s Supplemental Financial Information.

Blue Owl Leasing is a joint venture between the Blue Owl Leasing Members. Blue Owl Leasing’s principal purpose is to make investments primarily in fixed-rate equipment leases and loans. These investments are generally secured by essential-use equipment and critical software. It was formed in June 2025 and made its first portfolio company investment in October 2025.

Blue Owl Leasing is managed by the Blue Owl Leasing Members who must unanimously approve investment decisions. The Blue Owl Leasing Members coinvest through Blue Owl Leasing, or its wholly owned subsidiaries.

As of September 30, 2026, our investment at fair value in Blue Owl Leasing was $89 thousand. As of September 30, 2026, Blue Owl Leasing had a $55.2 million investment.

Refer to Exhibit 99.2 for the Blue Owl Leasing’s Supplemental Financial Information.

Results of Operations

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


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
($ in thousands)	2026		2025		$ Change		2026		2025		$ Change
Total Investment Income	$	16,829	$	46,182	$	(29,353)	$	76,603	$	150,715	$	(74,112)
Less: Total Operating Expenses	8,493		28,472		(19,979)		52,397		90,833		(38,436)
Net Investment Income (Loss) Before Taxes	8,336		17,710		(9,374)		24,206		59,882		(35,676)
Less: Income tax expense (benefit), including excise tax expense (benefit)	(1,656)		316		(1,972)		(1,019)		1,173		(2,192)
Net Investment Income (Loss) After Taxes	9,992		17,394		(7,402)		25,225		58,709		(33,484)
Net change in unrealized gain (loss)	(17,860)		(16,164)		(1,696)		(37,723)		(18,796)		(18,927)
Net realized gain (loss)	16,944		(9)		16,953		(4,388)		(18,700)		14,312
Net Increase (Decrease) in Net Assets Resulting from Operations	$	9,076	$	1,221	$	7,855	$	(16,886)	$	21,213	$	(38,099)

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. As a result, comparisons of net increase (decrease) in net assets resulting from operations may not be meaningful.

Investment Income

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


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
($ in thousands)	2026		2025		$ Change		2026		2025		$ Change
Interest income from investments	$	12,877	$	38,892	$	(26,015)	$	56,670	$	126,049	$	(69,379)
PIK interest income	2,189		2,764		(575)		7,370		10,793		(3,423)
Dividend income	1,645		3,938		(2,293)		9,080		12,158		(3,078)
Other income	118		588		(470)		3,483		1,715		1,768
Total Investment Income	$	16,829	$	46,182	$	(29,353)	$	76,603	$	150,715	$	(74,112)

We expect that investment income will vary based on a variety of factors, including the pace of our originations and repayments.

Three Months Ended September 30, 2026 Compared to the Three Months Ended September 30, 2025

Investment income decreased by $29.4 million for the three months ended September 30, 2026, as compared to the same period in the prior year, primarily due to decreases in interest income and dividend income. The decreases in interest income of $26.0 million

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and in dividend income of $2.3 million, were driven by a strategic reduction in our debt portfolio at par from $1.6 billion as of September 30, 2025, to $0.6 billion as of September 30, 2026, as a part of our effort to prioritize return of capital distributions of 5% or more to shareholders each quarter during the year ended December 31, 2026. Additionally, contributing to a lesser degree to the decline in our investment income was the reduction in the weighted average yield of our portfolio from 10.5% to 9.9% period-over-period. 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 which decreased period-over-period, from $0.7 million to $0.3 million due to a decrease in repayment. PIK interest income and other income remained relatively flat period-over-period. Other income also includes fees that are generally available to us as a result of closing investments and generally paid at the time of closing.

