UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

________________________________________________________________________________________________

FORM 10-Q

________________________________________________________________________________________________

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

For the quarterly period ended March 31, 2025

OR

o 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	None	None

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

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 x No o

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	o	Accelerated filer	o
Non-accelerated filer	x	Smaller reporting company	o
Emerging growth company	o

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 May 9, 2025, the registrant had 125,261,144 shares of common stock, $0.01 par value per share, outstanding.

i

Table of Contents

		Page
PART I.	FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements	3
	Consolidated Statements of Assets and Liabilities as of March 31, 2025 (Unaudited) and December 31, 2024	3
	Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and 2024 (Unaudited)	4
	Consolidated Schedules of Investments as of March 31, 2025 (Unaudited) and December 31, 2024	5
	Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2025 and 2024 (Unaudited)	42
	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024 (Unaudited)	43
	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	111
Item 4.	Controls and Procedures	112
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	113
Item 1A.	Risk Factors	113
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	113
Item 3.	Defaults Upon Senior Securities	114
Item 4.	Mine Safety Disclosures	114
Item 5.	Other Information	114
Item 6.	Exhibits	115
	Signatures	116

ii

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 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, uncertainties related to the new Presidential administration, including the impact of tariff enactment and tax reductions, trade disputes with other countries, and the risk of recession or a shutdown of government services 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;

•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;

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

•the impact of geo-political conditions, including revolution, insurgency, terrorism or war, including those arising out of the ongoing war between Russia and Ukraine, as well as political and social unrest in the Middle East and North Africa regions 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

•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

1

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”).

2

PART I. FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

Blue Owl Capital Corporation II

Consolidated Statements of Assets and Liabilities

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

	March 31, 2025 (Unaudited)		December 31, 2024
Assets
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost of $1,856,310 and $1,896,092 respectively)	$	1,876,151	$	1,898,336
Non-controlled, affiliated investments (amortized cost of $40,546 and $41,914, respectively)	34,596		36,865
Controlled, affiliated investments (amortized cost of $245 and $190, respectively)	237		191
Total investments at fair value (amortized cost of $1,897,101 and $1,938,196, respectively)	1,910,984		1,935,392
Cash	66,660		49,440
Foreign cash (cost of $1,586 and $1,477, respectively)	1,604		1,451
Interest and dividend receivable	13,907		16,644
Prepaid expenses and other assets	543		914
Total Assets	$	1,993,698	$	2,003,841
Liabilities
Debt (net of deferred unamortized debt issuance costs of $11,563 and $12,549, respectively)	$	864,281	$	842,894
Payables to affiliates	13,623		14,993
Distribution payable	1,249		2,555
Payable for investments purchased	1,630		—
Accrued expenses and other liabilities	24,549		19,850
Total Liabilities	905,332		880,292
Commitments and contingencies (Note 7)
Net Assets
Common shares $0.01 par value, 450,000,000 shares authorized; 124,860,217 and 127,727,326 shares issued and outstanding, respectively	1,248		1,277
Additional paid-in-capital	1,113,097		1,138,120
Accumulated undistributed (overdistributed) earnings	(25,979)		(15,848)
Total Net Assets	1,088,366		1,123,549
Total Liabilities and Net Assets	$	1,993,698	$	2,003,841
Net Asset Value Per Share	$	8.72	$	8.80

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

3

Blue Owl Capital Corporation II

Consolidated Statements of Operations

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

(Unaudited)

	For the Three Months Ended March 31,
	2025		2024
Investment Income
Investment income from non-controlled, non-affiliated investments:
Interest income	$	42,995	$	53,384
Payment-in-kind interest income	4,347		6,623
Dividend income	4,109		5,030
Other income	552		916
Total investment income from non-controlled, non-affiliated investments	52,003		65,953
Investment income from non-controlled, affiliated investments:
Interest income	384		308
Dividend income	338		110
Other Income	3		22
Total investment income from non-controlled, affiliated investments	725		440
Investment income from controlled, affiliated investments:
Dividend income	1		—
Total investment income from controlled, affiliated investments	1		—
Total Investment Income	52,729		66,393
Operating Expenses
Interest expense	17,841		19,362
Management fees, net(1)	7,313		7,698
Performance based incentive fees	4,347		6,299
Professional fees	1,062		1,223
Directors' fees	197		195
Other general and administrative	945		1,048
Total Operating Expenses	31,705		35,825
Net Investment Income (Loss) Before Taxes	21,024		30,568
Income tax expense (benefit), including excise tax expense (benefit)	530		862
Net Investment Income (Loss)	$	20,494	$	29,706
Net Realized and Change in Unrealized Gain (Loss)
Net change in unrealized gain (loss):
Non-controlled, non-affiliated investments	$	16,514	$	(729)
Non-controlled, affiliated investments	(901)		(459)
Controlled, affiliated investments	(9)		$	—
Income tax (provision) benefit	(165)		1
Translation of assets and liabilities in foreign currencies	748		(19)
Total Net Change in Unrealized Gain (Loss)	16,187		(1,206)
Net realized gain (loss):
Non-controlled, non-affiliated investments	$	(22,425)	$	—
Foreign currency transactions	(58)		(635)
Total Net Realized Gain (Loss)	(22,483)		(635)
Total Net Realized and Change in Unrealized Gain (Loss)	(6,296)		(1,841)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	14,198	$	27,865
Earnings Per Share - Basic and Diluted	$	0.11	$	0.20
Weighted Average Shares Outstanding - Basic and Diluted	127,975,222		140,586,790

(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.

4

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

		Interest
Company(1)(2)(4)(21)(22)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(3)(27)		Fair Value		% of Net Assets
Non-controlled/non-affiliated portfolio company investments
Debt Investments
Advertising and media
Monotype Imaging Holdings Inc.(5)(12)	First lien senior secured loan	S+	5.50%		2/2031	$	19,446	$	19,312	$	19,446
								19,312		19,446		1.8	%
Aerospace and defense
Peraton Corp.(13)(19)	Second lien senior secured loan	S+	7.75%		2/2029	14,494		14,367		10,790
STS PARENT, LLC (dba STS Aviation Group)(13)	First lien senior secured loan	S+	5.00%		10/2031	7,560		7,523		7,522
STS PARENT, LLC (dba STS Aviation Group)(5)(13)	First lien senior secured revolving loan	S+	5.00%		10/2030	494		489		489
Valence Surface Technologies LLC(5)(13)	First lien senior secured loan	S+	6.75%		12/2026	39,564		39,540		38,772
								61,919		57,573		5.3	%
Asset based lending and fund finance
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(20)(24)	First lien senior secured loan	N/A		12.00%	7/2030	2,632		2,613		2,632
AAM Series 2.1 Aviation Feeder, LLC(20)(24)	First lien senior secured loan	N/A		12.00%	11/2030	3,160		3,154		3,160
Hg Genesis 8 Sumoco Limited(7)(20)	Unsecured facility	SA+		6.00%	9/2027	£	1,204	1,521		1,554
Hg Genesis 9 SumoCo Limited(10)(20)	Unsecured facility	E+		6.25%	3/2029	€	1,199	1,266		1,295
Hg Saturn Luchaco Limited(7)(20)	Unsecured facility	SA+		7.50%	3/2026	£	8,618	10,952		11,124
								19,506		19,765		1.8	%
Buildings and real estate
Associations Finance, Inc.(24)	Unsecured notes	N/A		14.25%	5/2030	19,281		19,162		19,281
Associations, Inc.(5)(13)	First lien senior secured loan	S+	6.50%		7/2028	49,045		49,000		49,045
								68,162		68,326		6.3	%
Business services
Denali BuyerCo, LLC (dba Summit Companies)(5)(13)	First lien senior secured loan	S+	5.25%		9/2028	6,255		6,167		6,240
Diamondback Acquisition, Inc. (dba Sphera)(12)	First lien senior secured loan	S+	5.50%		9/2028	619		612		618
DuraServ LLC(12)	First lien senior secured loan	S+	4.50%		6/2031	8,768		8,720		8,724
Gainsight, Inc.(5)(13)	First lien senior secured loan	S+	6.00%		7/2027	7,275		7,228		7,275
Hercules Borrower, LLC (dba The Vincit Group)(13)	First lien senior secured loan	S+	5.50%		12/2026	27,636		27,637		27,636
Hercules Buyer, LLC (dba The Vincit Group)(23)(24)	Unsecured notes	N/A		0.48%	12/2029	831		831		1,016
KPSKY Acquisition, Inc. (dba BluSky)(13)	First lien senior secured loan	S+	5.50%		10/2028	968		956		900
KPSKY Acquisition, Inc. (dba BluSky)(5)(13)	First lien senior secured delayed draw term loan	S+	5.75%		10/2028	1		—		(3)
Pye-Barker Fire & Safety, LLC(5)(13)	First lien senior secured loan	S+	4.50%		5/2031	6,908		6,871		6,891
Pye-Barker Fire & Safety, LLC(5)(13)	First lien senior secured revolving loan	S+	4.50%		5/2030	122		118		119
								59,140		59,416		5.5	%
Chemicals
Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC)(12)	Second lien senior secured loan	S+	7.75%		11/2028	22,500		22,315		21,150
DCG ACQUISITION CORP. (dba DuBois Chemical)(13)	First lien senior secured loan	S+	4.50%		6/2031	5,614		5,563		5,586
Gaylord Chemical Company, L.L.C.(5)(13)	First lien senior secured loan	S+	5.50%		12/2027	25,769		25,717		25,769
Rocket BidCo, Inc. (dba Recochem)(13)(20)	First lien senior secured loan	S+	5.75%		11/2030	21,945		21,546		21,945

5

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

		Interest
Company(1)(2)(4)(21)(22)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units	Amortized Cost(3)(27)	Fair Value	% of Net Assets
Velocity HoldCo III Inc. (dba VelocityEHS)(13)	First lien senior secured loan	S+	5.50%		4/2027	5,902	5,847	5,902
							80,988	80,352	7.4	%
Consumer products
Conair Holdings LLC(12)	Second lien senior secured loan	S+	7.50%		5/2029	31,280	30,967	27,527
Feradyne Outdoors, LLC(13)	First lien senior secured loan	S+	3.04%	3.71%	5/2028	664	664	552
Foundation Consumer Brands, LLC(13)	First lien senior secured loan	S+	5.00%		2/2029	3,918	3,869	3,899
Lignetics Investment Corp.(13)	First lien senior secured loan	S+	5.50%		11/2027	12,307	12,281	12,246
Lignetics Investment Corp.(5)(13)	First lien senior secured revolving loan	S+	5.50%		10/2026	980	978	973
SWK BUYER, Inc. (dba Stonewall Kitchen)(13)	First lien senior secured loan	S+	5.25%		3/2029	734	724	721
WU Holdco, Inc. (dba Weiman Products, LLC)(5)(13)	First lien senior secured loan	S+	5.00%		3/2027	50,817	50,590	50,817
							100,073	96,735	8.9	%
Containers and packaging
Arctic Holdco, LLC (dba Novvia Group)(5)(13)	First lien senior secured loan	S+	5.25%		1/2032	3,680	3,676	3,661
Arctic Holdco, LLC (dba Novvia Group)(5)(13)	First lien senior secured revolving loan	S+	5.25%		1/2031	130	129	129
Ascend Buyer, LLC (dba PPC Flexible Packaging)(13)	First lien senior secured loan	S+	5.75%		9/2028	781	777	781
Fortis Solutions Group, LLC(13)	First lien senior secured loan	S+	5.50%		10/2028	881	871	866
Fortis Solutions Group, LLC(5)(13)	First lien senior secured revolving loan	S+	5.50%		10/2027	40	40	39
Indigo Buyer, Inc. (dba Inovar Packaging Group)(5)(13)	First lien senior secured loan	S+	5.25%		5/2028	1,114	1,106	1,114
Pregis Topco LLC(12)	Second lien senior secured loan	S+	7.75%		8/2029	9,333	9,222	9,333
Pregis Topco LLC(12)	Second lien senior secured loan	S+	6.75%		8/2029	20,667	20,455	20,667
							36,276	36,590	3.4	%
Distribution
ABB/Con-cise Optical Group LLC(13)	First lien senior secured loan	S+	7.50%		2/2028	850	843	835
BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC)(5)(13)	First lien senior secured loan	S+	5.00%		10/2029	31,338	31,069	31,338
Endries Acquisition, Inc.(12)	First lien senior secured loan	S+	5.25%		12/2028	24,014	23,874	23,835
Offen, Inc.(12)	First lien senior secured loan	S+	5.00%		6/2026	3,373	3,366	3,373
Offen, Inc.(12)	First lien senior secured delayed draw term loan	S+	5.11%		6/2026	1,271	1,269	1,271
							60,421	60,652	5.6	%
Education
Pluralsight, LLC(13)	First lien senior secured loan	S+	3.00%	1.50%	8/2029	3,959	3,959	3,959
Pluralsight, LLC(13)	First lien senior secured loan	S+		7.50%	08/2029	4,183	4,183	4,183
Severin Acquisition, LLC (dba PowerSchool)(12)	First lien senior secured loan	S+	2.75%	2.25%	10/2031	755	748	745
Severin Acquisition, LLC (dba PowerSchool)(5)(12)	First lien senior secured delayed draw term loan	S+	5.00%		10/2031	11	10	9
Severin Acquisition, LLC (dba PowerSchool)(5)(13)	First lien senior secured revolving loan	S+	4.75%		10/2031	14	13	13
							8,913	8,909	0.8	%
Energy equipment and services
Dresser Utility Solutions, LLC(12)	First lien senior secured loan	S+	5.25%		3/2029	9,346	9,267	9,323
							9,267	9,323	0.9	%
Financial services
Baker Tilly Advisory Group, LP(12)	First lien senior secured loan	S+	4.75%		6/2031	9,318	9,194	9,225

6

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

		Interest
Company(1)(2)(4)(21)(22)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(3)(27)	Fair Value	% of Net Assets
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)(12)	First lien senior secured loan	S+	5.00%		6/2030	518		514	518
Continental Finance Company, LLC(12)	First lien senior secured loan	S+	8.00%		3/2029	875		866	866
Finastra USA, Inc.(5)(14)(20)	First lien senior secured loan	S+	7.25%		9/2029	3,836		3,791	3,836
KRIV Acquisition Inc. (dba Riveron)(13)	First lien senior secured loan	S+	5.75%		7/2029	1,032		1,007	1,032
Minotaur Acquisition, Inc. (dba Inspira Financial)(12)	First lien senior secured loan	S+	5.00%		6/2030	27,547		27,285	27,547
NMI Acquisitionco, Inc. (dba Network Merchants)(12)	First lien senior secured loan	S+	5.00%		9/2028	4,743		4,735	4,743
Smarsh Inc.(13)	First lien senior secured loan	S+	4.75%		2/2029	994		988	994
Smarsh Inc.(5)(12)	First lien senior secured revolving loan	S+	4.75%		2/2029	13		13	13
								48,393	48,774	4.5	%
Food and beverage
Balrog Acquisition, Inc. (dba Bakemark)(12)	Second lien senior secured loan	S+	7.00%		9/2029	5,000		4,973	5,000
BP Veraison Buyer, LLC (dba Sun World)(13)	First lien senior secured loan	S+	5.25%		5/2029	19,167		19,041	19,167
Eagle Family Foods Group LLC(13)	First lien senior secured loan	S+	5.00%		8/2030	1,748		1,732	1,748
Fiesta Purchaser, Inc. (dba Shearer's Foods)(12)(19)	First lien senior secured loan	S+	3.25%		2/2031	4,963		4,963	4,922
Gehl Foods, LLC(5)(13)	First lien senior secured loan	S+	6.25%		6/2030	11,725		11,615	11,725
Hissho Parent, LLC(13)	First lien senior secured loan	S+	4.50%		5/2029	1,135		1,128	1,135
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(12)	First lien senior secured loan	S+	6.25%		3/2027	720		715	710
Nellson Nutraceutical, LLC(13)	First lien senior secured loan	S+	5.75%		12/2025	25,497		25,401	25,243
Rushmore Investment III LLC (dba Winland Foods)(13)	First lien senior secured loan	S+	5.00%		10/2030	45,225		44,818	45,225
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)(13)	First lien senior secured loan	S+	4.75%		7/2027	5,283		5,272	5,244
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)(5)(13)	First lien senior secured revolving loan	S+	4.60%		7/2027	250		250	243
The Better Being Co., LLC (fka Nutraceutical International Corporation)(12)	First lien senior secured loan	S+	6.75%		9/2026	35,536		35,397	35,715
Vital Bidco AB (dba Vitamin Well)(13)(20)	First lien senior secured loan	S+	4.50%		10/2031	4,772		4,709	4,772
Vital Bidco AB (dba Vitamin Well)(5)(12)(20)	First lien senior secured revolving loan	S+	4.50%		10/2030	273		259	273
								160,273	161,122	14.8	%
Healthcare equipment and services
Cambrex Corporation(12)	First lien senior secured loan	S+	4.75%		3/2032	781		774	774
Creek Parent, Inc. (dba Catalent)(12)	First lien senior secured loan	S+	5.25%		12/2031	874		860	870
CSC MKG Topco LLC (dba Medical Knowledge Group)(12)	First lien senior secured loan	S+	5.75%		2/2029	830		820	824
Nelipak Holding Company(13)	First lien senior secured loan	S+	5.50%		3/2031	3,347		3,302	3,280
Nelipak Holding Company(5)(12)	First lien senior secured revolving loan	S+	5.50%		3/2031	486		473	466
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.(10)	First lien senior secured EUR term loan	E+	5.50%		3/2031	€	6,131	6,551	6,491
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.(5)(9)	First lien senior secured EUR revolving loan	E+	5.50%		3/2031	€	78	78	74
Packaging Coordinators Midco, Inc.(13)	First lien senior secured loan	S+	4.75%		1/2032	3,064		3,023	3,022
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(13)(20)	First lien senior secured loan	S+	5.25%		1/2028	23,607		23,430	23,607
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(5)(12)(20)	First lien senior secured revolving loan	S+	5.25%		1/2028	1,422		1,413	1,422
Rhea Parent, Inc.(13)	First lien senior secured loan	S+	4.75%		12/2030	795		792	793

7

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

		Interest
Company(1)(2)(4)(21)(22)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(3)(27)	Fair Value	% of Net Assets
TBRS, Inc. (dba TEAM Technologies)(13)	First lien senior secured loan	S+	4.75%		11/2031	700		697	697
TBRS, Inc. (dba TEAM Technologies)(5)(13)	First lien senior secured revolving loan	S+	4.75%		11/2030	6		6	6
								42,219	42,326	3.9	%
Healthcare providers and services
Allied Benefit Systems Intermediate LLC(13)	First lien senior secured loan	S+	5.25%		10/2030	2,977		2,940	2,977
EresearchTechnology, Inc. (dba Clario)(5)(12)	First lien senior secured loan	S+	4.75%		1/2032	566		560	560
Ex Vivo Parent Inc. (dba OB Hospitalist)(13)	First lien senior secured loan	S+		9.90%	9/2028	16,007		15,870	16,007
KABAFUSION Parent, LLC(13)	First lien senior secured loan	S+	5.00%		11/2031	889		880	887
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)(13)	First lien senior secured loan	S+	4.75%		12/2029	4,330		4,263	4,330
Maple Acquisition, LLC (dba Medicus)(14)	First lien senior secured loan	S+	5.00%		5/2031	5,523		5,485	5,523
National Dentex Labs LLC (fka Barracuda Dental LLC)(8)(13)	First lien senior secured loan	S+	5.00%	3.00%	4/2026	21,112		21,040	15,782
National Dentex Labs LLC (fka Barracuda Dental LLC)(8)(13)	First lien senior secured delayed draw term loan	S+		10.00%	4/2026	2,288		2,288	1,665
National Dentex Labs LLC (fka Barracuda Dental LLC)(5)(8)(13)	First lien senior secured revolving loan	S+	7.00%		4/2026	1,331		1,294	854
Natural Partners, LLC(13)(20)	First lien senior secured loan	S+	4.50%		11/2027	1,228		1,215	1,228
OB Hospitalist Group, Inc.(12)	First lien senior secured loan	S+	5.25%		9/2027	20,828		20,598	20,828
Pacific BidCo Inc.(14)(20)	First lien senior secured loan	S+		6.00%	8/2029	1,810		1,780	1,774
Pacific BidCo Inc.(14)(20)	First lien senior secured delayed draw term loan	S+	5.75%		8/2029	191		187	187
PetVet Care Centers, LLC(12)	First lien senior secured loan	S+	6.00%		11/2030	15,091		14,962	14,261
Phantom Purchaser, Inc.(13)	First lien senior secured loan	S+	5.00%		9/2031	1,769		1,752	1,764
Plasma Buyer LLC (dba PathGroup)(13)	First lien senior secured loan	S+	5.75%		5/2029	664		655	652
Plasma Buyer LLC (dba PathGroup)(13)	First lien senior secured delayed draw term loan	S+	6.25%		5/2029	25		25	25
Plasma Buyer LLC (dba PathGroup)(5)(13)	First lien senior secured revolving loan	S+	5.75%		5/2028	63		62	61
Premier Imaging, LLC (dba LucidHealth)(13)	First lien senior secured loan	S+	6.00%		3/2026	8,527		8,505	7,908
Premise Health Holding Corp.(13)	First lien senior secured loan	S+	5.50%		3/2031	8,007		7,900	7,987
Quva Pharma, Inc.(14)	First lien senior secured loan	S+	5.50%		4/2028	15,315		15,073	15,238
Quva Pharma, Inc.(13)	First lien senior secured loan	S+	5.50%		4/2026	2,364		2,318	2,352
Quva Pharma, Inc.(14)	First lien senior secured revolving loan	S+	5.50%		4/2026	1,182		1,175	1,176
SimonMed, Inc.(5)(13)	First lien senior secured loan	S+	4.75%		2/2032	775		772	771
Soleo Holdings, Inc.(13)	First lien senior secured loan	S+	4.75%		2/2032	762		758	758
Tivity Health, Inc.(12)	First lien senior secured loan	S+	5.00%		6/2029	492		492	492
Unified Women's Healthcare, LP(13)	First lien senior secured loan	S+	5.25%		6/2029	890		886	890
Unified Women's Healthcare, LP(13)	First lien senior secured loan	S+	5.50%		6/2029	9,884		9,821	9,884
Unified Women's Healthcare, LP(12)	First lien senior secured delayed draw term loan	S+	5.25%		6/2029	4,516		4,487	4,516
Vermont Aus Pty Ltd(17)(20)	First lien senior secured AUD term loan	BBSY+	5.75%		3/2028	A$	1,293	878	802
								148,921	142,139	13.1	%
Healthcare technology
BCPE Osprey Buyer, Inc. (dba PartsSource)(13)	First lien senior secured loan	S+	5.75%		8/2028	584		579	577
BCPE Osprey Buyer, Inc. (dba PartsSource)(5)(12)	First lien senior secured delayed draw term loan	S+	5.75%		8/2028	122		118	119
BCPE Osprey Buyer, Inc. (dba PartsSource)(5)(12)	First lien senior secured revolving loan	S+	5.75%		8/2026	48		47	47

8

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

		Interest
Company(1)(2)(4)(21)(22)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(3)(27)	Fair Value	% of Net Assets
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)(12)	First lien senior secured loan	S+	5.00%		8/2031	8,905		8,857	8,905
GI Ranger Intermediate, LLC (dba Rectangle Health)(13)	First lien senior secured loan	S+	5.75%		10/2028	898		888	881
Indikami Bidco, LLC (dba IntegriChain)(12)	First lien senior secured loan	S+	4.00%	2.50%	12/2030	2,766		2,713	2,738
Indikami Bidco, LLC (dba IntegriChain)(5)(12)	First lien senior secured delayed draw term loan	S+	6.00%		12/2030	43		40	43
Indikami Bidco, LLC (dba IntegriChain)(5)(12)	First lien senior secured revolving loan	S+	6.00%		6/2030	151		146	148
Inovalon Holdings, Inc.(13)	First lien senior secured loan	S+	5.75%		11/2028	38,612		38,089	38,612
Inovalon Holdings, Inc.(13)	Second lien senior secured loan	S+		10.76%	11/2033	31,781		31,436	31,781
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(13)(20)	First lien senior secured loan	S+	6.50%		8/2026	41,084		40,935	40,057
Interoperability Bidco, Inc. (dba Lyniate)(5)(13)	First lien senior secured loan	S+	5.75%		3/2028	14,716		14,673	14,404
RL Datix Holdings (USA), Inc.(14)	First lien senior secured loan	S+	5.25%		4/2031	7,206		7,141	7,152
RL Datix Holdings (USA), Inc.(7)	First lien senior secured GBP term loan	SA+	5.25%		4/2031	£	3,337	4,130	4,275
Salinger Bidco Inc. (dba Surgical Information Systems)(13)	First lien senior secured loan	S+	5.75%		8/2031	5,086		5,015	5,086
								154,807	154,825	14.2	%
Household products
HGH Purchaser, Inc. (dba Horizon Services)(5)(13)	First lien senior secured loan	S+	4.50%	2.50%	11/2026	36,076		36,006	33,382
Mario Midco Holdings, Inc. (dba Len the Plumber)(12)	Unsecured facility	S+		10.75%	4/2032	234		230	225
Mario Purchaser, LLC (dba Len the Plumber)(5)(12)	First lien senior secured loan	S+	5.75%		4/2029	800		788	775
Mario Purchaser, LLC (dba Len the Plumber)(5)(12)	First lien senior secured revolving loan	S+	5.75%		4/2028	20		20	19
SimpliSafe Holding Corporation(12)	First lien senior secured loan	S+	6.25%		5/2028	902		894	902
								37,938	35,303	3.2	%
Human resource support services
Cornerstone OnDemand, Inc.(12)	Second lien senior secured loan	S+	6.50%		10/2029	16,667		16,502	14,042
IG Investments Holdings, LLC (dba Insight Global)(13)	First lien senior secured loan	S+	5.00%		9/2028	9,079		9,079	9,079
								25,581	23,121	2.1	%
Infrastructure and environmental services
CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.)(5)(13)	First lien senior secured loan	S+	5.00%		1/2031	6,049		5,989	6,049
KENE Acquisition, Inc. (dba Entrust Solutions Group)(5)(13)	First lien senior secured loan	S+	5.25%		2/2031	2,307		2,260	2,277
LineStar Integrity Services LLC(13)	First lien senior secured loan	S+	7.25%		2/2026	11,554		11,259	11,091
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(13)	First lien senior secured loan	S+	5.75%		3/2028	805		797	802
Vessco Midco Holdings, LLC(5)(12)	First lien senior secured loan	S+	4.75%		7/2031	3,388		3,353	3,372
								23,658	23,591	2.2	%
Insurance
Alera Group, Inc.(12)	First lien senior secured loan	S+	5.25%		10/2028	7,203		7,203	7,203
Alera Group, Inc.(12)	First lien senior secured delayed draw term loan	S+	5.75%		10/2028	7,090		7,033	7,090
Brightway Holdings, LLC(5)(13)	First lien senior secured loan	S+	5.75%		12/2027	5,270		5,233	5,270
Diamond Mezzanine 24 LLC (dba United Risk)(13)	First lien senior secured loan	S+	5.00%		10/2030	711		707	711
Evolution BuyerCo, Inc. (dba SIAA)(13)	First lien senior secured loan	S+	4.75%		4/2030	843		836	843

9

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

		Interest
Company(1)(2)(4)(21)(22)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units	Amortized Cost(3)(27)	Fair Value	% of Net Assets
Galway Borrower LLC(5)(13)	First lien senior secured delayed draw term loan	S+	4.50%		9/2028	152	151	152
Integrity Marketing Acquisition, LLC(13)	First lien senior secured loan	S+	5.00%		8/2028	4,141	4,122	4,141
KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners)(12)	First lien senior secured loan	S+		10.60%	7/2030	1,886	1,873	1,886
Norvax, LLC (dba GoHealth)(5)(12)	First lien senior secured revolving loan	S+	6.50%		6/2025	462	462	462
PCF Midco II, LLC (dba PCF Insurance Services)(24)	First lien senior secured loan	N/A		9.00%	10/2031	29,151	27,593	29,005
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(13)	First lien senior secured loan	S+	5.50%		11/2028	13,670	13,670	13,670
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(12)	First lien senior secured delayed draw term loan	S+	5.50%		11/2028	4,523	4,523	4,523
Simplicity Financial Marketing Group Holdings, Inc.(13)	First lien senior secured loan	S+	5.00%		12/2031	714	707	707
Simplicity Financial Marketing Group Holdings, Inc.(5)(14)	First lien senior secured delayed draw term loan	S+	5.00%		12/2031	30	29	29
Tempo Buyer Corp. (dba Global Claims Services)(13)	First lien senior secured loan	S+	4.75%		8/2028	680	672	680
THG Acquisition, LLC (dba Hilb)(5)(12)	First lien senior secured loan	S+	4.75%		10/2031	4,726	4,673	4,669
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(12)	First lien senior secured loan	S+	5.00%		12/2029	1,630	1,623	1,630
							81,110	82,671	7.6	%
Internet software and services
Anaplan, Inc.(13)	First lien senior secured loan	S+	5.00%		6/2029	8,761	8,758	8,761
Aptean Acquiror, Inc. (dba Aptean)(5)(13)	First lien senior secured loan	S+	5.25%		1/2031	4,422	4,384	4,422
Artifact Bidco, Inc. (dba Avetta)(13)	First lien senior secured loan	S+	4.50%		7/2031	1,550	1,543	1,542
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)(12)	First lien senior secured loan	S+	6.50%		3/2031	2,137	2,108	2,121
Bayshore Intermediate #2, L.P. (dba Boomi)(13)	First lien senior secured loan	S+	2.88%	3.38%	10/2028	4,802	4,802	4,802
BCTO BSI Buyer, Inc. (dba Buildertrend)(13)	First lien senior secured loan	S+	6.50%		12/2026	11,382	11,344	11,382
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(5)(13)	First lien senior secured loan	S+	5.50%		8/2027	3,008	2,973	2,929
CivicPlus, LLC(13)	First lien senior secured loan	S+	5.75%		8/2027	2,571	2,559	2,571
CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC)(14)	Unsecured notes	S+		12.00%	6/2034	639	629	639
Crewline Buyer, Inc. (dba New Relic)(12)	First lien senior secured loan	S+	6.75%		11/2030	4,702	4,641	4,655
Delinea Buyer, Inc. (f/k/a Centrify)(13)	First lien senior secured loan	S+	5.75%		3/2028	17,248	17,018	17,248
Delta TopCo, Inc. (dba Infoblox, Inc.)(13)(19)	Second lien senior secured loan	S+	5.25%		11/2030	27,000	26,872	26,941
EET Buyer, Inc. (dba e-Emphasys)(13)	First lien senior secured loan	S+	4.75%		11/2027	882	877	882
Einstein Parent, Inc. (dba Smartsheet)(5)(13)	First lien senior secured loan	S+	6.50%		1/2031	913	903	903
Forescout Technologies, Inc.(13)	First lien senior secured loan	S+	5.00%		5/2031	7,822	7,786	7,783
Granicus, Inc.(13)	First lien senior secured loan	S+	3.50%	2.25%	1/2031	3,933	3,900	3,933
Granicus, Inc.(13)	First lien senior secured delayed draw term loan	S+	3.00%	2.25%	1/2031	583	578	578
H&F Opportunities LUX III S.À R.L (dba Checkmarx)(12)(20)	First lien senior secured loan	S+	7.50%		4/2026	14,544	14,450	14,544
Hyland Software, Inc.(12)	First lien senior secured loan	S+	5.00%		9/2030	1,777	1,777	1,777
Icefall Parent, Inc. (dba EngageSmart)(13)	First lien senior secured loan	S+	6.50%		1/2030	4,049	3,981	4,049
Litera Bidco LLC(5)(12)	First lien senior secured loan	S+	5.00%		5/2028	26,774	26,664	26,707