Nine Months Ended September 30, 2026 Compared to the Nine Months Ended September 30, 2025

Investment income decreased by $74.1 million for the nine months ended September 30, 2026, as compared to the same period in the prior year, primarily due to a decrease in interest income, PIK interest income and dividend income, partially offset by an increase in other income. Interest income, PIK interest income and dividend income declined by $69.4 million, $3.4 million and $3.1 million, respectively, due to a reduction in our debt portfolio at par from $1.6 billion as of September 30, 2025, to $0.6 billion as of September 30, 2026, largely due to sales of our portfolio investments as a part of our effort to prioritize return of capital distributions of 5% or more to shareholders each quarter we announced in 2026, and to a lesser degree due to a decrease in weighted average yields from 10.5% to 9.9% year-over-year. 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 which decreased period-over-period from $4.9 million to $1.7 million primarily due to a decrease in repayment activity. Other income increased period-over-period, by $1.8 million, primarily due to earned fees on an equity investment redemption. Other income also includes fees that are generally available to us as a result of closing investments and generally paid at the time of closing.

Expenses

The table below presents expenses for the following periods:


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
($ in thousands)	2026		2025		$ Change		2026		2025		$ Change
Interest expense	$	2,970	$	15,975	$	(13,005)	$	33,230	$	50,783	$	(17,553)
Management fees, net	2,441		6,492		(4,051)		10,072		20,663		(10,591)
Performance based incentive fees	—		3,688		(3,688)		—		12,451		(12,451)
Professional fees	1,331		1,160		171		3,990		3,378		612
Directors’ fees	195		195		—		590		590		—
Other general and administrative	1,556		962		594		4,515		2,968		1,547
Total Operating Expenses	$	8,493	$	28,472	$	(19,979)	$	52,397	$	90,833	$	(38,436)

Three Months Ended September 30, 2026 Compared to the Three Months Ended September 30, 2025

Total operating expenses decreased by $20.0 million for the three months ended September 30, 2026, as compared to the same period in the prior year, primarily due to decreases in interest expense, management fees and incentive fees. The decrease in interest expense was driven by a decrease in our daily weighted average borrowings from $719.8 million to $174.5 million and a decrease in our weighted average interest rate from 8.4% to 6.2% (including the impact of fees on undrawn portions of our credit facilities) period-over-period. The decrease in incentive fees of $3.7 million was due to a decrease in investment income, primarily as a result of lower interest income earned period-over-period, as noted above. The decrease in management fees of $4.1 million is due to a decrease in average gross assets driven by sales and repayments of portfolio investments.

Nine Months Ended September 30, 2026 Compared to the Nine Months Ended September 30, 2025

Total operating expenses decreased by $38.4 million for the nine months ended September 30, 2026, as compared to the same period in the prior year, primarily due to decreases in interest expense, incentive fees and management fees. The decrease in interest expense of $17.6 million was driven by a decrease in our daily weighted average borrowings from $789.0 million to $386.4 million, partially offset by an increase in our weighted average interest rate from 8.1% to 9.3% (including the impact of fees on undrawn portions of our credit facilities) period-over-period. The decrease of $12.5 million in incentive fees was due to a decrease in investment income, primarily as a result of lower interest income earned period-over-period, as noted above. The decrease in management fees of $10.6 million was due to a decrease in average gross assets driven by sales and repayments of portfolio investments.

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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:


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
($ in thousands)	2026		2025		$ Change		2026		2025		$ Change
Net change in unrealized gain (loss) on investments	$	(24,575)	$	(15,433)	$	(9,142)	$	(43,614)	$	(20,264)	$	(23,350)
Translation of assets and liabilities in foreign currencies	(8)		(674)		666		(855)		1,610		(2,465)
Income tax (provision) benefit	6,723		(57)		6,780		6,746		(142)		6,888
Net Change in Unrealized Gain (Loss)	$	(17,860)	$	(16,164)	$	(1,696)	$	(37,723)	$	(18,796)	$	(18,927)

Three Months Ended September 30, 2026 Compared to the Three Months Ended September 30, 2025

For the three months ended September 30, 2026, the net unrealized loss was primarily driven by reversals of prior period unrealized gains that were realized during the period, partially offset by increase in the fair value of certain debt investments, as further detailed below. 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.

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


Portfolio Company	For the Three Months Ended September 30, 2026		Portfolio Company	For the Three Months Ended September 30, 2025
($ in thousands)			($ in thousands)
Windows Entities	$	(26,104)	ASP Conair Holdings	$	(5,178)
Notorious Topco, LLC (dba Beauty Industry Group)	(1,652)		Notorious Topco, LLC (dba Beauty Industry Group)	(3,041)
National Dentex Labs LLC (fka Barracuda Dental LLC)	(785)		Loparex Midco B.V.	(2,559)
Pluralsight, LLC	(778)		Peraton Corp.	(1,510)
Loparex Midco B.V.	(765)		Pluralsight, LLC	(1,276)
Cornerstone OnDemand, Inc.	(536)		New PLI Holdings, LLC (dba PLI)(1)	(973)
Norvax, LLC (dba GoHealth)	762		National Dentex Labs LLC (fka Barracuda Dental LLC)	(824)
Peraton Corp.	1,104		Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC)	(686)
Nscale Limited	1,461		PetVet Care Centers, LLC	(455)
Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC)	1,777		Cornerstone OnDemand, Inc.	666
Remaining portfolio companies	941		Remaining portfolio companies	403
Total	$	(24,575)	Total	$	(15,433)

_____________

(1)Portfolio company is a non-controlled, affiliated investment.

Nine Months Ended September 30, 2026 Compared to the Nine Months Ended September 30, 2025

For the nine months ended September 30, 2026 and 2025, the net unrealized losses were primarily driven by decreases in the fair value of certain debt and equity investments, as well as reversals of prior period unrealized gains that were realized in the current period and exits of certain equity investments as detailed below.

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


Portfolio Company	For the Nine Months Ended September 30, 2026		Portfolio Company	For the Nine Months Ended September 30, 2025
($ in thousands)			($ in thousands)
Loparex Midco B.V.	$	(29,379)	ASP Conair Holdings LP	$	(10,959)
Windows Entities	(26,104)		National Dentex Labs LLC (fka Barracuda Dental LLC)	(8,682)
Cornerstone OnDemand, Inc.	(9,319)		Notorious Topco, LLC (dba Beauty Industry Group)	(8,402)
Pluralsight, LLC	(4,661)		PCF Holdco, LLC (dba PCF Insurance Services)	(5,619)
Notorious Topco, LLC (dba Beauty Industry Group)	(1,962)		EOS Finco S.A.R.L.	(3,506)
Nscale Limited	2,215		Peraton Corp.	(3,133)
Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC)	2,260		Cornerstone OnDemand, Inc.	2,309
EOS Finco S.A.R.L	5,703		Valence Surface Technologies LLC	2,331
Walker Edison Furniture Company LLC(1)	11,955		CIBT Global, Inc.	4,774
Conair Holdings LLC	18,015		H-Food Holdings, LLC	17,223
Remaining portfolio companies	(12,337)		Remaining portfolio companies	(6,600)
Total	$	(43,614)	Total	$	(20,264)

_______________

(1)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:


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
($ in thousands)	2026		2025		$ Change		2026		2025		$ Change
Net realized gain (loss) on investments	$	25,335	$	(444)	$	25,779	$	3,512	$	(19,114)	$	22,626
Net realized gain (loss) on foreign currency transactions	3		435		(432)		494		414		80
Realized income tax (expense) / benefit	(8,394)		—		(8,394)		(8,394)		—		(8,394)
Net Realized Gain (Loss)	$	16,944	$	(9)	$	16,953	$	(4,388)	$	(18,700)	$	14,312

Three and Nine Months Ended September 30, 2026 Compared to the Three and Nine Months Ended September 30, 2025

For the three and nine months ended September 30, 2026, we recognized net realized gains on investments of $25.3 million and $3.5 million, respectively, as compared to losses of $0.4 million and $19.1 million, respectively, in the prior year periods, primarily driven by the full or partial sales of investments and the restructuring of certain debt investments. The gains in the current year period were partially driven by a gain of $1.9 million from the asset sale described in “Note 4 - Investments” to our consolidated financial statements included in this Quarterly Report.