10

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

		Interest
Company(1)(2)(4)(21)(22)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(3)(27)	Fair Value	% of Net Assets
MINDBODY, Inc.(13)	First lien senior secured loan	S+	7.00%		9/2025	10,945		10,932	10,945
Ministry Brands Holdings, LLC(12)	First lien senior secured loan	S+	5.50%		12/2028	754		745	749
PDI TA Holdings, Inc.(5)(13)	First lien senior secured loan	S+	5.50%		2/2031	4,577		4,514	4,528
QAD, Inc.(12)	First lien senior secured loan	S+	4.75%		11/2027	4,397		4,397	4,386
Securonix, Inc.(13)	First lien senior secured loan	S+	4.00%	3.75%	4/2028	856		851	742
Securonix, Inc.(5)(13)	First lien senior secured revolving loan	S+	7.00%		4/2028	3		3	(17)
Spaceship Purchaser, Inc. (dba Squarespace)(13)	First lien senior secured loan	S+	5.00%		10/2031	701		698	701
Thunder Purchaser, Inc. (dba Vector Solutions)(13)	First lien senior secured loan	S+	5.25%		6/2028	14,545		14,472	14,545
When I Work, Inc.(13)	First lien senior secured loan	S+	5.50%		11/2027	923		920	891
								186,079	186,639	17.1	%
Leisure and entertainment
Aerosmith Bidco 1 Limited (dba Audiotonix)(13)(20)	First lien senior secured loan	S+	5.25%		7/2031	26,657		26,339	26,657
Troon Golf, L.L.C.(5)(13)	First lien senior secured loan	S+	4.50%		8/2028	8,688		8,683	8,688
								35,022	35,345	3.2	%
Manufacturing
Faraday Buyer, LLC (dba MacLean Power Systems)(13)	First lien senior secured loan	S+	6.00%		10/2028	17,701		17,430	17,524
FR Flow Control CB LLC (dba Trillium Flow Technologies)(13)(20)	First lien senior secured loan	S+	5.25%		12/2029	732		726	726
JSG II, Inc.(12)	First lien senior secured loan	S+	4.50%		6/2026	3,365		3,357	3,356
Loparex Midco B.V.(13)	First lien senior secured loan	S+	6.00%		2/2027	198		198	198
Loparex Midco B.V.(12)	First lien senior secured loan	S+	4.50%		7/2027	782		742	742
Loparex Midco B.V.(13)	Second lien senior secured loan	S+	8.75%		7/2027	28,000		27,232	25,900
Loparex Midco B.V.(13)	Second lien senior secured loan	S+	8.50%		7/2027	5,250		5,250	5,040
MHE Intermediate Holdings, LLC (dba OnPoint Group)(5)(13)	First lien senior secured loan	S+	6.00%		7/2027	9,803		9,757	9,749
Sonny's Enterprises, LLC(5)(13)	First lien senior secured loan	S+	5.50%		8/2028	46,711		46,238	46,477
Sonny's Enterprises, LLC(5)(13)	First lien senior secured revolving loan	S+	5.50%		8/2027	1,638		1,609	1,624
								112,539	111,336	10.2	%
Pharmaceuticals
Puma Buyer, LLC (dba PANTHERx)(13)	First lien senior secured loan	S+	4.50%		3/2032	861		855	855
								855	855	0.1	%
Professional services
Essential Services Holding Corporation (dba Turnpoint)(13)	First lien senior secured loan	S+	5.00%		6/2031	3,128		3,100	3,097
Essential Services Holding Corporation (dba Turnpoint)(5)(13)	First lien senior secured revolving loan	S+	5.00%		6/2030	61		58	58
Gerson Lehrman Group, Inc.(13)	First lien senior secured loan	S+	5.00%		12/2027	10,392		10,325	10,392
Guidehouse Inc.(12)	First lien senior secured loan	S+	3.00%	2.00%	12/2030	929		929	929
Paris US Holdco, Inc. (dba Precinmac)(12)	First lien senior secured loan	S+	5.00%		12/2031	721		714	714
Paris US Holdco, Inc. (dba Precinmac)(5)(16)	First lien senior secured revolving loan	P+	4.00%		12/2031	1		—	—
Relativity ODA LLC(12)	First lien senior secured loan	S+	4.49%		5/2029	19,162		19,093	19,114
Sensor Technology Topco, Inc. (dba Humanetics)(5)(13)	First lien senior secured loan	S+	7.00%		5/2028	11,272		11,239	11,272
Sensor Technology Topco, Inc. (dba Humanetics)(5)(12)	First lien senior secured revolving loan	S+	6.50%		5/2028	477		474	477
Sensor Technology Topco, Inc. (dba Humanetics)(5)(10)	First lien senior secured EUR term loan	E+	7.25%		5/2028	€	2,039	2,208	2,202
Vensure Employer Services, Inc.(13)	First lien senior secured loan	S+	5.00%		9/2031	826		819	818

11

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

		Interest
Company(1)(2)(4)(21)(22)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units	Amortized Cost(3)(27)		Fair Value		% of Net Assets
Vensure Employer Services, Inc.(5)(13)	First lien senior secured delayed draw term loan	S+	4.50%		9/2031	8	7		7
							48,966		49,080		4.5	%
Specialty retail
Galls, LLC(5)(13)	First lien senior secured loan	S+	5.00%	1.50%	3/2030	17,717	17,463		17,717
Galls, LLC(5)(13)	First lien senior secured revolving loan	S+	6.00%		3/2030	428	401		428
Milan Laser Holdings LLC(13)	First lien senior secured loan	S+	5.00%		4/2027	22,175	22,087		22,064
Notorious Topco, LLC (dba Beauty Industry Group)(13)	First lien senior secured loan	S+	4.75%	2.50%	11/2027	26,343	26,152		21,865
Notorious Topco, LLC (dba Beauty Industry Group)(5)(13)	First lien senior secured revolving loan	S+	4.75%	2.50%	5/2027	563	551		204
The Shade Store, LLC(13)	First lien senior secured loan	S+	6.00%		10/2029	6,669	6,484		6,319
The Shade Store, LLC(13)	First lien senior secured loan	S+	7.00%		10/2029	192	192		186
The Shade Store, LLC(5)(13)	First lien senior secured revolving loan	S+	6.00%		10/2028	157	142		121
							73,472		68,904		6.3	%
Telecommunications
EOS Finco S.A.R.L(8)(13)(19)(20)	First lien senior secured loan	S+	6.00%		10/2029	10,323	8,725		4,284
Park Place Technologies, LLC(13)	First lien senior secured loan	S+	5.25%		3/2031	2,338	2,318		2,327
Park Place Technologies, LLC(5)(12)	First lien senior secured delayed draw term loan	S+	5.25%		3/2031	189	186		188
Park Place Technologies, LLC(5)(12)	First lien senior secured revolving loan	S+	5.25%		3/2030	64	62		63
PPT Holdings III, LLC (dba Park Place Technologies)(24)	First lien senior secured loan	N/A		12.75%	3/2034	854	836		849
							12,127		7,711		0.7	%
Transportation
Lytx, Inc.(12)	First lien senior secured loan	S+	5.00%		2/2028	23,668	23,668		23,668
							23,668		23,668		2.2	%
Total non-controlled/non-affiliated debt investments							$	1,739,605	$	1,714,497	157.5	%
Total non-controlled/non-affiliated misc. debt commitments(5)(32)(Note 7)							$	(568)	$	(416)	—	%
Total non-controlled/non-affiliated portfolio company debt investments							$	1,739,037	$	1,714,081	157.5	%
Equity Investments
Asset based lending and fund finance
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(5)(11)(20)(25)	LLC Interest	N/A			N/A	1,473	1,476		1,950
AAM Series 2.1 Aviation Feeder, LLC(5)(11)(20)(25)	LLC Interest	N/A			N/A	1,370	1,373		1,937
Amergin Asset Management, LLC(11)(25)	Class A Units	N/A			N/A	50,000,000	—		1,816
							2,849		5,703		0.5	%
Automotive Services
CD&R Value Building Partners I, L.P. (dba Belron)(6)(11)(20)(25)	LP Interest	N/A			N/A	1,121	1,088		1,261
Metis HoldCo, Inc. (dba Mavis Tire Express Services)(24)(25)	Series A Convertible Preferred Stock	N/A		7.00%	N/A	38,852	41,735		42,379
							42,823		43,640		4.0	%
Buildings and real estate
Dodge Construction Network Holdings, L.P.(11)(25)	Class A-2 Common Units	N/A			N/A	431,889	368		61
Dodge Construction Network Holdings, L.P.(13)(25)	Series A Preferred Units	S+	8.25%		N/A	0	9		5
							377		66		—	%
Business Services
Denali Holding, LP (dba Summit Companies)(11)(25)	Class A Units	N/A			N/A	41,874	425		739

12

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

		Interest
Company(1)(2)(4)(21)(22)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units	Amortized Cost(3)(27)	Fair Value	% of Net Assets
Hercules Buyer, LLC (dba The Vincit Group)(11)(23)(25)	Common Units	N/A			N/A	350,000	352	427
Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)(14)(25)	Perpetual Preferred Stock	S+		11.00%	N/A	252	346	349
							1,123	1,515	0.1	%
Consumer Products
ASP Conair Holdings LP(11)(25)	Class A Units	N/A			N/A	12,857	1,286	1,480
							1,286	1,480	0.1	%
Containers and packaging
TCB Holdings I LLC (dba TricorBraun)(24)(25)	Class A Preferred Units	N/A	14.00%		N/A	1,000	970	970
							970	970	0.1	%
Education
Paradigmatic Holdco LLC (dba Pluralsight)(11)(25)	Common stock	N/A			N/A	1,309,529	3,475	3,475
							3,475	3,475	0.3	%
Food and beverage
Hissho Sushi Holdings, LLC(11)(25)	Class A Units	N/A			N/A	7,502	60	100
							60	100	—	%
Healthcare equipment and services
KPCI Holdings, L.P.(11)(25)	Class A Units	N/A			N/A	5,665	6,014	16,059
Maia Aggregator, LP(11)(25)	Class A-2 Units	N/A			N/A	112,360	112	102
Patriot Holdings SCSp (dba Corza Health, Inc.)(20)(24)(25)	Class A Units	N/A		8.00%	N/A	1,542	2,073	2,063
Patriot Holdings SCSp (dba Corza Health, Inc.)(11)(20)(25)	Class B Units	N/A			N/A	20,867	28	82
Rhea Acquisition Holdings, LP(11)(25)	Series A-2 Units	N/A			N/A	119,048	119	144
							8,346	18,450	1.7	%
Healthcare providers and services
KOBHG Holdings, L.P. (dba OB Hospitalist)(11)(25)	Class A Interests	N/A			N/A	1,291	1,291	1,181
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)(11)(25)	Class A Interest	N/A			N/A	30	301	368
Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers)(24)(25)	Series A Preferred Stock	N/A		15.00%	N/A	1,721	2,040	1,897
XOMA Corporation(11)(25)	Warrants	N/A			N/A	1,800	12	13
							3,644	3,459	0.3	%
Healthcare technology
Minerva Holdco, Inc.(24)(25)	Senior A Preferred Stock	N/A		10.75%	N/A	1,000	1,386	1,354
							1,386	1,354	0.1	%
Human resource support services
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)(24)(25)	Series A Preferred Stock	N/A		10.50%	N/A	5,500	7,552	6,058
							7,552	6,058	0.6	%
Insurance
Evolution Parent, LP (dba SIAA)(11)(25)	LP Interest	N/A			N/A	8,919	892	1,099
Fifth Season Investments LLC(25)	Class A Units	N/A			N/A	0	2,978	3,270
GoHealth, Inc.(11)(18)	Common stock	N/A			N/A	4,562	350	56
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)(11)(25)	LP Interest	N/A			N/A	10,526	107	105
PCF Holdco, LLC (dba PCF Insurance Services)(11)(25)	Class A Units	N/A			N/A	2,513,848	6,375	10,949
							10,702	15,479	1.4	%
Internet software and services
BCTO WIW Holdings, Inc. (dba When I Work)(11)(25)	Class A Common Stock	N/A			N/A	3,000	300	155

13

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

		Interest
Company(1)(2)(4)(21)(22)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(3)(27)		Fair Value		% of Net Assets
Bird Holding B.V. (fka MessageBird Holding B.V.)(11)(20)(25)	Extended Series C Warrants	N/A			N/A	25,540		157		37
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(11)(25)	Common Units	N/A			N/A	$	1,345	1,345		2,019
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)(11)(20)(25)	LP Interest	N/A			N/A	31,348		31		39
Project Alpine Co-Invest Fund, LP(11)(20)(25)	LP Interest	N/A			N/A	$	1,000	1,001		1,313
Thunder Topco L.P. (dba Vector Solutions)(11)(25)	Common Units	N/A			N/A	819,817		820		975
VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.)(24)(25)	Series A Preferred Stock	N/A		10.00%	N/A	2,385		4,528		4,822
WMC Bidco, Inc. (dba West Monroe)(24)(25)	Senior Preferred Stock	N/A		11.25%	N/A	3,492		3,454		3,431
								11,636		12,791		1.2	%
Manufacturing
Gloves Holdings, LP (dba Protective Industrial Products)(11)(25)	LP Interest	N/A			N/A	7,000		700		1,085
Windows Entities(25)(26)	LLC Units	N/A			N/A	10,616		20,107		46,211
								20,807		47,296		4.3	%
Pharmaceuticals
LSI Financing 1 DAC(20)(25)	Preferred equity	N/A			N/A	234		237		234
								237		234		—	%
Total non-controlled/non-affiliated portfolio company equity investments								$	117,273	$	162,070	14.9	%
Total non-controlled/non-affiliated portfolio company investments								$	1,856,310	$	1,876,151	172.4	%
Non-controlled/affiliated portfolio company investments
Debt Investments
Advertising and media
Swipe Acquisition Corporation (dba PLI)(12)(28)	First lien senior secured loan	S+	8.00%		6/2026	631		628		631
Swipe Acquisition Corporation (dba PLI)(12)(28)	First lien senior secured loan	S+	8.00%		11/2027	8,341		8,341		8,341
Swipe Acquisition Corporation (dba PLI)(5)(12)(28)	First lien senior secured loan	S+	5.00%		11/2027	4,738		4,699		4,698
								13,668		13,670		1.3	%
Household products
Walker Edison Furniture Company LLC(5)(8)(13)(28)	First lien senior secured loan	S+		6.75%	3/2027	11,093		9,149		1,883
								9,149		1,883		0.2	%
Total non-controlled/affiliated portfolio company debt investments								$	22,817	$	15,553	1.4	%
Equity Investments
Advertising and media
New PLI Holdings, LLC (dba PLI)(11)(25)(28)	Class A Common Units	N/A			N/A	5,952		5,952		11,735
								5,952		11,735		1.1	%
Household Products
Walker Edison Holdco LLC(11)(25)(28)	Common Units	N/A			N/A	49,159		4,750		—
								4,750		—		—	%
Pharmaceuticals
LSI Financing LLC(5)(6)(20)(25)(28)	Common Equity	N/A			N/A	7,027		7,027		7,308
								7,027		7,308		0.7	%
Total non-controlled/affiliated portfolio company equity investments								$	17,729	$	19,043	1.7	%
Total non-controlled/affiliated portfolio company investments								$	40,546	$	34,596	3.2	%
Controlled/affiliated portfolio company investments

14

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

		Interest
Company(1)(2)(4)(21)(22)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(3)(27)		Fair Value		% of Net Assets
Equity Investments
Joint Ventures
Blue Owl Credit SLF LLC(6)(20)(25)(29)(30)	LLC Interest	N/A			N/A	$	2	245		237
								245		237
Total controlled/affiliated equity investments								$	245	$	237	—	%
Total controlled/affiliated portfolio company investments								$	245	$	237	—	%
Total Investments								$	1,897,101	$	1,910,984	175.6	%

______________

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

(2)Unless otherwise indicated, all investments are considered Level 3 investments.

(3)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)Unless otherwise indicated, loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the Secured Overnight Financing Rate (“SOFR” or “S,” which can include one-, three- or six- month SOFR), Euro Interbank Offered Rate (“EURIBOR” or “E”, which can include one-, two-, three- or six-month EURIBOR), SONIA (“SONIA” or “SA”), Australian Bank Bill Swap Bid Rate (“BBSY” or “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.

(5)Position or portion thereof is a debt or equity commitment. See below for more information on the Company’s commitments. See Note 7 “Commitments and Contingencies”.

Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment		Unfunded
					Commitment		Fair Value(32)
Non-controlled/non-affiliated - delayed draw debt commitments
Aerosmith Bidco 1 Limited (dba Audiotonix)	First lien senior secured delayed draw term loan	7/2027	$	—	$	9,732	$	—
Aptean Acquiror, Inc. (dba Aptean)	First lien senior secured delayed draw term loan	1/2026	15		112		—
Arctic Holdco, LLC (dba Novvia Group)	First lien senior secured delayed draw term loan	1/2027	116		290		—
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	889		2,692		—
Baker Tilly Advisory Group, LP	First lien senior secured delayed draw term loan	6/2026	—		1,410		(4)
BCPE Osprey Buyer, Inc. (dba PartsSource)	First lien senior secured delayed draw term loan	10/2025	51		244		—
BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC)	First lien senior secured delayed draw term loan	10/2025	197		721		—
Cambrex Corporation	First lien senior secured delayed draw term loan	3/2027	—		117		(1)
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)	First lien senior secured delayed draw term loan	9/2025	—		254		—
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)	First lien senior secured delayed draw term loan	6/2026	—		149		—
CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.)	First lien senior secured delayed draw term loan	1/2026	727		1,001		—
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)	First lien senior secured delayed draw term loan	8/2026	—		307		—
DCG ACQUISITION CORP. (dba DuBois Chemical)	First lien senior secured delayed draw term loan	6/2026	—		939		—
Denali BuyerCo, LLC (dba Summit Companies)	First lien senior secured delayed draw term loan	1/2027	454		1,655		—
Diamond Mezzanine 24 LLC (dba United Risk)	First lien senior secured delayed draw term loan	10/2026	—		190		—
Dresser Utility Solutions, LLC	First lien senior secured delayed draw term loan	9/2025	—		858		—
EresearchTechnology, Inc. (dba Clario)	First lien senior secured delayed draw term loan	1/2027	5		101		—
EresearchTechnology, Inc. (dba Clario)	First lien senior secured delayed draw term loan	3/2026	—		93		—
Essential Services Holding Corporation (dba Turnpoint)	First lien senior secured delayed draw term loan	6/2026	—		613		(3)
Evolution BuyerCo, Inc. (dba SIAA)	First lien senior secured delayed draw term loan	12/2025	—		105		—

15

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Unfunded
				Commitment	Fair Value(32)
Faraday Buyer, LLC (dba MacLean Power Systems)	First lien senior secured delayed draw term loan	11/2025	—	1,882	—
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	1,629	3,715	—
Galway Borrower LLC	First lien senior secured delayed draw term loan	7/2026	88	1,466	—
Gehl Foods, LLC	First lien senior secured delayed draw term loan	12/2025	640	214	—
Indigo Buyer, Inc. (dba Inovar Packaging Group)	First lien senior secured delayed draw term loan	7/2026	18	203	—
Indikami Bidco, LLC (dba IntegriChain)	First lien senior secured delayed draw term loan	12/2025	43	334	—
Integrity Marketing Acquisition, LLC	First lien senior secured delayed draw term loan	8/2026	—	628	—
Interoperability Bidco, Inc. (dba Lyniate)	First lien senior secured delayed draw term loan	6/2026	—	952	(19)
KENE Acquisition, Inc. (dba Entrust Solutions Group)	First lien senior secured delayed draw term loan	2/2026	102	881	—
KPSKY Acquisition, Inc. (dba BluSky)	First lien senior secured delayed draw term loan	11/2025	1	58	—
Litera Bidco LLC	First lien senior secured delayed draw term loan	5/2027	—	2,487	(6)
Litera Bidco LLC	First lien senior secured delayed draw term loan	11/2026	5,476	479	—
Maple Acquisition, LLC (dba Medicus)	First lien senior secured delayed draw term loan	5/2026	—	1,069	—
Mario Purchaser, LLC (dba Len the Plumber)	First lien senior secured delayed draw term loan	10/2025	18	166	—
Minotaur Acquisition, Inc. (dba Inspira Financial)	First lien senior secured delayed draw term loan	5/2026	—	3,958	—
Monotype Imaging Holdings Inc.	First lien senior secured delayed draw term loan	2/2026	371	1,228	—
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.	First lien senior secured EUR delayed draw term loan	3/2027	—	2,575	(32)
Nelipak Holding Company	First lien senior secured delayed draw term loan	3/2027	—	1,302	(16)
Packaging Coordinators Midco, Inc.	First lien senior secured delayed draw term loan	4/2026	—	1,628	(12)
Paris US Holdco, Inc. (dba Precinmac)	First lien senior secured delayed draw term loan	12/2026	—	186	(1)
Park Place Technologies, LLC	First lien senior secured delayed draw term loan	9/2025	189	178	—
PDI TA Holdings, Inc.	First lien senior secured delayed draw term loan	2/2026	—	411	(2)
PetVet Care Centers, LLC	First lien senior secured delayed draw term loan	11/2025	—	1,993	(90)
Pluralsight, LLC	First lien senior secured delayed draw term loan	8/2029	—	1,637	—
Pye-Barker Fire & Safety, LLC	First lien senior secured delayed draw term loan	5/2026	1,859	2,754	—
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	—
Sensor Technology Topco, Inc. (dba Humanetics)	First lien senior secured EUR delayed draw term loan	9/2025	21	29	—
Sensor Technology Topco, Inc. (dba Humanetics)	First lien senior secured delayed draw term loan	9/2025	96	129	—
Severin Acquisition, LLC (dba PowerSchool)	First lien senior secured delayed draw term loan	10/2027	11	147	—
SimonMed, Inc.	First lien senior secured delayed draw term loan	2/2027	18	127	—
Simplicity Financial Marketing Group Holdings, Inc.	First lien senior secured delayed draw term loan	12/2026	30	160	—
Smarsh Inc.	First lien senior secured delayed draw term loan	1/2027	—	186	—
Soleo Holdings, Inc.	First lien senior secured delayed draw term loan	2/2027	—	108	—
Sonny's Enterprises, LLC	First lien senior secured delayed draw term loan	6/2026	355	4,105	—
Spaceship Purchaser, Inc. (dba Squarespace)	First lien senior secured delayed draw term loan	10/2026	—	42	—
Spaceship Purchaser, Inc. (dba Squarespace)	First lien senior secured delayed draw term loan	10/2027	—	100	—
STS PARENT, LLC (dba STS Aviation Group)	First lien senior secured delayed draw term loan	10/2026	—	2,100	—
TBRS, Inc. (dba TEAM Technologies)	First lien senior secured delayed draw term loan	11/2026	—	191	—
THG Acquisition, LLC (dba Hilb)	First lien senior secured delayed draw term loan	10/2026	18	1,026	—
Troon Golf, L.L.C.	First lien senior secured delayed draw term loan	9/2026	623	625	—
Vensure Employer Services, Inc.	First lien senior secured delayed draw term loan	9/2026	8	164	—
Vessco Midco Holdings, LLC	First lien senior secured delayed draw term loan	7/2026	273	765	—
WU Holdco, Inc. (dba Weiman Products, LLC)	First lien senior secured delayed draw term loan	7/2026	3,220	2	—
Non-controlled/affiliated - delayed draw debt commitments
Walker Edison Furniture Company LLC	First lien senior secured delayed draw term loan	3/2027	293	411	—

16

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Unfunded
				Commitment	Fair Value(32)
Non-controlled/non-affiliated - revolving debt commitments
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	—	364	—
Arctic Holdco, LLC (dba Novvia Group)	First lien senior secured revolving loan	1/2031	130	141	—
Artifact Bidco, Inc. (dba Avetta)	First lien senior secured revolving loan	7/2030	—	271	(1)
Ascend Buyer, LLC (dba PPC Flexible Packaging)	First lien senior secured revolving loan	9/2028	—	106	—
Associations, Inc.	First lien senior secured revolving loan	7/2028	2,126	747	—
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)	First lien senior secured revolving loan	3/2031	—	238	(2)
Baker Tilly Advisory Group, LP	First lien senior secured revolving loan	6/2030	—	1,975	(20)
Bayshore Intermediate #2, L.P. (dba Boomi)	First lien senior secured revolving loan	10/2027	—	410	—
BCPE Osprey Buyer, Inc. (dba PartsSource)	First lien senior secured revolving loan	8/2026	48	4	—
BCTO BSI Buyer, Inc. (dba Buildertrend)	First lien senior secured revolving loan	12/2026	—	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	148	379	—
Cambrex Corporation	First lien senior secured revolving loan	3/2032	—	102	(1)
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)	First lien senior secured revolving loan	8/2027	64	121	—
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	8/2027	—	213	—
Creek Parent, Inc. (dba Catalent)	First lien senior secured revolving loan	12/2031	—	126	(1)
Crewline Buyer, Inc. (dba New Relic)	First lien senior secured revolving loan	11/2030	—	472	(5)
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	(5)
Delinea Buyer, Inc. (f/k/a Centrify)	First lien senior secured revolving loan	3/2027	—	1,345	—
Denali BuyerCo, LLC (dba Summit Companies)	First lien senior secured revolving loan	9/2027	—	125	—
Diamond Mezzanine 24 LLC (dba United Risk)	First lien senior secured revolving loan	10/2030	—	48	—
Dresser Utility Solutions, LLC	First lien senior secured revolving loan	3/2029	—	1,201	(3)
DuraServ LLC	First lien senior secured revolving loan	6/2030	—	1,190	(6)
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	7	94	—
EresearchTechnology, Inc. (dba Clario)	First lien senior secured revolving loan	10/2031	—	53	(1)
Essential Services Holding Corporation (dba Turnpoint)	First lien senior secured revolving loan	6/2030	61	322	—
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	—	1,108	(3)
Finastra USA, Inc.	First lien senior secured revolving loan	9/2029	98	293	—
Forescout Technologies, Inc.	First lien senior secured revolving loan	5/2030	—	1,121	(6)
Fortis Solutions Group, LLC	First lien senior secured revolving loan	10/2027	40	49	—
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	(1)
Gainsight, Inc.	First lien senior secured revolving loan	7/2027	487	448	—
Galls, LLC	First lien senior secured revolving loan	3/2030	428	1,711	—
Galway Borrower LLC	First lien senior secured revolving loan	9/2028	64	132	—
Gaylord Chemical Company, L.L.C.	First lien senior secured revolving loan	12/2027	1,357	1,252	—
Gerson Lehrman Group, Inc.	First lien senior secured revolving loan	12/2027	—	526	—

17

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Unfunded
				Commitment	Fair Value(32)
GI Ranger Intermediate, LLC (dba Rectangle Health)	First lien senior secured revolving loan	10/2027	—	74	(1)
Granicus, Inc.	First lien senior secured revolving loan	1/2031	—	548	—
Hercules Borrower, LLC (dba The Vincit Group)	First lien senior secured revolving loan	12/2026	—	3,343	—
H&F Opportunities LUX III S.À R.L (dba Checkmarx)	First lien senior secured revolving loan	4/2026	—	4,583	—
HGH Purchaser, Inc. (dba Horizon Services)	First lien senior secured revolving loan	11/2026	1,296	2,406	—
Hissho Parent, LLC	First lien senior secured revolving loan	5/2029	—	116	—
Hyland Software, Inc.	First lien senior secured revolving loan	9/2029	—	85	—
Icefall Parent, Inc. (dba EngageSmart)	First lien senior secured revolving loan	1/2030	—	386	—
IG Investments Holdings, LLC (dba Insight Global)	First lien senior secured revolving loan	9/2028	—	963	—
Indigo Buyer, Inc. (dba Inovar Packaging Group)	First lien senior secured revolving loan	5/2028	—	100	—
Indikami Bidco, LLC (dba IntegriChain)	First lien senior secured revolving loan	6/2030	151	119	—
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	248	880	—
KABAFUSION Parent, LLC	First lien senior secured revolving loan	11/2031	—	111	—
KENE Acquisition, Inc. (dba Entrust Solutions Group)	First lien senior secured revolving loan	2/2031	—	295	(4)
KRIV Acquisition Inc. (dba Riveron)	First lien senior secured revolving loan	7/2029	—	142	—
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)	First lien senior secured revolving loan	12/2029	—	594	—
Lignetics Investment Corp.	First lien senior secured revolving loan	10/2026	980	490	—
LineStar Integrity Services LLC*	First lien senior secured revolving loan	2/2026	1,597	—	—
Litera Bidco LLC	First lien senior secured revolving loan	5/2028	—	1,416	(4)
Maple Acquisition, LLC (dba Medicus)	First lien senior secured revolving loan	5/2030	—	802	—
Mario Purchaser, LLC (dba Len the Plumber)	First lien senior secured revolving loan	4/2028	20	35	—
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	4/2026	—	2,837	(14)
MINDBODY, Inc.	First lien senior secured revolving loan	9/2025	—	1,071	—
Ministry Brands Holdings, LLC	First lien senior secured revolving loan	12/2027	—	68	(1)
Minotaur Acquisition, Inc. (dba Inspira Financial)	First lien senior secured revolving loan	6/2030	—	2,435	—
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	1,331	386	—
Natural Partners, LLC	First lien senior secured revolving loan	11/2027	—	159	—
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.	First lien senior secured EUR revolving loan	3/2031	84	396	—
Nelipak Holding Company	First lien senior secured revolving loan	3/2031	486	486	—
NMI Acquisitionco, Inc. (dba Network Merchants)	First lien senior secured revolving loan	9/2028	—	218	—
Norvax, LLC (dba GoHealth)	First lien senior secured revolving loan	6/2025	462	901	—
Notorious Topco, LLC (dba Beauty Industry Group)	First lien senior secured revolving loan	5/2027	563	1,549	—
OB Hospitalist Group, Inc.	First lien senior secured revolving loan	9/2027	—	2,931	—
Packaging Coordinators Midco, Inc.	First lien senior secured revolving loan	1/2032	—	309	(4)
Paris US Holdco, Inc. (dba Precinmac)	First lien senior secured revolving loan	12/2031	1	92	—
Park Place Technologies, LLC	First lien senior secured revolving loan	3/2030	64	212	—
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)	First lien senior secured revolving loan	1/2028	1,422	1,232	—
PDI TA Holdings, Inc.	First lien senior secured revolving loan	2/2031	55	355	—
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)	First lien senior secured revolving loan	11/2027	—	1,035	—