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


Portfolio Company	For the Three Months Ended September 30, 2026
($ in thousands)
Windows Entities	$	26,104








Norvax, LLC (dba GoHealth)	(762)
Remaining portfolio companies	(7)
Total	$	25,335


Portfolio Company	For the Three Months Ended September 30, 2025
($ in thousands)
Norvax, LLC (dba GoHealth)	$	(426)
BCTO WIW Holdings, Inc. (dba When I Work)	(99)
Icefall Parent, Inc. (dba EngageSmart)	68







Remaining portfolio companies	13
Total	$	(444)


Portfolio Company	For the Nine Months Ended September 30, 2026
($ in thousands)
Windows Entities	$	26,104
MINDBODY, Inc.	1,099
LSI Financing LLC(1)	1,045
VCI Asset Holdings LLC	772



EOS Finco S.A.R.L	(5,874)
Conair Holdings LLC	(8,947)
Walker Edison Furniture Company LLC(1)	(12,122)
Remaining portfolio companies	1,435
Total	$	3,512

_______________

(1)Portfolio company is a non-controlled, affiliated investment.


Portfolio Company	For the Nine Months Ended September 30, 2025
($ in thousands)
H-Food Holdings, LLC	$	(15,359)
CIBT Global, Inc.	(4,785)
PCF Holdco, LLC (dba PCF Insurance Services)	4,057
HFS Matterhorn Topco, Inc.	(1,625)
GoHealth, Inc.	(974)
Norvax, LLC (dba GoHealth)	(426)




Remaining Portfolio Companies	(2)
Total	$	(19,114)

Realized Gross Internal Rate of Return

Since we began investing in 2017 through September 30, 2026, our exited investments have resulted in an aggregate cash flow realized gross internal rate of return to us of approximately 9.7% (based on total capital invested of $4.2 billion and total proceeds from these exited investments of $5.2 billion).

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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.

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, including returns of capital, 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%. 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, 2026 and December 31, 2025, our asset coverage ratios were 481% and 240%, 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% asset coverage limitation to cover any outstanding unfunded commitments we are required to fund.

Cash as of September 30, 2026, taken together with our available debt of $102.2 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, 2026, we had $21.2 million in cash, including foreign cash. During the nine months ended September 30, 2026, cash provided by operating activities was $953.8 million, primarily as a result of repayments and selldowns of portfolio investments of $951.4 million and other operating activities of $32.7 million, partially offset by funding portfolio investments of $30.3 million. Lastly, we used $991.8 million of cash for financing activities during the period, as a result of $409.4 million of return of capital distributions in addition to net repayments on our credit facilities of $548.1 million, dividends of $32.9 million paid to our shareholders, and deferred financing costs paid of $1.4 million.

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 selldowns and repayments 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 of $151.7 million, and deferred financing costs paid of $1.2 million, and net repayments on our credit facilities of $65.0 million.

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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 the 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:


	For the Three Months Ended
	September 30, 2026			September 30, 2025
($ in thousands, except share amounts)	Shares	Amount		Shares	Amount

Reinvestment of distributions	—	$	—	1,151,700	$	9,817
Repurchased shares	—	—		(7,138,809)	(60,323)


Total shares/net proceeds	—	$	—	(5,987,109)	$	(50,506)


	For the Nine Months Ended
	September 30, 2026			September 30, 2025
($ in thousands, except share amounts)	Shares	Amount		Shares	Amount

Reinvestment of distributions	699,880	$	5,756	3,743,243	$	32,373
Repurchased shares	—	—		(17,598,030)	(150,967)
Total Shares/Net Repurchases	699,880	$	5,756	(13,854,787)	$	(118,594)

During the three and nine months ended September 30, 2026 and 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





















































January 29, 2025	January 28, 2025	404,165	$	8.79
February 13, 2025	December 31, 2024	133,727	8.80
February 26, 2025	February 25, 2025	407,046	8.78
March 26, 2025	March 25, 2025	394,211	8.75
April 30, 2025	April 29, 2025	400,981	8.63
May 13, 2025	March 31, 2025	65,631	8.72
May 28, 2025	May 27, 2025	402,219	8.62
June 25, 2025	June 24, 2025	383,563	8.61
July 30, 2025	July 29, 2025	385,457	8.57
August 27, 2025	August 26, 2025	388,223	8.55
September 25, 2025	September 24, 2025	378,020	8.45



January 28, 2026	January 27, 2026	347,777	8.26
February 25, 2026	February 24, 2026	352,103	8.19

On February 17, 2026, the Board determined to terminate the Company’s dividend reinvestment plan. All future distributions are expected to be paid in cash.

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 for shareholders of record during the following period:

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For the Nine Months Ended September 30, 2026

Declaration Date

Record Date

Payment Date

Dividend

Distribution Per Share(1)

Distribution Amount

($ in thousands, except per share amounts)

November 4, 2025

January 27, 2026

January 28, 2026

Monthly

0.0533

6,127

February 18, 2026

February 24, 2026

February 25, 2026

Monthly

0.0533

6,145

February 18, 2026

March 17, 2026

March 18, 2026

Monthly

0.0533

6,163

March 5, 2026(2)

March 24, 2026

March 26, 2026

Return of capital

2.5000

289,115

April 14, 2026

April 17, 2026

April 20, 2026

Monthly

0.0350

4,048

April 14, 2026(2)

March 31, 2026

April 21, 2026

Return of capital

0.4200

48,571

May 5, 2026

May 26, 2026

May 27, 2026

Monthly

0.0300

3,469

May 5, 2026

June 30, 2026

July 1, 2026

Monthly

0.0300

3,470

July 16, 2026(2)

July 21, 2026

July 22, 2026

Return of capital

0.6200

71,700

May 5, 2026

July 28, 2026

July 29, 2026

Monthly

0.0300

3,469

August 4, 2026

August 25, 2026

August 27, 2026

Monthly

0.0250

2,891

August 4, 2026

September 29, 2026

September 30, 2026

Monthly

0.0250

2,891

Total

3.8749

448,059

_______________

(1)Totals presented may not sum due to rounding.

(2)Represents in aggregate special cash return of capital distributions reflecting approximately 43% of the Company’s NAV as of December 31, 2025. See “Note 12 — Subsequent Events” for details related to an additional return of capital distribution of $0.62 per share declared on October 15, 2026.

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

The following table presents cash distributions per share for shareholders of record during the following period:

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)

November 8, 2024

January 28, 2025

January 29, 2025

Monthly

0.06

7,664

February 18, 2025

February 25, 2025

February 26, 2025

Monthly

0.06

7,696

February 18, 2025

March 25, 2025

March 26, 2025

Monthly

0.06

7,720

February 18, 2025

March 31, 2025

May 15, 2025

Quarterly

0.01

1,249

February 18, 2025

April 29, 2025

April 30, 2025

Monthly

0.06

7,492

May 6, 2025

May 27, 2025

May 28, 2025

Monthly

0.06

7,520

May 6, 2025

June 24, 2025

June 25, 2025

Monthly

0.06

7,542

May 6, 2025

June 29, 2025

July 30, 2025

Monthly

0.06

7,192

August 5, 2025

August 26, 2025

August 27, 2025

Monthly

0.06

7,215

August 5, 2025

September 24, 2025

September 25, 2025

Monthly

0.06

7,238

Total

0.55

68,528

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. In no event, however, will funds be advanced or borrowed for the 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.

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Share Repurchases

Prior to the third quarter of 2025, we offered, on a quarterly basis, 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.


Offer Date	Tender Offer Expiration	Tender Offer	Purchase Price per Share	Shares Repurchased
($ in thousands, except share and per share amounts)
























February 19, 2025	March 24, 2025	36,805	$8.75	4,206,258
May 16, 2025	June 27, 2025	53,838	8.61	6,252,963
August 18, 2025	September 25, 2025	60,324	8.45	7,138,809

Total Return Since Inception

Cumulative total return for the period April 4, 2017 to September 30, 2026 was 76.4% (without upfront sales load) and 67.5% (with maximum upfront sales load). The following table presents cumulative total returns for the nine months ended September 30, 2026, rolling 1-year, 3-year and 5-year periods and since inception.

Shareholder Returns (Without Sales Charge)

Shareholder Returns (With Maximum Sales Charge)

Annualized Total Return

YTD

1-Year

3-Year(3)

5-Year(3)

Since Inception(3)

Cumulative Total Return Since Inception(3)

Total Shareholder Returns(1)(2)

(1.8)%

(1.5)%

3.3%

5.5%

8.0%

76.4%

67.5%

_______________

(1)Compounded monthly.