18

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Unfunded
				Commitment	Fair Value(32)
PetVet Care Centers, LLC	First lien senior secured revolving loan	11/2029	—	2,092	(115)
Phantom Purchaser, Inc.	First lien senior secured revolving loan	9/2031	—	227	(1)
Plasma Buyer LLC (dba PathGroup)	First lien senior secured revolving loan	5/2028	63	13	—
Pluralsight, LLC	First lien senior secured revolving loan	8/2029	—	655	—
Premise Health Holding Corp.	First lien senior secured revolving loan	2/2030	—	938	(2)
Puma Buyer, LLC (dba PANTHERx)	First lien senior secured revolving loan	3/2032	—	139	(1)
Pye-Barker Fire & Safety, LLC	First lien senior secured revolving loan	5/2030	122	852	—
QAD, Inc.	First lien senior secured revolving loan	11/2027	—	571	(1)
Quva Pharma, Inc.*	First lien senior secured revolving loan	4/2026	1,182	—	—
Relativity ODA LLC	First lien senior secured revolving loan	5/2029	—	1,637	(4)
Rhea Parent, Inc.	First lien senior secured revolving loan	12/2030	—	81	—
RL Datix Holdings (USA), Inc.	First lien senior secured revolving loan	10/2030	—	1,423	(11)
Salinger Bidco Inc. (dba Surgical Information Systems)	First lien senior secured revolving loan	5/2031	—	492	—
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)	First lien senior secured revolving loan	7/2027	250	750	—
Securonix, Inc.	First lien senior secured revolving loan	4/2028	3	149	—
Sensor Technology Topco, Inc. (dba Humanetics)	First lien senior secured revolving loan	5/2028	477	492	—
Severin Acquisition, LLC (dba PowerSchool)	First lien senior secured revolving loan	10/2031	14	80	—
SimonMed, Inc.	First lien senior secured revolving loan	2/2031	—	97	—
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	13	86	—
Soleo Holdings, Inc.	First lien senior secured revolving loan	2/2032	—	108	(1)
Sonny's Enterprises, LLC	First lien senior secured revolving loan	8/2027	1,638	1,186	—
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	494	347	—
SWK BUYER, Inc. (dba Stonewall Kitchen)	First lien senior secured revolving loan	3/2029	—	70	(1)
Tamarack Intermediate, L.L.C. (dba Verisk 3E)	First lien senior secured revolving loan	3/2028	—	112	(1)
TBRS, Inc. (dba TEAM Technologies)	First lien senior secured revolving loan	11/2030	6	100	—
Tempo Buyer Corp. (dba Global Claims Services)	First lien senior secured revolving loan	8/2027	—	99	—
The Better Being Co., LLC (fka Nutraceutical International Corporation)	First lien senior secured revolving loan	9/2026	—	2,353	—
The Better Being Co., LLC (fka Nutraceutical International Corporation)*	First lien senior secured revolving loan	9/2026	151	—	—
The Shade Store, LLC	First lien senior secured revolving loan	10/2028	157	532	—
THG Acquisition, LLC (dba Hilb)	First lien senior secured revolving loan	10/2031	24	498	—
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	—
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	—
Valence Surface Technologies LLC	First lien senior secured revolving loan	12/2026	2,955	2	—
Velocity HoldCo III Inc. (dba VelocityEHS)	First lien senior secured revolving loan	4/2027	—	368	—
Vessco Midco Holdings, LLC	First lien senior secured revolving loan	7/2031	—	346	(2)
Vital Bidco AB (dba Vitamin Well)	First lien senior secured revolving loan	10/2030	273	845	—
When I Work, Inc.	First lien senior secured revolving loan	11/2027	—	143	(5)
WU Holdco, Inc. (dba Weiman Products, LLC)	First lien senior secured revolving loan	3/2027	2,422	1,521	—
Non-controlled/non-affiliated - equity commitments
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC	LLC Interest	N/A	1,473	3,145	—
AAM Series 2.1 Aviation Feeder, LLC	LLC Interest	N/A	1,370	898	—
Non-controlled/affiliated - revolving debt commitments
Swipe Acquisition Corporation (dba PLI)	First lien senior secured revolving loan	11/2027	1,102	551	—
Walker Edison Furniture Company LLC*	First lien senior secured revolving loan	3/2027	2,247	—	—

19

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment		Unfunded
					Commitment		Fair Value(32)
Non-controlled/affiliated - equity commitments
LSI Financing LLC	Common Equity	N/A	7,027		150		—
Total Portfolio Company Commitments			$	58,561	$	161,223	$	(416)

*Fully funded

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

(7)The interest rate on this loan is subject to SONIA, which as of March 31, 2025 was 4.46%.

(8)Loan was on non-accrual status as of March 31, 2025

(9)The interest rate on this loan is subject to 1 month EURIBOR, which as of March 31, 2025 was 2.36%.

(10)The interest rate on this loan is subject to 3 month EURIBOR, which as of March 31, 2025 was 2.34%.

(11)Investment is non-income producing

(12)The interest rate on these loans is subject to 1 month SOFR, which as of March 31, 2025 was 4.32%.

(13)The interest rate on these loans is subject to 3 month SOFR, which as of March 31, 2025 was 4.29%.

(14)The interest rate on these loans is subject to 6 month SOFR, which as of March 31, 2025 was 4.19%.

(15)The interest rate on these loans is subject to 12 month SOFR, which as of March 31, 2025 was 4.01%.

(16)The interest rate on these loans is subject to Prime, which as of March 31, 2025 was 7.50%.

(17)The interest rate on these loans is subject to 3 month BBSY, which as of March 31, 2025 was 4.13%.

(18)Level 1 investment.

(19)Level 2 investment.

(20)This portfolio company is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (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 March 31, 2025, non-qualifying assets represented 9.2% of total assets as calculated in accordance with the regulatory requirements.

(21)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.”

(22)Unless otherwise indicated, represents co-investment made with the Company’s affiliates in accordance with the terms of exemptive relief that the Company received from the U.S. Securities and Exchange Commission. See Note 3 “Agreements and Related Party Transactions.”

(23)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.

(24)Investment contains a fixed-rate structure.

(25)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 March 31, 2025, the aggregate fair value of these securities is $181.4 million, or 16.7% 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	LLC Interest	July 1, 2022
AAM Series 2.1 Aviation Feeder, LLC	LLC Interest	July 1, 2022
Amergin Asset Management, LLC	Class A Units	July 1, 2022
ASP Conair Holdings LP	Class A Units	May 17, 2021
BCTO WIW Holdings, Inc. (dba When I Work)	Class A Common Stock	November 2, 2021
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	Class A Units	October 17, 2022
Gloves Holdings, LP (dba Protective Industrial Products)	LP Interest	December 29, 2020
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)	LP Interest	December 16, 2021
Hercules Buyer, LLC (dba The Vincit Group)	Common Units	December 15, 2020
Hissho Sushi Holdings, LLC	Class A Units	May 17, 2022

20

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

Portfolio Company	Investment	Acquisition Date
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)	LP Interest	June 8, 2022
Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)	Perpetual Preferred Stock	June 22, 2022
KOBHG Holdings, L.P. (dba OB Hospitalist)	Class A Interests	September 27, 2021
KPCI Holdings, L.P.	Class A Units	November 30, 2020
LSI Financing 1 DAC	Preferred Equity	December 14, 2022
Maia Aggregator, LP	Class A-2 Units	February 1, 2022
MessageBird Holding B.V.	Extended Series C Warrants	May 5, 2021
Metis HoldCo, Inc. (dba Mavis Tire Express Services)	Series A Convertible Preferred Stock	May 4, 2021
Minerva Holdco, Inc	Senior A Preferred Stock	February 15, 2022
New PLI Holdings, LLC (dba PLI)	Class A Common Units	December 23, 2020
Patriot Holdings SCSp (dba Corza Health, Inc.)	Class A Units	January 29, 2021
Patriot Holdings SCSp (dba Corza Health, Inc.)	Class B Units	January 29, 2021
PCF Holdco, LLC (dba PCF Insurance Services)	Class A Units	November 1, 2021
Project Alpine Co-Invest Fund, LP	LP Interest	June 13, 2022
Rhea Acquisition Holdings, LP	Series A-2 Units	February 18, 2022
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)	Series A Preferred Stock	October 15, 2021
TCB Holdings I LLC (dba TricorBraun)	Class A Preferred Units	January 31, 2025
Thunder Topco L.P. (dba Vector Solutions)	Common Units	June 30, 2021
VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.)	Series A Preferred Stock	October 15, 2021
Walker Edison Holdco LLC	Common Units	March 1, 2023
Windows Entities	LLC Units	January 16, 2020
WMC Bidco, Inc. (dba West Monroe)	Senior Preferred Stock	November 9, 2021

(26)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 March 31, 2025. Greater Toronto Custom Windows, Corp. is considered a non-qualifying asset.

(27)As of March 31, 2025, the net estimated unrealized gain for U.S. federal income tax purposes was $9.3 million based on a tax cost basis of $1.9 billion. As of March 31, 2025, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $54.1 million and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $63.4 million.

(28)Under the 1940 Act, the Company is deemed to be an “Affiliated Person” of, as defined in the 1940 Act, this portfolio company, as the Company owns more than 5% but less than 25% of the portfolio company’s outstanding voting securities. Transactions during the period ended March 31, 2025 in which the Company was an Affiliated Person of the portfolio company are 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 March 31, 2025		Other Income		Interest Income		Dividend Income
LSI Financing LLC	$	9,554	$	162	$	(2,524)	$	116	$	—	$	—	$	7,308	$	—	$	—	$	228
New PLI Holdings, LLC (dba PLI)	24,830		885		(551)		241		—		—		25,405		3		384		110
Walker Edison Furniture Company LLC	2,481		660		—		(1,258)		—		—		1,883		—		—		—
Total	$	36,865	$	1,707	$	(3,075)	$	(901)	$	—	$	—	$	34,596	$	3	$	384	$	338

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

21

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

(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.

(29)As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” and has “Control” of this portfolio company as the Company owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company, including through a management agreement (“controlled affiliate”). The Company’s investment in controlled affiliates for the period ended March 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 March 31, 2025		Other Income		Interest and PIK Income		Dividend Income
Blue Owl Credit SLF LLC	$	191	$	55	$	—	$	(9)	$	—	$	—	$	237	$	—	$	—	$	1
Total	$	191	$	55	$	—	$	(9)	$	—	$	—	$	237	$	—	$	—	$	1

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

(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

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

(31)Totals presented may differ than actuals due to rounding.

(32)The negative cost and fair value results from unamortized fees, which are capitalized to the investment cost

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

22

Blue Owl Capital Corporation II

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)

Company(1)(2)(4)(22)(23)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(3)(28)		Fair Value		Percentage of Net Assets(32)
Non-controlled/non-affiliated portfolio company investments
Debt Investments
Advertising and media
Broadcast Music, Inc. (fka Otis Merger Sub, Inc.)(12)	First lien senior secured loan	S+	5.75%	02/2030	$	4,514	$	4,413	$	4,480	0.4	%
Monotype Imaging Holdings Inc.(5)(13)	First lien senior secured loan	S+	5.50%	02/2031	19,496		19,357		19,447		1.7	%
							23,770		23,927		2.1	%
Aerospace and defense
Peraton Corp.(13)(19)	Second lien senior secured loan	S+	7.75%	02/2029	14,494		14,359		11,682		1.0	%
STS PARENT, LLC (dba STS Aviation Group)(12)	First lien senior secured loan	S+	5.00%	10/2031	7,560		7,523		7,522		0.7	%
STS PARENT, LLC (dba STS Aviation Group)(5)(12)	First lien senior secured revolving loan	S+	5.00%	10/2030	389		384		384		—	%
Valence Surface Technologies LLC(5)(13)	First lien senior secured loan	S+	7.75% (3.88% PIK)	12/2026	39,641		39,593		37,263		3.3	%
							61,859		56,851		5.0	%
Asset based lending and fund finance
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(21)(25)	First lien senior secured loan		12.00% PIK	07/2030	2,506		2,488		2,506		0.2	%
AAM Series 2.1 Aviation Feeder, LLC(21)(25)	First lien senior secured loan		12.00% PIK	11/2030	2,534		2,528		2,534		0.2	%
Hg Genesis 8 Sumoco Limited(7)(21)	Unsecured facility	SA+	7.00% PIK	09/2027	£	1,381	1,767		1,729		0.2	%
Hg Genesis 9 SumoCo Limited(10)(21)	Unsecured facility	E+	6.25% PIK	03/2029	€	1,172	1,284		1,214		0.1	%
Hg Saturn Luchaco Limited(7)(21)	Unsecured facility	SA+	7.50% PIK	03/2026	£	8,113	10,299		10,161		0.9	%
							18,366		18,144		1.6	%
Buildings and real estate
Associations Finance, Inc.(25)	Unsecured notes		14.25% PIK	05/2030	18,618		18,495		18,618		1.7	%
Associations, Inc.(5)(13)	First lien senior secured loan	S+	6.50%	07/2028	48,180		48,132		48,180		4.3	%
							66,627		66,798		6.0	%
Business services
CIBT Global, Inc.(8)(13)	First lien senior secured loan	S+	5.25% (4.25% PIK)	06/2027	173		104		35		—	%
CIBT Global, Inc.(8)(16)	Second lien senior secured loan	P+	7.75% PIK	12/2027	11,237		4,706		—		—	%
Denali BuyerCo, LLC (dba Summit Companies)(13)	First lien senior secured loan	S+	5.75%	09/2028	5,816		5,750		5,816		0.5	%
Diamondback Acquisition, Inc. (dba Sphera)(12)	First lien senior secured loan	S+	5.50%	09/2028	619		612		616		0.1	%
DuraServ LLC(5)(12)	First lien senior secured loan	S+	4.50%	06/2031	7,592		7,550		7,554		0.7	%
Gainsight, Inc.(5)(13)	First lien senior secured loan	S+	6.00%	07/2027	7,275		7,225		7,275		0.6	%
Hercules Borrower, LLC (dba The Vincit Group)(13)	First lien senior secured loan	S+	5.50%	12/2026	27,695		27,695		27,695		2.5	%
Hercules Buyer, LLC (dba The Vincit Group)(24)(25)	Unsecured notes		0.48% PIK	12/2029	831		831		1,016		0.1	%
Kaseya Inc.(12)	First lien senior secured loan	S+	5.50%	06/2029	544		536		544		—	%
Kaseya Inc.(5)(13)	First lien senior secured delayed draw term loan	S+	5.50%	06/2029	16		16		16		—	%
KPSKY Acquisition, Inc. (dba BluSky)(13)	First lien senior secured loan	S+	5.50%	10/2028	968		956		888		0.1	%
KPSKY Acquisition, Inc. (dba BluSky)(5)(13)	First lien senior secured delayed draw term loan	S+	5.75%	10/2028	1		—		(3)		—	%
Pye-Barker Fire & Safety, LLC(5)(13)	First lien senior secured loan	S+	4.50%	05/2031	6,693		6,657		6,676		0.6	%

23

Blue Owl Capital Corporation II

Consolidated Schedule of Investments (continued)

As of December 31, 2024

(Amounts in thousands, except share amounts)

Company(1)(2)(4)(22)(23)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(3)(28)	Fair Value	Percentage of Net Assets(32)
Pye-Barker Fire & Safety, LLC(5)(13)	First lien senior secured revolving loan	S+	4.50%	05/2030	122	117	119	—	%
						62,755	58,247	5.2	%
Chemicals
Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC)(12)(19)	Second lien senior secured loan	S+	7.75%	11/2028	22,500	22,305	21,929	2.0	%
DCG ACQUISITION CORP. (dba DuBois Chemical)(12)	First lien senior secured loan	S+	4.50%	06/2031	5,614	5,561	5,586	0.5	%
Gaylord Chemical Company, L.L.C.(5)(13)	First lien senior secured loan	S+	5.25%	12/2027	25,847	25,788	25,847	2.3	%
Rocket BidCo, Inc. (dba Recochem)(13)(21)	First lien senior secured loan	S+	5.75%	11/2030	22,000	21,587	21,780	1.9	%
Velocity HoldCo III Inc. (dba VelocityEHS)(13)	First lien senior secured loan	S+	5.50%	04/2027	5,917	5,857	5,917	0.5	%
						81,098	81,059	7.2	%
Consumer products
Conair Holdings LLC(12)	Second lien senior secured loan	S+	7.50%	05/2029	31,280	30,952	28,700	2.6	%
Feradyne Outdoors, LLC(13)	First lien senior secured loan	S+	6.75% (3.74% PIK)	05/2028	658	658	565	0.1	%
Foundation Consumer Brands, LLC(12)	First lien senior secured loan	S+	6.25%	02/2027	2,992	2,950	2,992	0.3	%
Lignetics Investment Corp.(13)	First lien senior secured loan	S+	5.50%	11/2027	12,336	12,307	12,274	1.1	%
Lignetics Investment Corp.(5)(13)	First lien senior secured revolving loan	S+	5.50%	10/2026	1,078	1,075	1,071	0.1	%
SWK BUYER, Inc. (dba Stonewall Kitchen)(13)	First lien senior secured loan	S+	5.25%	03/2029	736	726	713	0.1	%
WU Holdco, Inc. (dba Weiman Products, LLC)(5)(13)	First lien senior secured loan	S+	5.00%	03/2027	48,911	48,657	48,911	4.4	%
						97,325	95,226	8.5	%
Containers and packaging
Arctic Holdco, LLC (dba Novvia Group)(12)	First lien senior secured loan	S+	6.00%	12/2026	2,881	2,843	2,881	0.3	%
Ascend Buyer, LLC (dba PPC Flexible Packaging)(13)	First lien senior secured loan	S+	5.75%	09/2028	749	745	749	0.1	%
Ascend Buyer, LLC (dba PPC Flexible Packaging)(5)(13)	First lien senior secured revolving loan	S+	5.75%	09/2027	26	26	26	—	%
Fortis Solutions Group, LLC(13)	First lien senior secured loan	S+	5.50%	10/2028	884	872	870	0.1	%
Fortis Solutions Group, LLC(5)(13)	First lien senior secured revolving loan	S+	5.50%	10/2027	31	31	30	—	%
Indigo Buyer, Inc. (dba Inovar Packaging Group)(13)	First lien senior secured loan	S+	6.25%	05/2028	879	873	879	0.1	%
Indigo Buyer, Inc. (dba Inovar Packaging Group)(12)	First lien senior secured loan	S+	5.25%	05/2028	220	218	218	—	%
Pregis Topco LLC(12)	Second lien senior secured loan	S+	7.75%	08/2029	9,333	9,217	9,333	0.8	%
Pregis Topco LLC(12)	Second lien senior secured loan	S+	6.75%	08/2029	20,667	20,445	20,667	1.8	%
						35,270	35,653	3.2	%
Distribution
ABB/Con-cise Optical Group LLC(13)	First lien senior secured loan	S+	7.50%	02/2028	850	843	833	0.1	%
BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC)(5)(13)	First lien senior secured loan	S+	5.00%	10/2029	31,418	31,137	31,418	2.8	%
Endries Acquisition, Inc.(12)	First lien senior secured loan	S+	5.25%	12/2028	22,294	22,158	22,127	2.0	%

24

Blue Owl Capital Corporation II

Consolidated Schedule of Investments (continued)

As of December 31, 2024

(Amounts in thousands, except share amounts)

Company(1)(2)(4)(22)(23)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(3)(28)	Fair Value	Percentage of Net Assets(32)
Offen, Inc.(12)	First lien senior secured loan	S+	5.00%	06/2026	4,647	4,636	4,647	0.4	%
						58,774	59,025	5.3	%
Education
Pluralsight, LLC(13)	First lien senior secured loan	S+	4.50% (1.50% PIK)	08/2029	3,944	3,944	3,944	0.4	%
Pluralsight, LLC(13)	First lien senior secured loan	S+	7.50% PIK	08/2029	4,055	4,055	4,055	0.4	%
Severin Acquisition, LLC (dba PowerSchool)(12)	First lien senior secured loan	S+	5.00% (2.25% PIK)	10/2031	752	745	745	0.1	%
						8,744	8,744	0.8	%
Energy equipment and services
Dresser Utility Solutions, LLC(12)	First lien senior secured loan	S+	5.25%	03/2029	9,369	9,286	9,346	0.8	%
						9,286	9,346	0.8	%
Financial services
Baker Tilly Advisory Group, L.P.(12)	First lien senior secured loan	S+	4.75%	06/2031	9,342	9,213	9,295	0.8	%
Blackhawk Network Holdings, Inc.(12)(19)	First lien senior secured loan	S+	5.00%	03/2029	14,925	14,655	15,091	1.3	%
Cresset Capital Management, LLC(12)	First lien senior secured loan	S+	5.00%	06/2030	520	515	520	—	%
Finastra USA, Inc.(5)(13)(21)	First lien senior secured loan	S+	7.25%	09/2029	3,992	3,945	3,992	0.4	%
KRIV Acquisition Inc. (dba Riveron)(13)	First lien senior secured loan	S+	5.75%	07/2029	1,035	1,010	1,035	0.1	%
Minotaur Acquisition, Inc. (dba Inspira Financial)(12)	First lien senior secured loan	S+	5.00%	06/2030	27,647	27,373	27,508	2.4	%
NMI Acquisitionco, Inc. (dba Network Merchants)(12)	First lien senior secured loan	S+	5.00%	09/2028	4,755	4,743	4,755	0.4	%
Smarsh Inc.(5)(13)	First lien senior secured loan	S+	5.75%	02/2029	857	851	857	0.1	%
Smarsh Inc.(5)(12)	First lien senior secured revolving loan	S+	5.75%	02/2029	3	3	3	—	%
						62,308	63,056	5.6	%
Food and beverage
Balrog Acquisition, Inc. (dba Bakemark)(13)	Second lien senior secured loan	S+	7.00%	09/2029	5,000	4,971	5,000	0.4	%
BP Veraison Buyer, LLC (dba Sun World)(13)	First lien senior secured loan	S+	5.25%	05/2029	19,215	19,083	19,215	1.7	%
EAGLE FAMILY FOODS GROUP LLC(12)	First lien senior secured loan	S+	5.00%	08/2030	1,748	1,732	1,740	0.2	%
Fiesta Purchaser, Inc. (dba Shearer's Foods)(12)(19)	First lien senior secured loan	S+	3.25%	02/2031	4,975	4,975	4,974	0.4	%
Gehl Foods, LLC(12)	First lien senior secured loan	S+	6.25%	06/2030	11,113	11,009	11,057	1.0	%
Gehl Foods, LLC(5)(13)	First lien senior secured delayed draw term loan	S+	6.25%	06/2030	342	335	340	—	%
H-Food Holdings, LLC(8)(16)	Second lien senior secured loan	P+	6.00%	03/2026	18,200	16,326	728	0.1	%
Hissho Parent, LLC(13)	First lien senior secured loan	S+	4.75%	05/2029	1,138	1,131	1,138	0.1	%
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(12)	First lien senior secured loan	S+	6.25%	03/2027	720	713	710	0.1	%
Nellson Nutraceutical, LLC(12)	First lien senior secured loan	S+	5.75%	12/2025	25,567	25,440	25,567	2.3	%
Rushmore Investment III LLC (dba Winland Foods)(13)	First lien senior secured loan	S+	5.00%	10/2030	45,339	44,916	45,339	4.0	%
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)(5)(13)	First lien senior secured loan	S+	4.50%	07/2025	5,146	5,136	5,102	0.5	%

25

Blue Owl Capital Corporation II

Consolidated Schedule of Investments (continued)

As of December 31, 2024

(Amounts in thousands, except share amounts)

Company(1)(2)(4)(22)(23)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(3)(28)	Fair Value	Percentage of Net Assets(32)
The Better Being Co., LLC (fka Nutraceutical International Corporation)(12)	First lien senior secured loan	S+	7.50% (3.90% PIK)	09/2026	36,191		36,027	36,191	3.2	%
Vital Bidco AB (dba Vitamin Well)(13)(21)	First lien senior secured loan	S+	4.50%	10/2031	4,784		4,719	4,717	0.4	%
Vital Bidco AB (dba Vitamin Well)(5)(12)(21)	First lien senior secured revolving loan	S+	4.50%	10/2030	273		258	258	—	%
							176,771	162,076	14.4	%
Healthcare equipment and services
Creek Parent, Inc. (dba Catalent)(12)	First lien senior secured loan	S+	5.25%	12/2031	874		859	859	0.1	%
CSC MKG Topco LLC (dba Medical Knowledge Group)(12)	First lien senior secured loan	S+	5.75%	02/2029	833		822	824	0.1	%
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.(5)(9)	First lien senior secured EUR term loan	E+	5.50%	03/2031	€	6,296	6,712	6,377	0.6	%
Nelipak Holding Company(5)(12)	First lien senior secured loan	S+	5.50%	03/2031	3,763		3,704	3,677	0.3	%
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(13)(21)	First lien senior secured loan	S+	5.25%	01/2028	23,667		23,473	23,667	2.1	%
Rhea Parent, Inc.(13)	First lien senior secured loan	S+	4.75%	12/2030	1,000		997	997	0.1	%
TBRS, Inc. (dba TEAM Technologies)(13)	First lien senior secured loan	S+	4.75%	11/2031	702		699	699	0.1	%
TBRS, Inc. (dba TEAM Technologies)(5)(13)	First lien senior secured revolving loan	S+	4.75%	11/2030	6		6	6	—	%
							37,272	37,106	3.3	%
Healthcare providers and services
Allied Benefit Systems Intermediate LLC(12)	First lien senior secured loan	S+	5.25%	10/2030	2,979		2,939	2,979	0.3	%
Ex Vivo Parent Inc. (dba OB Hospitalist)(13)	First lien senior secured loan	S+	9.75% PIK	09/2028	15,258		15,114	15,219	1.4	%
KABAFUSION Parent, LLC(13)	First lien senior secured loan	S+	5.00%	11/2031	889		880	880	0.1	%
KWOL Acquisition Inc. (dba Worldwide Clinical Trials)(13)	First lien senior secured loan	S+	4.75%	12/2029	4,307		4,237	4,307	0.4	%
Maple Acquisition, LLC (dba Medicus)(14)	First lien senior secured loan	S+	5.25%	05/2031	5,612		5,573	5,612	0.5	%
National Dentex Labs LLC (fka Barracuda Dental LLC)(5)(13)	First lien senior secured loan	S+	8.00% (3.00% PIK)	04/2026	20,950		20,878	16,720	1.5	%
National Dentex Labs LLC (fka Barracuda Dental LLC)(15)	First lien senior secured delayed draw term loan	S+	10.00% PIK	04/2026	1,476		1,476	1,166	0.1	%
National Dentex Labs LLC (fka Barracuda Dental LLC)(5)(13)	First lien senior secured revolving loan	S+	7.00%	04/2026	1,296		1,289	927	0.1	%
Natural Partners, LLC(13)(21)	First lien senior secured loan	S+	4.50%	11/2027	1,232		1,217	1,226	0.1	%
OB Hospitalist Group, Inc.(12)	First lien senior secured loan	S+	5.25%	09/2027	20,881		20,631	20,829	1.9	%
Pacific BidCo Inc.(14)(21)	First lien senior secured loan	S+	6.00% (2.05% PIK)	08/2029	2,001		1,965	1,951	0.2	%
PetVet Care Centers, LLC(12)	First lien senior secured loan	S+	6.00%	11/2030	15,130		14,996	14,487	1.3	%
Phantom Purchaser, Inc.(13)	First lien senior secured loan	S+	5.00%	09/2031	1,773		1,756	1,760	0.2	%
Plasma Buyer LLC (dba PathGroup)(13)	First lien senior secured loan	S+	5.75%	05/2029	665		656	657	0.1	%
Plasma Buyer LLC (dba PathGroup)(5)(13)	First lien senior secured delayed draw term loan	S+	6.25%	05/2029	20		20	20	—	%
Plasma Buyer LLC (dba PathGroup)(5)(13)	First lien senior secured revolving loan	S+	5.75%	05/2028	42		42	41	—	%
Premier Imaging, LLC (dba LucidHealth)(13)	First lien senior secured loan	S+	6.00% (6.47% PIK)	03/2026	8,396		8,396	7,788	0.7	%
Premise Health Holding Corp.(13)	First lien senior secured loan	S+	5.50%	03/2031	8,027		7,917	8,007	0.7	%

26

Blue Owl Capital Corporation II

Consolidated Schedule of Investments (continued)

As of December 31, 2024

(Amounts in thousands, except share amounts)