(2)Unless otherwise indicated, total return is calculated as the change in 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.

(3)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

As of September 30, 2026, we had in place an Amended and Restated Senior Secured Revolving Credit Agreement (as amended from time to time, the “Revolving Credit Facility”), as well as a special purpose vehicle asset credit facility and in the future, we may enter into additional borrowing arrangements of these types. See “Note 5 — Debt” to our consolidated financial statements included in this Quarterly Report.

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Aggregate Borrowings

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


	As of September 30, 2026
($ in thousands)	Maturity Date	Aggregate Principal Committed		Outstanding Principal		Unused Portion(3)		Amount Available(1)		Unamortized Debt Issuance Costs		Net Carrying Value
Revolving Credit Facility(2)	1/12/2029	$	75,000	$	—	$	75,000	$	75,000	$	(1,203)	$	(1,203)
SPV Asset Facility I	11/30/2030	200,000		128,500		71,500		27,161		(1,592)		126,908

Total Debt		$	275,000	$	128,500	$	146,500	$	102,161	$	(2,795)	$	125,705

_______________

(1)The amount available reflects any limitations related to each credit facility’s borrowing base.

(2)There were no outstanding borrowings on the Revolving Credit Facility as of September 30, 2026.

(3)The unused portion is the amount upon which commitment fees, if any, are based.


	As of December 31, 2025
($ in thousands)	Maturity Date	Aggregate Principal Committed		Outstanding Principal		Unused Portion(3)		Amount Available (1)		Unamortized Debt Issuance Costs		Net Carrying Value
Revolving Credit Facility(2)	1/12/2029	$	225,000	$	11,598	$	213,402	$	213,402	$	(2,314)	$	9,284
SPV Asset Facility I	11/30/2030	375,000		315,000		60,000		59,265		(3,327)		311,673
2026 Notes	11/15/2026	350,000		350,000		—		—		(2,150)		347,850
Total Debt		$	950,000	$	676,598	$	273,402	$	272,667	$	(7,791)	$	668,807

______________

(1)The amount available reflects any limitations related to each credit facility’s borrowing base.

(2)Net carrying value includes the unrealized translation gain (loss) on borrowings denominated in foreign currencies.

(3)The unused portion is the amount upon which commitment fees, if any, are based.

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


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
($ in thousands)	2026			2025			2026			2025
Interest expense	$	2,723		$	15,030		$	26,832		$	47,658
Amortization of debt issuance costs	247			945			6,398			3,125
Total Interest Expense	$	2,970		$	15,975		$	33,230		$	50,783
Average interest rate(1)	6.2		%	8.4		%	9.3		%	8.1		%
Average daily borrowings	$	174,478		$	719,845		$	386,368		$	788,998

_______________

(1)Includes the impact of fees on undrawn portions of the Company’s credit facilities for the three and nine months ended September 30, 2026, and 2025.

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Senior Securities

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


Class and Period	Total Amount Outstanding Exclusive of Treasury Securities(1) ($ in millions)		Asset Coverage per Unit(2)		Involuntary Liquidating Preference per Unit(3)		Average Market Value per Unit(4)
Revolving Credit Facility
September 30, 2026 (unaudited)	$	—	$	4,813	$	—	N/A
December 31, 2025	11.6		2,395		—		N/A
December 31, 2024	50.4		2,306		—		N/A
Promissory Note(5)
December 31, 2020	$	—	$	—	$	—	N/A
December 31, 2019	—		2,687		—		N/A
December 31, 2018	—		2,397		—		N/A
December 31, 2017	—		4,969		—		N/A
SPV Asset Facility I
September 30, 2026 (unaudited)	$	128.5	$	4,813	$	—	N/A
December 31, 2025	315.0		2,395		—		N/A
December 31, 2024	195.0		2,306		—		N/A
December 31, 2023	60.0		2,390		—		N/A
December 31, 2022	374.2		2,288		—		N/A
December 31, 2021	412.2		2,213		—		N/A
December 31, 2020	365.1		2,416		—		N/A
December 31, 2019	265.7		2,687		—		N/A
December 31, 2018	302.5		2,397		—		N/A
December 31, 2017	20.0		4,969		—		N/A
SPV Asset Facility II(6)

December 31, 2023	$	125.0	$	2,390	$	—	N/A
December 31, 2022	176.0		2,288		—		N/A
December 31, 2021	255.0		2,213		—		N/A
December 31, 2020	191.0		2,416		—		N/A
CLO XIII(8)

December 31, 2025	$	—	$	2,395	$	—	N/A
December 31, 2024	260.0		2,306		—		N/A
December 31, 2023	260.0		2,390		—		N/A
2024 Notes(7)
December 31, 2023	$	100.0	$	2,390	$	—	N/A
December 31, 2022	450.0		2,288		—		N/A
December 31, 2021	450.0		2,213		—		N/A
December 31, 2020	350.0		2,416		—		N/A
December 31, 2019	300.0		2,687		—		N/A
2026 Notes(9)

December 31, 2025	$	350.0	$	2,395	—		N/A
December 31, 2024	350.0		2,306		—		N/A
December 31, 2023	350.0		2,390		—		N/A

_______________

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

(2)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.

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(3)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.

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

(5)Promissory Note expired on December 31, 2020.

(6)SPV Asset Facility II was terminated in 2024.

(7)2024 Notes matured in November 2024.

(8)CLO XIII was retired in October 2025.

(9)2026 Notes were repaid in May 2026.

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:


($ in thousands)	As of September 30, 2026		As of December 31, 2025

Revolving loan commitments	$	26,874	$	88,831
Delayed draw loan commitments	13,457		52,975

Debt commitments	$	40,331	$	141,806

Specialty finance equity commitments	$	2,889	$	6,124
Common equity commitments	155		545
Equity commitments	$	3,044	$	6,669

Total Unfunded Commitments	$	43,375	$	148,475

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, 2026, we believe we had adequate financial resources to satisfy the unfunded portfolio company commitments.

Other Commitments and Contingencies

In the ordinary course of business, we may guarantee certain obligations in connection with our portfolio companies (in particular, certain controlled portfolio companies). Under these guarantee arrangements, payments may be required to be made to third parties if such guarantees are called upon or if the portfolio companies were to default on their related obligations, as applicable.

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, 2026, management was not aware of any material pending or threatened litigation that would require accounting recognition or financial statement disclosure.

Related Party Transactions

We have entered into a number of business relationships with affiliated or related parties, including the following:

•the Investment Advisory Agreement;

•the Administration Agreement;

•the Expense Support Agreement; and

•the License Agreement.

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.

We invest in Credit SLF, Blue Owl Leasing and LSI Financing LLC, controlled affiliated investments, as defined in the 1940 Act. See “Note 3 — Agreements and Related Party Transactions” to our consolidated financial statements included in this Quarterly Report for further details.

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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, 2025, 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 held by us 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 the 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 the 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 the valuation designee, undertakes a multi-step valuation process, which includes, among other procedures, the following:

•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;

•Preliminary valuation conclusions are documented and discussed with the Adviser’s valuation committee;

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

•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

•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.

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 our principal market to be the market that has the greatest

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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:

•Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access.

•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.

•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), review pricing support provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs.

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.

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 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.

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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 timely distribute (or be deemed to distribute) in each taxable year to our shareholders at least the sum of :

•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

•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:

•98% of our net ordinary income excluding certain ordinary gains or losses for that calendar year;

•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

•certain undistributed amounts from previous years in which we paid no U.S. federal income tax.

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. However, on February 17, 2026 the Board determined to terminate the distribution reinvestment plan and as a result, commencing with distributions payable on or after March 18, 2026, all distributions will be paid in cash. With respect to distributions paid prior to March 18, 2026, each shareholder that had not “opted-in” to the dividend reinvestment plan had their dividends or distributions automatically received in cash rather than reinvested in additional shares of our common stock. Shareholders who received distributions in the form of shares of common stock were subject to the same U.S. federal, state and local tax consequences as if they had 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 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. However, we will be subject to U.S. federal income tax imposed at corporate rates on any income, including capital gains, not distributed (or deemed distributed) to our stockholders.