Company(1)(2)(4)(22)(23)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(3)(28)	Fair Value	Percentage of Net Assets(32)
Quva Pharma, Inc.(14)	First lien senior secured loan	S+	5.50%	04/2028	15,354		15,095	15,201	1.4	%
Quva Pharma, Inc.(5)(14)	First lien senior secured revolving loan	S+	5.50%	04/2026	993		984	981	0.1	%
Tivity Health, Inc.(12)	First lien senior secured loan	S+	5.00%	06/2029	494		494	494	—	%
Unified Women's Healthcare, LP(13)	First lien senior secured loan	S+	5.25%	06/2029	893		888	893	0.1	%
Unified Women's Healthcare, LP(13)	First lien senior secured loan	S+	5.50%	06/2029	9,909		9,843	9,909	0.9	%
Unified Women's Healthcare, LP(5)(12)	First lien senior secured delayed draw term loan	S+	5.25%	06/2029	3,945		3,917	3,945	0.4	%
Vermont Aus Pty Ltd(17)(21)	First lien senior secured AUD term loan	BBSY+	5.75%	03/2028	A$	1,297	880	799	0.1	%
							142,083	136,798	12.6	%
Healthcare technology
BCPE Osprey Buyer, Inc. (dba PartsSource)(13)	First lien senior secured loan	S+	5.75%	08/2028	585		580	578	0.1	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(5)(12)	First lien senior secured delayed draw term loan	S+	5.75%	08/2028	122		118	120	—	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(5)(12)	First lien senior secured revolving loan	S+	5.75%	08/2026	34		34	34	—	%
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)(12)	First lien senior secured loan	S+	5.00%	08/2031	8,927		8,878	8,905	0.8	%
GI Ranger Intermediate, LLC (dba Rectangle Health)(13)	First lien senior secured loan	S+	6.00%	10/2028	898		888	883	0.1	%
GI Ranger Intermediate, LLC (dba Rectangle Health)(5)(13)	First lien senior secured revolving loan	S+	6.00%	10/2027	9		8	7	—	%
Indikami Bidco, LLC (dba IntegriChain)(12)	First lien senior secured loan	S+	6.50% (2.50% PIK)	12/2030	2,749		2,694	2,735	0.2	%
Indikami Bidco, LLC (dba IntegriChain)(5)(12)	First lien senior secured delayed draw term loan	S+	6.00%	12/2030	22		19	21	—	%
Indikami Bidco, LLC (dba IntegriChain)(5)(12)	First lien senior secured revolving loan	S+	6.00%	06/2030	97		92	96	—	%
Inovalon Holdings, Inc.(13)	First lien senior secured loan	S+	5.75%	11/2028	38,530		37,976	38,048	3.4	%
Inovalon Holdings, Inc.(13)	Second lien senior secured loan	S+	10.50% PIK	11/2033	30,581		30,231	30,275	2.7	%
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(13)(21)	First lien senior secured loan	S+	6.50%	08/2026	41,183		41,009	40,153	3.6	%
Interoperability Bidco, Inc. (dba Lyniate)(13)	First lien senior secured loan	S+	6.25%	03/2028	14,504		14,462	14,140	1.3	%
Interoperability Bidco, Inc. (dba Lyniate)(5)(12)	First lien senior secured revolving loan	S+	6.25%	03/2028	59		52	30	—	%
RL Datix Holdings (USA), Inc.(14)	First lien senior secured loan	S+	5.50%	04/2031	7,206		7,139	7,170	0.6	%
RL Datix Holdings (USA), Inc.(5)(13)	First lien senior secured revolving loan	S+	5.50%	10/2030	180		167	173	—	%
RL Datix Holdings (USA), Inc.(7)	First lien senior secured GBP term loan	SA+	5.50%	04/2031	£	3,337	4,129	4,158	0.4	%
Salinger Bidco Inc. (dba Surgical Information Systems)(12)	First lien senior secured loan	S+	5.75%	08/2031	5,086		5,013	5,073	0.5	%
							153,489	152,599	13.6	%
Household products
HGH Purchaser, Inc. (dba Horizon Services)(13)	First lien senior secured loan	S+	7.00% (2.50% PIK)	11/2026	34,648		34,555	32,828	2.9	%
Mario Midco Holdings, Inc. (dba Len the Plumber)(12)	Unsecured facility	S+	10.75% PIK	04/2032	225		221	217	—	%
Mario Purchaser, LLC (dba Len the Plumber)(5)(12)	First lien senior secured loan	S+	5.75%	04/2029	801		789	777	0.1	%

27

Blue Owl Capital Corporation II

Consolidated Schedule of Investments (continued)

As of December 31, 2024

(Amounts in thousands, except share amounts)

Company(1)(2)(4)(22)(23)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(3)(28)	Fair Value	Percentage of Net Assets(32)
Mario Purchaser, LLC (dba Len the Plumber)(5)(12)	First lien senior secured revolving loan	S+	5.75%	04/2028	17	16	15	—	%
SimpliSafe Holding Corporation(12)	First lien senior secured loan	S+	6.25%	05/2028	904	895	904	0.1	%
						36,476	34,741	3.1	%
Human resource support services
Cornerstone OnDemand, Inc.(12)	Second lien senior secured loan	S+	6.50%	10/2029	16,667	16,495	14,208	1.3	%
IG Investments Holdings, LLC (dba Insight Global)(13)	First lien senior secured loan	S+	5.00%	09/2028	9,102	9,102	9,102	0.8	%
						25,597	23,310	2.1	%
Infrastructure and environmental services
CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.)(5)(13)	First lien senior secured loan	S+	5.50%	01/2031	6,064	6,001	6,064	0.5	%
KENE Acquisition, Inc. (dba Entrust Solutions Group)(13)	First lien senior secured loan	S+	5.25%	02/2031	2,211	2,171	2,183	0.2	%
KENE Acquisition, Inc. (dba Entrust Solutions Group)(5)(12)	First lien senior secured delayed draw term loan	S+	5.25%	02/2031	102	93	99	—	%
LineStar Integrity Services LLC(13)	First lien senior secured loan	S+	7.25%	02/2026	11,246	10,910	10,739	1.0	%
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(13)	First lien senior secured loan	S+	5.75%	03/2028	808	798	804	0.1	%
Vessco Midco Holdings, LLC(12)	First lien senior secured loan	S+	4.75%	07/2031	3,115	3,086	3,100	0.3	%
Vessco Midco Holdings, LLC(5)(14)	First lien senior secured delayed draw term loan	S+	4.75%	07/2031	273	267	272	—	%
						23,326	23,261	2.1	%
Insurance
Alera Group, Inc.(12)	First lien senior secured loan	S+	5.25%	10/2028	7,221	7,220	7,221	0.6	%
Alera Group, Inc.(5)(12)	First lien senior secured delayed draw term loan	S+	5.75%	10/2028	6,728	6,668	6,728	0.6	%
Brightway Holdings, LLC(13)	First lien senior secured loan	S+	6.50%	12/2027	4,872	4,837	4,847	0.4	%
Brightway Holdings, LLC(5)(12)	First lien senior secured revolving loan	S+	6.50%	12/2027	211	207	208	—	%
Diamond Mezzanine 24 LLC (dba United Risk)(13)	First lien senior secured loan	S+	5.00%	10/2030	713	709	709	0.1	%
Diamond Mezzanine 24 LLC (dba United Risk)(16)	First lien senior secured revolving loan	P+	4.00%	10/2030	48	47	47	—	%
Evolution BuyerCo, Inc. (dba SIAA)(13)	First lien senior secured loan	S+	6.25%	04/2028	28,908	28,682	28,908	2.6	%
Evolution BuyerCo, Inc. (dba SIAA)(5)(13)	First lien senior secured delayed draw term loan	S+	6.00%	04/2028	821	793	821	0.1	%
Galway Borrower LLC(5)(13)	First lien senior secured delayed draw term loan	S+	4.50%	09/2028	44	43	44	—	%
Integrity Marketing Acquisition, LLC(13)	First lien senior secured loan	S+	5.00%	08/2028	4,151	4,131	4,151	0.4	%
KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners)(12)	First lien senior secured loan	S+	10.50% PIK	07/2030	1,817	1,804	1,817	0.2	%
Norvax, LLC (dba GoHealth)(5)(13)	First lien senior secured revolving loan	S+	6.50%	06/2025	462	462	462	—	%
PCF Midco II, LLC (dba PCF Insurance Services)(25)	First lien senior secured loan		9.00% PIK	10/2031	28,509	26,911	27,155	2.4	%
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(12)	First lien senior secured loan	S+	5.50%	11/2028	13,705	13,705	13,705	1.2	%
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(13)	First lien senior secured delayed draw term loan	S+	5.50%	11/2028	4,534	4,534	4,534	0.4	%
Simplicity Financial Marketing Group Holdings, Inc.(13)	First lien senior secured loan	S+	5.00%	12/2031	714	707	707	0.1	%

28

Blue Owl Capital Corporation II

Consolidated Schedule of Investments (continued)

As of December 31, 2024

(Amounts in thousands, except share amounts)

Company(1)(2)(4)(22)(23)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(3)(28)	Fair Value	Percentage of Net Assets(32)
Tempo Buyer Corp. (dba Global Claims Services)(13)	First lien senior secured loan	S+	4.75%	08/2028	681	673	681	0.1	%
THG Acquisition, LLC (dba Hilb)(5)(12)	First lien senior secured loan	S+	4.75%	10/2031	4,723	4,672	4,671	0.4	%
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(12)	First lien senior secured loan	S+	5.00%	12/2029	1,634	1,626	1,634	0.1	%
						108,431	109,050	9.7	%
Internet software and services
Anaplan, Inc.(13)	First lien senior secured loan	S+	5.25%	06/2029	8,782	8,780	8,782	0.8	%
Aptean Acquiror, Inc. (dba Aptean)(5)(13)	First lien senior secured loan	S+	5.00%	01/2031	4,417	4,377	4,407	0.4	%
Artifact Bidco, Inc. (dba Avetta)(13)	First lien senior secured loan	S+	4.50%	07/2031	1,550	1,543	1,542	0.1	%
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)(12)	First lien senior secured loan	S+	6.50%	03/2031	2,137	2,108	2,121	0.2	%
Bayshore Intermediate #2, L.P. (dba Boomi)(13)	First lien senior secured loan	S+	6.25% (3.38% PIK)	10/2028	4,762	4,761	4,762	0.4	%
BCTO BSI Buyer, Inc. (dba Buildertrend)(13)	First lien senior secured loan	S+	6.50%	12/2026	11,406	11,363	11,406	1.0	%
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(5)(13)	First lien senior secured loan	S+	5.50%	08/2027	3,015	2,977	2,929	0.3	%
CivicPlus, LLC(13)	First lien senior secured loan	S+	5.75%	08/2027	2,571	2,557	2,571	0.2	%
CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC)(14)	Unsecured notes	S+	11.75% PIK	06/2034	639	629	639	0.1	%
Crewline Buyer, Inc. (dba New Relic)(12)	First lien senior secured loan	S+	6.75%	11/2030	4,702	4,639	4,643	0.4	%
Delinea Buyer, Inc. (f/k/a Centrify)(13)	First lien senior secured loan	S+	5.75%	03/2028	17,292	17,045	17,292	1.5	%
Delta TopCo, Inc. (dba Infoblox, Inc.)(14)(19)	Second lien senior secured loan	S+	5.25%	11/2030	27,000	26,868	27,351	2.4	%
EET Buyer, Inc. (dba e-Emphasys)(13)	First lien senior secured loan	S+	4.75%	11/2027	884	879	884	0.1	%
Forescout Technologies, Inc.(13)	First lien senior secured loan	S+	5.00%	05/2031	7,842	7,805	7,802	0.7	%
Granicus, Inc.(13)	First lien senior secured loan	S+	5.75% (2.25% PIK)	01/2031	3,920	3,886	3,920	0.3	%
Granicus, Inc.(13)	First lien senior secured delayed draw term loan	S+	5.25% (2.25% PIK)	01/2031	581	576	575	0.1	%
H&F Opportunities LUX III S.À R.L (dba Checkmarx)(12)(21)	First lien senior secured loan	S+	7.50%	04/2026	14,544	14,429	14,508	1.3	%
Hyland Software, Inc.(12)	First lien senior secured loan	S+	6.00%	09/2030	1,782	1,758	1,782	0.2	%
Icefall Parent, Inc. (dba EngageSmart)(12)	First lien senior secured loan	S+	6.50%	01/2030	4,049	3,978	4,049	0.4	%
Litera Bidco LLC(5)(12)	First lien senior secured loan	S+	5.00%	05/2028	24,155	24,043	24,094	2.1	%
MINDBODY, Inc.(13)	First lien senior secured loan	S+	7.00%	09/2025	10,945	10,939	10,945	1.0	%
Ministry Brands Holdings, LLC(12)	First lien senior secured loan	S+	5.50%	12/2028	756	747	751	0.1	%
PDI TA Holdings, Inc.(13)	First lien senior secured loan	S+	5.00%	02/2031	4,013	3,961	3,973	0.4	%
PDI TA Holdings, Inc.(5)(13)	First lien senior secured delayed draw term loan	S+	5.50%	02/2031	520	508	513	—	%
QAD, Inc.(12)	First lien senior secured loan	S+	4.75%	11/2027	4,408	4,408	4,397	0.4	%
Securonix, Inc.(13)	First lien senior secured loan	S+	7.75% (3.75% PIK)	04/2028	847	842	735	0.1	%
Securonix, Inc.(5)(13)	First lien senior secured revolving loan	S+	7.00%	04/2028	3	3	(17)	—	%

29

Blue Owl Capital Corporation II

Consolidated Schedule of Investments (continued)

As of December 31, 2024

(Amounts in thousands, except share amounts)

Company(1)(2)(4)(22)(23)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(3)(28)	Fair Value	Percentage of Net Assets(32)
Spaceship Purchaser, Inc. (dba Squarespace)(13)	First lien senior secured loan	S+	5.00%	10/2031	701		698	698	0.1	%
Thunder Purchaser, Inc. (dba Vector Solutions)(13)	First lien senior secured loan	S+	5.50%	06/2028	14,582		14,503	14,582	1.3	%
When I Work, Inc.(13)	First lien senior secured loan	S+	5.50%	11/2027	925		921	893	0.1	%
							182,531	183,529	16.3	%
Leisure and entertainment
Aerosmith Bidco 1 Limited (dba Audiotonix)(12)(21)	First lien senior secured loan	S+	5.25%	07/2031	33,145		32,738	33,062	2.9	%
Troon Golf, L.L.C.(5)(13)	First lien senior secured loan	S+	4.50%	08/2028	8,710		8,704	8,710	0.8	%
							41,442	41,772	3.7	%
Manufacturing
Faraday Buyer, LLC (dba MacLean Power Systems)(13)	First lien senior secured loan	S+	6.00%	10/2028	17,746		17,458	17,569	1.6	%
FR Flow Control CB LLC (dba Trillium Flow Technologies)(13)(21)	First lien senior secured loan	S+	5.25%	12/2029	733		728	728	0.1	%
JSG II, Inc.(12)	First lien senior secured loan	S+	4.50%	06/2026	3,374		3,366	3,374	0.3	%
Loparex Midco BV(13)	First lien senior secured loan	S+	6.00%	02/2027	199		199	199	—	%
MHE Intermediate Holdings, LLC (dba OnPoint Group)(5)(13)	First lien senior secured loan	S+	6.00%	07/2027	9,453		9,402	9,453	0.8	%
PHM Netherlands Midco B.V. (dba Loparex)(13)	Second lien senior secured loan	S+	8.75%	07/2027	28,000		27,163	25,410	2.3	%
PHM Netherlands Midco B.V. (dba Loparex)(13)	Second lien senior secured loan	S+	8.50%	07/2027	5,250		5,250	5,001	0.4	%
Sonny's Enterprises, LLC(13)	First lien senior secured loan	S+	5.50%	08/2028	46,475		45,989	46,243	4.1	%
Sonny's Enterprises, LLC(5)(13)	First lien senior secured delayed draw term loan	S+	5.50%	08/2028	356		339	354	—	%
Sonny's Enterprises, LLC(5)(13)	First lien senior secured revolving loan	S+	5.50%	08/2027	706		674	692	0.1	%
							110,568	109,023	9.7	%
Professional services
Essential Services Holding Corporation (dba Turnpoint)(12)	First lien senior secured loan	S+	5.00%	06/2031	3,128		3,099	3,097	0.3	%
Gerson Lehrman Group, Inc.(13)	First lien senior secured loan	S+	5.25%	12/2027	10,392		10,319	10,366	0.9	%
Guidehouse Inc.(12)	First lien senior secured loan	S+	5.75% (2.00% PIK)	12/2030	926		926	922	0.1	%
Paris US Holdco, Inc. (dba Precinmac)(12)	First lien senior secured loan	S+	5.00%	12/2031	721		714	714	0.1	%
Relativity ODA LLC(12)	First lien senior secured loan	S+	4.50%	05/2029	19,162		19,090	19,114	1.7	%
Sensor Technology Topco, Inc. (dba Humanetics)(5)(13)	First lien senior secured loan	S+	7.00%	05/2028	11,213		11,173	11,269	1.0	%
Sensor Technology Topco, Inc. (dba Humanetics)(5)(12)	First lien senior secured revolving loan	S+	6.50%	05/2028	628		624	630	0.1	%
Sensor Technology Topco, Inc. (dba Humanetics)(5)(10)	First lien senior secured EUR term loan	E+	7.25%	05/2028	€	2,026	2,193	2,109	0.2	%
Vensure Employer Services, Inc.(13)	First lien senior secured loan	S+	5.00%	09/2031	828		820	820	0.1	%
							48,958	49,041	4.4	%
Specialty retail
Galls, LLC(5)(13)	First lien senior secured loan	S+	6.50% (1.50% PIK)	03/2030	16,655		16,405	16,655	1.5	%
Milan Laser Holdings LLC(13)	First lien senior secured loan	S+	5.00%	04/2027	22,233		22,134	22,233	2.0	%
Notorious Topco, LLC (dba Beauty Industry Group)(13)	First lien senior secured loan	S+	7.25% (2.50% PIK)	11/2027	26,244		26,035	23,356	2.1	%

30

Blue Owl Capital Corporation II

Consolidated Schedule of Investments (continued)

As of December 31, 2024

(Amounts in thousands, except share amounts)

Company(1)(2)(4)(22)(23)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(3)(28)	Fair Value	Percentage of Net Assets(32)
The Shade Store, LLC(13)	First lien senior secured loan	S+	6.00%	10/2029	6,679	6,477	6,512	0.6	%
The Shade Store, LLC(5)(13)	First lien senior secured revolving loan	S+	6.00%	10/2028	165	148	148	—	%
						71,199	68,904	6.1	%
Telecommunications
EOS Finco S.A.R.L(14)(21)	First lien senior secured loan	S+	6.00%	10/2029	8,447	8,098	5,659	0.5	%
Park Place Technologies, LLC(12)	First lien senior secured loan	S+	5.25%	03/2031	2,344	2,323	2,333	0.2	%
Park Place Technologies, LLC(5)(12)	First lien senior secured revolving loan	S+	5.25%	03/2030	79	77	78	—	%
PPT Holdings III, LLC (dba Park Place Technologies)(25)	First lien senior secured loan		12.75% PIK	03/2034	827	809	817	0.1	%
						11,307	8,887	0.8	%
Transportation
Lytx, Inc.(12)	First lien senior secured loan	S+	5.00%	02/2028	23,668	23,668	23,668	2.1	%
						23,668	23,668	2.1	%
Total non-controlled/non-affiliated portfolio company debt investments						1,779,300	1,739,841	154.9	%
Equity Investments
Asset based lending and fund finance
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(5)(11)(21)(26)	LLC Interest		N/A	N/A	1,487	1,487	1,667	0.1	%
AAM Series 2.1 Aviation Feeder, LLC(5)(11)(21)(26)	LLC Interest		N/A	N/A	1,422	1,425	1,781	0.2	%
Amergin Asset Management, LLC(11)(26)	Class A Units		N/A	N/A	50,000,000	—	1,555	0.1	%
						2,912	5,003	0.4	%
Automotive Services
CD&R Value Building Partners I, L.P. (dba Belron)(6)(11)(21)(26)	LP Interest		N/A	N/A	1,000	966	1,154	0.1	%
Metis HoldCo, Inc. (dba Mavis Tire Express Services)(25)(26)	Series A Convertible Preferred Stock		7.00% PIK	N/A	32,308	40,986	41,660	3.7	%
						41,952	42,814	3.8	%
Buildings and real estate
Dodge Construction Network Holdings, L.P.(13)(26)	Series A Preferred Units	S+	8.25%	N/A	0	9	5	—	%
Dodge Construction Network Holdings, L.P.(11)(26)	Class A-2 Common Units		N/A	N/A	431,889	368	61	—	%
						377	66	—	%
Business Services
Denali Holding, LP (dba Summit Companies)(11)(26)	Class A Units		N/A	N/A	41,874	425	739	0.1	%
Hercules Buyer, LLC (dba The Vincit Group)(11)(24)(26)	Common Units		N/A	N/A	350,000	352	427	—	%
Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)(14)(26)	Perpetual Preferred Stock	S+	10.75% PIK	N/A	400	548	555	—	%
						1,325	1,721	0.1	%
Consumer Products
ASP Conair Holdings LP(11)(26)	Class A Units		N/A	N/A	12,857	1,286	1,398	0.1	%
						1,286	1,398	0.1	%
Education
Paradigmatic Holdco LLC (dba Pluralsight)(11)(26)	Common stock		N/A	N/A	1,309,529	3,475	3,475	0.3	%
						3,475	3,475	0.3	%
Food and beverage

31

Blue Owl Capital Corporation II

Consolidated Schedule of Investments (continued)

As of December 31, 2024

(Amounts in thousands, except share amounts)

Company(1)(2)(4)(22)(23)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(3)(28)	Fair Value	Percentage of Net Assets(32)
HFS Matterhorn Topco, Inc.(11)(26)	LLC Interest		N/A	N/A	1,625	1,625	—	—	%
Hissho Sushi Holdings, LLC(11)(26)	Class A Units		N/A	N/A	7,502	60	97	—	%
						1,685	97	—	%
Healthcare equipment and services
KPCI Holdings, L.P.(11)(26)	Class A Units		N/A	N/A	5,665	6,014	15,827	1.4	%
Maia Aggregator, LP(11)(26)	Class A-2 Units		N/A	N/A	112,360	112	102	—	%
Patriot Holdings SCSp (dba Corza Health, Inc.)(21)(25)(26)	Class A Units		8.00% PIK	N/A	1,515	2,033	2,023	0.2	%
Patriot Holdings SCSp (dba Corza Health, Inc.)(11)(21)(26)	Class B Units		N/A	N/A	20,868	28	86	—	%
Rhea Acquisition Holdings, LP(11)(26)	Series A-2 Units		N/A	N/A	119,048	119	144	—	%
						8,306	18,182	1.6	%
Healthcare providers and services
KOBHG Holdings, L.P. (dba OB Hospitalist)(11)(26)	Class A Interests		N/A	N/A	1,291	1,291	1,181	0.1	%
KWOL Acquisition Inc. (dba Worldwide Clinical Trials)(11)(26)	Class A Interest		N/A	N/A	30	301	341	—	%
Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers)(25)(26)	Series A Preferred Stock		15.00% PIK	N/A	1,721	1,965	1,849	0.2	%
XOMA Corporation(11)(26)	Warrants		N/A	N/A	1,800	12	21	—	%
						3,569	3,392	0.3	%
Healthcare technology
Minerva Holdco, Inc.(25)(26)	Senior A Preferred Stock		10.75% PIK	N/A	1,000	1,348	1,319	0.1	%
						1,348	1,319	0.1	%
Human resource support services
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)(25)(26)	Series A Preferred Stock		10.50% PIK	N/A	5,500	7,548	6,039	0.5	%
						7,548	6,039	0.5	%
Insurance
Evolution Parent, LP (dba SIAA)(11)(26)	LP Interest		N/A	N/A	8,919	892	1,015	0.1	%
Fifth Season Investments LLC(26)	Class A Units		N/A	N/A	0	2,698	2,977	0.3	%
GoHealth, Inc.(11)(18)	Common stock		N/A	N/A	15,139	1,163	203	—	%
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)(11)(26)	LP Interest		N/A	N/A	10,513	107	105	—	%
PCF Holdco, LLC (dba PCF Insurance Services)(11)(26)	Class A Units		N/A	N/A	2,513,848	6,375	11,746	1.0	%
						11,235	16,046	1.4	%
Internet software and services
BCTO WIW Holdings, Inc. (dba When I Work)(11)(26)	Class A Common Stock		N/A	N/A	3,000	300	164	—	%
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(11)(26)	Common Units		N/A	N/A	1,345,119	1,345	2,019	0.2	%
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)(11)(21)(26)	LP Interest		N/A	N/A	31,348	31	39	—	%
Bird Holding B.V. (fka MessageBird Holding B.V.)(11)(21)(26)	Extended Series C Warrants		N/A	N/A	25,540	157	37	—	%
Project Alpine Co-Invest Fund, LP(11)(21)(26)	LP Interest		N/A	N/A	1,000	1,001	1,313	0.1	%
Thunder Topco L.P. (dba Vector Solutions)(11)(26)	Common Units		N/A	N/A	819,817	820	975	0.1	%
VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.)(25)(26)	Series A Preferred Stock		10.00% PIK	N/A	3,750	4,417	4,638	0.4	%
WMC Bidco, Inc. (dba West Monroe)(25)(26)	Senior Preferred Stock		11.25% PIK	N/A	2,385	3,356	3,320	0.3	%
						11,427	12,505	1.1	%

32

Blue Owl Capital Corporation II

Consolidated Schedule of Investments (continued)

As of December 31, 2024

(Amounts in thousands, except share amounts)

Company(1)(2)(4)(22)(23)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(3)(28)		Fair Value		Percentage of Net Assets(32)
Manufacturing
Gloves Holdings, LP (dba Protective Industrial Products)(11)(26)	LP Interest		N/A	N/A	7,000	700		829		0.1	%
Windows Entities(26)(27)	LLC Units		N/A	N/A	10,615	20,107		46,210		4.1	%
						20,807		47,039		4.2	%
Pharmaceuticals
LSI Financing 1 DAC(21)(26)	Preferred equity		N/A	N/A	234	237		239		—	%
						237		239		—	%
Total non-controlled/non-affiliated portfolio company equity investments						$	117,489	$	159,335	14.2	%
Total non-controlled/non-affiliated portfolio company investments						$	1,896,789	$	1,899,176	169.0	%
Non-controlled/affiliated portfolio company investments
Debt Investments
Advertising and media
Swipe Acquisition Corporation (dba PLI)(12)(29)	First lien senior secured loan	S+	8.00%	06/2026	631	627		631		0.1	%
Swipe Acquisition Corporation (dba PLI)(12)(29)	First lien senior secured loan	S+	8.00%	11/2027	8,341	8,341		8,341		0.7	%
Swipe Acquisition Corporation (dba PLI)(5)(12)(29)	First lien senior secured loan	S+	5.00%	11/2027	4,407	4,364		4,364		0.4	%
						13,332		13,336		1.2	%
Household products
Walker Edison Furniture Company LLC(5)(8)(13)(29)	First lien senior secured loan	S+	6.75% PIK	03/2027	7,893	6,244		1,037		0.1	%
Walker Edison Furniture Company LLC(8)(13)(29)	First lien senior secured revolving loan	S+	6.25%	03/2027	2,247	2,247		1,444		0.1	%
						8,491		2,481		0.2	%
Total non-controlled/affiliated portfolio company debt investments						$	21,823	$	15,817	1.4	%
Equity Investments
Advertising and media
New PLI Holdings, LLC (dba PLI)(11)(26)(29)	Class A Common Units		N/A	N/A	10,755	5,952		11,494		1.0	%
						5,952		11,494		1.0	%
Household Products
Walker Edison Holdco LLC(11)(26)(29)	Common Units		N/A	N/A	49,159	4,750		—		—	%
						4,750		—		—	%
Pharmaceuticals
LSI Financing LLC(6)(21)(26)(29)	Common Equity		N/A	N/A	9,389	9,389		9,554		0.9	%
						9,389		9,554		0.9	%
Total non-controlled/affiliated portfolio company equity investments						$	20,091	$	21,048	1.9	%
Total non-controlled/affiliated portfolio company investments						$	41,914	$	36,865	3.3	%
Controlled/affiliated portfolio company investments
Equity Investments
Joint Venture
Blue Owl Credit SLF LLC(6)(21)(26)(30)(31)	LLC Interest		N/A	N/A	189	190		191		—	%
						190		191		—	%
Total controlled/affiliated portfolio company equity investments						$	190	$	191	—	%
Total controlled/affiliated portfolio company investments						$	190	$	191	—	%
Total non-controlled/non-affiliated misc. debt commitments(5)(33)(Note 7)						$	(697)	$	(840)	(0.1)	%
Total Investments						$	1,938,196	$	1,935,392	172.2	%

______________

33

Blue Owl Capital Corporation II

Consolidated Schedule of Investments (continued)

As of December 31, 2024

(Amounts in thousands, except share amounts)

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

(2)Unless otherwise indicated, all investments are considered Level 3 investments.

(3)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)Unless otherwise indicated, loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the Secured Overnight Financing Rate (“SOFR” or “S,” which can include one-, three- or six- month SOFR), Euro Interbank Offered Rate (“EURIBOR” or “E”, which can include one-, two-, three- or six-month EURIBOR), SONIA (“SONIA” or “SA”), Australian Bank Bill Swap Bid Rate (“BBSY” or “BB”) (which can include one-, three-, or six-month BBSY) or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate (“PRIME” or “P”)), at the borrower’s option, and which reset periodically based on the terms of the loan agreement.

(5)Position or portion thereof is a partially unfunded debt or equity commitment. See below for more information on the Company’s commitments. See Note 7 “Commitments and Contingencies”.

Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Unfunded
				Commitment	Fair Value(33)
Non-controlled/non-affiliated - delayed draw debt commitments
Aerosmith Bidco 1 Limited (dba Audiotonix)	First lien senior secured delayed draw term loan	7/2027	—	10,543	(8)
Alera Group, Inc.	First lien senior secured delayed draw term loan	11/2025	6,728	380	—
Aptean Acquiror, Inc. (dba Aptean)	First lien senior secured delayed draw term loan	1/2026	71	199	—
Artifact Bidco, Inc. (dba Avetta)	First lien senior secured delayed draw term loan	7/2027	—	379	—
Associations, Inc.	First lien senior secured delayed draw term loan	7/2028	598	2,987	—
Baker Tilly Advisory Group, L.P.	First lien senior secured delayed draw term loan	6/2026	—	1,410	—
BCPE Osprey Buyer, Inc. (dba PartsSource)	First lien senior secured delayed draw term loan	10/2025	51	244	—
BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC)	First lien senior secured delayed draw term loan	10/2025	198	721	—
CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.)	First lien senior secured delayed draw term loan	1/2026	729	1,001	—
Cresset Capital Management, LLC	First lien senior secured delayed draw term loan	9/2025	—	254	—
Cresset Capital Management, LLC	First lien senior secured delayed draw term loan	6/2026	—	149	—
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)	First lien senior secured delayed draw term loan	8/2026	—	307	(1)
DCG ACQUISITION CORP. (dba DuBois Chemical)	First lien senior secured delayed draw term loan	6/2026	—	939	—
Diamond Mezzanine 24 LLC (dba United Risk)	First lien senior secured delayed draw term loan	10/2026	—	190	—
Dresser Utility Solutions, LLC	First lien senior secured delayed draw term loan	9/2025	—	858	—
DuraServ LLC	First lien senior secured delayed draw term loan	6/2026	1,180	1,198	—
Endries Acquisition, Inc.	First lien senior secured delayed draw term loan	12/2025	—	1,781	(13)
Essential Services Holding Corporation (dba Turnpoint)	First lien senior secured delayed draw term loan	6/2026	—	613	(3)
Evolution BuyerCo, Inc. (dba SIAA)	First lien senior secured delayed draw term loan	12/2025	821	4,149	—
Faraday Buyer, LLC (dba MacLean Power Systems)	First lien senior secured delayed draw term loan	11/2025	—	1,882	—
FR Flow Control CB LLC (dba Trillium Flow Technologies)	First lien senior secured delayed draw term loan	6/2026	—	147	—
Galls, LLC	First lien senior secured delayed draw term loan	3/2026	588	4,757	—
Galway Borrower LLC	First lien senior secured delayed draw term loan	7/2026	28	1,526	—
Gehl Foods, LLC	First lien senior secured delayed draw term loan	12/2025	342	513	—
Indigo Buyer, Inc. (dba Inovar Packaging Group)	First lien senior secured delayed draw term loan	7/2026	—	221	—
Indikami Bidco, LLC (dba IntegriChain)	First lien senior secured delayed draw term loan	12/2025	22	356	—
Integrity Marketing Acquisition, LLC	First lien senior secured delayed draw term loan	8/2026	—	628	—
Interoperability Bidco, Inc. (dba Lyniate)	First lien senior secured delayed draw term loan	6/2026	—	952	(24)
Kaseya Inc.	First lien senior secured delayed draw term loan	6/2025	6	24	—
KENE Acquisition, Inc. (dba Entrust Solutions Group)	First lien senior secured delayed draw term loan	2/2026	102	881	—
KPSKY Acquisition, Inc. (dba BluSky)	First lien senior secured delayed draw term loan	11/2025	1	58	—
Litera Bidco LLC	First lien senior secured delayed draw term loan	5/2027	—	2,487	(6)
Litera Bidco LLC	First lien senior secured delayed draw term loan	11/2026	2,803	3,166	—
Maple Acquisition, LLC (dba Medicus)	First lien senior secured delayed draw term loan	5/2026	—	1,069	—

34

Blue Owl Capital Corporation II

Consolidated Schedule of Investments (continued)

As of December 31, 2024

(Amounts in thousands, except share amounts)

Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Unfunded
				Commitment	Fair Value(33)
Mario Purchaser, LLC (dba Len the Plumber)	First lien senior secured delayed draw term loan	10/2025	18	166	—
Minotaur Acquisition, Inc. (dba Inspira Financial)	First lien senior secured delayed draw term loan	5/2026	—	3,958	—
Monotype Imaging Holdings Inc.	First lien senior secured delayed draw term loan	2/2026	373	1,228	—
National Dentex Labs LLC (fka Barracuda Dental LLC)	First lien senior secured delayed draw term loan	4/2026	855	197	—
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.	First lien senior secured EUR delayed draw term loan	3/2027	—	2,469	(31)
Nelipak Holding Company	First lien senior secured delayed draw term loan	3/2027	—	1,302	(16)
Paris US Holdco, Inc. (dba Precinmac)	First lien senior secured delayed draw term loan	12/2026	—	186	(1)
Park Place Technologies, LLC	First lien senior secured delayed draw term loan	9/2025	—	368	—
PDI TA Holdings, Inc.	First lien senior secured delayed draw term loan	2/2026	520	411	—
PetVet Care Centers, LLC	First lien senior secured delayed draw term loan	11/2025	—	1,993	(65)
Plasma Buyer LLC (dba PathGroup)	First lien senior secured delayed draw term loan	9/2025	20	5	—
Pluralsight, LLC	First lien senior secured delayed draw term loan	8/2029	—	1,637	—
Pye-Barker Fire & Safety, LLC	First lien senior secured delayed draw term loan	5/2026	1,644	2,969	—
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	—
Sensor Technology Topco, Inc. (dba Humanetics)	First lien senior secured delayed draw term loan	9/2025	37	188	—
Sensor Technology Topco, Inc. (dba Humanetics)	First lien senior secured EUR delayed draw term loan	9/2025	8	39	—
Severin Acquisition, LLC (dba PowerSchool)	First lien senior secured delayed draw term loan	10/2027	—	157	(1)
Simplicity Financial Marketing Group Holdings, Inc.	First lien senior secured delayed draw term loan	12/2026	—	190	(1)
Smarsh Inc.	First lien senior secured delayed draw term loan	2/2025	95	95	—
Sonny's Enterprises, LLC	First lien senior secured delayed draw term loan	6/2026	356	4,105	—
Spaceship Purchaser, Inc. (dba Squarespace)	First lien senior secured delayed draw term loan	10/2026	—	42	—
Spaceship Purchaser, Inc. (dba Squarespace)	First lien senior secured delayed draw term loan	10/2027	—	100	—
STS PARENT, LLC (dba STS Aviation Group)	First lien senior secured delayed draw term loan	10/2026	—	2,100	(5)
TBRS, Inc. (dba TEAM Technologies)	First lien senior secured delayed draw term loan	11/2026	—	191	—
THG Acquisition, LLC (dba Hilb)	First lien senior secured delayed draw term loan	10/2026	—	1,044	(5)
Troon Golf, L.L.C.	First lien senior secured delayed draw term loan	9/2026	625	625	—
Unified Women's Healthcare, LP	First lien senior secured delayed draw term loan	3/2026	3,945	581	—
Vensure Employer Services, Inc.	First lien senior secured delayed draw term loan	9/2026	—	172	(1)
Vessco Midco Holdings, LLC	First lien senior secured delayed draw term loan	7/2026	273	765	—
WU Holdco, Inc. (dba Weiman Products, LLC)	First lien senior secured delayed draw term loan	7/2026	2,264	964	—
Non-controlled/affiliated debt - delayed draw debt commitments
Walker Edison Furniture Company LLC	First lien senior secured delayed draw term loan	3/2027	1,633	365	—
Non-controlled/non-affiliated - revolving debt commitments
Aerosmith Bidco 1 Limited (dba Audiotonix)	First lien senior secured revolving loan	7/2030	—	4,391	(11)
Anaplan, Inc.	First lien senior secured revolving loan	6/2028	—	972	—
Aptean Acquiror, Inc. (dba Aptean)	First lien senior secured revolving loan	1/2031	—	364	(1)
Artifact Bidco, Inc. (dba Avetta)	First lien senior secured revolving loan	7/2030	—	271	(1)
Ascend Buyer, LLC (dba PPC Flexible Packaging)	First lien senior secured revolving loan	9/2027	26	52	—
Associations, Inc.	First lien senior secured revolving loan	7/2028	1,436	1,436	—
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)	First lien senior secured revolving loan	3/2031	—	238	(2)
Baker Tilly Advisory Group, L.P.	First lien senior secured revolving loan	6/2030	—	1,975	(10)
Bayshore Intermediate #2, L.P. (dba Boomi)	First lien senior secured revolving loan	10/2027	—	410	—
BCPE Osprey Buyer, Inc. (dba PartsSource)	First lien senior secured revolving loan	8/2026	34	17	—
BCTO BSI Buyer, Inc. (dba Buildertrend)	First lien senior secured revolving loan	12/2026	—	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	211	316	—
Broadcast Music, Inc. (fka Otis Merger Sub, Inc.)	First lien senior secured revolving loan	2/2030	—	825	(6)

35

Blue Owl Capital Corporation II

Consolidated Schedule of Investments (continued)

As of December 31, 2024

(Amounts in thousands, except share amounts)

Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Unfunded
				Commitment	Fair Value(33)
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)	First lien senior secured revolving loan	8/2027	64	121	—
CHA Vision Holdings, Inc. (fka FR Vision Holdings, Inc.)	First lien senior secured revolving loan	1/2030	—	434	—
CivicPlus, LLC	First lien senior secured revolving loan	8/2027	—	213	—
Creek Parent, Inc. (dba Catalent)	First lien senior secured revolving loan	12/2031	—	126	(2)
Cresset Capital Management, LLC	First lien senior secured revolving loan	6/2029	—	75	—
Crewline Buyer, Inc. (dba New Relic)	First lien senior secured revolving loan	11/2030	—	472	(6)
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)	First lien senior secured revolving loan	8/2031	—	766	(2)
DCG ACQUISITION CORP. (dba DuBois Chemical)	First lien senior secured revolving loan	6/2031	—	939	(5)
Delinea Buyer, Inc. (f/k/a Centrify)	First lien senior secured revolving loan	3/2027	—	1,345	—
Denali BuyerCo, LLC (dba Summit Companies)	First lien senior secured revolving loan	9/2027	—	125	—
Diamond Mezzanine 24 LLC (dba United Risk)*	First lien senior secured revolving loan	10/2030	48	—	—
Dresser Utility Solutions, LLC	First lien senior secured revolving loan	3/2029	—	1,201	(3)
DuraServ LLC	First lien senior secured revolving loan	6/2030	—	1,190	(6)
Eagle Family Foods Group LLC	First lien senior secured revolving loan	8/2030	—	202	(1)
EET Buyer, Inc. (dba e-Emphasys)	First lien senior secured revolving loan	11/2027	—	91	—
Essential Services Holding Corporation (dba Turnpoint)	First lien senior secured revolving loan	6/2030	—	383	(4)
Evolution BuyerCo, Inc. (dba SIAA)	First lien senior secured revolving loan	4/2027	—	2,230	—
Fiesta Purchaser, Inc. (dba Shearer's Foods)	First lien senior secured revolving loan	2/2029	—	1,108	—
Finastra USA, Inc.	First lien senior secured revolving loan	9/2029	244	148	—
Forescout Technologies, Inc.	First lien senior secured revolving loan	5/2030	—	1,121	(6)
Fortis Solutions Group, LLC	First lien senior secured revolving loan	10/2027	31	58	—
FR Flow Control CB LLC (dba Trillium Flow Technologies)	First lien senior secured revolving loan	12/2029	—	120	(1)
Gainsight, Inc.	First lien senior secured revolving loan	7/2027	487	448	—
Galls, LLC	First lien senior secured revolving loan	3/2030	—	2,139	—
Galway Borrower LLC	First lien senior secured revolving loan	9/2028	16	179	—
Gaylord Chemical Company, L.L.C.	First lien senior secured revolving loan	12/2027	1,357	1,252	—
Gerson Lehrman Group, Inc.	First lien senior secured revolving loan	12/2027	—	526	(1)
GI Ranger Intermediate, LLC (dba Rectangle Health)	First lien senior secured revolving loan	10/2027	9	65	—
Granicus, Inc.	First lien senior secured revolving loan	1/2031	—	548	—
H&F Opportunities LUX III S.À R.L (dba Checkmarx)	First lien senior secured revolving loan	4/2026	—	4,583	(11)
Hercules Borrower, LLC (dba The Vincit Group)	First lien senior secured revolving loan	12/2026	—	3,343	—
HGH Purchaser, Inc. (dba Horizon Services)	First lien senior secured revolving loan	11/2026	—	3,702	(194)
Hissho Parent, LLC	First lien senior secured revolving loan	5/2029	—	116	—
Hyland Software, Inc.	First lien senior secured revolving loan	9/2029	—	85	—
Icefall Parent, Inc. (dba EngageSmart)	First lien senior secured revolving loan	1/2030	—	386	—
IG Investments Holdings, LLC (dba Insight Global)	First lien senior secured revolving loan	9/2028	—	963	—
Indigo Buyer, Inc. (dba Inovar Packaging Group)	First lien senior secured revolving loan	5/2028	—	100	—
Indikami Bidco, LLC (dba IntegriChain)	First lien senior secured revolving loan	6/2030	97	172	—
Integrity Marketing Acquisition, LLC	First lien senior secured revolving loan	8/2028	—	210	—
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)*	First lien senior secured revolving loan	8/2026	2,712	—	—
Interoperability Bidco, Inc. (dba Lyniate)	First lien senior secured revolving loan	3/2028	59	1,070	—
KABAFUSION Parent, LLC	First lien senior secured revolving loan	11/2031	—	111	(1)
Kaseya Inc.	First lien senior secured revolving loan	6/2029	8	24	—
KENE Acquisition, Inc. (dba Entrust Solutions Group)	First lien senior secured revolving loan	2/2031	—	295	(4)
KRIV Acquisition Inc. (dba Riveron)	First lien senior secured revolving loan	7/2029	—	142	—

36

Blue Owl Capital Corporation II

Consolidated Schedule of Investments (continued)

As of December 31, 2024

(Amounts in thousands, except share amounts)

Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Unfunded
				Commitment	Fair Value(33)
KWOL Acquisition Inc. (dba Worldwide Clinical Trials)	First lien senior secured revolving loan	12/2029	—	589	—
Lignetics Investment Corp.	First lien senior secured revolving loan	11/2026	1,078	392	—
LineStar Integrity Services LLC*	First lien senior secured revolving loan	2/2026	1,597	—	—
Litera Bidco LLC	First lien senior secured revolving loan	5/2028	—	1,416	(4)
Maple Acquisition, LLC (dba Medicus)	First lien senior secured revolving loan	5/2030	—	802	—
Mario Purchaser, LLC (dba Len the Plumber)	First lien senior secured revolving loan	4/2028	17	39	—
MHE Intermediate Holdings, LLC (dba OnPoint Group)	First lien senior secured revolving loan	7/2027	357	1,429	—
Milan Laser Holdings LLC	First lien senior secured revolving loan	4/2026	—	2,837	—
MINDBODY, Inc.	First lien senior secured revolving loan	9/2025	—	1,071	—
Ministry Brands Holdings, LLC	First lien senior secured revolving loan	12/2027	—	68	(1)
Minotaur Acquisition, Inc. (dba Inspira Financial)	First lien senior secured revolving loan	6/2030	—	2,435	(12)
Monotype Imaging Holdings Inc.	First lien senior secured revolving loan	2/2030	—	2,402	(6)
National Dentex Labs LLC (fka Barracuda Dental LLC)	First lien senior secured revolving loan	4/2026	1,296	421	—
Natural Partners, LLC	First lien senior secured revolving loan	11/2027	—	159	(1)
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.	First lien senior secured EUR revolving loan	3/2031	157	303	—
Nelipak Holding Company	First lien senior secured revolving loan	3/2031	408	563	—
NMI Acquisitionco, Inc. (dba Network Merchants)	First lien senior secured revolving loan	9/2028	—	218	—
Norvax, LLC (dba GoHealth)	First lien senior secured revolving loan	6/2025	462	901	—
Notorious Topco, LLC (dba Beauty Industry Group)	First lien senior secured revolving loan	5/2027	—	2,113	(232)
OB Hospitalist Group, Inc.	First lien senior secured revolving loan	9/2027	—	2,931	(7)
Paris US Holdco, Inc. (dba Precinmac)	First lien senior secured revolving loan	12/2031	—	93	(1)
Park Place Technologies, LLC	First lien senior secured revolving loan	3/2030	79	197	—
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)	First lien senior secured revolving loan	1/2028	—	2,654	—
PDI TA Holdings, Inc.	First lien senior secured revolving loan	2/2031	—	410	(4)
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)	First lien senior secured revolving loan	11/2027	—	1,035	—
PetVet Care Centers, LLC	First lien senior secured revolving loan	11/2029	—	2,092	(89)
Phantom Purchaser, Inc.	First lien senior secured revolving loan	9/2031	—	227	(2)
Plasma Buyer LLC (dba PathGroup)	First lien senior secured revolving loan	5/2028	42	33	—
Pluralsight, LLC	First lien senior secured revolving loan	8/2029	—	655	—
Premise Health Holding Corp.	First lien senior secured revolving loan	2/2030	—	938	(2)
Pye-Barker Fire & Safety, LLC	First lien senior secured revolving loan	5/2030	122	852	—
QAD, Inc.	First lien senior secured revolving loan	11/2027	—	571	(1)
Quva Pharma, Inc.	First lien senior secured revolving loan	4/2026	993	189	—
Relativity ODA LLC	First lien senior secured revolving loan	5/2029	—	1,637	(4)
Rhea Parent, Inc.	First lien senior secured revolving loan	12/2030	—	172	(2)
RL Datix Holdings (USA), Inc.	First lien senior secured revolving loan	10/2030	180	1,243	—
Salinger Bidco Inc. (dba Surgical Information Systems)	First lien senior secured revolving loan	5/2031	—	492	(1)
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)	First lien senior secured revolving loan	7/2025	423	577	—
Securonix, Inc.	First lien senior secured revolving loan	4/2028	3	149	—
Sensor Technology Topco, Inc. (dba Humanetics)	First lien senior secured revolving loan	5/2028	628	342	—
Severin Acquisition, LLC (dba PowerSchool)	First lien senior secured revolving loan	10/2031	—	94	(1)
Simplicity Financial Marketing Group Holdings, Inc.	First lien senior secured revolving loan	12/2031	—	95	(1)
Smarsh Inc.	First lien senior secured revolving loan	2/2029	3	5	—
Sonny's Enterprises, LLC	First lien senior secured revolving loan	8/2027	706	2,118	—
Spaceship Purchaser, Inc. (dba Squarespace)	First lien senior secured revolving loan	10/2031	—	83	—
STS PARENT, LLC (dba STS Aviation Group)	First lien senior secured revolving loan	10/2030	389	452	—

37

Blue Owl Capital Corporation II

Consolidated Schedule of Investments (continued)

As of December 31, 2024

(Amounts in thousands, except share amounts)

Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment		Unfunded
					Commitment		Fair Value(33)
SWK BUYER, Inc. (dba Stonewall Kitchen)	First lien senior secured revolving loan	3/2029	—		70		(2)
Tamarack Intermediate, L.L.C. (dba Verisk 3E)	First lien senior secured revolving loan	3/2028	—		112		(1)
TBRS, Inc. (dba TEAM Technologies)	First lien senior secured revolving loan	11/2030	6		100		—
Tempo Buyer Corp. (dba Global Claims Services)	First lien senior secured revolving loan	8/2027	—		99		—
The Better Being Co., LLC (fka Nutraceutical International Corporation)	First lien senior secured revolving loan	9/2026	—		2,353		—
The Better Being Co., LLC (fka Nutraceutical International Corporation)*	First lien senior secured revolving loan	9/2026	151		—		—
The Shade Store, LLC	First lien senior secured revolving loan	10/2028	165		523		—
THG Acquisition, LLC (dba Hilb)	First lien senior secured revolving loan	10/2031	39		483		—
Thunder Purchaser, Inc. (dba Vector Solutions)	First lien senior secured revolving loan	6/2027	—		1,174		—
Troon Golf, L.L.C.	First lien senior secured revolving loan	8/2028	—		625		—
Unified Women's Healthcare, LP	First lien senior secured revolving loan	6/2029	—		88		—
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)	First lien senior secured revolving loan	12/2029	—		183		—
Valence Surface Technologies LLC	First lien senior secured revolving loan	12/2026	2,955		2		—
Velocity HoldCo III Inc. (dba VelocityEHS)	First lien senior secured revolving loan	4/2026	—		368		—
Vessco Midco Holdings, LLC	First lien senior secured revolving loan	7/2031	—		346		(2)
Vital Bidco AB (dba Vitamin Well)	First lien senior secured revolving loan	10/2030	273		845		—
When I Work, Inc.	First lien senior secured revolving loan	11/2027	—		143		(5)
WU Holdco, Inc. (dba Weiman Products, LLC)	First lien senior secured revolving loan	3/2027	1,352		2,591		—
Non-controlled/non-affiliated - equity commitments
LSI Financing LLC	Common Equity	N/A	9,389		191		—
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC	LLC Interest	N/A	1,487		3,280		—
AAM Series 2.1 Aviation Feeder, LLC	LLC Interest	N/A	1,422		1,525		—
Non-controlled/affiliated debt
Swipe Acquisition Corporation (dba PLI)	First lien senior secured revolving loan	11/2027	771		881		—
Walker Edison Furniture Company LLC*	First lien senior secured revolving loan	3/2027	2,247		—		—
Total Portfolio Company Commitments			$	62,970	$	181,763	$	(840)

*Fully funded

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

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

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

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

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

(11)Investment is non-income producing.

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

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

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

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

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

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

(18)Level 1 investment.

(19)Level 2 investment.

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

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

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

38

Blue Owl Capital Corporation II

Consolidated Schedule of Investments (continued)

As of December 31, 2024

(Amounts in thousands, except share amounts)

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

(24)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.

(25)Investment contains a fixed-rate structure.

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

Portfolio Company	Investment	Acquisition Date
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC	LLC Interest	July 1, 2022
AAM Series 2.1 Aviation Feeder, LLC	LLC Interest	July 1, 2022
Amergin Asset Management, LLC	Class A Units	July 1, 2022
ASP Conair Holdings LP	Class A Units	May 17, 2021
BCTO WIW Holdings, Inc. (dba When I Work)	Class A Common Stock	November 2, 2021
Blue Owl Credit SLF*	LLC Interest	August 1, 2024
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)	Common Units	October 1, 2021
CD&R Value Building Partners I, L.P. (dba Belron)	LP Interest	December 2, 2021
Denali Holding, LP (dba Summit Companies)	Class A Units	September 15, 2021
Dodge Construction Network Holdings, L.P.	Class A-2 Common Units	February 23, 2022
Dodge Construction Network Holdings, L.P.	Series A Preferred Units	February 23, 2022
Evolution Parent, LP (dba SIAA)	LP Interest	April 30, 2021
Fifth Season Investments LLC	Class A Units	October 17, 2022
Gloves Holdings, LP (dba Protective Industrial Products)	LP Interest	December 29, 2020
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)	LP Interest	December 16, 2021
Hercules Buyer, LLC (dba The Vincit Group)	Common Units	December 15, 2020
HFS Matterhorn Topco, Inc.	LLC Interest	November 23, 2018
Hissho Sushi Holdings, LLC	Class A Units	May 17, 2022
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)	LP Interest	June 8, 2022
Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)	Perpetual Preferred Stock	June 22, 2022
KOBHG Holdings, L.P. (dba OB Hospitalist)	Class A Interests	September 27, 2021
KPCI Holdings, L.P.	Class A Units	November 30, 2020
KWOL Acquisition Inc. (dba Worldwide Clinical Trials)	Class A Interest	December 12, 2023
LSI Financing 1 DAC	Preferred equity	December 14, 2022
LSI Financing LLC	Common Equity	November 25, 2024
Maia Aggregator, LP	Class A-2 Units	February 1, 2022
Bird Holding B.V. (fka MessageBird Holding B.V.)	Extended Series C Warrants	May 5, 2021
Metis HoldCo, Inc. (dba Mavis Tire Express Services)	Series A Convertible Preferred Stock	May 4, 2021
Minerva Holdco, Inc.	Senior A Preferred Stock	February 15, 2022
New PLI Holdings, LLC (dba PLI)	Class A Common Units	December 23, 2020
Patriot Holdings SCSp (dba Corza Health, Inc.)	Class B Units	January 29, 2021
Patriot Holdings SCSp (dba Corza Health, Inc.)	Class A Units	January 29, 2021
PCF Holdco, LLC (dba PCF Insurance Services)	Class A Units	November 1, 2021
Paradigmatic Holdco LLC (dba Pluralsight)	Common Units	August 22, 2024
Project Alpine Co-Invest Fund, LP	LP Interest	June 13, 2022
Rhea Acquisition Holdings, LP	Series A-2 Units	February 18, 2022
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)	Series A Preferred Stock	October 15, 2021
Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers)	Series A Preferred Stock	November 15, 2023
Thunder Topco L.P. (dba Vector Solutions)	Common Units	June 30, 2021
VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.)	Series A Preferred Stock	October 15, 2021
Walker Edison Holdco LLC	Common Units	March 1, 2023

39

Blue Owl Capital Corporation II

Consolidated Schedule of Investments (continued)

As of December 31, 2024

(Amounts in thousands, except share amounts)

Portfolio Company	Investment	Acquisition Date
Windows Entities	LLC Units	January 16, 2020
WMC Bidco, Inc. (dba West Monroe)	Senior Preferred Stock	November 9, 2021
XOMA Corporation	Warrants	December 15, 2023

* Refer to Note 4 “Investments – Credit SLF LLC” for further information.

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

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

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

Company	Fair Value at December 31, 2023		Gross Additions(a)		Gross Reductions(b)		Net Change in Unrealized Gain/(Loss)		Realized Gain/(Loss)		Fair Value at December 31, 2024		Other Income		Interest and PIK Income		Dividend Income
LSI Financing LLC	$	—	$	12,494	$	(3,105)	$	165	$	—	$	9,554	$	—	$	—	$	49
Swipe Acquisition Corporation (dba PLI)	19,842		5,795		(165)		(642)		—		24,830		73		1,260		254
Walker Edison Furniture Company LLC	7,497		1,547		—		(6,563)		—		2,481		4		—		—
Total	$	27,339	$	19,836	$	(3,270)	$	(7,040)	$	—	$	36,865	$	77	$	1,260	$	303

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

(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.

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

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

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

(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.

40

Blue Owl Capital Corporation II

Consolidated Schedule of Investments (continued)

As of December 31, 2024

(Amounts in thousands, except share amounts)

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

(32)Totals presented may differ than actuals due to rounding.

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

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

41

Blue Owl Capital Corporation II

Consolidated Statements of Changes in Net Assets

(Amounts in thousands)

(Unaudited)

	For the Three Months Ended March 31,
	2025		2024
Increase (Decrease) in Net Assets Resulting from Operations
Net investment income (loss)	$	20,494	$	29,706
Net change in unrealized gain (loss)	16,187		(1,206)
Net realized gain (loss)	(22,483)		(635)
Net Increase (Decrease) in Net Assets Resulting from Operations	14,198		27,865
Distributions
Distributions declared from earnings(1)	(24,329)		(29,431)
Net Decrease in Net Assets Resulting from Shareholders' Distributions	(24,329)		(29,431)
Capital Share Transactions
Reinvestment of shareholders' distributions	11,753		13,487
Repurchased shares	(36,805)		(60,509)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions	(25,052)		(47,022)
Total Increase (Decrease) in Net Assets	(35,183)		(48,588)
Net Assets, at beginning of period	1,123,549		1,263,487
Net Assets, at end of period	$	1,088,366	$	1,214,899

______________

(1)For the three months ended March 31, 2025 and 2024, distributions declared from earnings were derived from net investment income.

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

42

Blue Owl Capital Corporation II

Consolidated Statements of Cash Flows

(Amounts in thousands)

(Unaudited)

	Three Months Ended March 31,
	2025		2024
Cash Flows from Operating Activities
Net Increase (Decrease) in Net Assets Resulting from Operations	$	14,198	$	27,865
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of investments, net	(46,254)		(170,864)
Proceeds from investments and investment repayments, net	73,410		235,250
Net change in unrealized (gain) loss on investments	(15,604)		1,188
Net change in unrealized (gain) loss on translation of assets and liabilities in foreign currencies	(748)		(23)
Net realized (gain) loss on investments	22,425		—
Net realized (gain) loss on foreign currency transactions relating to investments	69		734
Paid-in-kind interest and dividends	(6,867)		(7,843)
Net accretion/amortization of discount/premium on investments	(1,688)		(2,889)
Amortization of debt issuance costs	1,110		802
Changes in operating assets and liabilities:
(Increase) decrease in interest and dividend receivable	2,737		(2,690)
(Increase) decrease in prepaid expenses and other assets	1,757		(4,379)
Increase (decrease) in payable for investments purchased	1,630		201
Increase (decrease) in payable to affiliates	(1,370)		116
Increase (decrease) in accrued expenses and other liabilities	4,745		3,163
Net cash provided by (used in) operating activities	49,550		80,631
Cash Flows from Financing Activities
Borrowings on debt	45,000		31,591
Repayments of debt	(25,000)		(60,000)
Debt issuance costs	(124)		(3,824)
Distributions paid to shareholders	(13,882)		(16,100)
Repurchased shares	(38,171)		(60,509)
Net cash provided by (used in) financing activities	(32,177)		(108,842)
Net increase (decrease) in cash	17,373		(28,211)
Cash, including foreign cash, beginning of period	50,891		126,383
Cash, including foreign cash, end of period	$	68,264	$	98,172
Supplemental and Non-Cash Information
Interest paid during the period	$	8,784	$	15,553
Distributions declared during the period	$	24,329	$	29,431
Distribution payable	$	1,249	$	4,054
Reinvestment of distributions during the period	$	11,753	$	13,487
Taxes, including excise tax, paid during the period	$	597	$	749

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

43

Blue Owl Capital Corporation II

Notes to Consolidated Financial Statements (Unaudited)

Note 1. Organization and Principal Business

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

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

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

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

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

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

44

Blue Owl Capital Corporation II

Notes to Consolidated Financial Statements (Unaudited) – Continued

Note 2. Significant Accounting Policies

Basis of Presentation

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

Reclassifications

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

Use of Estimates 

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

Cash

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

Investments at Fair Value

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

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

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

45

Blue Owl Capital Corporation II

Notes to Consolidated Financial Statements (Unaudited) – Continued

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

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

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

46

Blue Owl Capital Corporation II

Notes to Consolidated Financial Statements (Unaudited) – Continued

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

Financial and Derivative Instruments

Rule 18f-4 requires BDCs that use derivatives to, among other things, comply with a value-at-risk leverage limit, adopt a derivatives risk management program, and implement certain testing and board reporting procedures. Rule 18f-4 exempts BDCs that qualify as “limited derivatives users” from the aforementioned requirements, provided that these BDCs adopt written policies and procedures that are reasonably designed to manage the BDC’s derivatives risks and comply with certain recordkeeping requirements. Rule 18f-4 provides that a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. Pursuant to Rule 18f-4, when we trade reverse repurchase agreements or similar financing transactions, including certain tender option bonds, we need to aggregate the amount of any other senior securities representing indebtedness (e.g., bank borrowings, if applicable) when calculating our asset coverage ratio. The Company currently qualifies as a “limited derivatives user” and expects to continue to do so. The Company has adopted a derivatives policy and complies with Rule 18f-4’s recordkeeping requirements.