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 (i) 90% of our “investment company taxable income” for that year, which is generally our net ordinary income plus the excess, if any, of our realized net short-term capital gains over our realized net long-term capital losses and (ii) our net tax-exempt income. 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) certain undistributed amounts from previous years on which we paid no U.S. federal income tax. 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 income taxes imposed at corporate rates.

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, 2025. As applicable, our prior three tax years remain subject to examination by U.S. federal, state and local tax authorities.

Recent Developments

Distributions

On October 15, 2026, our Board declared a return of capital distribution of $0.62 per share funded by proceeds from ordinary-course portfolio repayment activity. Inclusive of the return of capital distribution of $3.54 per share previously paid in 2026, our shareholders will have received return of capital distributions totaling $4.16 per share in 2026. Inclusive of this distribution and previously paid return of capital distributions, we will have returned approximately 50.3% of net asset value as of December 31, 2025.

On November 3, 2026, our Board approved regular monthly distributions for November 2026, through January 2027. The regular monthly cash distributions, each in the gross amount of $0.022 per share, will be payable monthly to shareholders of record as of the monthly record date.

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, continued political unrest in various countries such as Venezuela, the conflicts in the Middle East and North Africa regions, 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 have 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

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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.

As of September 30, 2026, 95.6% 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 and the SPV Asset Facility bear interest at variable rates with interest rate floors of 0.0%.

Based on our Consolidated Statements of Assets and Liabilities as of September 30, 2026, 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.


($ in thousands)	Interest Income		Interest Expense		Net Income(1)
Up 300 basis points	$	15,598	$	3,855	$	11,743
Up 200 basis points	10,399		2,570		7,829
Up 100 basis points	5,199		1,285		3,914
Down 100 basis points	(5,199)		(1,285)		(3,914)
Down 200 basis points	(10,391)		(2,570)		(7,821)
Down 300 basis points	(15,571)		(3,855)		(11,716)

_______________

(1)Excludes the impact of income based fees. See Note 3 of our consolidated financial statements included in this Quarterly Report 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, 2026 and December 31, 2025, 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

U.S. inflation rates have fluctuated in recent periods, and remain well above historical levels over the past several decades. Ongoing inflationary pressures have increased the costs of labor, energy and raw materials and have adversely affected consumer spending, economic growth and our portfolio companies’ operations. Persistent inflationary pressures could affect our portfolio companies’ profit margins.

Item 4. Controls and Procedures

(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 (who serve as the Company’s principal executive officer and principal financial officer, respectively), 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.

(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, 2026, 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

From time to time, we and the Adviser 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 or the Adviser. Given the inherent unpredictability of these types of legal and regulatory proceedings and the potentially large and/or indeterminate amounts that could be sought, an adverse outcome in certain matters could have a material effect on our or the Adviser’s financial condition or results of operations in any particular period.

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, 2025, which could materially 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, 2025, 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.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

For the quarter ended September 30, 2026, we did not sell any unregistered equity securities.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information.

Rule 10b5-1 Trading Plans

During the fiscal quarter ended September 30, 2026, 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.”

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Item 6. Exhibits, Financial Statement Schedules


Exhibit Number						Description of Exhibits

3.1						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).

3.2						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).

21.1*						Subsidiary List

31.1*						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.

31.2*						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.

32.1**						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.

32.2**						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.

99.1*						Supplemental Financial Information of Blue Owl Credit SLF LLC (Unaudited) as of and for the period ended September 30, 2026.
99.2*						Supplemental Financial Information (Unaudited) of Blue Owl Leasing LLC as of and for the period ended September 30, 2026.
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)

_____________________

* Filed herewith.

** Furnished herewith.

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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

Date: November 6, 2026	By:	/s/ Craig W. Packer
		Craig W. Packer
		Chief Executive Officer

Date: November 6, 2026	By:	/s/ Jonathan Lamm
		Jonathan Lamm
		Chief Operating Officer and Chief Financial Officer