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 payment-in-kind (“PIK”) interest or dividends. PIK interest and dividends represent accrued interest or dividends that are added to the principal amount or liquidation amount of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or at the occurrence of a liquidation event.

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

	Three Months Ended March 31,
($ in thousands)	2025		2024
PIK Interest Income	4,347		6,623
PIK Interest Income as a % of Investment Income	8.2	%	10.0	%
PIK Dividend Income	1,320		1,580
PIK Dividend Income as a % of Investment Income	2.5	%	2.4	%
Total PIK Income	5,667		8,203
Total PIK Income as a % of Investment Income	10.7	%	12.4	%

Discounts and premiums to par value on securities purchased are amortized into interest income over the contractual life of the respective security using the effective yield method. The amortized cost of investments represents the original cost adjusted for the amortization and accretion of discounts or premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period. Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued

47

Blue Owl Capital Corporation II

Notes to Consolidated Financial Statements (Unaudited) – Continued

interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. If at any point the Company believes PIK interest is not expected to be realized, the investment generating PIK interest will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are generally reversed through interest income. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

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

Other Income 

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

Offering Expenses

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

Debt Issuance Costs

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

Reimbursement of Transaction-Related Expenses

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

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

Income Taxes

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

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

48

Blue Owl Capital Corporation II

Notes to Consolidated Financial Statements (Unaudited) – Continued

preceding years that were not distributed during such years. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income.

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

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. There were no material uncertain income tax positions as of December 31, 2024. As applicable, the Company’s prior three tax years remain subject to examination by U.S. federal, state and local tax authorities.

Distributions to Common Shareholders

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

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

Consolidation

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

Segment Reporting

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

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

New Accounting Pronouncements

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

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

49

Blue Owl Capital Corporation II

Notes to Consolidated Financial Statements (Unaudited) – Continued

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 March 31, 2025, the Company had payables to affiliates of $13.6 million, primarily comprised of $7.3 million of management fees and $4.3 million of accrued performance based incentive fees.

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

Administration Agreement

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

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

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

For the three months ended March 31, 2025 and 2024, the Company incurred expenses of approximately $0.6 million and $0.7 million, respectively, for costs and expenses reimbursable to the Adviser under the terms of the Administration Agreement.

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

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

Investment Advisory Agreement

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

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

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

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

The Investment Advisory Agreement will automatically terminate within the meaning of the 1940 Act and related SEC guidance and interpretations in the event of its assignment. In accordance with the 1940 Act, without payment of any penalty, the Company may terminate the Investment Advisory Agreement with the Adviser upon 60 days’ written notice. The decision to terminate the agreement

50

Blue Owl Capital Corporation II

Notes to Consolidated Financial Statements (Unaudited) – Continued

may be made by a majority of the Board or the shareholders holding a majority (as defined under the 1940 Act) of the outstanding shares of the Company’s common stock or the Adviser. In addition, without payment of any penalty, the Adviser may generally terminate the Investment Advisory Agreement upon 60 days’ written notice and, in certain circumstances, the Adviser may only be able to terminate the Investment Advisory Agreement upon 120 days’ written notice.

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

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

For the three months ended March 31, 2025 and 2024, the Company incurred management fees of approximately $7.3 million, net of $2 thousand in management fee waivers, and $7.7 million, respectively.

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

For the three months ended March 31, 2025 and 2024, the Company incurred net investment income based incentive fees of $4.3 million and $6.3 million, respectively.

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

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

For the three months ended March 31, 2025 and 2024, the Company did not incur capital gains based incentive fees.

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

51

Blue Owl Capital Corporation II

Notes to Consolidated Financial Statements (Unaudited) – Continued

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

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

Affiliated Transactions

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

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

Expense Support and Conditional Reimbursement Agreement

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

Pursuant to the Expense Support Agreement, prior to its termination on November 7, 2023, on a quarterly basis, the Adviser reimbursed the Company for “Operating Expenses” (as defined below) in an amount equal to the excess of the Company’s cumulative distributions paid to the Company’s shareholders in each quarter over “Available Operating Funds” (as defined below) received by the

52

Blue Owl Capital Corporation II

Notes to Consolidated Financial Statements (Unaudited) – Continued

Company on account of its investment portfolio during such quarter. Any payments required to be made by the Adviser pursuant to the preceding sentence are referred to herein as an “Expense Payment”.

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

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

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

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

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

For the Quarter Ended	Amount of Expense Support		Recoupment of Expense Support		Expired Expense Support		Effective Rate of Distribution per Share(1)	Reimbursement Eligibility Expiration	Operating Expense Ratio(2)
($ in thousands)
June 30, 2017	$	1,061	$	1,061	$	—	7.0%	N/A	16.81%
September 30, 2017	1,023		258		765		7.0%	September 30, 2020	6.15%
December 31, 2017	856		—		856		7.0%	December 31, 2020	2.83%
March 31, 2018	1,871		—		1,871		6.9%	March 31, 2021	2.27%
June 30, 2018	775		—		775		6.9%	June 30, 2021	1.53%
March 31, 2019	1,835		—		1,835		7.0%	March 31, 2022	0.91%
June 30, 2019	1,776		—		1,776		7.0%	June 30, 2022	0.79%
September 30, 2019	1,081		—		1,081		7.0%	September 30, 2022	0.72%
December 31, 2019	2,351		—		2,351		7.0%	December 31, 2022	0.69%
March 31, 2020	6,587		5,857		730		7.7%	March 31, 2023	0.70%
June 30, 2020	5,794		5,794		—		7.4%	N/A	0.70%
September 30, 2020	3,079		—		3,079		7.2%	September 30, 2023	0.63%
December 31, 2020	3,216		3,216		—		6.5%	N/A	0.71%
March 31, 2021	1,449		—		1,449		6.4%	March 31, 2024	0.60%
Total	$	32,754	$	16,186	$	16,568

______________

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

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

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

53

Blue Owl Capital Corporation II

Notes to Consolidated Financial Statements (Unaudited) – Continued

Company has a right to use the Blue Owl name for so long as the Adviser or one of its affiliates remains the Company’s investment adviser. Other than with respect to this limited license, the Company will have no legal right to the “Blue Owl” name or logo.

Controlled/Affiliated Portfolio Companies

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

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

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

LSI Financing LLC is a separately managed portfolio company formed to indirectly own royalty purchase agreements and loans in the life sciences space. The Adviser provides consulting services to a subsidiary of LSI Financing LLC in exchange for a fee. The Adviser has agreed to waive a portion of the management fee payable by the Company pursuant to the Investment Advisory Agreement equal to the Company’s pro rata amount of such consulting fee. On November 25, 2024, the Company redeemed a portion of its interest in LSI Financing DAC in exchange for common shares of LSI Financing LLC. As of March 31, 2025, the Company’s investment at fair value in LSI Financing LLC was $7.3 million and the Company’s total commitment was $7.2 million. The Company does not consolidate its equity interest in LSI Financing LLC.

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Blue Owl Capital Corporation II

Notes to Consolidated Financial Statements (Unaudited) – Continued

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:

	March 31, 2025				December 31, 2024
($ in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First-lien senior secured debt investments(1)	$	1,517,672	$	1,496,329	$	1,537,612	$	1,520,940
Second-lien senior secured debt investments	209,591		198,171		229,288		200,284
Unsecured debt investments	34,591		35,134		33,526		33,594
Preferred equity investments(2)	62,257		61,499		60,414		59,624
Common equity investments(3)	72,745		119,614		77,166		120,759
Joint ventures(4)	245		237		190		191
Total Investments	$	1,897,101	$	1,910,984	$	1,938,196	$	1,935,392

______________

(1)Includes investment in AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC and AAM Series 2.1 Aviation Feeder, LLC (collectively, “Amergin AssetCo”).

(2)Includes investments in LSI Financing 1 DAC (“LSI Financing DAC”).

(3)Includes investments in Amergin AssetCo, LSI Financing LLC, and Fifth Season Investment LLC (“Fifth Season”).

(4)Includes equity investment in Credit SLF. See below, within Note 4, for more information regarding Credit SLF.

55

Blue Owl Capital Corporation II

Notes to Consolidated Financial Statements (Unaudited) – Continued

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

	March 31, 2025			December 31, 2024
Advertising and media	2.3	%		2.5	%
Aerospace and defense	3.0			2.9
Asset based lending and fund finance(1)	1.3			1.2
Automotive Services	2.3			2.2
Buildings and real estate	3.6			3.5
Business services	3.2			3.1
Chemicals	4.2			4.2
Consumer products	5.1			5.0
Containers and packaging	2.0			1.8
Distribution	3.2			3.0
Education	0.6			0.6
Energy equipment and services	0.5			0.5
Financial services	2.6			3.3
Food and beverage	8.4			8.4
Healthcare equipment and services	3.2			2.9
Healthcare providers and services	7.6			7.2
Healthcare technology	8.2			8.0
Household products	1.9			1.9
Human resource support services	1.5			1.5
Infrastructure and environmental services	1.2			1.2
Insurance(3)	5.1			6.5
Internet software and services	10.7			10.1
Joint ventures(4)	0.0		(5)	0.0		(5)
Leisure and entertainment	1.8			2.2
Manufacturing	8.3			8.1
Pharmaceuticals(2)	0.4			0.5
Professional services	2.6			2.5
Specialty retail	3.6			3.5
Telecommunications	0.4			0.5
Transportation	1.2			1.2
Total	100.0	%		100.0	%

______________

(1)Includes investments in Amergin AssetCo.

(2)Includes investment in LSI Financing DAC and LSI Financing LLC.

(3)Includes investment in Fifth Season.

(4)Includes equity investment in Credit SLF. See below, within Note 4, for more information regarding Credit SLF.

(5)Rounds to less than 0.1%.

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

	March 31, 2025		December 31, 2024
United States:
Midwest	22.4	%	21.7	%
Northeast	13.8		15.5
South	31.6		30.0
West	25.1		25.4
International	7.1		7.4
Total	100.0	%	100.0	%

56

Blue Owl Capital Corporation II

Notes to Consolidated Financial Statements (Unaudited) – Continued

Blue Owl Credit SLF LLC

Blue Owl Credit SLF LLC (“Credit SLF”), a Delaware limited liability company, is a joint venture among the Company, Blue Owl Capital Corporation, Blue Owl Credit Income Corp., Blue Owl Technology Finance Corp., Blue Owl Technology Income Corp. and State Teachers Retirement System of Ohio (“OSTRS”) (each, a “Credit Member” and collectively, the “Credit Members”). Credit SLF has no Class B Members as of March 31, 2025. Credit SLF’s principal purpose is to make investments primarily in senior secured loans to middle market companies, broadly syndicated loans and in senior and subordinated notes issued by collateralized loan obligations. Credit SLF is managed by a board of directors comprised of an equal number of directors appointed by each Credit Member and which acts unanimously. Investment decisions must be approved by Credit SLF’s board. The Credit SLF Members coinvest through Credit SLF, or its wholly owned subsidiaries. Credit SLF’s date of inception was May 6, 2024 and Credit SLF made its first portfolio company investment on July 23, 2024.

The Company’s investment in Credit SLF is a co-investment made with its affiliates in accordance with the terms of the exemptive relief that it received from the SEC. Credit SLF’s investments at fair value are determined in accordance with FASB ASC 820, as amended; however, such fair value is not included in the Company's valuation process.

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

As of March 31, 2025, the capital commitment and economic ownership of each Credit SLF Member is as follows:

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

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

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

	For the Three Months Ended March 31,
($ in thousands)	2025
Consolidated Statement of Operations Data
Investment income	$	23,696
Net operating expenses	13,659
Net investment income (loss)	$	10,037
Total net realized and unrealized gain (loss)	(16,103)
Net increase (decrease) in Credit SLF Members' Equity resulting from operations	$	(6,066)

57

Blue Owl Capital Corporation II

Notes to Consolidated Financial Statements (Unaudited) – Continued

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

	For the Three Months Ended March 31,
($ in thousands)	2025
Dividend Income	$	5

58

Blue Owl Capital Corporation II

Notes to Consolidated Financial Statements (Unaudited) – Continued

Note 5. Debt

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 200% (or 150% if certain conditions are met) after such borrowing. The Company’s asset coverage was 222% and 231% as of March 31, 2025 and December 31, 2024, respectively.

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

	March 31, 2025
($ in thousands)	Aggregate Principal Committed		Outstanding Principal		Amount Available(1)		Unamortized Debt Issuance Costs		Net Carrying Value
Revolving Credit Facility(2)	$	250,000	$	70,844	$	179,156	$	(2,887)	$	67,957
SPV Asset Facility I	375,000		195,000		55,215		(2,753)		192,247
CLO XIII	260,000		260,000		—		(2,034)		257,966
2026 Notes	350,000		350,000		—		(3,889)		346,111
Total Debt	$	1,235,000	$	875,844	$	234,371	$	(11,563)	$	864,281

______________

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

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

	December 31, 2024
($ in thousands)	Aggregate Principal Committed		Outstanding Principal		Amount Available(1)		Unamortized Debt Issuance Costs		Net Carrying Value
Revolving Credit Facility(2)	$	250,000	$	50,443	$	199,555	$	(3,074)	$	47,369
SPV Asset Facility I	375,000		195,000		14,286		(2,936)		192,064
CLO XIII	260,000		260,000		—		(2,095)		257,905
2026 Notes	350,000		350,000		—		(4,444)		345,556
Total Debt	$	1,235,000	$	855,443	$	213,841	$	(12,549)	$	842,894

______________

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

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

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

	Three Months Ended March 31,
($ in thousands)	2025				2024
Interest expense	$	16,731			$	18,560
Amortization of debt issuance costs	1,110				802
Total Interest Expense	$	17,841			$	19,362
Average interest rate	7.8		%	(1)	7.9		%
Average daily borrowings	$	862,795			$	872,340

______________

(1)Includes the impact of fees on undrawn portions of the Company’s credit facilities.

Revolving Credit Facility

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

The Revolving Credit Facility is guaranteed by certain subsidiaries of the Company in existence as of the Revolving Credit Facility Closing Date of the Revolving Credit Facility, and will be guaranteed by certain subsidiaries of the Company that are formed

59

Blue Owl Capital Corporation II

Notes to Consolidated Financial Statements (Unaudited) – Continued

or acquired by the Company in the future (each a “Guarantor” and collectively, the “Guarantors”). Proceeds of the Revolving Credit Facility may be used for general corporate purposes, including the funding of portfolio investments.

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

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

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

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

SPV Asset Facilities

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

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

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

SPV Asset Facility I

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

The summary below reflects the terms of the SPV Asset Facility I as amended from time to time, including by Amendment No. 3 to the Third Amended and Restated Credit Agreement, entered into on July 26, 2024, by the parties to the SPV Asset Facility I.

60

Blue Owl Capital Corporation II

Notes to Consolidated Financial Statements (Unaudited) – Continued

The maximum principal amount of the SPV Asset Facility I is $375.0 million (increased from $250.0 million on July 26, 2024); 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, 2027 (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, 2028. Amounts drawn in USD bear interest at Term SOFR plus a 2.38% spread and the spread is also payable on a portion of any undrawn amounts. The Company borrows utilizing three-month SOFR rate loans.

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

In connection with the SPV Asset Facility I, the Company entered into a Non-Recourse Carveout Guaranty Agreement on the SPV Asset Facility I Closing Date, which was amended and restated twice on March 11, 2019 and April 29, 2019, with State Street Bank and Trust Company, on behalf of certain secured parties, and Goldman Sachs Bank USA. Pursuant to the Non-Recourse Carveout Guaranty Agreement, the Company guarantees certain losses, damages, costs, expenses, liabilities, claims and other obligations incurred in connection with certain instances of fraud or bad faith misrepresentation, material encumbrances of certain collateral, misappropriation of certain funds, certain transfers of assets, and the bad faith or willful breach of certain provisions of the SPV Asset Facility I.

SPV Asset Facility II

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

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

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

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

61

Blue Owl Capital Corporation II

Notes to Consolidated Financial Statements (Unaudited) – Continued

Debt Securitization Transaction

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

CLO XIII

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

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

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

As part of the CLO XIII Transaction, the Company entered into a loan sale agreement with the CLO XIII Issuer dated as of the CLO XIII Closing Date, which provided for the contribution of approximately $36.4 million funded par amount of middle-market loans from the Company to the CLO XIII Issuer on the CLO XIII Closing Date and for future sales from the Company to the CLO XIII Issuer on an ongoing basis. No gain or loss will be recognized as a result of these sales and contributions. Such loans constituted part of the initial portfolio of assets securing the CLO XIII Secured Notes. The remainder of the initial portfolio assets securing the CLO XIII Secured Notes consisted of approximately $298.5 million funded par amount of middle-market loans purchased by the CLO XIII Issuer from ORCC II Financing LLC, a wholly-owned subsidiary of the Company, under an additional loan sale agreement executed on the CLO XIII Closing Date between the CLO XIII Issuer and ORCC II Financing LLC and OR Lending II LLC, a wholly-owned subsidiary of the Company. The Company, ORCC II Financing LLC and OR Lending II LLC each made customary representations, warranties, and covenants to the CLO XIII Issuer under the applicable loan sale agreement.

62

Blue Owl Capital Corporation II

Notes to Consolidated Financial Statements (Unaudited) – Continued

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

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

Unsecured Notes

2024 Notes

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

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

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

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

2026 Notes

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

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

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

The 2026 Indenture contains certain covenants, including covenants requiring the Company to (i) comply with Section 18(a)(1)(A) of the 1940 Act, as modified by Section 61(a) of the 1940 Act, for the period of time during which the 2026 Notes are outstanding, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the 2026 Notes

63

Blue Owl Capital Corporation II

Notes to Consolidated Financial Statements (Unaudited) – Continued

and the Trustee if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the 2026 Indenture.

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

64

Blue Owl Capital Corporation II

Notes to Consolidated Financial Statements (Unaudited) – Continued

Note 6. Fair Value of Investments

Investments

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

	Fair Value Hierarchy as of March 31, 2025
($ in thousands)	Level 1		Level 2		Level 3		Total
Cash	$	68,264	$	—	$	—	$	68,264
Investments:
First-lien senior secured debt investments(1)	$	—	$	9,206	$	1,487,123	$	1,496,329
Second-lien senior secured debt investments	—		37,730		160,441		198,171
Unsecured debt investments	—		—		35,134		35,134
Preferred equity investments(3)	—		—		61,499		61,499
Common equity investments(2)	56		—		110,990		111,046
Subtotal	$	56	$	46,936	$	1,855,187	$	1,902,179
Investments measured at Net Asset Value ("NAV")(4)	—		—		—		8,805
Total Investments	$	56	$	46,936	$	1,855,187	$	1,910,984

_____________________

(1) Includes debt investment in Amergin AssetCo.

(2) Includes equity investment in Amergin AssetCo and Fifth Season.

(3) Includes equity investment in LSI Financing DAC.

(4) Includes equity investment in Credit SLF and LSI Financing LLC, which are measured at fair value using the net asset value per share (or its equivalent) practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

	Fair Value Hierarchy as of December 31, 2024
($ in thousands)	Level 1		Level 2		Level 3		Total
Cash	$	50,891	$	—	$	—	$	50,891
Investments:
First-lien senior secured debt investments(1)	$	—	$	20,065	$	1,500,875	$	1,520,940
Second-lien senior secured debt investments	—		60,962		139,322		200,284
Unsecured debt investments	—		—		33,594		33,594
Preferred equity investments(3)	—		—		59,624		59,624
Common equity investments(2)	203		—		109,848		110,051
Subtotal	$	203	$	81,027	$	1,843,263	$	1,924,493
Investments measured at Net Asset Value ("NAV")(4)	—		—		—		10,899
Total Investments	$	203	$	81,027	$	1,843,263	$	1,935,392

_____________________

(1) Includes debt investment in Amergin AssetCo.

(2) Includes equity investment in Amergin AssetCo and Fifth Season.

(3) Includes equity investment in LSI Financing DAC.

(4) Includes equity investment in Credit SLF and LSI Financing LLC, which are measured at fair value using the net asset value per share (or its equivalent) practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

65

Blue Owl Capital Corporation II

Notes to Consolidated Financial Statements (Unaudited) – Continued

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 March 31, 2025
($ in thousands)	First-lien senior secured debt investments		Second-lien senior secured debt investments		Unsecured debt investments		Preferred equity investments		Common equity investments		Total
Fair value, beginning of period	$	1,500,875	$	139,322	$	33,594	$	59,624	$	109,848	$	1,843,263
Purchases of investments, net	43,666		—		—		967		291		44,924
Payment-in-kind	3,239		1,199		1,352		1,036		40		6,866
Proceeds from investments, net	(53,969)		(964)		(228)		(207)		(74)		(55,442)
Net change in unrealized gain (loss) on investments	(2,191)		18,899		476		35		2,510		19,729
Net realized gain (loss) on investments	(64)		(20,066)		(69)		2		(1,625)		(21,822)
Net accretion/amortization of discount/premium on investments	1,226		122		9		42		—		1,399
Transfers between investment types	—		—		—		—		—		—
Transfers into (out of) Level 3(1)	(5,659)		21,929		—		—		—		16,270
Fair value, end of period	$	1,487,123	$	160,441	$	35,134	$	61,499	$	110,990	$	1,855,187

_____________________

(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended March 31, 2025, transfers into/(out of) Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.

	As of and for the Three Months Ended March 31, 2024
($ in thousands)	First-lien senior secured debt investments		Second-lien senior secured debt investments		Unsecured debt investments		Preferred equity investments		Common equity investments		Total
Fair value, beginning of period	$	1,390,212	$	414,265	$	38,261	$	67,941	$	98,509	$	2,009,188
Purchases of investments, net	140,306		(1)		—		87		1,015		141,407
Payment-in-kind	3,947		391		1,825		1,643		37		7,843
Proceeds from investments, net	(54,126)		(171,688)		(3,796)		(2)		(23)		(229,635)
Net change in unrealized gain (loss) on investments	292		(1,248)		(20)		(15)		251		(740)
Net realized gain (loss) on investments	(128)		(256)		(350)		—		—		(734)
Net accretion/amortization of discount/premium on investments	1,218		1,513		40		44		—		2,815
Transfers into (out of) Level 3(1)	(7,823)		—		—		—		(1,236)		(9,059)
Fair value, end of period	$	1,473,898	$	242,976	$	35,960	$	69,698	$	98,553	$	1,921,085

_____________________

(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended March 31, 2024, transfers out of Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies and an investment measured at net asset value which is no longer categorized within the fair value hierarchy.

66

Blue Owl Capital Corporation II

Notes to Consolidated Financial Statements (Unaudited) – Continued

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 March 31,
($ in thousands)	2025		2024
First-lien senior secured debt investments	$	(1,903)	$	528
Second-lien senior secured debt investments	(1,405)		(137)
Unsecured debt investments	476		(20)
Preferred equity investments	35		(15)
Common equity investments	623		251
Total Investments	$	(2,174)	$	607

The tables below present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of the following periods. The weighted average range of unobservable inputs is based on fair value of investments. The tables are not intended to be all-inclusive, but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.

	As of March 31, 2025
($ in thousands)	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Average)	Impact to Valuation from an Increase in Input
First-lien senior secured debt investments	$	1,473,903	Yield Analysis	Market Yield	6.8% - 14.3% (9.7%)	Decrease
	13,019		Recent Transaction	Transaction Price	95.0% - 99.5% (98.9%)	Increase
	201		Collateral Analysis	Recovery Rate	2.5% - 2.5% (2.5%)	Increase
Second-lien senior secured debt investments	$	160,441	Yield Analysis	Market Yield	8.3% - 16.7% (11.3%)	Decrease
Unsecured debt investments	$	34,118	Yield Analysis	Market Yield	8.0% - 16.5% (12.6%)	Decrease
	1,016		Market Approach	EBITDA Multiple	12.0x	Increase
Preferred equity investments	$	60,529	Yield Analysis	Market Yield	9.6% - 16.3% (12.1%)	Decrease
	970,000		Recent Transaction	Transaction Price	97.0%	Increase
Common equity investments	$	96,377	Market Approach	EBITDA Multiple	3.0x - 20.0x (8.9x)	Increase
	3,527		Market Approach	Revenue Multiple	5.3x - 13.5x (12.2x)	Increase
	3,887		Market Approach	N/A	N/A	N/A
	3,270		Market Approach	AUM Multiple	1.1x	Increase
	2,063		Yield Analysis	Market Yield	8.3%	Decrease
	1,816		Discounted Cash Flow Analysis	Discounted Factor	15.0%	Decrease
	37		Market Approach	Gross Profit Multiple	10.0x	Increase
	13		Option Pricing Model	Volatility	70.0%	Increase

67

Blue Owl Capital Corporation II

Notes to Consolidated Financial Statements (Unaudited) – Continued

	As of December 31, 2024
($ in thousands)	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Average)	Impact to Valuation from an Increase in Input
First-lien senior secured debt investments	$	1,468,428	Yield Analysis	Market Yield	7.6% - 35.2% (11.3%)	Decrease
	31,419		Recent Transaction	Transaction Price	98.2% - 99.7% (99.1%)	Increase
	1,026		Collateral Analysis	Recovery Rate	10.1% - 20.5% (13.3%)	Increase
Second-lien senior secured debt investments	$	138,594	Yield Analysis	Market Yield	11.4% - 19.8% (16.2%)	Decrease
	728		Collateral Analysis	Recovery Rate	4.0%	Increase
Unsecured debt investments	$	32,579	Yield Analysis	Market Yield	8.6% - 18.1% (13.5%)	Decrease
	1,016		Market Approach	EBITDA Multiple	11.8x	Increase
Preferred equity investments	$	59,624	Yield Analysis	Market Yield	12.3% - 37.1% (17.8%)	Decrease
Common equity investments	$	96,252	Market Approach	EBITDA Multiple	3.3x - 20.0x (8.8x)	Increase
	3,536		Market Approach	Revenue Multiple	5.3x - 14.5x (12.9x)	Increase
	3,448		Market Approach	N/A	N/A	N/A
	2,977		Market Approach	AUM Multiple	1.1x	Increase
	2,023		Yield Analysis	Market Yield	8.5%	Decrease
	1,555		Discounted Cash Flow Analysis	Discounted Factor	12.5%	Decrease
	37		Market Approach	Gross Profit Multiple	10.0x	Increase
	21		Option Pricing Model	Volatility	70.0%	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, 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.

68

Blue Owl Capital Corporation II

Notes to Consolidated Financial Statements (Unaudited) – Continued

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:

	March 31, 2025						December 31, 2024
($ in thousands)	Net Carrying Value(1)		Unamortized Debt Issuance Costs		Fair Value		Net Carrying Value(1)		Unamortized Debt Issuance Costs		Fair Value
Revolving Credit Facility	$	67,957	$	(2,887)	$	67,956	$	47,369	$	(3,074)	$	47,369
SPV Asset Facility I	192,247		(2,753)		192,247		192,064		(2,936)		192,064
CLO XIII	257,966		(2,034)		257,966		257,905		(2,095)		257,905
2026 Notes	346,111		(3,889)		366,625		345,556		(4,444)		367,500
Total Debt	$	864,281	$	(11,563)	$	884,794	$	842,894	$	(12,549)	$	864,838

______________

(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:

($ in thousands)	March 31, 2025		December 31, 2024
Level 1	$	—	$	—
Level 2	366,625		367,500
Level 3	518,169		497,338
Total Debt	$	884,794	$	864,838

Financial Instruments Not Carried at Fair Value

As of March 31, 2025 and December 31, 2024, the carrying amounts of the Company’s other assets and liabilities approximate fair value due to their short maturities. These financial instruments would be categorized as Level 3 within the hierarchy.

69

Blue Owl Capital Corporation II

Notes to Consolidated Financial Statements (Unaudited) – Continued

Note 7. Commitments and Contingencies

Portfolio Company Commitments

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

	As of
($ in thousands)	March 31, 2025		December 31, 2024
Total unfunded revolving loan commitments	$	90,003	$	99,069
Total unfunded delayed draw loan commitments	$	67,027	$	77,698
Total unfunded revolving and delayed draw loan commitments	$	157,030	$	176,767
Total unfunded equity commitments	$	4,193	$	4,996
Total unfunded commitments	$	161,223	$	181,763

As of March 31, 2025, the Company believed they had adequate financial resources to satisfy the unfunded portfolio company commitments.

Organizational and Offering Costs

The Adviser incurred organization and offering costs on behalf of the Company in the amount of $12.4 million

from October 15, 2015 (Inception), of which $12.4 million was charged to the Company pursuant to the Investment Advisory Agreement. Under the Investment Advisory Agreement and Administration Agreement, the Adviser is entitled to receive up to 1.5% of gross offering proceeds raised in the Company’s continuous public offering until all organization and offering costs paid by the Adviser have been recovered. The Company terminated its continuous public offering as of April 30, 2021.

Other Commitments and Contingencies

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of March 31, 2025, management was not aware of any material pending or threatened litigation that would require accounting recognition or financial statement disclosure.

Note 8. Net Assets

Share Issuances

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

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

	For the Three Months Ended
	March 31, 2025			March 31, 2024
($ in thousands, except share amounts)	Shares	Amount		Shares	Amount
Reinvestment of distributions	1,339,149	$	11,753	1,496,447	$	13,487
Repurchased Shares	(4,206,258)	(36,805)		(6,715,753)	(60,509)
Total shares/net repurchases	(2,867,109)	$	(25,052)	(5,219,306)	$	(47,022)

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

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

70

Blue Owl Capital Corporation II

Notes to Consolidated Financial Statements (Unaudited) – Continued

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

Date of Issuance	Record Date	Number of Shares	Purchase Price per Share
February 1, 2023	January 31, 2023	379,272	$	8.89
February 2, 2023	December 31, 2022	126,215	$	8.89
March 1, 2023	February 28, 2023	380,932	$	8.88
March 29, 2023	March 28, 2023	376,723	$	8.90
April 26, 2023	April 25, 2023	377,165	$	8.90
April 28, 2023	March 31, 2023	125,586	$	8.90
May 31, 2023	May 30, 2023	380,161	$	8.88
June 28, 2023	June 27, 2023	366,863	$	8.96
July 26, 2023	July 25, 2023	365,479	$	8.97
July 31, 2023	June 30, 2023	121,887	$	8.97
August 30, 2023	August 29, 2023	366,982	$	8.99
September 27, 2023	September 26, 2023	355,431	$	9.08
November 1, 2023	October 31, 2023	428,157	$	9.02
November 13, 2023	September 30, 2023	356,503	$	9.00
November 29, 2023	November 28, 2023	432,272	$	9.04
December 27, 2023	December 26, 2023	427,597	$	9.03
January 30, 2024	December 31, 2023	213,228	$	9.03
January 31, 2024	January 30, 2024	431,463	$	9.01
February 28, 2024	February 27, 2024	431,753	$	9.01
March 27, 2024	March 26, 2024	420,004	$	9.01
May 1, 2024	April 30, 2024	420,937	$	8.99
May 13, 2024	March 31, 2024	209,715	$	8.99
May 29, 2024	May 28, 2024	424,861	$	8.99
June 26, 2024	June 25, 2024	425,419	$	9.00
July 31, 2024	July 30, 2024	417,972	$	8.91
August 13, 2024	June 30, 2024	139,068	$	8.90
August 28, 2024	August 27, 2024	421,784	$	8.91
September 25, 2024	September 24, 2024	414,999	$	8.85
October 30, 2024	October 29, 2024	410,454	$	8.84
November 12, 2024	September 30, 2024	135,993	$	8.84
November 27, 2024	November 26, 2024	413,780	$	8.82
December 26, 2024	December 24, 2024	402,741	$	8.80
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

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

71

Blue Owl Capital Corporation II

Notes to Consolidated Financial Statements (Unaudited) – Continued

during the three months ended March 31, 2025 and 2024:

	For the Three Months Ended March 31, 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
			Total	$	0.19	$	24,329

	For the Three Months Ended March 31, 2024
Declaration Date	Record Date	Payment Date	Dividend	Distribution Per Share		Distribution Amount
($ in thousands, except per share amounts)
December 21, 2023	January 30, 2024	January 31, 2024	Monthly	$	0.06	$	8,433
December 21, 2023	February 27, 2024	February 28, 2024	Monthly	0.06		8,459
December 21, 2023	March 26, 2024	March 27, 2024	Monthly	0.06		8,485
February 21, 2024	March 31, 2024	May 13, 2024	Quarterly	0.03		4,054
			Total	$	0.21	$	29,431

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

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

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

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

72

Blue Owl Capital Corporation II

Notes to Consolidated Financial Statements (Unaudited) – Continued

	Three Months Ended March 31, 2025
Source of Distribution	Per Share		Amount		Percentage
($ in thousands, except per share amounts)
Net investment income	$	0.16	$	20,494	84.2	%
Net realized gain on investments	—		—		—
Distributions in excess of (undistributed) net investment income and realized gains	0.03		3,835		15.8
Total	$	0.19	$	24,329	100.0	%

	Three Months Ended March 31, 2024
Source of Distribution	Per Share		Amount		Percentage
($ in thousands, except per share amounts)
Net investment income	$	0.21	$	29,706	100.9	%
Net realized gain on investments	—		—		—
Distributions in excess of (undistributed) net investment income and realized gains(1)	—		(275)		(0.9)
Total	$	0.21	$	29,431	100.0	%

______________

(1)The per share amounts round to less than $0.01 per share.

Share Repurchases

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

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

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

Offer Date	Tender Offer Expiration	Tender Offer		Purchase Price per Share		Shares Repurchased
($ in thousands, except per share amounts)
February 28, 2023	March 27, 2023	$	23,099	$	8.90	2,595,339
May 26, 2023	June 26, 2023	$	36,020	$	8.96	4,020,194
August 28, 2023	September 25, 2023	$	28,144	$	9.08	3,099,549
November 27, 2023	December 22, 2023	$	16,397	$	9.03	1,815,787
February 27, 2024	March 25, 2024	$	60,509	$	9.01	6,715,753
May 24, 2024	June 24, 2024	$	31,358	$	9.00	3,484,167
August 26, 2024	September 23, 2024	$	33,505	$	8.85	3,785,909
November 25, 2024	December 23, 2024	$	38,391	$	8.80	4,362,658
February 19, 2025	March 24, 2025	$	36,805	$	8.75	4,206,258

73

Blue Owl Capital Corporation II

Notes to Consolidated Financial Statements (Unaudited) – Continued

Note 9. Earnings Per Share

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

	Three Months Ended March 31,
($ in thousands, except per share amounts)	2025		2024
Increase (decrease) in net assets resulting from operations	$	14,198	$	27,865
Weighted average shares of common stock outstanding—basic and diluted	127,975,222		140,586,790
Earnings per common share-basic and diluted	$	0.11	$	0.20

Note 10. Income Taxes

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

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

For the three months ended March 31, 2025, the Company recorded U.S. federal and state corporate-level income tax expense/(benefit) of $0.5 million, including U.S. federal excise tax expense/(benefit) of $(64) thousand. For the three months ended March 31, 2024, the Company recorded U.S. federal and state corporate-level income tax expense/(benefit) of $0.9 million, including U.S. federal excise tax expense/(benefit) of $26 thousand.

Taxable Subsidiaries

Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. For the three months ended March 31, 2025, the Company recorded a net tax expense/(benefit) of approximately $0.6 million, for taxable subsidiaries. For the three months ended March 31, 2024, the Company recorded a net tax expense/(benefit) of approximately $0.8 million for taxable subsidiaries.

The Company recorded net deferred tax liabilities of $10.7 million and $10.3 million as of March 31, 2025 and December 31, 2024 for taxable subsidiaries, respectively, which is significantly related to GAAP to tax outside basis differences in the taxable subsidiaries' investment in certain partnership interests.

74

Blue Owl Capital Corporation II

Notes to Consolidated Financial Statements (Unaudited) – Continued

Note 11. Financial Highlights

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

	For the Three Months Ended March 31,
($ in thousands, except share and per share amounts)	2025			2024
Per share data:
Net asset value, at beginning of period	$	8.80		$	9.00
Results of operations:
Net investment income(1)	0.16			0.21
Net realized and unrealized gain (loss)(4)	(0.05)			(0.01)
Net increase (decrease) in net assets resulting from operations	0.11			0.20
Shareholder distributions:
Distributions from net investment income(2)	(0.16)			(0.21)
Distributions from net realized gains(2)	—			—
Undistributed (distributions in excess of) net investment income and net realized gains(2)	(0.03)			—			(8)
Net increase (decrease) in net assets from shareholders' distributions	(0.19)			(0.21)
Net asset value, at end of period	$	8.72		$	8.99
Total Return(5)(6)	1.2		%	2.2		%
Ratios
Ratio of net expenses to average net assets(3)(7)(9)	11.7		%	11.8		%
Ratio of net investment income to average net assets(7)	7.4		%	9.6		%
Portfolio turnover rate	2.8		%	8.5		%
Supplemental Data
Weighted-average shares outstanding	127,975,222			140,586,790
Shares outstanding, end of period	124,860,217			135,122,336
Net assets, end of period	$	1,088,366		$	1,214,899

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(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 net asset value (“NAV”) per share (assuming dividends and distributions, if any, are reinvested in accordance with the Company’s dividend reinvestment plan), if any, divided by the beginning NAV per share.

(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)The per share amounts round to less than $0.01 per share.

(9)Prior to any management fee waivers, the annualized total expenses to average net assets for the period ended March 31, 2025 was 11.7%.

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Blue Owl Capital Corporation II

Notes to Consolidated Financial Statements (Unaudited) – Continued

Note 12. Subsequent Events

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

Dividends

On May 6, 2025, our Board declared regular monthly distributions for May 2025 through July 2025. The regular monthly cash distributions, each in the gross amount of $0.06 per share, will be payable monthly to shareholders of record as of the monthly record date.

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Blue Owl Capital Corporation II

Notes to Consolidated Financial Statements (Unaudited) – Continued

PART II

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

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

Overview

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

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

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

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

Blue Owl consists of three product platforms: (1) Credit, (2) GP Strategic Capital, which primarily focuses on acquiring equity stakes in or providing debt financing to large, multi-product private equity and private credit firms and (3) Real Assets, which primarily focuses on the strategies of net lease real estate and real estate credit. Blue Owl’s Credit platform is comprised of Blue Owl Technology Credit Advisors LLC (“OTCA”), Blue Owl Credit Private Fund Advisors LLC (“OPFA”), Blue Owl Technology Credit Advisors II LLC (“OTCA II”) and Blue Owl Diversified Credit Advisors LLC (“ODCA” and together with OTCA, OPFA, OTCA II and the Adviser, the “Blue Owl Credit Advisers”), which also are investment advisers. As of March 31, 2025, the Adviser and its affiliates had $139.24 billion of assets under management across Blue Owl’s Credit platform.

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

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

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

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

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

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

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

•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 90% of our investment company taxable income and tax-exempt interest for that taxable year.

Our Investment Framework

Our investment objective is to generate current income, and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. Our investment strategy focuses primarily on originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. Since our Adviser and its affiliates began investment activities in April 2016 through March 31, 2025, our Adviser and its affiliates have originated $154.08 billion aggregate principal amount of investments, of which $150.10 billion aggregate principal amount of investments prior to any subsequent exits or repayments, was retained by either us or a corporation or fund advised by our Adviser or its affiliates. We seek to participate in transactions sponsored by what we believe to be high-quality private equity and venture capital firms capable of providing both operational and financial resources. We seek to generate current income primarily in U.S. middle-market companies, both sponsored and non-sponsored, through direct originations of senior secured loans or originations of unsecured loans, subordinated loans or mezzanine loans, broadly syndicated loans and, to a lesser extent, investments in equity and equity-related securities including warrants, preferred stock and similar forms of senior equity. Except for our specialty financing company investments, our equity

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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 define “middle-market companies” generally to mean companies with earnings before interest expense, income tax expense, depreciation and amortization, or “EBITDA,” between $10 million and $250 million annually and/or annual revenue of $50 million to $2.5 billion at the time of investment, although we may on occasion invest in smaller or larger companies if an opportunity presents itself, especially when there are dislocations in the capital markets, including the high yield and large syndicated loan markets. We generally seek to invest in upper middle-market companies with a loan-to-value ratio (the amount of outstanding debt as a percentage of the value of the company) of 50% or below.

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

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

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

We target portfolio companies where we can structure larger transactions. As of March 31, 2025, our average debt investment size in each of our portfolio companies was approximately $10.2 million based on fair value. As of March 31, 2025, excluding certain investments that fall outside our typical borrower profile, our portfolio companies representing 95.7% of our total debt portfolio based on fair value, had weighted average annual revenue of $883 million, weighted average annual EBITDA of $192 million, an average interest coverage of 1.6x and an average net loan-to value of 46.2%.

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 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 may generate income from dividends on either direct equity investments or equity interests obtained in connection with originating loans, such as options, warrants or conversion rights. Our debt investments typically have a term of three to ten years. As of March 31, 2025, 96.8%

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of our debt investments based on fair value bear interest at a floating rate, subject to interest rate floors in certain cases. Interest on our debt investments is generally payable either monthly or quarterly.

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

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

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

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

Expenses

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

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

•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;

•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);

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• 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.

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

Expense Support and Conditional Reimbursement Agreement

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

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

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

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

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

Reimbursement of Administrative Services

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

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Leverage

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

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

Potential Market Trends

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

Limited Availability of Capital for Middle-Market Companies. The middle-market is a large addressable market. According to GE Capital’s National Center for the Middle Market Year-End 2024 Middle Market Indicator, there are approximately 200,000 U.S. middle-market companies, which have approximately 48 million aggregate employees. Moreover, the U.S. middle-market accounts for one-third of private sector gross domestic product (“GDP”). GE defines U.S. middle-market companies as those between $10 million and $1 billion in annual revenue, which we believe has significant overlap with our definition of U.S. middle-market companies. We believe U.S. middle-market companies will continue to require access to debt capital to refinance existing debt, support growth and finance acquisitions. We believe that regulatory and structural factors, industry consolidation and general risk aversion, limit the amount of traditional financing available to U.S. middle-market companies. We believe that many commercial and investment banks have, in recent years, de-emphasized their service and product offerings to middle-market businesses in favor of lending to large corporate clients and managing capital markets transactions. In addition, these lenders may be constrained in their ability to underwrite and hold bank loans and high yield securities for middle-market issuers as they seek to meet existing and future regulatory capital requirements. We also believe that there is a lack of market participants that are willing to hold meaningful amounts of certain middle-market loans. As a result, we believe our ability to minimize syndication risk for a company seeking financing by being able to hold its loans without having to syndicate them, coupled with reduced capacity of traditional lenders to serve the middle-market, present an attractive opportunity to invest in middle-market companies.

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

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

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Secular Trends Supporting Growth for Private Credit. We believe that periods of market volatility, such as the current period of market volatility caused, in part, by uncertainty regarding inflation and interest rates, and current geopolitical conditions, have accentuated the advantages of private credit. The availability of capital in the liquid credit market is highly sensitive to market conditions whereas we believe private lending has proven to be a stable and reliable source of capital through periods of volatility. We believe the opportunity set for private credit will continue to expand even as the public markets remain open. Financial sponsors and companies today are familiar with direct lending and have seen firsthand the strong value proposition that a private solution can offer. Scale, certainty of execution and flexibility all provide borrowers with a compelling alternative to the syndicated and high yield markets. Based on our experience, there is an emerging trend where 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. We believe the large amount of uninvested capital held by funds of private equity firms broadly, estimated by Preqin Ltd., an alternative assets industry data and research company, to be $2.6 trillion as of December 31, 2024, will continue to drive deal activity. We expect that private equity sponsors will continue to pursue acquisitions and leverage their equity investments with secured loans provided by companies such as us.

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

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

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

Portfolio and Investment Activity

As of March 31, 2025, based on fair value, our portfolio consisted of 78.3% first lien senior secured debt investments (of which 49.4% we consider to be unitranche debt investments (including “last-out” portions of such loans)), 10.4% second-lien senior secured debt investments, 1.8% unsecured investments, 3.2% preferred equity investments, 6.3% common equity investments and 0.0% joint venture investments.

As of March 31, 2025, our weighted average total yield of the portfolio at fair value and amortized cost was 10.5% and 10.6%, respectively, and our weighted average yield of accruing debt and income producing securities at fair value and amortized cost was 11.0% and 11.1%, respectively.

As of March 31, 2025, we had investments in 186 portfolio companies with an aggregate fair value of $1.9 billion. Our current

target leverage ratio is 0.75x. As of March 31, 2025, we had net leverage of 0.74x debt-to-equity.

The current lending environment is challenging as the potential impact from recent trade and economic policies has resulted in increased uncertainty, merger and acquisition activity remains below historical levels and refinance activity has slowed. However, our platform continues to find attractive investment opportunities for deployment, predominantly in first lien originations to large borrowers. In addition, a large portion of our originations across the platform this quarter were deployed into existing borrowers as part of incumbent transactions.

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Currently, the economic outlook is uncertain and stocks and public fixed income markets have been volatile; however, credit quality of our portfolio has been consistent. We continue to focus on investing in non-cyclical industries we view as recession resistant and that we are familiar with, including defensive service-oriented sectors that provide intangible products such as healthcare, business services, financial services or software. These companies have a reduced reliance on manufactured goods or

commodities which minimizes direct tariff impacts.

Blue Owl serves as the lead, co-lead or administrative agent on many of our investments and the majority of our investments are supported by sophisticated financial sponsors who provide operational and financial resources. Our borrowers have a weighted average EBITDA of $192 million and we believe this scale contributes to the durability of our borrowers and their ability to adapt to different economic environments. In addition, Blue Owl’s direct lending strategy continues to invest in, and is often the lead lender or administrative agent on, transactions in excess of $1 billion in size, which gives us the ability to structure the terms of such deals to maximize deal economics and credit protection. The average hold size of Blue Owl’s direct lending strategy’s new investments is approximately $350.0 million (up from approximately $200.0 million in 2021) and average total new deal size is approximately $1.00 billion (up from approximately $600.0 million in 2021).

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

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

We also continue to invest in Credit SLF and specialty financing portfolio companies, including AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC and AAM Series 2.1 Aviation Feeder, LLC (collectively, “Amergin AssetCo”), Amergin Asset Management LLC, Fifth Season Investments LLC (“Fifth Season”), LSI Financing 1 DAC (“LSI Financing DAC”) and LSI Financing LLC. In the future we may invest through additional specialty finance portfolio companies, joint ventures, partnerships or other special purpose vehicles. These companies may use our capital to support acquisitions which could continue to lead to increased dividend income supported by well-diversified underlying portfolios. See “Specialty Financing Portfolio Companies” and “Joint Ventures.”

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

	For the Three Months Ended March 31,
($ in thousands)	2025			2024
New investment commitments
Gross originations	$	33,417		$	200,940
Less: Sell downs	(78)			(2,250)
Total new investment commitments	$	33,339		$	198,690
Principal amount of new investments funded:
First-lien senior secured debt investments	$	23,877		$	153,477
Second-lien senior secured debt investments	—			—
Unsecured debt investments	1,208			—
Preferred equity investments	1,000			—
Common equity investments	522			921
Joint venture investments	55			—
Total principal amount of new investments funded	$	26,662		$	154,398
Drawdowns (Repayments) on revolvers and delayed draw term loans, net	$	18,263
Principal amount of investments sold or repaid:
First-lien senior secured debt investments(3)	$	(65,019)		$	(36,596)
Second-lien senior secured debt investments	(29,437)			(175,855)
Unsecured debt investments	(1,433)			(4,296)
Preferred equity investments	(205)			(19)
Common equity investments	(5,038)			—
Joint venture investments	—			—
Total principal amount of investments sold or repaid	$	(101,132)		$	(216,766)
Number of new investment commitments in new portfolio companies(1)	12			20
Average new investment commitment amount in new portfolio companies	$	1,214		$	8,666
Weighted average term for new investment commitments (in years)	5.1			6.0
Percentage of new debt investment commitments at    floating rates	97.6		%	99.6		%
Percentage of new debt investment commitments at    fixed rates	2.4		%	0.4		%
Weighted average interest rate of new investment commitments(2)	9.7		%	10.8		%
Weighted average spread over applicable base rate of new debt investment commitments at floating rates	5.4		%	5.5		%

______________

(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 4.29% and 5.33% as of March 31, 2025 and 2024, 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:

	March 31, 2025				December 31, 2024
($ in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First-lien senior secured debt investments(1)(5)	$	1,517,672	$	1,496,329	$	1,537,612	$	1,520,940
Second-lien senior secured debt investments	209,591		198,171		229,288		200,284
Unsecured debt investments	34,591		35,134		33,526		33,594
Preferred equity investments(2)	62,257		61,499		60,414		59,624
Common equity investments(3)	72,745		119,614		77,166		120,759
Joint ventures(4)	245		237		190		191
Total Investments	$	1,897,101	$	1,910,984	$	1,938,196	$	1,935,392

______________

(1)Includes investment in Amergin AssetCo.

(2)Includes investments in LSI Financing DAC. See “Specialty Finance Portfolio Companies” for more information regarding LSI Financing DAC.

(3)Includes investments in Amergin AssetCo, Fifth Season and LSI Financing LLC. See “Specialty Finance Portfolio Companies” for more information regarding Amergin AssetCo, Fifth Season and LSI Financing LLC.

(4)Includes equity investment in Blue Owl Credit SLF.

(5)49% and 49% of which we consider unitranche loans as of March 31, 2025 and December 31, 2024, respectively.

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

	March 31, 2025			December 31, 2024
Advertising and media	2.3	%		2.5	%
Aerospace and defense	3.0			2.9
Asset based lending and fund finance(1)	1.3			1.2
Automotive Services	2.3			2.2
Buildings and real estate	3.6			3.5
Business services	3.2			3.1
Chemicals	4.2			4.2
Consumer products	5.1			5.0
Containers and packaging	2.0			1.8
Distribution	3.2			3.0
Education	0.6			0.6
Energy equipment and services	0.5			0.5
Financial services	2.6			3.3
Food and beverage	8.4			8.4
Healthcare equipment and services	3.2			2.9
Healthcare providers and services	7.6			7.2
Healthcare technology	8.2			8.0
Household products	1.9			1.9
Human resource support services	1.5			1.5
Infrastructure and environmental services	1.2			1.2
Insurance(3)	5.1			6.5
Internet software and services	10.7			10.1
Joint ventures(4)	0.0		(5)	0.0		(5)
Leisure and entertainment	1.8			2.2
Manufacturing	8.3			8.1
Pharmaceuticals(2)	0.4			0.5
Professional services	2.6			2.5
Specialty retail	3.6			3.5
Telecommunications	0.4			0.5
Transportation	1.2			1.2
Total	100.0	%		100.0	%

______________

(1)Includes investments in Amergin AssetCo. See “Specialty Finance Portfolio Companies” for more information regarding Amergin AssetCo.

(2)Includes investment in LSI Financing DAC and LSI Financing LLC. See “Specialty Finance Portfolio Companies” for more information regarding LSI Financing DAC and LSI Financing LLC.

(3)Includes investments in Fifth Season. See “Specialty Finance Portfolio Companies” for more information regarding Fifth Season.

(4)Includes equity investment in Blue Owl Credit SLF.

(5)Rounds to less than 0.1%.

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

	March 31, 2025		December 31, 2024
United States:
Midwest	22.4	%	21.7	%
Northeast	13.8		15.5
South	31.6		30.0
West	25.1		25.4
International	7.1		7.4
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:

	March 31, 2025		December 31, 2024
Weighted average total yield of portfolio(1)	10.5	%	10.9	%
Weighted average total yield of accruing debt and income producing securities(1)	11.0	%	11.3	%
Weighted average interest rate of accruing debt securities	10.4	%	10.6	%
Weighted average spread over base rate of all accruing floating rate investments	6.0	%	6.0	%

______________

(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 a portion of our investment portfolio and is calculated before the payment of all of our and our subsidiaries’ fees and expenses. The weighted average yield was computed using the effective interest rates as of each respective date, including accretion of original issue discount and loan origination fees, but excluding investments on non-accrual status, if any. There can be no assurance that the weighted average yield will remain at its current level.

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

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

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

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.

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

	March 31, 2025				December 31, 2024
Investment Rating	Investments at Fair Value		Percentage of Total Portfolio		Investments at Fair Value		Percentage of Total Portfolio
($ in thousands)
1	$	150,806	7.9	%	$	149,636	7.7	%
2	1,524,199		79.7		1,536,225		79.3
3	211,511		11.1		227,474		11.8
4	22,585		1.2		18,813		1.0
5	1,883		0.1		3,244		0.2
Total	$	1,910,984	100.0	%	$	1,935,392	100.0	%

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

	March 31, 2025				December 31, 2024
($ in thousands)	Amortized Cost		Percentage		Amortized Cost		Percentage
Performing	$	1,719,358	97.6	%	$	1,770,799	98.4	%
Non-accrual	42,496		2.4		29,627		1.6
Total	$	1,761,854	100.0	%	$	1,800,426	100.0	%

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

Specialty Financing Portfolio Companies

Amergin

Amergin AssetCo was created to invest in a leasing platform focused on railcar, aviation and other long-lived transportation assets. Amergin acquires existing on-lease portfolios of new and end-of-life railcars and related equipment and selectively purchases off-lease assets and is building a commercial aircraft portfolio through aircraft financing and engine acquisition on a sale and lease back basis. Amergin consists of Amergin AssetCo and Amergin Asset Management LLC, which has entered into a Servicing Agreement with Amergin AssetCo. As of March 31, 2025, the fair market value of our investment in Amergin Asset Management LLC was $1.8 million. We made an initial equity commitment to Amergin AssetCo on July 1, 2022. As of March 31, 2025, the fair market value of our investment in Amergin AssetCo was $9.7 million, of which $3.9 million is equity and $5.8 million is debt, and we had an unfunded equity commitment of $4.0 million. We do not consolidate our equity interest in Amergin AssetCo.

Fifth Season Investments LLC

Fifth Season is a portfolio company created to invest in life insurance based assets, including secondary and tertiary life settlement and other life insurance exposures using detailed analytics, internal life expectancy review and sophisticated portfolio management techniques. On July 18, 2022, we made an initial equity commitment to Fifth Season. As of March 31, 2025, the fair value of our equity investment in Fifth Season was $3.3 million. We do not consolidate our equity interest in Fifth Season.

LSI Financing 1 DAC

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 March 31, 2025, the fair value of our investment in LSI Financing DAC was $0.2 million.

LSI Financing LLC

LSI Financing LLC is a separately managed portfolio company formed to indirectly own royalty purchase agreements and loans in the life sciences space. The Adviser provides consulting services to a subsidiary of LSI Financing LLC in exchange for a fee. The Adviser has agreed to waive a portion of the management fee payable by us pursuant to the Investment Advisory Agreement equal to our pro rata amount of such consulting fee. On November 25th, 2024, we redeemed a portion of its interest in LSI Financing DAC in exchange for common shares of LSI Financing LLC. As of March 31, 2025, our investment at fair value in LSI Financing LLC was $7.3 million and our total commitment was $7.2 million. We do not consolidate our equity interest in LSI Financing LLC.

Joint Venture

Credit SLF

On May 6, 2024, Blue Owl Credit SLF LLC (“Credit SLF”), a Delaware limited liability company, was formed as a joint venture. We, along with, Blue Owl Capital Corporation, Blue Owl Credit Income Corp., Blue Owl Technology Finance Corp., Blue Owl Technology Income Corp., and State Teachers Retirement System of Ohio (“OSTRS”) (each, a “Credit SLF Member” and collectively, the “Credit SLF Members”) co-manage Credit SLF. Credit SLF’s principal purpose is to make investments in senior secured loans to middle-market companies, broadly syndicated loans and senior and subordinated notes issued by collateralized loan obligations. Credit SLF is managed by a board consisting of an equal number of representatives appointed by each Credit SLF Member and which acts unanimously. Investment decisions must be approved by Credit SLF’s board. Our investment in Credit SLF is a co-investment made with its affiliates in accordance with the terms of the exemptive relief that it received from the SEC. We do not consolidate our non-controlling interest in Credit SLF.

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

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Results of Operations

The table below represents the operating results for the following periods:

	Three Months Ended March 31,
($ in thousands)	2025		2024
Total Investment Income	$	52,729	$	66,393
Less: Net Operating Expenses	31,705		35,825
Net Investment Income (Loss) Before Taxes	21,024		30,568
Less: Income tax expense (benefit), including excise tax expense (benefit)	530		862
Net Investment Income (Loss) After Taxes	20,494		29,706
Net change in unrealized gain (loss)	16,187		(1,206)
Net realized gain (loss)	(22,483)		(635)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	14,198	$	27,865

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 new investment commitments, expenses, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio. For the period ended March 31, 2025, our net asset value per share decreased, primarily driven by decreases in the fair value of certain debt investments, credit spreads widening across the broader markets, and distributions in excess of earnings.

Investment Income

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

	Three Months Ended March 31,
($ in thousands)	2025		2024
Interest income from investments	$	43,379	$	53,692
Payment-in-kind interest income	4,347		6,623
Dividend income	4,448		5,140
Other income	555		938
Total investment income	$	52,729	$	66,393

For the Three Months Ended March 31, 2025 and 2024

Investment income decreased to $52.7 million for the three months ended March 31, 2025 from $66.4 million for the same period in prior year primarily due to a decrease in interest income, driven by a decline in the weighted average yield of our portfolio from 12.1% to 10.5% and a decrease in our debt portfolio at par from $1.9 billion to $1.8 billion 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 decreased from $1.6 million to $0.7 million period over period primarily due to a decrease in the portfolio turnover rate. For the three months ended March 31, 2025 and 2024, PIK income represented 10.7% and 12.4% of investment income, respectively. Other income decreased period-over-period due to a decrease in incremental fee income, which are fees that are generally available to us as a result of closing investments and generally paid at the time of closing. We expect that investment income will vary based on a variety of factors, including the pace of our originations and repayments.

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Expenses

The table below presents expenses for the following periods:

	Three Months Ended March 31,
($ in thousands)	2025		2024
Interest expense	$	17,841	$	19,362
Management fee	7,313		7,698
Performance based incentive fees	4,347		6,299
Professional fees	1,062		1,223
Directors’ fees	197		195
Other general and administrative	945		1,048
Total operating expenses	$	31,705	$	35,825

For the Three Months Ended March 31, 2025 and 2024

Net operating expenses decreased to $31.7 million for the three month ended March 31, 2025 from $35.8 million for the same period ended March 31, 2024 primarily due to decreases in interest expense and incentive fees. The decrease in interest expense of $1.5 million was driven by a decrease in our daily weighted average borrowings from $872.3 million to $862.8 million and our weighted average interest rate from 7.9% to 7.8% (including the impact of fees on undrawn portions of our credit facilities) period over period. The decrease in management fees of $0.4 million is due to a decrease in average gross assets driven by sales and repayments of portfolio investments. The decrease in incentive fees is due to a decrease in investment income period over period.

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:

	Three Months Ended March 31,
($ in thousands)	2025		2024
Net change in unrealized gain (loss) on investments	$	15,604	$	(1,188)
Income tax (provision) benefit	(165)		1
Translation of assets and liabilities in foreign currencies	748		(19)
Net change in unrealized gain (loss)	$	16,187	$	(1,206)

For the Three Months Ended March 31, 2025 and 2024

For the three months ended March 31, 2025, the net unrealized gain was primarily driven by a reversal of a prior period unrealized losses that were realized during the period in connection with the exits of certain investments, partially offset by decreases in the fair value of certain debt investments as further detailed below.

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The ten largest contributors to the change in net unrealized gain (loss) on investments during the three months ended March 31, 2025 consisted of the below:

Portfolio Company ($ in thousands)	Net Change in Unrealized Gain (Loss)
H-Food Holdings, LLC	$	17,223
CIBT Global, Inc.	4,774
Valence Surface Technologies LLC	1,563
Remaining Portfolio Companies	1,421
Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC)	(789)
Peraton Corp.	(900)
ASP Conair Holdings LP	(1,105)
Walker Edison Furniture Company LLC(1)	(1,258)
National Dentex Labs LLC (fka Barracuda Dental LLC)	(1,545)
Notorious Topco, LLC (dba Beauty Industry Group)	(1,737)
EOS Finco S.A.R.L	(2,043)
Net unrealized gain (loss) on investments	$	15,604

________________

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

For the three months ended March 31, 2024, net depreciation on investments was primarily driven by a decrease in the fair value of our debt portfolio as compared to December 31, 2023. As of March 31, 2024, the fair value of our debt investments as a percentage of principal was 97.2% as compared to 97.3% as of December 31, 2023. The primary driver of our portfolio’s net unrealized loss was due to decreases in the fair value of certain debt investments as further detailed below.

The ten largest contributors to the change in net unrealized gain (loss) on investments during the three months ended March 31, 2024 consisted of the below:

Portfolio Company ($ in thousands)	Net Change in Unrealized Gain (Loss)
Remaining portfolio companies	$	1,471
Conair Holdings LLC	1,256
Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC)	1,229
Valence Surface Technologies LLC	844
The Better Being Co., LLC (fka Nutraceutical International Corporation)	840
KPCI Holdings, L.P.	827
Walker Edison Furniture Company LLC(1)	(455)
PHM Netherlands Midco B.V. (dba Loparex)	(839)
EOS U.S. Finco LLC	(984)
H-Food Holdings, LLC	(2,460)
Pluralsight, LLC	(2,915)
Net unrealized gain (loss) on investments	$	(1,188)

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 March 31,
($ in thousands)	2025		2024
Net realized gain (loss) on investments	$	(22,425)	$	—
Net realized gain (loss) on foreign currency transactions	(58)		(635)
Net realized gain (loss)	$	(22,483)	$	(635)

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Realized Gross Internal Rate of Return

Since we began investing in 2017 through March 31, 2025, 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 $2.9 billion and total proceeds from these exited investments of $3.5 billion).

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

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

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

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

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

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

Financial Condition, Liquidity and Capital Resources

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

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

As of March 31, 2025 and December 31, 2024, our asset coverage ratios were 222% and 231%, respectively. We seek to carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage. Further, we maintain sufficient borrowing capacity within the 200% (or 150% if certain conditions are met) asset coverage limitation to cover any outstanding unfunded commitments we are required to fund.

Cash as of March 31, 2025, taken together with our available debt of $234.4 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 March 31, 2025, we had $68.3 million in cash. During the three months ended March 31, 2025, cash provided by operating activities was $49.6 million, primarily as a result of repayments and selldowns of portfolio investments of $73.4 million and other operating activities of $22.5 million, partially offset by funding portfolio investments of $46.3 million. Lastly, we used $32.2 million of cash for financing activities during the period, as a result of distributions paid of $13.9 million, repurchased shares of $38.2 million, and deferred financing costs paid of $0.1 million, partially offset by net borrowings on our credit facilities of $20.0 million.

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As of March 31, 2024, we had $98.2 million in cash. During the three months ended March 31, 2024, cash provided by operating activities was $80.6 million, primarily as a result of selldowns and repayments of portfolio investments of $235.3 million and other operating activities of $16.2 million, partially offset by funding portfolio investments of $170.9 million. Lastly, we used $108.8 million of cash for financing activities during the period, which was the result of debt issuance costs of $3.8 million, net repayments on our credit facilities of $28.4 million, distributions paid of $16.1 million and repurchased shares of $60.5 million.

Net Assets

Share Issuances

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

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

	For the Three Months Ended
	March 31, 2025			March 31, 2024
($ in thousands, except share amounts)	Shares	Amount		Shares	Amount
Reinvestment of distributions	1,339,149	$	11,753	1,496,447	$	13,487
Repurchased Shares	(4,206,258)	(36,805)		(6,715,753)	(60,509)
Total shares/net proceeds	(2,867,109)	$	(25,052)	(5,219,306)	$	(47,022)

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

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

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

Date of Issuance	Record Date	Number of Shares	Purchase Price per Share
February 1, 2023	January 31, 2023	379,272	$	8.89
February 2, 2023	December 31, 2022	126,215	$	8.89
March 1, 2023	February 28, 2023	380,932	$	8.88
March 29, 2023	March 28, 2023	376,723	$	8.90
April 26, 2023	April 25, 2023	377,165	$	8.90
April 28, 2023	March 31, 2023	125,586	$	8.90
May 31, 2023	May 30, 2023	380,161	$	8.88
June 28, 2023	June 27, 2023	366,863	$	8.96
July 26, 2023	July 25, 2023	365,479	$	8.97
July 31, 2023	June 30, 2023	121,887	$	8.97
August 30, 2023	August 29, 2023	366,982	$	8.99
September 27, 2023	September 26, 2023	355,431	$	9.08
November 1, 2023	October 31, 2023	428,157	$	9.02
November 13, 2023	September 30, 2023	356,503	$	9.00
November 29, 2023	November 28, 2023	432,272	$	9.04
December 27, 2023	December 26, 2023	427,597	$	9.03
January 30, 2024	December 31, 2023	213,228	$	9.03
January 31, 2024	January 30, 2024	431,463	$	9.01
February 28, 2024	February 27, 2024	431,753	$	9.01

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Date of Issuance	Record Date	Number of Shares	Purchase Price per Share
March 27, 2024	March 26, 2024	420,004	$	9.01
May 1, 2024	April 30, 2024	420,937	$	8.99
May 13, 2024	March 31, 2024	209,715	$	8.99
May 29, 2024	May 28, 2024	424,861	$	8.99
June 26, 2024	June 25, 2024	425,419	$	9.00
July 31, 2024	July 30, 2024	417,972	$	8.91
August 13, 2024	June 30, 2024	139,068	$	8.90
August 28, 2024	August 27, 2024	421,784	$	8.91
September 25, 2024	September 24, 2024	414,999	$	8.85
October 30, 2024	October 29, 2024	410,454	$	8.84
November 12, 2024	September 30, 2024	135,993	$	8.84
November 27, 2024	November 26, 2024	413,780	$	8.82
December 26, 2024	December 24, 2024	402,741	$	8.80
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

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 three months ended March 31, 2025:

	For the Three Months Ended March 31, 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
			Total	$	0.19	$	24,329

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

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

The following table presents cash distributions per share for shareholders of record during the three months ended March 31, 2024:

	For the Three Months Ended March 31, 2024
Declaration Date	Record Date	Payment Date	Dividend	Distribution Per Share		Distribution Amount
($ in thousands, except per share amounts)
December 21, 2023	January 30, 2024	January 31, 2024	Monthly	$	0.06	$	8,433
December 21, 2023	February 27, 2024	February 28, 2024	Monthly	0.06		8,459
December 21, 2023	March 26, 2024	March 27, 2024	Monthly	0.06		8,485
February 21, 2024	March 31, 2024	May 13, 2024	Quarterly	0.03		4,054
			Total	$	0.21	$	29,431

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

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

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

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

	Three Months Ended March 31, 2025
Source of Distribution	Per Share		Amount		Percentage
($ in thousands, except per share amounts)
Net investment income	$	0.16	$	20,494	84.2	%
Net realized gain on investments	—		—		—
Distributions in excess of (undistributed) net investment income and realized gains	0.03		3,835		15.8
Total	$	0.19	$	24,329	100.0	%

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	Three Months Ended March 31, 2024
Source of Distribution	Per Share		Amount		Percentage
($ in thousands, except per share amounts)
Net investment income	$	0.21	$	29,706	100.9	%
Net realized gain on investments	—		—		—
Distributions in excess of (undistributed) net investment income and realized gains(1)	—		(275)		(0.9)
Total	$	0.21	$	29,431	100.0	%

______________

(1)The per share amounts round to less than $0.01 per share.

Share Repurchases

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

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

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

Offer Date	Tender Offer Expiration	Tender Offer	Purchase Price per Share	Shares Repurchased
February 28, 2023	March 27, 2023	$23,098,513	$8.90	2,595,339
May 26, 2023	June 26, 2023	$36,020,345	$8.96	4,020,194
August 28, 2023	September 25, 2023	$28,143,907	$9.08	3,099,549
November 27, 2023	December 22, 2023	$16,396,554	$9.03	1,815,787
February 27, 2024	March 25, 2024	$60,508,935	$9.01	6,715,753
May 24, 2024	June 24, 2024	$31,357,506	$9.00	3,484,167
August 26, 2024	September 23, 2024	$33,505,293	$8.85	3,785,909
November 25, 2024	December 23, 2024	$38,391,392	$8.80	4,362,658
February 19, 2025	March 24, 2025	$36,805,392	$8.75	4,206,258

Total Return Since Inception

Cumulative total return for the period April 4, 2017 to March 31, 2025 was 78.0% (without upfront sales load) and 69.1% (with maximum upfront sales load). The following table presents cumulative total returns for the three months ended March 31, 2025, 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)	Cumulative Total Return Since Inception(3)
Total Shareholder Returns(1)(2)		1.2%	6.0%	8.6%	11.0%	9.7%	78.0%	69.1%

______________

(1)Compounded monthly.

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

(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

Aggregate Borrowings

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

	March 31, 2025
($ in thousands)	Aggregate Principal Committed		Outstanding Principal		Amount Available(1)		Unamortized Debt Issuance Costs		Net Carrying Value
Revolving Credit Facility(2)	$	250,000	$	70,844	$	179,156	$	(2,887)	$	67,957
SPV Asset Facility I	375,000		195,000		55,215		(2,753)		192,247
CLO XIII	260,000		260,000		—		(2,034)		257,966
2026 Notes	350,000		350,000		—		(3,889)		346,111
Total Debt	$	1,235,000	$	875,844	$	234,371	$	(11,563)	$	864,281

______________

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

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

	December 31, 2024
($ in thousands)	Aggregate Principal Committed		Outstanding Principal		Amount Available(1)		Unamortized Debt Issuance Costs		Net Carrying Value
Revolving Credit Facility(2)	$	250,000	$	50,443	$	199,555	$	(3,074)	$	47,369
SPV Asset Facility I	375,000		195,000		14,286		(2,936)		192,064
CLO XIII	260,000		260,000		—		(2,095)		257,905
2026 Notes	350,000		350,000		—		(4,444)		345,556
Total Debt	$	1,235,000	$	855,443	$	213,841	$	(12,549)	$	842,894

______________

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

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

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

	For the Three Months Ended March 31,
($ in thousands)	2025				2024
Interest expense	$	16,731			$	18,560
Amortization of debt issuance costs	1,110				802
Total Interest Expense	$	17,841			$	19,362
Average interest rate	7.8		%	(1)	7.9		%
Average daily borrowings	$	862,795			$	872,340

______________

(1)Includes the impact of fees on undrawn portions on our credit facilities.

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Senior Securities

Information about our senior securities is shown in the following table as of March 31, 2025 and the fiscal years ended December 31, 2024, 2023, 2022, 2021, 2020, 2019, 2018 and 2017.

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
March 31, 2025 (unaudited)	$	70.8	$	2,223	$	—	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
March 31, 2025 (unaudited)	$	195.0	$	2,223	$	—	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
March 31, 2025 (unaudited)	$	260.0	$	2,223	$	—	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
March 31, 2025 (unaudited)	$	350.0	$	2,223	$	—	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

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coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.

(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.

Revolving Credit Facility

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

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

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

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

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

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

SPV Asset Facilities

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

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

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

SPV Asset Facility I

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

The summary below reflects the terms of the SPV Asset Facility I as amended from time to time, including by Amendment No. 3 to the Third Amended and Restated Credit Agreement, entered into on July 26, 2024, by the parties to the SPV Asset Facility I.

The maximum principal amount of the SPV Asset Facility I is $375 million (increased from $250 million on July 26, 2024); 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, 2027. (the “SPV Asset Facility I Commitment Termination Date”). Prior to the SPV Asset Facility I Commitment Termination Date, proceeds received by the Subsidiaries from interest, dividends, or fees on assets must be used to pay expenses and interest on outstanding borrowings, and the excess may be returned to the Company, subject to certain conditions. Proceeds received from principal on assets prior to the SPV Asset Facility I Commitment Termination Date must be used to make quarterly payments of principal on outstanding borrowings. Following the SPV Asset Facility I Commitment Termination Date, proceeds received by the Subsidiaries from interest and principal on collateral assets must be used to make quarterly payments of principal on outstanding borrowings. Subject to certain conditions, between quarterly payment dates prior to and after the SPV Asset Facility I Commitment Termination Date, excess interest proceeds and principal proceeds may be released to the Subsidiaries to make distributions to us.

The SPV Asset Facility I will mature on November 30, 2028. Amounts drawn in USD bear interest at Term SOFR plus a 2.375% spread and the spread is also payable on a portion of any undrawn amounts. The Company borrows utilizing three-month SOFR rate loans.

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

In connection with the SPV Asset Facility I, we entered into a Non-Recourse Carveout Guaranty Agreement on the SPV Asset Facility I Closing Date, which was amended and restated twice on March 11, 2019 and April 29, 2019, with State Street Bank and Trust Company, on behalf of certain secured parties, and Goldman Sachs Bank USA. Pursuant to the Non-Recourse Carveout Guaranty Agreement, we guarantee certain losses, damages, costs, expenses, liabilities, claims and other obligations incurred in connection with certain instances of fraud or bad faith misrepresentation, material encumbrances of certain collateral, misappropriation of certain funds, certain transfers of assets, and the bad faith or willful breach of certain provisions of the SPV Asset Facility I.

SPV Asset Facility II

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

The maximum principal amount of the SPV Asset Facility II as of the SPV Asset Facility II Third Amendment Date was $325 million; the availability of this amount was subject to an overcollateralization ratio test, which was based on the value of ORCC II Financing II’s assets from time to time, and satisfaction of certain conditions, including an interest coverage ratio test, certain concentration limits and collateral quality tests.

The SPV Asset Facility II provided for the ability to (1) draw term loans and (2) draw and redraw revolving loans under the SPV Asset Facility II through April 14, 2025 unless the revolving commitments were terminated or converted to term loans sooner as provided in the SPV Asset Facility II (the “SPV Asset Facility II Commitment Termination Date”). Prior to the SPV Asset Facility II

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Termination Date, proceeds received by ORCC II Financing II from principal and interest, dividends, or fees on assets were used to pay fees, expenses and interest on outstanding borrowings, and the excess may have been returned to us, subject to certain conditions. On the SPV Asset Facility II Termination Date, ORCC II Financing II repaid in full all outstanding fees and expenses and all principal and interest on outstanding borrowings.

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

Debt Securitization Transaction

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

CLO XIII

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

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

Concurrently with the issuance of the CLO XIII Secured Notes, the CLO XIII Issuer issued approximately $139.3 million of subordinated securities in the form of 139,300 preferred shares at an issue price of U.S. $1,000 per share (the “CLO XIII Preferred Shares”).

As part of the CLO XIII Transaction, we entered into a loan sale agreement with the CLO XIII Issuer dated as of the CLO XIII Closing Date, which provided for the contribution of approximately $36.4 million funded par amount of middle-market loans from us to the CLO XIII Issuer on the CLO XIII Closing Date and for future sales from us to the CLO XIII Issuer on an ongoing basis. No gain or loss will be recognized as a result of these sales and contributions. Such loans constituted part of the initial portfolio of assets securing the CLO XIII Secured Notes. The remainder of the initial portfolio assets securing the CLO XIII Secured Notes consisted of approximately $298.5 million funded par amount of middle-market loans purchased by the CLO XIII Issuer from ORCC II Financing LLC, a wholly-owned subsidiary of ours, under an additional loan sale agreement executed on the CLO XIII Closing Date between the CLO XIII Issuer and ORCC II Financing LLC and OR Lending II LLC, a wholly-owned subsidiary of ours. We, ORCC II Financing LLC and OR Lending II LLC each made customary representations, warranties, and covenants to the CLO XIII Issuer under the applicable loan sale agreement.

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

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The CLO XIII Secured Notes are the secured obligations of the CLO XIII Issuer, and the CLO XIII Indenture includes customary covenants and events of default. For further details, see “ITEM 1. Notes to Consolidated Financial Statements – Note 5. Debt.”

Unsecured Notes

2024 Notes

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

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

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

On November 15, 2023, we caused notice to be issued to the holders of the 2024 Notes regarding its exercise of the option to redeem $350 million in aggregate principal amount of the 2024 Notes at 100% of their principal amount, plus the accrued and unpaid interest thereon through, but excluding, the redemption date, December 15, 2023. On December 15, 2023, we redeemed $350.0 million in aggregate principal amount of the 2024 Notes at 100% of their principal amount, plus the accrued and unpaid interest thereon through, but excluding, December 15, 2023. On November 26, 2024, we redeemed $100.0 million in aggregate principal amount of the 2024 Notes at 100% of their principal amount, plus the accrued and unpaid interest thereon through, but excluding, November 26, 2024.

2026 Notes

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

The 2026 Notes were issued pursuant to an Indenture dated as of November 26, 2019 (the “Base Indenture”), between us and Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association, as trustee (the “Trustee”), and a Second Supplemental Indenture, dated as of November 15, 2023 (the “Second Supplemental Indenture” and together with the Base Indenture, the “Indenture”), between us and the Trustee. The 2026 Notes will mature on November 15, 2026, unless repurchased or redeemed in accordance with their terms prior to such date. The 2026 Notes bear interest at a rate of 8.450% per year payable semi-annually on May 15 and November 15 of each year, commencing on May 15, 2024. Concurrent with the issuance of the 2026 Notes, we entered into a Registration Rights Agreement (the “2026 Registration Rights Agreement”) for the benefit of the purchasers of the 2026 Notes. Pursuant to the 2026 Registration Rights Agreement, we filed a registration statement with the SEC and, on September 17, 2024, commenced an offer to exchange the notes initially issued on November 15, 2023 for newly issued registered notes with substantially similar terms, which expired on October 18, 2024 and was completed promptly thereafter.

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

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

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

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Off-Balance Sheet Arrangements

Portfolio Company Commitments

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

	As of
($ in thousands)	March 31, 2025		December 31, 2024
Total unfunded revolving loan commitments	$	90,003	$	99,069
Total unfunded delayed draw loan commitments	$	67,027	$	77,698
Total unfunded revolving and delayed draw loan commitments	$	157,030	$	176,767
Total unfunded equity commitments	$	4,193	$	4,996
Total unfunded commitments	$	161,223	$	181,763

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 March 31, 2025, we believe we had adequate financial resources to satisfy the unfunded portfolio company commitments.

Organizational and Offering Costs

The Adviser has incurred organization and offering costs on behalf of us in the amount of $12.4 million for the period from October 15, 2015 (Inception) to March 31, 2025, of which $12.4 million have been charged to us pursuant to the Investment Advisory Agreement. Under the Investment Advisory Agreement and Administration Agreement, the Adviser is entitled to receive up to 1.5% of gross offering proceeds raised in our continuous public offering until all organization and offering costs paid by the Adviser have been recovered.We terminated our continuous public offering as of April 30, 2021.

Other Commitments and Contingencies

From time to time, we may become a party to certain legal proceedings incidental to the normal course of our business. As of March 31, 2025, we were not aware of any material pending or threatened litigation that would require accounting recognition or financial statement disclosure.

Contractual Obligations

The table below presents a summary of our contractual payment obligations under our credit facilities and notes as of March 31, 2025:

	Payments Due by Period
($ in thousands)	Total		Less than 1 year		1-3 years		3-5 years		After 5 years
Revolving Credit Facility	$	70,844	$	—	$	—	$	70,844	$	—
SPV Asset Facility I	195,000		—		—		195,000		—
CLO XIII	260,000		—		—		—		260,000
2026 Notes	350,000		—		350,000		—		—
Total Contractual Obligations	$	875,844	$	—	$	350,000	$	265,844	$	260,000

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

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with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. See “ITEM 1. – Notes to Consolidated Financial Statements – Note 3. Agreements and Related Party Transactions” for further details.

We invest in Credit SLF, a controlled affiliated investment, as defined in the 1940 Act. See “ITEM 1. - Notes to Consolidated Financial Statements - Note 3. Agreements and Related Party Transactions” for further details.

Critical Accounting Policies

The preparation of the consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting policies should be read in connection with our risk factors as disclosed in our Form 10-K for the fiscal year ended December 31, 2024 in “ITEM 1A. - RISK FACTORS.”

Investments at Fair Value

Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Pursuant to Rule 2a-5, the Board designated the Adviser as our valuation designee to perform fair value determinations relating to the value of assets we held for which market quotations are not readily available.

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

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

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

•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; and

•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 its principal market to be the market that has the greatest volume and level of activity. ASC 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance with ASC 820, these levels are summarized below:

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

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

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of such investments may differ

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significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize amounts that are different from the amounts presented and such differences could be material.

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

Financial and Derivative Instruments

Rule 18f-4 requires BDCs that use derivatives to, among other things, comply with a value-at-risk leverage limit, adopt a derivatives risk management program, and implement certain testing and board reporting procedures. Rule 18f-4 exempts BDCs that qualify as “limited derivatives users” from the aforementioned requirements, provided that these BDCs adopt written policies and procedures that are reasonably designed to manage the BDC’s derivatives risks and comply with certain recordkeeping requirements. Rule 18f-4 provides that a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. Pursuant to Rule 18f-4, when we trade reverse repurchase agreements or similar financing transactions, including certain tender option bonds, we need to aggregate the amount of any other senior securities representing indebtedness (e.g., bank borrowings, if applicable) when calculating our asset coverage ratio. The Company currently qualifies as a “limited derivatives user” and expects to continue to do so. The Company has adopted a derivatives policy and complies with the recordkeeping requirements of Rule 18f-4.

Interest and Dividend Income Recognition

Interest income is recorded on the accrual basis and includes accretion and amortization of discounts or premiums. Certain investments may have contractual PIK interest or dividends, the majority of which is structured at initial underwriting. PIK interest or dividends represent accrued interest or dividends that are added to the principal amount or liquidation amount of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or at the occurrence of a liquidation event. Discounts and premiums to par value on securities purchased are accreted or amortized into interest income over the contractual life of the respective security using the effective yield method. The amortized cost of investments represents the original cost adjusted for the accretion or amortization of discounts or premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

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

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

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Distributions

We have elected to be treated for U.S. federal income tax purposes, and intend to qualify annually, as a RIC under Subchapter M of the Code. To obtain and maintain our tax treatment as a RIC, we must distribute (or be deemed to distribute) in each taxable year distributions for tax purposes equal to at least the sum of :

•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

•100% of any income or gains recognized, but not distributed, in preceding years.

While we intend to distribute any income and capital gains in the manner necessary to minimize imposition of the 4% U.S. federal excise tax, sufficient amounts of our taxable income and capital gains may not be distributed and as a result, in such cases, the excise tax will be imposed. In such an event, we will be liable for this tax only on the amount by which we do not meet the foregoing distribution requirement.

We intend to pay monthly distributions to our shareholders out of assets legally available for distribution. All distributions will be paid at the discretion of our Board and will depend on our earnings, financial condition, maintenance of our tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as our Board may deem relevant from time to time.

To the extent our current taxable earnings for a year fall below the total amount of our distributions for that year, a portion of those distributions may be deemed a return of capital to our shareholders for U.S. federal income tax purposes. Thus, the source of a distribution to our shareholders may be the original capital invested by the shareholder rather than our income or gains. Shareholders should read written disclosure carefully and should not assume that the source of any distribution is our ordinary income or gains.

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

Income Taxes

We have elected to be treated as a BDC under the 1940 Act. We have also elected to be treated as a RIC under the Code beginning with our taxable year ended December 31, 2017 and intend to continue to qualify for tax treatment as a RIC. So long as we maintain our tax treatment as a RIC, we generally will not pay U.S. federal income taxes at corporate rates on any ordinary income or capital gains that we distribute at least annually to our shareholders as distributions. Rather, any tax liability related to income earned and distributed by us represents obligations of our investors and will not be reflected in our consolidated financial statements.

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

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

We evaluate tax positions taken or expected to be taken in the course of preparing our consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. There were no material uncertain tax positions through December 31, 2024. As applicable, our prior three tax years remain subject to examination by U.S. federal, state and local tax authorities.

Recent Developments

Dividends

On May 6, 2025, our Board declared regular monthly distributions for May 2025 through July 2025. The regular monthly cash distributions, each in the gross amount of $0.06 per share, will be payable monthly to shareholders of record as of the monthly record date.

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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, the ongoing war between Russia and Ukraine, the conflicts in the Middle East and concerns over future increases in inflation or adverse investor sentiment generally, introduced significant volatility in the financial markets, and the effects of this volatility has materially impacted and could continue to materially impact our market risks, including those listed below.

Valuation Risk

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of private companies. Most of our investments will not have a readily available market price, and we value these investments at fair value as determined in good faith by our Adviser, as our valuation designee, based on, among other things, the input of independent third-party valuation firm(s) engaged at the direction of our Adviser, as our valuation designee, and in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

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 March 31, 2025, 96.8% of our debt investments based on fair value in our portfolio were at floating rates. Additionally, the weighted average SOFR floor, based on fair value, of our debt investments was 0.8%. The Revolving Credit Facility, SPV Asset Facility, and CLO XIII bear interest at variable rates with interest floors of 0.0%. The 2026 Notes bear interest at a fixed rate.

Based on our Consolidated Statements of Assets and Liabilities as of March 31, 2025, the following table shows the annualized impact on net income of hypothetical base rate changes in interest rates on our debt investments (considering interest rate floors for floating rate instruments) assuming each floating rate investment is subject to 3 month reference rate election and there are no changes in our investment and borrowing structure.

($ in millions)	Interest Income		Interest Expense		Net Income(1)
Up 300 basis points	$	50.4	$	(15.8)	$	34.6
Up 200 basis points	$	33.6	$	(10.5)	$	23.1
Up 100 basis points	$	16.8	$	(5.3)	$	11.5
Down 100 basis points	$	(16.8)	$	5.3	$	(11.5)
Down 200 basis points	$	(33.6)	$	10.5	$	(23.1)
Down 300 basis points	$	(50.3)	$	15.8	$	(34.5)

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(1)Excludes the impact of income based fees. See Note 3 of our consolidated financial statements for more information on the income based fees.

We may hedge against interest rate fluctuations by using hedging instruments such as additional interest rate swaps, futures, options, and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions, such as interest rate swap agreements, may also limit our ability to participate in the benefits of lower interest rates.

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Currency Risk

From time to time, we may make investments that are denominated in a foreign currency, borrow in certain foreign currencies under our credit facilities or issue notes in certain foreign currencies. These investments, borrowings and issuances are translated into U.S. dollars at each balance sheet date, exposing us to movements in foreign exchange rates. We may employ hedging techniques to minimize these risks, but we cannot assure you that such strategies will be effective or without risk to us. We may utilize instruments such as, but not limited to, forward contracts or cross currency swaps to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates. Instead of entering into a foreign currency forward contract in connection with loans or other investments denominated in a foreign currency, we may borrow in that currency to establish a natural hedge against our loan, issuance or investment. To the extent the loan,issuance or investment is based on a floating rate other than a rate under which we can borrow under our credit facilities, we may utilize interest rate derivatives to hedge our exposure to changes in the associated rate.

Credit Risk

We generally endeavor to minimize our risk of exposure by limiting to reputable financial institutions the counterparties with which we enter into financial transactions. As of March 31, 2025 and December 31, 2024, we held the majority of our cash

balances with a single highly rated money center bank and such balances are in excess of Federal Deposit Insurance

Corporation insured limits. We seek to mitigate this exposure by monitoring the credit standing of these financial institutions.

Inflation Risk

Inflation is likely to continue in the near to medium-term, particularly in the United States, with the possibility that monetary policy may continue to tighten in response. Persistent inflationary pressures could affect our portfolio companies’ profit margins. 

Item 4. Controls and Procedures

(a)Evaluation of Disclosure Controls and Procedures

In accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934 (the “Exchange Act”), as amended, we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q and determined that our disclosure controls and procedures are effective as of the end of the period covered by the Quarterly Report on Form 10-Q.

(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 March 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

Neither we nor the Adviser are currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceeding threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us. While the outcome of any such future legal or regulatory proceedings cannot be predicted with certainty, we do not expect that any such future proceedings will have a material effect upon our financial condition or results of operations.

Item 1A. Risk Factors.

In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in Part I, “ITEM 1A. RISK FACTORS” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which could materiality affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

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

In order to satisfy the reinvestment portion of our dividends for the three months ended March 31, 2025, we issued the following shares of common stock to stockholders of record on the dates noted below. These issuances were not subject to the registration requirements of the Securities Act.

Date of Issuance	Record Date	Number of Shares	Purchase Price per Share
January 29, 2025	January 28, 2025	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

In the third quarter of 2017, we began offering, and on a quarterly basis, intend to continue offering, to repurchase shares of our common stock on such terms as may be determined by our Board in its complete discretion. The Board has complete discretion to determine whether we will engage in any share repurchase, and if so, the terms of such repurchase. At the discretion of our Board, the Company may use cash on hand, cash available from borrowings, and cash from the sale of our investments as of the end of the applicable period to repurchase shares. The purpose of the offers to repurchase is to provide shareholders with the potential for a measure of liquidity since there is otherwise no public market for shares of our common stock.

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

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

The following provides information regarding repurchases of our shares:

Offer Date	Tender Offer Expiration	Tender Offer		Purchase Price per Share		Shares Repurchased
($ in thousands, except per share amounts)
February 28, 2023	March 27, 2023	$	23,099	$	8.90	2,595,339
May 26, 2023	June 26, 2023	$	36,020	$	8.96	4,020,194
August 28, 2023	September 25, 2023	$	28,144	$	9.08	3,099,549
November 27, 2023	December 22, 2023	$	16,397	$	9.03	1,815,787
February 27, 2024	March 25, 2024	$	60,509	$	9.01	6,715,753
May 24, 2024	June 24, 2024	$	31,358	$	9.00	3,484,167
August 26, 2024	September 23, 2024	$	33,505	$	8.85	3,785,909
November 25, 2024	December 23, 2024	$	38,391	$	8.80	4,362,658
February 19, 2025	March 24, 2025	$	36,805	$	8.75	4,206,258

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 March 31, 2025, none of the Company’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

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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 March 31, 2025.
99.2*	Code of Ethics
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, as amended, 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: May 9, 2025	By:	/s/ Craig W. Packer
		Craig W. Packer
		Chief Executive Officer
Date: May 9, 2025	By:	/s/ Jonathan Lamm
		Jonathan Lamm
		Chief Financial Officer

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